Common use of Review of Title Clause in Contracts

Review of Title. Buyer shall notify Seller in writing (the "Title Notice") not later than three (3) business days prior to the Expiration Date as to which exceptions to title as shown on the Title Report and Survey, if any, will not be accepted by Buyer. If Buyer fails to notify Seller in writing of its disapproval of any exceptions to title within such period of time, Buyer shall be deemed to have approved the condition of title to the Real Property. If Buyer notifies Seller in writing that Buyer objects to any exceptions to title, Seller shall have two (2) business days after receipt of the Title Notice (but, in no event, later than one (1) business day prior to the Expiration Date) to notify Buyer (a) that Seller will remove such objectionable exceptions from title on or before the Closing, provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond ten (10) days; or (b) that Seller elects not to cause such exceptions to be removed. If Seller fails to timely give such notice to Buyer, the Seller shall be deemed to have given notice to Buyer under clause (b). Seller shall have no obligation to remove any title exceptions to which Buyer objects; provided, however, that Seller shall be obligated to remove, as of the Closing, all liens evidencing any deed of trust (and related documents securing financing), all delinquent tax liens, all mechanic's liens relating to work performed by Seller, all judgment liens and encumbrances created by Seller violation of the provisions of Section 11.2

Review of Title. Buyer shall notify Seller in writing (the "Title NoticeTITLE NOTICE") not later than three (3) business days prior to the Expiration Date as to expiration of the Title Review Period which exceptions to title as shown on the Title Report and Survey, if any, will not be accepted by Buyer. If Buyer fails to notify Seller in writing of its disapproval of any exceptions to title within such period by the expiration of timethe Title Review Period, Buyer shall be deemed to have approved the condition of title to the Real Property. If Buyer notifies Seller in writing that Buyer objects to any exceptions to title, Seller shall have two (2) business days after receipt of the Title Notice (but, in no event, later than one two (12) business day days prior to the Expiration Due Diligence Date) to notify Buyer (a) that Seller will remove such objectionable exceptions from title on or before the Closing, provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond ten (10) days; or (b) that Seller elects not to cause such exceptions to be removed. If Seller fails to timely give such notice to Buyer, the Seller shall be deemed to have given notice to Buyer under clause (b). Seller shall have no obligation to remove any title exceptions to which Buyer objects; objects provided, however, that Seller shall be obligated to remove, as of the Closing, all liens evidencing any deed of trust (and related documents documents) securing financing. The procurement by Seller of a commitment for the issuance of the Buyer's Title Policy (as defined in Section 3.2 hereof) or an endorsement thereto insuring Buyer against any title exception which was disapproved pursuant to this Section 6.3.2 shall be deemed a cure by Seller of such disapproval. If Seller gives or is deemed to have given Buyer notice under clause (b) above, Buyer shall have two (2) business days from the date on which such notice to Buyer is given (but in no event later than the Due Diligence Date) in which to notify Seller that Buyer will nevertheless proceed with the purchase and take title to the Property subject to such exceptions, or that Buyer will terminate this Agreement. If Buyer fails to timely give such notice, Buyer will be deemed to have elected to proceed with the purchase and take title to the Property subject to such exceptions. If this Agreement is terminated pursuant to the foregoing provisions of this Section 6.3.2, then neither party shall have any further rights or obligations hereunder (except with respect to those matters expressly stated to survive such termination), all delinquent tax liens, all mechanic's liens relating the Deposit shall be returned to work performed by Seller, all judgment liens Buyer and encumbrances created by Seller violation of the provisions of Section 11.2each party shall bear its own costs incurred hereunder.

