Common use of TITLE CONTINGENCY Clause in Contracts

TITLE CONTINGENCY. On or before the fifth (5th) business day following the Seller’s execution of this Agreement, Seller will order for the benefit of the Buyer a commitment for an owner's title insurance policy, together with accurate copies of all matters of record referred to in the commitment, including without limitation those matters of record referred to in Schedule B of the commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven (7) calendar days after receipt of the commitment and copies of all matters of record, to review the commitment and any matters of record or other exclusion or exception noted therein. Such matter(s) of record, exclusions or exceptions (except for those which are, or form the basis for, standard exclusions or exceptions in title insurance commitments and policies normally issued by the Title Company) shall be referred to as the “Title Matters”. If, within such seven (7) calendar day period, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying objection to any Title Matter(s), then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be required to expend more than one percent (1%) of the Purchase Price in the aggregate to correct or eliminate those Title Matter(s); further provided however, notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage, lien or other interest granted by Seller or any lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable to correct or eliminate any Title Matter specified in the Buyer’s Objection Notice, then, on or before the seventh (7th) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer may elect to terminate this Agreement by giving written notice of termination to Seller, whereupon the Deposit will be refunded to Buyer and all other obligations of the parties hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this Agreement by giving written notice of termination to Seller on or before such seventh (7th) calendar day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's Notice.

TITLE CONTINGENCY. On or before the fifth (5th) business day following the Seller’s execution of this Agreement, 20 , Seller will order for the benefit of the Buyer a commitment for an owner's title insurance policy, together with an accurate copies copy of all matters of record referred to in the commitment, including without limitation those matters of record referred to in Schedule B of the title commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven (7( ) calendar days after receipt of the commitment and copies of all matters of record, to review the commitment and to object in writing to any matters of record title defect, lien or other exclusion or exception encumbrance noted therein. Such matter(s) of recordtherein ("Title Matter"), exclusions or exceptions (except for excepting those items which are, or form the basis for, appear as standard exclusions or exceptions in the title insurance commitments and policies normally issued by the Title Company) shall be referred to as the “Title Matters”. If, within such seven (7( ) calendar day perioddays after receipt of the commitment and copies of all matters of record, Buyer delivers written notice ("Buyer's Objection Notice Notice") to Seller specifying objection to any Title Matter(s)Matter to which Buyer objects, then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be required to expend more than one percent (1%$ ) of the Purchase Price in the aggregate to correct or eliminate those any specified Title Matter(s); further provided however, notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage, lien or other interest granted by Seller or any judgment lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any all Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable to correct or eliminate any Title Matter specified in objected to by the Buyer’s Objection Notice, then, on or before the seventh (7th( ) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer may elect to terminate this Agreement by giving written notice of termination to Seller, whereupon the Deposit will be refunded to Buyer and all other obligations of the parties hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this Agreement by giving written notice of termination to Seller on or before such seventh (7th( ) calendar day Day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's Notice.

