Common use of Seller’s Cure of Title Objections Clause in Contracts

Seller’s Cure of Title Objections. Seller shall have the election of whether or not to attempt to cure Title Objections raised by Buyer. If Seller notifies Buyer in writing that it elects not to attempt to cure any title objections raised by Buyer, then Buyer may within three (3) business days of receipt of such notice elect to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement or (ii) proceed to close without any reduction in the Purchase Price. Notwithstanding the foregoing, with respect to voluntary liens securing payment of an ascertainable amount (“Monetary Liens”), Seller shall remove or cure by payment of funds from Closing. The Closing shall be extended for a period of up to thirty (30) days to permit Seller to cure any Title Objections which it elects to attempt to cure (the “Cure Period”). Seller shall remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the Title Insurance Commitment and which are not consented to by Buyer under the terms hereof. If the Title Objections are not cured prior to Closing, Buyer will have the option as its sole and exclusive remedies to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement or (ii) proceed to close without any reduction in the Purchase Price. If Buyer elects the latter, any uncured Title Objections shall be deemed Permitted Encumbrances.

Seller’s Cure of Title Objections. Seller shall have the election of whether or not to may, in its sole discretion, attempt to cure any Title Objections raised by Buyer, and any such attempt shall not obligate it to expend in excess of ten thousand dollars ($10,000.00 (except with regard to Monetary Liens, below). If Seller notifies Buyer in writing that it elects not to attempt to cure any title objections raised by Buyer, then Buyer may within three (3) business days of receipt of such notice elect to (i) notice, terminate this Agreement and receive a refund of the Escrowed Amount Deposit in accordance with the Deposit Escrow Agreement or (ii) Agreement. If Buyer fails to give such notice of termination, it shall proceed to close Closing without any reduction in the Purchase Price. Notwithstanding the foregoing, with respect to voluntary liens securing payment of an ascertainable amount (“"Monetary Liens”"), Seller shall remove or cure by payment of funds from Closing. The Closing shall be extended for a period of up to thirty (30) days to permit Seller to cure any Title Objections which it elects to attempt to cure (the “"Cure Period”"). Seller shall remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the Title Insurance Commitment and which are not consented to by Buyer under the terms hereof. Buyer shall have the right to a dollar-for-dollar adjustment under Article 3 in favor of Buyer in the amount of any Monetary Liens which are unsatisfied on the Closing Date. If the any Title Objections are not cured remain uncured prior to Closing, Buyer will have the option as its sole and exclusive remedies to (i) terminate this Agreement and receive a refund of the Escrowed Amount Deposit in accordance with the Deposit Escrow Agreement or (ii) proceed to close without any reduction in the Purchase Price. If Buyer elects the latter, any uncured Title Objections shall be deemed Permitted Encumbrances.

Seller’s Cure of Title Objections. Seller shall have the election of shall, by 5:00 p.m. Eastern Time on April 11, 2018, notify Buyer whether or not it elects to attempt to cure any Title Objections raised by Buyer. In the event Seller fails to timely respond to Buyer’s Title Objections, Seller shall be deemed to have elected not to attempt to cure such Title Objections. If Seller notifies Buyer in writing that it elects elects, or is deemed to have elected, not to attempt to cure any title objections raised by Buyer, then Buyer may within three (3) business days of receipt of such notice shall, on or before April 13, 2018 elect to either (ia) terminate this Agreement and receive a refund of the Escrowed Amount Initial Deposit in accordance with this Agreement (and in such event, except as expressly set forth herein, neither party shall have any further liability or obligation to the Deposit Escrow Agreement other hereunder), or (iib) proceed to close without any reduction in the Purchase PricePrice and in such event any such Title Objections shall be deemed Permitted Encumbrances. In the event Buyer fails to timely respond to Seller’s notice, Buyer shall be deemed to have elected clause (b). Notwithstanding the foregoing, with respect to voluntary liens securing payment of an ascertainable amount Voluntary Liens (“Monetary Liens”as hereinafter defined), Seller shall remove or cure the same by payment of funds from Closing. The Closing shall be extended for a period of up to thirty (30) days to permit Seller to cure any Title Objections which it elects to attempt to cure (the “Cure Period”). Seller shall remove any encumbrances other liens or exceptions to title (other than Voluntary Liens) which are voluntarily created by, through or under Seller after March 6, 2018 that affect the date of the Title Insurance Commitment and which are not consented to by Buyer under the terms hereofProperty. If the Title Objections which Seller has agreed to cure are not cured prior to ClosingClosing (as the same may be extended as provided herein), Buyer will have the option as its sole and exclusive remedies to (ix) terminate this Agreement and receive a refund of the Escrowed Amount Deposit in accordance with this Agreement (and in such event, except as expressly set forth herein, neither party shall have any further liability or obligation to the Deposit Escrow Agreement other hereunder), or (iiy) proceed to close without and deduct the cost of curing any reduction in Voluntary Liens only from the Purchase Price. If Buyer elects the latter, any uncured Title Objections (other than the Voluntary Liens) shall be deemed Permitted Encumbrances. As used herein, the term “Voluntary Liens” shall mean (i) any mortgage or deed of trust granted or caused by Seller and encumbering the Property or any portion thereof, (ii) any mechanic’s or materialmen’s liens for works of improvement to the Property granted or caused by Seller and encumbering the Property or any portion thereof, and (iii) any other monetary lien in an amount less than $50,000 and encumbering the Property as of the date of Closing which was specifically granted, created or assumed by Seller. In no event shall Seller be required to bring suit to clear any claimed title or survey defects.

