Owner’s Extended Coverage Sample Clauses
The Owner’s Extended Coverage clause expands the standard protections provided to a property owner under a title insurance policy. It typically covers additional risks such as certain off-record matters, encroachments, or issues that may arise after the policy date, which are not included in basic coverage. By offering broader protection, this clause helps safeguard the owner against unforeseen title defects or claims, thereby reducing the risk of financial loss due to hidden or later-discovered issues.
Owner’s Extended Coverage. (OEC). The Title Commitment Will Will Not contain Owner’s 310 Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard 311 exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens, 312 (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid 313 taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be 314 paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other . 315 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over 316 any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, 317 among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, ▇▇▇▇▇ has a right to object under 318 § 8.5 (Right to Object to Title, Resolution).
Owner’s Extended Coverage. (OEC). The Title Commitment Will Will Not contain Owner's 296 Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard 297 exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics' liens, 298 (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid 299 taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be 300 paid by Other N/A . 301 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over 302 any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, 303 among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, ▇▇▇▇▇ has a right to object under 304 § 8.5 (Right to Object to Title, Resolution).