Common use of Title Examination Period Clause in Contracts

Title Examination Period. From and after the date of execution hereof until 5:00 p.m., local time in Houston, Texas, on the thirtieth (30th) day following the execution hereof (the "Title Examination Period"),"Title Examination Period"), Buyer may notify Seller in writing of any alleged Title Defects affecting any of the Assets and discovered by Buyer or any affiliate or agent of Buyer, setting forth in such notice a detailed description of each Title Defect and the estimated cost to cure each Title Defect. Any matters that may otherwise constitute Title Defects relating to the Assets but that are not specifically raised in writing by Buyer prior to the expiration of the Title Examination Period shall be deemed to have been waived. Upon receipt of such notice from Buyer, Seller shall have the right, but not the obligation, to attempt to cure such Title Defects prior to Closing and after the Closing, to the extent that Seller elects pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of any Title Defects. Notwithstanding the preceding sentence, prior to the Closing the Seller will seek diligently consents and approvals for transfers of easements, rights of way, and realty leases on privately owned lands where they are required. To the extent that such consents require payments to the affected landowners, if any, the resulting costs will be governed by the provisions of Section 9.3. Buyer shall not have the right to attempt to cure such Title Defects to the extent that Seller has elected to indemnify Buyer for Losses arising out of such defects, unless in the reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or similar damages as a result of such Title Defect.

Title Examination Period. From and after the date of execution hereof April 8, 1996 until 5:00 p.m., local time in Houston, Texas, on the thirtieth (30th) day following the execution hereof April 19, 1996 (the "Title Examination Period"),"Title Examination Period"), Buyer may notify Seller Sellers in writing of any alleged Title Defects affecting any of the Assets and discovered by Buyer or any affiliate or agent of Buyer, setting forth in such notice a detailed description of each Title Defect and the estimated cost to cure each Title Defect. Any matters that may otherwise constitute Title Defects relating to the Assets but that are not specifically raised in writing by Buyer prior to the expiration of the Title Examination Period shall be deemed to have been waived. Upon receipt of such notice from Buyer, Seller Sellers shall have the right, but not the obligation, to attempt to cure such Title Defects prior to Closing and after the Closing, to the extent that Seller elects Sellers elect pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of any Title Defects. Notwithstanding the preceding sentence, prior to the Closing the Seller Sellers will seek diligently consents and approvals for transfers of easements, rights of way, and realty leases on privately owned lands where they are required. To the extent that such consents consent require payments to the affected landowners, if any, the resulting costs will be governed by the provisions of Section 9.3. Buyer shall not have the right to attempt to cure such Title Defects to the extent that Seller has Sellers have elected to indemnify Buyer for Losses arising out of such defects, unless in the reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or similar damages as a result of such Title Defect.

