CONDITION OF TITLE - TITLE INSURANCE. (a) The conveyance of title to the Property to Buyer, or its nominees, successors or assigns, shall be by delivery at Closing to Buyer by Seller of: (i) Seller’s bargain and sale deed conveying title subject only to approved exceptions described below; (ii) an Assignment and Assumption of Leases; and (iii) a Xxxx of Sale of the Personal Property described in Section 10 below. (b) Seller shall furnish to Buyer an extended form policy of Title Insurance, such policy to be effective on the Closing Date. No later than five (5) business days after full execution of this agreement, Seller shall furnish Buyer with a preliminary commitment for Title Insurance from Chicago Title Insurance Company (herein called “Commitment”) on the Property, together with full copies of any exceptions set forth therein. Seller will deliver to Buyer as provided in Section 8 below the survey in its possession, Buyer shall be responsible for updating the survey (if required by the title company in connection with the policy of Title Insurance). The Buyer shall have until and through fifteen (15) days after receipt of this Commitment to object to any such exception and any exception to which Buyer does not so timely object to in writing shall be deemed a “Permitted Exception”. Seller agrees that it shall remove any mortgages, judgment liens and mechanics liens (except for any notices of liens associated with the Xxxxxxxxx Elevator Corporation elevator work) arising solely out of Seller’s activities. Buyer also acknowledges that there are ongoing conversations with the City of Seattle regarding a mid-block crossing of Fifth Avenue, and that the memorialization, if any, of such efforts would be included as a Permitted Exception. In the event Buyer notifies Seller within such period that Buyer disapproves one or more exceptions to title, Seller shall notify Buyer in writing within five (5) business days after Buyer’s notification as to whether Seller agrees to remove the exceptions so disapproved. Within five (5) business days thereafter, if Seller elects not to eliminate any disapproved exception (or if Seller fails to timely respond, such silence shall be deemed an election not to eliminate any disapproved exception), Buyer may elect to terminate this Agreement, in which case the Xxxxxxx Money Deposit shall promptly be returned to Buyer as provided hereunder, this Agreement shall be of no further force and effect and neither party shall have any rights or obligations hereunder except th...

CONDITION OF TITLE - TITLE INSURANCE. The title to be transferred shall be a marketable title and insurable at regular rates by a reputable title insurance company authorized to do business in the State of New Jersey. The title shall be free and clear of all encumbrances including municipal liens and assessments and liabilities for future assessments for improvements constructed and completed; however, title shall be subject to liabilities for future assessments for municipal improvements not completed on the date of this Contract. The title shall be subject to all existing utility easements and restrictions of record, if any. Generally, an easement is a right of a person other than the owner of the property to use a portion of the property for a special purpose. A restriction is a recorded limitation on the use of the property. A violation of any restriction shall not be a reason for Buyer refusing to complete settlement as long as the title company insures the Buyer against actual loss at regular rates. Seller states, to the best of the Seller’s knowledge, that there are no restrictions in any conveyance or plans of record which will prohibit use and/or occupancy of the property as a bank branch or other permitted commercial use.

CONDITION OF TITLE - TITLE INSURANCE. The title to be transferred shall be a marketable title and insurable at regular rates by a reputable title insurance company authorized to do business in the State of New Jersey. The title shall be free and clear of all encumbrances including municipal liens and assessments and liabilities for future assessments for improvements constructed and completed; however, title shall be subject to liabilities for future assessments for municipal improvements not completed on the date of this Contract. The title shall be subject to all existing easements and restrictions of record, if any. Generally, an easement is a right of a person other than the owner of the property to use a portion of the property for a special purpose. A restriction is a recorded limitation on the use of the property. A violation of any restriction shall not be a reason for Purchaser refusing to complete settlement if the title company insures the Purchaser against actual loss at regular rates.

