Common use of CURING TITLE DEFECTS Clause in Contracts

CURING TITLE DEFECTS. Seller shall have sixty (60) days ("Cure Period") from the receipt of the Title Objection Notice or the Survey Objection Notice to cure and remove Title Objections. Seller shall be obligated to and shall use diligent effort, including the bringing of necessary suits to cure and remove Title Objections that render title unmarketable by standards adopted under authority of the Florida Bar, under Florida Law (as modified by the terms of this Agreement) and the U.S. Department of Justice Standards and Regulations for the preparation of Title Evidence (1970) ("Marketability Defect"). Seller's obligation to cure Marketability Defects: (i) caused by the existence of Title Objections not created by or resulting from the act or omission of Seller; and (ii) affecting only those portions of the Property for which Seller has no title insurance policy insuring its interest, shall include the bringing of necessary suits but shall be limited to the expenditure of $150,000.00 in the aggregate for all such Title Objections. Seller shall not be obligated to remove any of the following interests in the Property held by third parties not affiliated, controlled or owned by Seller: canal, drainage and access easements, utility easements and reservations of interests in mineral rights in the Property; provided, however, the existence of such interest may be objected to by Buyer and, in such event, shall constitute a Title Objection which may be considered by Buyer in determining, during the Inspection Period, whether the Property is suitable for the Buyer's Intended Purposes. If Seller shall not have cured and removed all Title Objections which it is obligated to cure pursuant to this Paragraph by the end of the Cure Period or three (3) business days before December 31, 1998 (the "Outside Closing Date"), whichever occurs first, then with respect to the parcel(s) of the Property affected by the uncured Title Objection(s) which Seller is obligated to cure pursuant to this Paragraph (the "Defect Parcel(s)"), Buyer shall have the option of: (a) accepting title to the Defect Parcel(s) as it then is; or (b) designating the Defect Parcel(s) as a Deferred Parcel(s) and requiring Seller to continue to diligently pursue the cure of any Marketability Defect until the Proration Date (as defined in Paragraph 5.3 and thus extending the Cure Period for said amount of time and have Seller place an executed General Warranty Deed(s) (as hereinafter defined) in escrow with the Escrow Agent pursuant to the terms of the Escrow Agreement (as hereinafter defined); or (c) rejecting any Defect Parcels and proceeding to Closing on the rest of the Property (other than the Deferred Parcels) with an apportioned reduction in the Purchase Price as provided in Paragraph 1.7; provided, however, if the rejected Defect Parcels exceed in the aggregate 1,000 acres of the Property, then Seller may terminate this Agreement and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately returned to Buyer and thereafter this Agreement shall be null and void and neither party shall have any further liability to the other under this Agreement; or. (d) declining to accept title to the Defect Parcel(s), whereupon this Agreement shall be terminated and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately returned to Buyer and thereafter this Agreement shall be null and void and neither party shall have any further liability to the other under this Agreement.

CURING TITLE DEFECTS. Seller shall have sixty (60) days ("Cure until the expiration of the Financing Period") from the receipt , including any extension thereof, to cure all of the Title Objection Notice Defects which, in the opinion of Buyer or Buyer's counsel, make title to the Survey Objection Notice Property unmarketable or uninsurable. Seller agrees to cure use due diligence, good faith and its best efforts in attempting to remove such Title ObjectionsDefects. Seller shall cure Title Defects in the nature of liens or judgments if they are capable of being paid or discharged by the payment of money or the posting of a bond. In the event Seller for any reason shall be obligated unable to and shall use diligent effortcure one or more of the Title Defects by the expiration of the Financing Period, including any extension thereof, or to convey to Buyer title to the bringing of necessary suits to cure and remove Title Objections that render title unmarketable by standards adopted under authority of Property at the Florida Bar, under Florida Law (as modified by Closing in accordance with the terms provisions of this Agreement) and the U.S. Department of Justice Standards and Regulations for the preparation of Title Evidence (1970) ("Marketability Defect"). Seller's obligation to cure Marketability Defects: (i) caused by the existence of Title Objections not created by or resulting from the act or omission of Seller; and (ii) affecting only those portions of the Property for which Seller has no title insurance policy insuring its interest, shall include the bringing of necessary suits but shall be limited to the expenditure of $150,000.00 in the aggregate for all such Title Objections. Seller shall not be obligated to remove any of the following interests in the Property held by third parties not affiliated, controlled or owned by Seller: canal, drainage and access easements, utility easements and reservations of interests in mineral rights in the Property; provided, however, the existence of such interest may be objected to by Buyer and, in such event, shall constitute a Title Objection which may be considered by Buyer in determining, during the Inspection Period, whether the Property is suitable for the Buyer's Intended Purposes. If Seller shall not have cured and removed all Title Objections which it is obligated to cure pursuant to this Paragraph by the end of the Cure Period or three (3) business days before December 31, 1998 (the "Outside Closing Date"), whichever occurs first, then with respect to the parcel(s) of the Property affected by the uncured Title Objection(s) which Seller is obligated to cure pursuant to this Paragraph (the "Defect Parcel(s)"), Buyer shall have the option of: right, but not the obligation, to attempt to cure such Title Defects for an additional