Common use of UPDATED TITLE AND SURVEY Clause in Contracts

UPDATED TITLE AND SURVEY. Not less than fifteen (15) business days prior to the Closing, Seller shall deliver or cause to be delivered to Purchaser (a) an as-built survey of the Property prepared by a surveyor licensed in the State of Oklahoma (the "As-Built Survey") certified to Purchaser, Purchaser's lender, if any, the Title Insurer and such other parties as Purchaser shall designate in writing to Seller prior to ten (10) days before the Closing Date, and prepared in accordance with the Accuracy Standards and Minimum Standard Detail Requirements for ALTA-ACSM Land Title Surveys as adopted by the American Land Title Association, the American Congress on Surveying and Mapping and the National Society of Professional Surveyors in 1999, and prepared in accordance with the items set forth in the Surveyor's Certificate and other STORE NO. 2872R requirements attached hereto as EXHIBIT "F" and made a part hereof, and (b) an updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment) for the Property. Seller shall be responsible to pay for the costs of the As-Built Survey up to a total cost of $1,000. Purchaser shall pay the costs of the As-Built Survey in excess of $1,000. Notwithstanding the foregoing, if the cost of the As-Built Survey is expected to exceed the amount that Seller is obligated to pay, then, prior to ordering the same, Seller shall obtain Purchaser's prior approval of the cost thereof. If either (i) the As-Built Survey shows any encroachments onto the Property from any adjacent property, any encroachments by or from the Property onto any adjacent property, or any violation of or encroachments upon any recorded building lines, restrictions or easements affecting the Property that are not Permitted Exceptions or any other matters that are not disclosed by the original Survey, or (ii) such updated Title Commitment contains any exception to title or reference any other matter that is not a Permitted Exception or otherwise is not reflected in the original Title Commitment (any such matters referenced in clauses (i) and (ii) above to be hereinafter referenced to as, a "New Title/Survey Exception"), then Purchaser may, not later than ten (10) business days after receipt of the last of the As-Built Survey and updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment), deliver to Seller a notice (the "New Title and Survey Notice") identifying such New Title/Survey Exceptions and Purchaser's objections thereto. Purchaser's failure to deliver the New Title and Survey Notice as aforesaid shall be deemed Purchaser's approval and acceptance of the As-Built Survey and updated Title Commitment, and all matters shown and referenced thereon and therein shall be deemed Permitted Exceptions. Purchaser's failure to raise in the New Title and Survey Notice any matters that constitute New Title/Survey Exceptions as aforesaid shall be deemed Purchaser's approval and acceptance such matters and such matters shall be deemed Permitted Exceptions. If Purchaser shall deliver the New Title and Survey Notice to Seller as aforesaid, then Seller shall, within two (2) business days after receipt of the same, notify Purchaser, with respect to each new Title/Survey Exception, whether Seller intends to either (a) cause any New Title/Survey Exception to be removed, (b) have the Title Insurer issue a title endorsement insuring against damage caused by any New Title/Survey Exception (which endorsement shall be subject to the review and approval of Purchaser), or (c) take no further action regarding such New Title/Survey Exception in which event, subject to the immediately following sentence, such New Title/Survey Exception shall become a Permitted Exception. Notwithstanding the foregoing, Seller shall, at its expense, remove (or cause to be removed) or cause the Title Insurer to insure over any New Title/Survey Exception that constitutes a Monetary Exception. If Seller elects, or is deemed to have elected, item (c) above, then Purchaser shall have the right, by delivering notice to Seller within three (3) days after the expiration of the aforementioned two (2) business day period (and the Closing Date shall be extended accordingly to afford Purchaser such three (3) business day period), and without waiving any rights of Purchaser for a Seller default under this Agreement, to either (i) terminate this Agreement in which event the Xxxxxxx Money (and any interest earned thereon) shall be immediately returned to Purchaser and thereupon neither Seller nor Purchaser shall have any further rights, duties or obligations under this Agreement, or (ii) waive its objection and accept title to the applicable Property subject to such New Title/Survey Exception, in which event this Agreement shall remain in full force and effect. Seller's failure to notify Purchaser within the aforementioned two (2) business day period of which foregoing course of action Seller elects to take with respect to a New Title/Survey Exception shall be deemed Seller's election of item (c) above. With respect to any New Title/Survey Objection that Seller has STORE NO. 2872R elected or is deemed to have elected not to take any further action, Purchaser's failure to terminate this Agreement on or before the expiration of the aforementioned three (3) business day period as aforesaid shall be deemed Purchaser's waiver of its objection as provided in (ii) above. If the updated Title Commitment discloses judgments, bankruptcies or other matters against other persons having names the same as or similar to that of Seller, Seller, on the Title Insurer's request, shall deliver to the Title Insurer affidavits or other evidence reasonably acceptable to the Title Insurer showing and/or confirming that such judgments, bankruptcies or other matters are not against Seller, or any affiliates.

