Additional Title Objection definition
Examples of Additional Title Objection in a sentence
Seller may elect, by written notice to Buyer, to remove or cure any such Additional Title Objection at or prior to Closing (an “Additional Cure Item”).
If Purchaser does not terminate this Agreement by reason of any Title Objection or Additional Title Objection, as provided in this Section 2.01, then such Title Objection or Additional Title Objection shall be deemed waived and approved by Purchaser and shall thereafter be deemed a Permitted Encumbrance.
The title exceptions appearing in Buyer’s title commitment for the Property (as last revised by the Title Company) for which Buyer does not make or waives any Title Objection (as defined below) or any Additional Title Objection (as defined below) in accordance with this Agreement.
Notwithstanding the foregoing or any other provision herein to the contrary, Seller shall be required to remove or cure any Additional Title Objection relating to any title or survey matter that first affects the Property or that first appears in the public record after the Effective Date, and any such title or survey matter shall be deemed an Additional Cure Item.
If Property Owner does notify CBL/OP that Property Owner is willing to remove or otherwise insure against any Additional Title Objections and thereafter Property Owner is unable to remove or otherwise insure against any Additional Title Objections as indicated in Property Owner's notice, Property Owner shall have no liability to CBL/OP and CBL/OP's sole remedy in such event shall be to either waive such Additional Title Objection and proceed with the Closing or terminate this Agreement.
If this Agreement is terminated on or before the Closing Date by reason of an Additional Title Objection, the Letter of Credit or the Deposit, as applicable, shall be returned to CBL/OP (including all interest which has accrued thereon while the Deposit was held by Escrow Holder, but not any interest which has accrued thereon while held by Property Owner) and neither party shall have any further rights or obligations under this Agreement, except for the CBL/OP's Surviving Obligations.
If Property Owner does not notify CBL/OP in writing within 5 days after Property Owner's receipt of CBL/OP's Additional Title Objection Notice (but in any event prior to the Closing Date) that Property Owner is willing to so remove or otherwise insure against any Additional Title Objections, Property Owner shall be deemed to have notified CBL/OP that Property Owner is unable or unwilling to remove or otherwise insure against such Additional Title Objections.
CBL/OP's failure to deliver such written notice electing to terminate this Agreement to Property Owner and Escrow Holder within such 10 day period shall be deemed CBL/OP's waiver of the particular Additional Title Objection which Property Owner is unable or unwilling to remove from the Title Policy or otherwise insure against.
If Property Owner notifies or is deemed to have notified CBL/OP that Property Owner is unable or unwilling to remove or insure against any particular Additional Title Objection, CBL/OP shall be entitled to terminate this Agreement by delivering within 10 days after the CBL/OP's Additional Title Objection Notice written notice to Property Owner and Escrow Holder terminating this Agreement.
If any Additional Title Objection is not removed or resolved by Seller to Purchaser’s satisfaction at least five (5) days prior to the Closing Date, then Purchaser shall have the option, as its sole remedy, to terminate this Agreement upon written notice to Seller on or before the Closing Date, in which event neither party will have any further obligations or liability hereunder, except for those obligations expressly stated to survive such termination.