Common use of Owner’s Policy of Title Insurance Clause in Contracts

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. At Closing, Transferor Seller shall cause the Title Company to issue to Transferee Purchaser 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 ImprovementsPurchase Price, on the form customarily used in the area in which the Property is located, insuring that Transferee Purchaser 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 not yet due and payable but not delinquent until January 1, 2006payable”; (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 onlyPolicy; and (e) any reference to submitting claims under the Title Policy to arbitration shall be deleted.

Owner’s Policy of Title Insurance. At Closing, Transferor shall cause the Title Company to issue to Transferee an Owner’s the Title Policy of Title Insurance (the “Title Policy”) covering the PropertyProject, in the full amount of the appraised value of the Land, Units and ImprovementsProject, on the form customarily used in the area in which the Property Project is located, insuring that Transferee is the owner of good and indefeasible fee simple the leasehold title to the PropertyProject, 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 not yet due and payable but not delinquent until January 1, 2006payable”; (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, tenants as tenants onlyonly under residential leases and under retail leases; and (e) any reference to submitting claims under the Title Policy to arbitration shall be deleted.

Owner’s Policy of Title Insurance. At Closing, Transferor Seller shall cause the Title Company to issue to Transferee Purchaser an Owner’s 's Policy of Title Insurance (the “"Title Policy”") covering the Property, in the full amount of the value of the Land, Units and ImprovementsPurchase Price, on the form customarily used in the area in which the Property is located, insuring that Transferee Purchaser 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 "not yet due and payable but not delinquent until January 1, 2006”; payable"; (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 onlyPolicy; and (e) any reference to submitting claims under the Title Policy to arbitration shall be deleted.