Common use of Review of Title Commitment and Survey Clause in Contracts

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose 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, Illinois time) on the tenth (10th) day after the date of Purchaser's receipt of the last of the Title Commitment and Survey, within which to notify Seller of any such Disclosed Exceptions to which Purchaser objects. If any additional exceptions to title other than the Existing Permitted Exceptions and the Disclosed Exceptions (such exceptions to title being referred to herein as the "New Disclosed Exceptions") arise between the date of the Title Commitment, the Survey and the Closing, Purchaser shall have five (5) days after its receipt of notice of same within which to notify Seller of any such New Disclosed Exceptions to which Purchaser objects. Any such Disclosed Exceptions or New Disclosed Exceptions not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions or New Disclosed Exceptions, Seller shall have until Closing (but in any event at least twenty [20] days after it receives notice of Purchaser's objection(s)) to remove such Disclosed Exceptions or New Disclosed Exceptions, which removal may be accomplished by waiver or endorsement by the Title Insurer. If Seller fails to remove any such Disclosed Exceptions or New Disclosed Exceptions as aforesaid, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such Disclosed Exceptions and New Disclosed Exceptions (in which event, all such Disclosed Exceptions and New Disclosed Exceptions, together with the Existing Permitted Exceptions, shall be deemed "Permitted Exceptions" hereunder).

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than the Existing those Permitted Exceptions (such exceptions to title being referred to as the "Disclosed Exceptions") which are noted on attached EXHIBIT B, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) day after the date of Purchaser's its receipt of the last of the Title Commitment and Survey, Survey (but in no event later than the twenty-fifth (25th) day after the date of this Agreement) within which to notify Seller of any such Disclosed Exceptions exceptions to title to which Purchaser objects. If any additional exceptions to title other than the Existing Permitted Exceptions and the Disclosed Exceptions (such exceptions to title being referred to herein as the "New Disclosed Exceptions") arise between the date of the Title Commitment, the Survey and the Closing, Purchaser shall have five (5) days after its receipt of notice of same within which to notify Seller of any such New Disclosed Exceptions exception to title to which Purchaser objects. Any such Disclosed Exceptions or New Disclosed Exceptions exceptions to title not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions or New Disclosed Exceptionsexceptions to title, Seller shall have until Closing (but in any event at least twenty fifteen [2015] days after it receives notice of Purchaser's objection(s)) to remove such Disclosed Exceptions or New Disclosed Exceptionsexceptions to title, which removal may be accomplished by waiver or endorsement by the Title Insurer. If Seller fails to remove any such Disclosed Exceptions or New Disclosed Exceptions exceptions to title as aforesaid, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such Disclosed Exceptions and New Disclosed Exceptions exceptions to title (in which event, all such Disclosed Exceptions and New Disclosed Exceptions, together with the Existing Permitted Exceptions, exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything in this Section 3(C) to the contrary, Seller shall be obligated, at Closing, to cause the Title Insurer to remove (by waiver or endorsement) any "Unpermitted Exceptions" hereunder)(as hereinafter defined) that are not set forth on EXHIBIT B attached hereto. For purposes of this Agreement, the term "Unpermitted Exceptions" shall be defined to mean mortgages and deeds of trust granted by Seller and mechanic's liens with respect to work contracted for by Seller or its authorized agents, provided that Seller has received written notice of such mechanic's lien prior to Closing and the cost to remove such mechanic's liens as aforesaid does not exceed Ten Thousand Dollars ($10,000.00) in the aggregate.

