Common use of No Title Policy Clause in Contracts

No Title Policy. For any Casablanca Properties with respect to which the applicable Casablanca Subsidiary is not the named insured under an existing policy of title insurance covering such Casablanca Property (an “Uninsured Property”), as soon as reasonably practicable after the date of this Option Agreement, Sellers shall cause title insurance commitments (the “Title Commitments”) covering the Uninsured Properties to be issued by a nationally recognized title insurer reasonably acceptable to Buyer, committing the title insurer to issue its current form of ALTA owner’s or leasehold title insurance policy to the Casablanca Subsidiary in the amount of the Final Purchase Price allocated to each Uninsured Property (each a “Title Policy”), together with copies of all documents evidencing the items referred to as exceptions in the Title Commitments. Sellers shall be obligated to cure any title encumbrances with respect to (i) deeds of trust, mortgages, assignments of leases and rents, fixture filings and security interests and encumbrances securing money borrowed from a financial institution (such as a bank, savings and loan, insurance company, or the like) securing obligations other than the Assumed Indebtedness, and (ii) other liens that can be cured solely by the payment of a liquidated amount, in each case from the closing proceeds payable to Sellers or otherwise. Notwithstanding the foregoing, for any Uninsured Property for which an affiliate of an Casablanca Subsidiary is the insured under an existing policy of title insurance, Sellers shall be permitted to obtain an endorsement to such title policy from the issuer thereof changing the insured to the applicable Casablanca Subsidiary; upon the issuance of such endorsement, such Casablanca Property shall thereafter be an Insured Property for all purposes of this Agreement.

No Title Policy. For any Casablanca Acquired Properties with respect to which the applicable Casablanca Subsidiary Acquired Company is not the named insured under an existing policy of title insurance covering such Casablanca Acquired Property (an “Uninsured Property”), as soon as reasonably practicable after the date of this Option Agreement, Sellers shall cause title insurance commitments (the “Title Commitments”) covering the Uninsured Properties to be issued by a nationally recognized title insurer reasonably acceptable to Buyer, committing the title insurer to issue its current form of ALTA owner’s or leasehold title insurance policy to the Casablanca Subsidiary Acquired Company in the amount of the Final Purchase Price allocated to each Uninsured Property (each a “Title Policy”), together with copies of all documents evidencing the items referred to as exceptions in the Title Commitments. Sellers shall be obligated to cure any title encumbrances with respect to (i) deeds of trust, mortgages, assignments of leases and rents, fixture filings and security interests and encumbrances securing money borrowed from a financial institution (such as a bank, savings and loan, insurance company, or the like) securing obligations other than the Assumed Indebtedness, and (ii) other liens that can be cured solely by the payment of a liquidated amount, in each case from the closing proceeds payable to Sellers or otherwise. Notwithstanding the foregoing, for any Uninsured Property for which an affiliate of an Casablanca Subsidiary Acquired Company is the insured under an existing policy of title insurance, Sellers shall be permitted to obtain an endorsement to such title policy from the issuer thereof changing the insured to the applicable Casablanca SubsidiaryAcquired Company; upon the issuance of such endorsement, such Casablanca Acquired Property shall thereafter be an Insured Property for all purposes of this Agreement.