Common use of Preliminary Title Report; Permitted Exceptions Clause in Contracts

Preliminary Title Report; Permitted Exceptions. Seller shall, as soon as practicable after the Effective Date of this Agreement, furnish to Buyer and Seller a commitment for Owner's ALTA Title Insurance, Marketable Form B, with extended coverage over the general exceptions dated not sooner than the Effective Date and applicable to the Property (the "Commitment") issued by a national title insurance company reasonably acceptable to both Buyer and Seller (Chicago Title, First American, or Lawyer's/LandAmerica) (the "Title Company") setting forth the state of title to the Property including all exceptions and restrictions of record including deed restrictions, liens and covenants. Said Commitment shall indicate that Seller is the sole owner of the Property and shall indicate the amount of any real estate taxes attributable to the Property. Along with such Commitment, Buyer shall also be furnished with copies of all documents affecting the Property as reflected in the Commitment. In the event any exceptions appear in such Commitment or title documents other than the standard printed exceptions (which shall be modified in the Owner's Title Policy as hereafter provided) or in the Survey referenced in Section 6(a), above, that are unacceptable to Buyer in its sole discretion, then Buyer shall, prior to the expiration of the Due Diligence Period (as hereinafter defined), notify Seller in writing of such fact. Seller may, at Seller's option, undertake to eliminate or modify such unacceptable exceptions to the reasonable satisfaction of Buyer. In the event Seller is unwilling or unable, with the exercise of due diligence, to satisfy said obligations within twenty (20) days after said notice, Buyer may, at its option, (i) accept title to the Property subject to the objections raised by Buyer, without an adjustment in the Purchase Price, in which event said objections shall be deemed to be waived for all purposes; or (ii) rescind this Agreement upon notice to Seller and the Xxxxxxx Money Escrowee, whereupon the Xxxxxxx Money shall be immediately returned to Buyer with any accrued interest thereon and this Agreement shall be of no further force and effect. Notwithstanding the foregoing, Seller shall be obligated to satisfy any monetary liens encumbering the Property on or prior to the date of Closing. Further, in the event Seller undertakes to eliminate or modify any such unacceptable exceptions within the prescribed twenty (20) day period, and Seller's completion of such acts occurs following the expiration of the Due Diligence Period, Closing shall occur within ten (10) days after the completion of Seller's curative acts.

Preliminary Title Report; Permitted Exceptions. Seller shall, as soon as practicable after the Effective Date of this Agreement, furnish to Buyer and Seller a commitment for Owner's ’s ALTA Title Insurance, Marketable Form B, with extended coverage over the general exceptions dated not sooner than the Effective Date and applicable to the Property (the "“Commitment"”) issued by a national title insurance company reasonably acceptable to both Buyer and Seller (Chicago TitleFidelity National, First American, or Lawyer'sLawyer’s/LandAmerica) (the "“Title Company"”) setting forth the state of title to the Property including all exceptions and restrictions of record including deed restrictions, liens and covenants. Said Commitment shall indicate that Seller is the sole owner of the Property and shall indicate the amount of any real estate taxes attributable to the Property. Along with such Commitment, Buyer shall also be furnished with copies of all documents affecting the Property as reflected in the Commitment. In the event any exceptions appear in such Commitment or title documents other than the standard printed exceptions (which shall be modified in the Owner's ’s Title Policy as hereafter provided) or in the Survey referenced in Section 6(a), above, that are unacceptable to Buyer in its sole discretion, then Buyer shall, prior to the expiration of the Due Diligence Period (as hereinafter defined), notify Seller in writing of such fact. Seller may, at Seller's ’s option, undertake to eliminate or modify such unacceptable exceptions to the reasonable satisfaction of Buyer. In the event Seller is unwilling or unable, with the exercise of due diligence, to satisfy said obligations within twenty (20) days after said notice, Buyer may, at its option, (i) accept title to the Property subject to the objections raised by Buyer, without an adjustment in the Purchase Price, in which event said objections shall be deemed to be waived for all purposes; or (ii) rescind this Agreement upon notice to Seller and the Xxxxxxx Money Escrowee, whereupon the Xxxxxxx Money shall be immediately returned to Buyer with any accrued interest thereon and this Agreement shall be of no further force and effect. Notwithstanding the foregoing, Seller shall be obligated to satisfy any monetary liens encumbering the Property on or prior to the date of Closing. Further, in the event Seller undertakes to eliminate or modify any such unacceptable exceptions within the prescribed twenty (20) day period, and Seller's ’s completion of such acts occurs following the expiration of the Due Diligence Period, Closing shall occur within ten (10) days after the completion of Seller's ’s curative acts.

