Common use of Owner’s Policy Clause in Contracts

Owner’s Policy. On or before the Closing, the Title Company must be prepared to issue to Buyer an Owner's Policy of Title Insurance for the Property (the "Title Policy") effective as of the Closing, insuring Buyer in the amount of the Purchase Price that title to the Property is vested in Buyer at the Closing, subject only to (a) standard pre-printed exceptions (other than those preprinted exceptions that can be removed with a customary seller's affidavit), (b) liens for taxes and assessments not yet delinquent, (c) those exceptions to title described in the corresponding Title Report other than the Disapproved Title Exceptions and (d) exceptions created or suffered by Buyer. Buyer may require an extended coverage policy without a generic survey exception only if Buyer can timely provide Title Company with all information necessary in order for the extended coverage policy to be issued on or before the Closing Date. Seller shall not suffer any liability in connection with its failure to remove any title exception; Buyer's sole remedy for Seller's failure to cause the elimination of a Disapproved Title Exception shall be termination of this Agreement. Notwithstanding the foregoing, Seller shall cause the removal of any Mandatory Cure Item at or before the Closing.

Owner’s Policy. On or before the Closing, the Title Company must be prepared to issue to Buyer an Owner's Policy of Title Insurance for the Property (the "Title Policy") effective as of the Closing, insuring Buyer in the amount of the Purchase Price that title to the Property is vested in Buyer at the Closing, subject only to (a) standard pre-printed exceptions (other than those preprinted exceptions that can be removed with a customary seller's affidavit), (b) liens for taxes and assessments not yet delinquent, (c) those exceptions to title described in the corresponding Title Report other than the Disapproved Title Exceptions and (d) exceptions created or suffered by Buyer. Buyer may require an extended coverage a policy without a generic survey exception only if Buyer can timely provide Title Company with all information necessary in order for the extended coverage policy to be issued on or before the Closing Date. Seller shall not suffer any liability in connection with its failure to remove any title exception; Buyer's sole remedy for Seller's failure to cause the elimination of a Disapproved Title Exception shall be termination of this Agreement. Notwithstanding the foregoing, Seller shall cause the removal of any Mandatory Cure Item at or before the Closing.

Owner’s Policy. On or before the Closing, the Title Company must be prepared to issue to Buyer an Owner's Policy of Title Insurance for the Property (the "Title Policy") effective as of the Closing, insuring Buyer in the amount of the Purchase Price that title to the Property is vested in Buyer at the Closing, subject only to (a) standard pre-printed exceptions (other than those preprinted exceptions that can be removed with a customary seller's affidavitcertificate), (b) liens for taxes and assessments not yet delinquent, (c) those exceptions to title described in the corresponding Title Report other than the Disapproved Title Exceptions Exceptions, (d) the Deed of Trust and (de) exceptions created or suffered by Buyer. Buyer may require an extended coverage policy without a generic survey exception only if Buyer can timely provide Title Company with all information necessary in order for the extended coverage policy to be issued on or before the Closing Date. Seller shall not suffer any liability in connection with its failure to remove any title exception; Buyer's sole remedy for Seller's failure to cause the elimination of a Disapproved Title Exception shall be termination of this Agreement. Notwithstanding the foregoing, Seller shall cause the removal of any Mandatory Cure Item at or before the Closing.