Scope of Seller’s Title Obligations. Seller shall have the obligation to remove Buyer's title objections in respect to monetary liens created by or through Seller, except for unpaid taxes, which are not delinquent. Notwithstanding the above, in the event Seller cannot cure such monetary liens by commercially reasonable action, Seller shall have the right to terminate this Agreement by providing Buyer and Escrow Holder with written notice of such termination. Upon such termination Seller shall pay the Escrow costs and return the Purchase Price Deposit to Buyer.
Scope of Seller’s Title Obligations. Seller shall have the obligation to remove all Liens identified in the Title Report (other than any Liens for current taxes or improvements which shall be prorated in accordance with the terms of Section 6.6) and any obligations expressly assumed by Seller with respect to curing the matters set forth in any Disapproval Notice in accordance with the provisions of Section 3.3. In each case, such matters shall be removed by no later than the Closing Date. As to any of the foregoing which constitute delinquent tax liens, the corresponding taxes and penalties shall be paid at Closing. As to any of the foregoing which constitute tax liens which are not yet delinquent, the corresponding taxes shall be prorated between the parties pursuant to Section 6.6 below. If Seller cannot or will not remove such Liens which Seller is obligated to remove prior to the Closing Date, then Buyer shall cure such Liens by instructing the Title Company to pay at Closing such portion of the Purchase Price to the holders of such Liens as is necessary to remove such Liens and to obtain from the holders of such Liens any recordable releases required by the Title Company to remove those Liens as exceptions to the title insured by the leasehold owner’s title policy issued pursuant to the Title Report (the “Title Policy”).
Scope of Seller’s Title Obligations. Notwithstanding the terms of Section 3.3 above or elsewhere in this Agreement, Seller shall have the obligation to remove (or to provide a bond which results in such Lien being removed of record or provide an indemnity from WRI as to Liens that are liquidated in amount which results in the Lien being removed from the Title Policy) all Liens identified in the Title Report or which exist of record as of the Closing Date. WRI shall have a continuing obligation that survives Closing to exercise diligent efforts to resolve or remove Liens that are removed from the Title Policy based on a WRI indemnity. In each case, such matters shall be removed by no later than the Closing Date As to any of the foregoing which constitute delinquent tax liens, the corresponding taxes and penalties shall be paid by Seller at Closing. As to any of the foregoing which constitute tax liens which are not yet delinquent, the corresponding taxes shall be prorated between the parties pursuant to Section 6.6 below. If Seller cannot or will not or does not remove, or otherwise post such bond or provide such indemnity to remove, any Liens which Seller is obligated to remove prior to the Closing Date, then Buyer may, as its sole and exclusive remedy (except as hereinafter provided otherwise in this Section 3.4), elect to cure such Liens by instructing the Title Company to pay at Closing such portion of the Purchase Price to the holders of such Liens as is necessary to remove such Liens and to obtain from the holders of such Liens any recordable releases required by the Title Company to remove those Liens as exceptions to the title insured by the owner’s title policy issued pursuant to the Title Report. Seller’s failure to remove a Lien (consisting of a New Matter included in subpart (iii) of the definition of “Liens”) that is not liquidated in amount so as to preclude Buyer from effectively exercising the offset right provided in this Section 3.4 shall constitute a default by Seller under this Agreement which shall entitle Buyer to exercise its Termination Election under Section 8.1, receive a return of the Deposit and recover from Seller Buyer’s Pursuit Costs, subject to the limitation set forth in Section 8.1 on the amount of such Pursuit Costs that may be recovered. Upon any exercise by Buyer of the Termination Election pursuant to the immediately preceding sentence, Seller shall have the right for a period of ten (10) days following receipt of Buyer’s termination notice (but not later ...
