Common use of Title Adequacy Determination Clause in Contracts

Title Adequacy Determination. Developer shall cause North American Title in Pleasanton, California to issue a preliminary title report (the "Report") for the Site to the Developer and the City. If the Developer objects to any exception appearing on the Report or should any title exception arise after the date of the Report, the Developer may object to such exception, provided such objection is made to the City in writing on or before 5 P.M. on the thirtieth (30th) day following the date the Effective Date. If the Developer objects to any exception to title, the City, within fifteen (15) days of receipt of Developer's objection shall notify Developer in writing whether City elects to: (1) cause the exception to be removed of record; (2) obtain a commitment from the title company for an appropriate endorsement to the policy of title insurance to be issued to the Developer, insuring against the objectionable exception; or (3) terminate this Agreement unless the Developer elects to take title subject to such exception. If any Party elects to terminate this Agreement pursuant to this Section, no Party shall thereafter have any obligations to or rights against the others hereunder, except as set forth in Sections 2.8, Section 3.6 and Section 3.8. If the Developer fails to provide any notification to the City regarding this matter prior to expiration of the time period set forth herein, the condition set forth in this Section shall be deemed satisfied. Any executed DDA shall not provide for an additional opportunity for the Developer to determine title to the Site or for the Developer to terminate the DDA as a result of title to the Site. The DDA will address the manner in which the Parties will manage any exceptions to title that are not listed in the Report but identified by the Parties during the Negotiating Period.

Title Adequacy Determination. The County has provided the Developer shall cause North American with a Preliminary Title in PleasantonReport dated , California to issue a preliminary title report Order No. (the "“Title Report"”) for on the Site to the Developer and the CityProperty. If the Developer objects to any exception appearing on the Title Report or should any title exception arise after the date of the Title Report, the Developer may object to such exception, provided such objection is made to the City County in writing on or before 5 P.M. on the thirtieth (30th) day following the date the Effective Date, or if the exception is a new exception arising after the date of the Title Report, within fifteen (15) days of receipt of notice of such new exception. If the Developer objects to any exception to title, the CityCounty, within fifteen (15) days of receipt of the Developer's ’s objection shall notify the Developer in writing whether City the County elects to: to (1i) cause the exception to be removed of record; , (2ii) obtain a commitment from the title company for an appropriate endorsement to the policy of title insurance to be issued to the Developer, insuring against the objectionable exception; , or (3iii) terminate this Agreement unless the Developer elects to take title subject to such exception. If the County fails to respond to the Developer, such failure shall constitute the County’s election to terminate this Agreement unless the Developer elects to take title subject to such exception. If the County's elects not to remove any exception objected to by the Developer, the Developer may, within fifteen (15) days of receipt of the County's notice, elect to terminate this Agreement. If any Party elects to terminate this Agreement pursuant to this SectionSection 2.3(b), no Party shall thereafter have any obligations to or rights against the others hereunder, except as set forth in Sections 2.8, Section 3.6 and Section 3.8. If the Developer fails to provide any notification to the City County regarding this matter prior to expiration of the time period set forth herein, the condition set forth in this Section 2.3(b) shall be deemed satisfied. Any , this Agreement shall continue in effect, and the condition of title at closing under any executed DDA and Ground Lease shall not provide for an additional opportunity for the Developer to determine title to the Site or for the Developer to terminate the DDA be as a result of title to the Site. The DDA will address the manner in which the Parties will manage any exceptions to title that are not listed set forth in the Report but identified by the Parties during the Negotiating PeriodTitle Report.

Title Adequacy Determination. Developer shall cause North American Title in Pleasanton, California to issue a preliminary title report (the "Report") for the Site to the Developer and the City. If the Developer objects to any exception appearing on the Report or should any title exception arise after the date of the Report, the Developer may object to such exception, provided such objection is made to the City in writing on or before 5 P.M. on the thirtieth (30th) day following the date the Effective Date. If the Developer objects to any exception to title, the City, within fifteen (15) days of receipt of Developer's objection shall notify Developer in writing whether City elects to: (1) cause the exception to be removed of record; (2) obtain a commitment from the title company for an appropriate endorsement to the policy of title insurance to be issued to the Developer, insuring against the objectionable exception; or (3) terminate this Agreement unless the Developer elects to take title subject to such exception. If any Party elects to terminate this Agreement pursuant to this Section, no Party shall thereafter have any obligations to or rights against the others hereunder, except as set forth in Sections 2.8, Section 3.6 and Section 3.8. If the Developer fails to provide any notification to the City regarding this matter prior to expiration of the time period set forth herein, the condition set forth in this Section shall be deemed satisfied. Any executed DDA shall not provide for an additional opportunity for the Developer to determine title to the Site or for the Developer to terminate the DDA as a result of title to the Site. The DDA will address Site and that the manner in which fee title to the Parties will manage any Site is to be conveyed to the Developer subject only to those exceptions Developer has agreed to title that are not listed in the Report but identified by the Parties during the Negotiating Periodaccept pursuant to this Section 2.7(c).