Common use of Title and Survey Objections Clause in Contracts

Title and Survey Objections. If Buyer objects to any matter relating to the Title Commitments or Surveys, Buyer may give notice to Seller Parties specifying such objections not later than thirty (30) days after the Effective Date (the “Title/Survey Objection Date”). If Buyer does make written objection, then Seller Parties shall notify Buyer in writing whether Seller Parties will cause the removal of any such matters from title or the Surveys, as the case may be; provided, however, that except with respect to monetary liens or monetary encumbrances (which must be paid from the sales proceeds and released of record at Closing or provision made for delayed receipt of release documents as may be satisfactory to the Title Company, Buyer and Lender), Sellers shall be under no obligation to cause the removal of such matters. If Seller Parties elect not to cause such matters to be removed, or fail to provide Buyer with a notice within five (5) days after receipt of Buyer’s objections that Seller Parties will or will not cause the removal of such matters, then Buyer (i) may, provided a Termination Event as defined in Section 5.2(e) has occurred, exercise a Partial Termination Right as to the affected Property or Properties, or if there is more than one Property suffering from a material title or survey defect, terminate this Agreement as to all the Properties at Buyer’s election, all in the same manner as provided in Section 5.2 with respect to an Agreement Termination Right or Partial Termination Right, as the case may be, or (ii) may elect, by written notice given to Seller Parties, to take title to the Properties as it then is without any set-off or deduction of any kind against the Purchase Price. If Seller Parties do not receive written notice of Buyer’s election to terminate this Agreement within ten (10) days after Buyer’s receipt of such notice from Seller Parties (or the expiration of the ten (10) day period, as the case may be), then Buyer shall be conclusively presumed not to have elected to take title as it then is, and this Agreement shall terminate. In the event that Seller Parties elect to cure any title or survey matter to which Buyer has objected, then the parties agree to postpone the Closing Date for a reasonable period, not to exceed thirty (30) days, if required to enable Seller Parties to complete the cure of such matter. The parties agree to discuss any survey or title objections identified by Buyer hereunder and to use reasonable efforts to resolve such issues.

Title and Survey Objections. If Buyer objects shall have until the date that is ten (10) days following its receipt of the Commitment and Survey within which to object, in writing, to any matter relating to title defect reflected in the Title Commitments Commitment or Surveys, Buyer may give notice to Seller Parties specifying such objections not later than thirty (30) days after the Effective Date Survey (the “Title/Survey Title Objection DatePeriod”). If Buyer shall fail to object in writing to any matter contained in the Commitment or the Survey within the Title Objection Period, Buyer shall be deemed to have waived the right to object to that matter. The matters provided for in this Agreement and all matters contained in the Commitment to which Buyer does make written not object in writing shall be permitted exceptions hereunder (the “Permitted Exceptions”). If within the Title Objection Period, Buyer notifies Seller of any objection, then Seller Parties shall notify Buyer in writing whether Seller Parties will cause the removal of have, at its option and without any such matters from title or the Surveys, as the case may be; provided, however, that except with respect to monetary liens or monetary encumbrances (which must be paid from the sales proceeds and released of record at Closing or provision made for delayed receipt of release documents as may be satisfactory to the Title Company, Buyer and Lender), Sellers shall be under no obligation to cause do so, fifteen (15) days (the removal of such matters“Title Curative Period”) in which to elect to cure or remove same. If Seller Parties elect elects not to cause cure or remove such matters objections, Seller shall give written notice thereof to the Buyer during the Title Curative Period, whereupon the Buyer shall have the option to be removed, or fail to provide Buyer with a notice exercised within five (5) days after receipt of Buyer’s objections that Seller Parties will or will not cause the removal of such matters, then Buyer (i) may, provided a Termination Event as defined in Section 5.2(e) has occurred, exercise a Partial Termination Right as to the affected Property or Properties, or if there is more than one Property suffering from a material title or survey defect, terminate this Agreement as to all the Properties at Buyer’s election, all in the same manner as provided in Section 5.2 with respect to an Agreement Termination Right or Partial Termination Right, as the case may be, or (ii) may elect, by written notice given to Seller Parties, to take title to the Properties as it then is without any set-off or deduction of any kind against the Purchase Price. If Seller Parties do not receive written notice of Buyer’s election to terminate this Agreement within ten (10) business days after Buyer’s receipt of such notice from Seller Parties to (or i) cancel this Agreement and, subject to the expiration terms of Paragraph 11 below, recover all of the ten Deposit paid hereunder; or (10ii) day period, as waive the case may be)objections and close without any reduction in the Purchase Price. If Buyer waives any objections, then Buyer those objections shall be conclusively presumed not deemed to have elected to take title as it then is, and this Agreement shall terminate. In the event that Seller Parties elect to cure any title or survey matter to which Buyer has objected, then the parties agree to postpone the Closing Date for a reasonable period, not to exceed thirty (30) days, if required to enable Seller Parties to complete the cure of such matter. The parties agree to discuss any survey or title objections identified by Buyer hereunder and to use reasonable efforts to resolve such issuesbe Permitted Exceptions.