Preliminary Title Report; Permitted Exceptions. Seller Buyer shall, at Seller's expense, as soon as practicable after the Effective Date of this Agreement, furnish to Buyer and Seller a preliminary commitment for Owner's ALTA Title Insurance, Marketable Form B, with extended coverage over the general exceptions title insurance dated not sooner than the Effective Date and applicable to the Property (the "Preliminary Commitment") issued by a national title insurance company reasonably acceptable to both Buyer and Seller (Chicago Title, First American, or Lawyer's/LandAmerica) Title Insurance Company (the "Title Company") setting forth ). The Title Company shall provide to Buyer copies of the state of deeds which placed Seller into title to the Property including and all plats and other documents constituting title exceptions and restrictions of record including deed restrictions, liens and covenantsas disclosed by the Preliminary Commitment. Said The Preliminary Commitment shall indicate show title being vested in Seller and shall show exceptions to title. If Buyer does not wish to purchase the Property subject to those exceptions set forth in the Preliminary Commitment or on the Survey (see below) that Seller is the sole owner are not Permitted Objections, it shall, within fifteen (15) days following receipt of the Property and shall indicate the amount of any real estate taxes attributable to the Property. Along with such Commitment, Buyer shall also be furnished with copies of all documents affecting the Property as reflected in the Commitment. In the event any exceptions appear in such Commitment or title documents other than the standard printed exceptions (which shall be modified in the Owner's Title Policy as hereafter provided) or in the Survey referenced in Section 6(a), above, that are unacceptable to Buyer in its sole discretion, then Buyer shall, prior to the expiration latter of the Due Diligence Period (as hereinafter defined)Preliminary Commitment and the Survey, notify Seller in writing of such fact. Seller may, at Seller's option, undertake to eliminate or modify such unacceptable those exceptions to title to which it objects (“Buyer’s Title Objection Notice”), and Seller shall have ten (10) calendar days following its receipt of the reasonable satisfaction Buyer’s Title Objection Notice to provide written notice to Buyer of Buyer. In those title exceptions that Seller will not cure (other than such exceptions than can be cured by the event Seller is unwilling or unablepayment of a liquidated sum as determined from the applicable exception document (“Monetary Liens”)), with the exercise and if Buyer after receipt of due diligence, to satisfy said obligations within twenty (20) days after said notice, Buyer may, at its option, (i) such notice determines that it will not accept title to the Property subject to the objections raised by Buyersuch uncured exceptions to title, without an adjustment in the Purchase Price, in which event said objections shall be deemed to be waived for all purposes; or (ii) rescind it may terminate this Agreement upon by written notice to Seller and Escrow Agent and obtain the prompt return of its Xxxxxxx Money EscroweeMoney. If Buyer does not provide its Buyer’s Title Objection Notice timely, whereupon then the Xxxxxxx Money exceptions listed on the Preliminary Commitment or Survey that are not Monetary Liens will become Permitted Exceptions. If Buyer provides the Buyer’s Title Objection Notice timely, Seller notifies Buyer that it does not intend to cure certain title objections and Buyer declines to timely terminate this Agreement, then those title objections that Seller states that it will not cure that are not Monetary Liens will become Permitted Exceptions. If Buyer provides its Buyer’s Title Objection Notice timely, and Seller does not respond thereto, then all of the title exceptions to which Buyer has objected in its Buyer’s Title Objection Notice shall not be Permitted Exceptions, and such exceptions to which Buyer has objected in its Buyer’s Title Objection Notice shall be immediately returned to Buyer with any accrued interest thereon removed by Seller at Seller's sole cost and this Agreement shall be of no further force and effect. Notwithstanding the foregoing, Seller shall be obligated to satisfy any monetary liens encumbering the Property on expense at or prior to the date of Closing. Further, in the event Seller undertakes to eliminate or modify any such unacceptable exceptions within the prescribed twenty (20) day period, and Seller's completion of such acts occurs following the expiration of the Due Diligence Period, Closing shall occur within ten (10) days after the completion of Seller's curative acts.