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 Seller with written notice of its objection to same prior to the expiration of the 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. If Buyer disapproves any condition of title, survey or other matters by written objection to Seller on or before the expiration of the Title Review Period, Seller shall elect either to attempt to cure or not cure any such item by written notice sent to Buyer (the “Cure Notice”) within two (2) days after Seller’s receipt of notice from Buyer, and if Seller commits in writing to attempt to cure any such item, then Seller shall be given until the Closing Date to cure any such defect. In the event Seller shall fail to cure a defect which Seller has committed in writing to cure 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 and receive a return of the Xxxxxxx Money Deposit, and any interest thereon (which notice of termination must be given within two (2) days after Purchaser’s receipt of the Cure Notice). If a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide Seller with written notice of its objection to same prior to on or before the expiration of the 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. If Buyer disapproves any condition of title, survey or other matters by written objection to Seller on or before the expiration of the Title Review Period, Seller shall elect either to attempt to cure or not cure any such item by written notice sent to Buyer within five (the “Cure Notice”) within two (25) days after Seller’s its receipt of notice from Buyer, and if Seller commits in writing to attempt to cure any such item, then Seller shall be given until the Closing Date to cure any such defect. In the event Seller shall fail to cure a defect which 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 and receive a return of the Xxxxxxx Money Deposit, and any interest thereon (which notice of termination must be given within two (2) days after Purchaser’s receipt of the Cure Notice). If a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyeror

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide Seller the Company and the Interest Owners with written notice of its objection to same prior to within fifteen (15) Business Days after Buyer’s receipt of both the expiration Survey and the Title Commitment, together with copies of the Review Period 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 9.19.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to Seller the Company and the Interest Owners on or before the expiration of the Title Review Period, Seller the Company and the Interest Owners shall elect either to attempt to cure cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (the “Cure Notice”) within two (25) days after Seller’s receipt by the Company and the Interest Owners of notice from Buyer, and if Seller commits the Company and the Interest Owners commit in writing to attempt to cure any such item, then Seller the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event Seller the Company and the Interest Owners shall fail to cure a defect which Seller has 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 and receive a return of the Xxxxxxx Money Deposit, and any interest thereon (which notice of termination must be given within two (2) days after Purchaser’s receipt of thereon. The items shown on the Cure Notice). If a new title defect arises after Survey or the date of Buyer’s Title Commitment or Surveywhich 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 applicablethe case may be, but prior 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 material 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, then Buyer.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide Seller the Company and the Interest Owners with written notice of its objection to same prior to within fifteen (15) Business Days after Buyer's receipt of both the expiration Survey and the Title Commitment, together with copies of the Review Period 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 9.19.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to Seller the Company and the Interest Owners on or before the expiration of the Title Review Period, Seller the Company and the Interest Owners shall elect either to attempt to cure cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (the “Cure Notice”) within two (25) days after Seller’s receipt by the Company and the Interest Owners of notice from Buyer, and if Seller commits the Company and the Interest Owners commit in writing to attempt to cure any such item, then Seller the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event Seller the Company and the Interest Owners shall fail to cure a defect which Seller has 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 's sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract 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 (which notice of termination must be given within two (2) days after Purchaser’s receipt of thereon. The items shown on the Cure Notice). If a new title defect arises after Survey or the date of Buyer’s Title Commitment or Surveywhich 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 applicablethe case may be, but prior 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, then Buyer.

Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide Seller the Company and the Interest Owners with written notice of its objection to same prior to within fifteen (15) Business Days after Buyer’s receipt of both the expiration Survey and the Title Commitment, together with copies of the Review Period 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 9.19.1(g). If Buyer disapproves any condition of title, survey or other matters by written objection to Seller the Company and the Interest Owners on or before the expiration of the Title Review Period, Seller the Company and the Interest Owners shall elect either to attempt to cure cure, at the Interest Owners’ sole cost and expense, or not cure any such item by written notice sent to Buyer within five (the “Cure Notice”) within two (25) days after Seller’s receipt by the Company and the Interest Owners of notice from Buyer, and if Seller commits the Company and the Interest Owners commit in writing to attempt to cure any such item, then Seller the Company and the Interest Owners shall be given until the Closing Date to cure any such defect. In the event Seller the Company and the Interest Owners shall fail to cure a defect which Seller has 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 and receive a return of the Xxxxxxx Money Deposit, and any interest thereon (which notice of termination must be given within two (2) days after Purchaser’s receipt of thereon. The items shown on the Cure Notice). If a new title defect arises after Survey or the date of Buyer’s Title Commitment or Surveywhich 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 applicablethe case may be, but prior 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, then Buyer.