Common use of Title Examination Period Clause in Contracts

Title Examination Period. 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 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, committing to an extended coverage leasehold policy of title insurance from the Title Insurer, in an amount equal to the fair market value of the Leased Real Property, to include access and contiguity endorsements, and insuring title to the Leased Real Property to be in fee simple subject only to the Permitted Exceptions; (ii) copies of all documents noted as exceptions in the title commitment; and (iii) a current ALTA survey for the Leased Real Property (referred to herein as the "Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer shall so notify Sellers in writing specifying such defects prior to the expiration of the Title Examination Period. Sellers shall have thirty (30) days from receipt of written notice from Buyer within which to remove said defects, and if Sellers are unsuccessful in removing them within said time, Buyer shall have the option of either: (i) accepting the title in its then existing condition; or (ii) canceling this Agreement, whereupon the parties 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, including the bringing of necessary suits. If such title defects, if any, are not cured by the 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 this Agreement to closing have been met.

Title Examination Period. Sellers shall obtain a title commitment ------------------------ from the Title Insurer insuring the leasehold estate under the Leases as soon as reasonably possible From and after the date of this Agreement. Buyer shall have thirty days to examine title from last to occur of execution hereof until 5:00 p.m., local time in Houston, Texas, on the Sellers' delivery to Buyer of thirtieth (30th) day following the following: execution hereof (i) a current title commitment with respect to the Leased Real Property, committing to an extended coverage leasehold policy of title insurance from the Title Insurer, in an amount equal to the fair market value of the Leased Real Property, to include access and contiguity endorsements, and insuring title to the Leased Real Property to be in fee simple subject only to the Permitted Exceptions; (ii) copies of all documents noted as exceptions in the 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 shall so may notify Sellers Seller in writing specifying 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 defects 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 PeriodPeriod shall be deemed to have been waived. Sellers shall have thirty (30) days from Upon receipt of written such notice from Buyer within which to remove said defectsBuyer, and if Sellers are unsuccessful in removing them within said time, Buyer Seller shall have the option 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 either: (i) accepting any Title Defects. Notwithstanding the title in its then existing condition; or (ii) canceling this Agreementpreceding sentence, whereupon prior to the parties shall be released Closing the Seller will seek diligently consents and approvals for transfers of all further obligations under this Agreementeasements, rights of way, and realty leases on privately owned lands where they are required. Sellers agree To the extent that they will use their best efforts such consents require payments to correct the defects in title within the time provided therefor, including the bringing of necessary suits. If such title defectsaffected landowners, if any, are not cured the resulting costs will be governed by the date otherwise set 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 closing but are cured within Losses arising out of such defects, unless in the original reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or extended cure periods, similar damages as applicable, then closing shall occur within ten (10) days after the title has been cured, provided the other conditions a result of this Agreement to closing have been metsuch Title Defect.

Title Examination Period. Sellers shall will contact the title company used ------------------------ in Sellers' purchase of the Real Estate to attempt to obtain a re-issue rate on title commitment ------------------------ from the Title Insurer insuring the leasehold estate under the Leases as soon as reasonably possible after the date searches and 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 thirty ten days to examine title from last to occur of the SellersBuyers' delivery to Buyer receipt of the following: (i) a current title commitment with respect to the Leased Real PropertyEstate, committing to an extended coverage leasehold owners policy of title insurance from the Title Insurer, in an amount equal to the fair market value of the Leased Real Property, to include access and contiguity endorsements, and insuring title to the Leased Real Property Estate to be in fee simple subject only to the Permitted Exceptions; (ii) copies of all documents noted as exceptions in the title commitment; and (iii) a current ALTA survey for the Leased Real Property Estate (referred to herein as the "Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer shall so notify Sellers in writing specifying such defects prior to the expiration of the Title Examination Period. Sellers shall have thirty (30) days from receipt of written notice from Buyer within which to remove said defects, and if Sellers are unsuccessful in removing them within said time, Buyer shall have the option of either: (i) accepting the title in its then existing condition; or (ii) canceling this Agreement, whereupon the parties 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, including the bringing of necessary suits. If such title defects, if any, are not cured by the 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 this Agreement to closing have been met.

