Common use of Delivery of Title Policy at Closing Clause in Contracts

Delivery of Title Policy at Closing. As a condition to Xxxx'x obligation to close, at Closing (i) the Title Company shall irrevocably commit to issue to Xxxx an ALTA Owner's Policy (Revised 10-17-70 and 10-17-84) (or other form if required by state law) of title insurance, with extended coverage (i.e., with ALTA General Exceptions 1 through 5 deleted, or with corresponding deletions if the Contributed Property is located in a non-ALTA state), issued by the Title Company as of the date and time of the recording of the Deed, in the amount of the Contribution Value, containing the Xxxx'x Endorsements, insuring Xxxx as owner of good, marketable and indefeasible fee simple title to the Contributed Property (the conveyances from Contributors and the sellers under the Related Agreements effecting a merger of the estates held by each, with fee simple title vesting in Xxxx subject only to the Permitted Exceptions), and subject only to the Permitted Exceptions (the "Title Policy"), and (ii) the updated UCC Searches (within 10 days of Closing) show no security interests (other than Permitted Exceptions) not disclosed in the UCC Searches delivered pursuant to Paragraph 3.1;. "Permitted Exceptions" means the exceptions set forth in Exhibit I to this Agreement; real estate taxes not yet due and payable; the Loan Documents; the Management Agreement, the Tripartite Agreements, and the Option Agreements; and tenants in possession as tenants only under the Leases without (except as provided in the Master Leases) any option to purchase or acquire an interest in the Contributed Property, and the Pitney Debt Documents. "Xxxx'x Endorsements" shall mean, to the extent such endorsements are available under the laws of the state in which the Contributed Property is located:

Delivery of Title Policy at Closing. As a condition to Xxxx'x Purchaser's obligation to close, at Closing (i) the Title Company shall irrevocably commit to issue to Xxxx Purchaser an ALTA Owner's Policy (Revised 10-17-70 and 10-17-84) (or other form if required by state law) of title insurance, with extended coverage (i.e., with ALTA General Exceptions 1 through 5 deleted, or with corresponding deletions if the Contributed Property is located in a non-ALTA state), issued by the Title Company as of the date and time of the recording of the Deed, in the amount of the Contribution ValuePurchase Price, containing the Xxxx'x Purchaser's Endorsements, insuring Xxxx Purchaser as owner of good, marketable and indefeasible fee simple title to the Contributed Property (the conveyances from Contributors Seller and the sellers under the Related Agreements effecting a merger of the estates held by each, with fee simple title vesting in Xxxx Purchaser subject only to the Permitted Exceptions), and subject only to the Permitted Exceptions (the "Title Policy"), and (ii) the updated UCC Searches (within 10 days of Closing) show no security interests (other than Permitted Exceptions) not disclosed in the UCC Searches delivered pursuant to Paragraph 3.1;. "Permitted Exceptions" means the exceptions set forth in Exhibit Schedule I to this Agreement; real estate taxes not yet due and payable; the Loan Documents; the Management Agreement, the Tripartite Agreements, and the Option Agreements; and tenants in possession as tenants only under the Leases without (except as provided in the Master Leases) any option to purchase or acquire an interest in the Contributed Property, and the Pitney Debt Documents. "Xxxx'x Purchaser's Endorsements" shall mean, to the extent such endorsements are available under the laws of the state in which the Contributed Property is located:: (1) owner's comprehensive; (2) access; (3) survey (accuracy of survey);

