Purchaser’s Defect Notices. Purchaser shall have until the date which is five (5) business days after Purchaser’s receipt of the Title Report, copies of all documents referenced therein and the Updated Survey (the “Title Review Period”) (provided, however, that the Title Review Period shall terminate no later than June 19, 2006 notwithstanding the date upon which Purchaser receives the Updated Survey) to give Seller and Escrow Holder written notice (“Purchaser’s Defect Notice”) of Purchaser’s disapproval or conditional approval of any matters shown in the Title Report or Updated Survey (each a “Disapproved Exception”). The failure of Purchaser to give Purchaser’s Defect Notice on or before the Title Review Period shall be conclusively deemed to constitute Purchaser’s approval of the condition of title to the Property; provided, however, that Purchaser shall be deemed to have timely delivered a Purchaser’s Defect Notice with respect to any Updated Survey if such Purchaser’s Defect Notice is delivered within two (2) business days after receipt thereof. If Purchaser disapproves or conditionally approves in writing any matter of title shown in the Title Report or the Updated Survey, as applicable, then Seller may, but shall have no obligation to, on or before the second (2nd) business day after receipt of Purchaser’s Defect Notice (“Seller’s 7 Election Period”), elect to eliminate or ameliorate to Purchaser’s reasonable satisfaction, the disapproved or conditionally approved title matters, prior to the Closing, by giving Purchaser written notice (“Seller’s Title Notice”) of those disapproved or conditionally approved title matters, if any, which Seller agrees to so eliminate or ameliorate by the Closing; provided, that, Seller shall have no obligation to pay any consideration or incur any liability in order to eliminate or ameliorate such disapproved title matters, provided that Seller agrees to remove the Mandatory Cure Items (as defined in Section 7.4.2). If Seller does not elect to eliminate or ameliorate any disapproved or conditionally approved title matters, or if Purchaser disapproves Seller’s Title Notice, or if Seller fails to timely deliver Seller’s Title Notice, then Purchaser shall have the right, upon delivery to Seller and Escrow Holder (on or before the Approval Date or, with respect to matters objected to in the Updated Survey, on or before the date that is two (2) business days after Seller’s refusal, or deemed refusal, to cure such matters) of a written notice, to eithe...
Purchaser’s Defect Notices. Purchaser shall accept title to the Land and the Improvements subject to all of the Existing Permitted Exceptions. If the Updated Survey or the Title Commitment discloses exceptions to title other than the Existing Permitted Exceptions (such exceptions to title being referred to as the “Disclosed Exceptions”), then Purchaser shall have until 5:00 p.m. (Chicago time) on the date that is five (5) business days after the Commitment Delivery Date, within which to notify Seller of any such Disclosed Exceptions to which Purchaser reasonably objects (any such notice, a “Defect Notice”). Any exceptions to title (other than the Existing Permitted Exceptions and the Disclosed Exceptions) that arise between the effective date of the Title Commitment or the Updated Survey, as the case may be, and the Closing are referred to herein as “New Defects.” Purchaser shall have three (3) business days after its receipt of written notice or updated title evidence reflecting any New Defects within which to notify Seller in writing of any such New Defects to which Purchaser objects. Those Disclosed Exceptions or New Defects, as the case may be, to which Purchaser does not object in a Defect Notice given within the applicable periods set forth above shall be deemed Permitted Exceptions.
Purchaser’s Defect Notices. Purchaser shall accept title to the Land and the Improvements subject to all of the Existing Permitted Exceptions. If the Surveys, the Updated Survey or the Title Commitment discloses exceptions to title other than the Existing Permitted Exceptions (such exceptions to title being referred to as the “Disclosed Exceptions”), then Purchaser shall have until 5:00 p.m. (Chicago time) on the Approval Date, within which to notify Seller of any such Disclosed Exceptions to which Purchaser objects (any such notice, a “Defect Notice”). Any exceptions to title (other than the Existing Permitted Exceptions and the Disclosed Exceptions) that arise between the effective date of the Title Commitment or the Updated Survey, as the case may be, and the Closing are referred to herein as “New Defects.” Purchaser shall have five (5) business days after its receipt of written notice or updated title evidence reflecting any New Defects within which to notify Seller in writing of any such New Defects to which Purchaser objects.
