Required Title Condition Sample Clauses

Required Title Condition. Title to the Property shall be conveyed to Buyer subject only to the following matters: (i) current, non-delinquent real estate taxes and assessments, (ii) the matters set forth in the Preliminary Report and permitted by Buyer as part of the Title Policy (as defined below), and (iii) any other matters deemed acceptable to Buyer pursuant to Sections 2.2 or 2.3 or approved in writing by Buyer in Buyer’s reasonable discretion (collectively, the “Required Title Condition”). Notwithstanding anything contained in this Agreement to the contrary, Seller shall be obligated, at its sole cost and expense, to satisfy at or prior to Closing all monetary encumbrances affecting the Property evidenced by deeds of trust, tax liens, judgments, mechanics’ liens, or other liens or charges in a fixed sum, and Seller authorizes the use of the Purchase Price or a portion thereof to pay and discharge the same at Closing.

Required Title Condition. Title to the Property shall be conveyed to Buyer subject only to the following matters: (i) existing Tenant Leases; (ii) current, non-delinquent real estate taxes and assessments; (iii) the matters set forth in the Preliminary Report and approved by Buyer during the Due Diligence Period, in Buyer’s sole and absolute discretion, as part of the Title Policy (as defined below); (iv) the Leaseback Leases, as defined in Section 5.8.2 below; and any other matters approved in writing by Buyer, in Buyer’s sole and absolute discretion (collectively, the “Required Title Condition”). Notwithstanding anything contained in this Section 2.2 to the contrary, Seller shall be obligated, at its sole cost and expense, to satisfy, at or prior to Closing, all monetary encumbrances affecting the Property evidenced by deeds of trust, tax liens, judgments, mechanics’ liens and/or other liens or charges in a fixed sum.

Required Title Condition. Seller’s ground leasehold interest under the Ground Lease shall be transferred to Buyer subject only to the following matters: (i) current, non-delinquent real estate taxes and assessments, (ii) the matters set forth in the Preliminary Report and permitted by Buyer, in Buyer’s sole and absolute discretion, as part of each Title Policy (as defined below), (iii) the Ground Lease and the Tenant Leases, (iv) any other matters approved in writing by Buyer in Buyer’s sole and absolute discretion, and (v) matters caused by, through or under Buyer (collectively, the “Required Title Condition”); provided however, that if Buyer fails to object, in writing, to any matters set forth in any Preliminary Report and/or reflected on or missing from any Survey prior to the seventh (7th ) Business Day prior to the expiration of the Due Diligence Period, such matters shall be deemed approved by Buyer, and the Property may be conveyed to Buyer subject to such matters, except as otherwise provided herein. Within six (6) Business Days after the date on which Seller receives notification from Buyer of any objections to matters set forth on any Preliminary Report and/or reflected on or missing from the Survey (each, an “Unpermitted Defect”), Seller shall advise Buyer in writing whether Seller intends to cure any such Unpermitted Defect in the manner specified below and, if so, Seller shall thereupon promptly proceed to cure such Unpermitted Defect. If Seller declines to cure any such Unpermitted Defect, or if Seller fails, despite its reasonable efforts, to cure any Unpermitted Defect on or prior to the Closing Date to the Buyer’s reasonable satisfaction, then Buyer shall, at its option: (a) waive such Unpermitted Defect by proceeding to Closing as provided in this Agreement; or (b) terminate the entirety of this Agreement in writing, in which event the Deposit shall be returned to Buyer within one (1) Business Day after such termination and each party shall thereupon be released from all further obligations hereunder (except as otherwise provided herein. Notwithstanding anything contained in this Section 2.2 to the contrary, Seller shall be obligated, at its sole cost and expense, to satisfy at or prior to Closing all liens and encumbrances related to Seller’s mortgage financing and other monetary liens and encumbrances of a fixed sum granted by Seller, and all other monetary encumbrances affecting the Property evidenced by deeds of trust, tax liens, judgments, mechanics’ liens, ...

Required Title Condition. Title to the Property shall be conveyed to Buyer subject only to the following matters: (a) current, non-delinquent real estate taxes and assessments; (b) the matters set forth in the Preliminary Report which Buyer has approved or been deemed to have approved; (c) the Leases; (d) laws, ordinances and governmental regulations (including, but not limited to building, zoning, land use, and any subdivision ordinances and regulations) affecting the Property; (e) matters which would be disclosed by an accurate survey or inspection of the Property; and (f) any other matters approved in writing by Buyer, in its sole and absolute discretion (collectively, the “Required Title Condition”).

