Common use of Title Review Items Clause in Contracts

Title Review Items. Seller shall obtain and cause to be delivered to Purchaser within fifteen (15) days after the Trigger Date a ALTA for commitment for title commitment, issued by the Title Company which shall set forth the state of title to the Real Property and the Improvements and provide copies of all title exception documents referred to therein (collectively, the “Title Commitment”). Purchaser shall, on or before the twenty-fifth (25th) day after the Trigger Date, deliver to Seller in writing any objections to matters (other than standard printed exceptions) shown in the Title Commitment and/or on the Existing Survey. Purchaser’s failure to timely object to any exception set forth in the Title Commitment or any disclosure made on the Existing Survey shall be deemed to constitute Purchaser’s approval of all such exceptions and disclosures and all such exceptions and disclosures shall then become Permitted Exceptions (as defined herein), for purposes of the Title Commitment and the approval of the Existing Survey, respectively. If Purchaser timely objects to any exceptions or matters (that are properly objectionable) set forth in the Title Commitment or Existing Survey in accordance with the terms and conditions of this Section 3.02, then Seller shall have the right, but not any obligation, to attempt to cure, or cause to be cured, any such items which are the subject of such timely objections within ten (10) days of the date Seller receives Purchaser’s objections to such items. Notwithstanding any provision to the contrary, Purchaser shall not be required to object to any monetary liens or monetary encumbrances created by or through Seller (or assumed or affirmatively accepted subject to by Seller), mechanics’ and materialmen’s liens created by or through Seller, or real property taxes and assessments existing against the Property and due and payable prior to the Closing Date (as defined herein), and the parties agree that such items (collectively, the “Nonpermitted Exceptions”) will be released as of the Closing (as defined herein). If Seller elects not to cure, or fails to timely respond to any of Purchaser’s objections, then Seller shall be deemed to have elected not to cure such item and Purchaser may, within fifteen (15) days thereafter, terminate this Contract by the delivery to Seller and the Title Company of a written notice of termination pursuant to this Section 3.02; provided, however, that in the event that Purchaser timely delivers notice of termination pursuant to this Section 3.02, the Escrow Agent shall promptly release and return the Xxxxxxx Money Deposit to Purchaser. If Purchaser fails to timely give notice of termination, it will be deemed to have waived its objection to the disapproved, uncured item(s), whereupon each such disapproved, uncured item shall then become a Permitted Exception. Purchaser may obtain an updated Title Commitment from time to time prior to Closing to determine if there are any additional exceptions to coverage noted in respect to the Real Property, and upon receipt thereof (and any instruments of record relating thereto) will deliver a copy thereof to Seller. If any new matter (not shown on the Existing Survey or earlier Title Commitment) appears on the Updated Survey or any updated Title Commitment, Purchaser and Seller shall follow the same objection and cure timeline and process as set forth above in respect to such matters, with the dates for objection and the timelines beginning with the date on which the Purchaser obtained the Updated Survey (or was required to have done so, if sooner) or obtained the updated Title Commitment, and the parties have the same rights and remedies for uncured subsequent objections to any such new objectionable Updated Survey or updated Title Commitment matters as are set forth above for the initial Existing Survey and original Title Commitment review by Purchaser.

