Common use of Review of Title and Survey Clause in Contracts

Review of Title and Survey. No later than ten (10) days after Buyer receives both the Title Binder and Survey, Buyer shall notify Seller of any objections Buyer has to any matters shown or referred to in the Title Binder or the Survey that impair the marketability of the Owned Property. Any title encumbrances or exceptions that are set forth in the Title Binder or the Survey and to which Buyer does not object shall be deemed to be permitted exceptions to the status of Seller's title ("Permitted Exceptions"). None of the exceptions prohibited in Section 5.31.1 hereof shall be Permitted Exceptions. With regard to items to which Buyer does object, Seller shall have five (5) days after receipt of Buyer's objections in which to cure all Buyer's objections. If Seller is unable to cure such objections within said five-day period, Buyer may at Buyer's option waive the objections not cured (in which event such waived objections will be Permitted Exceptions), or terminate this Agreement by notice to Seller within five (5) business days after the earlier to occur of expiration of said cure period or written notice from Seller that Seller is unable to cure all of such objections. If Buyer fails to deliver a written termination notice within such five-day period, Buyer will be deemed to have waived such objections.

Review of Title and Survey. No later than ten Buyer shall have a period (10the "Title Review Period") ending fifteen (15) days after the date on which Buyer receives both the last to be received as among (i) the Title Binder Commitment, (ii) legible true copies of all instruments referred to in the Title Commitment and Survey(iii) the Survey required in Section 3.2 hereof, Buyer shall in which to notify Seller of any objections Buyer has to any matters shown or referred to in the Title Binder Commitment or the Survey that impair Survey, but in no event shall the marketability Title Review Period extend beyond the expiration of the Owned Propertyinitial 40-day Feasibility Period. Any title encumbrances or exceptions that which are set forth in the Title Binder Commitment or the Survey and to which Buyer does not object on or prior to the last day of the Title Review Period shall be deemed to be permitted exceptions to the status of Seller's title (the "Permitted Exceptions"). None , provided, however, that none of the exceptions prohibited in Section 5.31.1 hereof this Contract shall be Permitted Exceptions. With regard to items to which Buyer does objectobject within the Title Review Period, Seller shall have five a period of ten (510) days after from the date of its receipt of Buyer's objections in which to cure all Buyer's such objections. If Seller is unable or unwilling to cure such objections or fails to notify Buyer of such cure within said five-the ten (10) day period, Buyer may at Buyer's its option waive the objections not cured (in which event whereupon such waived objections will be shall become Permitted Exceptions), ) or terminate this Agreement Contract by written notice to Seller within five (5five(5) business days after the earlier to occur of expiration of said cure period or written notice from Seller that Seller is unable to cure all of such objections. If Buyer fails to deliver a written termination notice within such five-ten day period, Buyer will be deemed to have waived such objections.