Owner’s Title Insurance Policy. The related Asset Files contain, for such Rental Property, an owner’s title insurance policy insuring the good and marketable fee ownership by the REO Subsidiary of such Rental Property or a title commitment for such a policy issued by a nationally recognized title insurer, and the REO Subsidiary has not been notified in writing of any fact that would lead a reasonable person to believe that Administrative Agent or Buyers cannot obtain similar insurance from a nationally recognized title insurer (without additional exceptions to coverage) upon payment of the applicable premium. The REO Subsidiary is the sole insured of such owner’s title insurance policy, and such owner’s title insurance policy is in full force and effect and will be in full force and effect upon the pledge of the Rental Property to Administrative Agent (for the benefit of Buyers) and all premiums thereon have been paid and no material claims have been made thereunder and no claims have been paid thereunder. Neither the REO Subsidiary nor Property Manager has, by act or omission, done anything that would materially impair the coverage under such policy. No claims have been made under such owner’s title insurance policy, and the REO Subsidiary has not done, by act or omission, anything which would impair the coverage of such owner’s title insurance policy.
Owner’s Title Insurance Policy. The Lessor shall have received an owner's title policy, or marked up unconditional binder for such insurance, dated the Property Closing Date; and the Lessor shall have received evidence reasonably satisfactory to it that all premiums in respect of such policy have been paid or provision made therefor;
Owner’s Title Insurance Policy. At the closing, Buyer shall cause a standard owner’s policy of title insurance to be issued by the Title Company in the full amount of the purchase price, effective as of the Closing Date, insuring Buyer that the fee simple title to the Property is vested in Buyer, subject only to the usual printed exceptions contained in such title insurance policy, to the matters approved by Buyer as provided herein, and to any other matters approved in writing by Buyer. The obligation of Buyer to provide the title policy called for herein shall be satisfied if, at the closing, the Title Company has given a binding commitment, in a form reasonably satisfactory to Buyer, to issue the policies in the form required by this section. Buyer shall pay any sum owing to the Title Company for the preparation of the preliminary and binding commitments generated by the Title Company.
Owner’s Title Insurance Policy. At the Closing, Seller shall cause an owner’s ALTA policy of standard coverage title insurance to be issued by the Title Company in the full amount of the purchase price, effective as of the Closing Date, insuring Buyer that the fee simple title to the Property is vested in Buyer, subject only to the Permitted Exceptions, the lien of current real property taxes, fees and/or charges not yet due and payable, rights reserved in federal patents or state deeds, and building or use restrictions general to the governing jurisdiction (“Title Policy”). The obligation of Seller to provide the Title Policy called for herein shall be satisfied if, at the Closing, the Title Company has given a binding commitment, in a form reasonably satisfactory to Buyer, to issue the policy in the form required by this Section. Seller shall pay any sum owing to the Title Company for the preliminary and binding Title Commitments and the premium for the Title Policy for issuance of standard coverage and Buyer shall pay the cost of the Survey, if any, any endorsements requested by Xxxxx and any additional premium required for issuance of extended coverage under the Title Policy.
Owner’s Title Insurance Policy. Except in the case of a Bid Receipt Property, such Property is covered by an American Land Title Association (or other form approved for use in the jurisdiction in which such Property is located) owner’s title insurance policy, insuring the related Borrower as fee owner or, if unavailable, a marked or initialed irrevocable binding commitment that is effective as a Title Insurance Policy (a “Title Insurance Policy”) issued by a title insurer generally acceptable to prudent institutional purchasers of residential real property (a “Qualified Title Insurance Company”), ensuring that the related Borrower is the holder of good and marketable, fee simple title to such Property, subject only to Permitted Liens. Such Title Insurance Policy is in an amount at least equal to the original purchase price for such Property. The related Borrower is the sole insured under such owner’s title insurance policy and such owner’s title insurance policy is in full force and effect. No claims have been made under such owner’s title insurance policy that have not been disclosed in writing to the Agent and the Diligence Agent, and no current or prior owner of such Property, including the related Borrower, has done, by act or omission, anything which would impair the coverage of such Title Insurance Policy. In the case of a Bid Receipt Property, or if a Title Insurance Policy provided in the Document Package with respect to a Financed Property initially consists of a marked or initialed binding commitment, then the related Borrower shall have delivered to the Document Package an Eligible Title Insurance Policy for such Financed Property within ninety (90) days following the date the Property first becomes a Financed Property.
Owner’s Title Insurance Policy. At the Closing, Seller shall (at its expense) cause the Title Company to deliver to Purchaser an ALTA 1992 owner’s title insurance policy conforming with the title insurance provisions of this Contract along with the following endorsements at Purchaser’s expense: (a) full extended coverage over the general exceptions; (b) a zoning 3.1 endorsement (with parking) and no non-conforming use; (c) a creditor’s rights deleted endorsement; and (d) any encroachment endorsements required. Any title examination fee will be paid by Seller.
