TITLE INSPECTION PERIOD. Purchaser shall have a period of time commencing on the date of execution of this Contract and expiring on the date of expiration of the Inspection Period (as defined hereinbelow) within which to review and approve the status of Seller's title to the Subject Property (the "Title Review Period"). If the information to be provided to or obtained by Purchaser pursuant to the provisions of Article IV hereinabove reflects or discloses any defect, exception or other matter affecting the Subject Property ("Title Defects") that is unacceptable to Purchaser, then prior to the expiration of the Title Review Period Purchaser shall provide Seller with written notice of Purchaser's objections. Seller may, at his sole option, elect to cure or remove the objections raised by Purchaser; provided, however, that Seller shall have no obligation to do so. Should Seller elect to attempt to cure or remove the objections, Seller shall have ten (10) days from the date of Purchaser's written notice of objections (the "Cure Period") in which to accomplish the cure. In the event Seller either elects not to cure or remove the objections or is unable to accomplish the cure prior to the expiration of the Cure Period, then Seller shall so notify Purchaser in writing specifying which objections Seller does not intend to cure, and then Purchaser shall be entitled, as Purchaser's sole and exclusive remedies, either to terminate this Agreement by providing written notice of termination to Seller within ten (10) days from the date on which Purchaser receives Seller's no-cure notice or waive the objections and close this transaction as otherwise contemplated herein. If Purchaser shall fail to notify Seller in writing of any objections to the state of Seller's title to the Subject Property as shown by the Survey and Title Commitment, then Purchaser shall be deemed to have no objections to the state of Seller's title to the Subject Property as shown by the Survey and Title Commitment, and any exceptions to Seller's title which have not been objected to by Purchaser and which are shown on the Survey or described in the Title Commitment shall be considered to be "Permitted Exceptions." It is further understood and agreed that any Title Defects which have been objected to by Purchaser and which are subsequently waived by Purchaser shall be Permitted Exceptions.
TITLE INSPECTION PERIOD. Purchaser shall have the right until the day that is forty-five (45) days after the Effective Date (hereinafter referred to as the “Title Inspection Period”), to review a current preliminary title report on the Real Property, accompanied by copies of all documents referred to in the report (collectively, the “Title Report). The Purchaser shall be responsible for the costs of any new survey or survey update required in connection with the issuance of the Title Policy.
TITLE INSPECTION PERIOD. The “Title Inspection Period” shall be the period beginning on the Effective Date and ending on May 14, 2007 at 5:00 p.m.
TITLE INSPECTION PERIOD. During the period beginning upon the Effective Date and ending at 5:00 p.m. (local time at the Property) on June 30, 2004 (hereinafter referred to as the "Title Inspection Period"), Purchaser shall have the right to review: (a) a current preliminary title report on the Real Property (the "PTR") issued by Chicago Title Company (the "Title Company"), accompanied by copies of all documents referred to in the report; (b) copies of the most recent property tax bills for the Property; and (c) an ALTA survey of the Real Property prepared by a licensed surveyor (the "Survey"). Item (a) shall be obtained by Purchaser within five (5) days after the Effective Date. Item (c) shall be obtained by Purchaser prior to the end of the Title Inspection Period. Item (b) shall be delivered by Seller to Purchaser within five (5) days after the Effective Date.
TITLE INSPECTION PERIOD. Purchaser acknowledges and agrees that (a) Seller has furnished to Purchaser prior to the Effective Date: (i) a current preliminary title report dated December 18, 2004 (the "Title Commitment"), issued by Chicago Title Insurance Company on the Real Property, accompanied by copies of all documents referred to in the report; (ii) a copy of the land title survey ("the "Survey") prepared by Link Land Surveyors, P.C. dated March 9, 2005, and (iii) copies of the most recent property tax bills for the Property; (b) Purchaser has had an opportunity, prior to the Effective Date, to order its own title report and survey for the Physical Property; and (c) any and all matters (the "Existing Title, Tax and Survey Matters") referred to, reflected in or disclosed by, the materials referred to in the preceding sub-paragraphs (a) (i) through (iii), inclusive, have been agreed to and accepted by Purchaser (including but not limited to, any and all exceptions of title set forth in Schedule B of the Title Commitment) and that, as of the Effective Date, Purchaser has approved the Existing Title, Tax and Survey Matters and the condition of title to the Real Property.