Review of Title. Buyer shall notify Seller in writing (the "“Title Notice"”) not later than three (3) business days prior to the Expiration Date as expiration of the Title Review Period with respect to which exceptions to title as shown on the Title Report and Survey, if any, Survey will not be accepted by Buyer. If Buyer fails to notify Seller in writing of its disapproval of any exceptions to title within such period by the expiration of timethe Title Review Period, Buyer shall be deemed to have approved the condition of title to the Real Property. If Buyer notifies Seller in writing that Buyer objects to any exceptions to title, Seller shall have two one (21) business days day after receipt of the Title Notice (but, in no event, later than one (1) business day prior to the Expiration Due Diligence Date) to notify Buyer (a) that Seller will remove such objectionable exceptions from title on or before the Closing, provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond ten (10) days; or (b) that Seller elects not to cause such exceptions to be removed. If Seller fails to timely give such notice to Buyer, the Seller shall be deemed to have given notice to Buyer under clause (b). Seller shall have no obligation to remove any title exceptions to which Buyer objects; objects provided, however, that Seller shall be obligated to remove, as of the Closing, all liens evidencing any deed of trust (and related documents documents) securing financing), all delinquent tax liens, all mechanic's mechanics’ liens relating to work performed by Seller, and all judgment liens against Seller. If Seller gives or is deemed to have given Buyer notice under clause (b) above, Buyer shall have one (1) business day from the date on which such notice to Buyer is given (but in no event later than the Due Diligence Date) in which to notify Seller that Buyer will nevertheless proceed with the purchase and encumbrances created by Seller violation of take title to the Property subject to such exceptions, or that Buyer will terminate this Agreement. If Buyer fails to timely give such notice, Buyer will be deemed to have elected to proceed with the purchase and take title to the Property subject to such exceptions. If this Agreement is terminated pursuant to the foregoing provisions of this Section 11.26.3.2, then neither party shall have any further rights or obligations hereunder (except with respect to those matters expressly stated to survive such termination), the Deposit shall be returned to Buyer and each party shall bear its own costs incurred hereunder.

Review of Title. Buyer shall notify Seller in writing (the "Title NoticeTITLE NOTICE") not later than three (3) business days prior to the Expiration Date as to expiration of the Title Review Period which exceptions to title as shown on the Title Report and Survey, if any, will not be accepted by Buyer. If Buyer fails to notify Seller in writing of its disapproval of any exceptions to title within such period by the expiration of timethe Title Review Period, Buyer shall be deemed to have approved the condition of title to the Real Property. If Buyer notifies Seller in writing that Buyer objects to any exceptions to title, Seller shall have two one (21) business days day after receipt of the Title Notice (but, in no event, later than one (1) business day prior to the Expiration Date) to notify Buyer (a) that Seller will remove such objectionable exceptions from title on or before the Closing, provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond ten (10) days; or (b) that Seller elects not to cause such exceptions to be removed. If Seller fails to timely give such notice to Buyer, the Seller shall be deemed to have given notice to Buyer under clause (b). Seller shall have no obligation to remove any title exceptions to which Buyer objects; objects provided, however, that Seller shall be obligated to remove, as of the Closing, all liens evidencing any deed of trust (and related documents documents) securing financing. The procurement by Seller of a commitment for the issuance of the Buyer's Title Policy (as defined in Section 3.2 hereof) or an endorsement thereto insuring Buyer against any title exception which was disapproved pursuant to this Section 6.3.2 shall be deemed a cure by Seller of such disapproval. If Seller gives or is deemed to have given Buyer notice under clause (b) above, Buyer shall have one (1) business day from the date on which such notice to Buyer is given in which to notify Seller that Buyer will nevertheless proceed with the purchase and take title to the Property subject to such exceptions, or that Buyer will terminate this Agreement. If Buyer fails to timely give such notice, Buyer will be deemed to have elected to proceed with the purchase and take title to the Property subject to such exceptions. If this Agreement is terminated pursuant to the foregoing provisions of this Section 6.3.2, then neither party shall have any further rights or obligations hereunder (except with respect to those matters expressly stated to survive such termination), all delinquent tax liens, all mechanic's liens relating the Deposit shall be returned to work performed by Seller, all judgment liens Buyer and encumbrances created by Seller violation of the provisions of Section 11.2each party shall bear its own costs incurred hereunder.