Common use of Title Commitment Review Clause in Contracts

Title Commitment Review. Within 14 days after the Agreement Date, Seller shall provide Buyer with a current title commitment in a preliminary amount of $10,000, covering title to the real estate described on Exhibit A. Unless Buyer and/or Buyer’s counsel objects to encumbrances shown in the title commitment (other than the Permitted Exceptions described below) within 15 days after receipt from Seller, than all objections thereto shall conclusively presumed to be waived by Buyer. During the 30-day period, Buyer may, by written notice to Seller, cancel this agreement in the event Buyer finds any conditions of title reflected in such title commitment which are objectionable to Buyer in Buyer’s sole and absolute discretion (“Unacceptable Exceptions”) provided, however, that Seller shall first be given the opportunity to remove or insure over the Unacceptable Exceptions. If Seller is unable to remove or insure over the Unacceptable Exceptions within 15 business days of Buyer’s notice, then Buyer may terminate this Agreement. Title to the Property shall be deemed acceptable to Buyer if it is subject only to the following exceptions, if any (“Permitted Exceptions”): (a) Conditions, Covenants, and Restrictions of Record, provided same do not prohibit use of the property for Buyer’s Intended Use; (b) Easements of record for the benefit of private parties and the public, for the following uses: utilities, drainage, and roads and highways, provided same do not prohibit use of the property for Buyer’s Intended Use; (c) Party wall rights and agreements; (d) Existing leases and tenancies (if any) as listed on Exhibit C, which leases shall be assigned by Seller to Buyer and assumed by Buyer at closing of the sale of the Property, (e) Special taxes or assessments for improvements not yet completed and for improvements already completed; (f) Mortgage(s) of Seller (if any) to be assumed by Buyer as listed on Exhibit D and mortgage(s) of Buyer; and (g) General taxes for the year and subsequent years.

Title Commitment Review. Within 14 ten (10) business days after from the Agreement Effective Date, Seller shall provide shall, at Buyer’s sole cost and expense, furnish to Buyer with a current commitment (hereinafter called the “Title Commitment”) for the issuance of an owner’s policy of title commitment insurance in a preliminary the amount of $10,00050,000.00 to Buyer from the Title Company, covering title together with good legible copies of all documents constituting exceptions to the real estate described on Exhibit A. Unless Seller’s title. Buyer and/or Buyer’s counsel objects to encumbrances shown in the title commitment shall have a period of ten (other than the Permitted Exceptions described below10) within 15 days after receipt from Seller, than all in which to review such items and to deliver to Seller in writing such objections thereto as Buyer may have to anything contained or set forth in the Title Commitment. Any items to which Buyer does not object within the Inspection Period shall conclusively presumed be deemed to be “Permitted Exceptions.” As to items to which Buyer makes objection, Seller shall have the right, but not the obligation, to attempt to effectuate the cure of such objections. In the event Seller is not able to cure such matters prior to Closing, Buyer shall have the right to either (i) terminate this Agreement, in which event neither party hereto shall have any further obligations hereunder, or (ii) waive such title matters and proceed to Closing, whereupon such waived by title matters shall also be deemed “Permitted Exceptions.” In the event Buyer terminates this Agreement pursuant to the provisions of this Section, the Xxxxxxx Money Deposit shall be returned to Buyer. During If following the 30-day title review period, any new title matters are reflected in an update to the Title Commitment, then at Buyer’s sole option, Buyer maymay approve such new title matter as an additional Permitted Exception, by written notice or Buyer may object to Sellersuch new title matter. If Buyer objects to a new title matter, cancel this agreement then the provisions for Seller cure and the provisions for Xxxxx’s remedies in the event Buyer finds any conditions of title reflected in such title commitment which are objectionable to Buyer in Buyer’s sole and absolute discretion (“Unacceptable Exceptions”) provided, however, that Seller shall first be given the opportunity to remove or insure over the Unacceptable Exceptions. If Seller is unable not able to remove or insure over cure, as set forth in the Unacceptable Exceptions within 15 business days of Buyer’s noticepreceding paragraph, then Buyer may terminate this Agreement. Title shall apply to the Property shall be deemed acceptable to Buyer if it is subject only to the following exceptions, if any (“Permitted Exceptions”): (a) Conditions, Covenants, and Restrictions of Record, provided same do not prohibit use of the property for Buyer’s Intended Use; (b) Easements of record for the benefit of private parties and the public, for the following uses: utilities, drainage, and roads and highways, provided same do not prohibit use of the property for Buyer’s Intended Use; (c) Party wall rights and agreements; (d) Existing leases and tenancies (if any) as listed on Exhibit C, which leases shall be assigned by Seller to Buyer and assumed by Buyer at closing of the sale of the Property, (e) Special taxes or assessments for improvements not yet completed and for improvements already completed; (f) Mortgage(s) of Seller (if any) to be assumed by Buyer as listed on Exhibit D and mortgage(s) of Buyer; and (g) General taxes for the year and subsequent yearssuch new title matter.

