Common use of Review of Preliminary Report Clause in Contracts

Review of Preliminary Report. Prior to the date hereof, Seller has reviewed on behalf of the Buyer and approved the Preliminary Report, the Permitted Exceptions and copies of all recorded documents described in the Preliminary Report. If any new exceptions to title appear of record prior to the Closing Date, Escrow Agent shall deliver to Seller and Buyer a supplemental preliminary report (“Supplemental Report”) issued by Title Company, together with legible copies of all recorded documents. Buyer shall have three (3) Business Days to review and deliver to Seller and Escrow Agent notice of approval or disapproval of any Supplemental Report; provided, however, that Buyer shall not unreasonably withhold its approval of any items, including, without limitation, easements, rights-of-way and other matters which do not have a material and adverse impact on the value of the Interest. Buyer’s failure to deliver notice of disapproval shall be deemed to be Buyer’s approval of any Supplemental Report. If Buyer delivers notice of disapproval and Seller elects in its sole discretion to do so, within five (5) Business Days of the delivery of Buyer’s notice, Seller may elect by written notice to Buyer to remove (or otherwise cure in a manner reasonably satisfactory to Buyer) any disapproved items at or prior to the Closing Date. If Seller does not deliver such written notice to Buyer, Seller shall be deemed to have elected not to remove (or otherwise cure) the disapproved items. If Seller elects not to remove any such item(s), Buyer may either waive its prior disapproval or terminate this Agreement by delivering a written notice of termination to Seller within three (3) Business Days after Seller’s election. If Buyer does not elect to terminate this Agreement as provided above, Buyer shall be deemed to have waived its disapproval. If Buyer so delivers notice of its election to terminate this Agreement, then this Agreement shall terminate as provided in Section 2.4 above.

Review of Preliminary Report. Prior to As of the date hereofEffective Date, Seller has reviewed on behalf caused the Title Company to provide to Buyer a copy of the Buyer and approved the a Preliminary Report dated June 26, 1998 ("Preliminary Report") issued by the Title Company, the Permitted Exceptions and together with legible copies of all recorded documents described in the Preliminary Report. If any new title exceptions are recorded against the Property before the Close of Escrow in addition to title appear of record prior to those specified in the Closing DatePreliminary Report, Escrow Agent Holder shall deliver cause the Title Company to Seller and Buyer issue a supplemental preliminary report (“"Supplemental Report”) issued by Title Company, together with legible copies of all recorded documents"). Buyer shall have three (3) Business Days days after receipt of the Preliminary Report with respect to review any title exceptions shown in the Preliminary Report, and deliver to Seller and Escrow Agent notice of approval or disapproval two (2) days after receipt of any Supplemental Report; provided, however, that Buyer shall not unreasonably withhold its approval of any items, including, without limitation, easements, rights-of-way to review the title exceptions shown therein and other matters which do not have a material and adverse impact on the value of the Interest. Buyer’s failure to deliver to Seller notice of disapproval shall be deemed to be Buyer’s approval of any Supplemental Reporttitle exceptions disclosed in any such report. If Buyer delivers notice of disapproval and Seller elects in its sole discretion to do so, within five (5) Business Days of the delivery of Buyer’s notice, Seller may elect by written notice to Buyer to remove (or otherwise cure in a manner reasonably satisfactory to Buyer) any disapproved items at or prior to the Closing Date. If Seller does not deliver such written notice to Buyer, Seller shall be deemed to have elected approved the exceptions to title shown on the Preliminary Report and any Supplemental Report unless Buyer delivers to Seller written notice of disapproval of any such exceptions within the time periods set forth in this Section 4.1 for delivering any such notice. Any title exceptions that are not specifically disapproved by Buyer are referred to remove herein as "Approved Exceptions." If any title exceptions are specifically disapproved, Seller shall notify Buyer in writing within two (or otherwise cure2) days of Buyer's notice of the disapproved itemstitle exceptions whether Seller elects to cure such title exceptions. If Seller notifies Buyer within such two (2) day period that Seller elects to cure such title exceptions, Seller shall have three (3) days from the date of such Seller's notice to cure such disapproved exception. If, however, Seller notifies Buyer, within the three (3) day period after the date of Buyer's notice of disapproval, that Seller elects not to remove any cure a disapproved exception, then Buyer shall have two (2) days after the receipt of Seller's notice of election not to cure the disapproved exception to waive its prior disapproval. If Buyer does not deliver written notice of its election to waive its prior disapproval, then the disapproved and uncured exception will be deemed disapproved. Any time periods relating to Seller's cure of a title exception or Buyer's decision to waive a prior disapproval of a title exception shall be added to and extend the Closing Date by a like number of days, but in no event more than five (5) days. If a title exception is disapproved in accordance with this Section 4.1 and Seller does not cure such item(s)exception within the time period described in this Section 4.1, Buyer may either waive its prior disapproval or terminate this Agreement the Escrow by delivering a written notice of termination to Seller within three (3) Business Days after Seller’s electionand the Escrow Agent. If Buyer does not elect to terminate Upon such termination, this Agreement as provided aboveshall be terminated. Seller shall thereupon be released from its obligation to sell the Property to Buyer, and Buyer shall be deemed released from any obligation to have waived its disapproval. If Buyer so delivers notice of its election to terminate this Agreement, then this Agreement shall terminate as provided in Section 2.4 abovepurchase the Property.

