Procedure for Approval of Title Sample Clauses

Procedure for Approval of Title. Buyer shall, no later than five (5) days following the Effective Date (the “Title Delivery Date”), (i) order a title insurance commitment for Property (the “Commitment”), together with legible copies of all items identified as exceptions therein (collectively, the “Title Documents”) and (ii) initiate the process to obtain a current as-built survey for the Property (the “New Survey”), it being understood that the surveyor may not be able to commence preparation of the New Survey until it has obtained the Title Documents. Within two (2) days following the Effective Date, Seller shall furnish Buyer with a copy of the most recent survey of the Community in Seller’s possession, if any (the “Prior Survey”, and collectively with the Prior Survey, the “Survey”) of any or all of the Land and the Improvements by a registered land surveyor. Buyer shall pay all costs and expenses incurred in obtaining a New Survey. Buyer shall have fifteen (15) business days following the date that Buyer has received all of the Title Documents and the Surveys for the Property and the “Other Properties” (as defined below) to review and approve, in writing, the condition of the title to the Real Property (“Title Review Period”). If the Title Documents or the Survey reflect or disclose any defect, exception or other matter that is unacceptable to Buyer (each, a “Title Defect”, and collectively, the “Title Defects”), then Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, that if Buyer shall fail to notify Seller in writing within the Title Review Period either that the condition of title is acceptable or of any specific objections to the state of title, then Buyer shall be deemed to have objected to all exceptions to title or other conditions or matters which are described in the Title Documents or shown on the Survey. Seller may, at its sole option, elect, by written notice given to Buyer within five (5) days following the conclusion of the Title Review Period (“Seller’s Notice Period”), to cure or remove, or agree to cure and remove by Closing, the Title Defects; provided, however, Seller shall in all events have the obligation to (i) act in good faith in making such election and curing any Title Defects that Seller elects to cure, (ii) specifically remove the Pre-Disapproved Exceptions, and (iii) remove any Title Defect that attaches to the Property subsequent to the effective date of the Com...
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Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review and approve the Title Documents (hereinafter defined) and the Survey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Should Seller elect to attempt to cure or remove the objection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objection prior to the Close of Escrow. Unless Seller provides written notice to Buyer before the expiration of the Inspection Period that Seller intends to cure Buyer's title objections, Seller shall be deemed to have elected not to cure or remove Buyer's title objections, and Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement by providing written notice of termination to Seller before the end of the Inspection Period, whereupon Buyer shall return all Due Diligence Items (hereinafter defined) to Seller, the Refundable Deposit shall be paid to Buyer, the Nonrefundable Deposit shall be retained by Seller and,
Procedure for Approval of Title. During the Inspection Period, Buyer shall review and approve the Title Documents (hereinafter defined) and the Survey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property (“Title Defects”) that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of such Title Defects. Within three (3) business days after receipt of Buyer’s written notice of Title Defects, Seller may, at its sole option, notify Buyer and Escrow Holder, in writing, of Seller’s election to cure or remove any or all of such Title Defects to Buyer’s satisfaction prior to the Close of Escrow, and provide sufficient evidence of Seller’s ability to so cure or remove such Title
Procedure for Approval of Title. Seller shall, no later than ten (10) days following the Effective Date (the “Delivery Date”), provide to Buyer a current title insurance commitment and/or preliminary title report for the Real Property, including legible copies of all items identified as exceptions therein (the “Title Documents”). Buyer shall have thirty (30) days following the later of (a) the Effective Date; and (b) the receipt of the later of the Title Documents and the Survey (hereinafter defined) to review and approve, in writing, the condition of the title to the Real Property (“Title Review Period”). If the Title Documents or the Survey reflect or disclose any defect, exception or other matter affecting the Real Property (“Title Defects”) that is unacceptable to Buyer, then Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, if Buyer shall fail to notify Seller in writing within the Title Review Period either that the condition of title is acceptable or of any specific objections to the state of title to the Real Property, then Buyer shall be deemed to have accepted all exceptions to title or other conditions or matters which are shown on the Survey or described in the Title Documents. Seller may, at its sole option, elect, by written notice given to Buyer within three (3) days following the conclusion of the Title Review Period (“
Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review and approve the Title Documents (hereinafter defined) and the Survey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matters affecting the Property that are unacceptable to Buyer (the "Title Defects"), then prior to the expiration of the Inspection Period, Buyer shall provide Seller with, written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Unless Seller provides written notice to Buyer before the expiration of the Inspection Period that Seller intends to cure Buyer's title objections, Seller shall be deemed to have elected not to cure or remove Buyer's title objections, and Buyer shall be entitled, as Buyer's sole and exclusive remedy, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined), or (ii) waive the objections and close this transaction as otherwise contemplated herein, without a reduction in
Procedure for Approval of Title. Seller has delivered, and Buyer hereby acknowledges receipt of, a title insurance commitment for the Real Property, together with legible copies of all items identified as exceptions therein (the “Title Documents”). Buyer shall have ten (10) days following the Effective Date to review and approve (or take exception to), in writing, the condition of the title to the Real Property (“Title Review Period”). If the Title Documents or the “Survey” (as defined below) reflect or disclose any defect, exception or other matter affecting the Real Property (“Title Defects”) that is unacceptable to Buyer, then Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, if Buyer shall fail to notify Seller in writing within the Title Review Period either that the condition of title is acceptable or of any specific objections to the state of title to the Real Property, then Buyer shall be deemed to have accepted all exceptions to title or other conditions or matters which are shown on the Survey or described in the Title Documents. Seller may, at its sole option, elect, by written notice given to Buyer within three (3) days following the conclusion of the Title Review Period (“
Procedure for Approval of Title. Buyer may obtain an updated survey of the Property (the “Survey”). Buyer shall pay all costs and expenses incurred in obtaining and delivering the Survey. Buyer shall have until the expiration of the Due Diligence Period to review and approve, in writing, the condition of the title to the Real Property (“Title Review Period”). If the Title Documents or the Survey reflect or disclose any defect, exception or other matter affecting the Real Property (each, a “Title Defect,” and collectively, the “Title Defects”) that is unacceptable to Buyer, then Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, that if
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Procedure for Approval of Title. Seller has provided to Buyer a current title insurance commitment and/or preliminary title report for the Real Property, including good and legible copies of all related items certified as exceptions thereto (the "Title Documents"). During the Inspection Period (hereafter defined) Buyer shall review and approve the Title Documents (hereinafter defined) and the Survey (hereinafter defined). If the Title Documents reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, then Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller or (ii) waive the objections and close this transaction as otherwise contemplated herein. Any exceptions to title or other conditions or matters which have been approved or waived by Buyer and which are shown on the Survey or described in the Title Report shall be deemed "Permitted Exceptions."
Procedure for Approval of Title. Buyer shall have until the last to occur of five (5) business days after the Opening of Escrow or ten (10) days following the date of Buyer's receipt of the PTR, the ALTA survey and copies the documents referenced as recorded exceptions therein within which to approve or disapprove (i) any exception to title set forth in the PTR and (ii) the ALTA survey. The failure by Buyer to give Seller written approval of the ALTA survey and the exceptions set forth in the PTR within such time shall be deemed to be Buyer's disapproval of the survey and of all matters shown on the PTR. If Buyer disapproves any exceptions to title set forth in the PTR, Seller shall have the opportunity, within five business days following receipt of Buyer's disapproval ("Cure Period"), to attempt to remove or cause to be removed such disapproved exceptions to title (the "Disapproved Exceptions"). If Seller elects not to attempt to remove the Disapproved Exceptions or fails to remove any Disapproved Exception within the Cure Period, Buyer may in writing elect to waive its objection to any remaining Disapproved Exceptions or to terminate Escrow and the funds deposited by Buyer shall be applied and returned as provided in Section 6.
Procedure for Approval of Title. Buyer has delivered, and Seller hereby acknowledges receipt of, a title insurance commitment (the “Commitment”) for the Real Property, which is dated no earlier than thirty (30) days prior to the Effective Date, together with legible copies of all items identified as exceptions therein (the “Title Documents”). Buyer shall have ten (10) days following the Effective Date to review and approve (or take exception to), in writing, the condition of the title to the Real Property (“Title Review Period”). If the Title Documents or the “Survey” (as defined below) reflect or disclose any defect, exception or other matter affecting the Real Property (“Title Defects”) that are unacceptable to Buyer, then Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, if Buyer shall fail to notify Seller in writing within the Title Review Period of any specific objections to the state of title to the Real Property, then Buyer shall be deemed to have accepted all exceptions to title or other conditions or matters which are shown on the Survey or described in the Title Documents. Seller may, at its sole option, elect, by written notice given to Buyer within three (3) days following the conclusion of the Title Review Period (“
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