Delivery of Title Policy at Closing. As a condition to Xxxx'x Purchaser’s obligation to close, the Escrow Agent shall deliver to Purchaser at Closing (i) the Title Company shall irrevocably commit to issue to Xxxx an ALTA Owner's Policy (Revised 10-17-70 and 10-17-84) Form B (or other form if required by state law) Owner’s Policy of title insuranceTitle Insurance (the “Title Policy”), with extended coverage (i.e., with ALTA General Exceptions 1 through 5 deleted, or with corresponding deletions if the Contributed Property is located in a non-ALTA state), issued by the Title Company as of the date and time of the recording of the Deed, in the amount of the Contribution ValuePurchase Price, containing the Xxxx'x Purchaser’s Endorsements, insuring Xxxx Purchaser as owner of good, marketable and indefeasible fee simple title to the Contributed Property (the conveyances from Contributors and the sellers under the Related Agreements effecting a merger of the estates held by each, with fee simple title vesting in Xxxx subject only to the Permitted Exceptions)Property, and subject only to the Permitted Exceptions (the "Title Policy"), and (ii) the updated UCC Searches (within 10 days of Closing) show no security interests (other than Permitted Exceptions) not disclosed in the UCC Searches delivered pursuant to Paragraph 3.1;. "Permitted Exceptions" means the exceptions set forth in Exhibit I to this Agreement; real estate taxes not yet due and payable; the Loan Documents; the Management Agreement, the Tripartite Agreements, and the Option Agreements; and tenants in possession as tenants only under the Leases without (except as provided in the Master Leases) any option to purchase or acquire an interest in the Contributed Property, and the Pitney Debt Documents. "Xxxx'x “Purchaser’s Endorsements" ” shall mean, to the extent such endorsements are available under the laws of the state in which the Contributed Property is located:: (a) owner’s comprehensive; (b) access; (c) survey (accuracy of survey); (d) location (survey legal matches title legal); (e) separate tax lot; (f) legal lot; (g) zoning 3.1, with parking; and (h) such other endorsements as Purchaser may require based on its review of the Title Commitment and Survey. Seller shall execute at Closing an owner’s affidavit in such form as the Title Company shall reasonably require for the issuance of the Title Policy. The Title Policy may be delivered after the Closing if at the Closing the Title Company issues a currently effective, duly-executed “marked-up” Title Commitment and irrevocably commits in writing to issue the Title Policy in the form of the “marked-up” Title Commitment promptly after the Closing Date.

Delivery of Title Policy at Closing. As a condition to Xxxx'x the Operating Partnership’s obligation to close, at Closing (i) with respect to each Property, the Title Company shall irrevocably commit deliver to issue to Xxxx the Operating Partnership at Closing an ALTA Owner's ’s Policy (Revised 10-17-70 and 10-17-84) (or other form if required by state law92) of title insurance, with extended coverage (i.e., with ALTA General Exceptions 1 through 5 deleted, or with corresponding deletions if the Contributed Property is located in a non-ALTA state)coverage, issued by the Title Company as of the date and time of the recording of the Deed, Deed (as defined in the amount of the Contribution ValueSection 2.3(b)), containing the Xxxx'x EndorsementsOperating Partnership’s Endorsements (hereafter defined), insuring Xxxx the Operating Partnership as owner of good, marketable and indefeasible fee simple title to the Contributed Property (the conveyances from Contributors and the sellers under the Related Agreements effecting a merger of the estates held by each, with fee simple title vesting in Xxxx subject only to the Permitted Exceptions)each Property, and subject only to the Permitted Exceptions (the "“Title Policy"Policies”), and (ii) the updated UCC Searches (within 10 days of Closing) show no security interests (other than Permitted Exceptions) not disclosed in the UCC Searches delivered pursuant to Paragraph 3.1;. "Permitted Exceptions" means the exceptions set forth in Exhibit I to this Agreement; real estate taxes not yet due and payable; the Loan Documents; the Management Agreement, the Tripartite Agreements, and the Option Agreements; and tenants in possession as tenants only under the Leases without (except as provided in the Master Leases) any option to purchase or acquire an interest in the Contributed Property, and the Pitney Debt Documents. "Xxxx'x “Operating Partnership’s Endorsements" ” shall mean, to the extent such endorsements are available under the laws of the state in which the Contributed each Property is located:: (1) owner’s comprehensive; (2) access; (3) survey (accuracy of Survey); (4) location (Survey legal matches title legal); (5) separate tax lot; (6) legal lot; (7) contiguity (to the extent applicable); (8) deletion of the creditors’ rights exception/exclusion; (9) address; (10) subdivision map act; (11) non-imputation; and (12) such other endorsements as the Operating Partnership may reasonably require based on its review of the Title Documents as the same may be amended or updated from time to time. The Contributor shall execute at Closing, in form reasonably satisfactory to the Title Company, a customary ALTA Statement (Owner’s Affidavit) and any other documents, undertakings or agreements reasonably required by the Title Company to issue the Title Policies in accordance with the provisions of this Agreement. The Contributors shall provide the Title Company with a customary “gap undertaking,” in form reasonably satisfactory to the Title Company, to enable the Title Company to issue the Title Policies in the form required without exception for any item recorded between the last date down of title approved by the Operating Partnership and the date the Deed is recorded.