Common use of Survey and Title Insurance Clause in Contracts

Survey and Title Insurance. h. Within ten (10) business days of the Effective Date, Purchaser shall order a title commitment (“Title Commitment”) for an ALTA owner’s title insurance policy (“Title Policy”) issued by the Title Company in the amount of the Purchase Price. i. Within three (3) business days of the Effective Date, Seller shall provide Purchaser with its existing survey of the Real Estate, if available. Purchaser will provide and pay for an updated or new ALTA survey of the Real Estate, as it deems necessary (“Survey”). j. Purchaser shall have until the expiration of the Due Diligence Period in which to notify Seller of any title defects (“Defects”) disclosed by the Title Commitment or Survey. Any matter set forth in the Title Commitment and Survey not set forth in said notice shall be deemed to be a “Permitted Exception” to the title, and the Deed and Title Policy delivered at Closing may be subject thereto. If no such notice is given, it shall be deemed that Purchaser has agreed to accept the Real Estate subject to the matters shown in the Title Commitment and Survey, and this Agreement shall remain in full force and effect. Seller shall have 10 days from receipt of Purchaser’s notice (the “Cure Period”) in which to remedy the Defects or to obtain title insurance by the Title Company insuring over and against such Defects (the premium for which shall be paid by Seller) and provide evidence satisfactory to Purchaser thereof. If Seller fails to remedy such Defects or obtain such title insurance within the Cure Period, Purchaser shall have the option exercisable within 10 days after the expiration of Seller’s Cure Period to agree to accept a conveyance of title subject to such Defects, and proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Defects as Permitted Exceptions) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser. If Purchaser makes no election it shall be deemed that Purchaser has agreed to accept title “as is” subject to the Defects, and this Agreement shall remain in full force and effect. k. To the extent any defects, exceptions or encumbrances arise and appear on the Title Commitment subsequent to the expiration of the Due Diligence Period but prior to the Closing Date (“Subsequent Defects”), Seller shall determine whether Seller is able to cure and/or insure over the same. To the extent Seller elects not to or is unable to cure the Subsequent Defects, Purchaser, at its sole option, may proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Subsequent Defects) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser

Survey and Title Insurance. h. Within ten No later than five (105) business days of following the Effective Date, Purchaser shall order a furnish to Purchaser the following: a. A title commitment (“Title Commitment”) for an ALTA Form B owner’s title insurance policy (“Title Policy”) issued by Old Republic National Title Insurance Company (the “Title Company Company”) in the amount of the Purchase PricePrice subject to the general exceptions contained in the Title Commitment and the matters set forth in Exhibit “C” attached hereto and incorporated herein by this reference (collectively the “Permitted Exceptions”). The cost of the Title Policy shall be paid by Purchaser at Closing. i. Within three b. Purchaser shall be responsible for conducting a current survey (3) business days of the Effective Date, Seller shall provide Purchaser with its existing survey of the Real Estate, if available. Purchaser will provide and pay for an updated or new ALTA survey of the Real Estate, as it deems necessary (“Survey”)) of the Land and Improvements. The Survey shall include the legal description of the Premises and shall be done by the Purchaser. j. c. Purchaser shall have until ten (10) days from the expiration receipt of the Due Diligence Period Title Commitment and the Survey in which to notify Seller of any title defects (“Defects”) disclosed by the Title Commitment Commitment, the Survey or SurveyExhibit “C”, Permitted Exceptions, which Purchaser deems objectionable. Any matter set forth in the Title Commitment Commitment, Survey and Survey Exhibit “C” and not set forth in said notice shall be deemed to be a “Permitted Exception” Exception to the title, and the Deed (hereafter defined) and Title Policy delivered at Closing may be subject thereto. If no such notice is given, it shall be deemed that Purchaser has agreed to accept the Real Estate Premises subject to the matters shown in the Title Commitment Commitment, Survey and SurveyExhibit “C”, and this Agreement shall remain in full force and effect. Seller shall have 10 ten (10) days from receipt of Purchaser’s notice (the “Cure Period”) in which to remedy the Defects or to obtain title insurance by the Title Company insuring over and against such Defects (the premium for which shall be paid by Seller) and provide evidence satisfactory to Purchaser thereof. If Seller fails to remedy such Defects or obtain such title insurance within the Cure Period, Purchaser shall have the option exercisable within 10 ten (10) days after the expiration of Seller’s Cure Period to agree to accept a conveyance of title subject to such Defects, and proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Defects as Permitted Exceptions) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser. If Purchaser Xxxxxxxxx makes no election it shall be deemed that Purchaser has agreed to accept the title “as is” subject to the Defects, and this Agreement shall remain in full force and effect. k. To the extent any defects, exceptions or encumbrances arise and appear on the Title Commitment subsequent to the expiration of the Due Diligence Period but prior to the Closing Date (“Subsequent Defects”), Seller shall determine whether Seller is able to cure and/or insure over the same. To the extent Seller elects not to or is unable to cure the Subsequent Defects, Purchaser, at its sole option, may proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Subsequent Defects) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser

