Common use of Preliminary Title Report Clause in Contracts

Preliminary Title Report. Within 10 days after full execution of this Agreement, Seller will order for Buyer a preliminary title report showing the condition of title to the Property, together with copies of all exceptions listed therein (the “Title Report”). Buyer will have 10 days from receipt of the Title Report to review the Title Report and to notify Seller, in writing, of Buyer’s disapproval of any special exceptions shown in the Title Report. Those exceptions the Buyer does not object to are referred to below as the “Permitted Exceptions.” Zoning ordinances, building restrictions, taxes that are not yet paid for the current tax year, and reservations in federal patents and state deeds will be deemed Permitted Exceptions. If Buyer notifies Seller in writing of disapproval of any exceptions, Seller will have 15 days after receiving the disapproval notice to either remove the exceptions or provide Buyer with reasonable assurances of the manner in which the exceptions will be removed before the transaction closes (the “Seller Assurance Period”). If Seller does not remove the exceptions or provide Buyer with such assurances, Buyer may terminate this Agreement by written notice to Seller given within 15 days after expiration of the Seller Assurance Period, in which event the xxxxxxx money will be refunded to Buyer and, when applicable, this Agreement will be of no further binding effect.

Preliminary Title Report. Within 10 days after full execution Buyer acknowledges receipt of this Agreement(a) the Updated Preliminary Report dated March 26, Seller will order for Buyer a preliminary title report showing 1997, issued by Fidelity National Title (the condition of title to "Title Company"), Order No. 61763-CT and the PropertySupplemental Reports dated April 18, 1997, and April 28, 1997, issued by the Title Company (collectively, the "Preliminary Report"), together with copies of all exceptions listed therein the documents described in the Preliminary Report, and (b) ALTA Survey for 000 Xxxxxxxxxx Xxxxx prepared by Xxxxxxx Engineering (the “"Surveyor") dated April 19, 1997, and the ALTA Survey of 111 Pacifica prepared by the Surveyor dated April 29, 1997 (collectively, the "Surveys") (the Preliminary Report and the Surveys may sometimes collectively be referred to as the "Title Report”Documents"). Buyer will shall have 10 days from receipt of the Title Report right, on or before May 27, 1997, to review the Title Report and object to notify Seller, in writing, of Buyer’s disapproval of any special exceptions exception shown in the Title ReportDocuments by notice to Seller (the "Objection Notice"). Those In the event that Buyer fails to deliver an Objection Notice to Seller on or before May 27, 1997, Buyer shall be conclusively deemed to have approved the Title Documents and the exceptions the Buyer does not object to are referred to below as the “Permitted Exceptions.” Zoning ordinances, building restrictions, taxes that are not yet paid for the current tax yearcontained therein, and reservations in federal patents and state deeds will be deemed Permitted Exceptionsthe transaction contemplated by this Agreement shall proceed. If In the event that Buyer notifies Seller in writing of disapproval of any exceptionstimely delivers an Objection Notice to Seller, Seller will shall have 15 days after receiving the disapproval notice right to either remove or agree to remove the exceptions or provide Buyer with reasonable assurances disapproved by the terms of the manner in which Objection Notice by delivery of notice of its election to do so to Buyer within three business days of receipt of the exceptions will be removed before the transaction closes (the “Seller Assurance Period”)Objection Notice. If Seller removes or agrees to remove such exceptions pursuant to this Section 5.1, the transaction contemplated by this Agreement shall proceed. In the event that Seller does not elect to remove or agree to remove such exceptions within five days of receipt of the Objection Notice, Buyer may, on or before the date which is two business days after the earlier of Seller's delivery of notice of its election not to remove such exceptions or provide Buyer with such assurancesthe expiration of Seller's five-day response period, Buyer may terminate either waive its objection in writing, in which case the transaction contemplated by this Agreement shall proceed, or cancel the Escrow by written notice to Seller given within 15 days after expiration and the Escrow Holder. If Buyer does not waive such objection in writing by such date, then Buyer shall be deemed to have elected to cancel the Escrow. In the event of such cancellation of the Seller Assurance Period, in which event the xxxxxxx money will be refunded to Buyer and, when applicableEscrow by Buyer, this Agreement will and the Escrow shall terminate as provided in Section 4.3, and the Cancellation Costs shall be paid in the manner provided in Section 4.6.3 hereof Notwithstanding the foregoing, Seller shall reasonably enforce its rights to cause the Existing Owner to remove any monetary liens of no further binding effectrecord other than liens for non-delinquent bonds, taxes and assessments.

Preliminary Title Report. Within 10 days after full execution of this Agreement, Seller will order for Buyer has obtained a preliminary title report from the Title Company, dated X identified as File No: X, showing the condition of title to the Property, together with copies (or links to online copies if the report is furnished in digital form) of all exceptions listed therein (the “Title Report”). Buyer will have 10 thirty (30) days from receipt of the Title Report Effective Date to review the Title Report and to notify Seller, in writing, of Buyer’s disapproval of any special exceptions shown in the Title ReportReport (the “Unacceptable Exceptions”). Those exceptions the Buyer does not object to are referred to below as the “Permitted Exceptions.” Zoning ordinances”, building restrictionsexcept that mortgages, taxes that delinquent taxes, or other financial obligations secured by the Property are not yet paid for the current tax year, and reservations in federal patents and state deeds will be deemed Permitted ExceptionsUnacceptable Exceptions even without express objection by Buyer. If Buyer notifies Seller in writing of disapproval of any exceptions, Seller will have 15 has fifteen (15) days after receiving the disapproval written notice from Buyer of any Unacceptable Exceptions to either remove the exceptions or provide Buyer with reasonable assurances of the manner in which the exceptions will be removed on or before the transaction closes Closing Date (the “Seller Assurance Period”). If Seller does not remove the exceptions Unacceptable Exceptions or provide Buyer with such assurancesassurances within the Seller Assurance Period, Buyer may terminate this Agreement by providing written notice to Seller given within 15 ten (10) days after expiration of the Seller Assurance Period. Upon termination of this Agreement under this paragraph, in which event the xxxxxxx money Xxxxxxx Money will be promptly refunded to the Buyer. If Buyer and, when applicable, does not elect to terminate this Agreement under this Section 5.1, Seller’s failure to deliver such notice shall be deemed to mean that Seller will remove the Unacceptable Exceptions on or before the Closing Date. Should the Title Company inform Buyer of any new title exceptions not appearing on the Title Report, such new exceptions shall be of no further binding effectdeemed Unacceptable Exceptions and Seller must remove the new exceptions on or before the Closing Date unless specifically accepted in writing by Buyer.

