Updated Title Commitment or Survey Clause Samples
Updated Title Commitment or Survey. If prior to either the Skylift Closing or the Closing, any update of the Title Commitment or UCC/PPSA searches, as applicable, disclose any Title Exception which is not disclosed in the original Title Commitment or UCC/PPSA searches previously obtained by the Purchaser (a “New Title Exception”) (copies of which have been timely provided to the Sellers), or any update of the Surveys delivered to the Purchaser discloses any Survey Defect which is not disclosed in a Survey previously delivered to the Purchaser (a “New Survey Defect”), the Seller shall exercise commercially reasonable diligent efforts to remove or cure such New Title Exception or New Survey Defect at or prior to the relevant closing. If Seller fails to remove or cure such New Title Exception or New Survey Defect in its entirety by the relevant closing, then Purchaser shall have the right, in its absolute discretion, to elect, upon written notice to the Seller to either (A) defer the Closing Date for a reasonable period not exceeding sixty (60) days to give the Seller an opportunity, at the Sellers’ sole option and at the Sellers’ sole cost and expense, to either (i) remove any Encumbrance or other title objection which is not a Permitted Encumbrance, or (ii) provide the Title Company and the Purchaser such assurances as the Title Company and the Purchaser requires to insure the Purchaser at the Sellers’ sole cost and expense in a manner acceptable to the Purchaser against any loss arising from such encumbrances or other title objections, or (B) to do neither (i) nor (ii) of clause (A) above, in which event the Purchaser shall have the option available to it in Section 4.2.3. In addition if the New Title Exception or New Survey Defect is caused by Seller, the right to ▇▇▇ for damages. The Seller will not create or permit to exist any New Title Exception or New Survey Defect.
Updated Title Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any Title Exception which is not disclosed in the Title Commitment (or update) previously obtained by Purchaser (a “New Title Exception”), or any update of the Surveys obtained by Purchaser discloses any Survey Defect which is not disclosed in a Survey previously obtained by Purchaser (a “New Survey Defect”), the Seller shall remove or cure such New Title Exception or New Survey Defect at or prior to Closing. In the event that Seller fails to remove or cure such New Title Exception or New Survey Defect at or prior to Closing, Purchaser shall be entitled to proceed under Section 4.2.2 above. The Seller will not create or permit to exist any New Title Exception on New Survey Defect.
Updated Title Commitment or Survey. If any updates of the Title Commitment or Survey from time to time disclose any additional exceptions to title or survey defects or other matters (“Additional Title Matters”) not previously disclosed on the Title Commitment or the Survey, which Additional Title Matters are not acceptable to Purchaser, then Purchaser shall have the right to make additional Title Objections within five (5) days after receipt of such updated Title Commitment or Survey (as the case may be), in which case any Additional Title Matters for which a Title Objection is made shall be subject to the provisions of Section 4.2(c).
Updated Title Commitment or Survey. If any update of the Title Commitment delivered to Purchaser discloses title matters which are not disclosed in the Title Commitment, (a “New Title Exception”), or the Survey or any update of the Survey delivered to Purchaser discloses any survey matter which is not disclosed in the Survey (a “New Survey Defect”), then Purchaser shall have the right to request Seller to remove or cure such New Title Exception or New Survey Defect at or prior to Closing.
Updated Title Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any title exception which is objectionable to Purchaser, in Purchaser’s reasonable discretion, and which was not disclosed in the applicable Title Commitment, or any update previously obtained by the Purchaser, or any update of the Surveys obtained by the Purchaser discloses any defect or exception which is objectionable to Purchaser, in Purchaser’s reasonable discretion, and which is not disclosed in any prior Survey, or any update previously obtained by the Purchaser (each a “New Title Defect”), the Sellers shall remove or cure such New Title Defect at or prior to Closing. In the event that the Sellers fail to remove or cure such New Title Defect at or prior to Closing, the Purchaser shall be entitled to proceed under Section 4.2.1 above. The Sellers hereby agree that they shall not voluntarily create or permit to exist any New Title Defect. Notwithstanding any provision herein to the contrary, Sellers shall not be obligated to cure any New Title Defect not directly or indirectly caused by any action or inaction of any Seller (and provided that as to any lien resulting from any alleged non-payment by Sellers for labor or materials relating to the Sites, Sellers shall be provided with a reasonable opportunity to contest the same in good faith and may cure such New Title Defect by providing a bond or other reasonable assurance of payment in the event that Sellers do not prevail in such contest).
Updated Title Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any Title Exception which is not disclosed in the Title Commitment (or update) previously obtained by the Purchaser (a “New Title Exception”), or any update of the Surveys obtained by the Purchaser discloses any Survey Defect which is not disclosed in a Survey previously obtained by the Purchaser (a “New Survey Defect”), the Purchaser shall be entitled to proceed under Section 4.2.2 above. The Seller will not create or permit to exist any New Title Exception on New Survey Defect.