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 those Permitted 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 its receipt of the last of the Title Commitment and the Survey within which to notify Seller of any such exceptions to title to which Purchaser objects. If any additional exceptions to title not disclosed in the Title Commitment 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 exceptions to title to which Purchaser objects. Any such exceptions to title not objected to by Purchaser as aforesaid shall become Permitted Exceptions. If Purchaser objects to any such exceptions to title, Seller shall have until Closing (but in any event at least fifteen [15] days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title by waiver or endorsement by the Title Insurer. If Seller fails to remove any such 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 exceptions to title (in which event, all such exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything to the contrary contained herein, Seller shall be obligated to remove or cause the Title Insurer to insure over (i) any liens voluntarily incurred by Seller and (ii) any liens involuntarily incurred by Seller in an aggregate amount not to exceed $10,000, provided Purchaser has raised any of such liens as an objection to title in accordance with this Section 3(C).

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those the Existing Permitted Exceptions which are noted on attached Exhibit B, (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 its the date of Purchaser's receipt of the last of the Title Commitment and the Survey Survey, within which to notify Seller of any such exceptions to title Disclosed Exceptions to which Purchaser objects. If any additional exceptions to title not disclosed in other than the Title Commitment 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 exceptions to title New Disclosed Exceptions to which Purchaser objects. Any such exceptions to title Disclosed Exceptions or New Disclosed Exceptions not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such exceptions to titleDisclosed Exceptions or New Disclosed Exceptions, Seller shall have until Closing (but in any event at least fifteen twenty [1520] days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title 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 exceptions to title 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 exceptions to title Disclosed Exceptions and New Disclosed Exceptions (in which event, all such exceptions to title Disclosed Exceptions and New Disclosed Exceptions, together with the Existing Permitted Exceptions, shall be deemed "Permitted Exceptions"). Notwithstanding anything to the contrary contained herein, Seller shall be obligated to remove or cause the Title Insurer to insure over (i) any liens voluntarily incurred by Seller and (ii) any liens involuntarily incurred by Seller in an aggregate amount not to exceed $10,000, provided Purchaser has raised any of such liens as an objection to title in accordance with this Section 3(C" hereunder).

Review of Title Commitment and Survey. If the Title Commitment or ------------------------------------- Survey (if ordered and obtained in accordance with Section 3.B above) disclose exceptions to title other than those the Existing Permitted Exceptions which are noted on attached Exhibit B, (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 its the date of Purchaser's receipt of the last of the Title Commitment and the Survey (if ordered and obtained in accordance with Section 3.B above) within which to notify Seller of any such exceptions Disclosed Exceptions to title which Purchaser objects (it being understood that, in the event that Purchaser does not order and obtain the Survey in accordance with Section 3.B above that Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) day after Purchaser's receipt of the Title Commitment within which to notify Seller of any such Disclosed Exceptions to which Purchaser objects). If any additional exceptions to title not disclosed in other than the Title Commitment 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 (if ordered and obtained in accordance with Section 3.B above) and the Closing, Purchaser shall have five (5) days after its receipt of notice of same within which to notify Seller of any such exceptions to title New Disclosed Exceptions to which Purchaser objects. Any such exceptions to title Disclosed Exceptions or New Disclosed Exceptions not objected to by Purchaser as aforesaid shall become "Permitted Exceptions" hereunder. If Purchaser objects to any such exceptions to titleDisclosed Exceptions or New Disclosed Exceptions, Seller shall have until Closing (but in any event at least fifteen [15] days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title by waiver or endorsement by the Title Insurer. If Seller fails to remove any such 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 exceptions to title (in which event, all such exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything to the contrary contained herein, Seller shall be obligated to remove or cause the Title Insurer to insure over (i) any liens voluntarily incurred by Seller and (ii) any liens involuntarily incurred by Seller in an aggregate amount not to exceed $10,000, provided Purchaser has raised any of such liens as an objection to title in accordance with this Section 3(C).at

