Common use of Permitted Exceptions and Endorsements Clause in Contracts

Permitted Exceptions and Endorsements. “Permitted Exceptions” means the following exceptions approved or deemed approved by Purchaser pursuant to this Agreement: real estate taxes not yet due and payable; and the exceptions approved (or deemed approved) by Purchaser pursuant to the terms of Section 3.2 above. For the avoidance of doubt, (a) Permitted Exceptions exclude any exceptions to title that Seller is obligated to remove, or that Seller has agreed to remove or cure or use reasonable efforts to remove or cure (provided, however, in the event Seller fails to successfully remove such items, (i) such failure shall not constitute a default by Seller under this Agreement, and (ii) Purchaser shall have the right to terminate this Agreement and receive a refund of the Xxxxxxx Money), and (b) the general exceptions in the Preliminary Title Report will be removed upon issuance of the ALTA extended coverage title policy to be issued in this transaction and are not Permitted Exceptions. “Purchaser’s Endorsements” shall mean, to the extent such endorsements are available under the laws of the state in which the Property is located and to the extent available under the applicable circumstances: (1) owner’s comprehensive; (2) access; (3) survey (accuracy of survey); (4) location (survey legal matches title legal); (5) separate tax lot; (6) subdivision map act; (7) zoning 3.1, with parking and loading docks; (8) mechanic’s lien; (9) deletion of creditors’ rights exception; (10) endorsement over environmental protection liens; (11) utilities endorsement; and (12) such other endorsements as Purchaser may reasonably require during the Due Diligence Period based on its review of the Preliminary Title Report and Survey.

Permitted Exceptions and Endorsements. “Permitted Exceptions” means the following exceptions approved or deemed approved by Purchaser pursuant to this Agreement: real estate taxes not yet due and payable; tenants in possession as tenants only under the Subject Leases, and that certain Conservation Easement Agreement recorded December 30, 1994 in Liber 13178, Folio 412, by and among Mxxxxxx Xxxxxxxxx, Associate General Counsel of the exceptions approved (or deemed approved) by Purchaser Maryland-National Capital Park and Planning Commission, pursuant to which the terms of Section 3.2 aboveProperty is subject to the Agreement by Owners’ Dedication on the plat recorded as Plat No. 20556 and all other exceptions listed in the Title Commitment. For the avoidance of doubt, (a) Permitted Exceptions exclude any exceptions to title that Seller is obligated to remove, or that Seller has agreed to remove or cure or use reasonable efforts to remove or cure (provided, however, in the event Seller fails to successfully remove such items, (i) such failure shall not constitute a default by Seller under this Agreement, and (ii) Purchaser shall have the right to terminate this Agreement and receive a refund of the Xxxxxxx Money), and (b) the general exceptions in the Preliminary Title Report Commitments will be removed upon issuance of the ALTA extended coverage title policy to be issued in this transaction and are not Permitted Exceptions. “Purchaser’s Customary Endorsements” shall mean, to the extent such endorsements are available under the laws of the state in which the Property is located and to the extent available under the applicable circumstancesProperties are located: (1a) owner’s comprehensive; (2b) access; (3c) survey (accuracy of survey); (4d) location (survey legal matches title legal); (5e) separate tax lot; (6f) subdivision map act; (7g) zoning 3.1, with parking and loading docks; (8) h) mechanic’s lien; (9i) deletion of creditors’ rights exception; (10j) endorsement over environmental protection liens; (11k) utilities endorsement; (l) non-imputation endorsement (the knowledge of any prior buyer, member or beneficial interest holder is not imputed to Seller); and (12m) fairway endorsement (the Title Company treats the title policy as though nothing has changed even though a member of the insured assigns its membership interests, but the identity of the insured does not change). In addition, Purchaser shall have the right to request such other endorsements as Purchaser may reasonably require during the Due Diligence Period based on its review of the Preliminary Title Report Commitments and SurveySurveys. If agreed to by the parties prior to the applicable Closing Date, Permitted Exceptions may include (i) a memorandum of the Belward Option Agreement, (ii) a memorandum of the Traville Option Agreement, and (iii) a memorandum of the right of first refusal which incorporates the substantive terms of Article 30 of the Traville Lease, and the Declaration referred to in Section 2.6 of this Agreement, each memorandum shall be in form and substance satisfactory to Purchaser and Seller.

Permitted Exceptions and Endorsements. “Permitted Exceptions” means the following exceptions approved or deemed approved by Purchaser pursuant to this Agreement: real estate taxes not yet due and payable; and tenants in possession as tenants only under the exceptions Subject Leases without any option to purchase or acquire an interest in either Property to the extent approved (or deemed approved) by Purchaser pursuant to the terms of Section 3.2 abovein accordance with Article 4 hereof. For the avoidance of doubt, (a) Permitted Exceptions exclude any exceptions to title that Seller is obligated to remove, or that Seller has agreed to remove or cure or use reasonable efforts to remove or cure (provided, however, in the event Seller fails to successfully remove such items, (i) such failure shall not constitute a default by Seller under this Agreement, and (ii) Purchaser shall have the right to terminate this Agreement and receive a refund of the Xxxxxxx Money), and (b) the general exceptions in the Preliminary Title Report Commitments will be removed upon issuance of the ALTA extended coverage title policy to be issued in this transaction and are not Permitted Exceptions. “Purchaser’s Customary Endorsements” shall mean, to the extent such endorsements are available under the laws of the state in which the Property is located and to the extent available under the applicable circumstancesProperties are located: (1a) owner’s comprehensive; (2b) access; (3c) survey (accuracy of survey); (4d) location (survey legal matches title legal); (5e) separate tax lot; (6f) subdivision map act; (7g) zoning 3.1, with parking and loading docks; (8) h) mechanic’s lien; (9i) deletion of creditors’ rights exception; (10j) endorsement over environmental protection liens; (11k) utilities endorsement; (l) non-imputation endorsement (the knowledge of any prior buyer, member or beneficial interest holder is not imputed to Seller); and (12m) fairway endorsement (the Title Company treats the title policy as though nothing has changed even though a partner or member of the insured assigns its membership or partnership interests, but the insured does not change). In addition, Purchaser shall have the right to request such other endorsements as Purchaser may reasonably require during the Due Diligence Period based on its review of the Preliminary Title Report Commitments and SurveySurveys.