Title Objection. (a) As used in this Agreement, the term "Title Objection Period" shall mean a period commencing on the Effective Date and ending at 5:00 p.m. (Irvine, California time) on the date that is ten (10) calendar days after the Effective Date (and in determining such ten (10)-day period, the Effective Date shall not be counted). Purchaser may object to any matter shown on the Surveys or any of the exceptions listed in the Title Report by delivery of a written notice ("Purchaser's Title Notice") to Seller prior to the expiration of the Title Objection Period; provided, however, Purchaser may not object to the following:
(i) any mortgage or deed of trust (the "Deed of Trust") securing (x) a Promissory Note (the "3101 Note") dated as of January 20, 2004, in the original principal amount of Five Million Five Hundred Forty Thousand Dollars ($5,540,000), executed by Seller and payable to the order of First Bank (the "Lender") and (y) a Promissory Note (the "3323 Note") dated as of January 20, 2004, in the original principal amount of Five Million One Hundred Ten Thousand Dollars ($5,110,000), executed by Seller and payable to the order of the Lender (the 3 101 Note and the 3323 Note are collectively referred to as the "Notes") (which Seller shall remove pursuant to Section 4.2(b) below);
(ii) the REA, which Purchaser shall be deemed to have approved;
(iii) the Development Agreement (defined below in Section 7.2(b)), which Purchaser shall be deemed to have approved;
(iv) the Declaration of Covenants, Conditions and Restriction, Option to Purchase and Right of First Refusal (the "CCRs") dated as of November 25, 2002, by and between the Seller and certain other owners at Park Place on the one hand and Irvine Residential Highrise LLC, a Delaware limited liability company on the other hand, and recorded November 27, 2002 in the Official Records, County of Orange, as Instrument No. 2002001079917, which Purchaser shall be deemed to have approved;
(v) the Agreement Regarding Satisfaction of Development Obligations (the "ARSDO'") dated as of November 25, 2002, by and between the Seller and certain other owners at Park Place on the one hand and Irvine Residential Highrise LLC, a Delaware limited liability company on the other hand, and recorded November 27, 2002 in the Official Records, County of Orange, as Instrument No. 2002001079916, which Purchaser shall be deemed to have approved; or
(vi) the lien for general and special taxes and assessments, and a lien for supplemental ta...
Title Objection. By the end of the Inspection Period, Buyer will make its written objections (“Title Objections”) to the form and/or contents of the Title Evidence as Buyer may wish along with copies of the Title Evidence. Buyer’s failure to make Title Objections with respect to a particular matter existing of record as of the date of this Agreement within such time period will constitute a waiver of Title Objections with respect to any such matter. Any matter shown on such Title Evidence and not objected to by Buyer prior to the end of the Inspection Period shall be a “Permitted Exception” hereunder.
Title Objection. Section 5.2 (aa) Title Pro-Formas. Section 5.1
Title Objection. If Buyer fails to deliver a Buyer's Disapproval Notice to Seller and Escrow Holder by no later than fifteen (15) business days from Buyer's receipt of the Title Commitment, Buyer will be deemed to have approved title to the Lot. If Buyer delivers a Buyer's Disapproval Notice to Seller and Escrow holder by no later than fifteen (15) business days from Buyer's receipt of the Title Commitment, Seller shall have the right, in the sole and absolute discretion of Seller, by delivering written notice to Buyer and Escrow Holder no later than ten (10) business days subsequent to Seller's receipt of Buyer's Disapproval Notice ("Seller's Title Notice"), to elect to either: (a) decline to remove any Title Objection set forth in Buyer's Disapproval Notice, in which event this Agreement shall terminate; or (b) agree to remove any Title Objection set forth in Buyer's Disapproval Notice by no later than the Closing Date, as defined in Section 5.1. If Seller fails to deliver Seller's Title Notice to Buyer and Escrow Holder by no later than ten (10) business days subsequent to Seller's receipt of Buyer's Disapproval Notice, Seller will be deemed to have automatically elected not to remove any Title Objection set forth in Buyer's Disapproval Notice, and this Agreement shall terminate. If this Agreement is terminated as set forth m this Section, Buyer shall be entitled to a refund of the Buyer's Deposit, but Buyer shall pay the cost of Title Commitment.