Title and Survey Objections. If Buyer objects to any matter relating to A. On or before June 10, 2004, Purchaser shall, at Purchaser’s expense and through a title agent selected by Purchaser, obtain from Commonwealth Land Title Insurance Company ( the “Title Commitments or SurveysCompany”), Buyer may give notice to Seller Parties specifying such objections not later than thirty (30) days after the Effective Date an owner’s title insurance commitment (the “Title/Survey Objection Commitment”) together with legible copies of all matters referred to therein as exceptions to title. On or before June 24, 2004 (the “Out Date”). If Buyer does make written objection, then Purchaser shall deliver to Seller Parties shall notify Buyer in writing whether Seller Parties will cause the removal a statement of any such objections to Seller’s title to the Property and any objections as to matters from title or disclosed by the Surveys“Survey” (as hereinafter defined), as the case may be; provided, however, that except with respect to monetary liens or monetary encumbrances (which must be paid from the sales proceeds and released of record at Closing or provision made for delayed Seller shall have a reasonable time after Seller’s receipt of release documents as may be satisfactory to the Title Company, Buyer and Lender), Sellers shall be under no obligation to cause the removal of such matters. If Seller Parties elect statement (not to cause such matters to be removed, or fail to provide Buyer with a notice within exceed five (5) days after receipt days) within which to cure any such objections, but Seller shall have no obligation to cure any such objections. In the event that Purchaser does not send to Seller on or before the Out Date a statement of Buyer’s objections that Seller Parties will or will not cause the removal of such matters, then Buyer (i) may, provided a Termination Event as defined in Section 5.2(e) has occurred, exercise a Partial Termination Right as to the affected Property or Properties, or if there is more than one Property suffering from a material any title or survey defectobjections, terminate this Agreement as such failure conclusively shall be deemed to all mean that Purchaser had no such objections and Purchaser shall not have the Properties at Buyer’s election, all in right to make any title or survey objections after the same manner Out Date except as provided in Section 5.2 with respect to an Agreement Termination Right or Partial Termination Right, as the case may be, or (ii) may elect, by written notice given to Seller Parties, to take title to the Properties as it then is without any set-off or deduction of any kind against the Purchase Price. If Seller Parties do not receive written notice of Buyer’s election to terminate this Agreement within ten (10) days after Buyer’s receipt of such notice from Seller Parties (or the expiration of the ten (10) day period, as the case may be), then Buyer shall be conclusively presumed not to have elected to take title as it then is, and this Agreement shall terminateIII B hereof. In the event that Seller Parties elect fails to cure any title or survey matter to which Buyer has objected, then the parties agree to postpone the Closing Date for a reasonable period, not to exceed thirty such objections within such five (305) days, if required then Purchaser shall elect, by written notice to enable Seller Parties and Escrow Agent, to complete either (i) terminate this Agreement and receive a full refund of the cure Deposit, and thereafter this Agreement shall be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or obligations to the other by reason hereof except for the Inspection Indemnity (hereinafter defined), or (ii) waive such matterobjections and consummate the transaction contemplated herein without reduction of the Purchase Price. The parties agree If Purchaser does not provide Seller written notice of Purchaser’s election as above provided, then Purchaser shall be deemed to discuss have elected to waive such objections as provided in the aforesaid item (ii). In no event will Purchaser have the right to object to, and in no event will Seller have any survey or obligation to cure, any of the title objections identified by Buyer hereunder and to use reasonable efforts to resolve such issues.or

Title and Survey Objections. If Buyer objects to any matter relating to A. Purchaser shall obtain a survey of the Title Commitments or Surveys, Buyer may give notice to Seller Parties specifying such objections not later than thirty (30) days after the Effective Date Property (the “Title/Survey Survey”), and an owner’s title insurance commitment (the “Title Commitment”) issued by Fidelity National Title Insurance Company (herein in this capacity referred to as the “Title Company”), committing to issue to Purchaser an owner’s title insurance policy in the amount of the Purchase Price, together with legible copies of all matters referred to therein as exceptions to title. On or before November 19, 2012 (the “Title Objection Date”). If Buyer does make written objection, then Purchaser shall deliver to Seller Parties shall notify Buyer in writing whether Seller Parties will cause the removal a statement of any such objections to Seller’s title to the Property and any objections as to matters from title or disclosed by the SurveysSurvey, as the case may be; provided, however, that except with respect to monetary liens or monetary encumbrances (which must be paid from the sales proceeds and released of record at Closing or provision made for delayed Seller shall