Review of Preliminary Report. Prior to the date hereof, Seller has reviewed on behalf of caused to be provided to Buyer a Preliminary Report issued by the Buyer and approved the Title Company ("Preliminary Report"), the Permitted Exceptions and together with legible copies of all recorded documents described in the Preliminary Report. Buyer shall have the right to review and approve the Preliminary Report during the Feasibility Review Period. If any new title exceptions are recorded against the Property before the Close of Escrow in addition to title appear of record prior to those specified in the Closing DatePreliminary Report, Escrow Agent shall deliver cause the Title Company to Seller and Buyer issue a supplemental preliminary report (“"Supplemental Report”) issued by Title Company, together with legible copies of all recorded documents"). Buyer shall have three until the expiration of the Feasibility Review Period with respect to any title exceptions shown in the Preliminary Report, and five (35) Business Days after receipt of any Supplemental Report, to review the title exceptions shown therein and to deliver to Seller and Escrow Agent notice of approval or disapproval of any Supplemental Report; provided, however, that Buyer shall not unreasonably withhold its approval of title exceptions disclosed in any items, including, without limitation, easements, rights-of-way and other matters which do not have a material and adverse impact on the value such report. Buyer's delivery of the Interest. Buyer’s failure to deliver notice Notice of disapproval Approval described in Section 4.3 shall be deemed to be Buyer’s approval of the exceptions to title shown on the Preliminary Report and any Supplemental ReportReport issued as of the date of such Notice of Approval. Any title exceptions approved by Buyer are referred to herein as "Approved Exceptions." If Buyer delivers notice of disapproval any title exceptions are specifically disapproved, and Seller elects in its sole discretion to do soelects, within five (5) Business Days of after the delivery date of Buyer’s notice's disapproval, Seller may elect by written not to cure the disapproved item, then Buyer shall have five (5) Business Days after the receipt of Seller's notice of election not to Buyer cure the disapproved item to remove (or otherwise cure in a manner reasonably satisfactory to Buyer) any disapproved items at or waive its prior to the Closing Datedisapproval. If Seller Buyer does not deliver such written notice of its election to Buyerwaive its prior disapproval, Seller shall then the disapproved and uncured item will be deemed to have elected not to remove (or otherwise cure) the disapproved itemsdisapproved. If Seller elects not to remove any such item(s)a title exception is disapproved and uncured, Buyer may either waive its prior disapproval or terminate this Agreement the Escrow by delivering a written notice of termination to Seller within three and the Escrow Agent. Upon such termination, any deposits theretofore paid to Seller or Escrow Agent (3regardless of whether such deposits were released to Seller) Business Days after Seller’s election. If Buyer does not elect shall be immediately returned to terminate Buyer, and this Agreement as provided aboveshall be terminated. Seller shall thereupon be released from its obligation to sell the Property to Buyer, and Buyer shall be deemed released from any obligation to have waived its disapprovalpurchase the Property. If Buyer so delivers notice of its election to terminate this Agreement, then this Agreement shall terminate as provided in Section 2.4 above.4.1.2

Review of Preliminary Report. Prior to the date hereof, Seller has reviewed on behalf of caused to be provided to Buyer a Preliminary Report issued by the Buyer and approved the Title Company ("Preliminary Report"), the Permitted Exceptions and together with legible copies of all recorded documents described in the Preliminary Report. Buyer shall have the right to review and approve the Preliminary Report during the Feasibility Review Period. If any new title exceptions are recorded against the Property before the Close of Escrow in addition to title appear of record prior to those specified in the Closing DatePreliminary Report, Escrow Agent shall deliver cause the Title Company to Seller and Buyer issue a supplemental preliminary report (“"Supplemental Report”) issued by Title Company, together with legible copies of all recorded documents"). Buyer shall have three until the expiration of the Feasibility Review Period with respect to any title exceptions shown in the Preliminary Report, and five (35) Business Days after receipt of any Supplemental Report, to review the title exceptions shown therein and to deliver to Seller and Escrow Agent notice of approval or disapproval of any Supplemental Report; provided, however, that Buyer shall not unreasonably withhold its approval of title exceptions disclosed in any items, including, without limitation, easements, rights-of-way and other matters which do not have a material and adverse impact on the value such report. Buyer's delivery of the Interest. Buyer’s failure to deliver notice Notice of disapproval Approval described in Section 4.3 shall be deemed to be Buyer’s approval of the exceptions to title shown on the Preliminary Report and any Supplemental ReportReport issued as of the date of such Notice of Approval. Any title exceptions approved by Buyer are referred to herein as "Approved Exceptions." If Buyer delivers notice of disapproval any title exceptions are specifically disapproved, and Seller elects in its sole discretion to do soelects, within five (5) Business Days of after the delivery date of Buyer’s notice's disapproval, Seller may elect by written not to cure the disapproved item, then Buyer shall have five (5) Business Days after the receipt of Seller's notice of election not to Buyer cure the disapproved item to remove (or otherwise cure in a manner reasonably satisfactory to Buyer) any disapproved items at or waive its prior to the Closing Datedisapproval. If Seller Buyer does not deliver such written notice of its election to Buyerwaive its prior disapproval, Seller shall then the disapproved and uncured item will be deemed to have elected not to remove (or otherwise cure) the disapproved itemsdisapproved. If Seller elects not to remove any such item(s)a title exception is disapproved and uncured, Buyer may either waive its prior disapproval or terminate this Agreement the Escrow by delivering a written notice of termination to Seller within three and the Escrow Agent. Upon such termination, any deposits theretofore paid to Seller or Escrow Agent (3regardless of whether such deposits were released to Seller) Business Days after Seller’s election. If Buyer does not elect to terminate this Agreement as provided above, Buyer shall be deemed immediately returned to have waived its disapproval. If Buyer so delivers notice of its election to terminate this AgreementBuyer, then and this Agreement shall terminate as provided in Section 2.4 above.be terminated. Seller shall thereupon be released from its obligation to sell

