Common use of Title Review and Approval Clause in Contracts

Title Review and Approval. Seller shall cause the Title Company ------------------------- to issue to Buyer a preliminary title report (or a commitment for title insurance, if the Real Estate is located in a state where title insurers do not issue preliminary title reports) (in either case, the "Report") covering the condition of title to the Real Estate. Unless Buyer gives Seller written notice, within ten days after receiving the Report, objecting to matters shown in the Report, Buyer will be considered to have approved the condition of title as shown in the Report. If Buyer so objects to any matter (each, a "Disapproved Matter") shown in the Report, Seller will have 30 days after receiving Buyer's written objection in which to remove the Disapproved Matter from record title or to obtain the Title Company's agreement to issue an appropriate endorsement to the Title Policy. If Seller is unable or unwilling to remove the Disapproved Matter from record title or to obtain the Title Company's agreement, Seller may terminate this Agreement by giving a termination notice to Buyer and Escrow Holder within the 30-day period. If Seller so terminates this Agreement, Seller shall pay all escrow and title cancellation charges; Escrow Holder shall return the Deposit to Buyer; and neither party will have any further obligation to the other under this Agreement. The term "Permitted Exception" means each matter shown in the Report that (i) is not a Disapproved Matter or (ii) is a Disapproved Matter for which Seller has obtained the Title Company's agreement to issue an appropriate endorsement to the Title Policy.

Title Review and Approval. (a) Seller shall cause the Title Company ------------------------- to issue deliver to Buyer within ten (10) days after the Effective Date (i) a preliminary title report Commitment for Title Insurance with copies of all recorded instruments affecting the Property and recited as exceptions in said Commitment for Title Insurance (or a commitment for title insurance, if the Real Estate is located in a state where title insurers do not issue preliminary title reports) (in either casecollectively, the "Report"“Commitment”) covering and (ii) a current survey (the condition “Survey”) of title the Property made on the ground by a registered professional land surveyor which conforms to the Real Estaterequirements of an ALTA land title survey according to the latest promulgated standards of the ALTA/ACSM Minimum Standard Detail Requirements. Unless If Buyer gives Seller written notice, within ten days after receiving the Report, objecting has an objection to matters shown items disclosed in the ReportCommitment or Survey, Buyer will be considered have ten (10) days after receipt of both the Commitment and Survey (whichever is later received) to have approved the condition give Seller written notice of title as shown in the Reportits objections. If Buyer so objects to any matter (each, a "Disapproved Matter") shown in the Report, Seller will have 30 days after receiving Buyer's gives timely written objection in which to remove the Disapproved Matter from record title or to obtain the Title Company's agreement to issue an appropriate endorsement to the Title Policy. If Seller is unable or unwilling to remove the Disapproved Matter from record title or to obtain the Title Company's agreementnotice of its objections, Seller may terminate this Agreement by giving a termination notice elect, within five (5) days from the date of Buyer’s notice, to Buyer and Escrow Holder within attempt to cure the 30-day periodobjections prior to Closing. If Seller so terminates this Agreementelects to cure the objections, Seller will utilize reasonable diligence to cure such objections prior to Closing, provided Seller shall pay all escrow have no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing such efforts. Seller shall provide Buyer with written notice within five (5) days from the date of Buyer’s notice, as to whether or not Seller has elected, in its sole discretion, to cure/satisfy Buyer’s objections prior to Closing and title cancellation charges; Escrow Holder shall return if Seller has not made such election (or is deemed to have not cured the Deposit same as set forth below), Buyer may elect within three (3) days after receipt of Seller’s notice (or deemed notice as set forth below), but in any event prior to expiration of the Investigation Period, as its sole and exclusive remedy to either (i) terminate this Contract, in which case the Xxxxxxx Money will be refunded to Buyer; , and neither party will shall have any further obligation rights or obligations pursuant to the this Contract, other under this Agreement. The term "Permitted Exception" means each matter shown in the Report that (i) is not a Disapproved Matter or (ii) is a Disapproved Matter for which Seller has obtained the Title Company's agreement to issue an appropriate endorsement to the Title Policy.than as set forth herein with respect

