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Contract analysis / title-objection-letter.docx
title-objection-letter.docx
High · 2
Medium · 2
Standard · 0
I. MANDATORY CURE ITEMS — GENERAL STATEMENT
I. MANDATORY CURE ITEMS — GENERAL STATEMENT
Section 4.3(d) of the PSA provides that, notwithstanding any provision of the PSA to the c
Section 4.3(d) of the PSA provides that, notwithstanding any provision of the PSA to the contrary (including, without limitation, any limitation on the general Cure Period or any cap on Seller's obligation or cost of cure), Seller shall be unconditionally obligated to cure, remove, or cause to be removed from title at or prior to Closing, the following categories of title exceptions (collectively, "Mandatory Cure Ite
II. SCHEDULE OF TITLE OBJECTIONS — BY PROPERTY
High
⚑ Penalty / liquidated damages
II. SCHEDULE OF TITLE OBJECTIONS — BY PROPERTY The following sets forth each title objection item, organized by Property. For each Property, Buyer has identified the applicable Target Entity, the property address, the applicable loan reference under the Existing Indebtedness, and the relevant Title Commitment number and effective date. A. Property 1: Fairfield Logistics Center I Target Entity: GMP Fairfield I LLC Pro
I. Property 9: Buckhead Place Office Tower
High
⚑ Penalty / liquidated damages
I. Property 9: Buckhead Place Office Tower Target Entity: GMP Buckhead LLC Property Address: 3380 Peachtree Road NE, Atlanta, Georgia 30326 Existing Indebtedness: Loan 2-A (Veltrano Capital Lending Corp.) Title Commitment No.: CNT-2024-GA-04883 Effective Date: February 15, 2024 Objection Item 14: Restrictive Covenant — 2015 Development Agreement with Fulton County Schedule B-II, Exception No. 6 of the Title Commitmen
III. SUMMARY TABLE OF OBJECTION ITEMS
III. SUMMARY TABLE OF OBJECTION ITEMS The following table summarizes all twenty-three (23) title objection items identified in this letter. This table is provided for convenience of reference and is incorporated as Exhibit A attached hereto. In the event of any conflict between this summary table and the detailed descriptions set forth in Section II above, the detailed descriptions shall control. *Item 8 is a Mandato
IV. CURE PERIOD AND RESPONSE REQUIREMENTS
Medium
⚑ Notice / time limit to track
IV. CURE PERIOD AND RESPONSE REQUIREMENTS Pursuant to Section 4.3(b) of the PSA, Seller shall have a period of fifteen (15) business days from receipt of this title objection notice within which to cure, or commit in writing to cure at or prior to Closing, the objection items set forth herein (the "Cure Period"). Based on delivery and receipt of this letter on March 27, 2024, the Cure Period is expected to expire on
V. REQUEST FOR DOCUMENTATION
V. REQUEST FOR DOCUMENTATION In connection with the resolution of the objection items set forth herein, Buyer requests that Seller promptly provide the following for each objection item: (i) all underlying instruments, agreements, exception documents, correspondence, and other materials not previously furnished in the data room or otherwise made available to Buyer, including (without limitation) the documents specifi
VI. RESERVATION OF RIGHTS
Medium
⚑ Assignment / subcontracting
VI. RESERVATION OF RIGHTS This title objection notice is delivered solely in accordance with, and subject to, the terms and conditions of the PSA. Nothing in this letter is intended to, nor shall it be construed to: (a) waive, limit, or modify any rights of Buyer under the PSA, whether arising under Section 4.3 or otherwise, including (without limitation) Buyer's right to object to any title matter that constitutes a