Condition of Title. (a) At the Settlement Date, title to the Property shall be good and marketable and free and clear of all liens and encumbrances, easements, restrictions, rights and similar conditions, excepting Permitted Exceptions (as defined below) and matters appearing of public record on the Effective Date, subject to subparagraph 4(b) below.
(b) During the Feasibility Period, Purchaser shall have the right to order a title search to be performed with regard to the Property, and to order a commitment for an owner policy title insurance (the “Commitment”) to be issued by the Title Company with regard to the Property, all at Purchaser’s sole cost and expense. Concurrently with its delivery of the Commitment to Purchaser, the Title Company shall deliver copies thereof to Seller. Purchaser shall further have the right to order a survey of the Property (the “Survey”), at its sole cost and expense. Purchaser shall promptly deliver to Seller and the Title Company a copy of the Survey as soon as it is available. Regardless of Purchaser’s election to order or not order any Commitment or Survey, Purchaser shall, no later than the date that is thirty (30) days after the Effective Date (the “Title Objection Date”), deliver written notice to Seller of any title or survey defect, lien, encumbrance or other matter with respect to the Property that is unacceptable to Purchaser, other than Permitted Exceptions (such matters being referred to herein as “Defects” and each being a “Defect”), together with complete copies of each of any Survey and Commitment, and all documents and instruments referred to therein. Purchaser’s election to not order any Commitment or Survey shall not relieve Purchaser of its obligations under this Section 4(b), or any other term or condition set forth herein. If, on or before the Title Objection Date, Purchaser properly gives notice to Seller of one or more Defects as required herein, Seller shall, within ten (10) business days after receiving such notice, notify Purchaser whether Seller will or will not attempt to cure such Defects to Purchaser’s reasonable satisfaction. Failure by Seller to deliver such notice shall be deemed Seller’s election not to cure any such Defects. If Seller elects (or is deemed to have elected) not to attempt to cure such Defects, Purchaser shall be entitled, by giving notice (the “Purchaser Notice”) to Seller within five (5) days after receiving such notice from Seller (but in any event prior to the expiration of the Feasibility ...
Condition of Title. 5.1. If, prior to "Closing" (as hereinafter defined), a date-down to the Title Commitment or the update of the Survey discloses any new Unpermitted Exception, Seller shall have thirty (30) days from the date of the date-down to the Title Commitment or the update of the Survey, as applicable, at Seller's expense, to (i) bond over, cure and/or have any Unpermitted Exceptions which in the aggregate, do not exceed $25,000.00, removed from the Title Commitment or to have the Title Insurer commit to insure against loss or damage that may be occasioned by such Unpermitted Exceptions, or (ii) have the right, but not the obligation, to bond over, cure and/or have any Unpermitted Exceptions which, in the aggregate, equal or exceed $25,000.00, removed from the Title Commitment or to have the Title Insurer commit to insure against loss or damage that may be occasioned by such Unpermitted Exceptions. In such event, the time of Closing shall be delayed, if necessary, to give effect to said aforementioned time periods. If Seller fails to cure or have said Unpermitted Exception removed or have the Title Insurer commit to insure as specified in (i) in the preceding sentence above within said thirty (30) day period or if Seller elects not to exercise its rights under (ii) in the preceding sentence and notifies purchaser of same, Purchaser may either (x) proceed to Closing and receive a credit of up to $25,000.00 against the Purchase Price or (y) terminate this Agreement upon notice to Seller within ten (10) days after receipt of notice from Seller stating its election not to cure said Unpermitted Exception or, if notice is not delivered, the expiration of said thirty (30) day period; provided, however, and notwithstanding anything contained herein to the contrary, if the Unpermitted Exception which gives rise to Purchasers right to terminate was recorded against the Property as a result of the affirmative, willful action of Seller (and not by any unrelated third party) with intention to prevent the sale of the Property in accordance with the terms hereof, then Purchaser shall have the additional rights contained in Paragraph 11 herein. 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 Purchaser terminates this Agreement in accordance with the terms of this Paragraph 5.1, this Agreement shall become null and void without further action of the part...