Title Objection. 17 6.3 Seller's Cure of Title Objections............................. 17 6.4 Required State of Title....................................... 17 6.5
Title Objection. Within fifteen days after the date hereof, Buyer shall make any written objections ("Title Objections") to the form and/or contents of the Title Evidence as Buyer may wish and provide the same to Seller along with copies of the Title Evidence. Buyer's failure to make Title Objections with respect to a particular matter within such time period will constitute a waiver of Title Objections with respect to a particular matter. Any matter shown on such Title Evidence and not objected to by Buyer shall be a "Permitted Exception" hereunder.
Title Objection. At least 60 days prior to the scheduled Closing Date, Developer shall cause the Title Company to deliver the Title Commitment to Developer and the City. Developer shall deliver to City at least 50 days prior to the scheduled Closing Date, in writing (the “Title Objection Notice”), any objections to the exceptions to title set forth in the Title Commitment, other than the Permitted Exceptions (each a “Title Objection”, and collectively, hereinafter the “Title Objections”). In addition, upon the issuance of an updated Title Commitment by the Title Company, Developer may provide a Title Objection Notice within five days (5) of receiving the updated Title Commitment. Any such matter not the subject of a timely Title Objection Notice shall be deemed a Permitted Exception. All Title Objections with respect to any portion of the Property shall be deemed waived upon conveyance of the Property to the Developer.
Title Objection. (a) As used in this Agreement, the term "Title Objection Period" shall mean a period commencing on the Effective Date and ending at 5:00 p.m. (Irvine, California time) on the date that is ten (10) calendar days after the Effective Date (and in determining such ten (10)-day period, the Effective Date shall not be counted). Purchaser may object to any matter shown on the Survey or any of the exceptions listed in the Title Report by delivery of a written notice ("Purchaser's Title Notice") to Seller prior to the expiration of the Title Objection Period; provided, however, Purchaser may not object to the following:
Title Objection. Prior to the Due Diligence Expiration Date, Buyer will notify Seller of its written objections ("Title Objections") to the form and/or contents of the Title Evidence as Buyer may wish along with copies of the Title Evidence; provided, however, that Buyer shall have no right to object to any of the matters set forth within subsections (a) through (d) of the definition of Permitted Encumbrances. Buyer's failure to notify Seller of any Title Objections with respect to any particular matter within such time period will constitute a waiver of Title Objections with respect to a particular matter. As used herein, the term "Permitted Encumbrance" shall mean (a) the standard printed exclusions from coverage contained in the ALTA form of owner's title policy; (b) all matters, whether or not of record, that arise out of the actions of Buyer or its agents, representatives or contractors; (c) all matters that the Title Company is willing to insure over without additional premium or indemnity from Buyer and that, in the exercise of Buyer's reasonable business judgment, do not have a material adverse impact on the ownership, operation or value of the Property; (d) the lien of real estate taxes, water, sewer, and other public charges not yet due and payable; and (e) all other matters affecting title to the Property as to which Buyer has actual knowledge or is deemed to know as of the Due Diligence Expiration Date, except for those matters as to which, in accordance with this Section 6.2: (i) Buyer makes a written objection on or before the Due Diligence Expiration Date; and (ii) Seller elects to use reasonable efforts to cure.
Title Objection and Title Objections mean any deeds to secure debt, mortgages, liens, financing statements, security interests, easements, leases, restrictive covenants, agreements, options, claims, clouds, encroachments, rights, taxes, assessments, mechanics' or materialmen's liens (inchoate or perfected), liens for federal or state income, estate or inheritance taxes and other encumbrances of any nature whatsoever, whether existing of record or otherwise, together with any and all matters of any kind or description, including, without limitation, matters of survey and any litigation or other proceedings affecting Seller and which affect title to the Property, or the right, power and authority of Seller to convey to Purchaser title to the Property, in accordance with the terms of this Agreement, other than the Tenant Leases.
