Common use of Unacceptable Encumbrances Clause in Contracts

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten (10) days after the date hereof, the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title Commitment, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances.

Unacceptable Encumbrances. If the Title Commitment Commitment, the Lien Searches, or the Survey Surveys indicate the existence of any liens or liens, encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances Shopping Centers (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller Sellers notice of the same within ten fourteen (1014) days after receipt of the date hereoflater of the Title Commitment, the Seller Lien Searches, the Survey, the underlying exception documents or all pro forma endorsements, as applicable, the Sellers shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller Sellers of within such ten fourteen (1014) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company or surveyor subsequent to the date of the Title Commitment or the Survey, or such Unacceptable Encumbrance was first reflected in the Lien Searches, or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title Commitment, the Lien Searches, or the Survey, and (ii) the Purchaser shall notify the Seller Sellers of the same within five (5) business days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances5.2.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser or Purchaser's Nominee (provided this Agreement is assigned in accordance with Section 19 hereof) is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten (10) days after the date hereof, the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the PropertyProperty or the Buildings) subject to Section 5.2. The Seller covenants to remove any monetary encumbrances which are not Permitted Encumbrances prior to the Closing. Purchaser hereby waives any right the Purchaser or any person claiming by, through or under Purchaser, including Purchaser's Nominee (provided that this Agreement is assigned in accordance with Section 19 hereof) may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title Commitment, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances. Notwithstanding anything contained in this Section 5.1, no lien or encumbrance which is not set forth in First American Title Insurance Company Commitment OR-9732345, (a copy of which has been provided to Purchaser) shall constitute an Unacceptable Encumbrance unless such lien or encumbrance shall have arisen subsequent to September 10, 1997.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate indicates the existence of any liens or liens, encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances and liens, encumbrances or other defects directly or indirectly created, incurred, assumed or suffered to exist by the Prime Tenant, any of the Prime Tenant's Affiliates or any of their respective invitees, guests or contractors (collectively, the "Unacceptable Encumbrances") ), subject to which the Purchaser is unwilling to accept title title, and the Purchaser gives the Seller notice of the same within ten (10) days after receipt of the date hereofTitle Commitment, the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company Escrow Agent subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten fourteen (1014) days after the date hereoflater to occur of Purchaser's receipt of (i) the Title Commitment or (ii) the Survey, and the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten fourteen (1014) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. Seller agrees to notify Purchaser within five (5) days of any new liens of record of which Seller has actual knowledge of and which arise subsequent to the date of the Title Commitment. The Seller, in its sole discretion, may adjourn the Closing one or more 16 times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable EncumbrancesEncumbrances provided, however, that the Closing may not be adjourned beyond June 30, 1999.

Unacceptable Encumbrances. If the Title Commitment or any update thereof through Closing, or the Survey indicate the existence of any liens or encumbrances (collectively, "“Liens"”) or other defects or exceptions in or to title to the Property other than or the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") Option Parcel subject to which the Purchaser is unwilling to accept title or defects or problems with the Survey (collectively, the “Unacceptable Encumbrances”) and the Purchaser gives the Seller notice of the same within ten (10) days after Purchaser’s receipt of the date hereofTitle Commitment and/or the Survey, respectively, then, subject to the provisions of Section 6.14, the Seller shall undertake to eliminate the same (or to arrange for title insurance reasonably acceptable to Purchaser insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject prior to Section 5.2the Closing Date, to the extent such Unacceptable Encumbrances relate to the Property, and prior to the Option Property Closing Date, to the extent that such Unacceptable Encumbrances relate to the Option Property. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's ’s refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days Business Days after the Purchaser first becomes actually aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty thirty (6030) days in the aggregate in order to eliminate Unacceptable Encumbrances. Any and all matters shown by the Title Commitment or the Survey and not objected to by Purchaser within the above provided ten (10) day period or thereafter learned of by Purchaser and not objected to within such five (5) day period shall be conclusively deemed to be Permitted Exceptions. In addition, Permitted Exceptions shall include, without limitation, any and all real estate taxes, assessments, and sewer, water and vault charges not delinquent at the time of closing (provided that the same shall be prorated through the Closing Date as hereinafter provided), the Condominium Documents, and that certain Work of Art Agreement dated July 30, 2002 with respect to the artwork described therein and located upon and included within the definition of the Property, which obligations thereunder Purchaser shall assume arising from and after Closing, subject to an indemnification from Seller for all obligations arising or accruing prior to Closing and from Purchaser for all obligations arising or accruing from and after Closing.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten (10) days after Purchaser's receipt of the date hereofTitle Commitment or the Survey, respectively, the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty thirty (6030) days in the aggregate in order to eliminate Unacceptable Encumbrances.

Unacceptable Encumbrances. If the Title Commitment Commitment, a title report which Purchaser may obtain from Chicago Title Insurance Company at its sole cost and expense ("Buyer's Title Report") or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same (i) with respect to the Title Commitment or Survey within ten (10) days after receipt of the Title Commitment or the Survey, respectively, or (ii) with respect to the Buyer's Title Report, within fifteen (15) days of the date hereof, the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) or fifteen (15) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment Commitment, first raised by Chicago Land Title Insurance Company subsequent to the date of the Buyer's Title Report or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title Commitment, the Buyer's Title Report or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten (10) days after prior to the date hereofexpiration of the Due Diligence Period, the Seller shall will then covenant to undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) in a manner reasonably satisfactory to the Purchaser subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller prior to the expiration of within such ten (10) day period the Due Diligence Period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate indicates the existence of any liens or encumbrances (collectively, "LiensLIENS") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable EncumbrancesUNACCEPTABLE ENCUMBRANCES") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten (10) days after prior to the date hereofexpiration of the Due Diligence Period, the Seller shall undertake to eliminate the same (or to arrange for title insurance reasonably acceptable to the Purchaser insuring against enforcement of such Unacceptable Encumbrances againstEncumbrances, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten thirty (1030) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times for up to sixty forty five (6045) days in the aggregate in order to eliminate Unacceptable Encumbrances.

Unacceptable Encumbrances. If the Title Commitment or the Survey indicate the existence of any liens or encumbrances (collectively, "Liens") or other defects or exceptions in or to title to the Property other than the Permitted Encumbrances (collectively, the "Unacceptable Encumbrances") subject to which the Purchaser is unwilling to accept title and the Purchaser gives the Seller notice of the same within ten (10) days (provided, however, that the Seller acknowledges receipt of the letter dated June 16, 1998 from Oppenheimer, Wolff & Xxxxxxxx XXX xo txx Xxxxx Company and Coory Engineering) after receipt of the date hereofTitle Commitment or the Survey, respectively, the Seller shall undertake to eliminate the same (or to arrange for title insurance insuring against enforcement of such Unacceptable Encumbrances against, or collection of the same out of, the Property) subject to Section 5.2. The Purchaser hereby waives any right the Purchaser may have to advance as objections to title or as grounds for the Purchaser's refusal to close this transaction any Unacceptable Encumbrance which the Purchaser does not notify the Seller of within such ten (10) day period unless (i) such Unacceptable Encumbrance was first raised by the Title Company subsequent to the date of the Title Commitment or the Purchaser shall otherwise first discover same or be advised of same subsequent to the date of the Title CommitmentCommitment or the Survey, respectively, and (ii) the Purchaser shall notify the Seller of the same within five (5) days after the Purchaser first becomes aware of such Unacceptable Encumbrance. The Seller, in its sole discretion, may adjourn the Closing one or more times time for up to sixty (60) days in the aggregate in order to eliminate Unacceptable Encumbrances.