have a reasonable time after Seller’s receipt of release documents as may be satisfactory to the Title Company, Buyer and Lender), Sellers shall be under no obligation to cause the removal of such matters. If Seller Parties elect statement (not to cause such matters to be removed, or fail to provide Buyer with a notice within exceed five (5) days after receipt of Buyer’s objections days) within which to cure any such objections, but Seller shall have no obligation to cure any such objections. Purchaser acknowledges that Seller Parties will or will not cause the removal of such matters, then Buyer Covenant (i) may, provided a Termination Event as defined in Section 5.2(e) has occurredArticle III C), exercise Subdivision Plat, Access Agreement, Berm Agreement, Signalization Funds Escrow Agreement, and Restrictive Covenant shall not be objectionable matters under this Article III. In the event that Purchaser does not send to Seller on or before the Title Objection Date a Partial Termination Right as to the affected Property or Properties, or if there is more than one Property suffering from a material statement of any title or survey defectobjections, terminate this Agreement as such failure conclusively shall be deemed to all mean that Purchaser had no such objections and Purchaser shall not have the Properties at Buyer’s election, all in right to make any title or survey objections after the same manner Title Objection Date except as provided in Section 5.2 with respect to an Agreement Termination Right or Partial Termination Right, as the case may be, or (ii) may elect, by written notice given to Seller Parties, to take title to the Properties as it then is without any set-off or deduction of any kind against the Purchase Price. If Seller Parties do not receive written notice of Buyer’s election to terminate this Agreement within ten (10) days after Buyer’s receipt of such notice from Seller Parties (or the expiration of the ten (10) day period, as the case may be), then Buyer shall be conclusively presumed not to have elected to take title as it then is, and this Agreement shall terminateIII B hereof. In the event that Seller Parties elect fails to cure any title or survey matter to which Buyer has objected, then the parties agree to postpone the Closing Date for a reasonable period, not to exceed thirty such objections within such five (305) days, if required then Purchaser shall elect, by written notice to enable Seller Parties and Escrow Agent given on or before the Hard Date, to complete either (i) terminate this Agreement and receive a full refund of so much of the cure Deposit as is then held by Escrow Agent, and thereafter this Agreement shall be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or obligations to the other by reason hereof except for the Inspection Indemnity (hereinafter defined) and the Broker Indemnity (hereinafter defined), or (ii) waive such matterobjections and consummate the transaction contemplated herein without reduction of the Purchase Price. The parties agree If Purchaser does not provide Seller written notice of Purchaser’s election as above provided, then Purchaser shall be deemed to discuss any survey or title have elected to waive such objections identified by Buyer hereunder and to use reasonable efforts to resolve such issuesas provided in the aforesaid item (ii).

Title and Survey Objections. Within ten (10) days of receipt of the Commitment and Survey, Purchaser shall notify Seller in writing of any matters identified in the Commitment or Survey which Purchaser disapproves ("Objections"). Any title or survey matter that is set forth in the Commitment or shown on the Survey, but not timely objected to in writing by the Purchaser, will be conclusively deemed approved by Purchaser and will constitute a "Permitted Exception" hereunder. Within five (5) days of Seller's receipt of Purchaser's Objections, Seller shall notify Purchaser in writing of any such Objections that Seller is unable or unwilling to cause to be removed or insured over prior to or at the Closing. If Buyer objects Seller does not respond within such five (5) day period, Seller shall be deemed to any matter relating have elected to cure such Objections. If Seller does not agree to cure the Title Commitments or SurveysObjections, Buyer may give Purchaser shall elect, by giving written notice to Seller Parties specifying such objections not later than thirty (30) days after the Effective Date (the “Title/Survey Objection Date”). If Buyer does make written objection, then Seller Parties shall notify Buyer in writing whether Seller Parties will cause the removal of any such matters from title or the Surveys, as the case may be; provided, however, that except with respect to monetary liens or monetary encumbrances (which must be paid from the sales proceeds and released of record at Closing or provision made for delayed receipt of release documents as may be satisfactory to the Title Company, Buyer and Lender), Sellers shall be under no obligation to cause the removal of such matters. If Seller Parties elect not to cause such matters to be removed, or fail to provide Buyer with a notice Escrow Agent within five (5) days after receipt of Buyer’s objections that Seller Parties will or will not cause the removal of such mattersSeller's notice, then Buyer to either (i) may, provided a Termination Event as defined in Section 5.2(e) has occurred, exercise a Partial Termination Right as to the affected Property or Properties, or if there is more than one Property suffering from a material title or survey