Common use of Updated Title Commitment or Survey Clause in Contracts

Updated Title Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any Title Exception which is not disclosed in the Title Commitment (or update) previously obtained by Purchaser (a “New Title Exception”), or any update of the Surveys obtained by Purchaser discloses any Survey Defect which is not disclosed in a Survey previously obtained by Purchaser (a “New Survey Defect”), the Seller shall remove or cure such New Title Exception or New Survey Defect at or prior to Closing. In the event that Seller fails to remove or cure such New Title Exception or New Survey Defect at or prior to Closing, Purchaser shall be entitled to proceed under Section 4.2.2 above. The Seller will not create or permit to exist any New Title Exception on New Survey Defect.

Updated Title Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any Title Exception which is not disclosed in the Title Commitment (or update) previously obtained by the Purchaser (a “New Title Exception”), or any update of the Surveys obtained by the Purchaser discloses any Survey Defect which is not disclosed in a Survey previously obtained by the Purchaser (a “New Survey Defect”), the Seller shall use reasonable commercial efforts to remove or cure such New Title Exception or New Survey Defect at or prior to Closing. In the event that the Seller fails to remove or cure such New Title Exception or New Survey Defect at or prior to Closing, the Purchaser shall be entitled to proceed under Section 4.2.2 above. The Seller will not create intentionally create, or permit to exist exist, any New Title Exception on New Survey Defect.