Owner Title Policy Sample Clauses

The Owner Title Policy clause requires the seller to provide the buyer with a title insurance policy that protects the buyer’s ownership interest in the property against defects, liens, or claims not disclosed prior to closing. Typically, this policy is issued by a title insurance company and covers issues such as undiscovered encumbrances, errors in public records, or fraud that could affect the buyer’s title. By including this clause, the contract ensures that the buyer receives clear and marketable title, thereby reducing the risk of future disputes or financial loss related to title defects.
Owner Title Policy. Subject to the provisions of Section 2.4, on the Closing Date Seller shall cause the Title Company to issue an owner’s title insurance policy at Seller’s cost insuring fee simple title in Purchaser as of the Closing Date, in accordance with the Commitment, subject only to the Permitted Exceptions; provided, however, that Seller shall have no obligation to pay anything other than the basic premium for such title insurance policy. If Purchaser desires to obtain a modification of the “survey exception” or other modification or endorsement, same shall be at the sole expense of Purchaser.
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Owner Title Policy. Seller shall cause the Title Company to issue an owner’s title insurance policy (the “Owner’s Policy of Title Insurance”) in the amount of the Purchase Price at Seller’s cost (for base coverage only) insuring fee simple title for the Real Estate in Purchaser as of the Closing Date, subject to the following matters, which shall be deemed “Permitted Exceptions”: (a) all Leases affecting the Property, including any oil, mineral and/or gas leases and including the Existing Farm Leases, to the extent each such Lease affects the Property; (b) taxes, assessments, and other usual and customary charges assessed against the owners of real property in the State for the year in which Closing occurs and thereafter; (c) all existing restrictions, reservations, easements, encumbrances, conditions, covenants, and party wall agreements; (d) all matters, whether or not of record, that arise out of the actions of Purchaser or Purchaser’s agents, representatives or contractors; (e) such state of facts as may be shown on an accurate survey of the Property; (f) the standard preprinted form exceptions set forth in the Owner’s Policy of Title Insurance; (g) all building and zoning laws, codes, and regulations affecting the Property, including all proffers, special exceptions, conditions, site plan approvals, and other similar matters, if any, relating to the zoning of the Property; (h) liens and encumbrances arising after the date hereof to which Purchaser consents in writing; (i) all other matters of record, except for any mortgage or deed of trust created by ▇▇▇▇▇▇ and encumbering the Property; and (j) those matters excepted in the Deed.
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Owner Title Policy. As a condition to the obligations of Purchaser to close hereunder, the Title Issuer is prepared to issue, subject only to receipt of payment therefor at Closing, a 2006 ALTA owner’s policy of title insurance, with extended coverage, issued by the Title Insurer in the name of Purchaser and in a face amount equal to the Purchase Price, insuring fee simple title to the Property subject only to those matters set forth in the Title Proforma together with any New Exception that becomes a Permitted Exception as provided in Section 3.1 above (the “Owner Title Policy”).
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Owner Title Policy. Purchaser shall have the right to obtain from the Title Company the Title Policy in accordance with the Commitment at Seller’s cost; provided, however, that Seller shall have no obligation to pay anything other than the base premium for the Title Policy. If Purchaser desires to obtain a modification of the “survey exception” or other modifications or endorsements to the Title Policy, same shall be at the sole expense of Purchaser and Seller shall have no liability or obligation with respect thereto.
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Owner Title Policy. The Title Company shall issue, or unconditionally and irrevocably commit to issue, at Closing the Title Policy in accordance with the requirements of Section 5.4;
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Owner Title Policy. On the Closing Date, Seller shall convey and transfer to Purchaser good and indefeasible title to the real property and Access Area Easement estates described on Exhibits “A” and “B” and the improvements thereon, subject only to the Permitted Exceptions. It shall be a condition to Purchaser’s obligation to close this transaction that title to the real property, the Access Area Easement estates and improvements conveyed and transferred to Purchaser shall be as set forth above, and that the Title Company will, upon payment by Seller of the applicable premium therefor issue to Purchaser at Closing a TLTA T-1 Owner’s Policy of Title Insurance covering the Property, in the full amount of the Purchase Price, subject only to the Permitted Exceptions and the standard printed exceptions (to the extent not removable or permissibly modified), and with those modifications and endorsements requested by and paid for by Purchaser in its sole discretion and agreed to by the Title Company prior to Closing, which modifications and endorsements shall come at no cost to Seller (the “Title Policy”).
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Owner Title Policy. Subject to the provisions of Section 2.4, on the Closing Date Seller shall cause the Title Company to deliver to Purchaser an unconditional commitment to issue an owner’s title insurance policy ("Owner's Policy") on the standard form in use in the State of Colorado, in the full amount of the Purchase Price, dated as of the Closing Date, insuring Purchaser's fee simple title to the Land and Improvements to be good and indefeasible subject only to Permitted Exceptions and others approved by Purchaser in writing. At Closing, Seller shall pay only the basic premium for such Owner Policy and Purchaser shall pay the fee or premium for any modification or endorsement of the Owner's Policy.
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Owner Title Policy. Each of the Sellers: a form T-1 owner's policy of title insurance issued by the Title Company with respect to the Project, dated as of the Closing Date in the amount of the Purchase Price, showing fee simple title or an insured leasehold or easement interest, as the case may be, to the Project to be vested in each of the Purchasers (or, at Purchaser's election, the premium for the owner's policy can be applied toward a policy issued in connection with a condominium association created by Purchaser if a declaration providing therefor is filed simultaneously with the transfer of title, but in no event shall Sellers be obligated or responsible for any documents which may be required in connection with the creation of said condominium association), subject to the RP Permitted Encumbrances, the Contract re: Park Agreement and Driveway Cost Agreement and any other closing documents provided for herein which encumber the Project and containing the following deletions and revisions: (i) deletion of the arbitration provision; (ii) if Purchaser pays the premium therefor as provided in Article XV hereof, revision of the standard survey exception to read "shortages in area" only; (iii) revision of the standard rights of tenants in possession exception to include "as tenants only under unrecorded leases, none of which contain any options to purchase or rights of first option or first refusal;" (iv) revision of the standard exception relating to standby fees, taxes and assessments for the current and subsequent years and prior years to eliminate any such taxes "for prior years." In addition, if mineral rights were reserved, then endorsements against damage to the Property or improvements as a result of the exercise of any right of access must be included.
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Related to Owner Title Policy

