Common use of Title Objections; Permitted Encumbrances Clause in Contracts

Title Objections; Permitted Encumbrances. If, from its review of the Title Materials, Xxxxxxxxx believes that any encroachment on the Property or any exception to title shown in the Title Materials or Survey (as defined below) would, in Purchaser’s sole judgment, adversely affect the Property (“Title Objections”), Purchaser shall deliver to Seller written notice (the “Objection Notice”) of the Title Objections no later than 15 days after it has received each of the Title Materials. During the five-day period following Seller’s receipt of the Objection Notice, Seller may elect (but shall have no obligation) to remove or cure or, with Purchaser’s consent, which consent shall not be unreasonably withheld, to obtain title insurance over any Title Objections, and, if Closing is scheduled to occur during that five-day period, the Closing Date shall, at Seller’s option, be extended for up to 30 days to enable Seller to take any of these actions (the “Cure Period”) so long as Closing is not extended beyond December 31, 2015. If Seller does not elect to or is unable to remove or cure or, with Purchaser’s consent, to obtain title insurance over all such Title Objections prior to the end of the Cure Period, Purchaser may, by written notice (the “Election Notice”) given to Seller within two business days after the end of the Cure Period, elect: (1) if requested by Seller, to grant Seller an additional period of up to 30 days to cure or remove or, if applicable, to obtain title insurance over all uncured or unremoved Title Objections and, if Closing is scheduled to occur during that time period, the date of Closing shall be extended accordingly so long as Closing is not extended beyond December 31, 2015; or (2) to waive all uncured or unremoved Title Objections; or (3) to terminate this Agreement, whereupon the Deposit shall be returned to Purchaser, after which Seller and Purchaser shall have no further obligation or liability hereunder except as otherwise expressly provided in this Agreement. If Seller does not receive an Objection Notice within that 10-day period, or after receiving an Objection Notice does not receive an Election Notice within that two business-day period, Purchaser shall be deemed to have accepted the status of title to the Property as disclosed by the Title Materials, and to have waived any uncured and unremoved Title Objections.

Title Objections; Permitted Encumbrances. If, from its review of the Title MaterialsMaterials or the Survey (as hereinafter defined), Xxxxxxxxx Purchaser believes that any encroachment on the Property or any exception to title shown in the Title Materials or Survey (as defined below) the Survey, with respect to the Property, would, in Purchaser’s 's sole and absolute judgment, materially adversely affect the Property (“"Title Objections”"), Purchaser shall deliver to Seller written notice (the “"Objection Notice”") of the Title Objections no later than 15 days after it has received each on or before the expiration of the Title MaterialsInspection Period. During the five-five (5) business day period following Seller’s 's receipt of the Objection Notice, Seller may elect (but shall have no obligation) ), at Seller's sole cost, to remove or cure or, with Purchaser’s 's consent, which consent shall not be unreasonably withheld, to obtain title insurance over any Title ObjectionsObjections on or before the Closing Date (the "Cure Period"). If, and, if Closing is scheduled to occur during that five-within said five (5) business day period, the Closing Date shall, at Seller’s option, be extended for up to 30 days to enable Seller to take any of these actions (the “Cure Period”) so long as Closing is not extended beyond December 31, 2015. If Seller does not elect make an election to cure or is unable or unwilling to remove or cure or, with Purchaser’s 's consent, to obtain title insurance over all such Title Objections prior to the end of the Cure Period, Purchaser may, in Purchaser's sole discretion by written notice (the “"Election Notice”") given to Seller within two five (5) business days after the end of the Cure Period, elect: (1) if If requested by Seller, to grant Seller an additional period of up to 30 thirty (30) days to cure or remove or, if applicable, to obtain title insurance over over, all uncured or unremoved Title Objections and, if Closing is scheduled to occur during that such time period, the date of Closing shall be extended accordingly so long as Closing is not extended beyond December 31, 2015accordingly; or (2) to To waive all uncured or unremoved Title Objections; provided, however, Seller shall use commercially reasonably efforts to assist Purchaser in removing or insuring over any waived Title Objection prior to the Closing; or (3) to To terminate this AgreementAgreement by notice to Seller and the Title Company, whereupon in which event, upon written notice to Seller, the Title Company shall return the Deposit shall be returned to Purchaser, after which Seller and Purchaser shall have no further obligation or liability hereunder hereunder, except as otherwise expressly provided in this Agreement. If Seller does not object to Title Company returning the Deposit to Purchaser, solely due to a Purchaser default, within 2 business days after Seller’s receipt of such termination notice, then Title Company shall immediately return the Deposit to Purchaser. If Seller does not receive an Objection Notice within that such ten (10-) business day period, or after receiving an Objection Notice does not receive an Election Notice within that two business-such five (5) day period, Purchaser shall be deemed to have accepted the status of title to the Property as disclosed by the Title MaterialsMaterials and Survey, and to have waived any uncured and unremoved Title Objections.

