Common use of Review and Approval of Title Clause in Contracts

Review and Approval of Title. During the Due Diligence Period, Purchaser shall review title to the Property as disclosed by the Title Documents. Prior to the end of the Due Diligence Period, Purchaser shall notify Seller in writing of those title matters disclosed by the Title Documents which Purchaser approves and any title matters disclosed by the Title Documents which Purchaser disapproves in Purchaser's sole and absolute discretion. Purchaser's failure to deliver such written notice to Seller and Escrow Holder, prior to the end of the Due Diligence Period, approving or disapproving the Title Documents and all matters of title set forth therein shall be deemed Purchaser's election to terminate this Agreement as set forth below in this Section 4(c). All title matters approved in writing by Purchaser prior to the end of the Due Diligence Period shall constitute "Permitted Exceptions" in accordance with Section 4(d) below. If Purchaser notifies Seller in writing prior to the expiration of the Due Diligence Period that Purchaser disapproves of any title matter, then within ten (10) days after receipt by Seller of such written disapproval of any title matter by Purchaser, Seller shall notify Purchaser in writing of any title matter which Seller is unable or unwilling, in Seller's sole and absolute discretion, to cause to be removed or insured against prior to or at Closing. Seller shall have no obligation whatsoever to cure any disapproved title matter other than Obligatory Title Exceptions. As used herein, "OBLIGATORY TITLE EXCEPTIONS" means (i) monetary liens and encumbrances upon the Property which are wilfully and deliberately created by Seller after the date of this Agreement, and (ii) any monetary liens and encumbrances upon the Property created after the date of this Agreement and securing, in the aggregate, the sum of Fifty Thousand Dollars ($50,000.00) or less and which can be removed from title by Seller providing a bond or other monetary security at Closing; provided, however, the following shall not be Obligatory Title Exceptions:

Review and Approval of Title. During Not later than ten (10) days following the Due Diligence Perioddate first above written, Purchaser Seller shall review deliver to Buyer all of the following: 5.1.1 a current extended coverage preliminary title report (the "Preliminary Title Report") with respect to the Property as disclosed issued by the Title DocumentsCompany, accompanied by copies of all documents referenced in such report; 5.1.2 at Buyer's sole cost and expense, an ALTA survey of the Real Property prepared by a licensed surveyor reasonably acceptable to Buyer (the "Survey"). Prior Notwithstanding the foregoing, Seller agrees to provide Buyer with a copy of any ALTA survey of the Property in Seller's possession. The Survey shall be certified to Buyer and the Title Company and in sufficient detail to provide the basis for an ALTA owner's policy of title insurance without boundary, encroachment or survey exceptions, and shall show the location of all easements and improvements, and any and all other pertinent information with respect to the end Real Property. The Survey shall also indicate and certify as to the total acreage of the Due Diligence Period, Purchaser shall notify Seller in writing of those title matters disclosed by the Title Documents which Purchaser approves Real Property and any title matters disclosed by encroachments of improvements onto easements or onto adjacent properties or certify as to their absence and shall indicate the presence of improvements and easements on property adjoining the Real Property if located within five (5) feet of the boundaries of the Real Property; and 5.1.3 at Seller's sole cost and expense, copies of all existing and proposed unrecorded easements, covenants, restrictions, agreements or other documents in Seller's possession which affect the Real Property, including, without limitation, any and all documents relating to any variance, conditional use permits or land-use restrictions relating to or affecting the Real Property, or if no such documents exist, a certification of Seller to that effect. Title Documents which Purchaser disapproves to the Property shall be subject only to such exceptions in Purchaserthe Preliminary Title Report as Buyer shall approve, in Buyer's sole and absolute discretiondiscretion (collectively, the "Permitted Exceptions"). PurchaserBuyer shall have until the later of (i) thirty (30) days following the date hereof, or (ii) thirty (30) days following receipt of the items listed in 5.1.1, 5.1.2, and 5.1.3 hereof (the "Contingency Period"), in which to notify Seller, in writing, as to those items which are Permitted Exceptions, those matters which Buyer approves and which Buyer disapproves, and which endorsements Buyer will be requiring (collectively, the "Endorsements"). Buyer's failure to deliver provide such written notice to Seller and Escrow Holder, prior to the end shall constitute approval of the Due Diligence Period, approving or disapproving the Title Documents and all matters of title set forth therein shall be deemed Purchaser's election to terminate this Agreement as set forth below shown in this Section 4(c). All title matters approved in writing by Purchaser prior to the end of the Due Diligence Period shall constitute "Permitted Exceptions" in accordance with Section 4(d) belowPreliminary Title Report and Survey. If Purchaser notifies Seller in writing prior to the