Commitment and Title Policy Sample Clauses

Commitment and Title Policy. Within five (5) business days after the date of this Contract, Buyer will order a title insurance commitment (the “Commitment”) from City Title & Closing, LLC, Fayetteville, Arkansas (the “Title Company”) pursuant to which the Title Company shall agree to issue to Buyer, an ATLA owner’s policy of title insurance (the “Title Policy”) in the amount of the Purchase Price, insuring marketable fee simple title to the Real Property in Buyer upon recording of the Deed.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Commitment and Title Policy. Prior to execution of this Agreement, Seller has furnished to Buyer a preliminary title insurance commitment (the “Preliminary Commitment”) issued by Title Company, a copy of which is attached as Exhibit B attached hereto and incorporated herein by reference. Not less than ten (10) business days prior to the Closing Date, Seller will furnish an updated title insurance commitment pursuant to which the Title Company will agree to issue to Buyer, an owner’s policy of title insurance (the “Title Policy”) on the ALTA standard policy form in the amount of the Purchase Price, insuring marketable fee simple title to the Property in Buyer upon recording of the Deed, subject only to the Permitted Exceptions. For purposes of this Agreement, “Permitted Exceptions” shall include: (a) the lien of general taxes for 2021 payable in 2022, and thereafter; (b) coal, oil, gas, mineral and other subsurface rights if previously conveyed or reserved; (c) building, use and zoning restrictions; (d) easements, apparent or of record; (e) covenants and restrictions of record which are not violated by the existing use of the Property; (f) rights of the public and units of government in and to that part of the Property taken, used or dedicated for highway purposes; and (g) rights-of-way for streams, drainage ditches, drainage tiles, feeders, laterals and underground pipes and pipelines, if any. Buyer shall give written notice to Seller within five (5) business days of the receipt of Title Commitment of any objections or exceptions to merchantability of title, and the failure to deliver such written notice shall be deemed a waiver by Buyer. Seller shall have until the closing date to have such title exceptions removed, or, any such exception which may be removed by the payment of money may be cured by deduction from the purchase price at closing. If Seller is unable to cure such exception, then Buyer shall have the option to terminate the Agreement, in which case Buyer shall be entitled to a refund of the xxxxxxx money.
Sample 1
Commitment and Title Policy. Seller will furnish to Buyer a title insurance commitment (the “Title Commitment”) issued by Title Company pursuant to which the Title Company will agree to issue to Buyer, an owner’s policy of title insurance (the “Title Policy”) on the ALTA standard policy form in the amount of the Purchase Price, insuring marketable fee simple title to the Property in Buyer upon recording of the Deed, subject only to the Permitted Exceptions. For purposes of this Agreement, “Permitted Exceptions” shall include: (a) the lien of general taxes for 2021 payable in 2022, and thereafter; (b) coal, oil, gas, mineral and other subsurface rights if previously conveyed or reserved; (c) building, use and zoning restrictions;
Sample 1
Commitment and Title Policy. Seller shall, at Seller’s sole expense, provided that Buyer shall pay any Title Company charge in excess of normal market rates within the Kansas City metropolitan area (except with respect to the endorsements), within ten (10) days after the Effective Date, obtain and deliver to Buyer and to the surveyor a title insurance commitment (the “Commitment”) issued by the Title Company, pursuant to which the Title Company shall agree to issue to Buyer, at Seller’s sole expense, an owner’s policy of title insurance (the “Title Policy”) acceptable to Buyer (except that the standard exceptions relating to survey matters, rights of parties in possession, mechanic’s liens, easements or claims of easements not of record, and taxes and assessments not shown by the public records, shall be eliminated), in the amount of the Purchase Price, insuring marketable fee simple title to the Real Property in Buyer upon recording of the Deed, subject only to the Permitted Exceptions and no other matters. Seller shall cause the Title Company to deliver to Buyer, with the Commitment, complete and legible copies of all exception documents listed in the Commitment. The Title Policy shall include:
Sample 1
Commitment and Title Policy. Seller shall, at Seller's sole expense, within 10 days after the date of this Contract, obtain and deliver to Buyer and to the Surveyor a title insurance commitment (the "Commitment") issued by the Title Company, pursuant to which the Title Company shall agree to issue to Buyer, at Seller's sole expense, an owner's policy of title insurance (the "Title Policy") on the ALTA Standard Form B-1992 policy form (except that the standard exceptions relating to survey matters, rights of parties in possession, easements or rights of parties in possession, mechanic's liens, easements or claims of easements not of record, and taxes and assessments not shown by the public records, shall be eliminated), in the amount of the Purchase Price, insuring marketable fee simple title to the Real Property in Buyer upon recording of the Deed, subject only to the Permitted Exceptions and no other matters. Seller shall cause the Title Company to deliver to Buyer, with the Commitment, complete and legible copies of all exception documents listed in the Commitment. The Title Policy shall include the following endorsements (to the extent they are reasonably available), all of which shall be in form and substance satisfactory to Buyer in its sole discretion:
Sample 1
Commitment and Title Policy. Seller shall, at Seller’s sole expense, provided that Buyer shall pay any Title Company charge in excess of normal market rates within the Kansas City metropolitan area (except with respect to the endorsements), within ten (10) days from the exercise of Seller’s option with its landlord, obtain and deliver to Buyer and to the surveyor a title insurance commitment (the “Commitment”) issued by the Title Company, pursuant to which the Title Company shall agree to issue to Buyer, at Seller’s sole expense, an owner’s policy of title insurance (the “Title Policy”) acceptable to Buyer (except that the standard exceptions relating to survey matters, rights of parties in possession, mechanic’s liens, easements or claims of easements not of record, and taxes and assessments not shown by the public records, shall be eliminated), in the amount of the Purchase Price, insuring marketable fee simple title to the Real Property in Buyer upon recording of the Deed, subject only to the Permitted Exceptions and no other matters. Seller shall cause the Title Company to deliver to Buyer, with the Commitment, complete and legible copies of all exception documents listed in the Commitment. The Title Policy shall include:
Sample 1
Commitment and Title Policy. The Seller shall deliver to the Purchaser as soon as may be practicable, but in no event more than fifteen (15) days after the date hereof, a commitment for an owners title insurance policy issued by the Title Company, for an amount not less than the purchase price hereunder, guaranteeing title subject only to the Permitted Exceptions, bearing a date later than the acceptance hereof, which will be accepted as a sufficient showing of title (the “Title Commitment”).
Sample 1
AutoNDA by SimpleDocs
Commitment and Title Policy. Buyer shall, at Buyer’s sole expense, obtain a title insurance commitment (the “Commitment”) issued by Title Company, pursuant to which the Title Company shall agree to issue to Buyer, at Buyer’s sole expense, an owner’s policy of title insurance (the “Title Policy”) on a 2021 ALTA OWNER’S POLICY form in the amount of the Purchase Price, insuring marketable fee simple title to the Property in Buyer upon recording of the Deed, subject only to the Permitted Exceptions. Insurance requirements and exceptions shall be listed on distinctly separate schedules, for example “Schedule B-1 and Schedule B-2”. A copy of the Commitment shall be provided to Seller upon Seller’s request.
Sample 1

