Leasehold Title Policy Clause Samples

Leasehold Title Policy. At the request of Tenant, Landlord shall furnish Tenant, at Tenant’s sole cost and expense, a binding commitment for the issuance of a leasehold owner’s - policy on the then-current policy form available in the state in which the Leased Premises is located, in the amount so requested by Tenant, written by a title company selected by Landlord and reasonably acceptable to Tenant, committing to insure as of the date of the recording of a memorandum of this Lease that the condition and state of the title to the leasehold estate created hereunder is in accordance with clauses (i) and (ii) of paragraph (A) of this Article. The acceptance of such commitment or resulting title policy by Tenant shall in no way be construed as a waiver of, or in any way be deemed to impair, Landlord’s representations and warranties set forth in paragraph (A) of this Article. By executing this Lease, Tenant shall be deemed to have approved and accepted the status of title as reflected in such title commitment.

Leasehold Title Policy. In connection with the execution of this Lease, Tenant shall have the right, but not the obligation, to purchase on its behalf a Leasehold Policy of Title Insurance issued by Chicago Title Insurance Company insuring Tenant's leasehold interest in and to the Premises, subject to no exceptions other than the Permitted Exceptions. Landlord, at no cost to Landlord, shall reasonably cooperate with Tenant in connection with issuance of the Leasehold Policy of Title Insurance, including executing customary affidavits as to debts, liens and parties in possession.

Leasehold Title Policy. Buyer obtaining a leasehold title insurance policy commitment in favor of and in form satisfactory to Buyer, and issued by the Title Company, providing a firm commitment to insure Buyer's leasehold estate under the Lease and to provide affirmative coverages, in such form as Buyer shall reasonably require (including deletion of the "gap" exception, survey exception and all pre-printed standard exceptions), over all exceptions to tide (other than easements, covenants, restrictions and encumbrances which do not unreasonably interfere with Buyer's intended use of the Premises, which are reasonably acceptable to Buyer, and the matters listed on Exhibit C, except for any easement exception contained in Exhibit C, if the Survey shows that such easement lies under the Building or other structure on the Premises in a manner so as to unreasonably interfere with Buyer's intended use of the Premises) which are not satisfactory to Buyer. The cost for such title insurance policy shall be home by Seller (up to a policy amount of $1,775,000) in the event this transaction shall be completed, but otherwise Buyer shall be responsible for any expense relating thereto. Buyer, at its cost, may procure a survey (the "Survey") of the Premises (and the appurtenant easement areas) prepared by a surveyor licensed to practice in the State of Florida. In the event the title insurance commitment (or the Survey, if Buyer has one prepared) shall contain exceptions (or survey matters), other than the exceptions shown on Exhibit C (except for any easement exception contained in Exhibit C, if the Survey shows that such easement lies under the Building or other structure on the Premises in a manner so as to unreasonably interfere with Buyer's intended use of the Premises ), which in Buyer's reasonable opinion, shall unreasonably interfere with Buyer's intended use, construction or operations on the Premises, then within ten (10) days after receipt of both the title commitment and the Survey, but in any event prior to the expiration of the initial thirty (30) day period of the Due Diligence Period, Buyer shall notify Seller in writing of Buyer's objections thereto. With regard to any existing liens (except public improvement liens to be assumed by Buyer), which are defined and ascertainable in amount, Seller agrees to pay such liens at or prior to Closing. In the event Buyer shall object to any other title or survey matter, then Seller shall

Leasehold Title Policy. At the request of Tenant, Landlord shall furnish Tenant, at Tenant’s sole cost and expense, a binding commitment for the issuance of a leasehold owner’s title insurance policy on the then-current policy form available in the state in which the Leased Premises is located, in the amount so requested by Tenant, written by a title company selected by Landlord and reasonably acceptable to Tenant, committing to insure the then-present condition of title to the leasehold estate as of the date of the recording of a memorandum of this Lease. By executing this Lease, Tenant shall be deemed to have approved and accepted the status of title as reflected in such title commitment. The cost of any title policy and any supplemental endorsements issued to Tenant shall be borne by Tenant.

Leasehold Title Policy. Prior to Closing, Title Company shall be in a position to issue a 2006 ALTA Coverage Owner's Policy of Title Insurance (the “Leasehold Title Policy”) showing title to the leasehold vested in Developer as of the Closing Date with liability in an amount as required by Developer subject to all matters shown on the City’s existing Title Policy and any other matters approved in writing by Developer (collectively, “Approved Exceptions”).

Leasehold Title Policy. Tenant shall have received the Leasehold Title Policy or a written agreement from the Title Company acknowledging that all requirements for the issuance of the Leasehold Title Policy (other than the payment of the premium) have been satisfied and committing to issue the Leasehold Title Policy, which Leasehold Title Policy shall include no exceptions to title to the Real Property that are unacceptable to Tenant in its reasonable judgment.

Leasehold Title Policy. Sellers acknowledge that in connection with Closing, Buyer intends to acquire a leasehold policy of title insurance with regard to each of the Dispensary, the Offsite Facility and each of the Leases applicable thereto. Accordingly, Sellers agree to: (i) cooperate with Buyer in obtaining any and all abstracts or certificates of title, prior title policies, surveys and other title evidence (collectively, the "Title Evidence") required by Buyer's chosen title company (the "Title Company"), to the extent such Title Evidence is in the possession of Sellers or the Companies; and (ii) execute and deliver to Buyer at Closing, any and all documents reasonably required by the Title Company as a condition to issuance of a valid leasehold policy of title insurance for each of the Dispensary, Offsite Facility and each of the Leases applicable thereto (collectively, the "Title Documents").

Leasehold Title Policy. Within sixty (60) days from the date of this Lease, Tenant may, at its sole option and expense, obtain through a reputable title insurance company (the “Title Company”) preliminary title documentation and extended coverage leasehold title insurance and a survey (the “Survey”) acceptable to the Title Company for such title insurance and a report by a surveyor acceptable to Tenant locating and describing the Land, showing all boundaries and corners of the Land properly and securely marked by pins, and certifying as to easements and encroachments. A preliminary title report or binder (the “Binder”) shall be issued giving the current condition of title to the Land, together with copies of all instruments necessary to fully explain the scope and effect of any matters listed as exceptions in the Binder whereby the Title Company is bound to issue to Tenant or its nominee, for an amount to be determined by Tenant, an A.L.T.A. Standard, or a comparable form, with extended coverage if such form is not approved in the state in which the Premises is located (herein the “Title Policy”). In the event the Binder or the Survey reflects any matters or conditions which Tenant reasonably determines will interfere with its intended development or use of the Premises, or the rights granted Tenant in this Lease, Tenant may terminate this Lease.

Leasehold Title Policy. Purchaser shall have received from a title insurance company satisfactory to Purchaser (the “Title Company”) an ALTA commitment for title insurance insuring Purchaser’s leasehold interest in the Ground Lease Parcel. Further, the Title Company shall be irrevocably committed to issuing a leasehold title policy in favor of Purchaser (the “Leasehold Policy”), in form reasonably satisfactory to Purchaser, upon the recording of the Short Form Lease. Seller shall pay the cost of the title search associated with the Leasehold Policy, and Purchaser shall be responsible for the cost of the base premium for the Leasehold Policy and any endorsements to the Leasehold Policy and any lender’s policy.