thirty (a30) accepting days after the expiration of the Financing Period, including any extension thereof. If, after the expiration of either period, as the case may be, the Title Defects cannot be cured, or if Seller is unable to convey to Buyer title to the Defect Parcel(s) as it then is; or (b) designating Property at the Defect Parcel(s) as a Deferred Parcel(s) and requiring Seller to continue to diligently pursue the cure of any Marketability Defect until the Proration Date (as defined Closing in Paragraph 5.3 and thus extending the Cure Period for said amount of time and have Seller place an executed General Warranty Deed(s) (as hereinafter defined) in escrow accordance with the Escrow Agent pursuant provisions of this Agreement, Buyer shall have the following rights: (i) to the terms of the Escrow Agreement (as hereinafter defined); or (c) rejecting accept whatever title Seller is able to convey without any Defect Parcels and proceeding to Closing on the rest of the Property (other than the Deferred Parcels) with an apportioned abatement or reduction in the Purchase Price as provided Price, in Paragraph 1.7; providedwhich case Seller shall convey such title to Buyer, howeveror (ii) to reject title. Buyer shall not be entitled to any other rights or remedies. If Buyer shall reject title under subsection (ii) above, this Agreement shall terminate, Buyer shall be entitled to a refund of the Deposit and interest accrued thereon, if any, and the rejected Defect Parcels exceed parties shall be released of any and all liability to each other except for those obligations which specifically survive termination of this agreement. In the event Buyer proceeds to close, the exceptions set forth in the aggregate 1,000 acres Schedule B-II of the PropertyTitle Commitment to which the Buyer has not filed a notice of Title Defect, then Seller may terminate this Agreement and the ▇▇▇▇▇▇▇ Money Deposit or which Title Defects Buyer has waived, in writing, shall be immediately returned collectively referred to Buyer as the "Permitted Exceptions." Termination pursuant to this Paragraph 10 shall also be deemed a termination of the Lakeview Agreement, and thereafter this Escrow Agent shall return the Lakeview Deposit, plus accrued interest, if any, to Lakeview Buyer, the Lakeview Agreement shall be null and void and neither party the parties shall have be released of any further and all liability to each other except for those obligations which specifically survive termination of the other under this Agreement; or. (d) declining to accept title to the Defect Parcel(s), whereupon this Agreement shall be terminated and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately returned to Buyer and thereafter this Agreement shall be null and void and neither party shall have any further liability to the other under this Lakeview Agreement.

CURING TITLE DEFECTS. Seller shall have sixty (60) days ("Cure Period") from the receipt of the Title Objection Notice or the Survey Objection Notice to cure and remove Title Objections. Seller shall be obligated to and shall use diligent effort, including the bringing of necessary suits to cure and remove Title Objections that render title unmarketable by standards adopted under authority of the Florida Bar, under Florida Law (as modified by the terms of this Agreement) and the U.S. Department of Justice Standards and Regulations for the preparation of Title Evidence (1970) ("Marketability Defect"). Seller's obligation to cure Marketability Defects: : (i) caused by the existence of Title Objections not created by or resulting from the act or omission of Seller; and (ii) affecting only those portions of the Property for which Seller has no title insurance policy insuring its interest, shall include the bringing of necessary suits but shall be limited to the expenditure of $150,000.00 in the aggregate for all such Title Objections. Seller shall not be obligated to remove any of the following interests in the Property held by third parties not affiliated, controlled or owned by Seller: canal, drainage and access easements, utility easements and reservations of interests in mineral rights in the Property; provided, however, the existence of such interest may be objected to by Buyer and, in such event, shall constitute a Title Objection which may be considered by Buyer in determining, during the Inspection Period, whether the Property is suitable for the Buyer's Intended Purposes. If Seller shall not have cured and removed all Title Objections which it is obligated to cure pursuant to this Paragraph by the end of the Cure Period or three (3) business days before December 31, 1998 (the "Outside Closing Date"), whichever occurs first, then with respect to the parcel(s) of the Property affected by the uncured Title Objection(s) which Seller is obligated to cure pursuant to this Paragraph (the "Defect Parcel(s)"), Buyer shall have the option of: (a) accepting title to the Defect Parcel(s) as it then is; or (b) designating the Defect Parcel(s) as a Deferred Parcel(s) and requiring Seller to continue to diligently pursue the cure of any Marketability Defect until the Proration Date (as defined in Paragraph 5.3 and thus extending the Cure Period for said amount of time and have Seller place an executed General Warranty Deed(s) (as hereinafter defined) in escrow with the Escrow Agent pursuant to the terms of the Escrow Agreement (as hereinafter defined); or (c) rejecting any Defect Parcels and proceeding to Closing on the rest of the Property (other than the Deferred Parcels) with an apportioned reduction in the Purchase Price as provided in Paragraph 1.7; provided, however, if the rejected Defect Parcels exceed in the aggregate 1,000 acres of the Property, then Seller may terminate this Agreement and the Earn▇▇▇ ▇▇▇▇▇▇▇ Money ey Deposit shall be immediately returned to Buyer and thereafter this Agreement shall be null and void and neither party shall have any further liability to the other under this Agreement; or. (d) declining to accept title to the Defect Parcel(s), whereupon this Agreement shall be terminated and the Earn▇▇▇ ▇▇▇▇▇▇▇ Money ey Deposit shall be immediately returned to Buyer and thereafter this Agreement shall be null and void and neither party shall have any further liability to the other under this Agreement.

