Common use of Preliminary Title Reports Clause in Contracts

Preliminary Title Reports. Within three (3) Business Days after the Opening of Escrow, each Optionor shall cause the Title Company to deliver a current preliminary title report for Real Property in which it owns an interest to Optionee, together with legible copies of all documents referred to therein and a plot of locatable exceptions. Optionee shall have the right to review, and negotiate with the Title Company, the condition of title to each such Real Property during the Feasibility Period. On or before the Closing Date, each Optionor shall satisfy any monetary liens encumbering each Owned Property that it owns other than non-delinquent property taxes. At Closing, Title Company shall issue (or be irrevocably committed to issue) to Optionee an owner’s form of policy of title insurance for each Owned Property, containing the terms and provisions set forth in this Section 6(a) (each, a “Title Policy”) or, if Optionee so elects, to have the Optionee Policy endorsed to reflect the transfer of title at Closing (either, the “Additional Title Coverage”). Each Title Policy shall be a standard coverage CLTA Owner’s Policy of Title Insurance (Form 2006, or other form approved by Optionee) in an amount equal to the applicable Project Option Price, showing title to the applicable Owned Property vested in Optionee, subject only to (i) the pre-printed exceptions and exclusions, (ii) those exceptions to title commonly known as the Title Company’s “Regional Exceptions”, and (iii) such other matters as to which Optionee has consented in writing prior to Closing (provided that Optionee’s failure to provide such consent prior to Closing shall be deemed to be Optionee’s consent to such other matters). Optionee shall have the right to procure an ALTA Extended Coverage Owner’s Policy of Title Insurance (“ALTA Extended Policy”) for one or more of the Owned Properties, provided that the issuance of an ALTA Extended Policy shall not be a condition to Optionee’s obligation to close and shall not delay Closing. Optionee shall pay for the increased cost of any such ALTA Extended Policy, the cost of any survey that the Title Company requires for issuance of an ALTA Extended Policy, and the cost of any other increase in the amount or scope of title insurance if Optionee elects to increase the amount or scope of title insurance coverage beyond that provided in the Title Policy.

Preliminary Title Reports. Not more than seven (7) days after execution of this Agreement, Purchaser with Seller’s and Real Estate Seller’s cooperation, shall order from First American Title Insurance Company (the “Title Company” and sometimes the “Escrow Agent”) for each Owned Real Property, a commitment for an ALTA Owner’s Fee Policy of Title Insurance (the “Commitments”), a copy of which shall be provided by Purchaser to Seller upon receipt thereof by Purchaser, for review, including complete, legible copies of all instruments noted as exceptions on Schedule B thereof. Failure of Purchaser to order any title Commitment within such seven (7) day period shall constitute a waiver by Purchaser of any right to obtain a title Commitment as a condition to Closing and of any Title Defects, as defined below. Within seven (7) days after execution of this Agreement and after receipt of each Commitment, Purchaser shall notify Seller in writing of any liens, encumbrances, restrictions, easements, or conditions shown therein which are objectionable to Purchaser, or which, in the opinion of the Title Company, shall prevent the issuance of the title policy in the form as referenced herein. Said items which are objectionable or are prohibited under the title policy shall be considered “Title Defects” for purposes of this Agreement; provided, however, that Permitted Liens shall not be objectionable by Purchaser and shall not constitute a Title Defect”. Purchaser shall be deemed to have waived the right to object and shall be deemed to have accepted the status of title reflected in a particular Commitment if Purchaser fails to object to any matter of title within the said three (3) Business Days day period after receipt of such applicable Commitment. If any Title Defect is (i) reflected in a Commitment and not waived by the Opening Purchaser, or (ii) discovered after issuance of Escrow, each Optionor shall cause the Title Company a Commitment but prior to deliver a current preliminary title report for Real Property in which it owns an interest to Optionee, together with legible copies of all documents referred to therein and a plot of locatable exceptions. Optionee shall have the right to review, and negotiate with the Title Company, the condition of title to each such Real Property during the Feasibility Period. On or fourteen (14) days before the Closing Date, each Optionor shall satisfy any monetary liens encumbering each Owned Property that it owns other than non-delinquent property taxes. At Seller will be entitled to a reasonable extension of time for the Closing, as Seller’s sole discretion, but not more than seven (7) days from the date Seller is notified of the Title Company shall issue (or be irrevocably committed to issue) to Optionee an owner’s form of policy of title insurance for each Owned Property, containing the terms and provisions set forth in this Section 6(a) (each, a “Title Policy”) or, if Optionee so electsDefect, to have remove such Title Defect. In the Optionee Policy endorsed to reflect event such Title Defect is not removed within the transfer of title at Closing seven (either7) day extension period, the “Additional Title Coverage”). Each Title Policy shall be a standard coverage CLTA Owner’s Policy of Title Insurance (Form 2006, or other form approved by Optionee) in an amount equal to the applicable Project Option Price, showing title to the applicable Owned Property vested in Optionee, subject only to (i) the pre-printed exceptions and exclusions, (ii) those exceptions to title commonly known as the Title Company’s “Regional Exceptions”, and (iii) such other matters as to which Optionee has consented in writing prior to Closing (provided that Optionee’s failure to provide such consent prior to Closing shall be deemed to be Optionee’s consent to such other matters). Optionee Purchaser shall have the right option to procure an ALTA Extended Coverage Owner’s Policy declare this Agreement null and void and receive a full refund of Title Insurance (“ALTA Extended Policy”) for one all money deposited in escrow or more of paid to Seller, Escrow Agent or the Owned PropertiesEscrow Holder, provided that including the issuance of an ALTA Extended Policy shall not be a condition to Optionee’s obligation to close and shall not delay Closing. Optionee shall pay for the increased cost of any such ALTA Extended Policy, the cost of any survey that the Title Company requires for issuance of an ALTA Extended Policy, and the cost of any other increase in the amount or scope of title insurance if Optionee elects to increase the amount or scope of title insurance coverage beyond that provided in the Title PolicyDeposit.

