Common use of Title Review Period Clause in Contracts

Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX5 issued April 15, 2015 with regard to Regency by the Lake, Coppell, Texas (the "Commitment"). Promptly following receipt, Seller shall provide to Purchaser the ALTA/ACSM Land Title Survey (the "Survey"). At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX MAE. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period ending on the later of (A) fifteen days after the Effective Date, or (B) ten (10) days after the receipt of the Survey, but in either case no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any objections that Seller has specifically agreed, in writing, to cure ("Mandatory Cure Matters"). If any objection is not satisfied during Seller's Cure Period, then Purchaser shall elect not later than two (2) Business Days after the expiration of Seller's Cure Period, but in any event no later than the expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money (other than the Nonrefundable Deposit which will be paid to Seller) shall be refunded to Purchaser, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception to title not objected to by Purchaser in the manner and within the time period specified in this Section 7(a) shall be deemed accepted by Purchaser. The phrase "Permitted Exceptions" means those exceptions to title set forth in the Commitment or Survey and that have been accepted or deemed accepted by Purchaser, and that certain mineral deed in substantially the form attached hereto as Exhibit H. Any endorsement or amendment to the Owner's Title Policy, including the T19.1 endorsement must be identified and agreed to between Purchaser and the Title Company, prior to the expiration of the Feasibility Period and otherwise any endorsement or amendment to the Owner's Title Policy will not be a condition precedent to Closing and all endorsements and amendments will be at the sole cost and expense of the Purchaser. Purchase and Sale Agreement15233092_2 13

Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX5 724461TX1 issued April 1513, 2015 with regard to Regency by on the LakeGreen, CoppellNorth Richland Hills, Texas (the "Commitment"). Promptly following receipt, Seller shall provide to Purchaser ) and (ii) a copy of the following: ALTA/ACSM Land Title Survey (the "Survey")dated June 19, 2015 prepared by Xxxxxxxx Xxxxxxxxx TRPLS No 4873. At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX MAEXXX. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period ending on the later of fifteen (A15) fifteen days after the Effective Date, or (B) ten (10) days after the receipt of the Survey, Date but in either case no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any objections that Seller has specifically agreed, in writing, to cure ("Mandatory Cure Matters"). If any objection is not satisfied during Seller's Cure Period, then Purchaser shall elect not later than two (2) Business Days after the expiration of Seller's Cure Period, but in any event no later than the expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money (other than the Nonrefundable Deposit which will be paid to Seller) shall be refunded to Purchaser, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception to title not objected to by Purchaser in the manner and within the time period specified in this Section 7(a) shall be deemed accepted by Purchaser. The phrase "Permitted Exceptions" means those exceptions to title set forth in the Commitment or Survey and that have been accepted or deemed accepted by Purchaser, and that certain mineral deed in substantially the form attached hereto as Exhibit H. Any endorsement or amendment to the Owner's Title Policy, including the T19.1 endorsement must be identified and agreed to between Purchaser and the Title Company, prior to the expiration of the Feasibility Period and otherwise any endorsement or amendment to the Owner's Title Policy will not be a condition precedent to Closing and all endorsements and amendments will be at the sole cost and expense of the Purchaser. Purchase and Sale Agreement15233092_2 13Agreement15233083_2 12

Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX5 724461TX2 issued April 15, 2015 with regard to Regency by the Lakeat Xxxxx Xxxxxxxx Xxxxx, CoppellXxxxx Xxxxxxxx Xxxxx, Texas Xxxxx (the "Commitment"). Promptly following receipt, Seller shall provide to Purchaser ) and (ii) a copy of the following: ALTA/ACSM Land Title Survey Survey, dated June 26, 2015 prepared by Xxxxxxxx Xxxxxxxxx TRPLS No 4873 (the "Survey"). At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX MAEXXX. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period ending on the later of fifteen (A15) fifteen days after the Effective Date, or (B) ten (10) days after the receipt of the Survey, Date but in either case no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any objections that Seller has specifically agreed, in writing, to cure ("Mandatory Cure Matters"). If any objection is not satisfied during Seller's Cure Period, then Purchaser shall elect not later than two (2) Business Days after the expiration of Seller's Cure Period, but in any event no later than the expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money (other than the Nonrefundable Deposit which will be paid to Seller) shall be refunded to Purchaser, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception to title not objected to by Purchaser in the manner and within the time period specified in this Section 7(a) shall be deemed accepted by Purchaser. The phrase "Permitted Exceptions" means those exceptions to title set forth in the Commitment or Survey and that have been accepted or deemed accepted by Purchaser, and that certain mineral deed in substantially the form attached hereto as Exhibit H. Any endorsement or amendment to the Owner's Title Policy, including the T19.1 endorsement must be identified and agreed to between Purchaser and the Title Company, prior to the expiration of the Feasibility Period and otherwise any endorsement or amendment to the Owner's Title Policy will not be a condition precedent to Closing and all endorsements and amendments will be at the sole cost and expense of the Purchaser. Purchase and Sale Agreement15233092_2 13Agreement 15233094_2 12

Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX5 724461TX3 issued April 1513, 2015 with regard to Regency by the LakeVineyard, CoppellEuless, Texas (the "Commitment"). Promptly following receipt, Seller shall provide to Purchaser the ALTA/ACSM Land Title Survey (the "Survey"). At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX MAE. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period ending on the later of (A) fifteen days after the Effective Date, or (B) ten (10) days after the receipt of the Survey, but in either case no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any objections that Seller has specifically agreed, in writing, to cure ("Mandatory Cure Matters"). If any objection is not satisfied during Seller's Cure Period, then Purchaser shall elect not later than two (2) Business Days after the expiration of Seller's Cure Period, but in any event no later than the expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money (other than the Nonrefundable Deposit which will be paid to Seller) shall be refunded to Purchaser, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception to title not objected to by Purchaser in the manner and within the time period specified in this Section 7(a) shall be deemed accepted by Purchaser. The phrase "Permitted Exceptions" means those exceptions to title set forth in the Commitment or Survey and that have been accepted or deemed accepted by Purchaser, and that certain mineral deed in substantially the form attached hereto as Exhibit H. Any endorsement or amendment to the Owner's Title Policy, including the T19.1 endorsement must be identified and agreed to between Purchaser and the Title Company, prior to the expiration of the Feasibility Period and otherwise any endorsement or amendment to the Owner's Title Policy will not be a condition precedent to Closing and all endorsements and amendments will be at the sole cost and expense of the Purchaser. Purchase and Sale Agreement15233092_2 13Agreement15233085_2 12

Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX5 724461TX2 issued April 15, 2015 with regard to Regency by the Lakeat Xxxxx Xxxxxxxx Xxxxx, CoppellXxxxx Xxxxxxxx Xxxxx, Texas Xxxxx (the "Commitment"). Promptly following receipt, Seller shall provide to Purchaser ) and (ii) a copy of the following: ALTA/ACSM Land Title Survey Survey, dated June 26, 2015 prepared by Xxxxxxxx Xxxxxxxxx TRPLS No 4873 (the "Survey"). At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX MAEXXX. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period ending on the later of fifteen (A15) fifteen days after the Effective Date, or (B) ten (10) days after the receipt of the Survey, Date but in either case no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any objections that Seller has specifically agreed, in writing, to cure ("Mandatory Cure Matters"). If any objection is not satisfied during Seller's Cure Period, then Purchaser shall elect not later than two (2) Business Days after the expiration of Seller's Cure Period, but in any event no later than the expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money (other than the Nonrefundable Deposit which will be paid to Seller) shall be refunded to Purchaser, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception to title not objected to by Purchaser in the manner and within the time period specified in this Section 7(a) shall be deemed accepted by Purchaser. The phrase "Permitted Exceptions" means those exceptions to title set forth in the Commitment or Survey and that have been accepted or deemed accepted by Purchaser, and that certain mineral deed in substantially the form attached hereto as Exhibit H. Any endorsement or amendment to the Owner's Title Policy, including the T19.1 endorsement must be identified and agreed to between Purchaser and the Title Company, prior to the expiration of the Feasibility Period and otherwise any endorsement or amendment to the Owner's Title Policy will not be a condition precedent to Closing and all endorsements and amendments will be at the sole cost and expense of the Purchaser. Purchase and Sale Agreement15233092_2 13Agreement15233094_2 12

Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX5 724461TX4 issued April 1516, 2015 with regard to Regency Foundations by the LakeVineyard, CoppellEuless, Texas (the "Commitment"). Promptly following receipt, Seller shall provide to Purchaser ) and (ii) a copy of the following: ALTA/ACSM Land Title Survey Survey, dated May 15, 2015 prepared by Xxxxxxxx Xxxxxxxxx TRPLS No 4873 (the "Survey"). At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 6,000 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX MAEXXX. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period ending on the later of fifteen (A15) fifteen days after the Effective Date, or (B) ten (10) days after the receipt of the Survey, Date but in either case no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any objections that Seller has specifically agreed, in writing, to cure ("Mandatory Cure Matters"). If any objection is not satisfied during Seller's Cure Period, then Purchaser shall elect not later than two (2) Business Days after the expiration of Seller's Cure Period, but in any event no later than the expiration of the Feasibility Period, as its sole and exclusive remedy to either: (i) terminate this Contract, in which case the Xxxxxxx Money (other than the Nonrefundable Deposit which will be paid to Seller) shall be refunded to Purchaser, and neither party will have any further rights or obligations pursuant to this Contract, other than as set forth herein with respect to rights or obligations that survive termination; or (ii) waive the unsatisfied objection (which shall thereupon become a Permitted Exception) and proceed to Closing. Any exception to title not objected to by Purchaser in the manner and within the time period specified in this Section 7(a) shall be deemed accepted by Purchaser. The phrase "Permitted Exceptions" means those exceptions to title set forth in the Commitment or Survey and that have been accepted or deemed accepted by Purchaser, and that certain mineral deed in substantially the form attached hereto as Exhibit H. . Any endorsement or amendment to the Owner's Title Policy, including the T19.1 endorsement must be identified and agreed to between Purchaser and the Title Company, prior to the expiration of the Feasibility Period and otherwise any endorsement or amendment to the Owner's Title Policy will not be a condition precedent to Closing and all endorsements and amendments will be at the sole cost and expense of the Purchaser. Purchase and Sale Agreement15233092_2 Agreement15233079_2 13