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those Permitted 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 its receipt expiration of the last of the Title Commitment and the Survey within which Due Diligence Period (as defined in Section 8 below) to notify Seller of (x) any such exceptions to title 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 not disclosed in the Title Commitment or survey matters ("New Defects") 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 exceptions to title New Defects to which Purchaser objects. Any such exceptions to title matters arising after the date of the Title Commitment or Final Survey, as applicable, not objected to by Purchaser as aforesaid shall become Permitted Exceptions. If Purchaser objects to any such exceptions to titleDefects or New Defects, or requests Endorsement Items, Seller shall have until Closing (but in any event at least fifteen [15] days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title Defects or New Defects, 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 exceptions Defects or New Defects or to title as aforesaiddeliver 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 exceptions to title Defects or New Defects (in which event, all such exceptions to title Defects or New Defects shall be deemed "Permitted Exceptions"). Notwithstanding anything Anything to the contrary contained hereinnotwithstanding, Seller shall be obligated obligated, at Closing, to remove or cause the Title Insurer to insure 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 (iin 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 voluntarily incurred by 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 and (ii) any liens involuntarily incurred by Seller in an aggregate amount not fails to exceed $10,000do so, provided Purchaser has raised any shall have a right to use a portion of the Purchase Price to pay such liens as an objection to title in accordance with this Section 3(C)amounts.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those Permitted Exceptions which are noted on attached Exhibit BD, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) business day after the date of its receipt of the last of the Title Commitment and the Survey within which to notify Seller of any such exceptions to title to which Purchaser objects. If any additional exceptions to title not disclosed in the Title Commitment 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 exceptions exception to title to which Purchaser objects. Any such exceptions to title not objected to by Purchaser as aforesaid shall become Permitted Exceptions. If Purchaser objects to any such exceptions to title, Seller shall have until Closing (but in any event at least fifteen [15] thirty (30) days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title 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 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 exceptions to title (in which event, all such exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything to the contrary contained hereinin this Section 3.3, Seller shall be obligated to remove by waiver or cause the Title Insurer to insure over endorsement at Seller's expense (i) any liens voluntarily incurred mortgages or deeds of trust encumbering the Real Property which were granted by Seller Seller, and (ii) any mechanic's liens involuntarily incurred with respect to work contracted for by Seller in an aggregate amount 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 to exceed Ten Thousand Dollars ($10,000, provided Purchaser has raised any of such liens as an objection to title ) in accordance with this Section 3(C)the aggregate.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those Permitted Exceptions which are noted on attached Exhibit B, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) 30th day after its receipt date of the last of Agreement (such period, the Title Commitment and the Survey within which "Due Diligence ------------- Period") to notify Seller of any such exceptions to title matters shown on the Title Commitment or the ------ Survey to which Purchaser objectsobjects ("Defects"). If any additional exceptions to ------- title not disclosed in the Title Commitment or Survey matters ("New Defects") 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 exceptions to title New Defect to which Purchaser objects. Any such exceptions to title Defect or New Defect not objected to by Purchaser as aforesaid shall become Permitted Exceptions. If Purchaser objects to any such exceptions to titleDefect or New Defect, Seller shall have until Closing (but in any event at least fifteen [15] days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title Defect or New 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 exceptions to title as aforesaidDefect or New Defect, 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 exceptions to title Defects and New Defects (in which event, all such exceptions to title Defects and New Defects shall be deemed "Permitted Exceptions"). -------------------- Notwithstanding anything in this Section 3.C to the contrary contained hereincontrary, Seller shall be obligated obligated, at Closing, to remove or cause the Title Insurer to insure remove or endorse over (i) any liens voluntarily incurred by Seller and (ii) any liens involuntarily incurred by Seller in an aggregate amount not to exceed $10,000, provided Purchaser has raised any of such liens as an objection exceptions to title in accordance connection with this Section 3(CSeller'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).

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those disclosed by the Prior Title Policy, the Prior Survey and the Permitted Exceptions which are noted on attached Exhibit EXHIBIT B, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) day after its receipt the date of the last of the Title Commitment and the Survey this Agreement within which to notify Seller of any such exceptions to title to which Purchaser objects. If any additional exceptions to title not disclosed in the Title Commitment 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 exceptions exception to title to which Purchaser objects. Any such exceptions to title not objected to by Purchaser as aforesaid shall become Permitted Exceptions. If Purchaser objects to any such exceptions to title, Seller shall have until Closing (but in any event at least fifteen [15] thirty (30) days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title title, which removal may be accomplished by waiver or endorsement by the Title Insurer. If Seller fails to remove any such 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 exceptions to title (in which event, all such exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything in this Section 3(C) to the contrary contained hereincontrary, Seller shall be obligated obligated, at Closing, to remove or cause the Title Insurer to insure over remove (by waiver or endorsement) any "Unpermitted Exceptions" (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) any liens voluntarily incurred mortgages and deeds of trust granted by Seller Seller, and (ii) any mechanic's liens involuntarily incurred with respect to work contracted for by Seller in an aggregate amount 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 to exceed Ten Thousand Dollars ($10,000, provided Purchaser has raised any of such liens as an objection to title ) in accordance with this Section 3(C)the aggregate.

Review of Title Commitment and Survey. If the Title Commitment or Survey disclose exceptions to title other than those Permitted Exceptions which are noted on attached Exhibit EXHIBIT B, then Purchaser shall have until 5:00 p.m. (Chicago, Illinois time) on the tenth (10th) day after the date of its receipt of the last of the Title Commitment and Survey (but in no event later than the Survey twenty-fifth (25th) day after the date of this Agreement) within which to notify Seller of any such exceptions to title to which Purchaser objects. If any additional exceptions to title not disclosed in the Title Commitment 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 exceptions exception to title to which Purchaser objects. Any such exceptions to title not objected to by Purchaser as aforesaid shall become Permitted Exceptions. If Purchaser objects to any such exceptions to title, Seller shall have until Closing (but in any event at least fifteen [15] days after it receives notice of Purchaser's objection(s)) to remove such exceptions to title title, which removal may be accomplished by waiver or endorsement by the Title Insurer. If Seller fails to remove any such 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 exceptions to title (in which event, all such exceptions to title shall be deemed "Permitted Exceptions"). Notwithstanding anything in this Section 3(C) to the contrary contained hereincontrary, Seller shall be obligated obligated, at Closing, to remove or cause the Title Insurer to insure over remove (iby waiver or endorsement) any liens voluntarily incurred "Unpermitted Exceptions" (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 (ii) any mechanic's liens involuntarily incurred with respect to work contracted for by Seller in an aggregate amount not to exceed $10,000or its authorized agents, provided Purchaser that Seller has raised any received written notice of such mechanic's lien prior to Closing and the cost to remove such mechanic's liens as an objection to title aforesaid does not exceed Ten Thousand Dollars ($10,000.00) in accordance with this Section 3(C)the aggregate.