Common use of Title Review Period Clause in Contracts

Title Review Period. The “Title Review Period” means the period of time ending on the date which is ten (10) business days following the date as of which Buyer has received a Title Commitment and a Survey for each of the Properties. Buyer shall have until the end of the Title Review Period to notify the Company of any objections Buyer has to any matters shown or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted Exception. If Buyer gives notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate shall have ten (10) business days after receipt of Buyer’s objections (the “Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. Each such Seller shall notify Buyer of its election by the end of the Title Response Period. If a Seller is unable or unwilling to undertake to eliminate or modify such unacceptable exceptions or conditions with respect to a Property to the reasonable satisfaction of Buyer within the Title Response Period, Buyer may elect not to proceed with the Transaction in accordance with Section 13.1(c)(iii), such election to be made on or before the fifth (5th) business day after the end of the Title Response Period (the “Title Decision Date”); provided, however, that Sellers shall be required to cure at or before the Closing any such exception or condition that is based upon a mechanic’s lien, judgment lien, or other lien securing a monetary amount created by, through or under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 in the aggregate. Alternatively, Buyer may elect to proceed to Closing and accept the Property or Properties in question subject to all such exceptions or conditions to which Buyer objected.

Title Review Period. The “Purchaser shall have three (3) business days (the "Title Review Period” means ") after the period receipt of time ending on the date which is ten (10) business days following the date as of which Buyer has received a Title Commitment and a Survey Commitments for each of the Real Properties. Buyer shall , and copies of all instruments referred to therein, to notify Seller, in writing, of such objections as Purchaser may have until the end of to anything contained in the Title Review Period to notify the Company of any objections Buyer has to any matters shown or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted Exception. If Buyer gives notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate shall have ten (10) business days after receipt of Buyer’s objections (the “Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. Each such Seller shall notify Buyer of its election by the end of the Title Response Period. If a Seller is unable or unwilling to undertake to eliminate or modify such unacceptable exceptions or conditions with respect to a Property to the reasonable satisfaction of Buyer within the Title Response Period, Buyer may elect not to proceed with the Transaction in accordance with Section 13.1(c)(iii), such election to be made on or before the fifth (5th) business day after the end of the Title Response Period (the “Title Decision Date”)Commitment; provided, however, that Sellers Purchaser shall not be required entitled to object to any Permitted Exception described in paragraphs (a) through (c) of Section 3.3 hereof. In the event Purchaser shall notify Seller of objections to title prior to the expiration of the Title Review Period, Seller shall have five (5) days after receipt of notification of such objections (the "Cure Period"), within which Seller may, but shall not be obligated to cure at or remove such objections. If Seller fails either to cure or remove such objections to the reasonable satisfaction of the Title Company prior to the expiration of the Cure Period, Purchaser shall have two (2) days after the earlier of the expiration of the Cure Period or written notice from Seller stating Seller will not cure such objections (the "Election Period") in which either to terminate this Agreement by written notice to Seller or to waive such objections and accept such title as Seller is able to convey without any reduction in the Purchase Price. Failure of Purchaser to send written notice of the election available to it pursuant to the preceding sentence on or before the Closing expiration of the Election Period shall be deemed an election by Purchaser to waive its objections and accept such title as Seller is able to convey without any such exception or condition that is based upon a mechanic’s lien, judgment lienreduction in the Purchase Price. Any item contained in the Title Commitment to which Purchaser does not object during the Title Review Period, or other lien securing waives its objections, shall be deemed a monetary amount created by, through or under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 in the aggregate. Alternatively, Buyer may elect to proceed to Closing and accept the Property or Properties in question subject to all such exceptions or conditions to which Buyer objectedPermitted Exception.

Title Review Period. The “Purchaser shall have the number of days specified in the Schedule to review the Survey and Title Review Period” means Commitment and to deliver to Seller the period Defect Notice. All items in Schedule C to the Title Commitment (except item No. 3) shall automatically be deemed an objection by Purchaser, which Seller shall cure, at or prior to Closing. If there are any other objections by Purchaser, Seller in good faith shall attempt to satisfy such objections within the number of time ending days specified in the Schedule. If Seller is unable to satisfy all of Purchaser’s objections, Seller shall deliver the Cure Notice to Purchaser listing all objections that Seller is unable to satisfy. After receipt of the Cure Notice or, if Seller fails to timely deliver the Cure Notice, Purchaser may either waive such uncured objections and accept such title as Seller is able to convey or terminate this Agreement. Any item: (i) to which Purchaser does not object or which Purchaser waives in writing; and (ii) which is shown on Schedule B of the Title Commitment as of the date of the Defect Notice, shall be deemed a “Permitted Exception”. In no event may any matter or instrument which is ten affects the Property become a Permitted Exception until Purchaser has: (i) been advised in writing of the existence of such matter or instrument; (ii) received a legible copy of the instrument, if any, creating such exception; and (iii) failed to object to the exception within Ten (10) business days following the date as Purchaser’s receipt of which Buyer has received a Title Commitment and a Survey for each written notification of the Propertiesexistence of such exception and the instrument creating such exception. Buyer If Purchaser terminates this Agreement as provided for herein, then the Xxxxxxx Money shall be returned immediately to Purchaser, and neither Seller nor Purchaser shall have until the end of the Title Review Period to notify the Company of any objections Buyer has to any matters shown further right or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted Exception. If Buyer gives notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate shall have ten (10) business days after receipt of Buyer’s objections (the “Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. Each such Seller shall notify Buyer of its election by the end of the Title Response Period. If a Seller is unable or unwilling to undertake to eliminate or modify such unacceptable exceptions or conditions with respect to a Property to the reasonable satisfaction of Buyer within the Title Response Period, Buyer may elect not to proceed with the Transaction in accordance with Section 13.1(c)(iii), such election to be made on or before the fifth (5th) business day after the end of the Title Response Period (the “Title Decision Date”); provided, however, that Sellers shall be required to cure at or before the Closing any such exception or condition that is based upon a mechanic’s lien, judgment lien, or other lien securing a monetary amount created by, through or under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 in the aggregate. Alternatively, Buyer may elect to proceed to Closing and accept the Property or Properties in question subject to all such exceptions or conditions to which Buyer objectedobligation hereunder.

