Common use of Title Defects Clause in Contracts

Title Defects. If the Title Commitment, the UCC Searches or any Survey (or any revision or update of any of them) discloses exceptions to title other than Permitted Exceptions or any other title or survey matter which does not conform to the requirements of this Agreement, Acquiror shall so notify Contributor and Contributor shall have fifteen (15) days after the date of Contributor's receipt of such notice to have each such unpermitted exception to title removed or to correct each such other matter, in each case to the reasonable satisfaction of Acquiror. If within the time specified Contributor fails to have each such unpermitted exception removed or to correct each such other matter as aforesaid, Acquiror may, at its option, which option must be selected by Acquiror within ten (10) days after the expiration of Contributor's fifteen (15) day cure period described above, either (i) terminate this Agreement upon written notice to Contributor and immediately receive from Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the partes, shall become null and void and neither party shall have any further rights or obligations under this Agreement, except with respect to the indemnities contained in Sections 12 and 15B (the "Surviving Indemnities") or (ii) elect to accept title to the Properties as it then is with the right to deduct from the Purchase Price a sum equal to the amount required to discharge liens or encumbrances of a definite or ascertainable amount. If Acquiror fails to make either such election, and elects not to pursue its other rights and remedies as aforesaid, Acquiror shall be deemed to have elected option (i) above.

Title Defects. If the Title Commitment, the UCC Searches or any Survey (or any revision or update of any of them) discloses exceptions to title other than Permitted Exceptions which are not acceptable to Acquiror or any other title or survey matter which does not conform to the requirements of this Agreement, Acquiror shall so notify Contributor and Contributor shall have fifteen (15) days after the date of Contributor's receipt of such notice to have each such unpermitted exception to title removed or to correct each such other matter, in each case to the reasonable satisfaction of Acquiror. If within the time specified Contributor fails to have each such unpermitted exception removed or to correct each such other matter as aforesaid, Acquiror may, at its option, which option must be selected by Acquiror within ten (10) days after the expiration of Contributor's fifteen (15) day cure period described above, either (i) terminate this Agreement upon written notice to Contributor and immediately receive from fro Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the partes, shall become null and void and neither party shall have any further rights or obligations under this Agreement, except with respect to the indemnities contained in Sections 12 and 15B (the "Surviving Indemnities") (ii) terminate this Agreement with respect to the affected Property or Additional Property only upon written notice to Contributor, and immediately receive from Escrowee the portion of the Xxxxxxx Money allocable to such Property or Additional Property, in which event this Agreement, without further action of the parties, shall become null and void as to such Property or Additional Property (but shall remain in full force and effect with respect to the other Properties and Additional Property, as the case may be) and neither party shall have any further rights or obligations under this Agreement with respect to such Property or Additional Property, except with respect to the Surviving Indemnities, or (iiiii) elect to accept title to the Properties Land and Improvements as it then is with the right to deduct from the Purchase Price a sum equal to the amount required to discharge and waive any unpermitted exceptions that do not constitute liens or encumbrances that can be discharged by payment of a definite or ascertainable amount; provided, however, that termination with respect to more than one Property or termination with respect to Logo 7 Court shall result in a termination of this Agreement pursuant to option (i) above. If Acquiror fails to make either any such election, and elects not to pursue its other rights and remedies as aforesaid, Acquiror shall be deemed to have elected option (i) above.

Title Defects. If the Title Commitment, the UCC Searches or any the Survey (or any revision or update of any of them) with respect to any Individual Property discloses exceptions to title other than Permitted Exceptions or any other title or survey matter which does not conform to the requirements of this Agreement, Acquiror Purchaser shall so notify Contributor and Contributor shall have the Sellers within fifteen (15) business days after the date of ContributorPurchaser's receipt of such notice all of the Title Commitments (including copies of all of the documents referenced in said Title Commitments), UCC Searches and Survey for each Individual Property and the Sellers shall have five (5) business days to agree to have each such unpermitted exception to title removed or to correct each such other matter, in each case to the reasonable satisfaction of AcquirorPurchaser, on or before the Closing Date. If the Sellers do not agree to remove or correct any such exception or other matter within the time specified Contributor fails or the applicable Sellers fail to have each such unpermitted exception removed or to correct each such other matter as aforesaid, Acquiror Purchaser may, at its option, which option must be selected by Acquiror within ten (10) days after the expiration of Contributor's fifteen (15) day cure period described above, either (i) terminate this Agreement upon written notice to Contributor the Sellers and immediately receive from Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the partesparties, shall become null and void and neither no party shall have any further rights or obligations under this Agreement, except with respect to the indemnities contained in Sections 12 and 15B (the "Surviving Indemnities") or (ii) elect to accept title to the Properties Individual Property as it then is with the right to deduct from the Purchase Price a sum equal to the amount required to discharge liens or encumbrances of a definite or ascertainable amount. If Acquiror Purchaser fails to make either such election, and elects not to pursue its other rights and remedies as aforesaid, Acquiror Purchaser shall be deemed to have elected option (i) above. The rights and remedies of Purchaser set forth in this Section 4(C) shall be the exclusive rights and remedies available to Purchaser with respect to unpermitted exceptions to title.

