Common use of Title and Survey Objections Clause in Contracts

Title and Survey Objections. The Purchaser shall have until expiration of the Feasibility Period to report to Seller in writing any survey or title defects or other objections regarding the Property that are disclosed by Purchaser's examinations, other than the Permitted Exceptions (as to which Purchaser has waived any objection), which, in Purchaser's sole discretion, materially adversely affect use of the Property as currently operated or make the title to the Property uninsurable or which impose restrictions on future use of the Property which are not acceptable to Purchaser. Seller shall have the right, but not the duty to cure any such title objections reported by Purchaser. If the Seller is unable or unwilling to cure objections to the Purchaser's satisfaction prior to Settlement then, notwithstanding anything herein to the contrary, the Purchaser shall, at its option, either (i) terminate this Agreement, in which event the Deposit shall be refunded; or (ii) waive such defects and proceed to Settlement, with no reduction in the Purchase Price; provided, however, that all mortgages, deeds of trusts and other monetary liens may be paid at Settlement, and the parties hereby authorize application of the Purchase Price proceeds to effect the same. If any additional matters of record are created after the date of the examination of title contemplated hereby, and prior to Settlement, Purchaser shall have the right to further delay Settlement a reasonable time to permit Seller to complete curative action. Any matters of title or survey not timely objected to by Purchaser or which are reported but not cured by Settlement shall be deemed waived.

Title and Survey Objections. The Purchaser shall have until expiration No later than five (5) Business Days prior to the end of the Feasibility Period to report to Due Diligence Period, Buyer shall advise Seller in writing of any survey or exceptions to title defects or other objections regarding and the Property that are disclosed by Purchaser's examinations, other than the Permitted Exceptions (as Survey to which Purchaser Buyer has waived any objection), which, in Purchaser's sole discretion, materially adversely affect use of the Property as currently operated or make the title to the Property uninsurable or which impose restrictions on future use of the Property objections and which are not acceptable to Purchaserdisapproved by Buyer. Seller shall have two (2) Business Days after receipt of Buyer’s objections to give to Buyer: (A) written notice that Seller will remove such objectionable exceptions on or before the right, but Closing Date; or (B) written notice that Seller elects not the duty to cure any cause such title objections reported by Purchaserexceptions to be removed. Seller’s failure to give notice to Buyer within such two (2) Business Day period shall be deemed to be Seller’s election not to cause such exceptions to be removed. If Seller gives Buyer notice under clause (B) or is otherwise deemed to have elected to proceed under clause (B), Buyer shall have until the end of the Due Diligence Period to elect to proceed with the transaction or terminate this Agreement. If Buyer fails to give Seller notice of its election on or before the expiration of such two (2) Business Day period (which notice may be satisfied by delivery by Buyer of the Approval Notice), Buyer shall be deemed to have elected to terminate this Agreement. If Seller gives notice pursuant to clause (A) then Seller shall use its diligent efforts to remove the subject title exceptions in accordance with Seller’s notice. If despite such efforts Seller is unable or to remove any such objectionable exceptions prior to the Closing Date, and Buyer is unwilling to cure objections to the Purchaser's satisfaction prior to Settlement thentake title subject thereto, notwithstanding anything herein to the contrary, the Purchaser shall, at its option, either (i) terminate this Agreement, in which event the Deposit shall be refunded; or (ii) waive such defects and proceed to Settlement, with no reduction in the Purchase Price; provided, however, that all mortgages, deeds of trusts and other monetary liens may be paid at Settlement, and the parties hereby authorize application of the Purchase Price proceeds to effect the same. If any additional matters of record are created after the date of the examination of title contemplated hereby, and prior to Settlement, Purchaser Buyer shall have the right to further delay Settlement a reasonable time elect to permit Seller to complete curative actionterminate this Agreement and Section 14(a) shall apply. Any matters of title or survey not timely objected to by Purchaser or which are reported but not cured by Settlement Notwithstanding the foregoing, Buyer shall be deemed waivedto have objected to any lien encumbering a Property that secures the payment of money, such as, but not limited to, mechanic’s liens, materialmen’s liens and judgment liens, and the liens of deeds of trust and mortgages (collectively, “Monetary Liens”), unless Buyer otherwise notifies Seller in writing. Monetary Liens shall not include assessments or bond amounts encumbering the property and reflected in the tax bills for the Property, non-delinquent property taxes or assessments, or non-delinquent dues, costs or assessments under declarations, reciprocal easements, or other covenants, conditions or restrictions to which the Property is subject. Seller hereby agrees to remove at or before the Closing and shall cause each Property to be delivered free and clear of all Monetary Liens assumed, initiated or caused by Seller. Buyer agrees that “removal” of an exception shall include the Title Company’s willingness to endorse over such exception or provide affirmative assurance to Buyer of no loss or damage to Buyer from such exception, on terms reasonably acceptable to Buyer. Notwithstanding anything to the contrary in this Section 4(h)(iii), in the event that Buyer does not receive current Preliminary Title Reports (including links to or copies of any underlying exceptions or documents referenced therein) for each Property and the Survey within ten (10) Business Days following the Effective Date, the deadlines contained in this Section 4(h)(iii) shall be extended day for day for each day beyond such ten (10) day period until Buyer receives such Title Reports and the Survey.