Title Commitment Review. Within 14 Buyer shall have a period of fifteen (15) days after the Agreement Datereceipt of the Commitment to either approve of the exceptions (if any) contained therein, or to notify Seller in writing (the "Title Objection Notice"), specifying any exceptions to which Buyer objects (the "Title Objections"). Seller shall provide Buyer with have a current title commitment in a preliminary amount period of $10,000seven (7) business days after Seller's receipt of the Title Objection Notice (a) to remove, covering title or agree to remove prior to the real estate described on Exhibit A. Unless Closing, some or all of Title Objections, and to inform Buyer and/or of the same, or (b) to advise Buyer’s counsel objects to encumbrances shown , in the title commitment (other than the Permitted Exceptions described below) within 15 days after receipt from Seller, than all objections thereto shall conclusively presumed to be waived by Buyer. During the 30-day period, Buyer may, by written notice to Seller, cancel this agreement in the event Buyer finds any conditions of title reflected in such title commitment which are objectionable to Buyer in Buyer’s sole and absolute discretion (“Unacceptable Exceptions”) provided, howeverwriting, that Seller shall first be given the opportunity will not agree to remove some or insure over all of the Unacceptable ExceptionsTitle Objections; the foregoing election by Seller being at Seller's sole option and discretion ("Title Response Notice"). If Seller is unable fails to timely deliver to Buyer the Title Response Notice, it shall be conclusively deemed that Seller has elected not to remove any of the Title Objections. If Seller advises Buyer in its Title Response Notice that it will not remove or insure over agree to remove some or all of the Unacceptable Exceptions within 15 business days of Title Objections (or Seller is deemed to have so advised Buyer’s notice), then Buyer may shall have until three (3) days after Buyer’s receipt of Title Response Notice to advise Seller, in writing, whether Buyer elects to waive such objections and proceed with the Closing of the USOC Condominium or to terminate this Agreement. Failure by Seller to remove those specified exceptions which Seller has expressly agreed to remove in the Title to Response Notice within the Property specified period shall be deemed acceptable to Buyer if it is subject only to be a failure of this condition, in which event the following exceptions, if any (“Permitted Exceptions”): (a) Conditions, CovenantsAgreement shall terminate, and Restrictions of Record, provided same do not prohibit use of the property for Buyer’s Intended Use; (b) Easements of record for the benefit of private parties and the public, for the following uses: utilities, drainage, and roads and highways, provided same do not prohibit use of the property for Buyer’s Intended Use; (c) Party wall rights and agreements; (d) Existing leases and tenancies (if any) as listed on Exhibit C, which leases shall be assigned by Seller to Buyer and assumed by Buyer at closing of the sale of the Property, (e) Special taxes or assessments for improvements not yet completed and for improvements already completed; (f) Mortgage(s) of Seller (if any) to be assumed by Buyer as listed on Exhibit D and mortgage(s) of Buyer; and (g) General taxes for the year and subsequent yearshave no further obligations hereunder unless Xxxxx withdraws its objections in writing.

Title Commitment Review. Within 14 ten (10) business days after from the Agreement Effective Date, Seller shall provide Buyer with shall, at Buyers’ sole cost and expense, furnish to Buyers a current commitment (“Title Commitment”) for the issuance of an owner’s policy of title commitment insurance in a preliminary the amount of $10,000the Purchase Price to Buyers from the Title Company, covering title together with good and legible copies of all documents constituting exceptions to Seller’s title. Buyers shall have a period equal to the real estate described on Exhibit A. Unless Buyer and/or Buyer’s counsel objects Inspection Period in which to encumbrances shown review such items and to deliver to Seller in writing such objections as Buyers may have to anything contained or set forth in the title commitment (other than Title Commitment. Any items to which Buyers do not object within the Permitted Exceptions described below) within 15 days after receipt from Seller, than all objections thereto Inspection Period shall conclusively presumed be deemed to be “Permitted Exceptions.” As to items to which Buyers make objections, Seller shall have the right, but not the obligation, to attempt to effectuate the cure of such objections. In the event Seller is not able to cure such matters prior to Closing, Buyers shall have the right to either (i) terminate this Agreement, in which event neither party hereto shall have any further obligations hereunder, or (ii) waive such title matters and proceed to Closing, whereupon such waived by Buyertitle matters shall also be deemed Permitted Exceptions. During In the 30-day event Buyers terminate this Agreement pursuant to the provisions of this Section, the Xxxxxxx Money Deposit shall be returned to Buyers. If, following the title review period, Buyer mayany new title matters are reflected in an update to the Title Commitment, by written notice then at Buyers’ sole option, Buyers may approve such new title matter as an additional Permitted Exception, or Buyers may object to Sellersuch new title matter. If Buyers object to a new title matter, cancel this agreement then the provisions for Seller cure and the provisions for Buyers’ remedies in the event Buyer finds any conditions of title reflected in such title commitment which are objectionable to Buyer in Buyer’s sole and absolute discretion (“Unacceptable Exceptions”) provided, however, that Seller shall first be given the opportunity to remove or insure over the Unacceptable Exceptions. If Seller is unable not able to remove or insure over cure, as set forth in the Unacceptable Exceptions within 15 business days of Buyer’s noticepreceding paragraph, then Buyer may terminate this Agreement. Title shall apply to the Property shall be deemed acceptable to Buyer if it is subject only to the following exceptions, if any (“Permitted Exceptions”): (a) Conditions, Covenants, and Restrictions of Record, provided same do not prohibit use of the property for Buyer’s Intended Use; (b) Easements of record for the benefit of private parties and the public, for the following uses: utilities, drainage, and roads and highways, provided same do not prohibit use of the property for Buyer’s Intended Use; (c) Party wall rights and agreements; (d) Existing leases and tenancies (if any) as listed on Exhibit C, which leases shall be assigned by Seller to Buyer and assumed by Buyer at closing of the sale of the Property, (e) Special taxes or assessments for improvements not yet completed and for improvements already completed; (f) Mortgage(s) of Seller (if any) to be assumed by Buyer as listed on Exhibit D and mortgage(s) of Buyer; and (g) General taxes for the year and subsequent yearssuch new title matter.