expiration of the Due Diligence Period that Purchaser Buyer disapproves of any title mattermatter disclosed in the Preliminary Title Report or Survey as herein provided, then within Seller shall have ten (10) business days after receipt by Seller receives written notice of such written disapproval of any title matter by Purchaser, Seller shall notify Purchaser in writing of any title matter which Seller is unable or unwilling, in Seller's sole and absolute discretion, to cause to be removed or insured against prior to or at Closing. Seller shall have no obligation whatsoever elect to cure any such matter by delivering written notice of such election to Buyer. Seller's failure to give such notice to Buyer within the ten (10) day period set forth herein shall constitute Seller's election not to cure the matters disapproved title matter other than Obligatory Title Exceptionsby Buyer. As used hereinIf Seller elects not to cure any such matter, "OBLIGATORY TITLE EXCEPTIONS" means Buyer may either, at Buyer's sole election, (i) monetary liens and encumbrances upon proceed with the Property purchase of the Property, in which are wilfully and deliberately created by Seller after the date of event Buyer shall be deemed to have approved such matters which were previously disapproved, or (ii) terminate this Agreement, and (ii) any monetary liens and encumbrances upon the Property created after the date of in which event this Agreement and securing, in the aggregateshall terminate, the sum Deposit, together with any interest earned thereon, shall be returned to Buyer, and the parties hereto shall be relieved of Fifty Thousand Dollars ($50,000.00) or less all further rights and which can be removed from title by Seller providing a bond or other monetary security at Closing; provided, however, the following shall not be Obligatory Title Exceptions:obligations hereunder.

Review and Approval of Title. During Concurrently with the Due Diligence Periodexecution and delivery of this Agreement, Purchaser Seller shall review deliver to Buyer all of the following: 5.1.1 at Seller's sole cost and expense, a current extended coverage preliminary title report (the "Preliminary Title Report") with respect to the Property as disclosed issued by the Title DocumentsCompany, accompanied by copies of all documents referenced in such report; and 5.1.2 at Seller's sole cost and expense, copies of all existing and proposed easements, covenants, restrictions, agreements or other documents which affect the Real Property, including, without limitation, any and all documents relating to any variance, conditional use permits or land-use restrictions that are within Seller's possession or recoverable from the Title Company as recorded documents relating to or affecting the Real Property, or if no such documents exist, a certification of Seller to that effect. Prior Title to the end of Property shall be subject only to such exceptions in the Due Diligence PeriodPreliminary Title Report as Buyer shall approve, Purchaser shall notify Seller in writing of those title matters disclosed by the Title Documents which Purchaser approves and any title matters disclosed by the Title Documents which Purchaser disapproves in PurchaserBuyer's sole and absolute discretiondiscretion (collectively, the "Permitted Exceptions"). PurchaserBuyer shall have until thirty (30) days following the Opening of Escrow (the "Contingency Period") in which to notify Seller, in writing, as to those items which are Permitted Exceptions, those matters which Buyer disapproves, and which endorsements Buyer will be requiring (collectively, the "Endorsements"). Buyer's failure to deliver provide such written notice to Seller and Escrow Holder, prior to the end shall constitute disapproval of the Due Diligence Period, approving or disapproving the Title Documents and all matters of title set forth therein shown in the Preliminary Title Report 6 in which event this Agreement shall terminate, the Deposit, together with any interest earned thereon, shall be deemed Purchaser's election returned to terminate this Agreement as set forth below in this Section 4(c). All title matters approved in writing by Purchaser prior to the end of the Due Diligence Period shall constitute "Permitted Exceptions" in accordance with Section 4(d) below. If Purchaser notifies Seller in writing prior to the expiration of the Due Diligence Period that Purchaser disapproves of any title matter, then within ten (10) days after receipt by Seller of such written disapproval of any title matter by Purchaser, Seller shall notify Purchaser in writing of any title matter which Seller is unable or unwilling, in Seller's sole and absolute discretion, to cause to be removed or insured against prior to or at Closing. Seller shall have no obligation whatsoever to cure any disapproved title matter other than Obligatory Title Exceptions. As used herein, "OBLIGATORY TITLE EXCEPTIONS" means (i) monetary liens and encumbrances upon the Property which are wilfully and deliberately created by Seller after the date of this AgreementBuyer, and (ii) any monetary liens the parties hereto shall be relieved of all further rights and encumbrances upon the Property created after the date of this Agreement and securing, in the aggregate, the sum of Fifty Thousand Dollars ($50,000.00) or less and which can be removed from title by Seller providing a bond or other monetary security at Closing; provided, however, the following shall not be Obligatory Title Exceptions:obligations hereunder.

