Common use of Title Status Clause in Contracts

Title Status. 4.1 Within ten (10) days after the Effective Date (as hereinafter defined in Paragraph 14.11), Seller shall deliver to Purchaser a Commitment for Title Insurance, Texas standard form (hereinafter referred to as the "Commitment"), together with copies of all instruments and documents referred to therein as exceptions to title covering the Property, in the amount of the Purchase Price, in favor of Purchaser, pursuant to which the Title Company agrees, subject to the provisions thereof, to issue at Closing an Owner Policy of Title Insurance (hereinafter referred to as the "Owner Policy") to Purchaser. 4.2 Purchaser shall have fifteen (15) days after the latest to be received of the Commitment, legible copies of all exception matters referenced in the Commitment and the survey (as hereinafter defined in Paragraph 5.1), to provide to Seller written objections to the status of title to the Property. If such written objections have not been received by Seller prior to the end of the said fifteen (15) day period, Purchaser shall be deemed to have conclusively accepted and approved the status of title to the Property, as shown by the Commitment. If Purchaser does timely deliver to Seller such written objections, Seller shall have ten (10) days from the receipt of the objections to attempt to cure such objections. If Seller is unable or unwilling to cure such objections within such ten (10) day period, Purchaser may either (i) waive such objections in writing and purchase the Property notwithstanding such objections, (ii) extend Seller additional time, not later than the date of Closing, to cure such objections or (iii) terminate this Contract by written notice to Seller, in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. 4.3 Seller shall deliver to Purchaser, at Closing, a Special Warranty Deed (hereinafter referred to as the "Deed") conveying fee simple title to the Property to Purchaser, subject to the exceptions to title contained in the Commitment approved, or waived, by Purchaser pursuant to Paragraph 4.2 hereof.

Title Status. 4.1 Within ten (10) days after the Effective Date (as hereinafter defined in Paragraph 14.11), Seller shall deliver to Purchaser a Commitment for Title Insurance, Texas standard form (hereinafter referred to as the "Commitment"), together with copies of all instruments and documents referred to therein as exceptions to title covering the Property, in the amount of the Purchase Price, in favor of Purchaser, pursuant to which the Title Company agrees, subject to the provisions thereof, to issue at Closing an Owner Policy of Title Insurance (hereinafter referred to as the "Owner Policy") to Purchaser. 4.2 Purchaser shall have fifteen (15) days after the latest to be received of the Commitment, legible copies of all exception matters referenced in the Commitment and the survey (as hereinafter defined in Paragraph 5.15. 1), to provide to Seller written objections to the status of title to the Property. If such written objections have not been received by Seller prior to the end of the said fifteen (15) day period, Purchaser shall be deemed to have conclusively accepted and approved the status of title to the Property, as shown by the Commitment. If Purchaser does timely deliver to Seller such written objections, Seller shall have ten (10) days from the receipt of the objections to attempt to cure such objections. If Seller is unable or unwilling to cure such objections within such ten (10) day period, Purchaser may either (i) waive such objections in writing and purchase the Property notwithstanding such objections, (ii) extend Seller additional time, not later than the date of Closing, to cure such objections or (iii) terminate this Contract by written notice to Seller, in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. 4.3 Seller shall deliver to Purchaser, at Closing, a Special Warranty Deed (hereinafter referred to as the "Deed") conveying fee simple title to the Property to Purchaser, subject to the exceptions to title contained in the Commitment approved, or waived, by Purchaser pursuant to Paragraph 4.2 hereof.

Title Status. 4.1 Within ten (10) days after the Effective Date (as hereinafter defined in Paragraph 14.11), Seller shall deliver to Purchaser a Commitment for Title Insurance, Texas standard form (hereinafter referred to as the "Commitment"), together with copies of all instruments and documents referred to therein as exceptions to title covering the Property, in the amount of the Purchase Price, in favor of Purchaser, pursuant to which the Title Company agrees, subject to the provisions thereof, to issue at Closing an Owner Policy of Title Insurance (hereinafter referred to as the "Owner Policy") to Purchaser. 4.2 Purchaser shall have fifteen (15) days after the latest to be received of the Commitment, legible copies of all exception matters referenced in the Commitment and the survey (as hereinafter defined in Paragraph 5.1), to provide to Seller written objections to the status of title to the Property. If such written objections have not been received by Seller prior to the end of the said fifteen (15) day period, Purchaser shall be deemed to have conclusively accepted and approved the status of title to the Property, as shown by the Commitment. If Purchaser does timely deliver to Seller such written objections, Seller shall have ten (10) days from the receipt of the objections to attempt to cure such objections. If Seller is unable or unwilling to cure such objections within such ten (10) day period, Purchaser may either (i) waive such objections in writing and purchase the Property notwithstanding such objections, (ii) extend Seller additional time, not later than the date of Closing, to cure such objections or (iii) terminate this Contract by written notice to Seller, in which event the Earnest Xxxxxxx Money Deposit xxxxx shall be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. 4.3 Seller shall deliver to Purchaser, at Closing, a Special Warranty Deed (hereinafter referred to as the "Deed") conveying fee simple title to the Property to Purchaser, subject to the exceptions to title contained in the Commitment approved, or waived, by Purchaser pursuant to Paragraph 4.2 hereof.

