Common use of Title Review Process Clause in Contracts

Title Review Process. Purchaser and Marriott have each initiated the title review process consisting of, with respect to the Leased Real Property, the Owned Real Property and the real property owned by any Minority Owned Entity located in the United States (the “Real Properties”), (A) ordering from the Title Company a Uniform Commercial Code financing statement search including a search on any Target and a commitment for owner’s title insurance, on such policy form as is available in the applicable jurisdiction as selected by Purchaser, and (B) ordering from Xxxx & Xxxxx Corporation National Surveyors Network (“Surveyor”) an ALTA survey with such instructions regarding information to be shown and the scope of certification as Purchaser shall determine. The Uniform Commercial Code financing statement search results and the title commitments and surveys obtained by Purchaser, as revised or updated from time to time, are herein referred to as “Title Materials.” Copies of all Title Materials shall be provided to Marriott’s counsel as and when received, which copies shall not be required to be returned. During the period from the date of this Agreement and ending at 11:59 pm May 3, 2005 (the “Objection Period”), Purchaser shall notify Marriott in writing of those matters relating to title disclosed to Purchaser in the Title Materials or otherwise disclosed in materials received by Purchaser at least forty-eight (48) hours prior to 11:59 pm, May 3, 2005 to which Purchaser objects (including, for example, the size or configuration of any Real Properties which are not acceptable to Purchaser), and that are not Permitted Encumbrances set forth in items (b)-(e) of the definition thereof (collectively, the “Purchaser’s Objections”). As to matters relating to title disclosed in the Title Materials or otherwise disclosed in materials received by Purchaser within forty-eight (48) hours prior to 11:59 pm, May 3, 2005, Purchaser shall notify Marriott in writing of its Title Objections within forty-eight (48) hours of its receipt of such materials, but in no event later than 11:59 pm, May 5, 2005. Purchaser shall endeavor to deliver the Purchaser’s Objections in a reasonably expeditious manner and on a property-by-property basis commencing no later than the date hereof and thereafter as soon as reasonably practical after the date Purchaser receives the applicable portion of the Title Materials. Purchaser shall not be deemed to waive its right to make Purchaser’s Objections even if Purchaser’s Objections are not made in a reasonably expeditious manner so long as Purchaser’s Objections are made during the Objection Period. At Closing Purchaser shall reimburse Marriott for all costs and expenses incurred or expended by Marriott to the Title Company and/or Surveyor in connection with obtaining the Title Materials with regard to the Real Properties.

Title Review Process. Purchaser and Marriott have each initiated Buyer shall initiate the title review process consisting ofpromptly following the date of this Agreement, which shall consist of (i) with respect to the Leased Real Property, the Owned Real Property and the real property owned by any Minority Owned Entity located in the United States (the “Real Properties”)and other jurisdictions where consistent with local practice, (A) ordering from the Title Company a Uniform Commercial Code financing statement search including a search on any Target and a commitment for owner’s title insurance, on such policy form as is available in the applicable jurisdiction as selected by PurchaserBuyer, and (B) ordering from Xxxx & Xxxxx Corporation National Surveyors Network (“Surveyor”) an ALTA survey with such instructions regarding information to be shown and the scope of certification as Purchaser Buyer shall determine, and (ii) with respect to all other Leased Real Property and Owned Real Property (together with such properties referenced in clause 9.1(a)(i) above, the “Real Properties”), ordering of such title and survey type investigative work as may be appropriate and available under local practice for the determination of the nature and quality of title (the “Non-U.S. Hotel Investigative Work”). The Uniform Commercial Code financing statement search results and the title commitments commitments, surveys and surveys Non-U.S. Hotel Investigative Work obtained by PurchaserBuyer, as revised or updated from time to time, are herein referred to as “Title Materials.” Copies of all Title Materials shall be provided to MarriottSeller’s counsel as and when received, which copies shall not be required to be returned. During the period from the date of this Agreement and ending at 11:59 pm pm, May 37, 2005 (the “Objection Period”)2005, Purchaser Buyer shall notify Marriott the Seller in writing of those matters relating to title disclosed to Purchaser Buyer in the Title Materials or otherwise disclosed in materials received by Purchaser Buyer at least forty-eight (48) hours prior to 11:59 pm, May 37, 2005 to which Purchaser Buyer objects (including, for example, the size or configuration of any Real Properties which are not acceptable to Purchaser), Buyer) and that are not Permitted Encumbrances set forth in items (b)-(eb) through (e) of the definition thereof (collectively, the “PurchaserBuyer’s Objections”). As to matters relating to title disclosed in the Title Materials or otherwise disclosed in materials received by Purchaser Buyer within forty-eight (48) hours prior to 11:59 pm, May 37, 2005, Purchaser Buyer shall notify Marriott Seller in writing of its Title Objections within forty-eight (48) hours of its receipt of such materials, but in no event later than 11:59 pm, May 59, 20052005 (the “Objection Period”). Purchaser Buyer shall endeavor to deliver the PurchaserBuyer’s Objections in a reasonably expeditious manner and on a property-by-property basis commencing no later than the date hereof and thereafter as soon as reasonably practical after the date Purchaser Buyer receives the applicable portion of the Title Materials. Purchaser Buyer shall not be deemed to waive its right to make PurchaserBuyer’s Objections even if PurchaserBuyer’s Objections are not made in a reasonably expeditious manner manner, so long as PurchaserBuyer’s Objections are made during the Objection Period. At Closing Purchaser shall reimburse Marriott for all costs and expenses incurred If Buyer has not received any of the Non-U.S. Hotel Investigative Work on or expended by Marriott before May 5, 2005, Buyer’s Objections may be based upon the failure to receive the Title Company and/or Surveyor in connection with obtaining the Title Materials with regard Non-U.S. Hotel Investigative Work as it relates to the any particular Real Properties.

