Common use of Title Commitment Review Clause in Contracts

Title Commitment Review. 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 equal to the Inspection Period in which to 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. Any items to which Buyers do not object within the Inspection Period shall 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 title matters shall also be deemed Permitted Exceptions. In the event Buyers terminate this Agreement pursuant to the provisions of this Section, the ▇▇▇▇▇▇▇ Money Deposit shall be 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 provisions for Buyers’ remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall apply to such new title matter.

Title Commitment Review. 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 Buyer shall have a period equal of fifteen (15) days after the receipt of the Commitment to either approve of the Inspection Period in which exceptions (if any) contained therein, or to review such items and to deliver 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 as Buyers may have and proceed with the Closing of the USOC Condominium or to anything contained or set forth terminate this Agreement. Failure by Seller to remove those specified exceptions which Seller has expressly agreed to remove in the Title Commitment. Any items to which Buyers do not object Response Notice within the Inspection Period specified period shall 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 a failure 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 Agreementcondition, in which event neither party hereto the Agreement shall terminate, and the parties shall have any no 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 ▇▇hereunder unless ▇▇▇▇▇ Money Deposit shall be returned to Buyers. If, following the title review period, any new title matters are reflected withdraws its objections 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 provisions for Buyers’ remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall apply to such new title matterwriting.

Title Commitment Review. Within ten (10) business 14 days from after the Effective Agreement Date, Seller shall, at Buyers’ sole cost and expense, furnish to Buyers 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 (“Title CommitmentUnacceptable Exceptions”) for provided, however, that Seller shall first be given the issuance 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 an ownerBuyer’s policy of title insurance in the amount of the Purchase Price to Buyers from the notice, then Buyer may terminate this Agreement. Title Company, together with good and legible copies of all documents constituting exceptions to Seller’s title. Buyers shall have a period equal to the Inspection Period in which to 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. Any items to which Buyers do not object within the Inspection Period Property shall be deemed acceptable to be Buyer if it is subject only to the following exceptions, if any (“Permitted Exceptions.” As to items to ”): (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 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 title matters shall also be deemed Permitted Exceptions. In the event Buyers terminate this Agreement pursuant to the provisions of this Section, the ▇▇▇▇▇▇▇ Money Deposit leases shall be returned assigned by Seller to Buyers. If, following Buyer and assumed by Buyer at closing of the title review period, any new title matters are reflected in an update 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 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 year and the provisions for Buyers’ remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall apply to such new title mattersubsequent years.

Title Commitment Review. Within ten (10) business days from the Effective Date, Seller shall, at Buyers’ Buyer’s sole cost and expense, furnish to Buyers Buyer a current commitment (hereinafter called the “Title Commitment”) for the issuance of an owner’s policy of title insurance in the amount of the Purchase Price $50,000.00 to Buyers Buyer from the Title Company, together with good and legible copies of all documents constituting exceptions to Seller’s title. Buyers Buyer shall have a period equal to the Inspection Period of ten (10) days after receipt in which to review such items and to deliver to Seller in writing such objections as Buyers Buyer may have to anything contained or set forth in the Title Commitment. Any items to which Buyers do Buyer does not object within the Inspection Period shall be deemed to be “Permitted Exceptions.” As to items to which Buyers make objectionsBuyer 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, Buyers 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 title matters shall also be deemed “Permitted Exceptions. .” In the event Buyers terminate Buyer terminates this Agreement pursuant to the provisions of this Section, the ▇▇▇▇▇▇▇ Money Deposit shall be returned to BuyersBuyer. If, If following the title review period, any new title matters are reflected in an update to the Title Commitment, then at Buyers’ Buyer’s sole option, Buyers Buyer may approve such new title matter as an additional Permitted Exception, or Buyers Buyer may object to such new title matter. If Buyers object Buyer objects to a new title matter, then the provisions for Seller cure and the provisions for Buyers’ ▇▇▇▇▇’s remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall apply to such new title matter.