Title Status. 4.1 Within ten Title to the Premises shall be conveyed to Buyer free from all liens, encumbrances, encroachments and other exceptions to title, except (10i) days the Lease, (i) matters caused by Buyer or the activities of Buyer or its agents, employees, consultants, contractors and representatives on the Premises, (iii) real estate taxes, sewer rents and taxes, water rates and charges, vault charges and taxes, business improvement district taxes and assessments and any other governmental taxes, charges or assessments levied or assessed against the Premises, including any so-called payments in lieu of taxes, in each case which are a lien but not yet due and payable, (iv) applicable zoning and building ordinances and land use regulations and any and all other present and future laws, rules, regulations, statutes, ordinances, orders or other legal requirements affecting the Premises, and (v) those matters which are deemed to be Permitted Exceptions (the matters in clauses (i) through (v) of this Section 13(c) collectively referred to as the “Permitted Exceptions”). Notwithstanding the foregoing, in no event shall a Seller Encumbrance constitute a Permitted Exception and Buyer shall have no obligation to object to any Seller Encumbrance. As used herein “Seller Encumbrance” means non- monetary liens and encumbrances voluntarily placed on record against the Premises by Seller (and without the written consent of Buyer, which consent may be granted or withheld in Buyer’s sole and absolute discretion) after the Effective Date that are not required by the Lease, and any and all mortgages and security interests voluntarily placed on record against the Premises by Seller (as hereinafter defined and without the written consent of Buyer, which consent may be granted or withheld in Paragraph 14.11Buyer’s sole and absolute discretion), whether recorded or placed on record prior to or after the Effective Date. Seller, at its sole cost and expense, shall and is hereby obligated to cause to be released at or prior to the Closing all Seller Encumbrances. Evidence of title shall deliver to Purchaser a Commitment for be the issuance by the Title Insurance, Texas Company at Closing of its standard form (hereinafter referred to as the "Commitment"), together with copies 2006 CLTA Owner’s Extended Coverage Policy of all instruments and documents referred to therein as exceptions to title Title Insurance covering the PropertyPremises, in the full amount of the Purchase Price, in favor of Purchaser, pursuant to which the Title Company agrees, subject only to the provisions thereof, to issue at Closing an Owner Policy of Permitted Exceptions (the “Title Insurance (hereinafter referred to as the "Owner Policy") to Purchaser”). 4.2 Purchaser shall have fifteen (15) days after the latest to be received of the Commitment, legible copies of all exception matters referenced in the Commitment and the survey (as hereinafter defined in Paragraph 5.1), to provide to Seller written objections to the status of title to the Property. If such written objections have not been received by Seller prior to the end of the said fifteen (15) day period, Purchaser shall be deemed to have conclusively accepted and approved the status of title to the Property, as shown by the Commitment. If Purchaser does timely deliver to Seller such written objections, Seller shall have ten (10) days from the receipt of the objections to attempt to cure such objections. If Seller is unable or unwilling to cure such objections within such ten (10) day period, Purchaser may either (i) waive such objections in writing and purchase the Property notwithstanding such objections, (ii) extend Seller additional time, not later than the date of Closing, to cure such objections or (iii) terminate this Contract by written notice to Seller, in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. 4.3 Seller shall deliver to Purchaser, at Closing, a Special Warranty Deed (hereinafter referred to as the "Deed") conveying fee simple title to the Property to Purchaser, subject to the exceptions to title contained in the Commitment approved, or waived, by Purchaser pursuant to Paragraph 4.2 hereof.