Common use of Review of Title Commitment Clause in Contracts

Review of Title Commitment. Buyer shall give written notice to Seller of any disapproved exceptions in the Title Commitment. If Buyer so objects to any exceptions in the Title Commitment, Seller shall, within fifteen (15) days after receiving Buyer’s written notice of objections, deliver to Buyer written notice that either (a) Seller will, at Seller’s expense, cause some or all of the exception(s) to which Xxxxx has objected to be removed at or prior to Closing, or (b) Seller is unable to eliminate such exception(s). If Seller so fails to notify Buyer or is unable to remove any such exception at or prior to Closing, Buyer may elect to terminate this Agreement by written notice to Seller delivered no later than ten (10) days after the deadline for Seller’s 15- day notice as described in the immediately preceding sentence, in which event Buyer and Seller shall have no further obligations under this Agreement. If Buyer does not terminate this Agreement pursuant to the immediately preceding sentence, then Buyer shall be deemed to have waived, and at Closing shall receive and accept title to the Property subject to, any objectionable exceptions that Seller is unable to remove, all of which exceptions shall be included as Permitted Exceptions. If any new title matters are disclosed in a supplemental title report issued by the Title Company (a “Supplemental Report”) or related document, the proceeding objection, Seller response and termination / waiver provisions shall apply to the new title matters, except that Xxxxx's written notice of objections must be delivered within seven (7) days of delivery of the Supplemental Report or document and Seller’s response must be delivered within five (5) days of Buyer's written notice of objections. The Closing Date (as defined below) shall be extended to the extent necessary to permit time for the foregoing notices. If Seller gives written notice that it will cause one or more objectionable non-monetary exceptions to be removed but is unable to remove any of them on or before the Closing Date, Buyer will have the right in its sole discretion to either (A) proceed with the purchase and take the Property subject to those non-monetary exceptions not approved by Buyer, or (B) terminate this Agreement in which case Buyer shall have no further liability hereunder.

Review of Title Commitment. Buyer Purchaser shall give written notice to Seller have until the later of any disapproved exceptions in the Title Commitment. If Buyer so objects to any exceptions in the Title Commitment, Seller shall, within (i) fifteen (15) days after receiving Buyer’s written notice receipt of objectionsboth the Existing Survey and the Title Commitment, deliver together with copies of all documents referred to Buyer written notice that either in the Title Commitment; and (aii) Seller will, at Seller’s expense, cause some or all of the exception(s) to which Xxxxx has objected to be removed at or prior to Closing, or fifteen (b) Seller is unable to eliminate such exception(s). If Seller so fails to notify Buyer or is unable to remove any such exception at or prior to Closing, Buyer may elect to terminate this Agreement by written notice to Seller delivered no later than ten (1015) days after the deadline for Seller’s 15- day notice as described Effective Date, but in no event later than the immediately preceding sentence, in date which event Buyer and Seller shall have no further obligations under this Agreement. If Buyer does not terminate this Agreement pursuant to the immediately preceding sentence, then Buyer shall be deemed to have waived, and at Closing shall receive and accept title to the Property subject to, any objectionable exceptions that Seller is unable to remove, all of which exceptions shall be included as Permitted Exceptions. If any new title matters are disclosed in a supplemental title report issued by the Title Company (a “Supplemental Report”) or related document, the proceeding objection, Seller response and termination / waiver provisions shall apply to the new title matters, except that Xxxxx's written notice of objections must be delivered within seven (7) days of delivery of the Supplemental Report or document and Seller’s response must be delivered within five (5) days prior to the end of Buyer's the Feasibility Period, to review the Existing Survey and the Title Commitment and to deliver in writing to Seller such commercially reasonable objections as Purchaser may have to anything contained or set forth in the Title Commitment or the Existing Survey. If no written notice objections are delivered by Purchaser to Seller within said period, the Title Commitment shall be deemed to be approved by Purchaser; except that Seller shall be obligated, at its sole cost and expense, to satisfy at or prior to Closing all monetary encumbrances affecting the Property evidenced by deeds of objectionstrust, tax liens, judgments, mechanics’ liens, or other liens or charges in a fixed sum which were caused, created or consented to by Seller (collectively, “Monetary Liens”), and Seller authorizes the use of the Purchase Price or a portion thereof to pay and discharge the same at Closing. Notwithstanding the foregoing, Purchaser shall in no event be deemed to have approved any deeds of trust, tax liens, judgments, mechanics’ liens, or other liens or charges which were not caused, created or consented to by Seller, and Purchaser retains the right to object to any of the foregoing. Purchaser shall have five (5) business days after receipt of an Updated Survey but no later than five (5) days prior to the end of the Feasibility Period to review the Updated Survey and to deliver in writing to Seller such commercially reasonable objections as Purchaser may have to anything contained or set forth on the Updated Survey and not disclosed in the Existing Survey. If no written objections are delivered by Purchaser to Seller within said period, the matters shown on the Updated Survey shall be deemed to be approved by Purchaser. The Closing Date following shall constitute “Permitted Exceptions” and may appear as exceptions in the owner’s policy of title insurance and in the Quitclaim Deed delivered by Seller at Closing: (as defined belowi) shall be extended except for any Monetary Liens, any items appearing on the Title Commitment, Existing Survey, and Updated Survey (if any) to which Purchaser does not object in its written notices to Seller within the foregoing periods; (ii) current, non-delinquent real estate taxes and assessments, both general and special, which are a lien, but not yet due and payable; and (iii) rights of tenants in possession under Leases. Any items appearing of record after the date of the Title Commitment shall, except for Monetary Liens and new or updated items in (ii) or (iii) above in the preceding sentence (but only to the extent necessary that such new Leases have been approved by Purchaser pursuant to permit time for the foregoing noticesSection 10.3 below), constitute objectionable title matters, unless expressly consented to in writing by Purchaser. If Seller gives written notice that it will cause one or more objectionable non-monetary exceptions shall, at Seller’s sole cost and expense, prior to be removed but is unable to remove any of them on or before the Closing Date, Buyer will have satisfy any objections with respect to which Purchaser delivered written notice in accordance with the right in foregoing, and provide to Purchaser such endorsements to the Title Commitment as are necessary to delete any and all commercially reasonable matters objected to by Purchaser. If Seller fails to cure such objections, Purchaser may elect as its sole discretion to either remedy to: (A) proceed with the purchase and take the Property subject to those non-monetary exceptions not approved by Buyer, or (Ba) terminate this Agreement with the Deposit plus interest being returned to Purchaser; or (b) accept such title as Seller can deliver, with no reduction in which case Buyer shall have no further liability hereunderthe Purchase Price other than with respect to Monetary Liens.

