Common use of Title Approval Clause in Contracts

Title Approval. a. The Title Policy to be furnished to Buyer shall insure Buyer's title to the Property to be good and indefeasible subject only to the following (“Permitted Title Exceptions”): (1) Title Company’s standard exception; (2) restrictive covenants affecting the Property; (3) any discrepancies or conflicts in boundary lines, any shortages in area, or any encroachment or overlapping of improvements, any facts, rights, interests or claims which are not shown by the public record but which could be ascertained by an accurate survey of the land or by making inquiry of persons in possession thereof; (4) taxes and assessments not due and payable at the Commitment (as defined below) date, and subsequent assessments for prior years due to change in land usage or ownership; (5) taxes, assessments and/or fees which may arise due to noncompliance of municipal ordinances and/or city, township or county inspections not being obtained or passed; (6) existing building and zoning ordinances; (7) easements, liens or encumbrances or claims thereof which are not shown by the public record; (8) any liens or right to lien for services, labor or material imposed by law and not shown by the public record; (9) covenants, conditions and restrictions, if any, appearing in the public record; (10) any easements or servitudes appearing in the public records; (11) any lease, grant, exception or reservation of mineral rights appearing in the public record; (12) loss or damage arising out of a lien or assessment arising from any work completed by any municipality for snow removal, grass cutting, securing/boarding of the subject Property, debris removal, or assessments for violations of any of any city ordinances, not of record with local or county recorders office prior to the date of Closing.

Title Approval. a. The Title Policy to be furnished (a) Seller has previously delivered to Buyer shall insure Buyer's title to and Buyer acknowledges receipt of: a Commitment for Title Insurance with copies of all recorded instruments affecting the Property and recited as exceptions in said Commitment for Title Insurance (collectively, the “Commitment”). Within fifteen (15) days of the Effective Date, Seller shall, at Seller’s sole cost and expense provide to be good and indefeasible subject only to the following Buyer a current “as-built” survey (“Permitted Title ExceptionsNew Survey”): ). New Survey must: (1) Title Company’s standard exceptionbe prepared by a Registered Professional Land Surveyor; (2) restrictive covenants affecting be in a form reasonably acceptable to the PropertyTitle Company; (3) set forth a legal description of the Lands by metes and bounds or by reference to a platted lot or lots; (4) show that the New Survey was made on the ground with corners marked with monuments either found or placed; (5) show any discrepancies or conflicts in boundary lines, any shortages in area, or any encroachment or overlapping of improvements, any facts, rights, interests or claims which are not shown by the public record but which could be ascertained by an accurate survey of the land or by making inquiry of persons in possession thereof; (4) taxes and assessments not due and payable at the Commitment (as defined below) dateboundaries, and subsequent assessments for prior years due to change in land usage or ownership; (5) taxes, assessments and/or fees which may arise due to noncompliance of municipal ordinances and/or city, township or county inspections not being obtained or passedany visible encroachments; (6) existing building contain the surveyor’s certificate that the Survey is true and zoning ordinancescorrect; and (7) easements, liens show the location and size of all of the following on or encumbrances or claims thereof which are not shown by immediately adjacent to the public record; (8) any liens or right to lien for services, labor or material imposed by law and not shown by the public record; (9) covenants, conditions and restrictionsLand, if any, appearing if recorded or visible and apparent: (a) buildings, (b) building set back lines (as shown on any recorded plat, but not as may be described in any restrictive covenants or zoning ordinances), (c) streets and roads, (d) 100-year flood plain (approximate location), (e) improvements, (f) encroachments, (g) easements, (h) recording information of recorded easements, (i) pavements, (j) protrusions, (k) fences, (1) rights-of-way, and (m) any markers or other visible evidence of utilities. Any area of the Property within the 100-year flood plain will be shown on the Survey as the approximate location of the 100-year flood plain as defined by the Federal Emergency Management Agency or other applicable governmental authority. If Buyer has an objection to items disclosed in the public record; Commitment or the New Survey, then Buyer will be entitled to give Seller written notice of its objections for a period of ten (10) Business Days following the receipt of the New Survey. If Buyer gives timely written notice of its objections, then Seller may, but shall not have any easements or servitudes appearing obligation to, cure such objections for a period of five (5) days from the date Seller receives Buyer’s notice (“Seller’s Cure Period”). Seller shall utilize reasonable