Title and Survey Objections. The Purchaser shall have until expiration Parties acknowledge that except for the representations set forth in Section 8, the sale of the Feasibility Period Property contemplated by this Agreement shall be “as-is,” subject to report to Seller in writing any survey or title defects or other objections regarding the Property that are disclosed by Purchaser's examinations, other than the Permitted Exceptions (as defined below). If there are exceptions to which Purchaser has waived any objection), which, title set forth in Purchaser's sole discretion, materially adversely affect use of the Property as currently operated Title Commitment or make the title to the Property uninsurable or which impose restrictions on future use of the Property Survey which are not acceptable to PurchaserBuyer (the “Title Objections”), Buyer shall notify Seller of such objections within twenty (20) days of its receipt of the Title Commitment or Survey. If Buyer fails to deliver Title Objections within such twenty (20) day period, it shall be conclusively presumed that Buyer approves of the Title Commitment and/or Survey or has waived its right to make a Title Objection to any matters set forth thereon (the “Permitted Exceptions”). If Buyer timely delivers Title Objections, Seller shall have use commercially reasonable efforts to assist Buyer in curing the rightsame, but but, except for Monetary Liens and the Co-Tenancy Agreement, Seller shall not be required to incur any liability or obligation, or to pay any amounts in connection with such cure. If all Title Objections which do not constitute Monetary Liens and the duty Co-Tenancy Agreement are not cured prior to the end of the Due Diligence Period (or Seller has not committed in writing to cure any such title objections reported by Purchaser. If Title Objections at Closing), Buyer shall elect either to waive such Title Objections and take the Seller is unable Property subject thereto (in which case such Title Objections shall be deemed Permitted Exceptions), or unwilling to cure objections to the Purchaser's satisfaction prior to Settlement then, notwithstanding anything herein to the contrary, the Purchaser shall, at its option, either (i) terminate this Agreement, in which event the Deposit shall be refunded; or (ii) waive such defects and proceed to Settlement, with no reduction in the Purchase Price; provided, however, that all mortgagesin the event such a termination occurs, deeds of trusts and other monetary liens may be paid at Settlement, and the parties hereby authorize application Buyer shall receive a refund of the Purchase Price proceeds to effect the same. If any additional matters of record are created after the date of the examination of title contemplated herebyXxxxxxx Money and, and prior to Settlement, Purchaser shall have the right to further delay Settlement a reasonable time to permit Seller to complete curative action. Any matters of title or survey not timely objected to by Purchaser or which are reported but not cured by Settlement shall be deemed waived.except as otherwise set forth in this