Cure of Objectionable Title Matters Sample Clauses

The "Cure of Objectionable Title Matters" clause establishes the process by which a seller must address and resolve any defects or issues in the property's title that are identified by the buyer or revealed during due diligence. Typically, this clause outlines a timeframe for the seller to correct such title problems, such as liens, encumbrances, or ownership disputes, and may specify the remedies available if the seller fails to cure the defects. Its core practical function is to ensure that the buyer receives clear and marketable title to the property, thereby reducing the risk of future legal disputes or financial loss related to title issues.
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Cure of Objectionable Title Matters. Sellers shall use commercially reasonable efforts to cure, or remove as an exception to the applicable Title Policy, each Objectionable Title Matter (A) that does not appear to be a valid exception to title, including, without limitation, references to leases or tenancies which no longer exist, to instruments or documents which on their face or by law are no longer effective and to matters which have no apparent applicability to the real property in question ("Inapplicable Exceptions") or (B) that is otherwise susceptible to being cured prior to the Closing Date, but without Sellers being obligated to pay money (except with respect to Liens which secure borrowed money or monetary liens). Except as expressly set forth in the preceding sentence or (with respect to Liens) in Section 4.4(d), Sellers shall not be obligated to cure any Objectionable Title Matter and Buyer shall not be entitled to any reduction in, credit against or deduction from the Purchase Price by reason of any Objectionable Title Matter.
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Cure of Objectionable Title Matters. Seller shall use reasonable efforts to remove any Objectionable Title Matters within fifteen (15) days after receiving written notice of Buyer's disapproval; provided, however, Seller shall not be required to expend more than $100,000 in such efforts. If Seller cannot remove all of the Objectionable Title Matters within the fifteen (15) day period, Buyer shall have fifteen (15) days thereafter to give Seller written notice that Buyer elects to proceed with the purchase of the Property subject to the unremoved Objectionable Title Matters. If Seller has not received such written notice within the fifteen (15) day period, this Agreement shall be deemed automatically terminated and Escrow Agent shall, notwithstanding any other provisions of this Agreement, return to Buyer the entire Deposit and any accrued interest. The condition of title approved by Buyer as provided herein shall hereinafter be referred to as the "Condition of Title" and the exceptions approved by Buyer shall be deemed "Permitted Exceptions". In the event that, after the date of the Title Report, any new items appear of record, Escrow Agent shall cause Title Company to deliver to Buyer a Supplemental Title Report ("Supplemental Report") together with legible copies of all title exceptions described therein. Buyer shall have ten (10) Business Days or until the Closing Date, whichever occurs first, to give written notice to Seller ("Objection Notice") disapproving any items contained in the Supplemental Report and identifying the items disapproved in Buyer's sole discretion. If Buyer delivers an Objection Notice, Seller shall have the obligation to remove all such disapproved items) on or before the Close of Escrow. Buyer shall have the right to terminate Escrow and this Agreement by written notice of termination given to Seller and Escrow Agent no later than the Approval Date, whereupon Escrow Agent shall cancel Escrow, return the Deposit (together with all undisbursed interest earned thereon in Escrow) to Buyer and return every other item in Escrow to the Party which deposited the same.
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Cure of Objectionable Title Matters. Seller shall have no obligation to cure any Objectionable Title Matter. Seller may, at Seller's option, elect to cure any Objectionable Title Matter by any of the following, delivered to Buyer prior to the Option Date: (i) Where such Objectionable Title Matter would otherwise be within the scope of coverage of Buyer's Title Policy, written confirmation from the Title Company that such Objectionable Title Matter will not be scheduled as an exception in Buyer's Title Policy, (ii) Written confirmation from the Title Company that it will affirmatively insure Buyer against loss resulting from such Objectionable Title Matter, by an endorsement to Buyer's Title Policy in a form reasonably satisfactory to Buyer, provided that Buyer shall not be obligated to incur any cost or liability with respect to an endorsement over an Objectionable Title Matter, or (iii) Seller's unconditional written undertaking to take, at or before Closing, such steps as the Title Company requires to accomplish either (i) or (ii) above.
