Common use of Title, Survey and Zoning Objections Clause in Contracts

Title, Survey and Zoning Objections. (a) On or prior to the Effective Date, Buyer shall request the Buyer’s title company (the “Title Company”) to issue its title insurance commitment for the Real Property, along with all requested endorsements (which may require the issuance of a zoning compliance letter) (the “Title Commitment”) and may engage a licensed surveyor to prepare an ATLA/ACSM survey of the Real Property (the “Surveys”). No later than 5:00 p.m. Virginia Beach, Virginia local time on the date sixty (60) days after the Effective Date (the “Approval Date”) (with the period from the Effective Date to the Approval Date referred to herein as the “Due Diligence Period”), Buyer shall have the right to notify the Seller in writing of its objection to any matters disclosed by the Title Commitment or the Survey or any other matters of record (collectively, the “Title Objections”). Upon receipt of any such timely written notice of Title Objections from the Buyer, the Seller may, but shall not be obligated to, cure the Title Objections on or before the Closing Date. The Seller shall notify Buyer in writing within three (3) days of receiving the Title Objections as to its decision to either cure or not cure the Title Objections. Notwithstanding the foregoing, in the event that the Title Objection is a monetary lien, charge or encumbrance voluntarily placed against the Property by Seller which is able to be removed by the payment of a certain sum, or a judgment or mechanics’ lien caused by the acts of Seller, then Seller shall be required to cure the Title Objection by paying the certain sum or the sum required to remove the judgment or mechanics’ lien on or prior to the Closing Date (“Monetary Liens”). In the event Buyer fails to deliver a notice of any Title Objections by the end of the Due Diligence Period, Buyer shall be conclusively deemed to have waived and accepted any and all matter which are of record as of the effective date of the Title Commitment, including exceptions listed in the Title Commitment and matters that would be disclosed by a physical survey (other than the Monetary Liens). If the Seller fails to respond to Buyer’s written notice of any Title Objections with the 3-day time frame described above, the Seller shall be conclusively deemed to have elected to cure or satisfy the Title Objections.

Title, Survey and Zoning Objections. (a) On or prior to after the Effective Date, Buyer shall the Operating Partnership may request the Buyer’s title company or an agent thereof (the “Title Company”) to issue its title insurance commitment for the Real Property, along with all requested endorsements (which may require the issuance of a zoning compliance letter) (the “Title Commitment”) to issue an endorsement (the “Endorsement”) to update the Company’s title insurance policy (LTIC Policy No. A82-0368841) (the “Existing Title Policy”) for the Real Property to the “Closing Date” (defined below) and may engage a licensed surveyor to prepare an ATLAALTA/ACSM survey of the Real Property (the “SurveysSurvey”). No later than 5:00 p.m. Virginia Beach, Virginia local time on the date sixty (60( ) days day after the Effective Date (the “Approval Date”) (with the period from the Effective Date to the Approval Date referred to herein as the “Due Diligence Period”), Buyer the Operating Partnership shall have the right to notify the Seller Company Manager in writing of its objection to any matters disclosed by the Title Commitment or the Survey or any other matters of record but excluding any “Permitted Exceptions” (defined below) (collectively, the “Title Objections”). Upon receipt of any such timely written notice of Title Objections from the BuyerOperating Partnership, the Seller Company Manager may, but shall not be obligated to, cure the Title Objections on or before the Closing Date. The Seller Company Manager shall notify Buyer the Operating Partnership in writing within three (3) days of receiving the Title Objections as to its decision to either cure or not cure the Title Objections. Notwithstanding the foregoing, in the event that the Title Objection is a monetary lien, charge or encumbrance voluntarily placed against the Property by Seller which is able to be removed by the payment of a certain sum, or a judgment or mechanics’ lien caused by the acts of Seller, then Seller shall be required to cure the Title Objection by paying the certain sum or the sum required to remove the judgment or mechanics’ lien on or prior to the Closing Date (“Monetary Liens”). In the event Buyer the Operating Partnership fails to deliver a notice of any Title Objections by the end of the Due Diligence Period, Buyer the Operating Partnership shall be conclusively deemed to have waived and accepted any and all matter matters which are of record as of the effective date of the Title Commitment, including exceptions listed in the Title Commitment or the Existing Policy, and matters that would be disclosed by a physical survey (other than the Monetary Liens)survey. If the Seller Company Manager fails to respond to Buyerthe Operating Partnership’s written notice of any Title Objections with within the 3-day time frame described above, the Seller Company Manager shall be conclusively deemed to have elected to cure or satisfy the Title ObjectionsObjections (or have the Company do the same).

