Common use of Supplemental Title Commitment Clause in Contracts

Supplemental Title Commitment. In the event the Title Company issues one or more supplemental Title Commitments following the expiration of the Contingency Period, the “Title Commitment” shall be deemed amended to incorporate the changes reflected in such supplemental Title Commitments. Notwithstanding the foregoing, Purchaser shall have five (5) business days following receipt by Purchaser of any such supplemental Title Commitment issued after the expiration of the Contingency Period to deliver a supplemental Purchaser’s Title Notice with respect to any new item not shown on the prior Title Commitment; provided, however, any new item disclosed in the supplemental Title Commitment which is not expressly approved in writing by Purchaser in a supplemental Purchaser’s Title Notice delivered within such five (5) business day period shall be deemed disapproved by Purchaser. Within two (2) business days following Seller’s receipt of Purchaser’s disapproval (or deemed disapproval) of any matter shown in a supplemental Title Commitment, Seller shall provide Purchaser with a supplemental Seller’s Response Notice. If Seller does not agree to cure and remove all matters in the supplemental Purchaser’s Title Notice in a manner reasonably satisfactory to Purchaser, then Purchaser shall have until that date which is ten (10) business days following receipt by Purchaser of a supplemental Title Commitment by delivering written notice thereof to Seller and Escrowee to either (A) terminate this Agreement, in which event the Deposit, and if applicable, the Additional Deposit, shall be refunded to Purchaser, this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and the parties shall have no further obligations hereunder (except pursuant to those provisions that expressly survive the termination of this Agreement), or (B) proceed to close this transaction without any deduction to the Purchase Price, in which event the matters shown on the supplemental Title Commitment that Seller does not agree to cure or remove shall be deemed to be additional Permitted Exceptions. If Purchaser does not notify Seller and Escrowee by written notice within such ten (10) business day period that Purchaser will accept the matter(s) shown in the supplemental Title Commitment, then Purchaser shall be deemed to have elected to terminate this Agreement in which event the Deposit, and if applicable, the Additional Deposit, shall be refunded to Purchaser, this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and the parties shall have no further obligations hereunder (except pursuant to those provisions that expressly survive the termination of this Agreement). The Closing Date shall be extended for such period as is necessary to accommodate the time periods set forth in this Paragraph 5.3(c).

Supplemental Title Commitment. In the event the Title Company issues one or more supplemental Title Commitments following the expiration of the Contingency PeriodCommitments, the “Title Commitment” shall be deemed amended to incorporate the changes reflected in such supplemental Title Commitments. Notwithstanding the foregoing, Purchaser Buyer shall have five (5) business days following receipt by Purchaser Buyer of any such a supplemental Title Commitment issued after the expiration of the Contingency Period to deliver a supplemental PurchaserBuyer’s Title Notice with respect to any new item not shown on either the prior Title Commitment; provided, however, any new item disclosed in the supplemental Title Commitment which is not expressly approved in writing by Purchaser in a supplemental Purchaser’s Title Notice or any existing survey delivered within such five (5) business day period shall be deemed disapproved by Purchaserto Buyer as part of the Property Files. Within two (2) business days following Seller’s receipt of Purchaserthe supplemental Buyer’s disapproval (or deemed disapproval) of any matter shown in a supplemental Title CommitmentNotice, Seller shall provide Purchaser Buyer with a supplemental Seller’s Response Title Notice. If Seller does not agree to cure and remove all matters in the Buyer has timely delivered a supplemental PurchaserBuyer’s Title Notice and Seller elects (or is deemed to have elected) to proceed (in a manner reasonably satisfactory to Purchaserwhole or in part) in accordance with clause (B) of Paragraph 8(a)(ii) of this Agreement, then Purchaser Buyer shall have until that date which is the earlier of (a) the Closing Date and (b) ten (10) business calendar days following receipt by Purchaser Buyer of a supplemental Title Commitment to terminate this Agreement by delivering written notice thereof to Seller and Escrowee to either (A) terminate this AgreementEscrow Agent, in which event case the Deposit, and if applicable, the Additional Deposit, Deposit shall be refunded delivered to Purchaser, the Buyer and the provisions of Paragraph 9(c) of this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and the parties shall have no further obligations hereunder (except pursuant to those provisions that expressly survive the termination of this Agreement), or (B) proceed to close this transaction without any deduction to the Purchase