CURING TITLE DEFECTS. Seller shall have sixty (60) days ("Cure until the expiration of the Financing Period") from the receipt , including any extension thereof, to cure all of the Title Objection Notice Defects which, in the opinion of Buyer or Buyer's counsel, make title to the Survey Objection Notice Property unmarketable or uninsurable. Seller agrees to cure use due diligence, good faith and its best efforts in attempting to remove such Title ObjectionsDefects. Seller shall cure Title Defects in the nature of liens or judgments if they are capable of being paid or discharged by the payment of money or the posting of a bond. In the event Seller for any reason shall be obligated unable to and shall use diligent effortcure one or more of the Title Defects by the expiration of the Financing Period, including any extension thereof, or to convey to Buyer title to the bringing of necessary suits to cure and remove Title Objections that render title unmarketable by standards adopted under authority of Property at the Florida Bar, under Florida Law (as modified by Closing in accordance with the terms provisions of this Agreement) and the U.S. Department of Justice Standards and Regulations for the preparation of Title Evidence (1970) ("Marketability Defect"). Seller's obligation to cure Marketability Defects: (i) caused by the existence of Title Objections not created by or resulting from the act or omission of Seller; and (ii) affecting only those portions of the Property for which Seller has no title insurance policy insuring its interest, shall include the bringing of necessary suits but shall be limited to the expenditure of $150,000.00 in the aggregate for all such Title Objections. Seller shall not be obligated to remove any of the following interests in the Property held by third parties not affiliated, controlled or owned by Seller: canal, drainage and access easements, utility easements and reservations of interests in mineral rights in the Property; provided, however, the existence of such interest may be objected to by Buyer and, in such event, shall constitute a Title Objection which may be considered by Buyer in determining, during the Inspection Period, whether the Property is suitable for the Buyer's Intended Purposes. If Seller shall not have cured and removed all Title Objections which it is obligated to cure pursuant to this Paragraph by the end of the Cure Period or three (3) business days before December 31, 1998 (the "Outside Closing Date"), whichever occurs first, then with respect to the parcel(s) of the Property affected by the uncured Title Objection(s) which Seller is obligated to cure pursuant to this Paragraph (the "Defect Parcel(s)"), Buyer shall have the option of: right, but not the obligation, to attempt to cure such Title Defects for an additional thirty (a30) accepting days after the expiration of the Financing Period, including any extension thereof. If, after the expiration of either period, as the case may be, the Title Defects cannot be cured, or if Seller is unable to convey to Buyer title to the Defect Parcel(s) as it then is; or (b) designating Property at the Defect Parcel(s) as a Deferred Parcel(s) and requiring Seller to continue to diligently pursue the cure of any Marketability Defect until the Proration Date (as defined Closing in Paragraph 5.3 and thus extending the Cure Period for said amount of time and have Seller place an executed General Warranty Deed(s) (as hereinafter defined) in escrow accordance with the Escrow Agent pursuant provisions of this Agreement, Buyer shall have the following rights: (i) to the terms of the Escrow Agreement (as hereinafter defined); or (c) rejecting accept whatever title Seller is able to convey without any Defect Parcels and proceeding to Closing on the rest of the Property (other than the Deferred Parcels) with an apportioned abatement or reduction in the Purchase Price as provided Price, in Paragraph 1.7; providedwhich case Seller shall convey such title to Buyer, howeveror (ii) to reject title. Buyer shall not be entitled to any other rights or remedies. If Buyer shall reject title under subsection (ii) above, this Agreement shall terminate, Buyer shall be entitled to a refund of the Deposit and interest accrued thereon, if any, and the rejected Defect Parcels exceed parties shall be released of any and all liability to each other except for those obligations which specifically survive termination of this Agreement. In the event Buyer proceeds to close, the exceptions set forth in the aggregate 1,000 acres Schedule B-II of the PropertyTitle Commitment to which the Buyer has not filed a notice of Title Defect, then Seller may terminate this Agreement and the ▇▇▇▇▇▇▇ Money Deposit or which Title Defects Buyer has waived, in writing, shall be immediately returned collectively referred to Buyer as the "Permitted Exceptions." Termination pursuant to this Paragraph 10 shall also be deemed a termination of the Okeechobee Agreement, and thereafter this Escrow Agent shall return the Okeechobee Deposit, plus accrued interest, if any, to Okeechobee Buyer, the Okeechobee Agreement shall be null and void and neither party the parties shall have be released of any further and all liability to each other except for those obligations which specifically survive termination of the other under this Agreement; or. (d) declining to accept title to the Defect Parcel(s), whereupon this Agreement shall be terminated and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately returned to Buyer and thereafter this Agreement shall be null and void and neither party shall have any further liability to the other under this Okeechobee Agreement.