Common use of Owner’s Extended Coverage (OEC Clause in Contracts

Owner’s Extended Coverage (OEC. The Title Commitment Will Will Not contain Owner’s 155 Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions 156 which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens, (5) gap 157 period (period between the effective date and time of commitment to the date and time the deed is recorded), and (6) unpaid taxes, 158 assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be paid by 159 Buyer Seller One-Half by Buyer and One-Half by Seller Other . 160 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over 161 any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, 162 among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Xxxxx has a right to object under 163 § 8.45 (Right to Object to Title, Resolution).

Owner’s Extended Coverage (OEC. The Title Commitment Will Will Not contain Owner’s 155 171 Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard 172 exceptions 156 which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ 173 liens, (5) gap 157 period (period between the effective date and time of commitment to the date and time the deed is recorded), and (6) 174 unpaid taxes, 158 assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC 175 will be paid by 159 Buyer Seller One-Half by Buyer and One-Half by Seller Other . 160 176 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over 161 177 any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined 178 below, 162 among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Xxxxx has a right to 179 object under 163 § 8.45 (Right to Object to Title, Resolution).