Common use of Survey and Plans Clause in Contracts

Survey and Plans. Highwoods may, at Highwoods' election, cause to be secured current physical and boundary surveys (the "Surveys") of the Land, Buildings and other Improvements prepared by a Georgia registered land surveyor or licensed engineer which shall be certified to Highwoods and the Title Company [as defined in Subsection 6.01 below] and shall contain such other documentation and certifications as Highwoods or the Title Company may require. The cost of such Surveys shall be borne by Highwoods. In addition, at the time of the execution of this Agreement, Owner shall supply to Highwoods (i) copies of any existing survey(s) of the Land reasonably available to Owner (the "Existing Surveys"), and (ii) to the extent reasonably available to Owner, a complete set of the plans from which the Improvements were constructed (the "Plans"). If the legal descriptions shown on the Existing Surveys are not the same as the legal descriptions set forth in title insurance policies currently insuring the Land issued in connection with the Owner's acquisition of the Land (the "Owner's Title Insurance Policies"), Owner will convey to Highwoods by quitclaim deed or a quitclaim assignment of lease, as the case may be, the Land described by the metes and bounds shown on the Existing Surveys. However, the deed(s) of conveyance and assignment of Leasehold Interests referenced in 11.01(c) and (g) shall contain the legal descriptions set forth in the Owner's Title Insurance Policies. In the event the Surveys (or the Existing Surveys delivered to Highwoods by Owner) reveal anything which materially and adversely affect the Property, Highwoods shall give notice to Owner of those matters objected to by Highwoods in the Surveys or Existing Surveys by January 5, 1997. Owner shall then have the right, but not the obligation, for a period of ten (10) business days to cure any defects or objectionable matters specified by Highwoods, so long as such objections can be cured at a cost of One Million and no/100 Dollars ($1,000,000.00) or less. In the event that Owner fails or is unwilling to cure such defects to the reasonable satisfaction of Highwoods' counsel, Highwoods may proceed to a Closing subject to the defect, without liability to Owner, or by written notice to Owner, terminate this Agreement or otherwise allow this Agreement to expire.

Survey and Plans. Highwoods may, at Highwoods' election, cause to be secured current physical and boundary surveys (the "Surveys") of the Land, Buildings Building and other Improvements prepared by a Georgia South Carolina registered land surveyor or licensed engineer which shall be certified to Highwoods and the Title Company [(as defined in Subsection 6.01 below] ) and shall contain such other documentation and certifications as Highwoods or the Title Company may require. The cost of such Surveys shall be borne by Highwoods. If the Surveys are procured by Highwoods, the Surveys shall be used for a description of the Land contained in the deed of conveyance referenced in 11.01(a) and in all other documents related to this transaction which require a legal description of the Land (including, without limitation, such description as is required for the title insurance commitment described under Subsection 6.01; provided, any real property shown within the boundary lines of the Land not described in the deeds of conveyance to Owner shall be conveyed by Owner to Highwoods by quitclaim deed rather than the special warranty deed described above). In addition, at the time of the execution of this Agreement, Owner shall supply to Highwoods without representation or warranty (i) copies of any existing survey(s) of the Land reasonably available to Owner (the "Existing Surveys"), and (ii) to the extent reasonably available to Owner, a complete set of the plans from which the Improvements were constructed (the "Plans"). If the legal descriptions shown on the Existing Surveys are not the same as the legal descriptions set forth in title insurance policies currently insuring the Land issued in connection with the Owner's acquisition of the Land (the "Owner's Title Insurance Policies"), Owner will convey to Highwoods by quitclaim deed or a quitclaim assignment of lease, as the case may be, the Land described by the metes and bounds shown on the Existing Surveys. However, the deed(s) of conveyance and assignment of Leasehold Interests referenced in 11.01(c) and (g) shall contain the legal descriptions set forth in the Owner's Title Insurance Policies. In the event the Surveys (or the Existing Surveys delivered to Highwoods by Owner) reveal anything which materially and adversely affect the Property, Highwoods shall give notice to Owner of those matters objected to by Highwoods in the Surveys or Existing Surveys by January 5, 1997the fifteenth (15) day after the delivery thereof to Highwoods. Owner shall then have the right, but not the obligation, for a period of ten (10) business days to cure any defects or objectionable matters specified by Highwoods, so long as such objections can be cured at a cost . The parties agree that they shall each use their best efforts to cause all matters of One Million review and no/100 Dollars ($1,000,000.00) or lessinspection to take place during the Inspection Period. In the event that Owner fails or is unwilling to cure such defects to the reasonable satisfaction of Highwoods' counsel, Highwoods may proceed to a Closing subject to the defect (in which event Highwoods will be deemed to have waived such defect, without liability to Owner, ); or by written notice to Owner, terminate this Agreement or based on its other due diligence and Inspection Period rights contained herein, otherwise allow this Agreement to expire. If Highwoods does not procure the Surveys, the Existing Surveys shall be used for a description of the Land contained in the deed of conveyance referenced in 11.01(a) and in all other documents related to this transaction which require a legal description of the Land.