TITLE CONTINGENCY. On or before Not later than one (1) Business Day after the fifth (5th) business day following the Seller’s execution Opening of this AgreementEscrow, Seller will shall order for a preliminary title report (the benefit of “Title Report”) regarding the Buyer a commitment for an owner's title insurance policyPurchased Property issued by ), (the “Title Company”), together with accurate copies of all matters of record documents referred to as exceptions therein in as legible a form as possible (collectively, the “Title Documents”), copies of which shall be delivered to Buyer not later than five (5) days after the Opening of Escrow. Xxxxx's written approval of the exceptions to title shown in the commitment, including without limitation those matters of record referred to in Schedule B of Title Report (the commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven (7) calendar days after receipt of the commitment and copies of all matters of record, to review the commitment and any matters of record or other exclusion or exception noted therein. Such matter(s) of record, exclusions or exceptions (except for those which are, or form the basis for, standard exclusions or exceptions in title insurance commitments and policies normally issued by the Title Company“Permitted Exceptions”) shall be referred a condition precedent to as the “Title Matters”. If, within such seven (7) calendar day period, Buyer delivers written notice ("Buyer's Objection Notice ") obligation to Seller specifying objection to any Title Matter(s), then Seller will make a good faith effort to correct purchase the Purchased Property. Within the Due Diligence Period Buyer shall approve or eliminate disapprove in writing the Title Matter(s) specified in the Buyer's Objection NoticeDocuments, including all exceptions thereto; provided that Seller will not be required to expend more than one percent (1%) of the Purchase Price in the aggregate to correct or eliminate those Title Matter(s); further provided however, notwithstanding that Buyer’s failure to approve or disapprove the foregoingTitle Report and Title Documents shall constitute Buyer’s disapproval thereof. Upon Xxxxx’s disapproval, the Seller will be obligated shall have five (5) days to expend an amount equal agree to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of cure at Closing any mortgage, lien or other interest granted exceptions disapproved in writing by Seller or any lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any Title Matters not specified in the Buyer's Objection NoticeXxxxx. If the Seller is unable elects not to correct or eliminate cure any Title Matter specified in exceptions disapproved by Buyer, and Buyer elects not to waive its disapproval and to accept such disapproved exception as Permitted Exceptions, then the Agreement shall terminate, the Escrow shall be deemed cancelled, Buyer’s Objection NoticeXxxxxxx Money Deposit shall be returned to Buyer, then, on or before the seventh (7th) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer may elect to terminate this Agreement by giving written notice of termination to Seller, whereupon the Deposit will be refunded to Buyer and all other obligations each Party shall pay ½ of the parties hereunder will cease escrow fees, and this Agreement will be null and void. If Buyer fails neither party shall have any further duty or obligation to terminate this Agreement by giving written notice of termination to Seller on or before such seventh (7th) calendar day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's Noticeother.

TITLE CONTINGENCY. On or before Purchaser's obligation to purchase the fifth Property is subject to its receipt of a preliminary title report (5th) business day following the Seller’s execution of this Agreement"Title Report"), Seller will order for the benefit of the Buyer a commitment for an owner's title insurance policy, together with accurate copies of all matters of record referred to in the commitment, including without limitation those matters of record referred to in Schedule B of the commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven (7) calendar days after receipt of the commitment and , together with legible copies of all matters items and documents referred to in the Title Report. Purchaser acknowledges that the Title Report and accompanying documents have been delivered to Purchaser by Seller. Purchaser shall have until the last day of record, the Feasibility Period to review the commitment and state any matters objections in writing. This contingency shall be deemed satisfied or waived if such written notice of record or other exclusion or exception noted thereinobjection is not received by Seller before such date. Such matter(s) written notice of recordobjection shall state all of Purchaser's objections with specificity. Upon receipt of such notice, exclusions or exceptions (Seller may, but shall not be obligated to, cure such objection, except for those which are, or form the basis for, standard exclusions or exceptions monetary encumbrances in title insurance commitments and policies normally issued by the Title Company) shall be referred to as the “Title Matters”. If, within such seven (7) calendar day period, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying objection to any Title Matter(s), then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be required to expend more than one percent (1%) of the Purchase Price an amount in the aggregate below $100,000. If Seller cures such objections within 15 days, or, if such objections are such that they cannot be cured within 15 days and Seller has commenced curing such objections and thereafter diligently proceeds to correct perfect such cure, then this Agreement shall continue in full force and effect and the Closing Date shall be adjusted accordingly. If Seller is unable or eliminate those chooses not to cure such objections within the time permitted, then this Agreement shall terminate, and Seller shall instruct the Title Matter(s); Company to return the Deposit to Purchaser, and neither party shall have any further provided however, notwithstanding obligations hereunder except for the Surviving Covenants. Notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgagehowever, lien or other interest granted by Seller or any lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable to correct or eliminate any Title Matter specified in the Buyer’s Objection Notice, then, on or before the seventh (7th) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter Purchaser may waive such objections that Seller is unable or chooses not to correct or eliminate, Buyer may elect to terminate this Agreement cure within 10 If required by giving written notice of termination to Seller, whereupon Purchaser will confirm in writing whether this title contingency has been satisfied and, if so, the Deposit will be refunded to Buyer and all other obligations of the parties hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this Agreement by giving written notice of termination to Seller date on or before such seventh (7th) calendar day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's Noticewhich it was satisfied.