Required Title Condition. The parties hereby acknowledge and agree that the following items shall be deemed a part of Buyer’s “Required Title Condition”: a. Seller shall execute and deliver the Estoppel Certificate attached hereto as Exhibit A on or before the earlier of Friday, March 26, 2010 and Closing. b. Items 4 – 7 listed on Exhibit G to the Agreement shall be deleted in their entirety, and shall not be deemed to be “Permitted Exceptions.”

Required Title Condition. Title to the Property shall be conveyed to Buyer at Closing in a condition enabling the Title Company to issue to Buyer an ALTA 2006 extended coverage Owner’s Policy of Title Insurance (“Title Policy”) insuring Buyer’s fee simple title to the Land and Improvements, for the sum equal to the Purchase Price, conforming to the Required Title Condition set forth in Section 2.2 above and containing such endorsements as Buyer shall have reasonably required, subject only to the following matters: (i) current, non-delinquent real estate taxes and assessments; (ii) the Permitted Exceptions; and (iii) documents evidencing or securing the Loan; (collectively, the “Required Title Condition”). Notwithstanding anything contained in this Section 2.2 to the contrary, Seller shall be obligated, at its sole cost and expense, to satisfy, at or prior to Closing, all monetary encumbrances affecting the Property evidenced by deeds of trust, tax liens, judgments, mechanics’ liens and/or other liens or charges in a fixed sum (other than liens of the instruments securing the Loan) (collectively, “Mandatory Cure Exceptions”), and Seller authorizes the use of the Purchase Price or a portion thereof to pay and discharge the same at Closing.

Required Title Condition. 2.2.1 In the event any matters appear in the Preliminary Report, Exception Documents, or Survey that are unacceptable to Buyer, Buyer shall, by 5:00 p.m. (Central Time) on the date that five (5) Business Days prior to the end of the Due Diligence Period, notify Seller in writing of such fact (the “Title Review Period”). If Buyer fails to so notify Seller prior to the expiration of the Title Review Period, Buyer shall be deemed to have accepted all exceptions to title referenced in the Preliminary Report and UCC Searches and all matters shown on the

Required Title Condition. Title to the Property shall be conveyed to Buyer subject only to the following matters: (i) current, non-delinquent real estate taxes and assessments; (ii) the matters set forth in that certain Chicago Title Insurance Company Policy Number 7230640-87636462, a copy of which has been provided to Buyer (the “Seller’s Title Policy”); (iii) documents evidencing or securing the Loan; and (iv) any other matters not objected to by Buyer during the Due Diligence Period (collectively, the “Required Title Condition”). Notwithstanding anything contained in this Section 2.2 to the contrary, Seller shall be obligated, at its sole cost and expense, to satisfy, at or prior to Closing, all monetary encumbrances affecting the Property evidenced by deeds of trust, tax liens, judgments, mechanics’ liens and/or other liens or charges in a fixed sum (other than liens of the instruments securing the Loan), and Seller authorizes the use of the Purchase Price or a portion thereof to pay and discharge the same at Closing.

Required Title Condition. Title to the Property shall be conveyed to Buyer subject only to the following matters: (i) current, non-delinquent real estate taxes and assessments; (ii) the matters set forth in the Preliminary Report and permitted by Buyer, in Buyer’s sole and absolute discretion, as part of the Title Policy (as defined below); and (iii) any other matters approved in writing by Buyer, in Buyer’s sole and absolute discretion (collectively, the “Required Title Condition”). Notwithstanding anything contained in this Section 2.2 to the contrary, Seller shall be obligated, at its sole cost and expense, to satisfy, at or prior to Closing, all monetary encumbrances affecting the Property evidenced by deeds to secure debt, tax liens, judgments, mechanics’ liens and/or other liens or charges in a fixed sum, and Seller authorizes the use of the Purchase Price or a portion thereof to pay and discharge the same at Closing. Seller shall have the right to provide a bond in the amount of any liens that affect the Property, provided, however, that Title Company must agree to provide affirmative coverage or an endorsement to address such lien so that it does not appear as an exception to the Title Policy (defined below).