Common use of Review of Title and Survey Clause in Contracts

Review of Title and Survey. Purchaser shall have until the expiration of the Inspection Period in which to notify Seller in writing (the "Title Objection Notice") of any objections Purchaser has to any matters shown or referred to in the Title Commitment, the Exception Documents or on the Survey; provided, that Purchaser shall not object to current real estate taxes and assessments or to easements, restrictions and exceptions affecting the Property which do not materially adversely affect the value of the Property or its current use by Seller, all of which shall be Permitted Exceptions hereunder. Any title encumbrances, exceptions or other matters which are set forth in the Title Commitment, the Exception Documents or on the Survey, and to which Purchaser does not object within the Inspection Period, shall be deemed to be permitted exceptions to the status of Seller's title (such encumbrances, exceptions or other matters, together with such other matters included pursuant to other provisions of this Contract, shall be referred to as the "Permitted Exceptions"). Other than liens securing the payment of the Existing Loan which will be assumed by Purchaser at Closing pursuant to the terms of this Contract, Seller shall, notwithstanding anything to the contrary contained herein, satisfy all liens securing the payment of a monetary obligation and affecting the Property at or prior to Closing, except for any liens or encumbrances expressly permitted in Section 4.5(c) and (d) hereof.

Review of Title and Survey. Purchaser shall have until the expiration of the Inspection Period in which to notify Seller in writing (the "Title Objection Notice") of any objections Purchaser has to any matters shown or referred to in the Title Commitment, the Exception Documents or on the Survey; provided, that Purchaser shall not object to current real estate taxes and assessments or to easements, restrictions and exceptions affecting the Property which do not materially adversely affect the value of the Property or its current use by Seller, all of which shall be Permitted Exceptions hereunder. Any title encumbrances, exceptions or other matters which are set forth in the Title Commitment, the Exception Documents or on the Survey, and to which Purchaser does not object within the Inspection Period, shall be deemed to be permitted exceptions to the status of Seller's title (such encumbrances, exceptions or other matters, together with such other matters included pursuant to other provisions of this Contract, shall be referred to as the "Permitted Exceptions"). Other than liens securing the payment of the Existing Loan which will be assumed by Purchaser at Closing pursuant to the terms of this Contract, Seller shall, notwithstanding anything to the contrary contained herein, satisfy all liens securing the payment of a monetary obligation and affecting the Property at or prior to Closing, except for any liens or encumbrances expressly permitted in Section 4.5(c) and (d) hereof.