Examples of Survey Defect in a sentence
If Seller does not provide a New Title and Survey Election Notice to Purchaser within such time period, then Seller shall be deemed to have elected not to remove or cure such New Title Exception or New Survey Defect as an Unpermitted Exception pursuant to clause (2) of the preceding sentence.
After receipt of notice from Purchaser, Seller shall have five (5) business days to provide written notice to Purchaser as to whether Seller elects to (i) correct such Survey Defects before the Closing, (ii) have the Title Company commit to insure over the Survey Defect, or (iii) not remove or correct any such Survey Defects.
If Seller does not provide a New Title and Survey Election Notice to Purchaser within such time period, then Seller shall be deemed to have elected not to remove or cure the New Title Exception or New Survey Defect as an Unpermitted Exception pursuant to clause (2) of the preceding sentence.
In the event Seller is unwilling or unable to clear the Survey Defects on or before the Survey Defect Cure Date, Buyer shall have the option, in its sole discretion, to (i) proceed with the purchase and acquire the Property subject to the Survey Defects, in which case the Survey Defects are deemed approved; or (ii) terminate this Agreement, in which case the Earnest Money will be refunded to Buyer.
Notwithstanding any of the foregoing to the contrary, it shall be deemed to be a default by Seller in the event Seller fails to timely deliver the Updated Survey to Purchaser or the Updated Survey discloses a Survey Defect which was not disclosed on the Initial Survey.