Title Exceptions. To the best of Borrower’s knowledge after due inquiry and investigation, none of the items shown in the schedule of exceptions to coverage in the title policy issued to and accepted by Lender contemporaneously with the execution of this Loan Agreement and insuring Lender’s interest in the Mortgaged Property will have a Material Adverse Effect on the (a) ability of Borrower to pay the Loan in full, (b) ability of Borrower to use all or any part of the Mortgaged Property in the manner in which the Mortgaged Property is being used on the Closing Date, except as set forth in Section 6.03, (c) operation of the Mortgaged Property, or (d) value of the Mortgaged Property.
Title Exceptions. The Administrative Agent shall have received copies of all recorded documents creating exceptions to the title policy referred to in Section 4.2(c)(v).
Title Exceptions. At Closing, the general warranty deed will be subject to subdivision and/or condominium declarations, covenants, restrictions and easements of record, which may impose obligations and may limit the use of the Property by Buyer.
Title Exceptions. To the best of Borrower’s knowledge after due inquiry and investigation, none of the items shown in the schedule of exceptions to coverage in the Title Policy will have a Material Adverse Effect on the (a) ability of Borrower to pay the Loan in full, (b) ability of Borrower to use all or any part of the Mortgaged Property in the manner in which the Mortgaged Property is being used on the Closing Date, except as set forth in Section 6.03, (c) operation of the Mortgaged Property, or (d) value of the Mortgaged Property.
Title Exceptions. Copies of all documents creating exceptions to the Title Policy.
Title Exceptions. 5.3.1. At any time prior to the expiration of thirty (30) days following Buyer’s receipt of the Preliminary Title Report and Underlying Documents, Buyer shall notify Seller and Escrow Holder in writing of any title exceptions identified in the Preliminary Title Report which Buyer disapproves. Any exceptions shown on the Preliminary Title Report which are not disapproved in writing on or before the expiration of the Due Diligence Period shall be deemed approved by Buyer and shall constitute “Permitted Exceptions” hereunder. Buyer and Seller hereby agree that all non-delinquent property taxes and assessments shall be deemed Permitted Exceptions.
5.3.2. If Buyer disapproves any exceptions reflected in the Preliminary Title Report (“Disapproved Exceptions”), Seller shall have a period of ten (10) business days, commencing at the time of such disapproval, within which to remove, cure, obtain endorsements against, or otherwise provide assurances satisfactory to Buyer and the Title Company with respect to any such exception to title. Seller’s failure to timely respond to Buyer’s notice of Disapproved Exceptions shall be deemed Seller’s election not to eliminate the Disapproved Exceptions. All monetary liens shall be deemed Disapproved Exceptions and Seller shall be obligated to eliminate them before or at the Closing Date.
5.3.3. If a cure satisfactory to Buyer of such Disapproved Exceptions is not effected within said ten (10) business day period, Buyer shall elect, in writing delivered to Seller and Escrow Holder, within ten (10) days thereafter, to either
(i) waive its disapproval of such exceptions, in which case such exceptions shall then be deemed to be Permitted Exceptions, (ii) terminate this Agreement, or (iii) agree, in writing, with Buyer to extend Buyer’s time to cure.
5.3.4. In the event Buyer elects to terminate this Agreement in accordance with clause 5.3.3(ii) above, the Deposit, plus all interest accrued thereon while in Escrow, shall be immediately refunded to Buyer, less any amounts due to Escrow Holder from Buyer pursuant to Section 4.4.1 of this Agreement. Escrow Holder shall immediately return all other documents, instruments and moneys to the Party that deposited the same.
5.3.5. In the event that Escrow Holder or Seller agrees that it shall remove, cure, or endorse against any Disapproved Exception, such removal, cure, or endorsement shall be a condition precedent to the Close of Escrow.
Title Exceptions. (a) Buyer shall accept title to the Property subject to the Permitted Exceptions. In the event that at or prior to Closing, Buyer determines that there are title defects other than the Permitted Exceptions, Buyer shall so notify Seller within ten (10) days of receiving notice of such title defects. Seller shall have no obligation to cure any title defects to which Buyer has objected, except that Seller shall be obligated to (i) remove by bond or otherwise any monetary liens affecting the Property which were granted by Seller pursuant to an instrument executed by Seller, and (ii) remove by bond or otherwise any other monetary liens (including tax liens) against the Property to the extent the cost of such removal or cure does not exceed One Hundred Thousand and No/100 ($100,000.00) Dollars in the aggregate. If Seller shall desire to remove any title objections raised by Buyer, Seller shall be entitled to reasonable adjournments of the Closing for the purpose of removing any such title objections. If Seller fails to remove or elects not to remove any title defect as provided above, Buyer shall have the right, at Buyer's election in its sole an absolute discretion, to cancel this Agreement and receive a refund of the Deposit together with any accrued interest thereon, or to close title notwithstanding the title defects (x) without any credit against the Purchase Price for such title defect, or (y) a credit or credits for the amount of any monetary lien Seller is obligated but fails to remove pursuant to (i) above, and up to $100,000 for the defects which Seller is obligated to but fails to remove pursuant to (ii) above.