Title Defects. If the Title Commitment, the UCC Searches or any the Survey (or any revision or update of any of them) with respect to any Individual Property discloses exceptions to title other than Permitted Exceptions or any other title or survey matter which does not conform to the requirements of this Agreement, Acquiror Purchaser shall so notify Contributor and Contributor shall have the Sellers within fifteen (15) business days after the date of ContributorPurchaser's receipt of such notice all of the Title Commitments (including copies of all of the documents referenced in said Title Commitments), UCC Searches and Survey for each Individual Property and the Sellers shall have five (5) business days to agree to have each such unpermitted exception to title removed or to correct each such other matter, in each case to the reasonable satisfaction of AcquirorPurchaser, on or before the Closing Date. If the Sellers do not agree to remove or correct any such exception or other matter within the time specified Contributor fails or the applicable Sellers fail to have each such unpermitted exception removed or to correct each such other matter as aforesaid, Acquiror Purchaser may, at its option, which option must be selected by Acquiror within ten (10) days after the expiration of Contributor's fifteen (15) day cure period described above, either (i) terminate this Agreement upon written notice to Contributor the Sellers and immediately receive from Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the partesparties, shall become null and void and neither no party shall have any further rights or obligations under this Agreement, except with respect to the indemnities contained in Sections 12 and 15B (the "Surviving Indemnities") or (ii) elect to accept title to the Properties Individual Property as it then is with the right to deduct from the Purchase Price a sum equal to the amount required to discharge liens or encumbrances of a definite or ascertainable amount. If Acquiror Purchaser fails to make either such election, and elects not to pursue its other rights and remedies as aforesaid, Acquiror Purchaser shall be deemed to have elected option (i) above. The rights and remedies of Purchaser set forth in this Section 4(C) shall be the exclusive rights and remedies available to Purchaser with respect to unpermitted exceptions to title. 5.

Title Defects. If the Title Commitment, the UCC Searches or any Survey (or any revision or update of any of them) discloses exceptions to title other than Permitted Exceptions or any other title or survey matter objectionable to Purchaser, in its reasonable discretion, except for exceptions relating to Seller’s existing financing which does not conform Seller shall cause to the requirements of this Agreementbe removed at Closing, Acquiror Purchaser shall so notify Contributor Seller within ten (10) days following Purchaser’s receipt of the latest to be received of the Title Commitment and Contributor the Survey (the “Title Objection Date”), and Seller shall have fifteen twenty (1520) days after from the date of Contributor's receipt of such notice to have each such unpermitted exception to title removed removed, or to have the Title Insurer commit to insure over such unpermitted exception, or to correct each such other matter, in each case to the reasonable satisfaction of Acquiror. If within the time specified Contributor such 20-day period, Seller fails to have each such unpermitted exception removed removed, insured over or to correct each such other matter corrected as aforesaid, Acquiror may, at its option, which option must be selected by Acquiror Purchaser may elect within ten five (105) business days after the expiration of Contributor's fifteen such twenty (1520) day cure period described aboveperiod, as its sole and exclusive remedy in such event, to either (i) terminate this Agreement upon written notice to Contributor and immediately receive from Escrowee the Xxxxxxx Money, in which event whereupon this Agreement, without further action of the partes, Agreement shall become be null and void and neither party shall have of no further force or effect (except for any further rights or obligations under that expressly survive the termination of this AgreementAgreement and/or the Closing), except with respect to the indemnities contained in Sections 12 and 15B (the "Surviving Indemnities") or (ii) elect to accept title to the Properties as it then is Property subject to such objectionable exception (with the right to deduct from no reduction in the Purchase Price a sum equal Price) whereupon such exception(s) which had been objected to the amount required to discharge liens or encumbrances of a definite or ascertainable amountshall be deemed approved and shall constitute Permitted Exceptions. If Acquiror Purchaser fails to make either such election, and elects not to pursue its other rights and remedies as aforesaid, Acquiror Purchaser shall be deemed to have elected option (i) aboveii). Any matters disclosed by either the Title Commitment or the Survey and not objected to by Purchaser on or before the Title Objection Date shall be deemed approved by Purchaser and shall constitute Permitted Exceptions.