Related to Commitment and Title Policy

  • Title Policy Seller shall furnish to Buyer at ❑ Seller’s ❑ Xxxxx’s expense an owner policy of title insurance (Title Policy) issued by (Title Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy, subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions:

  • Title Commitment (a) Purchaser acknowledges receipt of that certain title insurance commitment dated April 9, 2002 issued by the Title Company under Commitment No. 673945-F (the "TITLE COMMITMENT"), together with copies of the title exceptions listed thereon. Purchaser shall have until the expiration of the Evaluation Period (the "ORIGINAL OBJECTION DATE") to send written notice to Seller of its objections to matters shown on the Title Commitment or the Existing Survey that Purchaser deems unacceptable and shall have until the date (the "NEW OBJECTION DATE") that is five (5) Business Days after receipt by Purchaser's counsel of any update to the Title Commitment or any Updated Survey (or as promptly as possible prior to the Closing with respect to updates received less than five (5) Business Days prior to the Closing) to send written notice to Seller of Purchaser's objections to any new exceptions to title to the Real Property raised thereby, provided that Purchaser may object to matters shown on an Updated Survey only if such matters were not shown on the Existing Survey. Purchaser's objections made in accordance with the preceding sentence are referred to herein as "TITLE OBJECTIONS" or "SURVEY OBJECTIONS," as applicable. Purchaser will be deemed to have accepted the exceptions to title set forth on the Title Commitment (as updated) and the matters shown on the Existing Survey and Updated Survey as permitted exceptions (together with any Title Objections and Survey Objections ultimately waived by Purchaser or cured by Seller, the "PERMITTED EXCEPTIONS") unless such matters are objected to by Purchaser in writing by the Original Objection Date or the New Objection Date, as applicable. Seller shall cause the Title Company to furnish to Purchaser a preliminary title report or title commitment, by the terms of which the Title Company agrees to issue to Purchaser at Closing an owner's policy of title insurance (the "TITLE POLICY") in the amount of the Purchase Price on the then standard TLTA owner's form insuring Purchaser's fee simple title to the Real Property, subject to the terms of such policy and the Permitted Exceptions including, without limitation, the standard or general exceptions. The basic premium for the Title Policy shall be at Seller's expense, and Purchaser may request additional coverage under the Title Policy or endorsements or deletions thereto (including, without limitation, the modification or deletion of the survey exception), which shall be, in each case, at Purchaser's expense.

  • Title Insurance The Mortgage Loan is covered by an ALTA lender's title insurance policy, or with respect to any Mortgage Loan for which the related Mortgaged Property is located in California a CLTA lender's title insurance policy, or other generally acceptable form of policy or insurance acceptable pursuant to Seller's Underwriting Guidelines and each such title insurance policy is issued by a title insurer acceptable to prudent lenders in the secondary mortgage market and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring the originator, its successors and assigns, as to the first (with respect to a First Lien Loan) or second (with respect to a Second Lien Loan) priority lien of the Mortgage in the original principal amount of the Mortgage Loan (or to the extent a Mortgage Note provides for negative amortization, the maximum amount of negative amortization in accordance with the Mortgage), subject only to the Permitted Exceptions, and in the case of Adjustable Rate Mortgage Loans, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor has been given the opportunity to choose the carrier of the required mortgage title insurance. Additionally, such lender's title insurance policy affirmatively insures ingress and egress, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller (or its predecessor in interest), its successors and assigns, are the sole insureds of such lender's title insurance policy, and such lender's title insurance policy is valid and remains in full force and effect and will be in force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender's title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender's title insurance policy, including without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other person or entity, and no such unlawful items have been received, retained or realized by the Seller;

  • The Letter of Credit Commitment (i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings properly drawn under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (y) the Total Outstandings shall not exceed the Aggregate Commitments and (z) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof. The Borrower agrees to promptly notify the Administrative Agent of the designation of any Lender or Affiliate of a Lender as an L/C Issuer.

Time is Money Join Law Insider Premium to draft better contracts faster.