defect, terminate this Agreement as to all and obtain a refund of the Properties at Buyer’s election, all in the same manner as provided in Section 5.2 with respect to an Agreement Termination Right or Partial Termination Right, as the case may beXxxxxxx Money Deposit, or (ii) may electwaive its Objections, by written notice given in which case the same will be deemed to Seller Parties, to take title to the Properties as it then is without any set-off or deduction of any kind against the Purchase Pricebe Permitted Exceptions under this Agreement. If Seller Parties do not receive written notice of Buyer’s election Purchaser elects to terminate this Agreement within ten Agreement, the Xxxxxxx Money Deposit shall be immediately returned to Purchaser (10) days after Buyer’s receipt of such notice from Seller Parties (or the expiration of the ten (10) day period, as the case may bealong with any interest accrued thereon), then Buyer and neither Party shall have any further rights or obligations under this Agreement except those rights and obligations that expressly survive termination. Notwithstanding the foregoing, Seller shall be conclusively presumed not to have elected to take title as it then is, solely responsible for the payment or other satisfaction and this Agreement shall terminate. In the event that Seller Parties elect to cure any title discharge of record at or survey matter to which Buyer has objected, then the parties agree to postpone before the Closing Date for a reasonable period, not of all liens and encumbrances against the Property and objected to exceed thirty (30) days, if required to enable Seller Parties to complete by Purchaser which can be removed by the cure payment of such matter. The parties agree to discuss any survey or title objections identified by Buyer hereunder and to use reasonable efforts to resolve such issuesmoney.

Title and Survey Objections. If (a) Buyer objects to any matter relating to shall have until the Title Commitments date that is the earlier of the Closing Date or Surveys, Buyer may give notice to Seller Parties specifying such objections not later than thirty (30) days after the Effective Date (the “Title/Survey Objection Date”). If Buyer does make written objection, then Seller Parties shall notify Buyer in writing whether Seller Parties will cause the removal of any such matters from title or the Surveys, as the case may be; provided, however, that except with respect to monetary liens or monetary encumbrances (which must be paid from the sales proceeds and released of record at Closing or provision made for delayed receipt of release documents as may be satisfactory to the Title Company, Buyer and Lender), Sellers shall be under no obligation to cause the removal of such matters. If Seller Parties elect not to cause such matters to be removed, or fail to provide Buyer with a notice within five (5) days after receipt thereof (the “Title Exam Deadline”) to review any supplemental title report or update to the Preliminary Title Report and any update to the Survey. If Buyer objects to any items contained in any supplemental title report or update to the Preliminary Title Report or update to the Survey (that were not reflected in the Preliminary Title [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. Report or the Survey as of Buyer’s objections that Seller Parties will or will not cause the removal of such mattersEffective Date) (“Title Objections”), then Buyer (ior Buyer’s counsel) may, provided shall notify Seller (or Seller’s counsel) of such Title Objections in writing (a Termination Event as defined in Section 5.2(e“Title Disapproval Notice”) has occurred, exercise a Partial Termination Right as prior to the affected Property or Properties, or if there is more than one Property suffering from a material title or survey defect, terminate this Agreement as to all the Properties at Buyer’s election, all Title Exam Deadline. If Buyer does not notify Seller in the same manner as provided in Section 5.2 with respect to an Agreement Termination Right or Partial Termination Right, as the case may be, or (ii) may elect, by written notice given to Seller Parties, to take title to the Properties as it then is without any set-off or deduction writing of any kind against such Title Objections within the Purchase Price. If Seller Parties do not receive written notice of Buyer’s election to terminate time period set forth in this Agreement within ten (10) days after Buyer’s receipt of such notice from Seller Parties (or the expiration of the ten (10) day period, as the case may be)Section 4.3.2, then Buyer shall be conclusively presumed not deemed to have elected accepted the state of title to take the Property reflected in the Preliminary Title Report, as modified by such supplemental title as it then isreport or update to the Preliminary Title Report), and this Agreement shall terminate. In Survey, as modified by any such updates to the event that Seller Parties elect to cure any title or survey matter to which Buyer has objectedSurvey, then the parties agree to postpone the Closing Date for a reasonable period, not to exceed thirty (30) days, if required to enable Seller Parties to complete the cure of such matter. The parties agree to discuss any survey or title objections identified by Buyer hereunder and to use reasonable efforts have waived any claims or defects which it might otherwise have raised with respect to resolve such issuesthe matters reflected therein and the same shall be deemed to be Permitted Exceptions for all purposes of this Agreement.