(b) Seller shall deliver title to the Property in accordance with the terms hereof and as any reputable title company licensed to do business in the State of New York will approve and insure at its standard rates subject only to the Permitted Exceptions. Subsequent to the Closing, Buyer shall look solely to its title insurance company for any claims arising in respect of title matters and Seller shall have no liability to Buyer for title defects which are discovered subsequent to the Closing.
Title Exceptions. Seller has provided Buyer with certain existing title reports in Seller’s possession regarding portions of the Real Property. Prior to the Effective Date, Buyer by letter dated October 8, 2018, requested that Seller take certain actions with respect to matters shown in those title reports (the “Initial Title Objections”). Seller responded by letter dated October 31, 2018 (the “Seller Title Objection Response”) and the Title Commitment was thereafter issued by the Title Company. If the Title Company adds or Buyer discovers, prior to Closing, any new title exceptions or requirements (a) that are Mandatory Cure Exceptions (as defined below), (b) that are caused or consented to by Seller or any of its agents or affiliates after the date of the Title Commitment, or (c) that in Buyer’s reasonable opinion are reasonably certain to materially impair Buyer’s ownership and use of the Property as a whole for Buyer’s intended use, then Buyer shall notify Seller of any such exceptions or requirements to which Buyer objects (the “Additional Title Objections”) within three (3) days of Title Company’s notification or Buyer’s discovery of such exception or requirement, and in any event no later than three (3) days prior to the Closing. All such exceptions or requirements to which Buyer does not so object shall be deemed “Permitted Exceptions”. In addition, and notwithstanding anything contained herein to the contrary, and except for exceptions that Seller expressly agreed to remove in the Seller Title Objection Response, the following shall be Permitted Exceptions: (a) the reservation to the State of Hawaii of mineral and water rights of any nature; (b) the lien of all ad valorem real property taxes and assessments, general, special and/or rollback, not yet due and payable as of the Closing Date; (c) applicable zoning and building ordinances and land use regulations, now or hereafter in effect relative to the Real Property; (d) discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other matters which a correct survey, archaeological study or physical inspection of the Real Property would disclose; (e) any and all existing roadways, trails, easements, rights of way, flumes and irrigation ditches; (f) claims arising out of customary and traditional rights and practices, including without limitation those exercised for subsistence, cultural, religious, access or gathering purposes, as provided for in the Hawaii Constitution or the Hawaii Revised S...
Title Exceptions. The SAWS Land will be conveyed without warranty of title and subject to (i) all visible and apparent easements (ii) all matters of record relating to the SAWS Land as shown in the Real Property Records of Bexar County, Texas, (iii) all applicable zoning, platting and other governmental ordinances, laws, rules and regulations and (iv) the Reserved Easement (hereinafter defined in Section 12 below) (collectively, the “Permitted Exceptions”). SAWS makes no representations about whether the SAWS Land has access to any public right of way. Additionally, the Successful Bidder must obtain any applicable permits for Successful Bidder’s use of the SAWS Land and Successful Bidder must assemble the SAWS Land with any adjoining property owned by Successful Bidder and plat such properties, to the extent required by the San Antonio Uniform Development Code, which obligations shall survive Closing (hereinafter defined).
Title Exceptions. To the best of Borrower’s knowledge after due inquiry and investigation, none of the items shown in the schedule of exceptions to coverage in the title insurance policy issued to and accepted by Lender contemporaneously with the execution of this Loan Agreement and insuring Lender’s interest in the Mortgaged Property (“Permitted Encumbrances”) will have a Material Adverse Effect on the: (a) ability of Borrower to pay the Loan in full, (b) ability of Borrower to use all or any part of the Mortgaged Property in the manner in which the Mortgaged Property is being used on the Effective Date, (c) operation of the Mortgaged Property, or (d) value of the Mortgaged Property.