Title Examination Period. Sellers shall obtain a title commitment ------------------------ from the Title Insurer insuring the leasehold estate under the Leases as soon as reasonably possible From and after the date of this Agreement. Buyer shall have thirty days to examine title from last to occur of the Sellers' delivery to Buyer of the following: March 13, 1996 until 5:00 p.m., local time in Houston, Texas, on March 26, 1996 (i) a current title commitment with respect to the Leased Real Property, committing to an extended coverage leasehold policy of title insurance from the Title Insurer, in an amount equal to the fair market value of the Leased Real Property, to include access and contiguity endorsements, and insuring title to the Leased Real Property to be in fee simple subject only to the Permitted Exceptions; (ii) copies of all documents noted as exceptions in the title commitment; and (iii) a current ALTA survey for the Leased Real Property (referred to herein as the "Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer shall so may notify Sellers Seller in writing specifying 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 defects 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 PeriodPeriod shall be deemed to have been waived. Sellers shall have thirty (30) days from Upon receipt of written such notice from Buyer within which to remove said defectsBuyer, and if Sellers are unsuccessful in removing them within said time, Buyer Seller shall have the option right, but not the obligation, to attempt to cure such Title Defects prior to Closing and after the Closing, to the extent that Seller elect pursuant to Section 9.3(a) to indemnify Buyer for Losses (as hereinafter defined) arising out of either: (i) accepting any Title Defects. Notwithstanding the title in its then existing condition; or (ii) canceling this Agreementpreceding sentence, whereupon prior to the parties shall be released Closing Seller will seek diligently consents and approvals for transfers of all further obligations under this Agreementeasements, rights of way, and realty leases on privately owned lands where they are required. Sellers agree To the extent that they will use their best efforts such consent require payments to correct the defects in title within the time provided therefor, including the bringing of necessary suits. If such title defectsaffected landowners, if any, are not cured the resulting costs will be governed by the date otherwise set 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 closing but are cured within Losses arising out of such defects, unless in the original reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or extended cure periods, similar damages as applicable, then closing shall occur within ten (10) days after the title has been cured, provided the other conditions a result of this Agreement to closing have been metsuch Title Defect.

Title Examination Period. At Buyer's expense alone, 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 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 commitments with respect to the Leased Real Property, committing to an extended coverage leasehold owners policy of title insurance from the Title Insurer, in an amount equal to the fair market value of the Leased Real Property, to include access and contiguity endorsements, and insuring title to the Leased Real Property Estate to be in fee simple subject only to the Permitted Exceptions; (ii) copies of all documents noted as exceptions in the title commitment; and (iii) a current ALTA survey for the Leased Real Property Estate (referred to herein as the "Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer shall so notify Sellers in writing specifying such defects prior to the expiration of the Title Examination Period. Sellers shall have thirty (30) days from receipt of written notice from Buyer within which to remove said defects, and if Sellers are is unsuccessful in removing them within said time, Buyer shall have the option of either: (i) accepting the title in its then existing condition; or (ii) canceling this Agreement, whereupon the parties shall be released of all further obligations under this Agreement. Sellers agree that they it will use their its best efforts to correct the defects in title within the time provided therefor, including the bringing of necessary suits. If such title defects, if any, are not cured by the 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 this Agreement to closing have been met.

Title Examination Period. Sellers shall obtain a title commitment ------------------------ from the Title Insurer insuring the leasehold estate under the Leases as soon as reasonably possible From and after the date of this Agreement. Buyer shall have thirty days to examine title from last to occur of the Sellers' delivery to Buyer of the following: April 8, 1996 until 5:00 p.m., local time in Houston, Texas, on April 19, 1996 (i) a current title commitment with respect to the Leased Real Property, committing to an extended coverage leasehold policy of title insurance from the Title Insurer, in an amount equal to the fair market value of the Leased Real Property, to include access and contiguity endorsements, and insuring title to the Leased Real Property to be in fee simple subject only to the Permitted Exceptions; (ii) copies of all documents noted as exceptions in the title commitment; and (iii) a current ALTA survey for the Leased Real Property (referred to herein as the "Title Examination Period"). If Buyer's examination of title reflects exceptions to title other than the Permitted Exceptions, Buyer shall so may notify Sellers in writing specifying 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 defects 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 PeriodPeriod shall be deemed to have been waived. Upon receipt of such notice from Buyer, Sellers shall have thirty the right, but not the obligation, to attempt to cure such Title Defects prior to Closing and after the Closing, to the extent that Sellers elect pursuant to Section 9.3(a) to indemnify Buyer for Losses (30as hereinafter defined) days from receipt arising out of written notice from Buyer within which any Title Defects. Notwithstanding the preceding sentence, prior to remove said defectsthe Closing Sellers will seek diligently consents and approvals for transfers of easements, rights of way, and if Sellers realty leases on privately owned lands where they are unsuccessful in removing them within said time, Buyer shall have required. To the option of either: (i) accepting extent that such consent require payments to the title in its then existing condition; or (ii) canceling this Agreement, whereupon the parties 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, including the bringing of necessary suits. If such title defectsaffected landowners, if any, are not cured the resulting costs will be governed by the date otherwise set provisions of Section 9.3. Buyer shall not have the right to attempt to cure such Title Defects to the extent that Sellers have elected to indemnify Buyer for closing but are cured within Losses arising out of such defects, unless in the original reasonable opinion of Buyer's counsel Buyer would likely be liable to a third party for punitive or extended cure periods, similar damages as applicable, then closing shall occur within ten (10) days after the title has been cured, provided the other conditions a result of this Agreement to closing have been metsuch Title Defect.