UPDATED TITLE AND SURVEY. Not less than fifteen From the Effective Date until and including the Closing Date, Xxxxx has the on-going right to continue its due diligence activities with respect to title to, and survey of, each parcel of the Property covered by the Land Contracts and the Real Property, and to undertake new, and update existing, real property due diligence activities. On or before twenty (1520) business days Business Days prior to the ClosingClosing Date, Seller shall deliver or cause to be have delivered to Purchaser Buyer (ai) an as-built update of the Title Report (“Updated Title Report”) and, except for Permitted Encumbrances, such Updated Title Report shall not reflect any Encumbrance not reflected on the Title Report accepted by Buyer as a condition to the Effective Date, and (ii) an updated survey (“Updated Survey”) of, each parcel of the Property prepared covered by a surveyor licensed in the State of Oklahoma Land Contracts and the Real Property at Seller’s cost. To the extent that the Updated Title Report identifies (the "As-Built Survey"x) certified to Purchaserone or more Encumbrances, Purchaser's lenderother than Permitted Encumbrances, if any, that were not reflected on the Title Insurer and such other Report, or (y) one or more previously undisclosed third parties as Purchaser that have not executed the Non- Disturbance Agreements described in Section 3.2.3(b) or Curative Documents, Buyer shall designate identify the same (collectively, “Updated Title Objections”) in writing an updated Title Objection Letter delivered to Seller prior to within ten (10) days before Business Days after Xxxxx’s receipt of the Closing Date, Updated Title Report. Seller will use its commercially reasonable efforts to cure each Updated Title Objection and prepared in accordance with the Accuracy Standards and Minimum Standard Detail Requirements for ALTA-ACSM Land Title Surveys as adopted take all commercially reasonable steps required by the American Land Title Association, Company to eliminate each Updated Title Objection as an exception to the American Congress on Surveying and Mapping and the National Society of Professional Surveyors in 1999, and prepared in accordance with the items set forth Updated Title Reports. Any matter contained in the Surveyor's Certificate and other STORE NO. 2872R requirements attached hereto as EXHIBIT "F" and made a part hereof, and (b) an updated Updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment) for the Property. Seller shall be responsible to pay for the costs of the As-Built Survey up to a total cost of $1,000. Purchaser shall pay the costs of the As-Built Survey in excess of $1,000. Notwithstanding the foregoing, if the cost of the As-Built Survey is expected to exceed the amount that Seller is obligated to pay, then, prior to ordering the same, Seller shall obtain Purchaser's prior approval of the cost thereof. If either (i) the As-Built Survey shows any encroachments onto the Property from any adjacent property, any encroachments by or from the Property onto any adjacent property, or any violation of or encroachments upon any recorded building lines, restrictions or easements affecting the Property that are not Permitted Exceptions or any other matters that are not disclosed by the original Survey, or (ii) such updated Title Commitment contains any exception to title or reference any other matter Reports that is not objected to by Xxxxx in the manner aforesaid, will be deemed to be acceptable to Buyer and shall constitute a Permitted Exception or otherwise is not reflected in the original Title Commitment (any such matters referenced in clauses (i) and (ii) above to be hereinafter referenced to as, a "New Title/Survey Exception"), then Purchaser may, not later than ten (10) business days after receipt of the last of the As-Built Survey and updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment), deliver to Seller a notice (the "New Title and Survey Notice") identifying such New Title/Survey Exceptions and Purchaser's objections thereto. Purchaser's failure to deliver the New Title and Survey Notice as aforesaid shall be deemed Purchaser's approval and acceptance of the As-Built Survey and updated Title Commitment, and all matters shown and referenced thereon and therein shall be deemed Permitted Exceptions. Purchaser's failure to raise in the New Title and Survey Notice any matters that