Title Review Items. Title Company shall deliver to Purchaser, at Seller’s cost, an commitment to issue a standard Texas form T-1 Owner Policy of Title Insurance or a reissuance of the existing title policy of the Seller shall obtain and cause to be delivered to Purchaser within fifteen obtained in 2014 (15) days after the Trigger Date a ALTA for commitment for title commitment“Title Commitment”), issued by the Title Company which shall set forth the state of title to the Real Property and the Improvements and provide copies Improvements. The Title Commitment shall be delivered to Purchaser with a complete legible set of all title exceptions described therein. The date of delivery of the Title Commitment and exception documents referred to therein (collectively, shall herein be the “Title Commitment”). Delivery Date.” Purchaser shall, on or before the twenty-fifth twenty (25th20) day days after the Trigger Title Delivery Date (the “Title Review Date”), deliver to Seller in writing any objections to matters (other than standard printed exceptions) shown in the Title Commitment and/or on the Existing Survey, provided that the final “as Built” Survey has then been delivered to Purchaser. Purchaser’s failure to timely object to any exception set forth in the Title Commitment or any disclosure made on the Existing Survey Survey, if then delivered to Purchaser, shall be deemed to constitute Purchaser’s approval of all such exceptions and disclosures and all such exceptions and disclosures shall then become Permitted Exceptions (as defined herein), for purposes of the Title Commitment and the approval of the Existing Survey, respectively. Notwithstanding the foregoing, if the final “As Built” Survey is not delivered to Purchaser at least ten (10) days prior to the Title Review Date, Purchaser shall have ten (10) days after the actual delivery of said final Survey to review same and deliver to Seller any objections thereto and if Purchaser fails to deliver any objection to the Survey within said ten (10) day period, Purchaser shall be deemed to have accepted the Survey. If Purchaser timely objects to any exceptions or matters (that are properly objectionable) set forth in the Title Commitment or Existing disclosures made on the Survey in accordance with the terms and conditions of this Section 3.02, then Seller shall have the right, but not any the obligation, to attempt to cure, or cause to be cured, any such items which are the subject of such timely objections within ten (10) business days of the date Seller receives Purchaser’s objections to such items. Notwithstanding any provision to the contrary, Purchaser shall not be required to object to any monetary liens or monetary encumbrances created by or through Seller (or assumed or affirmatively accepted subject to by Seller), mechanics’ and materialmen’s liens created by or through Sellerencumbrances, or real property taxes and assessments existing against the Property and due and payable prior to as of the Closing Date (as defined herein), ) and the parties agree that such items (collectively, the “Nonpermitted Exceptions”) will may be released as of the Closing, provided Seller must provide Buyer notice during the 10 business day cure period if any such encumbrance will not be cured at Closing (as defined herein). If Seller elects not to cure, or fails to timely respond to any of Purchaser’s objectionsobjection(s), then Seller shall be deemed to have elected not to cure such item and item. Purchaser may, within fifteen (15) 5 business days thereafterof Seller’s election or failure to cure, terminate this Contract by the delivery to Seller and the Title Company of a written notice of termination pursuant to this Section 3.02; provided, however, that in . In the event that Purchaser delivers a timely delivers notice of termination pursuant to this Section 3.02, the Escrow Agent Title Company, acting as escrow agent, shall promptly release and return the Xxxxxxx Money Deposit to Purchaser. If Purchaser fails to timely give notice of terminationterminate this Contract as set forth herein, it will Purchaser shall be deemed to have waived its objection to the disapproved, uncured item(s), whereupon each such disapproved, uncured item shall then become a Permitted Exception. Purchaser may obtain an updated Title Commitment from time to time prior to Closing to determine if there are any additional exceptions to coverage noted in respect to the Real Property, and upon receipt thereof (and any instruments of record relating thereto) will deliver a copy thereof to Seller. If any new matter (not shown on the Existing Survey or earlier Title Commitment) appears on the Updated Survey or any updated Title Commitment, Purchaser and Seller shall follow the same objection and cure timeline and process as set forth above in respect to such matters, with the dates for objection and the timelines beginning with the date on which the Purchaser obtained the Updated Survey (or was required to have done so, if sooner) or obtained the updated Title Commitment, and the parties have the same rights and remedies for uncured subsequent objections to any such new objectionable Updated Survey or updated Title Commitment matters as are set forth above for the initial Existing Survey and original Title Commitment review by Purchaser.

