Supplemental Title Reports Clause Samples
The Supplemental Title Reports clause requires the provision of additional title reports beyond the initial report, typically to reflect changes or updates in the status of a property's title during a transaction. In practice, this means that if new liens, encumbrances, or other title issues arise after the original report is issued, updated reports must be provided to all relevant parties. This clause ensures that all parties remain informed about the current state of the title, thereby reducing the risk of undisclosed title defects and supporting a smooth closing process.
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Supplemental Title Reports. If between the expiration of the Due Diligence Period and the Lease Effective Date, Escrow Holder shall issue any one or more supplemental reports (each, a “Supplemental Report”) describing any new or modified exception(s) to title to the Premises, Lessee shall have ten (10) business days from Lessee’s receipt of each such Supplemental Report and each document underlying each such new and/or modified exception(s) to approve or disapprove of each such new and/or modified exception(s) by delivering written notice to Lessor. ▇▇▇▇▇▇’s failure to deliver written notice to Lessor within ten
Supplemental Title Reports. If, the Title Company discloses additional matters that affect title to a Parcel after the conclusion of the initial period of title review described by Section 6.2.1, then within ten (10) calendar days after Developer’s receipt of any supplemental report disclosing such matters issued by the Title Company (a “Supplemental Title Report”), Developer shall provide the City a copy of such Supplemental Title Report and shall specify in writing Developer’s disapproval of any item or exception shown on such Supplemental Title Report not previously included in the Preliminary Title Reports and that is not acceptable to Developer (“Disapproved Exception”), together with Developer’s suggested cure thereof; provided, however that Developer shall not have the right to disapprove any such item or exception if (a) Developer has specifically consented to such item, including all exceptions arising pursuant to this Agreement and all matters appearing on the Preliminary Title Reports and not disapproved by Developer prior to the expiration of the Due Diligence Period. Failure of Developer to disapprove any item or exception shown on any such Supplemental Title Report on or before the expiration of such ten (10) calendar day period shall be deemed to be an approval of the matters set forth in such Supplemental Title Report. The provisions of Section 6.2.3 shall apply with respect to such Disapproved Exceptions.
Supplemental Title Reports. If supplemental title reports disclose new exception(s) to the title commitment, then the above time periods and procedures for notice, correction, and termination for those new exceptions shall apply to the date of Buyer's receipt of the supplemental title report. The Closing date shall be extended as necessary to accommodate the foregoing times for notices.
Supplemental Title Reports. If any title exceptions appear against the Property following the expiration of the Feasibility Period but before the Closing in addition to those specified in the Title Commitment or the Survey, Escrow Agent shall cause the Title Company to issue and deliver to Buyer a supplemental preliminary report (“Supplemental Report”) referencing such title exceptions. Buyer shall be entitled to object to any such new matter by delivering notice to Sellers and Escrow Agent on or before five (5) business days after Escrow Agent has delivered to Buyer the Supplemental Report. If Buyer fails to deliver a notice objecting to any matter set forth in the Supplemental Report within the time period prescribed above, then Buyer shall be conclusively deemed to have approved the matter as of the last day of that time period, unless such matter constitutes a monetary lien upon the Property not caused by Buyer, in which case Buyer shall not be required to provide any objection. Sellers shall have five (5) days after notice of any unacceptable exception is given by Buyer within which Sellers shall give notice to Buyer and Escrow Agent in writing as to whether Seller elects to cure any such matter. Failure to notify Buyer and Escrow Agent in writing within such period of its election to cure shall be deemed Seller’s election not to cure. If Seller elects not to cure, then Buyer shall have a five (5) business day period after Seller’s election not to cure in which it can elect to terminate the Agreement in which event the Deposit shall be fully refunded and returned to Buyer and this Agreement shall be of no further force and effect, except for the obligations which survive Closing. Notwithstanding any provision of this Agreement to the contrary, however, the removal and release of any lien against the Property that does not appear in the Title Commitment but is listed as an exception in any Supplemental Report at the Close of Escrow which results from events outside of Sellers’ control (and not from any voluntary act or omission by Sellers) shall be a condition to Buyer’s obligation to purchase the Property, but shall not be an obligation of Sellers.
Supplemental Title Reports. Seller agrees that from and after the Agreement Date, Seller shall not create, cause, allow or suffer to exist any additional or modified exceptions to title to the Property (a “Supplemental Defect”), other than for non-delinquent taxes or assessments, without the prior written consent of Buyer, not to be unreasonably withheld or delayed. To the extent Buyer has approved, in writing, any additional or modified exceptions to title to the Property (an “Approved Supplemental Exception”), such Approved Supplemental Exception shall be deemed an additional “Permitted Exception”. If at any time prior to Closing, the Title Company shall issue any one or more supplemental reports to the Preliminary Title Commitment (each, a “Supplemental Report”) disclosing any Supplemental Defect, Seller shall be obligated to remove or cause the removal of such Supplemental Defect(s) at or prior to Closing, whether or not Buyer affirmatively disapproves of such items in any notice to Seller, and any failure by Seller to do so shall be a default hereunder.