Common use of Title Defects Clause in Contracts

Title Defects. If the Abstract, Title Commitment, the UCC Searches, the Survey or the Property Documents (or any revision or update of any of them) discloses (i) exceptions to title other than Permitted Exceptions or existing encumbrances in an aggregate amount less than the Purchase Price which Seller shall discharge on or before Closing either by payment or credit against the Purchase Price or (ii) any other matter which does not conform to the requirements of this Agreement, Purchaser shall so notify Seller within thirty (30) days of Purchaser’s receipt of the Abstract, Title Commitment, UCC Searches, Survey or the Property Documents and Seller shall have thirty (30) days from the date 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 Purchaser. If within the time specified Seller fails to have each such unpermitted exception removed or correct each such other matter as aforesaid, Purchaser may, at its option, and in addition to all other rights and remedies available to Purchaser under or pursuant to this Agreement, either (i) terminate this Agreement and immediately receive from the Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the parties, shall become null and void and neither party shall have any further rights or obligations under this Agreement, or (ii) elect to accept title to the Property in its then current status 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 Purchaser fails to make either such election and elects not to pursue its other rights and remedies as aforesaid, Purchaser shall be deemed to have elected option (i).

Title Defects. If the Abstract, Title Commitment, the UCC Searches, the Searches or any Survey or the Property Documents (or any revision or update of any of them) discloses (i) exceptions to title other than Permitted Exceptions or existing encumbrances in an aggregate amount less than the Purchase Price which Seller shall discharge on or before Closing either by payment or credit against the Purchase Price or (ii) any other title or survey matter which does not conform to the requirements of this Agreement, Purchaser Acquiror shall so notify Seller within thirty Contributor and Contributor shall have fifteen (3015) days of Purchaser’s receipt of the Abstract, Title Commitment, UCC Searches, Survey or the Property Documents and Seller shall have thirty (30) days from 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 PurchaserAcquiror. If within the time specified Seller Contributor fails to have each such unpermitted exception removed or to correct each such other matter as aforesaid, Purchaser Acquiror may, at its option, and in addition to all other rights and remedies available to Purchaser under or pursuant to this Agreementwhich 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 the Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the partiespartes, 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 Property in its Properties as it then current status 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 Purchaser Acquiror fails to make either such election election, and elects not to pursue its other rights and remedies as aforesaid, Purchaser Acquiror shall be deemed to have elected option (i)) above.

Title Defects. If the Abstract, Title Commitment, the UCC Searches, Searches or the Survey or the Property Documents (or any revision or update of any of them) with respect to any Individual Property discloses (i) exceptions to title other than Permitted Exceptions or existing encumbrances in an aggregate amount less than the Purchase Price which Seller shall discharge on or before Closing either by payment or credit against the Purchase Price or (ii) any other matter which does not conform to the requirements of this Agreement, Purchaser shall so notify Seller the Sellers within thirty fifteen (3015) business days of Purchaser’s 's receipt of all of the Abstract, Title CommitmentCommitments (including copies of all of the documents referenced in said Title Commitments), UCC Searches, Searches and Survey or for each Individual Property and the Property Documents and Seller Sellers shall have thirty five (305) business days from the date of such notice 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 Purchaser, 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 Seller fails or the applicable Sellers fail to have each such unpermitted exception removed or correct each such other matter as aforesaid, Purchaser may, at its option, and in addition to all other rights and remedies available to Purchaser under or pursuant to this Agreement, either (i) terminate this Agreement upon written notice to the Sellers and immediately receive from the Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the parties, shall become null and void and neither no party shall have any further rights or obligations under this Agreement, or (ii) elect to accept title to the Individual Property in its as it then current status 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 Purchaser fails to make either such election and elects not to pursue its other rights and remedies as aforesaidelection, 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 Abstract, Title Commitment, the UCC Searches, Searches or the Survey or the Property Documents (or any revision or update of any of them) with respect to any Individual Property discloses (i) exceptions to title other than Permitted Exceptions or existing encumbrances in an aggregate amount less than the Purchase Price which Seller shall discharge on or before Closing either by payment or credit against the Purchase Price or (ii) any other matter which does not conform to the requirements of this Agreement, Purchaser shall so notify Seller the Sellers within thirty fifteen (3015) business days of Purchaser’s 's receipt of all of the Abstract, Title CommitmentCommitments (including copies of all of the documents referenced in said Title Commitments), UCC Searches, Searches and Survey or for each Individual Property and the Property Documents and Seller Sellers shall have thirty five (305) business days from the date of such notice 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 Purchaser, 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 Seller fails or the applicable Sellers fail to have each such unpermitted exception removed or correct each such other matter as aforesaid, Purchaser may, at its option, and in addition to all other rights and remedies available to Purchaser under or pursuant to this Agreement, either (i) terminate this Agreement upon written notice to the Sellers and immediately receive from the Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the parties, shall become null and void and neither no party shall have any further rights or obligations under this Agreement, or (ii) elect to accept title to the Individual Property in its as it then current status 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 Purchaser fails to make either such election and elects not to pursue its other rights and remedies as aforesaidelection, 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 Abstract, Title Commitment, the UCC Searches, the Searches or any Survey or the Property Documents (or any revision or update of any of them) discloses (i) exceptions to title other than Permitted Exceptions which are not acceptable to Acquiror or existing encumbrances in an aggregate amount less than the Purchase Price which Seller shall discharge on or before Closing either by payment or credit against the Purchase Price or (ii) any other title or survey matter which does not conform to the requirements of this Agreement, Purchaser Acquiror shall so notify Seller within thirty Contributor and Contributor shall have fifteen (3015) days of Purchaser’s receipt of the Abstract, Title Commitment, UCC Searches, Survey or the Property Documents and Seller shall have thirty (30) days from 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 PurchaserAcquiror. If within the time specified Seller Contributor fails to have each such unpermitted exception removed or to correct each such other matter as aforesaid, Purchaser Acquiror may, at its option, and in addition to all other rights and remedies available to Purchaser under or pursuant to this Agreementwhich 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 the fro Escrowee the Xxxxxxx Money, in which event this Agreement, without further action of the partiespartes, 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 Property in its Land and Improvements as it then current status with the right to deduct from the Purchase Price a sum equal to the amount required to discharge is 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 Purchaser Acquiror fails to make either any such election election, and elects not to pursue its other rights and remedies as aforesaid, Purchaser Acquiror shall be deemed to have elected option (i)) above.