Title Objections; Permitted Encumbrances. If, from its review of the Title MaterialsMaterials or the Survey (as hereinafter defined), Xxxxxxxxx Purchaser believes that any encroachment on the Property or any exception to title shown in the Title Materials or Survey (as defined below) the Survey, with respect to the Property, would, in Purchaser’s 's sole and absolute judgment, materially adversely affect the Property (“"Title Objections”"), Purchaser shall deliver to Seller written notice (the “"Objection Notice”") of the Title Objections no later than 15 thirty (30) days after it following the date Purchaser has received each both the Title Materials and the Survey for the entirety of the Title MaterialsProperty (including the State Street Property and the CDOT Property). During the five-five (5) business day period following Seller’s 's receipt of the Objection Notice, Seller may elect (but shall have no obligation) ), at Seller's sole cost, to remove or cure or, with Purchaser’s 's consent, which consent shall not be unreasonably withheld, to obtain title insurance over any Title ObjectionsObjections on or before the Closing Date (the "Cure Period"). If, and, if Closing is scheduled to occur during that five-within said five (5) business day period, the Closing Date shall, at Seller’s option, be extended for up to 30 days to enable Seller to take any of these actions (the “Cure Period”) so long as Closing is not extended beyond December 31, 2015. If Seller does not elect make an election to cure or is unable or unwilling to remove or cure or, with Purchaser’s 's consent, to obtain title insurance over all such Title Objections prior to the end of the Cure Period, Purchaser may, in Purchaser's sole discretion by written notice (the “"Election Notice”") given to Seller within two five (5) business days after the end of the Cure Period, elect: (1) if If requested by Seller, to grant Seller an additional period of up to 30 thirty (30) days to cure or remove or, if applicable, to obtain title insurance over over, all uncured or unremoved Title Objections and, if Closing is scheduled to occur during that such time period, the date of Closing shall be extended accordingly so long as Closing is not extended beyond December 31, 2015accordingly; or (2) to To waive all uncured or unremoved Title Objections; provided, however, Seller shall use commercially reasonably efforts to assist Purchaser in removing or insuring over any waived Title Objection prior to the Closing; or (3) to To terminate this AgreementAgreement by notice to Seller and the Title Company, whereupon in which event, upon written notice to Seller, the Title Company shall return the Deposit shall be returned to Purchaser, after which Seller and Purchaser shall have no further obligation or liability hereunder hereunder, except as otherwise expressly provided in this Agreement. If Seller does not object to Title Company returning the Deposit to Purchaser, solely due to a Purchaser default, within 2 business days after Seller’s receipt of such termination notice, then Title Company shall immediately return the Deposit to Purchaser. If Seller does not receive an Objection Notice within that such ten (10-) business day period, or after receiving an Objection Notice does not receive an Election Notice within that two business-such five (5) day period, Purchaser shall be deemed to have accepted the status of title to the Property as disclosed by the Title MaterialsMaterials and Survey, and to have waived any uncured and unremoved Title Objections.