Title Review Process. Purchaser and Marriott have each initiated the title review process consisting of, with respect to the Leased Real Property, Property and the Owned Real Property and the real property owned by any Minority Owned Entity located in the United States (the “Real Properties”), (A) ordering from the Title Company a Uniform Commercial Code financing statement search including a search on any Target and any CTF Selling Entity and a commitment for owner’s title insurance, on such policy form as is available in the applicable jurisdiction as selected by Purchaser, and (B) ordering from Xxxx & Xxxxx Corporation National Surveyors Network (“Surveyor”) an ALTA survey with such instructions regarding information to be shown and the scope of certification as Purchaser shall determine. The Uniform Commercial Code financing statement search results and the title commitments and surveys obtained by Purchaser, as revised or updated from time to time, are herein referred to as “Title Materials.” Copies of all Title Materials shall be provided to Marriott’s and CTF’s counsel as and when received, which copies shall not be required to be returned. During the period from the date of this Agreement and ending at 11:59 pm 9:00 a.m. EDT, May 36, 2005 (the “Objection Period”), Purchaser shall notify Marriott in writing of those material matters relating to title disclosed to Purchaser in the Title Materials or otherwise disclosed in materials received by Purchaser at least forty-eight (48) hours prior to 11:59 pm9:00 a.m. EDT, May 36, 2005 2005, to which Purchaser objects (including, for example, the size or configuration of any Real Properties which are not acceptable to Purchaser), ) and that are not Permitted Encumbrances set forth in items (b)-(eb)-(d) of the definition thereof (collectively, the “Purchaser’s Objections”). As to matters relating to title disclosed in the Title Materials or otherwise disclosed in materials received by Purchaser within forty-eight (48) hours prior to 11:59 pm9:00 a.m. EDT, May 36, 2005, Purchaser shall notify Marriott in writing of its Title Objections within forty-eight (48) hours of its receipt of such materials, materials but in no event later than 11:59 pm9:00 a.m. EDT, May 57, 2005. Purchaser shall endeavor to deliver the Purchaser’s Objections in a reasonably expeditious manner and on a property-by-property basis commencing no later than the date hereof and thereafter as soon as reasonably practical after the date Purchaser receives the applicable portion of the Title Materials. Purchaser shall not be deemed to waive its right to make Purchaser’s Objections even if Purchaser’s Objections are not made in a reasonably expeditious manner so long as Purchaser’s Objections are made during the Objection Period. At Closing Purchaser shall reimburse Marriott for all costs and expenses incurred or expended by Marriott to the Title Company and/or the Surveyor in connection with obtaining the Title Materials with regard to the Real Properties.