Common use of Title and Survey Objection Clause in Contracts

Title and Survey Objection. Prior to the expiration of the Due Diligence Period, Purchaser shall provide Seller with notice (hereinafter the "Title Defects Notice") of any matters set forth in the Title Commitment or Survey which are unacceptable to Purchaser ("Title Defects"). Any matters set forth in the Title Commitment or Survey to which Purchaser does not timely object shall be referred to collectively herein as the "Permitted Exceptions." It is specifically understood and agreed that Purchaser hereby objects to and will require the removal, satisfaction, correction or deletion of (i) all requirements set forth on Schedule B-I of the Title Commitment, (ii) all standard and general exceptions set forth in the Title Commitment; (iii) any gap, overlap, boundary dispute, hiatus or encroachment identified on the Survey which affects the Property or any adjacent properties; (iv) any mortgages or other monetary liens encumbering all or any portion of the Property; and (v) rights of any tenants or other occupants of the Real Property or improvements thereon. At Closing, Seller shall provide the Title Company with such affidavits or other documents as are necessary to enable the Title Company to remove the standard and general exceptions from the Title Policy. Seller shall have Thirty (30) days after receipt of the Title Defects Notice from Purchaser within which to use its best efforts to cure such Title Defects to the satisfaction of the Purchaser and the Title Company; provided, however, that Seller shall not be obligated to expend more than Thirty-Five Thousand and No/100 Dollars ($35,000.00) to effectuate cure of the Title Defects (the "Cure Money"). In the event Seller, despite use of its best efforts, and despite actual documented expenditure of such portion of the Cure Money necessary to support its best efforts, fails to cure any Title Defect within such Thirty (30)-day period, then Purchaser may thereafter, at its option:

Title and Survey Objection. Prior to the expiration of the Due Diligence PeriodClosing, Purchaser Assignee shall provide Seller the Transferors with notice (hereinafter the "Title Defects Notice") of any matters set forth in the Title Commitment Commitment, Survey or Survey the Searches which are unacceptable to Purchaser ("Title Defects")Assignee. Any matters set forth in the Title Commitment Commitment, Survey or Survey the Searches to which Purchaser Assignee does not timely object object, or which have been waived or cured shall be referred to collectively herein as the "Permitted ExceptionsPERMITTED EXCEPTIONS." It is specifically understood The Transferors may elect to have such unacceptable exceptions removed from the Title Commitment or to have such unacceptable exceptions cured to the reasonable satisfaction of Assignee and agreed that Purchaser hereby objects the Title Company or surveyor, if applicable. In the event the Transferors, at their discretion, fail or determine not to and will require the removalcure any such unacceptable exceptions before Closing, satisfaction, correction or deletion of Assignee shall either (i) all requirements set forth on Schedule B-I of the Title Commitment, waive Assignee's objection to said unacceptable exceptions and consider said unacceptable exceptions Permitted Exceptions or (ii) terminate this Agreement. Notwithstanding anything to the contrary contained in this Section or any other provision in this Agreement, the Transferors shall be obligated to cure, satisfy or obtain affirmative title insurance (which affirmative title insurance shall be reasonably acceptable to Assignee) with regard to any and all standard Monetary Objections (as hereinafter defined) and general exceptions set forth in any other encumbrance, exception or matter first appearing of record after the Title Commitment; date hereof as a result of or arising by, through or under the voluntary action or voluntary inaction of the Transferors, and if not so addressed by the Transferors, Assignee may use the proceeds of the Aggregate Consideration Value at Closing for such purpose. For purposes of this Agreement, the term "MONETARY OBJECTION" shall mean (iiia) any gapmortgage, overlapdeed to secure debt, boundary disputedeed of trust, hiatus assignment of leases and rents, negative pledge, financing statement or encroachment identified on the Survey which affects the Property similar security instrument encumbering all or any adjacent properties; part of the Real Property and/or the Ash Ownership Interests, (ivany mechanic's, materialmen's, broker's or similar lien), (b) any mortgages the lien for ad valorem real or other monetary liens encumbering personal property taxes, assessments and governmental charges affecting all or any portion of the Property; Real Property which are delinquent, and (vc) rights any final unappealable judgment of any tenants record against the Transferors in the county or other occupants of applicable jurisdiction in which the Real Property or improvements thereon. At Closing, Seller shall provide the Title Company with such affidavits or other documents as are necessary to enable the Title Company to remove the standard and general exceptions from the Title Policy. Seller shall have Thirty (30) days after receipt of the Title Defects Notice from Purchaser within which to use its best efforts to cure such Title Defects to the satisfaction of the Purchaser and the Title Company; provided, however, that Seller shall not be obligated to expend more than Thirty-Five Thousand and No/100 Dollars ($35,000.00) to effectuate cure of the Title Defects (the "Cure Money"). In the event Seller, despite use of its best efforts, and despite actual documented expenditure of such portion of the Cure Money necessary to support its best efforts, fails to cure any Title Defect within such Thirty (30)-day period, then Purchaser may thereafter, at its option:is located.

