Common use of Required Title Condition Clause in Contracts

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.