Title Objections; Permitted Encumbrances. If, from its review of the Title Materials, Xxxxxxxxx Purchaser believes that any encroachment on the Property or any exception to title shown in the Title Materials or Survey (as defined below) would, in Purchaser’s sole reasonable judgment, adversely affect the Property (“Title Objections”), Purchaser shall deliver to Seller written notice (the “Objection Notice”) of the Title Objections no later than 15 10 days after it has received each of the Title MaterialsCommitment and the Exception Documents. During the fiveseven-day period following Seller’s receipt of the Objection Notice, Seller may elect (but shall have no obligation) to remove or cure or, with Purchaser’s consent, which consent shall not be unreasonably withheld, to obtain at Seller’s expense title insurance over any Title Objections, and, if Closing is scheduled to occur during that five-day period, the Closing Date shall, at Seller’s option, be extended for up to 30 days to enable Seller to take any of these actions Objections (the “Cure Period”) so long as Closing is not extended beyond December 31, 2015). If Seller does not elect to or is unable to remove or cure or, with Purchaser’s consent, to obtain title insurance over all such Title Objections prior to the end of the Cure Period, Seller shall so notify Purchaser in writing and Purchaser may, by written notice (the “Election Notice”) given to Seller within two business five days after the end of the Cure Period, such notice is given by Seller elect: (1) if requested by Seller, to grant Seller an additional period of up to 30 days to cure or remove or, if applicable, to obtain title insurance over all uncured or unremoved Title Objections and, if Closing is scheduled to occur during that such time period, the date of Closing shall be extended accordingly so long as Closing is not extended beyond December 31, 2015accordingly; or (2) to waive all uncured or unremoved Title Objections; or (3) to terminate this Agreement, whereupon the Deposit shall be returned to Purchaser, after which Seller and Purchaser shall have no further obligation or liability hereunder except as otherwise expressly provided in this Agreement. If Seller does not receive an Objection Notice within that such 10-day period, or after receiving an Objection Notice does not receive an Election Notice within that two businesssuch five-day periodperiod referred to above, Purchaser shall be deemed to have accepted the status of title to the Property as disclosed by the Title Materials, and to have waived any uncured and unremoved Title Objections.

Title Objections; Permitted Encumbrances. If, from its review of the Title Materials, Xxxxxxxxx the Existing Survey or the UCC Searches (as hereinafter defined), Purchaser believes that any encroachment on the Property or any exception to title shown in the Title Materials Materials, the Existing Survey, or Survey (as defined below) UCC Searches with respect to the Property, would, in Purchaser’s 's sole and absolute judgment, materially adversely affect the Property (“"Title Objections”"), Purchaser shall deliver to Seller written notice (the “"Objection Notice”") of the Title Objections no later than 15 20 days after it has received each the date of the Title Materialsthis Agreement. During the five-20 day period following Seller’s 's receipt of the Objection Notice, Seller may elect (but shall have no obligation) ), at Seller's sole cost, to remove or cure or, with Purchaser’s consent, 's consent (which consent shall not be unreasonably withheld), to obtain title insurance over any Title ObjectionsObjections on or before the Closing Date (the "Cure Period"). If, and, if Closing is scheduled to occur during that five-within said 20 day period, the Closing Date shall, at Seller’s option, be extended for up to 30 days to enable Seller to take any of these actions (the “Cure Period”) so long as Closing is not extended beyond December 31, 2015. If Seller does not elect make an election to cure or is unable or unwilling to remove or cure or, with Purchaser’s 's consent, to obtain title insurance over all such Title Objections prior to the end of the Cure Period, Purchaser may, in Purchaser's sole discretion by written notice (the “"Election Notice”") given to Seller within two business ten days after the end of the Cure Period, elect: (1) if If requested by Seller, to grant Seller an additional period of up to 30 days to cure or remove or, if applicable, to obtain title insurance over over, all uncured or unremoved Title Objections and, if Closing is scheduled to occur during that such time period, the date of Closing shall be extended accordingly so long as Closing is not extended beyond December 31, 2015accordingly; or (2) to To waive all uncured or unremoved Title Objections; or (3) to To terminate this Agreement, whereupon after which the Deposit shall be returned to Purchaser, after which Purchaser and Seller and Purchaser shall have no further obligation or liability hereunder hereunder, except as otherwise expressly provided in this Agreement. If Seller does not receive an Objection Notice within that 10-such 20 day period, or after receiving an Objection Notice does not receive an Election Notice within that two business-such ten day period, Purchaser shall be deemed to have accepted the status of title to the Property as disclosed by the Title Materials, and to have waived any uncured and unremoved Title Objections.