Review of Title Commitment and Survey. If the Title Commitment or Updated Survey disclose (i) exceptions to title other than the Existing those Permitted Exceptions which are noted on attached EXHIBIT B, (such exceptions ii) violations of the Permitted Exceptions that would render title to title being referred to as the Property unmarketable (individually, a "Disclosed ExceptionsTitle Violation", and collectively, "Title Violations") or (iii) encroachments of the Improvements onto adjacent properties or easements burdening the Property that would render title to the Property unmarketable or encroachments of improvements located on adjacent properties onto the Property which adversely impact the use or value of the Property (individually, an "Encroachment", and collectively, "Encroachments"), then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) 30th day after the date of Purchaser's receipt of the last of Agreement (such period, the Title Commitment and Survey, within which "Due Diligence Period") to notify Seller of any such Disclosed Exceptions exceptions to title, Title Violations or Encroachments to which Purchaser objectsobjects (collectively, "Existing Matters"). If any additional exceptions to title other than the Existing Permitted Exceptions and the Disclosed Exceptions (such exceptions to title being referred to herein as the "New Disclosed Exceptions") title, Title Violations or Encroachments arise between the date of the Title CommitmentCommitment or the Updated Survey, the Survey and the ClosingClosing (collectively, "New Exceptions"), Purchaser shall have five (5) business days after its receipt of notice of same within which to notify Seller of any such New Disclosed Exceptions to which Purchaser objects. Any such Disclosed Exceptions Existing Matters or New Disclosed Exceptions not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions Existing Matters or New Disclosed Exceptions, Seller shall have until Closing to remove such Existing Matters or New Exceptions. Seller shall take reasonable (but in any event at least twenty [20] days after it receives notice of Purchaser's objection(s)1) to remove such Disclosed Exceptions or New Disclosed Exceptions, which removal may be accomplished by waiver or endorsement by any exceptions to title in connection with Seller's existing outstanding mortgage financing encumbering the Title Insurer. If Seller fails to Property if any and (2) remove any such Disclosed Exceptions or New Disclosed Exceptions "Unpermitted Exceptions" (as aforesaid, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return hereinafter defined). For purposes of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, the term "Unpermitted Exceptions" shall be defined to mean the following exceptions to title (if any): tax liens to which Seller has acquiesced or consented to (other than liens with respect to real estate taxes not yet due and payable provided that Seller credits Purchaser shall consummate the Closing and accept title for all such real estate taxes with respect to the Property subject period prior to all such Disclosed Exceptions Closing as more particularly provided in Section 4(C) below), judgment liens and any other New Disclosed Exceptions (in which event, all such Disclosed Exceptions Exception intentionally and New Disclosed Exceptions, together with affirmatively granted or consented to by Seller after the Existing Permitted Exceptions, date of this Agreement. Seller shall be deemed to have "Permitted removed" an Existing Matter or New Exception if Seller induces the Title Insurer to endorse over such Existing Matter or New Exception provided that (i) with respect to Existing Matters, Seller has notified Purchaser at least five (5) days prior to expiration of the Due Diligence Period that it intends to endorse over such Existing Matter or (ii) with respect to New Exceptions" hereunder), either (A) said New Exception can be endorsed over by the payment of money not exceeding $100,000 or (B) Purchaser consents to Seller endorsing over said exception.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than the Existing those Permitted Exceptions (such exceptions to title being referred to as the "Disclosed Exceptions") which are noted on attached Exhibit D, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) business day after the date of Purchaser's its receipt of the last of the Title Commitment and Survey, Survey within which to notify Seller of any such Disclosed Exceptions exceptions to title to which Purchaser objects. If any additional exceptions to title other than the Existing Permitted Exceptions and the Disclosed Exceptions (such exceptions to title being referred to herein as the "New Disclosed Exceptions") arise between the date of the Title Commitment, the Survey and the Closing, Seller shall notify Purchaser of such exceptions to the extent Seller becomes aware of such exceptions and Purchaser shall have five (5) days after its receipt of notice of same such exceptions within which to notify Seller of any such New Disclosed Exceptions exception to title to which Purchaser objects. Any such