Common use of Title Cure Notice Clause in Contracts

Title Cure Notice. If Buyer timely provides to Seller a written Title Objection Notice, then, within five (5) days after the receipt of Buyer’s Title Objection Notice, Seller shall give to Buyer a written notice (the “Title Cure Notice”) stating that: (i) Seller agrees to use reasonable efforts to cure one or more of the defects identified in the Title Objection Notice on or before the Closing Date, or (ii) Seller does not agree to or cannot cure one or more of the defects identified in the Title Objection Notice; it being understood and agreed that Seller shall not be obligated to cure any defects. If Seller gives Buyer notice that Seller will use reasonable efforts to cure any of the Title Objections, then this transaction shall be closed on the scheduled Closing Date unless Seller notifies Buyer that it cannot effect the cure before the scheduled Closing Date, in which event the Closing Date shall be extended for thirty (30) days to permit Seller to effect such cure.; provided Seller shall have no obligation for its failure to effect such cure. Notwithstanding the foregoing, Seller shall be obligated to eliminate in connection with the Closing all mortgages and assignments of leases and rents, mechanic’s liens, tax liens (except for those which are not yet due and payable or for which prorations are made), assessment liens (except for those which are not yet due and payable or for which prorations are made), judgment liens, mortgage liens, absolute and/or collateral assignments and other similar exceptions to the title to the Property which affect Seller’s Interest (“Monetary Encumbrances”). Seller shall be entitled to use such portion of the Purchase Price as is necessary to pay off all such Monetary Encumbrances and any Title Objection that Seller agrees to use reasonable efforts to cure. The Buyer hereby acknowledges that any instruments evidencing the release or discharge of the Monetary Encumbrances shall be recorded after the Closing in accordance with standard conveyancing practice. If Seller notifies Buyer that Seller will not or cannot remove any Title Objection and/or Monetary Encumbrance, then Buyer shall have the right, at its option, to take either of the following actions: (x) Buyer may terminate this Agreement by written termination notice to Seller received by Seller within five (5) days of delivery of Seller’s Title Cure Notice (or at the extended Closing Date); or (y) Buyer may proceed to close this transaction, in which event Buyer shall waive Buyer’s objections and shall pay to Seller the full Purchase Price.

Title Cure Notice. If Buyer timely provides to Seller a written Title Objection Notice, then, within five (5) days after the receipt of Buyer’s Title Objection Notice, Seller shall give to Buyer a written notice (the “Title Cure Notice”) stating that: that (i) Seller agrees to use reasonable efforts to cure one or more of the defects identified in the Title Objection Notice on or before the Closing Date, or (ii) Seller does not agree to to, or cannot not, cure one or more of the defects identified in the Title Objection Notice; it being understood and agreed that Seller shall not be obligated to cure any defects. If Seller gives Buyer notice that Seller will use reasonable efforts to cure any of the Title Objections, then this transaction shall be closed on the scheduled Closing Date unless Seller notifies Buyer that it cannot effect the cure before the scheduled Closing Date, in which event the Closing Date shall be extended for thirty up to twenty (3020) days to permit Seller to effect such cure.; provided Seller shall have no obligation for its failure to effect such cure. Notwithstanding the foregoing, Seller shall be obligated to eliminate in connection with the Closing all mortgages and assignments of leases and rents, mechanic’s liens, tax liens (except for those which are not yet due and payable or for which prorations are made)liens, assessment liens (except for those which are not yet due and payable or for which prorations are made)liens, judgment liens, mortgage liens, absolute and/or collateral assignments and other similar exceptions to the title to the Property which affect Seller’s Interest (“Monetary Encumbrances”). Seller shall be entitled to use such portion of the Purchase Price as is necessary to pay off all such Monetary Encumbrances and any Title Objection that Seller agrees to use reasonable efforts to cure. The Buyer hereby acknowledges that any instruments evidencing the release or discharge of the Monetary Encumbrances shall be recorded at or after the Closing in accordance with standard conveyancing practice, so long as Title Company deletes them from the Policy at Closing. If Seller notifies Buyer that Seller will not not, or cannot not, remove any Title Objection and/or Monetary EncumbranceObjection, then Buyer shall have the right, at its option, to take either of the following actions: actions (x) Buyer may terminate this Agreement by written termination notice to Seller received by Seller within five (5) business days of delivery of Seller’s Title Cure Notice (or at the extended Closing Date); Notice, or (y) Buyer may proceed to close this transaction, in which event Buyer shall waive Buyer’s objections and shall pay to Seller the full Purchase Price.