constitute New Title/Survey Exceptions as aforesaid shall be deemed Purchaser's approval and acceptance such matters and such matters shall be deemed Permitted Exceptions. If Purchaser shall deliver the New Title and Survey Notice to Seller as aforesaid, then Seller shall, within two (2) business days after receipt of the same, notify Purchaser, with respect to each new Title/Survey Exception, whether Seller intends to either (a) cause any New Title/Survey Exception to be removed, (b) have the Title Insurer issue a title endorsement insuring against damage caused by any New Title/Survey Exception (which endorsement shall be subject to the review and approval of Purchaser), or (c) take no further action regarding such New Title/Survey Exception in which event, subject to the immediately following sentence, such New Title/Survey Exception shall become a Permitted Exception. Notwithstanding the foregoing, Seller shall, at its expense, remove (or cause to be removed) or cause the Title Insurer to insure over any New Title/Survey Exception that constitutes a Monetary Exception. If Seller elects, or is deemed to have elected, item (c) above, then Purchaser shall have the right, by delivering notice to Seller within three (3) days after the expiration of the aforementioned two (2) business day period (and the Closing Date shall be extended accordingly to afford Purchaser such three (3) business day period), and without waiving any rights of Purchaser for a Seller default under this Agreement, to either (i) terminate this Agreement in which event the Xxxxxxx Money (and any interest earned thereon) shall be immediately returned to Purchaser and thereupon neither Seller nor Purchaser shall have any further rights, duties or obligations under this Agreement, or (ii) waive its objection and accept title to the applicable Property subject to such New Title/Survey Exception, in which event this Agreement shall remain in full force and effect. Seller's failure to notify Purchaser within the aforementioned two (2) business day period of which foregoing course of action Seller elects to take with respect to a New Title/Survey Exception shall be deemed Seller's election of item (c) above. With respect to any New Title/Survey Objection that Seller has STORE NO. 2872R elected or is deemed to have elected not to take any further action, Purchaser's failure to terminate this Agreement on or before the expiration of the aforementioned three (3) business day period as aforesaid shall be deemed Purchaser's waiver of its objection as provided in (ii) above. If the updated Title Commitment discloses judgments, bankruptcies or other matters against other persons having names the same as or similar to that of Seller, Seller, on the Title Insurer's request, shall deliver to the Title Insurer affidavits or other evidence reasonably acceptable to the Title Insurer showing and/or confirming that such judgments, bankruptcies or other matters are not against Seller, or any affiliatesEncumbrance.

UPDATED TITLE AND SURVEY. Not less than fifteen (15) business days prior to the Closing, Seller shall deliver or cause to be delivered to Purchaser (a) an as-built survey of the Property prepared by a surveyor licensed in the State of Oklahoma (the "As-Built Survey") certified to Purchaser, Purchaser's lender, if any, the Title Insurer and such other parties as Purchaser shall designate in writing to Seller prior to ten (10) days before the Closing Date, and prepared in accordance with the Accuracy Standards and Minimum Standard Detail Requirements for ALTA-ACSM Land Title Surveys as adopted by the American Land Title Association, the American Congress on Surveying and Mapping and the National Society of Professional Surveyors in 1999, and prepared in accordance with the items set forth in the Surveyor's Certificate and other STORE NO. 2872R requirements attached hereto as EXHIBIT "F" and made a part hereof, and (b) an updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment) for the Property. Seller shall be responsible to pay for the costs of the As-Xx- STORE NO. 2630 Built Survey up to a total cost of $1,000. Purchaser shall pay the costs of the As-Built Survey in excess of $1,000. Notwithstanding the foregoing, if the cost of the As-Built Survey is expected to exceed the amount that Seller is obligated to pay, then, prior to ordering the same, Seller shall obtain Purchaser's prior approval