Survey and Title Insurance. h. Within ten Seller, at its expense, shall furnish to Buyer (10i) business days of the Effective Date, Purchaser shall order a title insurance commitment (“Title Commitment”) for an ALTA owner’s title insurance policy (“Title Policy”) issued by covering the Title Company Land in the amount of the Purchase Price. i. Within three Price (3the “Title Commitment”) business days from First American Title Insurance Company (in such capacity, the “Title Company”), together with legible copies of all documents constituting exceptions to Seller’s title as reflected in the Effective Date, Seller shall provide Purchaser with its existing Title Commitment; and (ii) as-built plans and current survey of the Real Estate, if available. Purchaser will provide and pay for an updated or new ALTA survey of Land (the Real Estate, as it deems necessary (“Survey”). j. Purchaser . The form of the Title Commitment and the title policy(ies) to be issued pursuant thereto shall be the most recent ALTA Form and shall be reasonably acceptable to Buyer in all respects. The Survey shall be in a form that is reasonably acceptable to Buyer and shall be certified to Buyer and the Title Company. Buyer shall have until ten (10) days from the expiration date on which Buyer receives the Title Commitment (including copies of the Due Diligence Period in documents referred to therein) and the Survey, within which to notify Seller of object in writing to any title exceptions or defects (“Defects”) disclosed by shown on the Title Commitment or the Survey. Any matter set forth in the Title Commitment and Survey items which Buyer does not set forth in said notice object to within such ten (10) day period shall be deemed to be a “Permitted Exception” Exceptions. If Buyer gives Seller notice of objection to any such title or survey exceptions or defects, Seller shall attempt to cure such objection by eliminating it or having it modified to the title, and the Deed and Title Policy delivered at Closing may be subject thereto. If no such notice is given, it shall be deemed that Purchaser has agreed to accept the Real Estate subject to the matters shown in the Title Commitment and Survey, and this Agreement shall remain in full force and effectreasonable satisfaction of Buyer. Seller shall have 10 be entitled to extend the Closing for a period of up to thirty (30) days from receipt of Purchaser’s notice (the “Cure Period”) in which order to remedy the Defects or to obtain title insurance by the Title Company insuring over and against cure any such Defects (the premium for which shall be paid by Seller) and provide evidence satisfactory to Purchaser thereofobjection. If any such objection is not so cured or satisfied by Seller fails subject to remedy such Defects or obtain such title insurance within the Cure Periodextension, Purchaser Buyer shall have the option exercisable within 10 days after the expiration of Seller’s Cure Period to agree to accept a conveyance of title subject to such Defects, and proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Defects as Permitted Exceptions) or, give written notice to Seller right to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those in which herein are expressly stated to survive any termination of this Agreement, and case the Xxxxxxx entire Exxxxxx Money and Extension Deposits shall be returned to PurchaserBuyer (notwithstanding anything herein that may be to the contrary) and neither party shall have any further rights, obligations or duties hereunder, except for such rights, obligations or duties that by their terms expressly survive such termination. If Purchaser makes no election it shall be deemed that Purchaser has agreed to accept title “as is” Seller does so cure or satisfy any such objection subject to the Defectssuch extension, and then this Agreement shall remain continue in full force effect. Buyer shall have the right by written notice delivered to Seller at any time to waive any title objections that it may have made and thereby to preserve this Agreement in effect. k. To the extent any defects, exceptions or encumbrances arise and appear on the Title Commitment subsequent to the expiration of the Due Diligence Period but prior to the Closing Date (“Subsequent Defects”), Seller shall determine whether Seller is able to cure and/or insure over the same. To the extent Seller elects not to or is unable to cure the Subsequent Defects, Purchaser, at its sole option, may proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Subsequent Defects) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser

Survey and Title Insurance. h. i. Within ten ninety (1090) business days of the Effective Date, Purchaser shall order a title commitment (“Title Commitment”) for an ALTA owner’s title insurance policy (“Title Policy”) issued by the Title Company in the amount of the Purchase Price. i. j. Within three (3) business days of the Effective Date, Seller shall provide Purchaser with its existing survey of the Real Estate, if available. Purchaser will provide and pay for an updated or new ALTA survey of the Real Estate, as it deems necessary (“Survey”). j. k. Purchaser shall have until the expiration of the Due Diligence Period Period, in which to notify Seller of any title defects (“Defects”) disclosed by the Title Commitment or Survey. Any matter set forth in the Title Commitment and Survey not set forth in said notice shall be deemed to be a “Permitted Exception” to the title, and the Deed and Title Policy delivered at Closing may be subject thereto. If no such notice is given, it shall be deemed that Purchaser has agreed to accept the Real Estate subject to the matters shown in the Title Commitment and Survey, and this Agreement shall remain in full force and effect. Seller shall have 10 days from receipt of Purchaser’s notice (the “Cure Period”) in which to remedy the Defects or to obtain title insurance by the Title Company insuring over and against such Defects (the premium for which shall be paid by Seller) and provide evidence satisfactory to Purchaser thereof. If Seller fails to remedy such Defects or obtain such title insurance within the Cure Period, Purchaser shall have the option exercisable within 10 days after the expiration of Seller’s Cure Period to agree to accept a conveyance of title subject to such Defects, and proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Defects as Permitted Exceptions) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser. If Purchaser makes no election it shall be deemed that Purchaser has agreed to accept title “as is” subject to the Defects, and this Agreement shall remain in full force and effect. k. l. To the extent any defects, exceptions or encumbrances arise and appear on the Title Commitment subsequent to the expiration of the Due Diligence Period but prior to the Closing Date (“Subsequent Defects”), Seller shall determine whether Seller is able to cure and/or insure over the same. To the extent Seller elects not to or is unable to cure the Subsequent Defects, Purchaser, at its sole option, may proceed with this Agreement (in which event the Title Commitment and the Deed will be accepted subject to any such Subsequent Defects) or, give written notice to Seller to terminate this Agreement, and thereafter no party hereto shall have any claims, rights, duties, obligations, or liabilities to another party hereto by virtue of this Agreement, except those which herein are expressly stated to survive any termination of this Agreement, and the Xxxxxxx Money and Extension Deposits shall be returned to Purchaser