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Cure of Objectionable Title Matters. Seller shall use commercially reasonable efforts to cure, or remove as an exception to the Title Policy, each Objectionable Title Matter that (A) does not appear to be a valid exception to title, including, without limitation, references to leases or tenancies which no longer exist, to instruments or documents which on their face or by law are no longer effective and to matters which have no apparent applicability to the real property in question (“Inapplicable Exceptions”) or (B) is otherwise susceptible to being cured prior to the Last Closing Date, but (with respect to each of clauses (A) and (B) above) without Seller being obligated to incur in the aggregate more than $2,500 in out-of-pocket expense or liability to cure or remove all Objectionable Title Matters that are not Liens. Except as expressly set forth in the preceding sentence or (with respect to Liens) in Section 4.4.4, Seller shall not be obligated to cure any Objectionable Title Matter and Buyer shall not be entitled to any reduction in, credit against or deduction from the Purchase Price by reason of any Objectionable Title Matter.
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Cure of Objectionable Title Matters. With respect to any Objectionable Title Matter that does not appear to be a valid exception to Seller's title ("Inapplicable Exceptions," including, without limitation, references to leases or tenancies which no longer exist, to instruments or documents which on their face or by law are no longer effective and to matters which have no apparent applicability to the Real Property), Seller shall use commercially reasonable efforts (e.g., furnishing the Title Company with an affidavit which may be required to establish that a lease or other instrument is no longer in effect or applicable to the Real Property) to have all such matters omitted as exceptions in the Title Policy, but Seller shall not be obligated to incur in the aggregate more than $500 in expense or liability in removing Inapplicable Exceptions. Except as expressly provided in this Section 2.3.3 with respect to removal of Inapplicable Exceptions and in Section 0 with respect to removal of Liens, Seller shall have no obligation to cure any Objectionable Title Matter.
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Cure of Objectionable Title Matters. Seller shall use commercially reasonable efforts to cure any Objectionable Title Matter which does not appear to be a valid exception to Seller’s title (“Inapplicable Exceptions,” including, without limitation, references to leases or tenancies which no longer exist, to instruments or documents which on their face or by law are no longer effective and to matters which have no apparent applicability to the Hotel Premises) or which is otherwise susceptible to cure, but Seller shall not be obligated to expend more than $2,500 in the aggregate to effect cures of Objectionable Title Matters or to extend the Last Closing Date in order to effect a cure. Except as provided in this Section 4.3, Seller shall have no obligation to cure Objectionable Title Matters.
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Cure of Objectionable Title Matters. Seller shall use commercially reasonable efforts to cure any Objectionable Title Matter that does not appear to be a valid exception to Seller's title ("Inapplicable Exceptions," including, without limitation, references to leases or tenancies which no longer exist, to instruments or documents which on their face or by law are no longer effective and to matters which have no apparent applicability to the Hotel Premises) or which is otherwise susceptible to cure, but Seller shall not be obligated either (i) to expend more than $25,000 in the aggregate to effect cures of Objectionable Title Matters or (ii) to extend the Closing Date in order to effect a cure. Except as provided in this Section 4.3, Seller shall have no obligation to cure Objectionable Title Matters. Notwithstanding the foregoing, though, Seller shall at or before Closing, remove as exceptions to Seller's title to the Hotel Premises (A) all Liens and (B) all other Objectionable Title Matters as to which Seller has given Buyer an unconditional undertaking to cure under Section 4.4.
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Cure of Objectionable Title Matters. At or prior to Closing, Seller shall cause any Lien voluntarily made or assumed by it to be removed and shall cure any Objectionable Title Matter which Seller has agreed to eliminate.
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Related to Cure of Objectionable Title Matters

  • Title Matters Seller agrees to share equally with Buyer the closing costs and the cost of a title insurance company's commitment for and policy of title insurance. Buyer shall pay for any lender’s/mortgagee’s/instrument holder’s title insurance coverage. The title insurance company will furnish a copy of the commitment for title insurance and copies of all of the exception documents referred to therein (hereafter collectively referred to as the “Title Commitment”) to Seller, Buyer, Buyer’s lender and the listing/selling broker as promptly as possible. The Title Commitment shall show a merchantable title vested in Seller, subject to easements, restrictions and protective covenants of record, right-of-way’s, setbacks, tenant rights, trees, fences, ordinances and regulations, unmatured and future assessments, restrictions and protective covenants of record, provided no forfeiture provisions as contained therein, encroachments and overlaps, zoning laws, ordinances and regulations, those exceptions which are standard to a policy of title insurance in the State of Kansas or as specified herein, and those matters attaching to the title by reason of Buyer taking title to the real property. Buyer shall have a period of five (5) days following receipt of the Title Commitment (the “Objection Period”) in which to examine the Title Commitment and advise Seller in writing of any objections ("Title Objections") the Buyer may have to Seller's title as shown in the Title Commitment. Seller shall then have a period of five (5) days in which to notify Buyer in writing of those Title Objections it elects to cure. In the event Seller elects to cure less than all of the Title Objections, Buyer shall have the right to terminate this Agreement by giving Seller written notice thereof within five (5) days of its receipt of Seller's notice, in which case the ▇▇▇▇▇▇▇ Money shall be returned to Buyer, and thereafter neither party shall have any further obligation hereunder. In the event Buyer does not terminate this Agreement, Seller shall have until Closing ("Cure Period") in which to cure the Title Objections the Seller has elected to cure, which the Buyer Agrees to extend for an additional 45 days in the event Seller has initiated a lawsuit to cure the title objection or objections. Title Objections may also be cured in accordance with applicable current titled standards in the Kansas Title Standards Handbook.