of the cost thereof. If either (i) the As-Built Survey shows any encroachments onto the Property from any adjacent property, any encroachments by or from the Property onto any adjacent property, or any violation of or encroachments upon any recorded building lines, restrictions or easements affecting the Property that are not Permitted Exceptions or any other matters that are not disclosed by the original Survey, or (ii) such updated Title Commitment contains any exception to title or reference any other matter that is not a Permitted Exception or otherwise is not reflected in the original Title Commitment (any such matters referenced in clauses (i) and (ii) above to be hereinafter referenced to as, a "New Title/Survey Exception"), then Purchaser may, not later than ten (10) business days after receipt of the last of the As-Built Survey and updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment), deliver to Seller a notice (the "New Title and Survey Notice") identifying such New Title/Survey Exceptions and Purchaser's objections thereto. Purchaser's failure to deliver the New Title and Survey Notice as aforesaid shall be deemed Purchaser's approval and acceptance of the As-Built Survey and updated Title Commitment, and all matters shown and referenced thereon and therein shall be deemed Permitted Exceptions. Purchaser's failure to raise in the New Title and Survey Notice any matters that constitute New Title/Survey Exceptions as aforesaid shall be deemed Purchaser's approval and acceptance such matters and such matters shall be deemed Permitted Exceptions. If Purchaser shall deliver the New Title and Survey Notice to Seller as aforesaid, then Seller shall, within two (2) business days after receipt of the same, notify Purchaser, with respect to each new Title/Survey Exception, whether Seller intends to either (a) cause any New Title/Survey Exception to be removed, (b) have the Title Insurer issue a title endorsement insuring against damage caused by any New Title/Survey Exception (which endorsement shall be subject to the review and approval of Purchaser), or (c) take no further action regarding such New Title/Survey Exception in which event, subject to the immediately following sentence, such New Title/Survey Exception shall become a Permitted Exception. Notwithstanding the foregoing, Seller shall, at its expense, remove (or cause to be removed) or cause the Title Insurer to insure over any New Title/Survey Exception that constitutes a Monetary Exception. If Seller elects, or is deemed to have elected, item (c) above, then Purchaser shall have the right, by delivering notice to Seller within three (3) days after the expiration of the aforementioned two (2) business day period (and the Closing Date shall be extended accordingly to afford Purchaser such three (3) business day period), and without waiving any rights of Purchaser for a Seller default under this Agreement, to either (i) terminate this Agreement in which event the Xxxxxxx Money (and any interest earned thereon) shall be immediately returned to Purchaser and thereupon neither Seller nor Purchaser shall have any further rights, duties or obligations under this Agreement, or (ii) waive its objection and accept title to the applicable Property subject to such New Title/Survey Exception, in which event this Agreement shall remain in full force and effect. Seller's failure to notify Purchaser within the aforementioned two (2) business day period of which foregoing course of action Seller elects to take with respect to a New Title/Survey Exception shall be deemed Seller's election of item (c) above. With respect to any New Title/Survey Objection that Seller has STORE NO. 2872R elected or is deemed to have elected not to take any further action, Purchaser's failure to terminate this Agreement on or before the expiration of the aforementioned three (3) business day period as aforesaid shall be deemed Purchaser's waiver of its objection as provided in (ii) above. If the STORE NO. 2630 updated Title Commitment discloses judgments, bankruptcies or other matters against other persons having names the same as or similar to that of Seller, Seller, on the Title Insurer's request, shall deliver to the Title Insurer affidavits or other evidence reasonably acceptable to the Title Insurer showing and/or confirming that such judgments, bankruptcies or other matters are not against Seller, or any affiliates.

