Common use of Survey or Title Objections Clause in Contracts

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ or materialmen’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ or materialmen’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Seller with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt on or before the expiration of both the Survey and the Title Commitment, together with copies of all exceptions noted therein Review Period (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Seller on or before the expiration of the Title Review Period, the Company and the Interest Owners Seller shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer within five (5) days after its receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners then Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners Seller shall fail to cure a defect which they have Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the eeffective date of Buyer’s Title Commitment or Survey, as applicable, but prior to ClosingClosing (and Seller fails to cure such title defect), then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) title review period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the applicable Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages liens, or other documents evidencing liens, securing any indebtedness (including vehicle or securing indebtedness FF&E leases or financing arrangements) any mechanics’ or materialmen’s lens liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, Seller and released at Closing. If a vehicle or FF&E lease or other financing cannot be released at Closing, Seller shall credit Buyer at Closing with the amount necessary to fully pay off such lease or financing over its term.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Seller with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt on or before the expiration of both the Survey and the Title Commitment, together with copies of all exceptions noted therein Review Period (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Seller on or before the expiration of the Title Review Period, the Company and the Interest Owners Seller shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer within five (5) days after its receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners then Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners Seller shall fail to cure a defect which they have Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the eeffective date of Buyer’s Title Commitment or Survey, as applicable, but prior to ClosingClosing (and Seller fails to cure such title defect), then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) title review period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the applicable Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages liens, or other documents evidencing liens, securing any indebtedness (including vehicle or securing indebtedness FF&E leases or financing arrangements) any mechanics’ or materialmen’s lens liens or any claims or potential claims therefor covering the Property or any portion thereof but excluding the Existing Loan (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, Seller and released at Closing. If a vehicle or FF&E lease or other financing cannot be released at Closing, Seller shall credit Buyer at Closing with the amount necessary to fully pay off such lease or financing over its term.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) Period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission) and the deed of trust securing the Assumed Loan, and (z) as provided in Section 9.1(h)) if any, are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness (other than the recorded instruments securing the Assumed Loan, if any), or any mechanics’ or materialmen’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing, except for the deed of trust securing the Assumed Loan, if any.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Seller with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt prior to the expiration of both the Survey and the Title Commitment, together with copies of all exceptions noted therein Review Period (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g)9.1. If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Seller on or before the expiration of the Title Review Period, the Company and the Interest Owners Seller shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer (the “Cure Notice”) within five two (52) days after Seller’s receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners then Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners Seller shall fail to cure a defect which they have Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereonthereon (which notice of termination must be given within two (2) days after Purchaser’s receipt of the Cure Notice). The items shown on If a new title defect arises after the Survey or the date of Buyer’s Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest OwnersSurvey, as the case may beapplicable, providebut prior to Closing, at the Interest Owners’ sole cost and expense, the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ or materialmen’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.then Buyer

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Seller with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt before the expiration of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved samesame and each shall become a Permitted Exception (defined below), except as otherwise provided in Section 9.1(g9.1(i). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Seller on or before the expiration of the Title Review Period, the Company and the Interest Owners Seller shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer within five (5) days after Seller’s receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners Seller shall fail to cure a defect which they have Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (xi) exceptions and title defects arising after the Title Review Period, (yii) those exceptions objected to by Buyer which Seller has elected not to cure; (iii) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, omission and (ziv) as provided in Section 9.1(h9.1(j)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages liens, or other documents evidencing or liens, securing any indebtedness or any mechanics’ or materialmen’s lens liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full or satisfied by the Interest Owners, at the Interest Owners’ sole cost and expense, Seller and released at Closing.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Seller with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt on or before the expiration of both the Survey and the Title Commitment, together with copies of all exceptions noted therein Review Period (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Seller on or before the expiration of the Title Review Period, the Company and the Interest Owners Seller shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer within five (5) days after its receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners then Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners Seller shall fail to cure a defect which they have Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the eeffective date of Buyer’s Title Commitment or Survey, as applicable, but prior to ClosingClosing (and Seller fails to cure such title defect), then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) title review period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the applicable Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ or materialmen’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.Permitted

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h9. 1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ or materialmen’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s 's receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “''Title Review Period”''). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s 's Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s 's sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s 's affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “''Permitted Exceptions.” '' In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ ' or materialmen’s 's lens or any claims or potential claims therefor covering the Property or any portion thereof (“''Seller Liens”''), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.

