Common use of Title Examination and Survey Clause in Contracts

Title Examination and Survey. Purchaser shall have the right to examine Seller’s title to the Property, including, without limitation, matters of survey. In the event Purchaser is not satisfied with any matter (including without limitation as set forth in Section 1.3 hereof) of title disclosed by the Title Commitment or any matter of survey, Purchaser shall give written notice thereof to Seller by 5:00 p.m. on March 25, 2015. Seller shall have the right, but not the obligation, to cure any such objections to Seller’s title at or prior to Closing, except that Seller shall be obligated to discharge and remove all mortgage liens, judgment liens, tax liens, mechanics liens and other monetary type liens which can be discharged by the payment of a sum certain which results from or arises from an act by Seller or as a result of work or materials furnished to the Property at the request of Seller (collectively, the “Monetary Liens”). Seller shall notify Purchaser within two business (2) days after receipt of Purchaser’s notice raising title objections of whether Seller elects to cure the same, and a failure to notify shall be deemed an election not to cure. If Seller fails or elects not to cure any of Purchaser’s objections prior to Closing (other than Monetary Liens) or in the event any matter of title or matter of survey which adversely affects the Property arises after the date of the Title Commitment and prior to Closing, Purchaser, at its election, may either (i) terminate this Agreement, whereupon the Escrow Agent shall return the entire Xxxxxxx Money to Purchaser and neither party will have any further rights, duties or obligations hereunder (other than those which expressly survive a termination hereof), or (ii) waive such objection and consummate the transactions contemplated hereby without reduction in the Purchase Price. For the purposes of this Agreement, the term “Permitted Exceptions” shall mean: (A) current taxes not yet due and payable; (B) residential (and not commercial) tenants in possession (but only to the extent set forth on the Rent Roll or new leases entered into prior to Closing in accordance with the terms of this Agreement) under unrecorded residential leases affecting the Property, as residential tenants only without any rights to purchase the Property; and (C) all items of record shown on the Title Commitment or the Existing Survey, or any updates thereto, and (i) not subject to objection by Purchaser hereunder, (ii) not timely objected to by Purchaser or (iii) timely objected to by Purchaser, with a subsequent waiver or deemed waiver. At the Closing Seller shall convey to Purchaser, good and marketable fee simple title to the Property, subject only to the Permitted Exceptions.

Title Examination and Survey. Purchaser shall have Buyer acknowledges that Seller has provided to Buyer a commitment for the issuance of a CLTA owner's policy of title insurance, in the amount of the Purchase Price, issued by Chicago Title Insurance Company (the "Title Commitment"). Subject to Buyer's right to examine Seller’s make title to objections as hereinafter provided, the Property, including, without limitation, exceptions shown on Schedule B of the Title Commitment shall be deemed the "Permitted Exceptions" for all purposes of this Contract. Those matters of survey. In the event Purchaser is not satisfied with any matter (including without limitation as set forth in Section 1.3 hereof) of title disclosed by the Title Commitment or Commitment, together with any matter of surveyapplicable zoning ordinances, Purchaser other land use laws and regulations together with taxes for the current tax year not then due and payable shall give written notice thereof also be deemed Permitted Exceptions. Within five (5) days after the Effective Date, Buyer shall be entitled to deliver to Seller a written statement of any objections to Seller's title. In objecting to Seller's title, Buyer shall be obligated to act reasonably and agrees not to object to easements of record and other matters which would not materially affect the operation of the Property in its present use. If Seller cures the objections, Buyer's objections shall be deemed satisfied. If said objections are satisfied on or before the Date of Closing (as the same may be extended by 5:00 p.m. Seller pursuant to the provisions of Paragraph 4, above), Buyer shall be obligated to close unless a later encumbrance shall be filed of record on March 25, 2015or before the Date of Closing. Seller shall have the right, but not the obligation, same right to cure any said later encumbrance. If such objections to Seller’s title at or prior to Closinglater encumbrance is satisfied, except that Seller Buyer shall thereupon be obligated to discharge and remove all mortgage liens, judgment liens, tax liens, mechanics liens and other monetary type liens which can be discharged by the payment of a sum certain which results from or arises from an act by Seller or as a result of work or materials furnished to the Property at the request of Seller (collectively, the “Monetary Liens”). Seller shall notify Purchaser within two business (2) days after receipt of Purchaser’s notice raising title objections of whether Seller elects to cure the same, and a failure to notify shall be deemed an election not to cureclose. If any objections to title are not timely made or if Seller fails or elects is not to cure any of Purchaser’s objections prior to Closing (other than Monetary Liens) or in the event any matter of title or matter of survey which adversely affects the Property arises after the date of the Title Commitment and prior to Closing, Purchaser, at its election, may either (i) terminate this Agreement, whereupon the Escrow Agent shall return the entire Xxxxxxx Money to Purchaser and neither party will have any further rights, duties or obligations hereunder (other than those which expressly survive a termination hereof), or (ii) waive such objection and consummate the transactions contemplated hereby without reduction in the Purchase Price. For the purposes of this Agreement, the term “Permitted Exceptions” shall mean: (A) current taxes not yet due and payable; (B) residential (and not commercial) tenants in possession (but only to the extent set forth on the Rent