Unpermitted Exception definition

Unpermitted Exception means with respect to any Real Property (provided the same is not caused by the actions of Purchaser):
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Unpermitted Exception means any defect in the title of any of the Land or any other matter unacceptable to Buyer in Buyer’s reasonable discretion, other than Permitted Exceptions.
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Unpermitted Exception. As defined in Section 23(a).
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Examples of Unpermitted Exception in a sentence

  • Absent notice from Purchaser to Seller in accordance with the preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception.

  • If Seller fails to cure or have said Unpermitted Exception removed or have the Title Insurer commit to insure as specified above within said thirty (30) day period or if Seller elects not to exercise its rights under (ii) in the preceding sentence, Purchaser may terminate this Agreement upon notice to Seller within five (5) days after the expiration of said thirty (30) day period.

  • If Seller is unable to convey title to the Property subject only to the Permitted Exceptions because of the existence of an additional title exception ("Unpermitted Exception"), then Purchaser can elect to take title to the Property subject to the Unpermitted Exception or terminate this Agreement.

  • Absent notice from Purchaser to Seller in accordance with the preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception, without any reduction in or setoff against the Purchase Price as a result thereof.

  • Absent notice from Purchaser to Seller in accordance with the immediately preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception.

  • If, prior to Closing but after the end of the Inspection Period, a date-down to the Commitment discloses any new exception which is not a Permitted Exception ("Unpermitted Exception"), Seller shall provide Purchaser with notice within five (5) business days of notice by Purchaser to Seller of the existence of such Unpermitted Exception stating whether Seller intends to cure any objection.

  • Seller may cure any Unpermitted Exception by removing such Unpermitted Exception from title or causing the Title Company to commit to remove or insure over such Unpermitted Exception in the Title Policy at any time prior to or at Closing.

  • 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.

  • Seller may cure any Unpermitted Exception by (a) removing such Unpermitted Exception from title, or (b) causing the Title Company to commit to insure over such Unpermitted Exception in the Title Policy, without removing such Unpermitted Exception from the Title Policy, provided that Purchaser, in its sole discretion, agrees to such insuring over of any Unpermitted Exceptions.

  • If Seller fails to cure or have said Unpermitted Exception removed or have the Purchaser's Title Insurer commit to insure as specified above within said thirty (30) day period or if Seller elects not to exercise its rights under (ii) in the immediately preceding sentence, Purchaser may terminate this Agreement upon notice to Seller within five (5) business days after the expiration of said thirty (30) day period.


More Definitions of Unpermitted Exception

Unpermitted Exception has the meaning set forth in Section 8.3.
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Unpermitted Exception is defined in Section 5.14(b).
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Unpermitted Exception has the meaning set forth in Section 5(h)(iii).
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Unpermitted Exception means any defect in the title of any of the Land or any other matter unacceptable to Buyers disclosed by the Title Commitments or title reports, title exception documents or the Surveys, or any update of any of the foregoing.
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Related to Unpermitted Exception

  • Permitted Exception means that, with respect to any representation, warranty or covenant with respect to the interest of the Buyer and its assignees in the ARSC Purchased Assets or any Servicer Default, that (i) prior to recordation (A) pursuant to Section 8.3 of this Agreement and/or Section 2.01(d)(i) of the Transfer and Servicing Agreement or (B) upon the sale of a Home to an Ultimate Buyer, record title to such Home may remain in the name of the related Transferred Employee, and no recordation in real estate records of any mortgage or any conveyance pursuant to the related Home Purchase Contract or Home Sale Contract in favor of any Transaction Party or any of the Buyer’s assignees and assigns pursuant to the Receivables Purchase Agreement will be made except as otherwise permitted under Section 2.01(d)(i) of the Transfer and Servicing Agreement and (ii) no delivery of any Home Purchase Contracts, Home Deeds and Equity Loan Notes to any custodian will be required.

  • Permitted Exceptions shall have the meaning set forth in Section 4.3.

  • Title Objection shall have the meaning assigned thereto in Section 8.5.

  • Title Commitment shall have the meaning set forth in Section 4.2.

  • Title Objections has the meaning ascribed to such term in Section 6.2(a).

  • Permitted Title Exceptions means those exceptions to title to the Real Property that are satisfactory to the Acquiror as determined pursuant to Section 2.2.

  • Release Property shall have the meaning set forth in Section 2.6 hereof.

  • Title Policy shall have the meaning set forth in Section 4.2.

  • Title V means Title V of the federal Act for the Senior Community Service Employment Program for Older Americans.

  • Permitted Encumbrance means, with respect to any Mortgaged Property, such exceptions to title as are set forth in the Mortgage Policy delivered with respect thereto, all of which exceptions must be acceptable to the Administrative Agent in its reasonable discretion.

  • Permitted Encumbrances means:

  • Title Defect means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Title.

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Existing Survey means the existing ALTA survey of the Property.

  • Title Defect Property has the meaning set forth in Section 6.2(a).

  • Title Defects has the meaning set forth in Section 5.15(b).

  • Existing Title Policy means, the existing title insurance policy for the Property.

  • Property Condition Report means a report prepared by a company satisfactory to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion.

  • Title Policies has the meaning set forth in Section 6.17.

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Title Report has the meaning set forth in Section 5.4(b).

  • Environmental Condition means any condition or circumstance, including the presence of Hazardous Substances which does or would (i) require assessment, investigation, abatement, correction, removal or remediation under any Environmental Law, (ii) give rise to any civil or criminal Liability under any Environmental Law, (iii) create or constitute a public or private nuisance or (iv) constitute a violation of or non-compliance with any Environmental Law.

  • Title Commitments has the meaning set forth in Section 5.9.