Title Review and Approval. (i) Buyer shall have until the date ten (10) business days prior to the Due Diligence Deadline (“Title Review Period”) to provide written notice (the "Title Notice") to Seller shall cause of any matters shown by the Title Company ------------------------- Documents which are not satisfactory to issue to Buyer. Buyer acknowledges that it may obtain at its sole cost and expense a preliminary title report current survey of the Property complying with ALTA/ACSM Minimum Standards (or a commitment for title insurancethe “Survey”). If Seller has not received written notice from Buyer by the end of the Title Review Period, if the Real Estate is located in a state where title insurers do not issue preliminary title reports) (in either case, the "Report") covering that shall be deemed Buyer's unconditional approval of the condition of title to the Real EstateProperty. Unless Buyer gives Seller written noticeNotwithstanding anything herein to the contrary, within ten days after receiving any liens secured by deeds of trust, mortgages, mechanics' liens, judgment liens and delinquent taxes (other than any liens created as a result of Buyer's investigation and due diligence of the ReportProperty which shall be Buyer's sole responsibility) (collectively herein "Monetary Liens"), objecting shall be removed on or before the Closing Date, at Seller’s sole expense. Except with respect to matters shown in the Report, Buyer will be considered to have approved the condition of title as shown in the Report. If Buyer so objects to any matter (each, a "Disapproved Matter") shown in the ReportMonetary Liens, Seller will shall have 30 days after receiving Buyer's written objection no obligation whatsoever to expend or agree to expend any funds, to undertake or agree to undertake any obligations or otherwise to cure or agree to cure any title objections, except that Seller shall reasonably cooperate in which executing a customary Owner’s affidavit, in favor of Title Company, sufficient to remove the Disapproved Matter exceptions from record title or to obtain the Title CompanyPolicy for mechanics' liens, parties in possession and any other matter for which Xxxxx has objected and can be removed with a customary Owner’s affidavit. Within five (5) business days of receipt of a Title Notice, Seller shall deliver written notice to Xxxxx and Escrow Holder identifying which disapproved items Seller shall undertake to cure or not cure ("Seller's agreement to issue an appropriate endorsement to Response"), provided, however, Seller must cure the Title PolicyMonetary Liens. If Seller is unable or unwilling to remove the Disapproved Matter from record title or to obtain the Title Companydoes not deliver a Seller's agreementResponse within said five (5) business day period, Seller shall be deemed to have elected to not remove or otherwise cure any exceptions disapproved by Buyer, other than Monetary Liens. Seller may terminate this Agreement by giving a termination notice have until five (5) days prior to Buyer and Escrow Holder within the 30-day periodClosing Date to make such arrangements or take such steps as the parties shall mutually agree to satisfy Buyer's objection(s). If Seller so terminates this Agreementelects, or is deemed to have elected, not to remove or otherwise cure an exception disapproved in Buyer's Title Notice, Buyer, in its sole and absolute discretion, shall have until 5:00 p.m. Central Time on the date occurring five (5) business days thereafter to notify Seller shall pay all escrow and title cancellation charges; Escrow Holder shall return the Deposit Holder, in writing, of Buyer's election to Buyer; and neither party will have any further obligation to the other under this Agreement. The term "Permitted Exception" means each matter shown in the Report that either (i) is not a Disapproved Matter waive the objection or (ii) is a Disapproved Matter terminate this Agreement and the Escrow (“Buyer’s Response”). If Seller and Escrow Holder have not received Buyer’s Response by such date, that shall be deemed Xxxxx's waiver of Buyer's objection (except for which Seller has obtained the Title Company's agreement Monetary Liens) and, subject to issue an appropriate endorsement Section 3(a) of this Agreement, election to the Title Policyproceed with Closing.

Title Review and Approval. (a) Seller shall cause the Title Company ------------------------- to issue deliver to Buyer within ten (10) days after the Effective Date (i) a preliminary title report Commitment for Title Insurance with copies of all recorded instruments affecting the Property and recited as exceptions in said Commitment for Title Insurance (collectively, the “Commitment”) and (ii) a current survey (or a commitment for title insurance, if the Real Estate is located in a state where title insurers do not issue preliminary title reportsan update of an existing survey) (in either case, the "Report"“Survey”) covering of the condition of title Property made on the ground by a registered professional land surveyor which conforms to the Real Estaterequirements of an ALTA land title survey according to the latest promulgated standards of the ALTA/ACSM Minimum Standard Detail Requirements. Unless If Buyer gives Seller written notice, within ten days after receiving the Report, objecting has an objection to matters shown items disclosed in the ReportCommitment or Survey, Buyer will be considered have five (5) days after receipt of both the Commitment and Survey (whichever is later received) to have approved the condition give Seller written notice of title as shown in the Reportits objections. If Buyer so objects to any matter (each, a "Disapproved Matter") shown in the Report, Seller will have 30 days after receiving Buyer's gives timely written objection in which to remove the Disapproved Matter from record title or to obtain the Title Company's agreement to issue an appropriate endorsement to the Title Policy. If Seller is unable or unwilling to remove the Disapproved Matter from record title or to obtain the Title Company's agreement, Seller may terminate this Agreement by giving a termination notice to Buyer and Escrow Holder within the 30-day period. If Seller so terminates this Agreementof its objections, Seller shall pay all escrow have the opportunity, but not an obligation, for five (5) days from the date of Buyer’s notice to cure the same. Seller will utilize reasonable diligence to cure any errors in the Commitment, provided Seller shall have no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing such efforts. If any objection is not satisfied within such time period, Buyer will elect within three (3) days of the expiration of Seller’s cure period, but in any event prior to expiration of the Feasibility Period, as its sole and title cancellation charges; Escrow Holder shall return exclusive remedy to either (i) terminate this Contract, in which case the Deposit Xxxxxxx Money will be refunded to Buyer; , and neither party will shall have any further obligation rights or obligations pursuant to the other under this Agreement. The term "Permitted Exception" means each matter shown in the Report that Contract of Sale (iXxxxxxxx at Deerwood) is not a Disapproved Matter or (ii) is a Disapproved Matter for which Seller has obtained the Title Company's agreement to issue an appropriate endorsement to the Title Policy.NAI-1500426046v5