Common use of Preliminary Title Commitment and Objections Clause in Contracts

Preliminary Title Commitment and Objections. Within 10 days after Opening of Escrow, Escrow Agent shall issue and deliver to Buyer and Seller a preliminary title commitment from Title Company with respect to the Property disclosing all matters of record and other matters of which Title Company has knowledge which relate to the title to the Property and Escrow Agent’s and Title Company’s requirements for closing the Escrow and issuing a TLTA extended coverage owner’s policy of title insurance with respect to the Property, together with legible copies of all instruments referred to therein (collectively, the “Title Commitment”). Buyer shall have until the expiration of the Inspection Period in which to object, in writing, to any easements, liens, encumbrances or other exceptions or requirements in the Title Commitment (except for real property taxes and assessments not due and payable which may constitute a lien on the Property) (“Buyer’s Objections”). If Buyer fails to object timely, then the Title Commitment shall be deemed approved by Buyer, and Buyer shall be deemed to have elected to proceed with the Transaction on the terms and conditions of this Agreement. If Buyer’s Objections are timely made, Seller, within 10 days after receipt of Buyer’s Objections shall, in Seller’s sole discretion: (i) notify Buyer in writing that Seller will attempt to cure the matters covered by Buyer’s Objections within 30 days after Buyer’s receipt of Seller’s notice; or (ii) notify Buyer in writing that Seller cannot or elects not to cure Buyer’s Objections. Notwithstanding anything to the contrary contained in this Agreement, Seller shall pay all monetary liens and encumbrances prior to the Closing and Buyer shall have no obligation to object thereto. If Seller fails or elects not to cure an objection under this Section 6.1, then Buyer, as its sole and exclusive right and remedy (all other rights and remedies in such event being waived by Buyer), shall have the right to either: (a) waive such objection and purchase the Property subject thereto without reduction of the Purchase Price; or (b) terminate this Agreement by notifying Seller thereof within 5 days after Seller notifies Buyer of Seller’s inability or election not to cure such objection. If Buyer does not so timely provide a waiver notice of Buyer’s termination right, Buyer shall be deemed to have elected to have waived such objection.

Preliminary Title Commitment and Objections. Within 10 ten (10) days after Opening of Escrow, Escrow Agent shall issue and deliver to Buyer and Seller a preliminary title commitment from Title Company with respect to the Property disclosing all matters of record and other matters of which Title Company has knowledge which relate to the title to the Property and Escrow Agent’s and Title Company’s requirements for closing the Escrow and issuing a TLTA extended coverage owner’s policy of title insurance with respect to the Property, together with legible copies of all instruments referred to therein (collectively, the “Title Commitment”). Buyer shall have until sixty (60) days from the expiration Opening of the Inspection Period Escrow (“Title Review Period”) in which to object, in writing, to any easements, liens, encumbrances or other exceptions or requirements in the Title Commitment (except for real property taxes and assessments not due and payable which may constitute a lien on the Property) (“Buyer’s Objections”). If Buyer fails to object timely, then the Title Commitment shall be conclusively deemed approved by Buyer, and any title encumbrances or exceptions which are set forth in the Title Commitment shall be deemed to be permitted exceptions (the “Permitted Exceptions”) to the status of Seller’s title to the Property, and Buyer shall be deemed to have elected to proceed with the Transaction on the terms and conditions of this Agreement. If Buyer’s Objections are timely made, Seller, within 10 five (5) days after receipt of Buyer’s Objections shall, in Seller’s sole discretion: (i) notify Buyer in writing that Seller will attempt to cure the matters covered by Buyer’s Objections within 30 ten (10) days after Buyer’s receipt of Seller’s notice; or (ii) notify Buyer in writing that Seller cannot or elects not to cure Buyer’s Objections (“Seller Title Response”). If Seller fails to timely provide a Seller Title Response hereunder, then Seller shall be deemed to have notified Buyer that Seller is unwilling or unable to cure any such Buyer’s Objections. Notwithstanding anything to the contrary contained in this Agreement, Seller shall pay all monetary liens and encumbrances at or prior to the Closing Closing, and Buyer shall have no obligation to object thereto. If Seller fails or elects not to cure an objection under this Section 6.1, then Buyer, as its sole and exclusive right and remedy (all other rights and remedies in such event being waived by Buyer), shall have the right to either: (a) waive such objection and purchase the Property subject thereto without reduction of the Purchase Price; or (b) terminate this Agreement by notifying Seller thereof within 5 days after Seller notifies Buyer of Seller’s inability or election not to cure such objection. If Buyer does not so timely provide a waiver notice of Buyer’s termination right, Buyer shall be deemed to have elected to have waived such objection.