Title, Survey and Zoning Objections. (a) On or prior to the Effective Date, Buyer shall request the Buyer’s title company (the “Title Company”) to issue its title insurance commitment for the Real Property, along with all requested endorsements (which may require the issuance of a zoning compliance letter) (the “Title Commitment”) and may engage a licensed surveyor to prepare an ATLAALTA/ACSM survey of the Real Property (the “Surveys”). No later than 5:00 p.m. Virginia Beach, Virginia local time on the date sixty that is thirty (6030) days after the Effective Date (the “Approval Date”) (with the period from the Effective Date to the Approval Date referred to herein as the “Due Diligence Period”), Buyer shall have the right to notify the Seller in writing of its objection to any matters disclosed by the Title Commitment or the Survey or any other matters of record (collectively, the “Title Objections”). Upon receipt of any such timely written notice of Title Objections from the Buyer, the Seller may, but shall not be obligated to, cure the Title Objections on or before the Closing Date. The Seller shall notify Buyer in writing within three (3) days of receiving the Title Objections as to its decision to either cure or not cure the Title Objections. Notwithstanding the foregoing, in the event that the Title Objection is a monetary lien, charge or encumbrance voluntarily placed against the Property by Seller which is able to be removed by the payment of a certain sum, or a judgment or mechanics’ lien caused by the acts of Seller, then Seller shall be required to cure the Title Objection by paying the certain sum or the sum required to remove the judgment or mechanics’ lien on or prior to the Closing Date (“Monetary Liens”). In the event Buyer fails to deliver a notice of any Title Objections by the end of the Due Diligence Period, Buyer shall be conclusively deemed to have waived and accepted any and all matter which are of record as of the effective date of the Title Commitment, including exceptions listed in the Title Commitment and matters that would be disclosed by a physical survey (other than the Monetary Liens). If the Seller fails to respond to Buyer’s written notice of any Title Objections with the 3-day time frame described above, the Seller shall be conclusively deemed to have elected to cure or satisfy the Title Objections.

Title, Survey and Zoning Objections. (a) On or prior to Within five (5) days after the Effective Date, Buyer Seller shall request the Buyer’s a title company approval by Buyer (the “Title Company”) to issue its abstract of title and a title insurance commitment for the Real Property, along with all requested endorsements (which may require the issuance of a zoning compliance letter) (the “Title Commitment”) and may engage a licensed surveyor to prepare an ATLA/ACSM survey of the Real Property (the “Surveys”). No later than 5:00 p.m. Virginia Beach, Virginia local time on the date sixty (60) days after the Effective Date (the “Approval Date”) (with the period from the Effective Date to the Approval Date referred to herein as the “Due Diligence Period”), Buyer shall have the right to notify the Seller in writing of its objection to any matters disclosed by the Title Commitment or the Survey or any other matters of record (collectively, the “Title Objections”). Upon receipt of any such timely written notice of Title Objections from the Buyer, the Seller may, but shall not be obligated to, cure the Title Objections on or before the Closing Date. The Seller shall notify Buyer in writing within three (3) days of receiving the Title Objections as to its decision to either cure or not cure the Title Objections. Notwithstanding the foregoing, in the event that the Title Objection is a monetary lien, charge or encumbrance voluntarily placed against the Property by Seller which is able to be removed by the payment of a certain sum, or a judgment or mechanics’ lien caused by the acts of Seller, then Seller shall be required to cure the Title Objection by paying the certain sum or the sum required to remove the judgment or mechanics’ lien on or prior to the Closing Date (“Monetary Liens”). In the event Buyer fails to deliver a notice of any Title Objections by the end of the Due Diligence Period, Buyer shall be conclusively deemed to have waived and accepted any and all matter which are of record as of the effective date of the Title Commitment, including exceptions listed in the Title Commitment and matters that would be disclosed by a physical survey (other than the Monetary Liens). If the Seller fails to respond to Buyer’s written notice of any Title Objections with the 3-day time frame described above, the Seller shall be conclusively deemed to have elected to cure or satisfy the Title Objections.

Title, Survey and Zoning Objections. (a) On or prior to the Effective Date, Buyer shall request the Buyer’s title company (the “Title Company”) to issue its leasehold title insurance commitment for the Real Property, along with all requested endorsements (which may require the issuance of a zoning compliance letter) (the “Title Commitment”) and may engage a licensed surveyor to prepare an ATLA/ACSM survey of the Real Property (the “Surveys”). No later than 5:00 p.m. Virginia BeachXxxxx, Virginia Xxxxxxxx local time on the date sixty (60) 35 days after the Effective Date (the “Approval Date”) (with the period from the Effective Date to the Approval Date referred to herein as the “Due Diligence Period”), Buyer shall have the right to notify the Seller in writing of its objection to any matters disclosed by the Title Commitment or the Survey or any other matters of record (collectively, the “Title Objections”). Upon receipt of any such timely written notice of Title Objections from the Buyer, the Seller may, but shall not be obligated to, cure the Title Objections on or before the Closing Date. The Seller shall notify Buyer in writing within three (3) days of receiving the Title Objections as to its decision to either cure or not cure the Title Objections. Notwithstanding the foregoing, in the event that the Title Objection is a monetary lien, charge or encumbrance voluntarily placed against the Property by Seller which is able to be removed by the payment of a certain sum, or a judgment or mechanics’ lien caused by the acts of Seller, then Seller shall be required to cure the Title Objection by paying the certain sum or the sum required to remove the judgment or mechanics’ lien on or prior to the Closing Date (“Monetary Liens”). In the event Buyer fails to deliver a notice of any Title Objections by the end of the Due Diligence Period, Buyer shall be conclusively deemed to have waived and accepted any and all matter which are of record as of the effective date of the Title Commitment, including exceptions listed in the Title Commitment and matters that would be disclosed by a physical survey (other than the Monetary Liens). If the Seller fails to respond to Buyer’s written notice of any Title Objections with the 3-day time frame described above, the Seller shall be conclusively deemed to have elected to cure or satisfy the Title Objections.