Review of Title Commitment. Buyer shall give written notice have until ten (10) business days after the receipt of the Title Commitment and a survey of the Real Property (the “Review Period”) in which to notify Seller in writing of any disapproved exceptions objections Buyer has to any matters shown or referred to in the Title CommitmentCommitment or such survey (“Buyer’s Objections”). If Buyer so objects to any Any exceptions or other items that are set forth in the Title CommitmentCommitment and to which Buyer does not object within the Review Period shall be deemed to be permitted exceptions (“Permitted Exceptions”). With regard to items to which Buyer does object within the Review Period, Seller shall, within fifteen (15) days after receiving Buyer’s written notice of objections, deliver to Buyer written notice that either (a) Seller will, at Seller’s expense, cause some or all of the exception(s) to which Xxxxx has objected to be removed at or prior to Closing, or (b) Seller is unable to eliminate such exception(s). If Seller so fails to shall notify Buyer or is unable to remove any such exception at or prior to Closing, Buyer may elect to terminate this Agreement by written notice to Seller delivered no later than within ten (10) days after the deadline for Seller receives Buyer’s Objections of any exceptions to title which Seller will not remove or otherwise resolve (“Seller’s 15- day notice as described in Response”), and Buyer may, at Buyer’s option, either proceed to Closing and thereby waive the immediately preceding sentenceBuyer’s Objections not cured, in which case such exceptions to title shall be Permitted Exceptions, or Buyer may terminate this Agreement by notice to Seller within ten (10) days after receipt of Seller’s Response. In the event of such termination, the Deposit shall be returned to Buyer and Seller the Parties shall have no further obligations under this Agreementhereunder. If Buyer does not terminate this Agreement pursuant to the immediately preceding sentence, then Buyer shall be deemed to have waived, and at Closing shall receive and accept title to the Property subject to, any objectionable exceptions that Seller is unable to remove, all of which exceptions shall be included as Permitted Exceptions. If any new title matters are disclosed in a supplemental title report issued by the Title Company (issues a “Supplemental Report”) or related documentsupplement to the Title Commitment that identifies new exceptions, with the exception of the Sound Transit Instruments, the proceeding objection, Seller response and termination / waiver provisions procedure set forth in this Section 4.3 shall apply to the new title matterssuch supplement, except that Xxxxx's written notice of objections must be delivered within Buyer will have seven (7) days of delivery of the Supplemental Report or document and Sellerto make Buyer’s response must be delivered within Objections to any new exception, Seller shall have five (5) days of Buyer's written notice of objections. The to provide Seller’s Response, and the Closing Date (as defined below) shall will be extended to for the extent period necessary to permit time for allow the foregoing notices. If Seller gives written notice that it will cause one or more objectionable non-monetary exceptions procedures set forth herein to be removed but is unable completed with regard to remove any of them on or before the Closing Date, Buyer will have the right in its sole discretion to either (A) proceed with the purchase and take the Property subject to those non-monetary exceptions not approved by Buyer, or (B) terminate this Agreement in which case Buyer shall have no further liability hereundera timely objection.