Title Cure Notice. If Buyer timely provides to Seller a written Title Objection Notice, then, within five (5) days after the receipt of Buyer’s Title Objection Notice, Seller shall give to Buyer a written notice (the “Title Cure Notice”) stating that: that (i) Seller agrees to use reasonable efforts to cure one or more of the defects identified in the Title Objection Notice on or before the Closing Date, or (ii) Seller does not agree to to, or cannot not, cure one or more of the defects identified in the Title Objection Notice; it being understood and agreed that that, except as expressly provided below in this Section 5(d), Seller shall not be obligated to cure any defects. If Seller gives Buyer notice that Seller will use reasonable efforts to cure any of the Title Objections, then this transaction shall be closed on the scheduled Closing Date unless Seller notifies Buyer that it cannot effect the cure before the scheduled Closing Date, in which event the Closing Date shall be extended for thirty up to fifteen (3015) days to permit Seller to effect such cure.; provided Seller shall have no obligation for its failure to effect such cure. Notwithstanding the foregoing, Seller shall be obligated to eliminate in connection with the Closing all mortgages and assignments of leases and rents, mechanic’s liens, tax liens (except for those which are not yet due and payable or for which prorations are made)liens, assessment liens (except for those which are not yet due and payable or for which prorations are made)liens, judgment liens, mortgage liens, absolute and/or collateral assignments and other similar exceptions to the title to the Property which affect Seller’s Interest (“Monetary Encumbrances”). Seller shall be entitled to use such portion of the Purchase Price as is necessary to pay off all such Monetary Encumbrances and any Title Objection that Seller agrees to use reasonable efforts to cure. The Buyer hereby acknowledges that any instruments evidencing the release or discharge of the Monetary Encumbrances shall be recorded at or after the Closing in accordance with standard conveyancing practice. If Seller notifies Buyer that Seller will not not, or cannot not, remove any Title Objection and/or Monetary EncumbranceObjection, then Buyer shall have the right, at its option, to take either of the following actions: actions (x) Buyer may terminate this Agreement by written termination notice to Seller received by Seller within five (5) days of delivery of Seller’s Title Cure Notice (or at Notice, in which event the extended Closing Date); Deposit shall be promptly returned to Buyer, or (y) Buyer may proceed to close this transaction, in which event Buyer shall waive Buyer’s objections and shall pay to Seller the full Purchase Price.

Title Cure Notice. If Buyer timely provides to Seller a written Title Objection Notice, then, within five three (53) business days after the receipt of Buyer’s such Title Objection Notice, Seller shall give to Buyer a written notice (the “Title Cure Notice”) stating that: that (i) Seller agrees to use reasonable efforts to cure one or more of the defects Title Objections identified in the Title Objection Notice on or before the Closing Date, or (ii) Seller does not agree to to, or cannot not, cure one or more of the defects Title Objections identified in the Title Objection Notice; it being . It is understood and agreed that Seller shall not be obligated to cure any defectsdefects other than Monetary Encumbrances (as hereinafter defined). If Seller timely gives Buyer notice that Seller will use reasonable efforts to cure any all of the Title Objections, then Seller shall by Closing, provide evidence to Buyer that the Title Objections are so cured and, subject to the other terms and conditions of this Agreement, this transaction shall be closed on the scheduled Closing Date unless Seller notifies Buyer that it cannot effect the cure before the scheduled Closing Date, in which event the Closing Date shall be extended for thirty up to fifteen (3015) days to permit Seller to effect such cure.; provided Seller shall have no obligation for its failure to effect such cure. Notwithstanding the foregoing, Seller shall be obligated to eliminate in connection with the Closing all mortgages and assignments of leases and rents, mechanic’s liens, tax liens (except for those which are not yet due and payable or for which prorations are made), assessment liens (except for those which are not yet due and payable or for which prorations are made), judgment liens, mortgage liens, absolute and/or collateral assignments and other similar exceptions to the title to the Property which affect Seller’s Interest (“Monetary Encumbrances”). Seller shall be entitled to use such portion of the Purchase Price as is necessary to pay off all such Monetary Encumbrances and any Title Objection that Seller agrees to use reasonable efforts to cure. The Buyer hereby acknowledges that any instruments evidencing the release or discharge of the Monetary Encumbrances shall be recorded after the Closing in accordance with standard conveyancing practice. If Seller timely notifies Buyer that Seller will not not, or cannot not, remove any Title Objection and/or Monetary EncumbranceObjection, then Buyer shall have the right, at its option, to take either of the following actions: (x) Buyer may terminate this Agreement by written termination notice to Seller received by Seller within five ten (510) days of delivery after Buyer’s receipt of Seller’s Title Cure Notice (or at Notice, in which event the extended Closing Date); Deposit and all interest thereon shall be immediately returned to Buyer and neither party shall have any further liability hereunder except as expressly provided herein, or (y) Buyer may waive Buyer’s Title Objections and, subject to the terms and conditions of this Agreement, proceed to close this transaction, in which event Buyer shall waive Buyer’s objections and shall pay to Seller the full Purchase Price in accordance with and subject to the terms hereof. Notwithstanding the foregoing provisions of this subsection, Seller shall be obligated to eliminate all mortgages and assignments of leases and rents, mechanic’s liens, tax liens, assessment liens, judgment liens, and other similar exceptions to the title to the Real Property (“Monetary Encumbrances”). Seller shall be entitled to use such portion of the Purchase Price as is necessary to pay off all such Monetary Encumbrances, in which event any instruments evidencing the release or discharge of the Monetary Encumbrances shall be recorded at or after the Closing; provided, however, that Seller’s obligation to cure Monetary Encumbrances shall not be limited to the amount of the Purchase Price.