Disclosed Exceptions or New Disclosed Exceptions exceptions to title not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions or New Disclosed Exceptionsexceptions to title, Seller shall have until Closing (but in any event at least twenty [20] thirty (30) days after it receives notice of Purchaser's objection(s)) to remove such Disclosed Exceptions or New Disclosed Exceptionsexceptions to title, which removal may be accomplished by waiver or endorsement by the Title Insurer. Seller agrees to use good faith efforts to remove any exceptions to title to which Purchaser objects which are first disclosed by an update of the Title Commitment heretofore delivered to Purchaser; provided, however, that with respect to mortgages, deeds of trust and mechanic's liens, any such exceptions to title shall be governed by the last sentence of this Section 3.3). If Seller fails to remove any such Disclosed Exceptions or New Disclosed Exceptions exceptions to title as aforesaid, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such Disclosed Exceptions and New Disclosed Exceptions exceptions to title (in which event, all such Disclosed Exceptions and New Disclosed Exceptions, together with the Existing Permitted Exceptions, exceptions to title shall be deemed "Permitted Exceptions" hereunder"). Notwithstanding anything to the contrary in this Section 3.3, Seller shall be obligated to remove by waiver or endorsement at Seller's expense (i) any mortgages or deeds of trust encumbering the Real Property which were granted by Seller, and (ii) mechanic's liens with respect to work contracted for by Seller or its authorized agents, provided that Seller has received written notice of such mechanic's liens prior to Closing and the cost to remove such mechanic's liens as aforesaid does not exceed Ten Thousand Dollars ($10,000) in the aggregate.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose 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, Illinois time) on the tenth (10th) day after the date of Purchaser's receipt expiration of the last of the Title Commitment and Survey, within which Due Diligence Period (as defined in Section 8 below) to notify Seller of (x) any such Disclosed Exceptions matters shown on the Final Survey or Title Commitment which are not listed on EXHIBIT E to which Purchaser objectsobjects ("Defects") and (y) actions or deliveries that Purchaser requests Seller to make in order for Purchaser to obtain its desired endorsements ("Endorsement Items"). If any additional exceptions to title other than the Existing Permitted Exceptions and the Disclosed Exceptions or survey matters (such exceptions to title being referred to herein as the "New Disclosed ExceptionsDefects") arise between the date of the Title CommitmentCommitment or the Final Survey, the Survey and the Closing, Purchaser shall have five (5) business days after its receipt of notice of same within which to notify Seller of any such New Disclosed Exceptions Defects to which Purchaser objects. Any such Disclosed Exceptions matters arising after the date of the Title Commitment or New Disclosed Exceptions Final Survey, as applicable, not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions Defects or New Disclosed ExceptionsDefects, or requests Endorsement Items, Seller shall have until Closing (but in any event at least twenty [20] days after it receives notice of Purchaser's objection(s)) to remove such Disclosed Exceptions Defects or New Disclosed ExceptionsDefects, which removal may be accomplished by waiver or endorsement by the Title Insurer, and to deliver the Endorsement Items. If Except as set forth in the last sentence of this Section 3.C, if Seller fails to remove or endorse over any such Disclosed Exceptions Defects or New Disclosed Exceptions as aforesaidDefects or to deliver the Endorsement Items, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such Disclosed Exceptions and Defects or New Disclosed Exceptions Defects (in which event, all such Disclosed Exceptions and Defects or New Disclosed Exceptions, together with the Existing Permitted Exceptions, Defects shall be deemed "Permitted Exceptions" hereunder). Anything to the contrary notwithstanding, Seller shall be obligated, at Closing, to cause the Title Insurer to remove or endorse over any judgment liens against Seller, any other liens which in the aggregate can be satisfied as a matter of right by payment of $25,000 (in the case of liens which do or do not arise due to an act of Seller) and an additional $25,000 (for liens that arise due to an act of Seller) and any liens which are not set forth on Exhibit E and were intentionally placed against the Property in violation of this Agreement (excluding in each case, any lien created by, through or under a tenant), and in the event Seller fails to do so, Purchaser shall have a right to use a portion of the Purchase Price to pay such amounts.