Common use of Commitment and Title Policy Clause in Contracts

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: (a) An access endorsement insuring that the Land has direct access to publicly dedicated right-of-way, in the following manner, and as depicted on the Survey: Xxxxx 0 xx Xxxxxxx Xxxx and Wilshire Boulevard; and Xxxxx 0 xx Xxxxxxx Xxxx and Melrose Street. (b) A legal description endorsement insuring that the legal description of the Land in Schedule A of the Title Policy is accurate and correctly describes the land shown on the Survey. (c) A survey endorsement insuring that the land described in the Title Policy is the same as the land described and depicted in the Survey; that the Survey accurately depicts the insured land and improvements thereon and all easements and rights-of-way to which said land is subject, shows the proper dimensions of the boundaries of said land and said easements and rights-of-way, and correctly reflects the absence of any encroachments or easements not expressly set forth in the Title Policy; and that the foundation of the Building is within the lot lines and applicable set-back lines. (d) A tax lot endorsement affirmatively insuring that the Land consists of one or more separate tax lots and is assessed separately from all other property. (e) Such other endorsements as Buyer may reasonably request after receipt of the Survey, the Commitment and copies of all of the exception documents.

Commitment and Title Policy. Seller shall, at Seller's ’s sole expense, provided that Buyer shall pay any Title Company charge in excess of normal market rates within 10 the Kansas City metropolitan area (except with respect to the endorsements), within ten (10) days after the date of this ContractEffective Date, obtain and deliver to Buyer and to the Surveyor 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 ’s sole expense, an owner's ’s policy of title insurance (the "“Title Policy"”) on the ALTA Standard Form B-1992 policy form acceptable to Buyer (except that the standard exceptions relating to survey matters, rights of parties in possession, easements or rights of parties in possession, mechanic's ’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 include: (1) The following endorsements (to the extent they are reasonably available)endorsements, all of which shall be in form and substance satisfactory to Buyer in its sole discretiondiscretion and shall be issued at Buyer’s expense: (a) An access endorsement insuring that the Land has direct access to publicly dedicated right-of-way, in the following manner, and as depicted on the Survey: Xxxxx 0 xx Xxxxxxx Xxxx and Wilshire Boulevard; and Xxxxx 0 xx Xxxxxxx Xxxx and Melrose Street.Madison Avenue; (b) A legal description endorsement insuring that the legal description of the Land in Schedule A of the Title Policy is accurate and correctly describes the land shown on the Survey.; (c) A survey endorsement insuring that the land described in the Title Policy is the same as the land described and depicted in the Survey; that the Survey accurately depicts the insured land and improvements thereon and all easements and rights-of-way to which said land is subject, shows the proper dimensions of the boundaries of said land and said easements and rights-of-way, and correctly reflects the absence of any encroachments or easements not expressly set forth in the Title Policy; and that the foundation foundations of the Building is Buildings are within the lot lines and applicable set-back lines.; (d) A tax lot endorsement affirmatively insuring that the Land consists of one or more separate tax lots and is assessed separately from all other property.; (e) Such other endorsements as Buyer may reasonably request after receipt of the Survey, the Commitment and legible copies of all of the exception documents.

Commitment and Title Policy. Seller shall, at Seller's sole expense, within 10 days after the date Prior to execution of this ContractAgreement, obtain and deliver Seller has furnished to Buyer and to the Surveyor a preliminary title insurance commitment (the "“Preliminary Commitment"”) issued by the 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 shall will agree to issue to Buyer, at Seller's sole expense, an owner's ’s policy of title insurance (the "“Title Policy"”) on the ALTA Standard Form B-1992 standard 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 mattersExceptions. Seller For purposes of this Agreement, “Permitted Exceptions” 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: include: (a) An access endorsement insuring that the Land has direct access to publicly dedicated right-of-way, lien of general taxes for 2021 payable in the following manner2022, and as depicted on the Survey: Xxxxx 0 xx Xxxxxxx Xxxx and Wilshire Boulevardthereafter; and Xxxxx 0 xx Xxxxxxx Xxxx and Melrose Street. (b) A legal description endorsement insuring that the legal description of the Land in Schedule A of the Title Policy is accurate coal, oil, gas, mineral and correctly describes the land shown on the Survey. other subsurface rights if previously conveyed or reserved; (c) A survey endorsement insuring 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 land described in the Title Policy is the same as the land described Property taken, used or dedicated for highway purposes; and depicted in the Survey; that the Survey accurately depicts the insured land and improvements thereon and all easements 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 which said land is subject, shows the proper dimensions Seller within five (5) business days of the boundaries receipt of said land and said easements and rights-of-wayTitle Commitment of any objections or exceptions to merchantability of title, and correctly reflects the absence failure to deliver such written notice shall be deemed a waiver by Xxxxx. 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 any encroachments or easements not expressly set forth 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 the Title Policy; and that the foundation which case Buyer shall be entitled to a refund of the Building is within the lot lines and applicable set-back linesxxxxxxx money. (d) A tax lot endorsement affirmatively insuring that the Land consists of one or more separate tax lots and is assessed separately from all other property. (e) Such other endorsements as Buyer may reasonably request after receipt of the Survey, the Commitment and copies of all of the exception documents.

Commitment and Title Policy. Seller shall, at Seller's ’s sole expense, provided that Buyer shall pay any Title Company charge in excess of normal market rates within 10 the Kansas City metropolitan area (except with respect to the endorsements), within ten (10) days after from the date exercise of this ContractSeller’s option with its landlord, obtain and deliver to Buyer and to the Surveyor 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 ’s sole expense, an owner's ’s policy of title insurance (the "“Title Policy"”) on the ALTA Standard Form B-1992 policy form acceptable to Buyer (except that the standard exceptions relating to survey matters, rights of parties in possession, easements or rights of parties in possession, mechanic's ’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 include: (1) The following endorsements (to the extent they are reasonably available)endorsements, all of which shall be in form and substance satisfactory to Buyer in its sole discretiondiscretion and shall be issued at Buyer’s expense: (a) An access endorsement insuring that the Land has direct access to publicly dedicated right-of-way, in the following manner, and as depicted on the Survey: Xxxxx 0 xx Xxxxxxx Xxxx and Wilshire Boulevard; and Xxxxx 0 xx Xxxxxxx Xxxx and Melrose Street.Madison Avenue; (b) A legal description endorsement insuring that the legal description of the Land in Schedule A of the Title Policy is accurate and correctly describes the land shown on the Survey.; (c) A survey endorsement insuring that the land described in the Title Policy is the same as the land described and depicted in the Survey; that the Survey accurately depicts the insured land and improvements thereon and all easements and rights-of-way to which said land is subject, shows the proper dimensions of the boundaries of said land and said easements and rights-of-way, and correctly reflects the absence of any encroachments or easements not expressly set forth in the Title Policy; and that the foundation foundations of the Building is Buildings are within the lot lines and applicable set-back lines.; (d) A tax lot endorsement affirmatively insuring that the Land consists of one or more separate tax lots and is assessed separately from all other property.; (e) Such other endorsements as Buyer may reasonably request after receipt of the Survey, the Commitment and legible copies of all of the exception documents.