Common use of Survey and Title Clause in Contracts

Survey and Title. During the Inspection Period or at any time prior thereto, Purchaser shall obtain, at its sole cost and expense, and provide Seller with true and correct copies of an ALTA survey of the Property from a certified professional surveyor licensed in the State of Florida and acceptable to Purchaser, in its sole discretion (the "Survey"), and an ALTA title insurance commitment relative to the Property for an owner’s policy of title insurance, including copies of all documents identified as Schedule B exceptions (the “Title Commitment”), from a title insurance company licensed in the State of Florida and acceptable to Purchaser, in its sole discretion (the “Title Company”). If the Survey or Title Commitment discloses any matter(s) including, without limitation, defects in title which are not acceptable to Purchaser, in its sole discretion (The “Title Objection(s)”), Purchaser shall provide Seller with written notice of such Title Objection(s) prior to the expiration of the Inspection Period or within thirty (30) days of the receipt of the Title Commitment by Buyer, whichever occurs first, and Seller, at Seller’s sole cost and expense, shall promptly commence and diligently pursue to completion correction of such Title Objection(s) within thirty (30) days of the delivery of the Title Objections to Seller (the “Title Objection Cure Period”). If, despite diligent efforts, Seller is unable to remove the Title Objection(s) within the Title Objection Cure Period, Purchaser, in its sole discretion, may elect to: (a) accept the Survey and Title Commitment in their their-current state, with a reduction in the Purchase Price in an amount mutually agreed upon by the parties; (b) accept the Survey and Title Commitment in their then-current state, with no reduction in the Purchase Price; (c) extend the Objection Cure Period to a date or dates designated by Purchaser, during which xxxx Xxxxxx shall continue to use diligent efforts to remove the Title Objection(s); or (d) terminate this Agreement by providing notice to Seller in accordance with paragraph 13, in which case the parties shall be relieved of any further obligations or liabilities hereunder (except for those that survive the termination or expiration of this Agreement). Without limitation of the foregoing, the parties acknowledge and agree that any encroachments, severances or reservations of oil, gas or other minerals, or oil, gas or other mineral leases affecting the Property shall be deemed Title Objections, and that the lien of general real estate taxes for the then-current tax fiscal year as of the Closing shall not constitute a Title Objection.

Survey and Title. During the Inspection Period or at any time prior thereto, Purchaser shall obtainPurchaser, at its sole cost and expense, shall obtain the Commitments and provide Seller with true and correct copies of an ALTA survey surveys of the Property from a certified professional surveyor licensed in Real Properties. Purchaser shall have the State of Florida and acceptable to Purchaserright, in its sole discretion (the "Survey"), and an ALTA title insurance commitment relative prior to the Property for an owner’s policy end of the Inspection Period, to notify Sellers of any objections to the state of title insuranceto the Real Properties and/or objections to items shown on the surveys (collectively, including copies of all documents identified as Schedule B exceptions (the “Title Commitment”), from a title insurance company licensed in the State of Florida and acceptable to Purchaser, in its sole discretion (the “Title CompanySurvey Objections”). Within five (5) days after receipt of written notice of any Title and Survey Objections, Sellers shall deliver written notice to Purchaser specifying whether Sellers are willing to remedy any of the Title and Survey Objections. If the Sellers fail to deliver such notice within five (5) days after receipt of written notice of Purchaser’s Title and Survey or Objections, Sellers shall be deemed to have elected not to remedy Purchaser’s Title Commitment discloses any matter(s) including, without limitation, defects in title which are not acceptable and Survey Objections. Within 5 days after receipt of Sellers’ response to Purchaser’s Title and Survey Objections, in its sole discretion or if Sellers fail to respond timely to Purchaser’s Title and Survey Objections, within five (The “5) days after the end of Sellers’ five (5) day period to respond to Purchaser’s Title Objection(s)”)and Survey Objections, Purchaser shall provide Seller with written notice of such elect whether to (i) terminate this Agreement or (ii) waive any Title Objection(s) prior and Survey Objections that Sellers have not expressly agreed to the expiration of the Inspection Period or within thirty (30) days of the receipt of the Title Commitment by Buyerremedy, whichever occurs first, and Seller, at Seller’s sole cost and expense, shall promptly commence and diligently pursue to completion correction of such Title Objection(s) within thirty (30) days of the delivery of the Title Objections to Seller (the “Title Objection Cure Period”). If, despite diligent efforts, Seller is unable to remove the Title Objection(s) within the Title Objection Cure Period, Purchaser, in its sole discretion, may elect to: (a) accept the Survey and Title Commitment in their their-current state, with a reduction in the Purchase Price in an amount mutually agreed upon by the parties; (b) accept the Survey and Title Commitment in their then-current state, with no without reduction in the Purchase Price; , and proceed to Closing in accordance with the terms of this Agreement. If Purchaser does not timely make such election, Purchaser shall be deemed to have elected (cii) extend above. Any Title and Survey Objections that Purchaser waives or is deemed to have waived shall be deemed to Permitted Exceptions. Additionally, if Purchaser does not timely object to any matters appearing in the Objection Cure Period Commitments or on the surveys, such matters shall be deemed Permitted Exceptions. If Purchaser elects to a date or dates designated by Purchaser, during which xxxx Xxxxxx shall continue to use diligent efforts to remove the Title Objection(s); or (d) terminate this Agreement by providing notice pursuant to Seller in accordance with paragraph 13(i) above, in which case the parties Deposit shall be relieved of returned to Purchaser and neither party shall have any further rights or obligations or liabilities hereunder (hereunder, except for those that expressly survive the termination or expiration of this Agreement). Without limitation If there are any liens or encumbrances against the Real Properties securing liquidated amounts (other than the First Mortgage Loans) and which arose through Sellers, Sellers shall pay and discharge the same at or before Closing. Purchaser shall have the right to update the Commitments and/or the surveys at any time after the end of the foregoingInspection Period, and Purchaser shall have the parties acknowledge and agree right to object to any matters that any encroachments, severances appear in the Commitments or reservations of oil, gas on the surveys that did not previously appear in the Commitments or other minerals, or oil, gas or other mineral leases affecting on the Property surveys. Any such new objections shall be deemed Title and Survey Objections and shall be treated in the same manner as Purchaser’s original Title and Survey Objections, and that the lien of general real estate taxes for the then-current tax fiscal year as of the Closing shall not constitute a Title Objection.