Price, in which event the matters shown on the supplemental Title Commitment that Seller does not agree to cure or remove shall be deemed to be additional Permitted Exceptionsgovern. If Purchaser does not notify Buyer shall fail to provide Seller and Escrowee by Escrow Agent with written notice within of termination on or before such ten (10) business day period that Purchaser will accept the matter(s) shown in the supplemental Title Commitmentdate, then Purchaser Buyer shall be deemed to have elected waived all of its objections to terminate this Agreement the items appearing in which event such supplemental Title Commitment (except with respect to the Deposit, and if applicableRejected Exceptions). Except as expressly modified herein, the Additional Deposit, shall be refunded to Purchaser, this Agreement shall become null and void (except for those provisions that expressly survive the termination of Paragraph 8(a) of this Agreement) , including, without limitation, the timing and effect of any notices to be delivered and the parties effect of any failure to deliver same, shall have no further obligations hereunder (except pursuant govern with respect to those provisions that expressly survive the termination of this Agreement). The Closing Date shall be extended for any such period as is necessary to accommodate the time periods set forth in this Paragraph 5.3(c)additional Buyer’s Title Notice.

Supplemental Title Commitment. In the event the Title Company issues one or more supplemental Title Commitments following the expiration of the Contingency PeriodCommitments, the “Title Commitment” shall be deemed amended to incorporate the changes reflected in such supplemental Title Commitments. Notwithstanding the foregoing, Purchaser Buyer shall have five three (53) business days following receipt by Purchaser Buyer of any such a supplemental Title Commitment issued after the expiration of the Contingency Period to deliver a supplemental PurchaserBuyer’s Title Notice with respect to any new item not shown on either the prior Title Commitment; provided, however, any new item disclosed in the supplemental Title Commitment which is not expressly approved in writing by Purchaser in a supplemental Purchaser’s Title Notice or any existing survey delivered within such five (5) business day period shall be deemed disapproved by Purchaserto Buyer as part of the Property Files. Within two (2) business days following Seller’s receipt of Purchaserthe supplemental Buyer’s disapproval (or deemed disapproval) of any matter shown in a supplemental Title CommitmentNotice, Seller (with Limited Partner Consent) shall provide Purchaser Buyer with a supplemental Seller’s Response Title Notice. If Seller does not agree to cure and remove all matters in the Buyer has timely delivered a supplemental PurchaserBuyer’s Title Notice and Seller elects (or is deemed to have elected) to proceed (in a manner reasonably satisfactory to Purchaserwhole or in part) in accordance with clause (B) of Paragraph 8(a)(ii) of this Agreement, then Purchaser Buyer shall have until that date which is ten the earlier of (10a) business the Closing Date and (b) 10 days following receipt by Purchaser Buyer of a supplemental Title Commitment to terminate this Agreement by delivering written notice thereof to Seller and Escrowee to either (A) terminate this AgreementEscrow Agent, in which event case the Deposit, and if applicable, the Additional Deposit, Deposit shall be refunded returned to Purchaser, Buyer and the other provisions of Paragraph 9(c) of this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and the parties shall have no further obligations hereunder (except pursuant to those provisions that expressly survive the termination of this Agreement), or (B) proceed to close this transaction without any deduction to the Purchase Price, in which event the matters shown on the supplemental Title Commitment that Seller does not agree to cure or remove shall be deemed to be additional Permitted Exceptionsgovern. If Purchaser does not notify Buyer shall fail to provide Seller and Escrowee by Escrow Agent with written notice within of termination on or before such ten (10) business day period that Purchaser will accept the matter(s) shown in the supplemental Title Commitmentdate, then Purchaser Buyer shall be deemed to have elected waived all of its objections to terminate this Agreement the items appearing in which event such supplemental Title Commitment (except with respect to the Deposit, and if applicableRejected Exceptions). Except as expressly modified herein, the Additional Deposit, shall be refunded to Purchaser, this Agreement shall become null and void (except for those provisions that expressly survive the termination of Paragraph 8(a) of this Agreement) , including, without limitation, the timing and effect of any notices to be delivered and the parties effect of any failure to deliver same, shall have no further obligations hereunder (except pursuant govern with respect to those provisions that expressly survive the termination of this Agreement). The Closing Date shall be extended for any such period as is necessary to accommodate the time periods set forth in this Paragraph 5.3(c)additional Buyer’s Title Notice.