Review and Approval of Title. During Seller has delivered to Buyer all of the Due Diligence Period, Purchaser shall review following: 5.1.1 a current extended coverage preliminary title report (the "Preliminary Title Report") with respect to the Property as disclosed issued by the Title DocumentsCompany, accompanied by copies of all documents referenced in such report; 5.1.2 an ALTA survey of the Real Property prepared by a licensed surveyor reasonably acceptable to Buyer (the "Survey"). Prior The Survey shall be in sufficient detail to provide the basis for an ALTA owner's policy of title insurance without boundary, encroachment or survey exceptions, and shall show the location of all easements and improvements, and any and all other pertinent information with respect to the end Real Property; and 5.1.3 copies of all existing and proposed easements, covenants, restrictions, agreements or other documents which affect the Due Diligence PeriodReal Property, Purchaser including, without limitation, any and all documents relating to any variance, conditional use permits or land-use restrictions relating to or affecting the Real Property, or if no such documents exist, a certification of Seller to that effect. Title to the Property shall notify Seller be subject only to such exceptions in writing of those title matters disclosed by the Preliminary Title Documents which Purchaser approves and any title matters disclosed by the Title Documents which Purchaser disapproves Report as Buyer shall approve, in PurchaserBuyer's sole and absolute discretiondiscretion (collectively, the "Permitted Exceptions"). PurchaserBuyer shall have until October 16, 1997, (the "Contingency Period"), in which to notify Seller, in writing, as to those items which are Permitted Exceptions, those matters which Buyer disapproves, and which endorsements Buyer will be requiring (collectively, the "Endorsements"). Buyer's failure to deliver provide such written notice to Seller and Escrow Holder, prior to the end shall constitute approval of the Due Diligence Period, approving or disapproving the Title Documents and all matters of title set forth therein shall be deemed Purchaser's election to terminate this Agreement as set forth below shown in this Section 4(c). All title matters approved in writing by Purchaser prior to the end of the Due Diligence Period shall constitute "Permitted Exceptions" in accordance with Section 4(d) belowPreliminary Title Report and Survey. If Purchaser notifies Seller in writing prior to the expiration of the Due Diligence Period that Purchaser Buyer disapproves of any title mattermatter disclosed in the Preliminary Title Report or Survey as herein provided, then within Seller shall have ten (10) business days after receipt by Seller receives written notice of such written disapproval of any title matter by Purchaser, Seller shall notify Purchaser in writing of any title matter which Seller is unable or unwilling, in Seller's sole and absolute discretion, to cause to be removed or insured against prior to or at Closing. Seller shall have no obligation whatsoever elect to cure any such matter by delivering written notice of such election to Buyer. Seller's failure to give such notice to Buyer within the ten (10) day period set forth herein shall constitute Seller's election not to cure the matters disapproved title matter other than Obligatory Title Exceptionsby Buyer. As used hereinIf Seller elects not to cure any such matter, "OBLIGATORY TITLE EXCEPTIONS" means Buyer may either, at Buyer's sole election, (i) monetary liens and encumbrances upon proceed with the Property purchase of the Property, in which are wilfully and deliberately created by Seller after the date of event Buyer shall be deemed to have approved such matters which were previously disapproved, or (ii) terminate this Agreement, and (ii) any monetary liens and encumbrances upon the Property created after the date of in which event this Agreement and securing, in the aggregateshall terminate, the sum Deposit, together with any interest earned thereon, shall be returned to Buyer, and the parties hereto shall be relieved of Fifty Thousand Dollars ($50,000.00) or less all further rights and which can be removed from title by Seller providing a bond or other monetary security at Closing; provided, however, the following shall not be Obligatory Title Exceptions:obligations hereunder.