TITLE CONTINGENCY. On Notwithstanding the following provisions of this Section 6.5 or any other provision in this Agreement to the contrary, if Purchaser, in Purchaser's sole and exclusive determination, is dissatisfied with the title insurance commitment described in Section 4.2 hereof or any revision thereto (the "Title Commitment"), Purchaser may, by notice given to Seller at any time on or before October 23, 1997, which notice need not specify the fifth (5th) business day following the Seller’s execution particularities of such dissatisfaction, elect to terminate this Agreement, Seller will order in which event the Deposit shall be promptly returned to Purchaser and, thereupon, the parties hereto shall have no further liabilities to each other except for the benefit Surviving Covenants. In addition to and not in limitation of the Buyer a commitment for an ownerpreceding sentence, Purchaser shall have until October 23, 1997 to state any objections in writing. This contingency shall be deemed waived if Purchaser does not give such written notice of objection on or before such date. Such written notice of objection shall state all of Purchaser's title insurance policyobjections with specificity. If, together with accurate copies of all matters of record referred to in the commitment, including without limitation those matters of record referred to in Schedule B of the commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven within five (75) calendar days after receipt of such Notice, Seller fails to give written notice to Purchaser in which Seller agrees to cure and remedy all such objections before Closing, then Purchaser may either (i) terminate this Agreement by giving notice thereof to Seller within five (5) additional days, in which event the commitment Deposit shall be promptly returned to Purchaser and, thereupon, the parties shall have no further liabilities to each other except for the Surviving Covenants, or (ii) waive any such objection(s) (other than objections Seller is required to cure pursuant to Section 4.2 (a) hereof), in which event this Agreement shall remain in full force and copies of all matters of recordeffect. Notwithstanding the foregoing, if Purchaser fails to review do either (i) or (i) above within said five (5) additional days, then this Agreement will automatically terminate and the commitment parties shall have no further obligations to one another except for the Surviving Covenants. If Seller gives such notice agreeing to cure (it being acknowledged that Seller has no duty to cure such objections, except as set forth in Section 4.2(a) hereof), and any matters of record if Seller cures such objections on or other exclusion or exception noted thereinbefore October 23, 1997, or, if such objections are such that they cannot be cured before such date and Seller has commenced curing such objections and thereafter diligently proceeds to perfect such cure (but in no event beyond 45 days), then this Agreement shall continue in full force and effect and the Closing Date shall be adjusted accordingly. Such matter(s) of record, exclusions or exceptions If (except for those which are, or form the basis for, standard exclusions or exceptions in title insurance commitments and policies normally issued by the Title Companyobjections Seller is obliged to cure under Section 4.2 hereof) shall be referred to as the “Title Matters”. If, within such seven (7) calendar day period, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying objection to any Title Matter(s), then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be required to expend more than one percent (1%) of the Purchase Price in the aggregate to correct or eliminate those Title Matter(s); further provided however, notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage, lien or other interest granted by Seller or any lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable or chooses not to correct or eliminate any Title Matter specified in cure such objections within the Buyer’s Objection Noticetime permitted, then, on or before the seventh (7th) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer then Purchaser may elect to terminate this Agreement, in which event the Deposit shall be promptly returned to Purchaser, and thereupon, neither party shall have any further obligations hereunder except for the Surviving Covenants. Notwithstanding the foregoing, however, Purchaser may waive any or all such objections that Seller is unable or chooses not to cure, and upon receipt by Seller of such waiver from Purchaser within ten (10) days after receipt of a notice that Seller is unable or chooses not to cure such objections, this Agreement shall remain in full force and effect with no reduction in the Purchase Price as to such waived objections. If requested by giving written notice of termination to Seller, whereupon the Deposit Purchaser will be refunded to Buyer and all other obligations of the parties hereunder will cease and this Agreement will be null and void. If Buyer fails confirm in writing whether Purchaser has waived its rights to terminate this Agreement by giving written notice of termination pursuant to Seller on or before such seventh (7th) calendar day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's Noticethis Section 6.5.