  • Notice of Objection Contractor may object to any action taken by NYSERDA pursuant to this Exhibit that prevents the commencement of the time in which interest will be paid by submitting a written notice of objection to NYSERDA. Such notice shall be signed and dated and concisely and clearly set forth the basis for the objection and be addressed to the Vice President, New York State Energy Research and Development Authority, at the notice address set forth in Exhibit B to this Agreement. The Vice President of NYSERDA, or his or her designee, shall review the objection for purposes of affirming or modifying NYSERDA‘s action. Within fifteen (15) working days of the receipt of the objection, the Vice President, or his or her designee, shall notify the Contractor either that NYSERDA‘s action is affirmed or that it is modified or that, due to the complexity of the issue, additional time is needed to conduct the review; provided, however, in no event shall the extended review period exceed thirty (30) working days.

  • Title Objections In the event Buyer’s Title Binder, as updated to closing, or Buyer’s Survey identifies any title exceptions or defects in title of which Buyer does not approve or which render title unmarketable or which unreasonably interferes with Buyer’s intended use of the Property (“Title Objections”), Buyer shall notify Seller (the “Title Report Objection Notice”) and Seller shall elect by written notice to Buyer (“Seller’s Disposition Notice”) within five (5) business days of a Title Report Objection Notice whether to correct such defects prior to Closing. If Seller fails to deliver the Seller’s Disposition Notice to Buyer within five (5) business days of receipt a Title Report Objection Notice, Seller shall be deemed to have objected affirmatively to all matters set forth in the Title Report Objection Notice and the same shall constitute Seller’s refusal to correct, on or before the date of Closing, all title matters to which Buyer objected in the Title Report Objection Notice, subject to Seller’s obligation to cure certain exceptions pursuant to this Section 6.2. In the event Seller cannot correct such defects by Closing or chooses not to correct such defects subject to Seller’s obligation to cure certain exceptions pursuant to this Section 6.2, then Buyer may accept title as is without abatement or reduction of Purchase Price or Buyer may cancel this Agreement upon notice to Seller and receive a full refund of the Deposit. Upon delivery of Buyer’s notice canceling this Agreement, this Agreement shall thereupon be deemed canceled and become void and of no further effect, and neither party shall have any obligations of any nature to the other hereunder or by reason hereof, except for those provisions herein which by their terms expressly survive. Seller shall not be required to take or bring any action or proceeding or any other steps to remove any defect in or objection to title or to fulfill any condition or to expend any moneys therefor, nor shall Buyer have any right of action against Seller therefor, at law or in equity, provided, however, that, notwithstanding anything to the contrary contained herein, Seller shall remove or cause to be removed of record (i) the lien of any mortgage, security agreement, financing statement or any other instrument which evidences or secures indebtedness and affects the Property and (ii) any other liens or encumbrances against the Property, including without limitation mechanics liens, which were not caused by the acts or omissions of Buyer, its agents, contractors or representatives and which can be cured by the payment of money in liquidated amounts.