Review of Title Commitment. Buyer shall give written notice to Seller of any disapproved exceptions in the Title Commitment. If Buyer so objects to any exceptions in the Title Commitment, Seller shall, within fifteen (15) days after receiving Buyer’s written notice of objections, deliver to Buyer written notice that either (a) Seller will, at Seller’s expense, cause some or all of the exception(s) to which Xxxxx has objected to be removed at or prior to Closing, or (b) Seller is unable to eliminate such exception(s). If Seller so fails to notify Buyer or is unable to remove any such exception at or prior to Closing, Buyer may elect to terminate this Agreement by written notice to Seller delivered no later than ten (10) days after the deadline for Seller’s 15- day notice as described in the immediately preceding sentence, in which event Buyer and Seller shall have no further obligations under this Agreement. If Buyer does not terminate this Agreement pursuant to the immediately preceding sentence, then Buyer shall be deemed to have waived, and at Closing shall receive and accept title to the Property subject to, waived any objectionable exceptions that Seller is unable to remove, all of which exceptions shall be included as Permitted Exceptions. If any new title matters are disclosed in a supplemental title report issued by the Title Company (a “Supplemental Report”) or related document, the proceeding objection, Seller response and termination / waiver provisions shall apply to the new title matters, except that Xxxxx's written notice of objections must be delivered within seven (7) days of delivery of the Supplemental Report or document and Seller’s response must be delivered within five (5) days of Buyer's written notice of objections. The Closing Date (as defined below) shall be extended to the extent necessary to permit time for the foregoing notices. If Seller gives written notice that it will cause one or more objectionable non-monetary exceptions to be removed but is unable to remove any of them on or before the Closing Date, Buyer will have the right in its sole discretion to either (Aa) proceed with the purchase and take the Property subject to those non-monetary exceptions not approved by Buyer, or (Bb) terminate this Agreement in which case Buyer shall have no further liability hereunder.

Review of Title Commitment. Buyer shall be deemed to have accepted the Title Commitment, and all exceptions thereto, unless Buyer shall give written notice Notice to Seller of any disapproved exceptions in the Title CommitmentCommitment within thirty (30) days after receipt thereof. If Buyer so objects to any exceptions in the Title Preliminary Commitment, Seller shall, within fifteen ten (1510) days after receiving Buyer’s written notice Notice of objections, deliver to Buyer written notice Notice that either (a) Seller will, at Seller’s expense, cause some or all of the exception(s) to which Xxxxx Buyer has objected to be removed at or prior to Closing, or (b) Seller is unwilling or unable to eliminate such exception(s). If Seller so fails to so notify Buyer or is unwilling or unable to remove any such exception at or prior to Closing, Buyer may elect to terminate this Agreement by written notice Notice to Seller delivered no later than ten five (105) days after the deadline for Seller’s 15- 10-day notice as described in the immediately preceding sentence, in which event the full Xxxxxxx Money shall be refunded to Buyer, and Buyer and Seller shall have no further obligations under this Agreement. If Buyer does not terminate this Agreement pursuant to the immediately preceding sentence, then Buyer shall be deemed to have waived, and at Closing shall receive and accept title to the Property subject to, any objectionable exceptions that Seller is unable has not agreed to remove, all of which exceptions shall be included as Permitted Exceptions. If any new title matters are disclosed in a supplemental title report issued by the Title Company (a “Supplemental Report”) or related document, the proceeding objection, Seller response and termination / waiver provisions shall apply to the new title matters, except that XxxxxBuyer's written notice Notice of objections must be delivered within seven (7) days of delivery of the Supplemental Report or document and Seller’s response must be delivered within five (5) days of Buyer's written notice Notice of objections. The Closing Date (as defined below) shall be extended to the extent necessary to permit time for the foregoing noticesNotices. If Seller gives written notice Notice that it will cause one or more objectionable non-monetary exceptions exception to be removed but is unable fails to remove any of them on or before the Closing Date, Buyer will have the right in its sole discretion to either (A) proceed with the purchase and take the Property subject to those non-non- monetary exceptions not approved by Buyer, with reduction of the Purchase Price equal to the actual cost of removing from title those exceptions, or (B) terminate this Agreement in which case Buyer shall have no further liability hereunderpromptly be refunded the full Xxxxxxx Money.