Title and Survey Objection. Prior to the expiration of the Due Diligence PeriodClosing, Purchaser Assignee shall provide Seller Dubins with notice (hereinafter the "Title Defects Notice") of any matters set forth in the Title Commitment Commitment, Survey or Survey the Searches which are unacceptable to Purchaser ("Title Defects")Assignee. Any matters set forth in the Title Commitment Commitment, Survey or Survey the Searches to which Purchaser Assignee does not timely object object, or which have been waived or cured shall be referred to collectively herein as the "Permitted ExceptionsPERMITTED EXCEPTIONS." It is specifically understood Dubins may elect to have such unacceptable exceptions removed from the Title Commitment or to have such unacceptable exceptions cured to the reasonable satisfaction of Assignee and agreed that Purchaser hereby objects the Title Company or surveyor, if applicable. In the event Dubins, at their sole and absolute discretion, fail or determine not to and will require the removalcure any such unacceptable exceptions before Closing, satisfaction, correction or deletion of Assignee shall either (i) all requirements set forth on Schedule B-I of the Title Commitment, waive Assignee's objection to said unacceptable exceptions and consider said unacceptable exceptions Permitted Exceptions or (ii) all standard and general exceptions set forth terminate this Agreement. Notwithstanding anything to the contrary contained in the Title Commitment; (iii) any gap, overlap, boundary dispute, hiatus or encroachment identified on the Survey which affects the Property this Section or any adjacent properties; other provision in this Agreement, Dubins shall be obligated to cure, satisfy or obtain affirmative title insurance (ivwhich affirmative title insurance shall be reasonably acceptable to Assignee) with regard to any mortgages and all Monetary Objections (as hereinafter defined) and any other encumbrance, exception or other monetary liens matter concerning the Xxxxx Ownership Interest arising by, through or under the voluntary action or voluntary inaction of Dubins, and if not so addressed by Dubins, Assignee may use the proceeds of the Aggregate Consideration Value at Closing for such purpose. For purposes of this Agreement, the term "MONETARY OBJECTION" shall mean any mortgage, deed to secure debt, deed of trust, assignment of leases and rents, negative pledge, financing statement or similar security instrument encumbering all or any portion part of the Property; Xxxxx Ownership Interests, and (v) rights any final unappealable judgment of any tenants record against Dubins in the county or other occupants of applicable jurisdiction in which the Real Property or improvements thereon. At Closing, Seller shall provide the Title Company with such affidavits or other documents as are necessary to enable the Title Company to remove the standard and general exceptions from the Title Policy. Seller shall have Thirty (30) days after receipt of the Title Defects Notice from Purchaser within which to use its best efforts to cure such Title Defects to the satisfaction of the Purchaser and the Title Company; provided, however, that Seller shall not be obligated to expend more than Thirty-Five Thousand and No/100 Dollars ($35,000.00) to effectuate cure of the Title Defects (the "Cure Money"). In the event Seller, despite use of its best efforts, and despite actual documented expenditure of such portion of the Cure Money necessary to support its best efforts, fails to cure any Title Defect within such Thirty (30)-day period, then Purchaser may thereafter, at its option:is located.