Common use of Owner Policy Clause in Contracts

Owner Policy. At Closing, the special warranty deed to the Land and Improvements referred to in Subparagraph 8(b)(i) hereof shall be recorded, and Seller shall furnish or cause to be furnished to Purchaser as soon as possible after Closing, at Seller's sole expense, the Owner Policy covering the Property, together with such endorsements as Purchaser may require, insuring good and indefeasible fee simple title to be vested in Purchaser and insuring Purchaser's title to the Property in an amount equal to the Purchase Price for the Property, subject only to the Permitted Title Exceptions and the standard printed exceptions, except that: (i) the exception relating to restrictions against the Property shall be endorsed by the Title Insurer to read "None of record" except for such restrictions as may be included in the Permitted Title Exceptions; (ii) the exception relating to discrepancies, conflicts, shortages in area, boundaries, encroachments, or overlaps shall be modified, at Seller's sole cost and expense, by deleting such exception and referencing only specific survey exceptions; and (iii) the exception relating to ad valorem taxes shall except only to taxes owing for the current year of Closing and subsequent years and subsequent assessments for prior years due to change in land usage or ownership, not yet due and payable.

Owner Policy. At Closing, the special warranty deed to the Land and Improvements referred to in Subparagraph 8(b)(i) hereof shall be recorded, and Seller shall furnish or cause to be furnished to Purchaser as soon as possible after ClosingPurchaser, at Seller's sole expense, the Owner Policy covering the Property, together with such endorsements as Purchaser may reasonably require, to the extent authorized by Florida law, insuring good and indefeasible marketable fee simple title to be vested in Purchaser and insuring Purchaser's title to the Property in an amount equal to the Purchase Price for the Property, subject only to the Permitted Title Exceptions and the standard printed exceptions, except that: (i) the exception relating to restrictions against the Property shall be endorsed by the Title Insurer to read "None of record" except for such restrictions as may be included in the Permitted Title Exceptions; (ii) the exception relating to discrepancies, conflicts, shortages in area, boundaries, encroachments, or overlaps shall be modified, at Seller's sole cost and expense, by deleting such exception and referencing only specific survey exceptions; and (iii) the exception relating to ad valorem taxes shall except only to taxes owing for the current year of Closing and subsequent years and subsequent assessments for prior years due to change in land usage or ownership, not yet due and payable.

Owner Policy. At Closing, the special warranty deed to the Land and Improvements referred to in Subparagraph 8(b)(i8(b)(I) hereof shall be recorded, and Seller shall furnish or cause to be furnished to Purchaser as soon as possible after ClosingPurchaser, at SellerPurchaser's sole expense, the Owner Policy covering the Property, together with such endorsements as Purchaser may require, insuring good and indefeasible fee simple title to be vested in Purchaser and insuring Purchaser's title to the Property in an amount equal to the Purchase Price for the PropertyPrice, subject only to the Permitted Title Exceptions and the standard printed exceptions, except that: (i) the exception relating to restrictions against the Property shall be endorsed by the Title Insurer to read "None of record" except for such restrictions as may be included in the Permitted Title Exceptions; (ii) the exception relating to discrepancies, conflicts, shortages in area, boundaries, encroachments, or overlaps shall be modified, at SellerPurchaser's sole cost and expense, by deleting such exception and referencing only specific survey exceptionsexception, save any shortages in area; and (iii) the exception relating to ad valorem taxes shall except only to taxes owing for the current year of Closing and subsequent years and subsequent assessments for prior years due to change in land usage or ownership, not yet due and payable.

Owner Policy. At Final Closing, the special warranty deed to the Land and Improvements referred to in Subparagraph 8(b)(i) hereof shall be recorded, and Seller Seller, at Seller's expense (except as otherwise provided herein), shall furnish or cause to be furnished to Purchaser as soon as possible after Closing, at Seller's sole expensePurchaser, the Owner Policy covering the PropertyPolicy, together with such endorsements as Purchaser may requirerequire at Seller's sole expense, insuring good good, indefeasible and indefeasible marketable fee simple title to be vested in Purchaser and insuring Purchaser's title to the Property in an amount equal to the Purchase Price for the PropertyPrice, subject only to the Permitted Title Exceptions and the standard printed exceptions, except that: (i) the exception relating to restrictions against the Property shall be endorsed by the Title Insurer to read "None of record" except for such restrictions as may be included in the Permitted Title Exceptions; (ii) the exception relating to discrepancies, conflicts, shortages in area, boundaries, encroachments, or overlaps shall be modified, at SellerPurchaser's sole cost and expense, by deleting such exception and referencing only specific survey exceptionsor by insuring against forced removal of encroachments, save any shortages in area; and (iii) the exception relating to ad valorem taxes shall except only to taxes owing for the current year of Final Closing and subsequent years and subsequent assessments for prior years due to change in land usage or ownership, not yet due and payable.