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 Buyer 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 of 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:
Title and Survey Defects. Within twenty (20) days after the latter of the receipt of the Title Commitment with legible copies of all exception documents and Survey by Buyer, (the “Inspection Period”) Buyer shall give Seller written notice of any matters revealed by the Title Commitment or Survey which adversely affect the Real Property, other than Permitted Exceptions, and as to which Buyer objects (the “Title Defects”). Any objection which is not timely made shall be deemed waived. Within five (5) days after receipt of Buyer’s written notice of Title Defects, Seller shall provide written notice to Buyer of which Title Defects it elects to cure and Seller shall have until the Closing to cure said Title Defects. Seller shall take such actions to satisfy all B-I requirements in the Title Commitment within its control and satisfy, pay or bond-off at Closing from the sales proceeds amounts secured by 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 the Real Property including any such matters which arise subsequent to the effective date of the Title Commitment (collectively, the “Monetary Liens”). If Seller refuses to remedy said title objections or if Seller is unable to effect a cure prior to or at Closing, other than the Monetary Liens which Seller is required to remedy, Buyer 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 herein, Buyer may object at any time after the expiration of the Inspection Period to any additional matters first shown by any endorsement of the Title Commitment and/or re-certifications of the Survey, provided that such matters were not created by, through or under Buyer (the “New Title Defects”) and if Seller refuses to remedy any such New Title Defects, Buyer may in its sole discretion either (i) terminate this Agreement or (ii) expressly waive such title objections or defects and proceed toward Closing.
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:
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 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. 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. 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