Title Examination Period. From and Sellers shall obtain a title commitment ------------------------ from the Title Insurer insuring the leasehold estate under the Leases as soon as reasonably possible after the date of execution hereof until 5:00 p.m.this Agreement. Buyer shall have thirty days to examine title from last to occur of the Sellers' delivery to Buyer of the following: (i) a current title commitment with respect to the Leased Real Property, local time committing to an extended coverage leasehold policy of title insurance from the Title Insurer, in Houstonan amount equal to the fair market value of the Leased Real Property, Texasto include access and contiguity endorsements, on and insuring title to the thirtieth Leased Real Property to be in fee simple subject only to the Permitted Exceptions; (30thii) day following copies of all documents noted as exceptions in the execution hereof title commitment; and (iii) a current ALTA survey for the Leased Real Property (referred to herein as the "Title Examination Period"),"Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer may shall so notify Seller Sellers in writing of any alleged Title Defects affecting any of the Assets and discovered by Buyer or any affiliate or agent of Buyer, setting forth in specifying such notice a detailed description of each Title Defect and the estimated cost to cure each Title Defect. Any matters that may otherwise constitute Title Defects relating to the Assets but that are not specifically raised in writing by Buyer defects prior to the expiration of the Title Examination Period Period. Sellers shall be deemed to have been waived. Upon thirty (30) days from receipt of such written notice from BuyerBuyer within which to remove said defects, Seller and if Sellers are unsuccessful in removing them within said time, Buyer shall have the rightoption of either: (i) accepting the title in its then existing condition; or (ii) canceling this Agreement, but not whereupon the obligationparties shall be released of all further obligations under this Agreement. Sellers agree that they will use their best efforts to correct the defects in title within the time provided therefor, to attempt to cure including the bringing of necessary suits. If such Title Defects prior to Closing and after the Closing, to the extent that Seller elects pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of any Title Defects. Notwithstanding the preceding sentence, prior to the Closing the Seller will seek diligently consents and approvals for transfers of easements, rights of way, and realty leases on privately owned lands where they are required. To the extent that such consents require payments to the affected landownerstitle defects, if any, the resulting costs will be governed are not cured by the provisions date otherwise set for closing but are cured within the original or extended cure periods, as applicable, then closing shall occur within ten (10) days after the title has been cured, provided the other conditions of Section 9.3. Buyer shall not this Agreement to closing have the right to attempt to cure such Title Defects to the extent that Seller has elected to indemnify Buyer for Losses arising out of such defects, unless in the reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or similar damages as a result of such Title Defectbeen met.

Title Examination Period. From and after the date of execution hereof March 13, 1996 until 5:00 p.m., local time in Houston, Texas, on the thirtieth (30th) day following the execution hereof March 26, 1996 (the "Title Examination Period"),"Title Examination Period"), Buyer may notify Seller in writing of any alleged Title Defects affecting any of the Assets and discovered by Buyer or any affiliate or agent of Buyer, setting forth in such notice a detailed description of each Title Defect and the estimated cost to cure each Title Defect. Any matters that may otherwise constitute Title Defects relating to the Assets but that are not specifically raised in writing by Buyer prior to the expiration of the Title Examination Period shall be deemed to have been waived. Upon receipt of such notice from Buyer, Seller shall have the right, but not the obligation, to attempt to cure such Title Defects prior to Closing and after the Closing, to the extent that Seller elects elect pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of any Title Defects. Notwithstanding the preceding sentence, prior to the Closing the Seller will seek diligently consents and approvals for transfers of easements, rights of way, and realty leases on privately owned lands where they are required. To the extent that such consents consent require payments to the affected landowners, if any, the resulting costs will be governed by the provisions of Section 9.3. Buyer shall not have the right to attempt to cure such Title Defects to the extent that Seller has elected to indemnify Buyer for Losses arising out of such defects, unless in the reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or similar damages as a result of such Title Defect.

Title Examination Period. From and At Buyer's expense alone, Sellers shall ------------------------ obtain a title commitment from the Title Insurer as soon as reasonably possible after the date of execution hereof until 5:00 p.m.this Agreement. Buyer shall have thirty days to examine title from last to occur of the Sellers' delivery to Buyer of the following: (i) a current title commitments with respect to the Real Property, local time committing to an extended coverage owners policy of title insurance from the Title Insurer, in Houstonan amount equal to the fair market value of the Real Property, Texasto include access and contiguity endorsements, on and insuring title to the thirtieth Real Estate to be in fee simple subject only to the Permitted Exceptions; (30thii) day following copies of all documents noted as exceptions in the execution hereof title commitment; and (iii) a current ALTA survey for the Real Estate (referred to herein as the "Title Examination Period"),"Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer may shall so notify Seller Sellers in writing of any alleged Title Defects affecting any of the Assets and discovered by Buyer or any affiliate or agent of Buyer, setting forth in specifying such notice a detailed description of each Title Defect and the estimated cost to cure each Title Defect. Any matters that may otherwise constitute Title Defects relating to the Assets but that are not specifically raised in writing by Buyer defects prior to the expiration of the Title Examination Period Period. Sellers shall be deemed to have been waived. Upon thirty (30) days from receipt of such written notice from BuyerBuyer within which to remove said defects, Seller and if Sellers are is unsuccessful in removing them within said time, Buyer shall have the rightoption of either: (i) accepting the title in its then existing condition; or (ii) canceling this Agreement, but not whereupon the obligationparties shall be released of all further obligations under this Agreement. Sellers agree that it will use its best efforts to correct the defects in title within the time provided therefor, to attempt to cure including the bringing of necessary suits. If such Title Defects prior to Closing and after the Closing, to the extent that Seller elects pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of any Title Defects. Notwithstanding the preceding sentence, prior to the Closing the Seller will seek diligently consents and approvals for transfers of easements, rights of way, and realty leases on privately owned lands where they are required. To the extent that such consents require payments to the affected landownerstitle defects, if any, the resulting costs will be governed are not cured by the provisions date otherwise set for closing but are cured within the original or extended cure periods, as applicable, then closing shall occur within ten (10) days after the title has been cured, provided the other conditions of Section 9.3. Buyer shall not this Agreement to closing have the right to attempt to cure such Title Defects to the extent that Seller has elected to indemnify Buyer for Losses arising out of such defects, unless in the reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or similar damages as a result of such Title Defectbeen met.

