Common use of Conveyance of Title to Real Property Clause in Contracts

Conveyance of Title to Real Property. (a) Seller shall convey title to the Real Property to Purchaser by limited or "special" warranty deed in a form customarily used in the locality in which the Real Property is located, subject, however, to Permitted Encumbrances. Each such deed shall be executed in accordance with the requirements of the laws of the state in which such Real Property is located and shall be in such form as will permit the deed to be recorded. Seller shall transfer and assign to Purchaser its rights under the Real Property Leases (and its rights in and to all deposits thereunder and all buildings, other structures, and improvements permitted to be retained or removed by the lessee thereunder) by transfer and assignment in form reasonably acceptable to Purchaser and its counsel. Regardless of whether Purchaser objects to the same as provided hereinbelow, the Real Property and the Leased Real Property shall not be subject to (i) any mortgage, deed of trust, security deed, security agreement, judgment, lien or claim of lien, or any other title exception or defect created, caused, suffered or incurred by Seller that is monetary in nature, Seller hereby agreeing to pay and satisfy of record any such monetary title defects or encumbrances prior to or at Closing at Seller's expense, or (ii) any leases, rental agreements or other rights of occupancy of any kind (other than the Real Property Leases), whether oral or written, except as disclosed to and accepted by Purchaser as provided elsewhere herein.

Conveyance of Title to Real Property. (a) Seller shall convey title to the Real Property to Purchaser by limited special or "special" general warranty deed in a form customarily used in the locality in which the Real Property is located, subject, however, to Permitted Encumbrances. Each such deed shall be executed in accordance with the requirements of the laws of the state in which such Real Property is located and shall be in such form as will permit the deed to be recorded. Seller shall transfer and assign to Purchaser its rights under the Real Property Leases (and its rights in and to all deposits thereunder thereunder, if any (other than with respect to the Illinois Lease Agreement, the Oak Brook Lease Agreement and the Pittsburgh Agreement), and all buildings, other structures, and improvements permitted to be retained or removed by the lessee thereunder) by transfer and assignment in form reasonably acceptable to Purchaser and its counsel. Regardless of whether Purchaser objects to the same as provided hereinbelow, the Real Property and the Leased Real Property shall not be subject to (i) any mortgage, deed of trust, security deed, security agreement, judgment, lien or claim of lien, or any other title exception or defect created, caused, suffered or incurred by Seller that is monetary in nature, Seller hereby agreeing to pay and satisfy of record any such monetary title defects or encumbrances prior to or at Closing at Seller's expense, or (ii) any leases, rental agreements or other rights of occupancy of any kind (other than the Real Property Leases), whether oral or written, except as disclosed to and accepted by Purchaser as provided elsewhere herein.