Title Review Period. The “Title Review Period” means Purchaser shall have the period number of time ending on days specified in the date which is ten (10) business days following Schedule to review the date as of which Buyer has received a Survey and Title Commitment and a Survey for each of to deliver to Seller the PropertiesObjection Notice. Buyer All items in Schedule C to the Title Commitment (except item No. 3) shall automatically be deemed an objection by Purchaser, which Seller, agrees to use good faith efforts to satisfly at or prior to Closing. Seller may, but shall have until no obligation to attempt to satisfy any Schedule B objections within the end number of days specified in the Title Review Period to notify the Company of any objections Buyer has to any matters shown or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted ExceptionSchedule. If Buyer gives notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate shall have ten (10) business days after receipt of Buyer’s objections (the “Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. Each such Seller shall notify Buyer of its election by the end of the Title Response Period. If a Seller is unable or unwilling to undertake satisfy all of Purchaser’s objections, Seller shall deliver the Cure Notice to eliminate Purchaser listing all objections that Seller is unable or modify unwilling to satisfy. After receipt of the Cure Notice or, if Seller fails to timely deliver the Cure Notice, Purchaser may as its sole remedy either waive such unacceptable exceptions uncured objections and accept such title as Seller is able to convey without reduction in the Purchase Price or conditions with respect terminate this Agreement. Any item: (i) to a Property to the reasonable satisfaction of Buyer within the Title Response Period, Buyer may elect which Purchaser does not to proceed with the Transaction object or which Purchaser waives in accordance with Section 13.1(c)(iii), such election to be made writing; and (ii) which is shown on or before the fifth (5th) business day after the end Schedule B of the Title Response Period (Commitment as of the “Title Decision Date”); provideddate of the Objection Notice, however, that Sellers shall be required deemed a “Permitted Exception”. In no event may any matter or instrument which affects the Property become a Permitted Exception until Purchaser has: (i) been advised in writing of the existence of such matter or instrument; (ii) received a legible copy of the instrument, if any, creating such exception; and (iii) failed to cure at or before object to the Closing any exception within Ten (10) days following Purchaser’s receipt of written notification of the existence of such exception and the instrument creating such exception. If Purchaser terminates this Agreement as provided for herein, then the Xxxxxxx Money shall be returned immediately to Purchaser, and neither Seller nor Purchaser shall have any further right or condition that is based upon a mechanic’s lien, judgment lien, or other lien securing a monetary amount created by, through or under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 in the aggregate. Alternatively, Buyer may elect to proceed to Closing and accept the Property or Properties in question subject to all such exceptions or conditions to which Buyer objectedobligation hereunder.

Title Review Period. The “Title Review Period” means the period of time ending on the date which is ten (10) business days following the date as of which Buyer has received a Title Commitment and a Survey for each of the Properties. Buyer shall have until the end of the Title Review Period to notify the Company of any objections Buyer has to any matters shown or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted Exception. If Buyer gives notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate Purchaser shall have ten (10) business days (the "Title Review Period") after the receipt of Buyer’s objections (the “Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. Each such Seller shall notify Buyer of its election by the end last of the Title Response Period. If a Seller is unable or unwilling Commitment, legible copies of all instruments referred to undertake in Schedule B thereof, and the Survey to eliminate or modify such unacceptable exceptions or conditions with respect notify Seller, in writing, of any objections Purchaser may have to a Property to the reasonable satisfaction of Buyer within anything contained in the Title Response Period, Buyer may elect not to proceed with Commitment or the Transaction in accordance with Section 13.1(c)(iii), such election to be made on or before the fifth (5th) business day after the end of the Title Response Period (the “Title Decision Date”)Survey; provided, however, that Sellers Purchaser shall not be entitled to object to any Permitted Exceptions described in Section 2.5 hereof. Any item contained in the Title Commitment or the Survey to which Purchaser does not object during the Title Review Period will be deemed a Permitted Exception. In the event Purchaser shall notify Seller of objections to title or the Survey prior to the expiration of the Title Review Period, Seller shall have ten (10) days after receipt of notification of such objections, or such greater period of time as may be mutually acceptable to Purchaser and Seller (the "Cure Period"), within which Seller may (but shall not be required to) cure or remove such objections; provided, however, Seller shall be required to obtain the release of any liens created by Seller. If Seller fails either to cure or remove any objection to the reasonable satisfaction of the Title Company and Purchaser prior to the expiration of the Cure Period, Purchaser may either (a) terminate this Agreement by written notice to Seller and receive a return of the Earnest Money, at or before the Closing which time this Agreement will become null and void xx (x) waive such objection and accept such title as Seller is able to convey without any such exception or condition that is based upon a mechanic’s lien, judgment lien, or other lien securing a monetary amount created by, through or under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 reduction in the aggregatePurchase Price. Alternatively, Buyer may elect Failure of Purchaser to proceed send written notice of the election available to Closing Purchaser pursuant to the preceding sentence within five (5) calendar days after the expiration of the Cure Period will be deemed an election by Purchaser to waive Purchaser's objection and accept such title as Seller is able to convey without any reduction in the Property or Properties in question subject to all such exceptions or conditions to which Buyer objectedPurchase Price.