Supplemental Title Commitment. In the event the Title Company issues one or more supplemental Title Commitments following the expiration of the Contingency PeriodCommitments, the “Title Commitment” shall be deemed amended to incorporate the changes reflected in such supplemental Title Commitments. Notwithstanding the foregoing, Purchaser Buyer shall have five three (53) business days following receipt by Purchaser Buyer of any such a supplemental Title Commitment issued after the expiration of the Contingency Period to deliver a supplemental Purchaser’s Buyer's Title Notice with respect to any new item not shown on either the prior Title Commitment; provided, however, any new item disclosed in the supplemental Title Commitment which is not expressly approved in writing by Purchaser in a supplemental Purchaser’s Title Notice or any existing survey delivered within such five (5) business day period shall be deemed disapproved by Purchaserto Buyer as part of the Property Files. Within two (2) business days following Seller’s 's receipt of Purchaser’s disapproval (or deemed disapproval) of any matter shown in a the supplemental Buyer's Title CommitmentNotice, Seller (with Limited Partner Consent) shall provide Purchaser Buyer with a supplemental Seller’s Response 's Title Notice. If Seller does not agree to cure and remove all matters in the Buyer has timely delivered a supplemental Purchaser’s Buyer's Title Notice and Seller elects (or is deemed to have elected) to proceed (in a manner reasonably satisfactory to Purchaserwhole or in part) in accordance with clause (B) of Paragraph 8(a)(ii) of this Agreement, then Purchaser Buyer shall have until that date which is ten the earlier of (10a) business the Closing Date and (b) 10 days following receipt by Purchaser Buyer of a supplemental Title Commitment to terminate this Agreement by delivering written notice thereof to Seller and Escrowee to either (A) terminate this AgreementEscrow Agent, in which event case the Deposit, and if applicable, the Additional Deposit, Deposit shall be refunded returned to Purchaser, Buyer and the other provisions of Paragraph 9(c) of this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and the parties shall have no further obligations hereunder (except pursuant to those provisions that expressly survive the termination of this Agreement), or (B) proceed to close this transaction without any deduction to the Purchase Price, in which event the matters shown on the supplemental Title Commitment that Seller does not agree to cure or remove shall be deemed to be additional Permitted Exceptionsgovern. If Purchaser does not notify Buyer shall fail to provide Seller and Escrowee by Escrow Agent with written notice within of termination on or before such ten (10) business day period that Purchaser will accept the matter(s) shown in the supplemental Title Commitmentdate, then Purchaser Buyer shall be deemed to have elected waived all of its objections to terminate this Agreement the items appearing in which event such supplemental Title Commitment (except with respect to the Deposit, and if applicableRejected Exceptions). Except as expressly modified herein, the Additional Deposit, shall be refunded to Purchaser, this Agreement shall become null and void (except for those provisions that expressly survive the termination of Paragraph 8(a) of this Agreement) , including, without limitation, the timing and effect of any notices to be delivered and the parties effect of any failure to deliver same, shall have no further obligations hereunder (except pursuant govern with respect to those provisions that expressly survive the termination of this Agreement). The Closing Date shall be extended for any such period as is necessary to accommodate the time periods set forth in this Paragraph 5.3(c)additional Buyer's Title Notice.