Title Review Items. Seller Purchaser, at Purchaser’s sole cost and expense, shall obtain and cause to be delivered to Purchaser within fifteen (15) days promptly after the Trigger Effective Date a order an ALTA for form commitment for title commitmentinsurance (the “Title Commitment”), issued by the Title Company which shall set forth the state of title to the Real Property and the Improvements and provide copies of all title exception documents referred to therein Improvements. Within five (collectively, the “Title Commitment”). Purchaser shall, on or before the twenty-fifth (25th5) day days after the Trigger Date, deliver to Seller in writing any objections to matters (other than standard printed exceptions) shown in the Title Commitment and/or on the Existing Survey. Purchaser’s failure to timely object to any exception set forth in the Title Commitment or any disclosure made on the Existing Survey shall be deemed to constitute Purchaser’s approval of all such exceptions and disclosures and all such exceptions and disclosures shall then become Permitted Exceptions (as defined herein), for purposes receipt of the Title Commitment and the approval of the Existing Survey, respectively. If Purchaser timely objects to any exceptions or matters but in no event later than twenty (that are properly objectionable) set forth in the Title Commitment or Existing Survey in accordance with the terms and conditions of this Section 3.02, then Seller shall have the right, but not any obligation, to attempt to cure, or cause to be cured, any such items which are the subject of such timely objections within ten (1020) days of after the date Seller receives Purchaser’s objections to such items. Notwithstanding any provision to the contraryEffective Date, Purchaser shall not be required deliver copies of the same to object Seller and notification to Seller of any monetary objections to the title to the Property, including, without limitation, any matters that may appear from the Survey. Seller agrees to remove all liens or monetary encumbrances created by that evidence an obligation to pay a specific sum of money on or through Seller (or assumed or affirmatively accepted subject to by Seller), mechanics’ and materialmen’s liens created by or through Seller, or real property taxes and assessments existing against before the Property and due and payable prior to the Closing Date (as defined herein), and the parties agree that such items (collectively, the “Nonpermitted Exceptions”) will be released as date of the Closing Closing. Within three (as defined herein)3) business days after Seller’s receipt of Purchaser’s notice of objections, Seller shall by written notice to Purchaser state whether or not Seller can or will correct any other objections to title specified in Purchaser’s notice of objections on or before the Closing. If Seller elects not to curecorrect any such non-monetary objections on or before the Closing, or fails Purchaser shall, by written notice to timely respond to any of Purchaser’s objections, then Seller shall be deemed to have elected not to cure such item and Purchaser may, delivered within fifteen five (155) days thereafterafter Seller’s notice, either (i) terminate this Contract by the delivery to Seller and the Title Company of a written notice of termination pursuant to this Section 3.02; providedAgreement, however, that in the which event that Purchaser timely delivers notice of termination pursuant to this Section 3.02, the Escrow Agent shall promptly release and return the Xxxxxxx Money Deposit shall be promptly paid to PurchaserPurchaser and neither party shall have any further rights, interests, or obligations hereunder, except for such rights, interests or obligations which, by the express terms of this Agreement, survive the termination hereof, or (ii) waive such objections and accept such title as Seller can convey without abatement of the Purchase Price. If Any encumbrances, easements, restrictions and/or covenants of record and matters revealed by the Title Commitment and the Survey to which Purchaser fails does not object or with respect to timely give notice of termination, it will be deemed to have waived which Purchaser has objected and subsequently waives its objection to the disapproved, uncured item(s), whereupon each such disapproved, uncured item shall then become a constitute “Permitted Exception. Purchaser may obtain an updated Title Commitment from time to time prior to Closing to determine if there are any additional exceptions to coverage noted in respect to the Real PropertyEncumbrances”, and upon receipt thereof (and any instruments of record relating thereto) will deliver a copy thereof to Seller. If any new matter (not shown on shall be included in the Existing Survey or earlier Title Commitment) appears on the Updated Survey or any updated Title Commitment, Purchaser and Seller shall follow the same objection and cure timeline and process as set forth above Permitted Exceptions specified in respect to such matters, with the dates for objection and the timelines beginning with the date on which the Purchaser obtained the Updated Survey (or was required to have done so, if sooner) or obtained the updated Title Commitment, and the parties have the same rights and remedies for uncured subsequent objections to any such new objectionable Updated Survey or updated Title Commitment matters as are set forth above for the initial Existing Survey and original Title Commitment review by PurchaserSection 5.01 below.