TITLE INSPECTION PERIOD. Purchaser shall have an opportunity to review a current commitment for title insurance provided by Seller (the “Commitment”), the Survey and any legible copies of documents evidencing exceptions in the Commitment (“Exception Documents”), and notify Seller in writing of any objections to defects, encumbrances or exceptions to title (“Title Defects”). Seller shall have no obligation to remove or cure Title Defects, except for the Liens (as hereinafter defined), which Liens Seller shall cause to be released at the Closing or affirmatively insured over by the title company. If Seller fails or elects not to cure any of Purchaser’s objections, or if for any other reason Purchaser chooses not to purchase the Property, Purchaser may terminate this Agreement by delivering written notice. As used in this Agreement, the term “Permitted Exceptions” shall mean the specific exceptions in the Title Commitment that Seller has not removed pursuant to this Section and that Purchaser has not objected to or waived objection. Notwithstanding anything to the contrary in this Section 2(d), Seller does agree to discharge, at or prior to Closing, any liens encumbering the Property, including, without limitation, mortgage liens, security interests, tax liens, abstracts of judgment, environmental liens, and materialmen’s and mechanic’s liens (collectively, the “Liens”).
TITLE INSPECTION PERIOD. Purchaser shall have a period of time commencing on the date of execution of this Contract and expiring on the date of expiration of the Inspection Period (as defined hereinbelow) within which to review and approve the status of Seller's title to the Subject Property (the "Title Review Period"). If the information to be provided to or obtained by Purchaser pursuant to the provisions of Article IV hereinabove reflects or discloses any defect, exception or other matter affecting the Subject Property ("Title Defects") that is unacceptable to Purchaser, then prior to the expiration of the Title Review Period Purchaser shall provide Seller with written notice of Purchaser's objections. Seller may, at its sole option, elect to cure or remove the objections raised by Purchaser; provided, however, that Seller shall have no obligation to do so. Should Seller elect to attempt to cure or remove the objections, Seller shall have ten (10) days from the
TITLE INSPECTION PERIOD. 5 Section 2.2
TITLE INSPECTION PERIOD. 4 Section 2.2 Pre-Closing ....................................... 4 Section 2.3 Permitted Exceptions .............................. 4 Section 2.4 Violations ........................................ 6 Section 2.5 Conveyance of Title ............................... 6
TITLE INSPECTION PERIOD. As used herein the phrase “Title Inspection Period” shall mean that period of time commencing on the Effective Date and, provided Seller timely provided the Title Report and Survey as provided in Sections 5(a) and 5(b) above, ending on the date which is thirty (30) days thereafter; provided, however, the Title Inspection Period shall be extended on a day for day basis if the Title Report is not timely delivered as provided in Sections 5(a) above. If Escrow Agent issues an amended Title Report after the Title Inspection Period, or if the surveyor issues an amended Survey after the Title Inspection Period, and either shows new title exceptions (“New Exceptions”), Buyer shall have an additional five (5) business days from receipt of such amendment(s) to review and approve or disapprove the New Exceptions only. If Buyer renders any written objections to any New Exceptions within the additional five (5) business day period referred to herein, Seller and Buyer shall have the same rights and be governed by the same provisions as set forth in subparagraphs 5(a) and 5(b) above. Title to the Property shall be conveyed subject only to those liens, easements, rights of way and other encumbrances as may be approved or deemed approved by Buyer as provided in paragraph 5(a) and 5(b) above (the “Permitted Exceptions”). Seller shall not place, permit, or cause to be placed any liens or encumbrances on the title to the Property from the date of the Preliminary Title Report referenced above through Closing or thereafter. If Seller places, permits, or causes a lien or encumbrance on the Property, contrary to the provisions of this Agreement, which can be removed by the payment of money, Escrow Agent is hereby expressly authorized, directed, and instructed to pay such monies in order to remove the lien or encumbrance at Closing from monies otherwise payable to Seller at Closing and the net proceeds otherwise available to Seller at Closing shall be reduced accordingly. To the extent that monies available to Seller at Closing are insufficient to cause any such lien or encumbrance to be removed, Seller shall, on or before the date set for Closing, cause additional monies to be deposited with Escrow Agent to enable Escrow Agent to remove the lien or encumbrance.