Preliminary Title Report. Within 10 ten (10) days after full execution of this Agreement, Seller will order for shall furnish to Buyer at Seller’s expense a preliminary title report issued by Chicago Title Insurance Company with an address of 000 XX Xxxxx Xxxxxx, Xxxxx 000, Xxxxxxxx, Xxxxxx 00000 (the “Title Company”) showing the condition of title to the Property, together with copies of all exceptions listed therein Property (the “Title Report”). The Title Report shall include copies of all title exceptions. Buyer will shall have 10 ten (10) days from its receipt of the Title Report to review the Title Report and ten (10) days from receipt of the partition plat to notify Seller, review the partition plat and in writing, of Buyer’s disapproval of each case send Seller written notice rejecting any special exceptions shown items reflected in the Title ReportReport or on the partition plat, as the case may be. If Buyer rejects any item, Seller shall have five (5) days thereafter to determine whether it is willing and able to remove the exceptions, and to deliver to Buyer an amended Title Report or other satisfactory written evidence of the removal of such exception from the Title Report or agree to have any item on the partition plat removed. Those exceptions the approved by Buyer does not object and all Leases in respect to which Estoppel Certificates consistent with Section 5.2 have been issued are hereinafter referred to below as the “Permitted Exceptions.” Zoning ordinances, building restrictions, taxes that are not yet paid for the current tax year, and reservations in federal patents and state deeds will be deemed Permitted Exceptions. If Buyer notifies Seller in writing of disapproval of any exceptions, Seller will have 15 days after receiving the disapproval notice to either remove the exceptions or provide Buyer with reasonable assurances of the manner in which the exceptions will be removed before the transaction closes (the “Seller Assurance Period”). If Seller does not fails within that period to remove the exceptions or provide agree to remove any exception to which Buyer with such assuranceshas objected, Buyer may terminate this Agreement by written notice to Seller, and the Xxxxxxx Money shall then be returned to Buyer. Notwithstanding the foregoing, Seller given within 15 days after expiration shall be obligated to satisfy, on or before the Closing Date (as defined in Section 5.1 below), any exception created, or suffered to be created by Seller that is security for payment of the Seller Assurance Perioda sum of money (including mortgages, in which event the xxxxxxx money will be refunded to Buyer andtrust deeds, when applicable, this Agreement will be of no further binding effectcontractor’s liens and judgment liens).

Preliminary Title Report. Within 10 days after full Concurrently with the execution of ------------------------ this Agreement, Seller will order for shall deliver, or cause to be delivered, to Buyer a current preliminary title report (the "Title Report") from Escrow Holder and all underlying title documents referenced in such Title Report showing the condition state of the title to of the Property, together with copies of all exceptions listed therein (the “Title Report”). Buyer will shall have 10 days from receipt until the expiration of the Title Report to review the Title Report and Feasibility Period (defined in Section 3.1.2) to notify Seller, in writing, of Buyer’s disapproval of 's objection to any special exceptions shown contained in the Title Report. Those exceptions the Report and/or any other rights, interests or matters not shown of record but which are discovered by Buyer does not object to are as a result of a survey, inspection or inquiry (hereinafter referred to below as "Title Defects"). Upon receipt of such notification, Seller shall have five (5) calendar days within which to elect, by written notice to Buyer, to remove or delete from the “Permitted Exceptions.” Zoning ordinances, building restrictions, taxes that are not yet paid for the current tax year, and reservations in federal patents and state deeds will title to be deemed Permitted Exceptionsconveyed to Buyer any Title Defects objected to by Buyer. If Buyer notifies Seller in writing so elects to cure such Title Defects, the same shall be cured by Seller, at its expense, prior to the close of disapproval of any exceptions, Seller will have 15 days after receiving the disapproval notice to either remove the exceptions or provide Buyer with reasonable assurances of the manner in which the exceptions will be removed before the transaction closes escrow and such Title Defects shall not constitute Approved Exceptions (the “Seller Assurance Period”defined below). If Seller does not remove the exceptions elect or provide is unable to cure such Title Defects, Seller shall notify Buyer with such assurancesthereof in writing within said five (5) day period, and Buyer may elect within five (5) calendar days of receipt of Seller's notice to either waive its objections and proceed with the purchase of the Property pursuant to the terms of this Agreement or terminate this Agreement by written notice and all of its obligations. In the event Buyer elects to Seller given within 15 days after expiration terminate this Agreement as provided in the immediately preceding sentence, then all rights and obligations hereunder shall cease and Buyer shall be entitled to the return of the Seller Assurance PeriodDeposit (and all interest accrued on the Deposit while in escrow). For purposes of this Agreement, the term "Approved Exceptions" shall mean those title exceptions applicable to the Property, accepted by Buyer in which event accordance with the xxxxxxx money will be refunded to Buyer and, when applicable, terms of this Agreement will be of no further binding effectSection 3.1.1.