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

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 Buyer and any additional premium required for issuance of extended coverage under the Title Policy.

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 Buyer Xxxxx and any additional premium required for issuance of extended coverage under the Title Policy.