Preliminary Title Reports. Within three (3) Business Days after the Opening of Escrow, each Optionor shall cause the Title Company to deliver a current preliminary title report for each Real Property in which it owns an interest to Optionee, together with legible copies of all documents referred to therein and a plot of locatable exceptions. Optionee shall have the right to review, and negotiate with the Title Company, the condition of title to each such Real Property during the Feasibility Period. On or before the Closing Date, each Optionor shall satisfy any monetary liens encumbering each Owned Property that it owns other than non-delinquent property taxes. At Closing, Title Company shall issue (or be irrevocably committed to issue) to Optionee an owner’s form of policy of title insurance for each Owned Property, containing the terms and provisions set forth in this Section 6(a) (each, a “Title Policy”) or, if Optionee so elects, to have the Optionee Policy endorsed to reflect the transfer of title at Closing (either, the “Additional Title Coverage”). Each Title Policy shall be a standard coverage CLTA Owner’s Policy of Title Insurance (Form 2006, or other form approved by Optionee) in an amount equal to the applicable Project Option Price, showing title to the applicable Owned Property vested in Optionee, subject only to (i) the pre-printed exceptions and exclusions, (ii) those exceptions to title commonly known as the Title Company’s “Regional Exceptions”, and (iii) such other matters as to which Optionee has consented in writing prior to Closing (provided that Optionee’s failure to provide such consent prior to Closing shall be deemed to be Optionee’s consent to such other matters). Optionee shall have the right to procure an ALTA Extended Coverage Owner’s Policy of Title Insurance (“ALTA Extended Policy”) for one or more of the Owned Properties, provided that the issuance of an ALTA Extended Policy shall not be a condition to Optionee’s obligation to close and shall not delay Closing. Optionee shall pay for the increased cost of any such ALTA Extended Policy, the cost of any survey that the Title Company requires for issuance of an ALTA Extended Policy, and the cost of any other increase in the amount or scope of title insurance if Optionee elects to increase the amount or scope of title insurance coverage beyond that provided in the Title Policy.

Preliminary Title Reports. Within three (3) Business Days after the Opening of Escrow, each Optionor shall cause the Title Company to deliver a current preliminary title report for Real Property in which it owns an interest to Optionee, together with legible copies of all documents referred to therein and a plot of locatable exceptions. Optionee shall have the right to review, and negotiate with the Title Company, the condition of title to each such Real Property during the Feasibility Period. On or before the Closing Date, each Optionor shall satisfy any monetary liens encumbering each Owned Property that it owns other than non-delinquent property taxes. At Closing, Title Company shall issue (or be irrevocably committed to issue) to Optionee an owner’s form of policy of title insurance for each Owned Property, containing the terms and provisions set forth in this Section 6(a) (each, a “Title Policy”) or, if Optionee so elects, to have the Optionee Policy endorsed to reflect the transfer of title at Closing (either, the “Additional Title Coverage”). Each Title Policy shall be a standard coverage CLTA Owner’s Policy of Title Insurance (Form 2006, or other form approved by Optionee) in an amount equal to the applicable Project Option Price, showing title to the applicable Owned Property vested in Optionee, subject only to (i) the pre-printed exceptions and exclusions, (ii) those exceptions to title commonly known as the Title Company’s “Regional Exceptions”, and (iii) such other matters as to which Optionee has consented in writing prior to Closing (provided that Optionee’s failure to provide such consent prior to Closing shall be deemed to be Optionee’s consent to such other matters). Optionee shall have the right to procure an ALTA Extended Coverage Owner’s Policy of Title Insurance (“ALTA Extended Policy”) for one or more of the Owned Properties, provided that the issuance of an ALTA Extended Policy shall not be a condition to Optionee’s obligation to close and shall not delay Closing. Optionee shall pay for the increased cost of any such ALTA Extended Policy, the cost of any survey that the Title Company requires for issuance of an ALTA Extended Policy, and the cost of any other increase in the amount or scope of title insurance if Optionee elects to increase the amount or scope of title insurance coverage beyond that provided in the Title Policy.