diligence to cure any errors in the public recordsCommitment, provided Seller shall not have any obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing such efforts other than to remove at Closing financing liens of an ascertainable amount created by, through, or under Seller; further provided, notwithstanding the foregoing, Seller is required to cure any objection that may be cured by performance of the following acts: (11A) satisfaction of any leasemortgages placed upon the Property by Seller or expressly assumed by Seller as a lien to secure indebtedness; or (B) causing the release of any mechanic’s liens placed upon the Property by a third party in connection with work performed or alleged to have been performed on the Property by, grantor at the request of, Seller (collectively “Monetary Encumbrances”). At Seller’s option, Seller may elect to cure an objection made by Buyer by causing the Title Company to issue an endorsement to “insure over” such objection (“Seller’s Curative Endorsement”). If any objection is not satisfied during Seller’s Cure Period, then Buyer shall elect not later then five (5) days after the expiration of Seller’s Cure Period, but in any event on or before expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money shall be refunded to Buyer, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception or reservation of mineral rights appearing to title not objected to by Buyer in the public record; (12manner and within the time period specified in this Section 6(a) loss or damage arising out of a lien or assessment arising from any work completed shall be deemed accepted by any municipality for snow removalBuyer. Buyer may, grass cuttingat Buyer’s sole cost and expense, securing/boarding obtain an update of the subject PropertyNew Survey (“Updated Survey”). If the Updated Survey shows exceptions not previously shown on the New Survey (individually a “New Exception” and collectively the “New Exceptions”), debris removalBuyer may object to such New Exceptions in accordance with the mechanism contained in this Section 6(a); provided Buyer shall have no right to object to any New Exception if the New Exception (i) is a utility service easement (“Service Easement”) whereby the public utility provides utility service to any portion of the Improvements and the Improvements do not encroach into the boundaries of the Service Easement; or (ii) reflects the addition of paving, sidewalks, pool decking or assessments for violations landscaping and such additional of paving, sidewalks, pool decking or landscaping does not cause the Property to violate applicable law or applicable restrictions. The phrase “Permitted Exceptions” means those exceptions to title set forth in the Commitment or the New Survey or the Updated Survey and that have been accepted or deemed accepted by Buyer. Buyer shall notify Seller in writing of any failure of any city ordinancesthe Commitment or New Survey to satisfy the requirements of this Section 6(a) within ten (10) days after the Commitment and New Survey are received by Buyer, not of record with local or county recorders office prior and if Buyer fails to the date of Closingdo so, then they shall be deemed to satisfy such requirements.

Title Approval. a. The (a) On or before fifteen (15) days after the Effective Date, Seller, at Seller’s sole cost and expense, shall deliver to Purchaser a Title Policy to be furnished to Buyer shall insure Buyer's Insurance Commitment (“Title Commitment”), issued by the Title Company, showing Seller’s title to the Property to be good and indefeasible subject only indefeasible, together with true, correct and legible copies of all items and documents referred to therein, and Buyer acknowledges receipt of a draft of that certain Easement, Access and Water Rights Agreement for review and comment (the following “Easement Agreement”) that Seller proposes to file against the Property. Within fifteen (15) days of the Effective Date, Seller shall, at Seller’s sole cost and expense, provide to Buyer a current “as-built” survey (“Permitted Title ExceptionsNew Survey”): ). The New Survey must: (1) Title Company’s standard exceptionbe prepared by a Registered Professional Land Surveyor; (2) restrictive covenants affecting be in a form reasonably acceptable to the PropertyTitle Company and Buyer’s lender; (3) set forth a legal description of the Lands by metes and bounds or by reference to a platted lot or lots; (4) show that the New Survey was made on the ground with corners marked with monuments either found or placed; (5) show any discrepancies or conflicts in boundary lines, any shortages in area, or any encroachment or overlapping of improvements, any facts, rights, interests or claims which are not shown by the public record but which could be ascertained by an accurate survey of the land or by making inquiry of persons in possession thereof; (4) taxes and assessments not due and payable at the Commitment (as defined below) dateboundaries, and subsequent assessments for prior years due to change in land usage or ownership; (5) taxes, assessments and/or fees which may arise due to noncompliance of municipal ordinances and/or city, township or county inspections not being obtained or passedany visible encroachments; (6) existing building contain the surveyor’s