  • Title Defects 9.1 Purchaser shall have until April 21, 1999 in which to examine the Commitment and the Surveys. If Purchaser finds title to be defective, Purchaser shall, no later than 5:00 p.m. Eastern time on April 21, 1999, notify Seller in writing, specifying the title defect(s). If Purchaser fails to give Seller written notice of any title defect(s) before 5:00 p.m. Eastern time on April 21, 1999, the defects shown in the Commitment or the Surveys shall be deemed to be waived as title objections to closing this transaction. 9.2 If Purchaser has given Seller timely written notice of defect(s) and the defect(s) render the title other than as represented in this Agreement or if any new defects appear from the date of the Commitment through the Closing Date, Seller shall use commercially reasonable efforts to cause only those defects recorded after October 7, 1997 to be cured by the Closing Date. Seller agrees to remove, by payment, bonding or otherwise, any such lien (other than environmental liens) against the Property capable of removal by the payment of money or bonding. Seller shall not be obligated to (but may, in its sole and absolute discretion) cure any other defect or to buyout or settle any other claim or lien against the Property. At Seller's option, the Closing Date may be extended for a period not to exceed sixty (60) days for purposes of eliminating such title defects. If such additional time is reasonably required by Seller to cure such title defects, Seller's failure to extend the Closing Date shall be commercially unreasonable. 9.3 If Seller does not eliminate such defects as of the Closing Date, as the same may be extended under the preceding sentence, or if any new "title defects" appear between the date of the Commitment through the Closing Date which Seller does not eliminate as of the Closing Date, Purchaser shall have the option to: 9.3.1 Close and accept the title "as is," without reduction in the Purchase Price and without claim against Seller for such title defects (except for any lien that Seller is required to cure pursuant to Section 9.2 that can be removed by the payment of money or bonding, for which credit shall be given Purchaser at the Closing unless Seller pays the same at the Closing) (and in such event, the Closing shall take place on the Closing Date); or 9.3.2 Cancel this Agreement, whereupon Escrow Agent, subject to the provisions of Section 11.3, shall return the Deposit, together with all interest earned thereon, to Purchaser, and both parties shall be released from all further obligations under this Agreement, except for those which expressly survive such termination, unless such title defects were caused by Seller's willful act or willful omission, in which event Seller shall remain liable to Purchaser for damages caused by such title defects.

  • Title and Survey Matters 4.1 As soon as practicable after the Closing Date, Seller shall deliver to Purchaser a standard owner's policy of title insurance issued by the Title Insurer/Escrow Agent ("TITLE POLICY"). The Title Policy shall insure marketable title to the Property in the amount of the Purchase Price, free and clear of all liens, encumbrances and exceptions whatsoever, save and except only for those easements, restrictions and other matters of record affecting title to the Property which are Permitted Exceptions (as hereinafter defined). 4.2 Purchaser shall have until the end of the Due Diligence Period (as hereinafter defined) in which to review the title commitment and as-built survey to be delivered by Seller pursuant to Section 5.1, and to obtain any modifications, endorsements or other revisions to either the title commitment or the survey required by Purchaser, at Purchaser's cost. If Purchaser is unable to obtain any modification, endorsement or other revision to the title commitment or survey required by Purchaser, or if any items remain on the title commitment or survey which are not acceptable to Purchaser ("UNPERMITTED EXCEPTIONS"), then on or before the end of the Due Diligence Period, Purchaser shall so notify Seller (an "OBJECTION NOTICE"). Seller has a period of ten (10) days after the date of the Objection Notice in which Seller, using good faith efforts, shall attempt to remove such Unpermitted Matters or remedy same in a manner satisfactory to Purchaser in its sole and absolute discretion, or have the Title Insurer/Escrow Agent commit to insure against loss or damage that may be occasioned by such exceptions (in endorsements satisfactory to Purchaser). If Seller does not cure any Unpermitted Exceptions to Purchaser's satisfaction within such period, then Purchaser may either (a) terminate this Agreement by giving written notice to Seller of such termination not later than five (5) days following the end of the ten (10) day cure period, in which event the ▇▇▇▇▇▇▇ Money, and all interest earned thereon, shall be returned to Purchaser and neither party shall have any further obligations or liabilities hereunder or (b) accept such Unpermitted Exceptions. Any item not specified in the Objection Notice or subsequently accepted by Purchaser shall be a "PERMITTED EXCEPTION". Seller shall be obligated to remove prior to Closing all mortgages and other liens or encumbrances of a definite or ascertainable monetary amount, and if Seller fails to do so, Purchaser may elect to terminate this Agreement. At the Closing, and as a further condition of Purchaser's performance of its obligations hereunder, Seller shall cause the Title Insurer/Escrow Agent to deliver to Purchaser the Title Policy or a marked-up and signed commitment to deliver same.