Unpermitted Exception definition

Unpermitted Exception means with respect to any Real Property (provided the same is not caused by the actions of Purchaser):
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Unpermitted Exception. As defined in Section 23(a).
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Unpermitted Exception means any defect in the title of any of the Land or any other matter unacceptable to Buyer in Buyer’s reasonable discretion, other than Permitted Exceptions.
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Examples of Unpermitted Exception in a sentence

  • Absent notice from Purchaser to Seller in accordance with the preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception.

  • If Seller fails to cure or have said Unpermitted Exception removed or have the Title Insurer commit to insure as specified above within said thirty (30) day period or if Seller elects not to exercise its rights under (ii) in the preceding sentence, Purchaser may terminate this Agreement upon notice to Seller within five (5) days after the expiration of said thirty (30) day period.

  • If Seller is unable to convey title to the Property subject only to the Permitted Exceptions because of the existence of an additional title exception ("Unpermitted Exception"), then Purchaser can elect to take title to the Property subject to the Unpermitted Exception or terminate this Agreement.

  • Absent notice from Purchaser to Seller in accordance with the preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception, without any reduction in or setoff against the Purchase Price as a result thereof.

  • If Seller does not so notify Purchaser, with respect to any Unpermitted Exception, Purchaser may either waive its objection and proceed towards closing or terminate this Agreement by giving written notice to Seller of its election within three (3) additional business days of the earlier to occur of (a) receipt by Purchaser of the Response Notice and (b) expiration of the three (3) business day period in which Seller may deliver the Response Notice.

  • With regard to an Unpermitted Exception for which Purchaser gives Seller a Title Notice, Seller may but shall not have the obligation to notify Purchaser (the "Response Notice") within three (3) business days of receipt of the Title Notice whether Seller shall bond over, cure or cause the Title Insurer to remove such Unpermitted Exception from the Title Commitment.

  • If, prior to Closing but after the end of the Inspection Period, a date-down to the Commitment discloses any new exception which is not a Permitted Exception ("Unpermitted Exception"), Seller shall provide Purchaser with notice within five (5) business days of notice by Purchaser to Seller of the existence of such Unpermitted Exception stating whether Seller intends to cure any objection.

  • Any such Unpermitted Exception which Seller elects to bond over, cure or cause the Title Insurer to remove shall be additional Permitted Exceptions.

  • If Purchaser does not give such written notice within such three (3) additional business days, (i) Purchaser shall have waived its right to terminate this Agreement pursuant to this Paragraph 3c; (ii) such Unpermitted Exception shall be deemed an additional Permitted Exception; and (iii) the parties shall proceed to Closing.

  • Absent notice from Purchaser to Seller in accordance with the immediately preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception.


More Definitions of Unpermitted Exception

Unpermitted Exception has the meaning set forth in Section 5.02.
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Unpermitted Exception means any defect in the title of any of the Land or any other matter unacceptable to Buyers disclosed by the Title Commitments or title reports, title exception documents or the Surveys, or any update of any of the foregoing.
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Unpermitted Exception has the meaning set forth in Section 8.3.
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Unpermitted Exception is defined in Section 5.14(b).
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Related to Unpermitted Exception

  • Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value or the existing use of the property affected by such lien or imperfection, (d) such statements of fact and exceptions shown on any title insurance policies delivered to Global.

  • Permitted Exceptions shall have the meaning set forth in Section 4.3.

  • Title Objection shall have the meaning assigned thereto in Section 8.5.

  • Title Commitment shall have the meaning set forth in Section 4.2.

  • Blanket encumbrance means a trust deed or mortgage or any other lien or encumbrance,