Common use of Preliminary Commitment Clause in Contracts

Preliminary Commitment. Within twenty (20) days from the Effective Date, the Port, at its sole cost, shall provide the City with a preliminary commitment for an ALTA owner’s standard coverage policy of title insurance covering the Property (the “Preliminary Commitment”), issued by the Chicago Title Insurance Company (the “Title Company”), together with complete legible copies of all documents referenced in the Preliminary Commitment. The initial Preliminary Commitment shall be issued to include both the Property and the Rail Corridor. At the City’s request, such commitment and the title policies to be issued shall be bifurcated upon determination of the metes and bounds of the Ancillary Property as provided in Section 4.4 below.

Preliminary Commitment. Within twenty (20) days from the Effective Date, the Port, at its sole cost, shall provide the City with a preliminary commitment for an ALTA owner’s standard coverage policy of title insurance covering the Property (the “Preliminary Commitment”), issued by the Chicago Title Insurance Company (the “Title Company”), together with complete legible copies of all documents referenced in the Preliminary Commitment. The initial Preliminary Commitment shall be issued to include both the Property and the Rail CorridorAncillary Property. At the City’s request, such commitment and the title policies to be issued shall be bifurcated upon determination of the metes and bounds of the Ancillary Property as provided in Section 4.4 below.