Insurable Title Sample Clauses
The Insurable Title clause ensures that the seller provides the buyer with a title to the property that is capable of being insured by a reputable title insurance company. In practice, this means the title must be free from significant defects or encumbrances that would prevent a title insurer from issuing a standard policy, such as unresolved liens or ownership disputes. This clause protects the buyer by guaranteeing that they will receive clear ownership rights and that any title issues that could jeopardize their investment are addressed before closing.
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Insurable Title a. Seller shall provide and Purchaser shall accept such title as Seller’s title insurance company shall be willing to approve and insure in accordance with its standard form of title policy approved by the governing agency for the state where the Property is located, subject only to the matters provided for in the Contract. Lender’s and owner’s title insurance will be at Purchaser’s expense.
b. Purchaser must notify Seller in writing of any and all title objections, within 5 days of seller providing purchaser a copy of the commitment or all objections to title shall be waived. Seller will notify Purchaser of their intent to cure or not cure any objections within 5 days of receipt of said objections. If Seller cannot cure said timely and properly made objections after a good faith effort, or to do so would delay the closing beyond the original or any extended closing date, Purchaser agrees to accept Seller’s title policy at Purchaser’s expense. Failure to accept the Seller’s title policy shall constitute Purchaser’s release of the EMD to the Seller, and the Contract shall be considered null and void. In the event that said timely, written objections cannot be cured by issuing a title insurance policy at normal risk rates, then Seller, in its sole and absolute discretion may declare the Contract null and void. In such event, the Purchaser agrees that the Contract is of no further force or effect as to the Property but agrees, nonetheless to immediately and promptly execute a release of Contract as requested by Seller. Once the release is received by Seller, Purchasers’ EMD shall be returned. Seller shall not be obligated to pay interest on the EMD.
Insurable Title. 13. Seller shall give and Purchaser shall accept such title as shall be willing to approve and insure in accordance with its standard form of title policy approved by the New York State Insurance Department, subject only to the matters provided for in this contract.
Insurable Title i. Seller shall give and Purchaser shall accept such title as Seller's title insurance company shall be willing to approve and insure in accordance with its standard form of title policy approved by the governing agency for the state where the Property is located, subject only to the matters provided for in this contract.
ii. Unless otherwise indicated below, Seller shall furnish Purchaser, at its expense, a fee (owners) title policy, with coverage in the amount of the purchase price.
iii. In the event purchaser chooses to obtain their own fee (owners) policy and/or title exam, they shall order the same within three days of purchaser executing the contract of sale, or all objections to title shall be waived.
iv. Seller shall not be obligated to remove any exception or to bring any action or proceeding or bear any expense in order to convey title to the Property or to make the title marketable or insurable, and any attempt by Seller to remove such title exceptions shall not impose an obligation upon Seller to remove those exceptions. Purchaser acknowledges that Seller’s title to the Property may be subject to court approval of a foreclosure or to a mortgagor’s right of redemption. In the event Seller is not able to (a) make the title insurable or correct any problems or (b) obtain title insurance from a title insurance company selected by Seller, all as provided herein, either party may terminate the Agreement and any ▇▇▇▇▇▇▇ Money shall be returned to Purchaser and Seller shall have no further obligation or liability to Purchaser hereunder. Section 21 below also provides that Seller may extend the date of Closing or terminate the Agreement if Seller determines, in Seller’s sole and absolute discretion, that Seller is unable to convey insurable title to the Property.
Insurable Title. Seller shall give and Purchaser shall accept such title as
Insurable Title. Buyer must notify Seller or its representatives of any and all valid title objections at least ten days (10) before closing or all objections to title shall be waived. If Seller cannot cure said objections after a good faith effort, or to do so would delay closing beyond the original or any extended Closing Date, ▇▇▇▇▇ agrees to accept, at Seller expense, a fee title policy chosen by Seller containing affirmative coverage for the title objections, in which case, the Contract shall remain in full force and the Buyer shall perform pursuant to the terms set forth in the Contract. Seller is under no obligation to use extraordinary measures, to bear any expense, or to bring any action or proceeding in order to deliver insurable title. If Seller is unable to deliver insurable title or obtain title insurance from a reputable title insurance company, the Buyer’s sole remedy shall be to receive a return of any ▇▇▇▇▇▇▇ money deposit, terminating the Contract rendering it null and void.