TITLE CONTINGENCY. On or before As of the fifth Effective Date, Seller shall provided Buyer a copy of its most recent title policy along with the most recent survey Seller has in its possession (5ththe “Original Title Report”). Within fifteen (15) business day days following the Seller’s execution of this AgreementEffective Date, Buyer shall provide Seller will order for the benefit of the Buyer a commitment for with an owner's updated title insurance policy, together with accurate copies of all matters of record referred to in the commitmentreport, including without limitation those matters of record referred to in Schedule B of the commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven all accompanying documents (7) calendar days after receipt of the commitment and copies of all matters of record, to review the commitment and any matters of record or other exclusion or exception noted therein. Such matter(s) of record, exclusions or exceptions (except for those which are, or form the basis for, standard exclusions or exceptions in title insurance commitments and policies normally issued by the Title Company) shall be referred to as the “Title MattersReport”) and Buyer’s objections thereto, such objections stating all of Buyer’s objections with specificity and being limited to matters that (1) did not appear on the Original Title Report or (2) would render title to the Real Property unmerchantable. If, within This contingency shall be deemed satisfied or waived if such seven (7) calendar day period, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying of objection to any Title Matter(s), then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will is not be required to expend more than one percent (1%) of the Purchase Price in the aggregate to correct or eliminate those Title Matter(s); further provided however, notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage, lien or other interest granted received by Seller or any lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable to correct or eliminate any Title Matter specified in the Buyer’s Objection Notice, then, on or before the seventh time required in the preceding sentence. If Buyer requests extended coverage, such coverage shall be at the sole cost and expense of the Buyer and not the Seller, and satisfaction thereof shall not delay Closing. Upon receipt of such notice, Seller may, but shall not be obligated to, cure such objections. If Seller cures such objections within fifteen (7th15) calendar day following delivery by days, or, if such objections are such that they cannot be cured within fifteen (15) days but Seller has commenced curing such objections and thereafter diligently proceeds to Buyer of written notice ("Seller's Notice") specifying any Title Matter that perfect such cure, then this Agreement shall continue in full force and effect and the Closing Date shall be adjusted accordingly. If Seller is unable or chooses not to correct or eliminatecure such objections by the Closing Date, then Buyer may elect to either accept title as may be given as aforesaid without reduction or abatement in purchase price or terminate this Agreement by giving written notice of termination Agreement, in which case Seller shall instruct the Escrow Agent to Seller, whereupon return the Deposit will be refunded to Buyer Buyer, and all other neither party shall have any further obligations of hereunder except for the parties hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this Agreement by giving written notice of termination to Seller on or before such seventh (7th) calendar day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's NoticeSurviving Covenants.

TITLE CONTINGENCY. On or before the fifth (5th) business day following the Seller’s execution of this Agreement, 20 , Seller will order for the benefit of the Buyer a commitment for an owner's title insurance policy, together with an accurate copies copy of all matters of record referred to in the commitment, including without limitation those matters of record referred to in Schedule B of the title commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven (7( ) calendar days after receipt of the commitment and copies of all matters of record, to review the commitment and to object in writing to any matters of record title defect, lien or other exclusion or exception encumbrance noted therein. Such matter(s) of recordtherein ("Title Matter"), exclusions or exceptions (except for excepting those items which are, or form the basis for, appear as standard exclusions or exceptions in the title insurance commitments and policies normally issued by the Title Company) shall be referred to as the “Title Matters”. If, within such seven (7( ) calendar day perioddays after receipt of the commitment and copies of all matters of record, Buyer Xxxxx delivers written notice ("Buyer's Objection Notice Notice") to Seller specifying objection to any Title Matter(s)Matter to which Buyer objects, then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be required to expend more than one percent (1%$ ) of the Purchase Price in the aggregate to correct or eliminate those any specified Title Matter(s); further provided however, notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage, lien or other interest granted by Seller or any judgment lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any all Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable to correct or eliminate any Title Matter specified in objected to by the Buyer’s Objection Notice, then, on or before the seventh (7th( ) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer may elect to terminate this Agreement by giving written notice of termination to Seller, whereupon the Deposit will be refunded to Buyer and all other obligations of the parties hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this Agreement by giving written notice of termination to Seller on or before such seventh (7th( ) calendar day Day following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to any Title Matter specified in the Seller's Notice.