Preliminary Title Commitment and Objections. Within 10 days seven (7) Business Days after Opening of Escrowthe Effective Date, Escrow Agent Seller shall issue and deliver to Buyer a current survey of the Property and Seller a current survey of the Xxxxxxxx Property (which may be one and the same survey), together with copies of any existing title policy in Seller’s reasonable control covering the Property or the Xxxxxxxx Property. Promptly following its receipt of the existing title policy(ies), Buyer shall order from Escrow Agent a preliminary title commitment from Title Company with respect to the Property disclosing all matters of record and other matters of which Title Company has knowledge which relate to the title to the Property and Escrow Agent’s and Title Company’s 's requirements for closing the Escrow and issuing a TLTA extended an ALTA standard coverage owner’s 's policy of title insurance with respect to the Property, together with legible copies of all instruments referred to therein (collectively, the “"Title Commitment”"). Buyer shall have until No later than the expiration end of the Inspection Period in which Period, time being of the essence, Buyer shall deliver to objectSeller, in writing, any of Buyer’s objections to any easements, liens, encumbrances or other exceptions or requirements in the Title Commitment (except for real property taxes and assessments not due and payable which may constitute a lien on the Property) (“"Buyer’s 's Objections”"). If Buyer fails to object timely, then the Title Commitment shall be deemed approved by Buyer. If Buyer's Objections are timely made, Seller will use commercially reasonable efforts to cure the matters covered by Buyer's Objections on or before the date which is thirty (30) days from the expiration of the Inspection Period or will advise Buyer, in writing, of Seller’s election not to so cure. If Seller is unable or unwilling to cure the matters covered by Buyer's Objections on or before such date upon terms acceptable to Buyer in Buyer's sole and absolute discretion, then Seller, in writing prior to the expiration of the date which is thirty (30) days from the expiration of the Inspection Period shall so notify Buyer and Buyer, within five (5) Business Days from receipt of Seller's notice, time being of the essence, shall, in writing, either (a) waive such of Buyer's Objections as Seller shall have been unable or unwilling to cure (without a reduction in the Purchase Price) or (b) cancel this Agreement, whereupon, the Xxxxxxx Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder shall automatically terminate, with the exception of the obligations which expressly survive termination of this Agreement. If Buyer does not provide its election notice timely, then Buyer shall be deemed to have waived such uncured Buyer’s Objections and to have elected to proceed with the Transaction on the terms and conditions of this Agreement. If Buyer’s Objections are timely made, Seller, within 10 days after receipt of Buyer’s Objections shall, in Seller’s sole discretion: (i) notify Buyer in writing that Seller will attempt to cure the matters covered by Buyer’s Objections within 30 days after Buyer’s receipt of Seller’s notice; or (ii) notify Buyer in writing that Seller cannot or elects not to cure Buyer’s Objections. Notwithstanding anything to the contrary contained in this Agreement, Seller shall pay all monetary liens and encumbrances (up to the amount of the Purchase Price) prior to the or at Closing and Buyer shall have no obligation to object thereto. If Seller fails or elects not to cure an objection under this Section 6.1, then Buyer, as its sole and exclusive right and remedy (all other rights and remedies in such event being waived by Buyer), shall have the right to either: (a) waive such objection and purchase the Property subject thereto without reduction of the Purchase Price; or (b) terminate this Agreement by notifying Seller thereof within 5 days after Seller notifies Buyer of Seller’s inability or election not to cure such objection. If Buyer does not so timely provide a waiver notice of Buyer’s termination right, Buyer shall be deemed to have elected to have waived such objection.