certificate that the Survey is true and zoning ordinancescorrect; and (7) easements, liens show the location and size of all of the following on or encumbrances or claims thereof which are not shown by immediately adjacent to the public record; (8) any liens or right to lien for services, labor or material imposed by law and not shown by the public record; (9) covenants, conditions and restrictionsLand, if any, appearing if recorded or visible and apparent: (a) buildings, (b) building set back lines (as shown on any recorded plat, but not as may be described in any restrictive covenants or zoning ordinances), (c) streets and roads, (d) 100-year flood plain (approximate location), (e) improvements, (f) encroachments, (g) easements, (h) recording information of recorded easements, (i) pavements, (j) protrusions, (k) fences, (1) rights-of-way, and (m) any markers or other visible evidence of utilities. Any area of the Property within the 100-year flood plain will be shown on the Survey as the approximate location of the 100-year flood plain as defined by the Federal Emergency Management Agency or other applicable governmental authority. If Buyer has an objection to items disclosed in the public record; Commitment, the Easement Agreement or the New Survey, then Buyer will be entitled to give Seller written notice of its objections for a period of ten (10) Business Days following the receipt of the later of the Title Commitment or the New Survey (the “Title Review Period”). If Buyer gives timely written notice of its objections, then Seller may, but shall not have any easements or servitudes appearing obligation to, cure such objections for a period of five (5) days from the date Seller receives Buyer’s notice (“Seller’s Cure Period”). Seller shall utilize reasonable diligence to cure any errors in the public recordsCommitment, provided Seller shall not have any obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing such efforts other than to remove at Closing financing liens of an ascertainable amount created by, through, or under Seller; further provided, notwithstanding the foregoing, Seller is required to cure any objection that may be cured by performance of the following acts: (11A) satisfaction of any leasemortgages placed upon the Property by Seller or expressly assumed or taken subject to by Seller as a lien to secure indebtedness; or (B) causing the release of any mechanic’s liens placed upon the Property by a third party in connection with work performed or alleged to have been performed on the Property by, grantor at the request of, Seller (collectively “Monetary Encumbrances”). If reasonably acceptable to Buyer and its lender, Seller may elect to cure an objection made by Buyer by causing the Title Company to issue an endorsement to “insure over” such objection (“Seller’s Curative Endorsement”). If any objection is not satisfied during Seller’s Cure Period, then Buyer shall elect, by written notice to Seller delivered not later then five (5) days after the expiration of Seller’s Cure Period, but in any event on or before expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception or reservation of mineral rights appearing to title not objected to by Buyer in the public record; (12manner and within the time period specified in this Section 6(a) loss or damage arising out of shall be deemed accepted by Buyer. Buyer and Seller shall cooperate to negotiate such reasonably acceptable Easement Agreement during the Title Review Period, and if the parties are unable to negotiate a lien or assessment arising from any work completed by any municipality for snow removalfinal Easement Agreement that is reasonably acceptable to Buyer and its lender, grass cuttingBuyer shall be entitled to terminate this Contract. Buyer may, securing/boarding at Buyer’s sole cost and expense, obtain an update of the subject PropertyNew Survey (“Updated Survey”). If the Updated Survey shows exceptions not previously shown on the New Survey (individually a “New Exception” and collectively the “New Exceptions”), debris removalBuyer may object to such New Exceptions in accordance with the mechanism contained in this Section 6(a); provided Buyer shall have no right to object to any New Exception if the New Exception (i) is a utility service easement (“Service Easement”) whereby the public utility provides utility service to any portion of the Improvements and the Improvements do not encroach into the boundaries of the Service Easement; or (ii) reflects the addition of paving, sidewalks, pool decking or assessments for violations landscaping and such additional of paving, sidewalks, pool decking or landscaping does not cause the Property to violate applicable law or applicable restrictions. The phrase “Permitted Exceptions” means those exceptions to title set forth in the Commitment or the New Survey or the Updated Survey and that have been accepted or deemed accepted by Buyer. Buyer shall notify Seller in writing of any failure of any city ordinancesthe Commitment or New Survey to satisfy the requirements of this Section 6(a) within ten (10) days after the Commitment and New Survey are received by Buyer, not of record with local or county recorders office prior and if Buyer fails to the date of Closingdo so, then they shall be deemed to satisfy such requirements.