Owner’s Title Insurance Policy. The Lessor shall have received an extended coverage owner's title policy with general exceptions and subject only to Permitted Encumbrances, in form and substance reasonably satisfactory to the Lessor, or marked up unconditional binder for such insurance, dated the Closing Date for each Property being acquired on such Property Closing
Owner’s Title Insurance Policy. (ies). Buyer has the right to receive, as a condition to Buyer’s obligation to acquire the Property at Closing one or more updated commitment(s) for the issuance of one or more standard owner’s title insurance policy(ies) with respect to the surface title to the Property and all other real estate (if any) to be conveyed under the Related Agreements (the “Final Title Commitment(s)”). The Final Title Commitment(s) shall be issued in the name of Buyer with aggregate policy amount(s) equal to the aggregate purchase price written on Line 5 of the Signature Page, and shall be updated to a date after the Auction and prior to Closing. Xxxxx agrees to accept the Final Title Commitment(s) furnished by Seller notwithstanding: (a) standard exceptions, conditions and requirements; (b) any exception, condition or requirement that can and will be satisfied and/or removed at or prior to Closing; and/or (c) any matter listed, described or revealed in the Final Title Commitment(s) that constitutes a Permitted Exception. At Closing, all costs associated with the issuance of the Final Title Commitment(s) and one or more standard owner’s title insurance policy(ies), without endorsements, in accordance with the Final Title Commitment(s) shall be shared equally (50:50) by and between Seller and Buyer, except as otherwise provided in Section 34 below.
Owner’s Title Insurance Policy. Such REO Property is covered by an ALTA (or other form approved for use in the jurisdiction in which such REO Property is located) owner’s title insurance policy, insuring the applicable REO Subsidiary or Trust Subsidiary as fee owner or, if unavailable, (i) with respect to an REO Property other than an Exception Asset, a marked or initialed irrevocable binding commitment or (ii) with respect to an Exception Asset, a pro forma owner’s Schedule 1-B-2 title policy for which the final title policy shall be issued no later than five (5) Business Days from the date related Purchase Date that, in each case, is effective as a title insurance policy (a “Title Insurance Policy”) issued by a title insurer generally acceptable to prudent institutional purchasers of residential real property (a “Qualified Title Insurance Company”), ensuring that the related REO Subsidiary or Trust Subsidiary is the holder of good and marketable, fee simple title to such REO Property, subject only to permitted Liens. Such Title Insurance Policy is in an amount at least equal to the original acquisition price for such REO Property. The related REO Subsidiary or Trust Subsidiary is the sole insured under such owner’s title insurance policy and such owner’s title insurance policy is in full force and effect. No claims have been made under such owner’s title insurance policy that have not been disclosed in writing to the Buyer, and no current or prior owner of such REO Property, including the related REO Subsidiary or Trust Subsidiary, has done, by act or omission, anything which would impair the coverage of such Title Insurance Policy. If a Title Insurance Policy initially consists of a marked or initialed binding commitment, then the related REO Subsidiary or Trust Subsidiary shall have delivered a fully issued Title Insurance Policy for such Contributed REO Property in the form and with the coverages and endorsements as provided in such marked or initialed binding commitment within ninety (90) days following the Purchase Date. Schedule 1-B-3 SCHEDULE 1-C REPRESENTATIONS AND WARRANTIES WITH RESPECT TO CONTRIBUTED RENTAL PROPERTY Each Seller Party makes the following representations and warranties to the Buyer, with respect to the Rental Property owned by a SFR Subsidiary, as of the Transaction Date for such Mortgage Loans and as of any date on which Transaction hereunder relating to the Rental Property is outstanding subject to any exceptions agreed to by Buyer.
Owner’s Title Insurance Policy. At the Closing, Buyer, at its sole cost, shall cause an owner’s extended policy of title insurance to be issued by the Title Company in the full amount of the purchase price, effective as of the Closing Date, insuring Buyer that the fee simple title to the Property is vested in Buyer, subject only to the Permitted Exceptions, the lien of current real property taxes not yet due and payable, rights reserved in federal patents or state deeds, building or use restrictions general to the district, and the matters excluded from coverage by the printed exceptions and exclusions contained in the form of title insurance policy required by the Title Company. The obligation of Buyer to provide the title policy called for herein shall be satisfied if, at the Closing, the Title Company has given a binding commitment, in a form reasonably satisfactory to Buyer, to issue the policies in the form required by this section. Xxxxxx agrees to execute such owner’s affidavits as the Title Company may require to remove the standard printed exceptions for line rights, parties in possession, and other matters typically removed by such owner’s affidavits for extended title coverage. If requested in writing by Xxxxxx, Buyer shall provide a copy of such binding commitment to Seller to verify satisfaction of this obligation as a condition to Seller being obligated to close. Buyer shall pay any sum owing to the Title Company for the preparation of the preliminary and binding commitments generated by the Title Company.