Title Examination Period. From Sellers will contact the title company used ------------------------ in Sellers' purchase of the Real Estate to attempt to obtain a re-issue rate on title searches and after examination immediately following execution of this Agreement. However Buyer shall be responsible for any charges related to said title examination and if Sellers' previous title company is unable to accommodate Sellers' request, Buyer will obtain and pay for a title examination and search from a title company acceptable to it. Buyer shall have ten days to examine title from last to occur of Buyers' receipt of the date following: (i) a current title commitment with respect to the Real Estate, committing to an extended coverage owners policy of execution hereof until 5:00 p.m.title insurance from the Title Insurer, local time in Houstonan amount equal to the fair market value of the Real Property, Texasto include access and contiguity endorsements, on and insuring title to the thirtieth Real Estate to be in fee simple subject only to the Permitted Exceptions; (30thii) day following copies of all documents noted as exceptions in the execution hereof title commitment; and (iii) a current ALTA survey for the Real Estate (referred to herein as the "Title Examination Period"),"Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer may shall so notify Seller Sellers in writing of any alleged Title Defects affecting any of the Assets and discovered by Buyer or any affiliate or agent of Buyer, setting forth in specifying such notice a detailed description of each Title Defect and the estimated cost to cure each Title Defect. Any matters that may otherwise constitute Title Defects relating to the Assets but that are not specifically raised in writing by Buyer defects prior to the expiration of the Title Examination Period Period. Sellers shall be deemed to have been waived. Upon thirty (30) days from receipt of such written notice from BuyerBuyer within which to remove said defects, Seller and if Sellers are unsuccessful in removing them within said time, Buyer shall have the rightoption of either: (i) accepting the title in its then existing condition; or (ii) canceling this Agreement, but not whereupon the obligationparties shall be released of all further obligations under this Agreement. Sellers agree that they will use best efforts to correct the defects in title within the time provided therefor, to attempt to cure including the bringing of necessary suits. If such Title Defects prior to Closing and after the Closing, to the extent that Seller elects pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of any Title Defects. Notwithstanding the preceding sentence, prior to the Closing the Seller will seek diligently consents and approvals for transfers of easements, rights of way, and realty leases on privately owned lands where they are required. To the extent that such consents require payments to the affected landownerstitle defects, if any, the resulting costs will be governed are not cured by the provisions date otherwise set for closing but are cured within the original or extended cure periods, as applicable, then closing shall occur within ten (10) days after the title has been cured, provided the other conditions of Section 9.3. Buyer shall not this Agreement to closing have the right to attempt to cure such Title Defects to the extent that Seller has elected to indemnify Buyer for Losses arising out of such defects, unless in the reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or similar damages as a result of such Title Defectbeen met.