CONDITION OF TITLE - TITLE INSURANCE. 2.5.1 Developer acknowledges receipt of a preliminary title report prepared by Xxxxxx Holder for the Property (“Title Report”). Developer shall acquire the Property subject to all exceptions described in the Title Report, together with all non-delinquent real property taxes and assessments to be assessed against the Property (“Approved Exceptions”). At the Closing, Seller shall deliver title to the Property to Buyer subject only to the Approved Exceptions. 2.5.2 At the Close of Escrow, the Developer shall receive title to the Property by xxxxx deed substantially in the form attached hereto as Exhibit “C” and incorporated herein by this reference (the “Grant Deed”). 2.5.3 At Closing, the Developer shall receive a CLTA Owner’s Coverage Policy of Title Insurance (the “Title Policy”), issued by First American Title Insurance Company (“Title Company”) in the amount of the Purchase Price, insuring title to the Property in the name of Developer, subject only to the Approved Exceptions and standard printed exclusions from coverage of a CLTA standard title policy. The Developer may obtain an extended coverage policy of title insurance at its own costs.

CONDITION OF TITLE - TITLE INSURANCE. 6.5.1 Upon the Close of Escrow for conveyance of Phase I of the Site, the Agency shall convey to Developer title to the portion of the Site necessary for Phase I of construction of the Improvements subject only to the Permitted Exceptions, and to the deed covenants set forth in the deed attached hereto as Exhibit F. Upon the Close of Escrow for conveyance of each subsequent Phase or the Optional Site of the Site, the Agency shall convey to Developer the appropriate portion of the Site subject only to the Permitted Exceptions and to the deed covenants set forth in the deed attached hereto as Exhibit F. 6.5.2 At the Close of Escrow for conveyance of each Phase of the Site, the Agency shall, at the Developer's sole cost and expense, cause the Title Company to deliver to Developer an ALTA Owner's Policy of Title Insurance insuring that title to such portion of the Site is free and clear of all liens, easements, covenants, conditions, restrictions, and other encumbrances of record except the Permitted Exceptions. The Developer may, at its option, obtain one or more extended coverage policies of title insurance, provided that the Developer shall pay all additional costs occasioned thereby.

CONDITION OF TITLE - TITLE INSURANCE. Housing Authority acknowledges receipt of the preliminary title report issued by First American Title Insurance Company (“Title Insurer”) for the Midway Drive Parcel, dated July 5, 219, Order No NCS-970122-SA1; and Encore acknowledges receipt of the preliminary title report issued by Title Insurer for the Zeyn Street Parcel, dated September 24, 2019, Order No. NCS-982166-SA1 (“Title Reports”), together with copies of any exceptions referred to in Schedule B of the Title Reports. Each party shall promptly review the exceptions, legal descriptions and other matters contained in the Title Report.

CONDITION OF TITLE - TITLE INSURANCE. Title will be subject to the exceptions shown on any preliminary title report. Evidence of title will be a California Land Title Association (CLTA) standard policy of title insurance to be paid for by Xxxxx. Xxxxx Fargo Bank, N.A., in its fiduciary capacity, shall execute a quitclaim or trustee's deed only. If for any reason whatsoever title in the manner set forth herein cannot be conveyed by Xxxxx Fargo Bank, N.A., in its fiduciary capacity, Xxxxx Fargo Bank, N.A., in its fiduciary capacity, shall have the right to withdraw from the transaction, and shall be released from all liability hereunder.

CONDITION OF TITLE - TITLE INSURANCE. ‌ 2.4.1 Developer hereby approves title exceptions of that certain preliminary title reports dated February 7, 2020 issued by the Title Company (the “Approved Title Exceptions”) and WRSA agree to eliminate, cause to be eliminated or cause the Title Company to reasonably insure over exceptions of such preliminary title report (the “Disapproved Title Exceptions”) prior to or concurrently with the Close of Escrow. 2.4.2 At the Close of Escrow, the WRSA shall convey title to the Land to Developer by xxxxx deed substantially in the form attached hereto as Exhibit “D” (the “Grant Deed”). Title to the Land shall be conveyed subject to: (i) non-delinquent current real property taxes and assessments not yet due for the tax year during which the conveyance occurs, (ii) all Approved Title Exceptions, [(iii) a Memorandum of Disposition and Development Agreement in the form attached hereto as Exhibit “E”], and (iv) any matters which arise out of the actions of Developer or its agents and representatives (collectively, the “Permitted Exceptions”).

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