Review of Preliminary Report. Prior to On or before the date hereof, Seller has reviewed on behalf expiration of the Buyer Due Diligence Period, Purchaser shall review all title and approved survey matters affecting the Property, including those items set forth in Exhibit D attached hereto, and as set forth in a Preliminary Report, Report for the Permitted Exceptions and copies of all recorded documents described in the Preliminary Report. If any new exceptions Real Property to title appear of record prior to the Closing Date, Escrow Agent shall deliver to Seller and Buyer a supplemental preliminary report (“Supplemental Report”) be issued by Title Company, together with legible copies of all recorded documentsdocuments (collectively "Preliminary Report") and deliver any objections with respect to matters raised therein. Buyer If Purchaser does not deliver its objections as contemplated above, Purchaser shall be deemed to have approved the matters in the Preliminary Report and Exhibit D. If any title exceptions are recorded against the Real Property before the Close of Escrow in addition to those specified in Exhibit D and the Preliminary Report, the Title Company shall issue a supplemental preliminary report ("Supplemental Report") and Purchaser shall have the right to review and approve such items. Purchaser shall deliver notice of approval or disapproval of matters set forth in any Supplemental Report, within three (3) Business Days to review and deliver to Seller and Escrow Agent notice of approval or disapproval of any Supplemental Report; provided, however, that Buyer shall not unreasonably withhold its approval of any items, including, without limitation, easements, rights-of-way and other matters which do not have a material and adverse impact on the value after receipt of the InterestSupplemental Report ("Title Review Notice"). Buyer’s failure to If Purchaser does not deliver notice of disapproval a Title Review Notice within such time period, Purchaser shall be deemed to be Buyer’s approval of any have disapproved the applicable Supplemental Report. If Buyer Purchaser delivers (or is deemed to have delivered) notice of disapproval and (whether relative to the Preliminary Report or the Supplemental Report), Seller shall deliver notice if Seller elects in its sole discretion to do socure the disapproved items, within five seven (57) Business Days of the delivery receipt of Buyer’s Purchaser's notice, Seller may elect by written notice to Buyer to remove (or otherwise cure in a manner reasonably satisfactory to Buyer) any disapproved items at or prior to the Closing Date. If Seller does not fails to deliver such written notice to Buyernotice, Seller shall be deemed to have elected not to remove (or otherwise cure) cure the disapproved itemsitem. If Seller elects not to remove any cure the disapproved item, then Purchaser shall have five (5) Business Days after the delivery of Seller's notice of election not to cure the disapproved item or failure to deliver such item(s), Buyer may notice to either waive its prior disapproval or terminate this Agreement by delivering a written notice of termination to Seller within three (3) Business Days after Seller’s electionAgreement. If Buyer does not elect to terminate this Agreement as provided above, Buyer shall be deemed to have waived its disapproval. If Buyer so Unless Purchaser delivers notice of its election to terminate this Agreementwaive its prior disapproval within such period, then this Agreement shall terminate as provided and Purchaser shall be entitled to a refund of the Deposit, and each party shall thereafter be released from its obligations under this Agreement except for obligations contained in Section 2.4 aboveprovisions that expressly survive termination. If a Supplement Report is issued and Purchaser delivers a Title Review Notice to Seller less than fifteen (15) days before the Closing Date, then the Closing Date shall be extended to a date which shall be fifteen (15) days after delivery of the Title Review Notice by written notice of extension to Escrow Agent at the election of either Purchaser or Seller. Notwithstanding the foregoing provisions of this paragraph, Seller shall be required to remove by payment, bonding or otherwise: (i) any mortgages encumbering the Premises and (ii) any monetary lien which can be cured by the payment of a liquidated sum of money; provided, that, in no event shall Seller be obligated to remove any lien, which individually or in the aggregate would require the expenditure of monies in excess of $25,000, pursuant to this clause (ii).