Seller’s Cure of Title Objections. Seller agrees to use reasonable efforts to attempt to cure Title Objections raised by Buyer that will not require the expenditure of more that $25,000 in the aggregate, and otherwise shall have the election of whether or not to attempt to cure Title Objections raised by Buyersuch cure. If Seller notifies Buyer in writing that it elects not to attempt to cure any title objections Title Objections raised by Buyer, then Buyer may within three (3) business days of receipt of such notice elect to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement or (ii) proceed to close without any reduction in the Purchase Price. Notwithstanding the foregoing, with respect to voluntary liens securing payment of an ascertainable amount (“Monetary Liens”), Seller shall remove or cure the same by payment of funds from Closing. The Seller may elect to extend the Closing shall be extended for a period of up to thirty (30) days to permit Seller to cure any Title Objections which it agrees or elects to attempt to cure (the “Cure Period”). Seller shall remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the Title Insurance Commitment and which are not consented to by Buyer under the terms hereof. If the Title Objections are not cured prior to Closing, Buyer will have the option as its sole and exclusive remedies to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement or (ii) proceed to close without any reduction in the Purchase Price. If Buyer elects the latter, any uncured Title Objections shall be deemed Permitted Encumbrances.

Seller’s Cure of Title Objections. If Buyer serves a notice of Title Objections and provides Seller with a description of the Title Objection, Seller may, but shall not be obligated to, elect to remove the basis for the Title Objection, provided, however, that Seller shall have the election of whether or be obligated to undertake such cure with respect to all Title Objections which can reasonably be cured at a cost not to attempt to cure Title Objections raised by Buyerexceed One Million and 00/100 Dollars ($1,000,000.00) and all Monetary Liens (as defined below). If Seller notifies Buyer in writing that it elects not to attempt to cure any title objections Title Objections raised by Buyer, then Buyer may within three (3) business days of receipt of such notice elect to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement Deposit, or (ii) proceed to close without any reduction in the Purchase Price. Notwithstanding the foregoing, with respect to Seller shall remove or cure by payment of funds from the Closing any voluntary liens securing payment of an ascertainable amount (“Monetary Liens”), Seller shall remove or cure by payment of funds from Closing. The Closing shall be extended for a period of up to thirty (30) days to permit Seller to cure any Title Objections which it elects to attempt to cure or is required to cure as set forth above (the “Cure Period”). Seller shall remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the applicable Title Insurance Commitment Commitments and which are not consented to by Buyer under the terms hereof. Buyer shall have the right to a dollar-for-dollar adjustment under Article 3 in favor of Buyer in the amount of any Monetary Liens which are unsatisfied on the Closing Date. If the Title Objections are not cured prior to ClosingClosing as extended for the Cure Period, Buyer will shall have the option as its sole and exclusive remedies to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement Deposit, or (ii) proceed to close without any reduction in the Purchase Price. If Buyer elects the latter, any uncured Title Objections shall be deemed Permitted EncumbrancesExceptions. If this Agreement is terminated pursuant to this Section 6.3 or Section 5.4, then Buyer shall deliver to Seller copies of the surveys, if any, and the test results obtained by it with respect to the Property.

Seller’s Cure of Title Objections. No later than five (5) Business Days following written notice from Buyer of any Title Objections, Seller shall have the notify Buyer, in writing, of Seller's election of whether either to cure or not cure any of Buyer's Title Objections. In the event that Seller fails to attempt notify Buyer, in writing, of Seller's intention to cure any Title Objections raised by BuyerObjection, Seller shall be deemed to have elected not to cure such Title Objection. If by Seller's written notice or silence Seller notifies Buyer in writing that it elects not to attempt to cure any title objections raised by of Buyer's Title Objections, then Buyer may may, within three (3) business days Business Days of receipt of such notice elect or deemed election, deliver written notice to Seller indicating Buyer's election to (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement Deposit, or (ii) proceed to close subject to the Permitted Exceptions and any matter objected to by Buyer which Seller is unwilling or unable to cure without any reduction in the Purchase Price. Notwithstanding If Buyer fails to deliver any such written notice within such three (3) Business Day period, Buyer shall be deemed to have elected not to terminate this Agreement and shall proceed to Closing in accordance with this Agreement, and any uncured Title Objections shall be deemed Permitted Exceptions. If Seller elects to use reasonable efforts to cure any one or more of the foregoing, with respect to voluntary liens securing payment of an ascertainable amount (“Monetary Liens”)Title Objections, Seller shall remove or cure by payment of funds from Closing. The may extend the Closing shall be extended for a period of up to thirty (30) days to permit complete such cure (the "Cure Period"). If the Seller agrees to cure any Title Objections which it elects to attempt to cure other than Monetary Liens (as hereinafter defined), and the “Cure Period”). Seller shall remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the Title Insurance Commitment and which are not consented to by Buyer under the terms hereof. If the Title Objections same are not cured prior to ClosingClosing (as such date may be extended pursuant to this Section 7.3), Buyer will have the option as its sole and exclusive remedies to either (i) terminate this Agreement and receive a refund of the Escrowed Amount in accordance with the Deposit Escrow Agreement or (ii) proceed to close Closing without any reduction in the Purchase Price. If Buyer elects the latter, in which event any uncured Title Objections shall be deemed Permitted EncumbrancesExceptions. Notwithstanding the foregoing, with respect to voluntary, monetary liens securing payment of an ascertainable amount other than non-delinquent real property taxes and assessments ("Monetary Liens"), Seller shall remove or cure the same by payment of funds from Closing. If Seller elects to use reasonable efforts to cure any one or more Title Objections, Seller shall use reasonable efforts to correct such Title Objections on or before the Closing (as such date may be extended pursuant to this Section 7.3), except that (y) Seller shall in no event be required to bring suit to clear any claimed title or survey defects and (z) except for Monetary Liens, Seller shall not be required to expend more than a total of Ten Thousand Dollars ($10,000.00) to cure the Title Objections.