Insurable Title. ▇▇▇▇▇’s obligation to consummate this transaction is contingent on the willingness of Commonwealth Land Title Insurance Company, or any other qualified, credit-rated title insurance underwriter, to issue an ALTA Standard Coverage Owner’s Policy of Title Insurance for the Purchased Assets (the “Title Policy”) written with liability in the amount of the Purchase Price and free of any monetary liens, interests, or other claims. Buyer may, at its expense, purchase a Title Policy. Buyer may further elect to obtain, at its expense, an ALTA Owner’s Extended Coverage Policy of Title Insurance, but a qualified, credit-rated title insurance underwriter’s unwillingness to issue the same or any endorsements shall not be grounds for terminating this Agreement or delaying the Closing. Receiver shall be under no obligation to incur any additional liability or indemnities with respect thereto or to make any representations regarding the Purchased Assets beyond those provided herein. If a qualified title insurance underwriter is not willing to issue a Title Policy on the Purchased Assets free of monetary exceptions by the Closing Date, the Receiver shall be entitled to up to ninety (90) additional days after the Closing Date within which to remove or cure such exceptions to the Title Policy.
Insurable Title. Seller shall give and Purchaser shall accept such title as shall be willing to approve and insure in accordance with its standard form of title policy approved by the New York State Insurance Department, subject only to the matters provided for this contract. 14. Closing, Deed and Title. (a) “Closing” means the settlement of the obligations of Seller and Purchaser to each other under this contract, including the payment of the purchase price to Seller, and the delivery to Purchaser of a deed in proper statutory short form for record, duly executed and acknowledged, so as to convey to Purchaser fee simple title to the Premises, free of all encumbrances, except as otherwise herein stated. The deed shall contain a covenant by Seller as required by subd. 5 of Section 13 of the Lien Law.
(b) If Seller is a corporation, it shall deliver to Purchaser at the time of Closing (i) a resolution of its Board of Directors authorizing the sale and delivery of the deed, and (ii) a certificate by the Secretary or Assistant Secretary of the corporation certifying such resolution and setting forth facts showing that the transfer is in conformity with the requirements of Section 909 of the Business Corporation Law. The deed in such case shall contain a recital sufficient to establish compliance with that Section.
Insurable Title. Buyer must notify Seller or its representatives of any and all valid title objections at least ten days (10) before closing or all objections to title shall be waived. If Seller cannot cure said objections after a good faith effort, or to do so would delay closing beyond the original or any extended Closing Date, Seller shall use its best efforts to obtain, at Seller’s expense from a title insurance company chosen by Seller, a commitment for an owner’s title insurance policy containing affirmative coverage for the title objections, in which case, the Contract shall remain in full force and the Buyer shall perform pursuant to the terms set forth in the Contract. Seller is under no obligation to use extraordinary measures, to bear any expense, or to bring any action or proceeding in order to deliver insurable title. If Seller is unable to deliver insurable title or obtain a title insurance commitment from a reputable title insurance company, the Buyer’s sole remedy shall be to receive a return of any ▇▇▇▇▇▇▇ money deposit, terminating the Contract rendering it null and void.
Insurable Title. 37 ARTICLE IX CONDITIONS TO THE OBLIGATIONS OF SELLERS......................................37 Section 9.1 Representations and Warranties; Performance...............................37 Section 9.2 Intentionally omitted.....................................................37 Section 9.3 Consents and Approvals....................................................37 Section 9.4 No Proceeding or Litigation...............................................37 Section 9.5 Consent of Lenders and Noteholders........................................38 Section 9.6 Operations Transfer Agreement, Master Lease, Master Transaction Agreement and Administrative Services Agreement...........................38 Section 9.7 Intentionally omitted.....................................................38 ARTICLE X CLOSING.......................................................................38
Insurable Title is contingent on the willingness of higher rating from Demotech, Inc. of Title Insurance for the Purc Title Policy amount of the Purchase Price, and free of any monetary liens or encumbrances, except for any liens for real estate taxes and assessments. Buyer may, at its expense, purchase a Title Policy. Buyer may further Coverage Policy of Title Insurance, but a qualified title unwillingness to issue the same or any endorsements shall not be grounds for terminating this Agreement or delaying the Closing. Receiver shall be under no obligation to incur any additional liability or indemnities with respect thereto or to make any representations regarding the Purchased Assets beyond those provided herein. If a qualified title insurance underwriter is not willing to issue a Title Policy on the Purchased Assets free of monetary liens or encumbrances, except for any liens for real estate taxes and assessments, by the Closing Date, the Receiver shall be entitled to up to sixty (60) additional days after the Closing Date within which to remove or cure such exceptions to the Title Policy.