Title and Survey Defects. On or before the fifteenth (15th) day after the latter of the receipt of each completed Title Commitment (together with full and complete copies of all exception documents and instruments identified therein) and Survey by Purchaser, Purchaser shall give Company notice of any matters revealed by such Title Commitment or Survey as to which Purchaser objects (the “Title Defects”). Any objection which is not timely made shall be deemed waived. Within five (5) days after receipt of Purchaser’s notice of Title Defects, Company shall provide notice to Purchaser of which Title Defects it elects to cure and Company shall have thirty (30) days (the “Inspection Period”) to cure said Title Defects other than Mandatory Removal Liens (as defined below) which shall be satisfied on or before the Effective Date. Company agrees to take such actions to satisfy all requirements set forth in Schedule B-I of the Title Commitment within its control and satisfy, pay or bond-off at Closing from the sales proceeds amounts secured by consensual liens or mortgages, real estate taxes and assessments which are due and payable (subject to pro-ration adjustments as provided herein) and liquidated liens or judgments affecting all or any portion of a parcel of the Real Property including any such matters which arise subsequent to the effective date of the applicable Title Commitment (collectively, the “Mandatory Removal Liens”). If Company refuses or fails to remedy said title objections prior to expiration of the Inspection Period (or such reasonable time thereafter provided the Company is diligently pursuing the cure of such Title Defects not to exceed fifteen 15) days), other than the Mandatory Removal Liens which Company is required to remedy on or before the Effective Date, Purchaser may in its sole discretion either (i) terminate this Agreement; or (ii) expressly waive such title objections or defects and proceed toward closing. Notwithstanding anything to the contrary in this Agreement, Purchaser may object at any time after the expiration of the Inspection Period to any additional matters first shown by any update or revision of the Title Commitment and/or re-certifications of the Survey, provided that such matters were not created by, through or under Purchaser (the "New Title Defects") and if Company refuses to remedy any such New Title Defects on or before the date which is five (5) days prior to the closing of the transactions contemplated by this Agreement upon the Effective D...
Title and Survey Defects. Buyer shall have ten (10) days from the receipt of the Title Commitment and copies of documents constituting exceptions to title and the Survey to examine the same and to specify to Seller in writing any matters which Xxxxx finds objectionable (the “Encumbrances”). Seller shall have thirty (30) days to cure or remove all Encumbrances at its cost and expense. If Seller fails to cause all the Encumbrances to be removed within such 30-day period or if Seller notifies Buyer of its decision not to cure or remove some or all of the Encumbrances, Buyer’s remedy shall be to:
(i) Terminate this Agreement by giving Seller written notice thereof;
(ii) Agree to extend additional time to Seller to cure or remove all Encumbrances; or
(iii) Elect to purchase the Property subject to the Encumbrances and the Encumbrances not so removed or cured shall be deemed Permitted Exceptions and the Purchase Price shall not be reduced by any amount.
Title and Survey Defects. The Partnership and the General Partners shall prior to Closing correct or resolve the following title and survey matters so as to cause them not to be listed as exceptions to title in the Title Policy:
(i) Any and all title and/or survey matters first arising from and after the date of this Agreement; and
(ii) Any and all title matters which can be cured by the payment of money other than Mortgage Instruments in connection with Mortgage Debt to be retained as provided in this Agreement. If the Partnership and the General Partners are not able to correct any such matter on or before Closing, same shall be deemed to be a material default by the Partnership and the General Partners.
Title and Survey Defects. Property Owners shall not knowingly and voluntarily encumber or create any exception to title to the Properties that is not removed on or before Closing.
