Examples of Title Examination Period in a sentence
Any items shown on Title Commitment and Title Documents reviewed by Purchaser to which Purchaser does not object on or before the end of the Title Examination Period shall be deemed to be approved by Purchaser and shall be “Permitted Exceptions” (herein so called) for purposes of this Agreement.
During the Title Examination Period, Buyer may, at Buyer’s expense, perform any and all examinations desired by Buyer of the environmental condition of the Subject Property(ies).
During the period commencing on the date of this Agreement and ending no later than one (1) day before the Closing Date (the "Title Examination Period"), Berry shall have the continued right to examine, at Aera's offices in Bakersfield, California, during normal working hours, all division order and land files and records which relate to the Property.
If a Phase II environmental risk assessment is deemed advisable on any Subject Property(ies) by the initial review, Buyer may have an additional thirty (30) days from the end of the Title Examination Period to perform a Phase II assessment.
On or before the expiration of the Title Examination Period, Buyer shall notify Seller in writing of any matters of record or survey matters disclosed on a current survey of the Property performed by the Buyer affecting the Property (the “Buyer’s Title Defects Notice”) to which Buyer objects in its reasonable discretion, (such matters to which Buyer objects are referred to as “Disallowed Encumbrances”).
In such event, the only title exceptions which shall continue to be deemed Disallowed Encumbrances shall be those matters set forth in the Commonwealth’s Cure Notice and those matters, if any, that first arise after the expiration of the Title Examination Period which materially interfere with Buyer’s approved uses of the Property (“Commonwealth’s Title Curing Obligations”).
Except with respect to any claims arising under the limited warranty of title contained in the Assignment, Buyer shall not make any claims, and hereby fully and finally releases Seller from any liability, obligations or damages with respect to such claims, for Title Defects to the extent Buyer does not properly provide a Title Defect Notice for any such Title Defect prior to the end of the Title Examination Period.
From and after the expiration of the Title Examination Period, Buyer shall be entitled to furnish Seller written claim notices meeting the requirements of Section 4.06 setting forth any and all matters which Buyer intends to assert as a breach of Seller’s Special Warranty (collectively the “Special Warranty Notices” and individually a “Special Warranty Notice”).
The Closing of the sale contemplated hereby shall take place at a mutually convenient time and place after termination of the time(s) allowed for the Title Examination Period and environmental inspection period, but not later than December 31, 2020 (except as required under the express provisions hereof, but in no event shall Closing occur later than March 1, 2021).
In order to exercise Buyer's option to terminate, Buyer must deliver to Seller within five (5) days after the end of the Title Examination Period, or any allowed extension thereof, (i) written notice of Buyer's decision to so terminate the Purchase Agreement as to the Excluded Portion, and (ii) a written certificate from an independent environmental consulting firm stating that material environmental liabilities exist on the Excluded Portion.