  • Title Policy The Title Company shall be prepared to issue, upon payment of the title premium at its regular rates, a title policy in the amount of the Purchase Price, insuring title to the Property is vested in the Purchaser or its designee or assignee, subject only to the Permitted Exceptions, with such endorsements as shall be reasonably required by the Purchaser.

  • Title Policies The Title Company shall be prepared, -------------- subject only to payment of the applicable premium, endorsement and related fees and delivery of all conveyance documents in recordable form, to issue a title insurance policy to Purchaser, subject only to the Permitted Encumbrances, in accordance with Section 3.3. -----------

  • Permitted Liens; Title Insurance Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy or a “marked up” commitment, in each case with escrow instructions and binding on the title insurer) (the “Title Policy”) in the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan), which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record specifically identified in the Title Policy; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property; (f) if the related Mortgage Loan constitutes a Crossed Underlying Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Crossed Mortgage Loan Group, and (g) condominium declarations of record and identified in such Title Policy, provided that none of clauses (a) through (g), individually or in the aggregate, materially and adversely interferes with the value or principal use of the Mortgaged Property, the security intended to be provided by such Mortgage, or the current ability of the related Mortgaged Property to generate net cash flow sufficient to service the related Mortgage Loan or the Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”). For purposes of clause (a) of the immediately preceding sentence, any such taxes, assessments and other charges shall not be considered due and payable until the date on which interest and/or penalties would be payable thereon. Except as contemplated by clause (f) of the second preceding sentence none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder. Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Each Title Policy contains no exclusion for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous.

  • Title Insurance Policy In all cases, the Seller undertakes to remove any encumbrance that will materially interfere with the procurement of a title insurance policy or financing necessary for the purchase of the Property, whether the same is included in the above enumeration or not. Further, the Seller undertakes to, in good faith, cooperate with and assist the Buyer fully in obtaining a title insurance policy. The Seller shall be obligated to take all legal and reasonably necessary action in order to procure such title insurance policy but shall not incur any additional liability in relation thereto. If the title to the Property is not in a condition that is compliant with the above, if the Seller fails or refuses to comply with the Seller’s obligations under this section, or if the Parties are unable to obtain a title insurance policy, the Buyer may, in the Buyer’s sole discretion, accept the title as it is and proceed with the purchase under this Agreement, or terminate this Agreement and recover the ▇▇▇▇▇▇▇ Money, costs incurred in relation to this Agreement and

  • Title Insurance Policies The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;