Condition of Title. At Closing, the Property shall be sold and purchased subject to any and all existing reservations, building setback lines, easements, right-of-way, zoning ordinances, land use controls imposed by public authority, building restrictions, all mineral servitudes and mineral leases, subdivision ordinances, subdivision covenants, conditions and restrictions that may appear of record or on the Property and other land use controls imposed by a public authority, liens for public improvements and public safety, all shortages in area, encroachments or overlaps in boundaries or the fact that any portion of the property lies within a road or roadway, and all other matters which would be shown by a current, on the ground, survey of the Property.
Condition of Title. Seller represents that Seller has fee title to the Property and will convey good and marketable title to Buyer at Closing by general warranty deed, unless the sale is being made pursuant to a real estate contract which provides for title to pass at a later date. In that case, title will be conveyed in accordance with the provisions of that contract. Buyer agrees, however, to accept title to the Property subject to the following matters of record.. easements, deed restrictions, CC&R's (meaning covenants, conditions and restrictions), and rights-of-way; and subject to the contents of the Commitment for Title Insurance as agreed to by Buyer under Section 8. Buyer also agrees to take the Property subject to existing leases affecting the Property and not expiring prior to Closing Buyer agrees to be responsible for taxes, assessments, homeowners association dues, utilities, and other services provided to the Property after Closing. Except for any loan(s) specifically assumed by Buyer under Section 2.1(c), Seller will cause to be paid off by Closing all mortgages, trust deeds, judgments, mechanic's liens, tax liens and warrants. Seller will cause to be paid current by Closing all assessments and homeowners association dues.
Condition of Title. SUBJECT TO SECTION 8.3, THE CONDITION OF TITLE TO THE REAL PROPERTY, INCLUDING, WITHOUT LIMITATION, VESTING, LEGAL DESCRIPTION, MATTERS AFFECTING TITLE, TITLE DEFECTS, LIENS, ENCUMBRANCES, BOUNDARIES, ENCROACHMENTS, MINERAL RIGHTS, OPTIONS, EASEMENTS, AND ACCESS; VIOLATIONS OF RESTRICTIVE COVENANTS, ZONING ORDINANCES, SETBACK LINES, OR DEVELOPMENT AGREEMENTS; THE AVAILABILITY, COST, AND COVERAGE OF TITLE INSURANCE; LEASES, RENTAL AGREEMENTS, OCCUPANCY AGREEMENTS, RIGHTS OF PARTIES IN POSSESSION OF, USING, OR OCCUPYING THE REAL PROPERTY; AND STANDBY FEES, TAXES, BONDS AND ASSESSMENTS.
Condition of Title. (i) On the Purchase Closing Date, title to the Premises shall be conveyed free and clear of all liens, tenancies and encumbrances, subject only to the following matters (collectively, the “Permitted Exceptions”):
(a) those matters set forth on Schedule 1 attached hereto and incorporated herein by this reference;
(b) the state of facts shown on the survey prepared by [__________________] dated [______________];
(c) all present and future zoning, building, environmental and other laws, ordinances, codes, restrictions and regulations of all governmental authorities having jurisdiction with respect to the Premises, including, without limitation, landmark designations and all zoning variances and special exceptions, if any;
(d) all presently existing and future liens of real estate taxes or assessments and water rates, water meter charges, water frontage charges and sewer taxes, rents and charges, if any, provided that such items are not yet due and payable as of the date of the Purchase Closing, subject to adjustment as hereinbelow provided;
(e) all covenants, restrictions and rights and all easements and agreements for the erection and/or maintenance of water, gas, steam, electric, telephone, sewer or other utility pipelines, poles, wires, conduits or other like facilities, and appurtenances thereto, over, across and under the Premises which are either (i) presently existing or (ii) granted to a public utility in the ordinary course, provided that the same shall not have any adverse effect (other than to a de minimis extent) on the use or occupancy of the Premises;
(f) standard pre-printed exclusions from coverage contained in the form of title policy or “marked-up” title commitment employed by the Title Insurer;
(g) any lien or encumbrance arising out of the acts or wrongful omissions of Optionee;
(h) any encumbrance that will be extinguished upon conveyance of the Premises to Optionee, provided that the Title Insurer shall remove any such encumbrance as an exception from the title insurance policy to be issued to Optionee at the Purchase Closing at no additional cost to Optionee (or with Optionor paying any such cost); and
(i) any other matter which, pursuant to the terms of the Agreement or these Purchase Option Terms, is a Permitted Exception.
(ii) At the Purchase Closing, good and insurable title to the Premises shall be conveyed to Optionee in fee simple absolute, subject only to Permitted Exceptions.