Title and Survey Defects. If the Title Commitments shall disclose exceptions other than Permitted Encumbrances (the "Unpermitted Encumbrances"), or if Survey shall disclose matters that render title unmarketable (the "Survey Defects"), then Agent shall have until February 6, 2002 to deliver a notice (a "Title Notice") to Merchant requiring removal of or title insurance over such Unpermitted Encumbrances, or corrections of the Survey Defects, whereupon Merchant shall endeavor to correct the Survey Defects or have the Unpermitted Encumbrances removed from the Title Commitments or commit to have the Title Company insure over the same. Merchant shall have until February 25, 2002 to remove or insure over all Unpermitted Encumbrances or Survey Defaults referred to in the Title Notice. In the event that the Merchant shall fail to timely do the same, then Agent may, at any time prior to March 1, 2002, deliver a notice of its intention to drop such parcel of Owned Real Property (each, a "Title Drop Out Notice"). In the event that Agent delivers a Title Drop Out Notice, the Transaction Consideration shall not be reduced and Merchant shall not be deemed in breach of the Agreement.
Title and Survey Defects. If the Title Commitment or the Survey shall disclose any exceptions or other matters that are not acceptable to the Buyer in its reasonable discretion (the "UNPERMITTED EXCEPTIONS"), then the Buyer shall have ten (10) Business Days from the date of delivery to the Buyer of the Title Commitment and the Survey to deliver a written notice (the "TITLE/SURVEY NOTICE") to the Seller requesting removal of such Unpermitted Exceptions, whereupon the Seller shall have twenty (20) days thereafter (such period, the "TITLE CURE PERIOD") during which it shall make all reasonable efforts to cause such Unpermitted Exceptions to be removed from the Title Commitment. If, despite all such reasonable efforts, the Seller fails to have any Unpermitted Exception removed, within the specified time, then the Buyer, as its sole and exclusive remedy therefor, may (i) terminate this Agreement upon notice to the Seller after expiration of the thirty (30) day period, and such failure to have such Unpermitted Exceptions removed from the title subject to any such Unpermitted Exception shall not be deemed a breach of this Agreement by the Seller, or (ii) elect to take title subject to any such Unpermitted Exception. If the Buyer elects to take title to the Property, all Unpermitted Exceptions not so removed or corrected by the Seller shall be deemed additional Permitted Encumbrances.
Title and Survey Defects. Seller shall provide to Purchaser any and all surveys currently in its possession regarding the Property. Purchaser may obtain, at its own expense, any additional surveys it may require. On or before the Due Diligence Date, Purchaser shall notify Seller in writing of any Title Objections (as defined herein below) that Purchaser has to any matters shown or referred to in any survey or the Title Commitment. In the absence of such written notice, Purchaser shall be deemed to have waived its right to terminate under this Section 7.3, and this Agreement shall continue in
Title and Survey Defects. If the Title Commitment or the Survey or any update to the Title Commitment or any update to the Survey discloses exceptions to title other than the Permitted Exceptions or any survey defects, the Partnership shall notify Contributor in writing within ten (10) business days of the delivery of the same. Upon receipt of any such notice, Contributor shall (i) cause any such exceptions which are monetary liens of a fixed and ascertainable amount less than fifty thousand dollars ($50,000) or that result from any act by, through or under Contributor and that may be removed and/or bonded solely by the payment of money, including without limitation, judgment and mechanics' liens, to be removed at or prior to the Closing and shall deposit with the Title Company releases or other appropriate instruments, in recordable form, sufficient to cause the removal of such items from the title; and (ii) use reasonable best efforts (but without any monetary obligation to incur any cost or expense except as provided in clause (i) above) to cause all other such title exceptions or matters to be so released and removed from title and waived from the Title Commitment (or insured over at its sole cost by the Title Company by an endorsement reasonably satisfactory to the Partnership) or otherwise cured.
Title and Survey Defects. Seller shall remove, cause to be bonded or take such action as the Title Company may require to insure over, at Seller’s sole cost and expense, any mechanic’s liens, judgment liens or deeds of trust or other financing liens affecting the Property to the extent same have been created by Seller, and shall deliver the Property free and clear of all monetary liens created by Seller (collectively, the “Prohibited Exceptions”), all of which shall be deemed to be excluded from the term “Permitted Exceptions.”
Title and Survey Defects