Roll or new leases entered into prior to Closing properly notified in accordance with the terms notice provisions of this Agreement) under unrecorded residential leases affecting Contract, all such objections shall be deemed waived. Buyer agrees that Seller shall have no obligation to satisfy any title objections, including but not limited to, expending more than $25,000.00 in the Propertyaggregate to remove mechanic's or materialman's liens encumbering the Property or to obtain affirmative title insurance. For purposes of this Contract, as residential tenants only without any rights a title objection shall be deemed cured if the title insurance company is induced to purchase remove the Property; and (C) all items of record shown on item objected to from the Title Commitment or such that it no longer appears as an exception thereon. The rights of the Existing Surveyparties with respect to any uncured objections to title which are timely made and with respect to which Seller has been properly notified shall be governed by Paragraph 8, or below. In the event Buyer elects to have made a survey of the Subject Premises, then any updates theretoobjections to title based upon such survey shall be governed by the preceding paragraph. Any such objections shall be due to Seller on the same date as the title objections are due, and (i) not subject the failure to objection by Purchaser hereunder, (ii) not timely objected to by Purchaser or (iii) timely objected to by Purchaser, with deliver any such objections shall constitute a subsequent waiver or deemed waiver. At the Closing Seller shall convey to Purchaser, good and marketable fee simple title to the Property, subject only to the Permitted Exceptionsthereof.

Title Examination and Survey. Purchaser Prior to Closing, Buyer, at its option may obtain a title insurance commitment to insure transfer of title to Buyer in the amount of the Purchase Price, subject only to the matters set forth in Exhibit B attached hereto which were matters affecting the Property at the time of its conveyance to Seller (the "Permitted Exceptions"), and real property taxes which are the obligation of Buyer under the Mining Lease. Buyer shall have until Closing Date to examine Seller's title to the Real Property, to cause a survey of the Real Property to be made, if Buyer elects, and to furnish Seller with a written statement of defects shown by the title insurance commitment or the survey. Buyer shall also have until the Closing Date the right to examine Seller’s update the title search, and to update the survey, and to give Seller written notice of any new title objections appearing of record between the effective date of the initial commitment or the date of the survey and the Closing Date. If Buyer furnishes the aforesaid written notice or notices within the permitted time, Seller shall have until the earlier of the Closing Date or ten (10) days after receipt thereof in which to indicate to Buyer which of the title objections raised by Buyer Seller will cure and those which it declines to cure; provided, however, Seller must cure all monetary encumbrances affecting title to the Propertyreal property as a result of any act or omission of Seller such as security deeds, includingmortgages, without limitationjudgment liens, matters liens for materialmen or mechanics resulting from any work undertaken by Seller, but not taxes, which are the responsibility of survey. In Buyer under the event Purchaser is not satisfied with any matter (including without limitation as set forth in Section 1.3 hereof) of title disclosed by the Title Commitment or any matter of survey, Purchaser shall give written notice thereof to Seller by 5:00 p.m. on March 25, 2015Mining Lease. Seller shall have until the Closing Date the right, but not the obligationobligation (except for those items Seller expressly elects in writing to cure and all monetary encumbrances), to satisfy or cure any such objections to Seller’s title at or prior to Closing, except that Seller shall be obligated to discharge and remove all mortgage liens, judgment liens, tax liens, mechanics liens and other monetary type liens which can be discharged by the payment of a sum certain which results from or arises from an act by Seller or as a result of work or materials furnished to the Property at the request of Seller (collectively, the “Monetary Liens”). Seller shall notify Purchaser within two business (2) days after receipt of Purchaser’s notice raising title objections of whether Seller elects which it was timely notified by Buyer; provided, however, that Seller, upon written notice to cure the same, and a failure to notify shall be deemed an election not to cure. If Seller fails or elects not to cure any of Purchaser’s objections prior to Closing (other than Monetary Liens) or in the event any matter of title or matter of survey which adversely affects the Property arises after the date of the Title Commitment and prior to Closing, Purchaser, at its electionBuyer, may either (i) terminate this Agreement, whereupon the Escrow Agent shall return the entire Xxxxxxx Money to Purchaser and neither party will have any further rights, duties or obligations hereunder (other than those which expressly survive a termination hereof), or (ii) waive such objection and consummate the transactions contemplated hereby without reduction in the Purchase Price. For the purposes of this Agreement, the term “Permitted Exceptions” shall mean: (A) current taxes not yet due and payable; (B) residential (and not commercial) tenants in possession (but only to the extent set forth on the Rent Roll or new leases entered into prior to Closing in accordance with the terms of this Agreement) under unrecorded residential leases affecting the Property, as residential tenants only without any rights to purchase the Property; and (C) all items of record shown on the Title Commitment or the Existing Survey, or any updates thereto, and (i) not subject to objection by Purchaser hereunder, (ii) not timely objected to by Purchaser or (iii) timely objected to by Purchaser, with a subsequent waiver or deemed waiver. At postpone the Closing Seller shall convey to Purchaser, good and marketable fee simple by ten (10) days in order that such title to the Property, subject only to the Permitted Exceptionsobjections might be cured.