Condition of Title. The condition of title to the Property, including, without limitation, vesting, legal description, matters affecting title, title defects, liens, encumbrances, boundaries, encroachments, mineral rights, options, easements, and access; violations of restrictive covenants, zoning ordinances, setback lines, or development agreements; the availability, cost, and coverage of title insurance; leases, rental agreements, occupancy agreements, rights of parties in possession of, using, or occupying the Property; and standby fees, taxes, bonds and assessments.
Condition of Title. It shall be a condition to Buyer’s obligations hereunder that First American Title Insurance Company (together with such direct access re-insurers as Buyer shall approve) (“Title Company”) be unconditionally prepared and committed to issue its ALTA Owner’s Extended Coverage Title Insurance Form 2006 Policy together with any endorsements Buyer may reasonably require, including, without limitation, ALTA Form 3.1-06, 9.5-06, 17-06, 18-06, 25-06, 00-00, Xxxxxxx Xxxxxxxxxxx, Xxx-Xxxxxxxxxx Endorsement, Mechanic’s Lien Endorsement and any endorsements necessary to delete any co-insurance or creditors’ rights exclusions to coverage, as appropriate (“Title Policy”) in the amount of the Purchase Price, showing fee title to the Land and Improvements vested in Buyer (or its title nominee, as hereinafter provided), subject only to the following (“Condition of Title”):
(a) A lien to secure payment of real estate taxes and special assessments, not delinquent;
(b) Matters affecting the Condition of Title created by or with the written consent of Buyer;
(c) Exceptions disclosed by a current extended coverage ALTA Commitment (“Commitment”) with respect to the Land and Improvements issued by the Title Company and which are approved or deemed approved by Buyer in accordance with this Section. Seller, at its sole cost and expense, shall cause the Commitment to be provided to Buyer, together with legible copies of the instruments underlying any exceptions referred to in the Commitment (“Exceptions”), and a copy of Seller’s most recent survey of the Land (“Survey”) within ten (10) days following the Opening of Escrow. Seller shall be absolutely obligated to remove, at or prior to the Close of Escrow, and Buyer shall be deemed to have disapproved, all monetary exceptions to title other than non-delinquent real property taxes and installments of special assessments. If, on or before the expiration of the Inspection Period (defined below), Buyer does not disapprove, by written notice delivered to Seller and Escrow Holder within such period, any non-monetary items described therein, then such items shall be deemed approved and Buyer shall no longer have the right to terminate the Escrow pursuant to this Section 4. If, on or before the expiration of the Inspection Period (defined below), Buyer disapproves, by written notice delivered to Seller and Escrow Holder within such period, any non-monetary items described therein, Seller shall thereafter have the right (but not the obligatio...
Condition of Title. The Title Company shall be committed to issue at the Close of Escrow, upon payment of its regularly scheduled premium, an ALTA Policy, in the amount of the Purchase Price showing title to the Land vested in Buyer, subject only to the Permitted Encumbrances.
Condition of Title. It shall be a condition to the Close of ------------------ Escrow for Buyer's benefit (which Buyer may waive in its sole and absolute discretion) that title to the Real Property be conveyed to Buyer by Seller by the Grant Deed subject only to the following approved condition of title ("Approved Condition of Title"):
(a) a lien to secure payment of real estate taxes and assessments, not delinquent;
(b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code ("Code") (but not any delinquent supplement taxes);
(c) matters affecting the Real Property created by or with the written consent of Buyer; and
(d) exceptions which are disclosed by the Title Report described in Paragraph 7(a)(i) hereof and which are approved or deemed approved by Buyer in accordance with such Paragraph 7(a)(i). Seller covenants that, during the term of the Escrow, it will not intentionally cause title to the Real Property to differ from the Approved Condition of Title described in this Paragraph 5, provided that Seller shall have no obligation to remove any liens or other encumbrances affecting title to the Property except for liens evidencing monetary encumbrances (other than nondelinquent real property taxes and assessments which Seller shall cause to be removed as of the Close of Escrow). Any liens, encumbrances, encroachments, easements, restrictions, conditions, covenants, rights, rights-of-way or other matters affecting the Approved Condition of Title which may appear of record or be revealed after the date of the Title Report described in Paragraph 7(a)(i) below shall also be subject to Buyer's approval as a condition to the Close of Escrow for Buyer's benefit.