Title Approval. a. The Title Policy to be furnished (a) Seller has previously delivered to Buyer shall insure Buyer's title to and Buyer acknowledges receipt of: a Commitment for Title Insurance with copies of all recorded instruments affecting the Property and recited as exceptions in said Commitment for Title Insurance (collectively, the “Commitment”). Within fifteen (15) days of the Effective Date, Seller shall, at Contract of Sale — Wxxxxx Ranch Apartments Seller’s sole cost and expense provide to be good and indefeasible subject only to the following Buyer a current “as-built” survey (“Permitted Title ExceptionsNew Survey”): ) which shall depict the location of the new swimming pool and pool house upon the Land. New Survey must: (1) Title Company’s standard exceptionbe prepared by a Registered Professional Land Surveyor; (2) restrictive covenants affecting be in a form reasonably acceptable to the PropertyTitle Company; (3) set forth a legal description of the Lands by metes and bounds or by reference to a platted lot or lots; (4) show that the New Survey was made on the ground with corners marked with monuments either found or placed; (5) show any discrepancies or conflicts in boundary lines, any shortages in area, or any encroachment or overlapping of improvements, any facts, rights, interests or claims which are not shown by the public record but which could be ascertained by an accurate survey of the land or by making inquiry of persons in possession thereof; (4) taxes and assessments not due and payable at the Commitment (as defined below) dateboundaries, and subsequent assessments for prior years due to change in land usage or ownership; (5) taxes, assessments and/or fees which may arise due to noncompliance of municipal ordinances and/or city, township or county inspections not being obtained or passedany visible encroachments; (6) existing building contain the surveyor’s certificate that the Survey is true and zoning ordinancescorrect; and (7) easements, liens show the location and size of all of the following on or encumbrances or claims thereof which are not shown by immediately adjacent to the public record; (8) any liens or right to lien for services, labor or material imposed by law and not shown by the public record; (9) covenants, conditions and restrictionsLand, if any, appearing if recorded or visible and apparent: (a) buildings, (b) building set back lines (as shown on any recorded plat, but not as may be described in any restrictive covenants or zoning ordinances), (c) streets and roads, (d) 100-year flood plain (approximate location), (e) improvements, (f) encroachments, (g) easements, (h) recording information of recorded easements, (i) pavements, (j) protrusions, (k) fences, (1) rights-of-way, and (m) any markers or other visible evidence of utilities. Any area of the Property within the 100-year flood plain will be shown on the Survey as the approximate location of the 100-year flood plain as defined by the Federal Emergency Management Agency or other applicable governmental authority. If Buyer has an objection to items disclosed in the public record; Commitment or the New Survey, then Buyer will be entitled to give Seller written notice of its objections for a period of ten (10) Business Days following the receipt of the New Survey. If Buyer gives timely written notice of its objections, then Seller may, but shall not have any easements or servitudes appearing obligation to, cure such objections for a period of five (5) days from the date Seller receives Buyer’s notice (“Seller’s Cure Period”). Seller shall utilize reasonable diligence to cure any errors in the public recordsCommitment, provided Seller shall not have any obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing such efforts other than to remove at Closing financing liens of an ascertainable amount created by, through, or under Seller; further provided, notwithstanding the foregoing, Seller is required to cure any objection that may be cured by performance of the following acts: (11A) satisfaction of any leasemortgages placed upon the Property by Seller or expressly assumed by Seller as a lien to secure indebtedness; or (B) causing the release of any mechanic’s liens placed upon the Property by a third party in connection with work performed or alleged to have been performed on the Property by, grantor at the request of, Seller (collectively “Monetary Encumbrances”). At Seller’s option, Seller may elect to cure an objection made by Buyer by causing the Title Company to issue an endorsement to “insure over” such objection (“Seller’s Curative Endorsement”). If any objection is not satisfied during Seller’s Cure Period, then Buyer shall elect not later then five (5) days after the expiration of Seller’s Cure Period, but in any event on or before expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Exxxxxx Money shall be refunded to Buyer, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception or reservation of mineral rights appearing to title not objected to by Buyer in the public record; (12manner and within the time period specified in this Section 6(a) loss or damage arising out of a lien or assessment arising from any work completed shall be deemed accepted by any municipality for snow removalBuyer. Buyer may, grass cuttingat Buyer’s sole cost and expense, securing/boarding obtain an update of the subject Property, debris removal, or assessments for violations New Survey (“Updated Survey”). If the Updated Survey shows exceptions not previously shown on the New Survey (individually a “New Exception” and collectively the “New Exceptions”). Buyer may object to such New Exceptions in accordance with the mechanism contained in this Section 6(a); provided Buyer shall have no right to object to any New Exception if the New Exception (i) is a utility service easement (“Service Easement”) whereby the public utility provides Contract of any of any city ordinances, not of record with local or county recorders office prior to the date of Closing.Sale — Wxxxxx Ranch Apartments