Common use of TITLE AND POSSESSION OF THE PROPERTY Clause in Contracts

TITLE AND POSSESSION OF THE PROPERTY. (a) It shall be a condition to Buyer's obligation to close hereunder that the Title Company deliver at Closing to Buyer an ALTA owner's policy of title insurance, 1970 Form B, (rev. 10-17-70 and 10-17-84), or other rated form acceptable to Buyer (acting reasonably), with the standard general exceptions deleted (or, with Buyer's reasonable approval, insured over), subject to rights under the Tenant Leases, and with such endorsements as Buyer may reasonably require, including, without limitation, owner's comprehensive, survey, access, tax parcel, utilities and contiguity endorsements (provided that Buyer pay the costs of all such endorsements), in the amount of the total consideration paid by Buyer to Seller for the Property (the "Title Policy") issued by the Title Company, as assurance that upon Closing, the Buyer holds and will hold good, valid and insurable title in fee simple absolute to the Property including all rights, privileges and easements appurtenant to the Property free and clear of all encumbrances whatsoever, except the following (collectively, the "Permitted Exceptions"): (i) zoning ordinances and regulations; provided the same do not interfere with the use of the Property as an apartment complex;

TITLE AND POSSESSION OF THE PROPERTY. (a) It shall be a condition to Buyer's obligation to close hereunder that the Title Company deliver at Closing to Buyer an ALTA owner's policy of title insurance, 1970 Form B, (rev. 10-17-70 and 10-17-84), or other rated form acceptable to Buyer (acting reasonably), with the standard general exceptions deleted (or, with Buyer's reasonable approval, insured over), subject to rights under the Tenant Leases, and with such endorsements as Buyer may reasonably require, including, without limitation, owner's comprehensive, survey, access, tax parcel, utilities and contiguity endorsements (provided that Buyer pay the costs of all such endorsements), in the amount of the total consideration paid by Buyer to Seller for the Property (the "Title Policy") issued by the Title Company, as assurance that upon Closing, the Buyer holds and will hold good, valid and insurable title in fee simple absolute to the Property including all rights, privileges and easements appurtenant to the Property free and clear of all encumbrances whatsoever, except the following (collectively, the "Permitted Exceptions"): (i) zoning ordinances and regulations; provided the same do not interfere with the use of the Property as an apartment complex;):