Common use of Preliminary Title Reports Clause in Contracts

Preliminary Title Reports. Prior to the execution of this Agreement, ------------------------- Meridian has, at its sole cost and expense, delivered or caused to be delivered to ATS a standard preliminary title report dated as of a recent date issued by one or more title companies authorized to do business in the State of California (the "Title Company") with respect to those Meridian Assets comprised of the parcels of real property described in Section 5.7 of the Meridian Disclosure Schedule (the "Insured Real Property"). Such reports, as same may be amended or supplemented from time to time to reflect additional title matters, are referred to herein as the "Title Reports". Section 5.7 of the Meridian Disclosure Schedule sets forth a description of those matters, if any, shown in the Title Reports as to which ATS has objected and which Meridian has agreed to remedy prior to or, with the written approval of ATS, subsequent to the Closing Date (the "Disapproved Title Matters", which term shall include any matters added thereto pursuant to the provisions of the last sentence of this Section). All matters disclosed by the Title Reports (as of the date hereof) which are not reflected on Section 5.7 of the Meridian Disclosure Schedule have heretofore been approved by ATS. If, at any time following the date hereof, Meridian or the Title Company notifies ATS of any additional matter affecting title to the Insured Real Property, the parties shall negotiate in good faith in an effort to resolve such matters and, in the event that are not able to reach such agreement within thirty (30) days of the date ATS has received written notification thereof, either party may terminate this Agreement with the effect set forth in Section 7.2.

Preliminary Title Reports. Prior to the execution of this Agreement, ------------------------- Meridian has, at its sole cost and expense, delivered or caused to be delivered to ATS a standard preliminary title report dated as of a recent date issued by one or more title companies authorized to do business in the State of California (the "Title Company") with respect to those Meridian Assets comprised of the parcels of real property described in Section 5.7 of the Meridian Disclosure Schedule (the "Insured Real Property"). Such reports, as same may be amended or supplemented from time to time to reflect additional title matters, are referred to herein as the "Title Reports". Section 5.7 of the Meridian Disclosure Schedule sets forth a description of those matters, if any, shown in the Title Reports as to which ATS has objected and which Meridian has agreed to remedy prior to or, with the written approval of ATS, subsequent to the Closing Date (the "Disapproved Title Matters", which term shall include any matters added thereto pursuant to the provisions of the last sentence of this Section). All matters disclosed by the Title Reports (as of the date hereof) which are not reflected on Section 5.7 of the Meridian Disclosure Schedule have heretofore been approved by ATS. If, at any time following the date hereof, Meridian or the Title Company notifies ATS of any additional matter affecting title to the Insured Real Property, the parties shall negotiate in good faith in an effort to resolve such matters and, in the event that are not able to reach such agreement within thirty (30) days of the date ATS has received written notification thereof, either party may terminate this Agreement with the effect set forth in Section 7.2.