Title Examination and Survey. Purchaser Prior to Closing, Buyer, at its option may obtain a title insurance commitment to insure transfer of title to Buyer in the amount of the Purchase Price, subject only to the matters set forth in Exhibit B attached hereto which were matters affecting the Property at the time of its conveyance to Seller (the "Permitted Exceptions"). Buyer shall have until Closing Date to examine Seller's title to the Real Property, to cause a survey of the Real Property to be made, if Buyer elects, and to furnish Seller with a written statement of defects shown by the title insurance commitment or the survey. Buyer shall also have until the Closing Date the right to examine Seller’s update the title search, and to update the survey, and to give Seller written notice of any new title objections appearing of record between the effective date of the initial commitment or the date of the survey and the Closing Date. If Buyer furnishes the aforesaid written notice or notices within the permitted time, Seller shall have until the earlier of the Closing Date or ten (10) days after receipt thereof in which to indicate to Buyer which of the title objections raised by Buyer Seller will cure and those which it declines to cure; provided, however, Seller must cure all monetary encumbrances affecting title to the PropertyReal Property as a result of any act or omission of Seller such as security deeds, includingmortgages, without limitationjudgment liens, matters of survey. In the event Purchaser is not satisfied with liens for materialmen or mechanics resulting from any matter (including without limitation as set forth in Section 1.3 hereof) of title disclosed work undertaken by the Title Commitment or any matter of survey, Purchaser shall give written notice thereof to Seller by 5:00 p.m. on March 25, 2015Seller. Seller shall have until the Closing Date the right, but not the obligationobligation (except for those items Seller expressly elects in writing to cure and all monetary encumbrances), to satisfy or cure any such objections to Seller’s title at or prior to Closing, except that Seller shall be obligated to discharge and remove all mortgage liens, judgment liens, tax liens, mechanics liens and other monetary type liens which can be discharged by the payment of a sum certain which results from or arises from an act by Seller or as a result of work or materials furnished to the Property at the request of Seller (collectively, the “Monetary Liens”). Seller shall notify Purchaser within two business (2) days after receipt of Purchaser’s notice raising title objections of whether Seller elects which it was timely notified by Buyer; provided, however, that Seller, upon written notice to cure the same, and a failure to notify shall be deemed an election not to cure. If Seller fails or elects not to cure any of Purchaser’s objections prior to Closing (other than Monetary Liens) or in the event any matter of title or matter of survey which adversely affects the Property arises after the date of the Title Commitment and prior to Closing, Purchaser, at its electionBuyer, may either (i) terminate this Agreement, whereupon the Escrow Agent shall return the entire Xxxxxxx Money to Purchaser and neither party will have any further rights, duties or obligations hereunder (other than those which expressly survive a termination hereof), or (ii) waive such objection and consummate the transactions contemplated hereby without reduction in the Purchase Price. For the purposes of this Agreement, the term “Permitted Exceptions” shall mean: (A) current taxes not yet due and payable; (B) residential (and not commercial) tenants in possession (but only to the extent set forth on the Rent Roll or new leases entered into prior to Closing in accordance with the terms of this Agreement) under unrecorded residential leases affecting the Property, as residential tenants only without any rights to purchase the Property; and (C) all items of record shown on the Title Commitment or the Existing Survey, or any updates thereto, and (i) not subject to objection by Purchaser hereunder, (ii) not timely objected to by Purchaser or (iii) timely objected to by Purchaser, with a subsequent waiver or deemed waiver. At postpone the Closing Seller shall convey to Purchaser, good and marketable fee simple by ten (10) days in order that such title to the Property, subject only to the Permitted Exceptionsobjections might be cured.