Owner’s Policy of Title Insurance. At Closing, Transferor shall cause the Title Company to issue to Transferee an Owner’s Policy of Title Insurance (the “Title Policy”) covering the Property, in the full amount of the value of the Land, Units and Improvements, on the form customarily used in the area in which the Property is located, insuring that Transferee is the owner of good and indefeasible fee simple title to the Property, subject only to the Permitted Exceptions, and with the standard printed exceptions modified as follows:
(a) the exception for restrictive covenants shall either be deleted or shall list specific restrictions; (b) the exception for ad valorem taxes shall reflect only taxes for the current year and subsequent years, and subsequent assessments for prior years due to changes in land usage or ownership, and shall be endorsed “now due and payable but not delinquent until January 1, 2006”; (c) there shall be no exception for “visible and apparent easements,” for “public or private roads” or the like; (d) there shall be no exception for “rights of parties in possession,” although there may be an exception for Leases specifically described in the Title Policy and for residential tenants, as tenants only; and (e) any reference to submitting claims under the Title Policy to arbitration shall be deleted.
Owner’s Policy of Title Insurance. Borrower shall deliver or cause to be delivered to Lender a duplicate original of Mortgagor’s Owner’s Policy of Title Insurance (the “Policy”) issued by the Title Insurer, meeting the following requirements:
(i) with coverage amount not less than the purchase price of the Property, if the Property is being acquired by the Mortgagor concurrently with the closing of the Loan;
(ii) dated as of a date not earlier than the disbursement of the Loan;
(iii) the Policy shall not be subject to any exceptions other than the Senior Loan Documents and the Permitted Exceptions;
(iv) the legal description insured under the Policy shall include any easements benefiting the Property; and
(v) if available under local regulations, the Policy shall also contain a mezzanine financing endorsement, acknowledging that the coverage afforded by the Policy runs to the Lender.
Owner’s Policy of Title Insurance. On the Closing Date, the Purchaser will cause the Title Company to issue to Purchaser, at Seller's expense, a Title Policy or an equivalent endorsement to an existing policy acceptable to Purchaser in conformity with the Title Commitment. The Title Policy or update of the existing policy shall insure title to the Property owned by Seller in the amount described above, without standard exceptions, but subject to the Permitted Exceptions. Seller shall deliver any owner's affidavits or similar documents to Title Company to facilitate the removal of the standard exceptions in the Title Policy or the update of the existing title policy.
Owner’s Policy of Title Insurance. The A.L.T.A. Owner's policy of Title Insurance ("Owner Title Policy") described in Section 3.01(i) below, in the amount of the Purchase Price insuring that, as of the Closing Date, Buyer is the owner of the Property, subject to any Permitted Exceptions described in Section 3.01(i) below and any liens created by Purchaser in connection with the purchase of the Property.
Owner’s Policy of Title Insurance. At Closing, Seller shall cause the Title Company to issue to Purchaser, at Purchaser's expense, an ALTA Owner's Policy of Title Insurance (the "TITLE POLICY") covering the Property, in the full amount of the Purchase Price, insuring that Purchaser is the owner of good and marketable title to the Property, subject only to the Permitted Exceptions.
Owner’s Policy of Title Insurance. Concurrently with recordation of the City Disposition Deed, there shall be issued to Developer a CLTA owner’s policy of title insurance (the “Developer Title Policy”), based upon the amount of the Area A Value, together with such endorsements as are reasonably requested by Xxxxxxxxx, issued by the Title Company insuring that the title to Area A is vested in Developer in the condition required by Section 2.7 of this Agreement. The Title Company shall provide City with a copy of the Developer Title Policy. The Developer Title Policy shall be based upon the Area A Value. Developer shall pay the premium for the Developer Title Policy, as well as costs or additional premium associated with procurement of an ALTA policy (if requested by Developer) or any endorsements requested by Developer.
Owner’s Policy of Title Insurance. As a condition of Purchaser’s obligation under this Agreement, Purchaser shall receive from the Title Company an unconditional, irrevocable commitment to issue to Purchaser an ALTA Owner’s Policy of Title Insurance (2006) in the amount of the Purchase Price, dated at or after the Closing, providing standard title insurance coverage for Purchaser against loss under such title policy, subject only to the exceptions to coverage set forth on Schedule B thereto and agreed upon by Purchaser (“Permitted Exceptions”). The cost of such standard title insurance coverage, together with any extended coverage desired by Purchaser under such policy of title insurance, if available, and any lender’s policy of title insurance desired by Purchaser, shall all be the responsibility of Purchaser.
Owner’s Policy of Title Insurance. At Closing, Seller shall cause the Title Company to issue to Purchaser an Owner's Policy of Title Insurance (the "TITLE POLICY") covering the Property, in the full amount of the Purchase Price, in the form prescribed by the Texas State Board of Insurance, insuring that Purchaser is the owner of good and indefeasible fee simple title to the Property, subject only to the Permitted Encumbrances, and with the standard printed exceptions modified as follows:
(a) the exception for restrictive covenants shall either be deleted or shall list specific restrictions; (b) the exception for ad valorem taxes shall reflect only taxes for the current year and subsequent years, and subsequent assessments for prior years due to changes in land usage or ownership, and shall be endorsed "not yet due and payable";
Owner’s Policy of Title Insurance. Sewer Facility Agreement and Assignment and Assumption Agreement (recorded in Book 81821, Page 51)
Owner’s Policy of Title Insurance. At Closing, the Title Company shall issue to Purchaser, at Seller's expense, a marked commitment or pro forma Owner's Policy of Title Insurance (the "Title Policy") covering the Property, in the full amount of the Purchase Price. Such Title Policy may contain as exceptions the standard printed exceptions and the Permitted Exceptions.
