Common use of Title Commitment Review Clause in Contracts

Title Commitment Review. Buyer shall have a period of fifteen (15) days after the receipt 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 have a period of seven (7) business days after Seller's receipt of the Title Objection Notice (a) to remove, or agree to remove prior to the Closing, some or all of Title Objections, and to inform Buyer of the same, or (b) to advise Buyer, in writing, that Seller will not agree to remove some or all of the Title Objections; the foregoing election by Seller being at Seller's sole option and discretion ("Title Response Notice"). If Seller 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 agree to remove some or all of the Title Objections (or Seller is deemed to have so advised Buyer), then Buyer 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 Response Notice within the specified period shall be deemed to be a failure of this condition, in which event the Agreement shall terminate, and the parties shall have no further obligations hereunder unless Xxxxx withdraws its objections in writing.

Title Commitment Review. Buyer Within ten (10) business days from the Effective Date, Seller 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 insurance in the amount of the Purchase Price to Buyers from the Title Company, together with good and legible copies of all documents constituting exceptions to Seller’s title. Buyers shall have a period of fifteen (15) days after equal to the receipt of the Commitment Inspection Period in which to either approve of the exceptions (if any) contained therein, or review such items and to notify deliver to Seller in writing (the "Title Objection Notice"), specifying any exceptions to which Buyer objects (the "Title Objections"). Seller shall have a period of seven (7) business days after Seller's receipt of the Title Objection Notice (a) to remove, or agree to remove prior to the Closing, some or all of Title Objections, and to inform Buyer of the same, or (b) to advise Buyer, in writing, that Seller will not agree to remove some or all of the Title Objections; the foregoing election by Seller being at Seller's sole option and discretion ("Title Response Notice"). If Seller 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 agree to remove some or all of the Title Objections (or Seller is deemed to have so advised Buyer), then Buyer 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 as Buyers may have to anything contained or to terminate this Agreement. Failure by Seller to remove those specified exceptions which Seller has expressly agreed to remove set forth in the Title Response Notice Commitment. Any items to which Buyers do not object within the specified period Inspection Period shall be deemed to be a failure “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 conditionAgreement, 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 title matters shall also be deemed Permitted Exceptions. In the event Buyers terminate this Agreement pursuant to the provisions of this Section, the Xxxxxxx Money Deposit shall terminatebe returned to Buyers. If, following the title review period, any new title matters are reflected in an update to the Title Commitment, then at Buyers’ sole option, Buyers may approve such new title matter as an additional Permitted Exception, or Buyers may object to such new title matter. If Buyers object to a new title matter, then the provisions for Seller cure and the parties provisions for Buyers’ remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall have no further obligations hereunder unless Xxxxx withdraws its objections in writingapply to such new title matter.

Title Commitment Review. Buyer shall have a period of fifteen (15) 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 Commitment to either approve 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 exceptions property for Buyer’s Intended Use; (c) Party wall rights and agreements; (d) Existing leases and tenancies (if any) contained thereinas listed on Exhibit C, or to notify Seller in writing (the "Title Objection Notice"), specifying any exceptions to which Buyer objects (the "Title Objections"). Seller shall have a period of seven (7) business days after Seller's receipt of the Title Objection Notice (a) to remove, or agree to remove prior to the Closing, some or all of Title Objections, and to inform Buyer of the same, or (b) to advise Buyer, in writing, that Seller will not agree to remove some or all of the Title Objections; the foregoing election by Seller being at Seller's sole option and discretion ("Title Response Notice"). If Seller fails to timely deliver to Buyer the Title Response Notice, it leases 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 agree to remove some or all of the Title Objections (or Seller is deemed to have so advised Buyer), then Buyer 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 assigned by Seller to remove those specified exceptions which 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 has expressly agreed to remove in the Title Response Notice within the specified period shall be deemed (if any) to be a failure assumed by Buyer as listed on Exhibit D and mortgage(s) of this condition, in which event Buyer; and (g) General taxes for the Agreement shall terminate, year and the parties shall have no further obligations hereunder unless Xxxxx withdraws its objections in writingsubsequent years.

Title Commitment Review. Within ten (10) business days from the Effective Date, Seller shall, at Buyer’s sole cost and expense, furnish to Buyer a current commitment (hereinafter called the “Title Commitment”) for the issuance of an owner’s policy of title insurance in the amount of $50,000.00 to Buyer from the Title Company, together with good legible copies of all documents constituting exceptions to Seller’s title. Buyer shall have a period of fifteen ten (1510) days after the receipt of the Commitment in which to either approve of the exceptions (if any) contained therein, or review such items and to notify deliver to Seller in writing (such objections as Buyer may have to anything contained or set forth in the "Title Objection Notice"), specifying any exceptions Commitment. Any items to which Buyer objects (the "Title Objections"). Seller shall have a period of seven (7) business days after Seller's receipt of the Title Objection Notice (a) to remove, or agree to remove prior to the Closing, some or all of Title Objections, and to inform Buyer of the same, or (b) to advise Buyer, in writing, that Seller will does not agree to remove some or all of the Title Objections; the foregoing election by Seller being at Seller's sole option and discretion ("Title Response Notice"). If Seller 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 agree to remove some or all of the Title Objections (or Seller is deemed to have so advised Buyer), then Buyer 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 Response Notice object within the specified period Inspection Period shall be deemed to be a failure “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 conditionAgreement, 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 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 terminatebe returned to Buyer. If following the title review period, any new title matters are reflected in an update to the Title Commitment, then at Buyer’s sole option, Buyer may approve such new title matter as an additional Permitted Exception, or Buyer may object to such new title matter. If Buyer objects to a new title matter, then the provisions for Seller cure and the parties provisions for Xxxxx’s remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall have no further obligations hereunder unless Xxxxx withdraws its objections in writingapply to such new title matter.