Survey or Title Objections. Within twenty (20) days after receipt of both the Boundary Survey and the Title Commitment (including all Exception Documents), Buyer will advise Seller of any preliminary comments or objections to title and survey matters; provided, however, that Seller acknowledges that Buyer will be obtaining the Survey and that Buyer shall have the right to object, and the parties shall have the rights and obligations, provided for in the remainder of this Section 4.3 notwithstanding any preliminary comments and/or objections provided by or on behalf of Buyer to Seller. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Seller with written notice of its objection to same within fifteen twenty (1520) Business Days days after Buyer’s receipt of both the Survey Title Commitment (including all Exception Documents) and the Title Commitment, together with copies of all exceptions noted therein Survey (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Seller on or before the expiration of the Title Review Period, the Company and the Interest Owners Seller shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer within five (5) days Business Days after Seller’s receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners Seller shall fail to cure a defect which they have Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing and such new title defect is not cured by Seller prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon, provided, however, that, with respect to any such uncured defect that (x) is minor, (y) could not reasonably be expected to adversely affect either the operation of the Hotel under the Brand as contemplated by Buyer or Buyer’s ability to finance, refinance or sell the Hotel and (z) is insured over by the Title Company by affirmative title insurance coverage reasonably satisfactory to Buyer (a “Minor Title Defect”), then Buyer agrees to waive its objection to such Minor Title Defect and proceed to closing as provided in clause (i) of this Section 4.3. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) Period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages liens, or other documents evidencing or liens, securing any indebtedness or any mechanics’ or materialmen’s lens liens, judgment liens or any claims or potential claims therefor for or with respect to any of the foregoing covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, Seller and released at Closing.

Survey or Title Objections. If With respect to any Hotel, if Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s 's receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If With respect to any Hotel, if Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The For each Hotel, the items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) Period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s 's affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission) and the deed of trust securing the Assumed Loan, and (z) as provided in Section 9.1(h)) if any, are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness (other than the recorded instruments securing the Assumed Loan, if any), or any mechanics’ ' or materialmen’s lens 's liens or any claims or potential claims therefor covering the any Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing, except for the deed of trust securing the Assumed Loan, if any.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners Sellers with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt on or before the expiration of both the Survey and the Title Commitment, together with copies of all exceptions noted therein Review Period (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners Sellers on or before the expiration of the Title Review Period, the Company and the Interest Owners Sellers shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, cure or not cure any such item by written notice sent to Buyer within five (5) days after their receipt of notice from Buyer. Further, if Sellers, in their commercially reasonable discretion, deem any objection made by Buyer not to be commercially reasonable, Sellers may, at their election, by notice specifying the Company and the Interest Owners offending objection(s) sent to Buyer within five (5) days after their receipt of notice from Buyer, and if the Company terminate this Contract in its entirety or with respect to such Hotel(s) (and the Interest Owners commit Property related thereto) as to which Buyer’s objection(s) relate; provided, however, Buyer shall have the right to nullify Sellers termination by notice to Seller (given within two (2) business days following receipt of Seller’s termination notice) waiving the objection(s) that gave rise to Seller’s termination election . If any Seller commits in writing to attempt to cure any such item, the Company and the Interest Owners then that Seller shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners any Seller shall fail to cure a defect which they have such Seller has committed in writing to cure prior to Closing, any Seller elects not to attempt to cure a defect, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if Contract with respect to such Hotel(s) (and the Interest Owners are unable Property related thereto) as to cure said defect prior to Closing which the defect(s) relate and receive a return of the Applicable Share of the Xxxxxxx Money Deposit, Deposit as shown on Exhibit A and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) title review period and other than those standard exceptions which are ordinarily and customarily omitted in the state in which the applicable Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, Sellers provide the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, ) and (z) as provided in Section 9.1(h)) all Leases showing on the Title Commitment are hereinafter referred to as the “Permitted Exceptions.” Buyer shall not object to and the following shall be deemed included in the Permitted Exceptions: any liens for unpaid real estate taxes and water and sewer charges, in all cases not yet due and payable, subject to adjustment as provided in Article XII. In no event shall Permitted Exceptions include mortgages liens, or other documents evidencing or liens, securing any indebtedness (other than the Existing Loans) or any mechanics’ or materialmen’s lens liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, Seller and released at Closing.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide the Company and the Interest Owners with written notice of its objection to same within fifteen (15) Business Days after Buyer’s receipt of both the Survey and the Title Commitment, together with copies of all exceptions noted therein (the “Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in Section 9.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to the Company and the Interest Owners on or before the expiration of the Title Review Period, the Company and the Interest Owners shall elect either to attempt to cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (5) days after receipt by the Company and the Interest Owners of notice from Buyer, and if the Company and the Interest Owners commit in writing to attempt to cure any such item, the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event the Company and the Interest Owners shall fail to cure a defect which they have committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract, if the Interest Owners are unable to cure said defect prior to Closing Contract and receive a return of the Xxxxxxx Money Deposit, and any interest thereon. The items shown on the Survey or the Title Commitment or which are apparent by physical inspection of the Property and which are not objected to by Buyer as set forth above (other than (x) exceptions and title defects arising after the Title Review Period, (y) those standard exceptions which are ordinarily and customarily omitted in the state in which the Hotel is located, so long as the Company and/or the Interest Owners, as the case may be, provide, at the Interest Owners’ sole cost and expense, the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission, and (z) as provided in Section 9.1(h)) are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include mortgages or other documents evidencing or securing indebtedness or any mechanics’ or materialmenmaterial men’s lens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by the Interest Owners, at the Interest Owners’ sole cost and expense, and released at Closing.