UPDATED TITLE AND SURVEY. Not less than fifteen In the event the As-Built Survey is not received prior to May 28, 2004, Purchaser will have five (155) business days prior to the Closing, Seller shall deliver or cause to be delivered to Purchaser (a) an as-built survey of the Property prepared by a surveyor licensed in the State of Oklahoma (the "As-Built Survey") certified to Purchaser, Purchaser's lender, if any, the Title Insurer and such other parties as Purchaser shall designate in writing to Seller prior to ten (10) days before the Closing Date, and prepared in accordance with the Accuracy Standards and Minimum Standard Detail Requirements for ALTA-ACSM Land Title Surveys as adopted by the American Land Title Association, the American Congress on Surveying and Mapping and the National Society of Professional Surveyors in 1999, and prepared in accordance with the items set forth in the Surveyor's Certificate and other STORE NO. 2872R requirements attached hereto as EXHIBIT "F" and made a part hereof, and (b) an updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment) for the Property. Seller shall be responsible to pay for the costs following receipt of the As-Built Survey up but in no event later than June 17, 2004 to a total cost of $1,000. Purchaser shall pay the costs of review the As-Built Survey in excess of $1,000. Notwithstanding the foregoing, if the cost and any date down of the As-Built Survey is expected Title Commitment which contains changes to exceed the amount that Seller is obligated to pay, then, prior to ordering exceptions shown on the same, Seller shall obtain Title Commitment initially reviewed by Purchaser's prior approval of the cost thereof. If either (i) the As-Built Survey shows any encroachments onto the Property from any adjacent property, any encroachments by or from the Property onto any adjacent property, or any violation of or encroachments upon any recorded building lines, restrictions or easements affecting the Property that are not Permitted Exceptions or any other matters that are not disclosed by the original Survey, or (ii) such updated Title Commitment contains any exception to title or reference any other matter that is not a Permitted Exception or otherwise is not reflected in the original Title Commitment (any such matters referenced in clauses (i) and (ii) above to be hereinafter referenced to as, a "New TitleNEW TITLE/Survey ExceptionSURVEY EXCEPTION"), then Purchaser may, not later than ten five (105) business days after receipt of the last of the As-Built Survey and updated Title Commitment (including legible copies of any new title exception documents not disclosed in the initial Title Commitment), (but in no event later than June 17, 2004) deliver to Seller a notice (the "New Title and Survey NoticeNEW TITLE AND SURVEY NOTICE") identifying such New Title/Survey Exceptions and Purchaser's objections thereto. Purchaser's failure to deliver the New Title and Survey Notice as aforesaid shall be deemed Purchaser's approval and acceptance of the As-Built Survey and updated Title Commitment, and all matters shown and referenced thereon and therein shall be deemed Permitted Exceptions. Purchaser's failure to raise in the New Title and Survey Notice any matters that constitute New Title/Survey Exceptions as aforesaid shall be deemed Purchaser's approval and acceptance such matters and such matters shall be deemed Permitted Exceptions. If Purchaser shall deliver the New Title and Survey Notice to Seller as aforesaid, then Seller shall, within two (2) business days after receipt of the same, notify Purchaser, with respect to each new Title/Survey Exception, whether Seller intends to either (a) cause any New Title/Survey Exception Exception, to be removed, (b) have the Title Insurer issue a title endorsement insuring against damage caused by any New Title/Survey Exception (which endorsement shall be subject to the review and approval of Purchaser), or (c) take no further action regarding such New Title/Survey Exception in which event, subject to the immediately following sentence, such New Title/Survey Exception shall become a Permitted Exception. Notwithstanding the foregoing, Seller shall, at its expense, remove (or cause to be removed) or cause Blytheville, AR the Title Insurer to insure over any New Title/Survey Exception that constitutes a Monetary Exception or Seller's Exception. If Seller elects, or is deemed to have elected, item (c) above, then Purchaser shall have the right, by delivering notice to Seller within three (3) days after the expiration of the aforementioned two (2) business day period (and the Closing Date shall be extended accordingly to afford Purchaser such three (3) business day period), and without waiving any rights of Purchaser for a Seller default under this Agreement, to either (i) terminate this Agreement in which event the Xxxxxxx Money (and any interest earned thereon) shall be immediately returned to Purchaser and thereupon neither Seller nor Purchaser shall have any further rights, duties or obligations under this Agreement, or (ii) waive its objection and accept title to the applicable Property subject to such New Title/Survey Exception, in which event this Agreement shall remain in full force and effect. Seller's failure to notify Purchaser within the aforementioned two (2) business day period of which foregoing course of action Seller elects to take with respect to a New Title/Survey Exception shall be deemed Seller's election of item (c) above. With respect to any New Title/Survey Objection that Seller has STORE NO. 2872R elected or is deemed to have elected not to take any further action, Purchaser's failure to terminate this Agreement on or before the expiration of the aforementioned three (3) business day period as aforesaid shall be deemed Purchaser's waiver of its objection as provided in (ii) above. If the updated Title Commitment discloses judgments, bankruptcies or other matters against other persons having names the same as or similar to that of Seller, Seller, on the Title Insurer's request, shall deliver to the Title Insurer affidavits or other evidence reasonably acceptable to the Title Insurer showing and/or confirming that such judgments, bankruptcies or other matters are not against Seller, or any affiliates.