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those disclosed by the Existing Prior Title Policy, the Prior Survey and the Permitted Exceptions (such exceptions to title being referred to as the "Disclosed Exceptions") which are noted on attached EXHIBIT B, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) day after the date of Purchaser's receipt of the last of the Title Commitment and Survey, this Agreement within which to notify Seller of any such Disclosed Exceptions exceptions to title to which Purchaser objects. If any additional exceptions to title other than the Existing Permitted Exceptions and the Disclosed Exceptions (such exceptions to title being referred to herein as the "New Disclosed Exceptions") arise between the date of the Title Commitment, the Survey and the Closing, Purchaser shall have five (5) days after its receipt of notice of same within which to notify Seller of any such New Disclosed Exceptions exception to title to which Purchaser objects. Any such Disclosed Exceptions or New Disclosed Exceptions exceptions to title not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions or New Disclosed Exceptionsexceptions to title, Seller shall have until Closing (but in any event at least twenty [20] thirty (30) days after it receives notice of Purchaser's objection(s)) to remove such Disclosed Exceptions or New Disclosed Exceptionsexceptions to title, which removal may be accomplished by waiver or endorsement by the Title Insurer. If Seller fails to remove any such Disclosed Exceptions or New Disclosed Exceptions exceptions to title as aforesaid, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such Disclosed Exceptions and New Disclosed Exceptions exceptions to title (in which event, all such Disclosed Exceptions and New Disclosed Exceptions, together with the Existing Permitted Exceptions, exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything in this Section 3(C) to the contrary, Seller shall be obligated, at Closing, to cause the Title Insurer to remove (by waiver or endorsement) any "Unpermitted Exceptions" hereunder)(as hereinafter defined) that are not set forth on EXHIBIT B attached hereto. For purposes of this Agreement, the term "Unpermitted Exceptions" shall be defined to mean (i) mortgages and deeds of trust granted by Seller, and (ii) mechanic's liens with respect to work contracted for by Seller or its authorized agents, provided that Seller has received written notice of such mechanic's lien prior to Closing and the cost to remove such mechanic's liens as aforesaid does not exceed Ten Thousand Dollars ($10,000) in the aggregate.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose 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, Illinois time) on the tenth (10th) 30th day after the date of Purchaser's receipt of the last of Agreement (such period, the Title Commitment and Survey, within which "Due Diligence ------------- Period") to notify Seller of any such Disclosed Exceptions matters shown on the Title Commitment or the ------ Survey to which Purchaser objectsobjects ("Defects"). If any additional exceptions to ------- title other than the Existing Permitted Exceptions and the Disclosed Exceptions or Survey matters (such exceptions to title being referred to herein as the "New Disclosed ExceptionsDefects") arise between the date of the Title Commitment----------- Commitment or the Survey, the Survey and the Closing, Purchaser shall have five (5) business days after its receipt of notice of same within which to notify Seller of any such New Disclosed Exceptions Defect to which Purchaser objects. Any such Disclosed Exceptions Defect or New Disclosed Exceptions Defect not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such Disclosed Exceptions Defect or New Disclosed ExceptionsDefect, Seller shall have until Closing (but in any event at least twenty [20] days after it receives notice of Purchaser's objection(s)) to remove such Disclosed Exceptions Defect or New Disclosed Exceptions, Defect which removal may be accomplished by waiver or endorsement by the Title InsurerInsurer in a manner reasonably acceptable to Purchaser. If Seller fails to remove or endorse over any such Disclosed Exceptions Defect or New Disclosed Exceptions as aforesaidDefect, Purchaser may, as its sole and exclusive remedy, terminate this Agreement and obtain a return of the Xxxxxxx Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such Disclosed Exceptions Defects and New Disclosed Exceptions Defects (in which event, all such Disclosed Exceptions Defects and New Disclosed Exceptions, together with the Existing Permitted Exceptions, Defects shall be deemed "Permitted Exceptions" hereunder"). -------------------- Notwithstanding anything in this Section 3.C to the contrary, Seller shall be obligated, at Closing, to cause the Title Insurer to remove or endorse over any exceptions to title in connection with Seller's existing outstanding mortgage financing encumbering the Property, if any and any other liens encumbering the Property arising through Seller (but excluding any matter arising through a tenant), provided, that with respect to liens other than mortgage financing liens , Seller shall not be required to expend in excess of $50,000 in the aggregate (but shall not be required to expend any funds to cure any matter arising through or under a tenant).