Title Binder. Seller shall provide to Buyer, in accordance with Section 12.1(a), a copy of the following to the extent the same are within Seller’s possession: (i) all currently effective title insurance policies and copies of all exceptions, and (ii) plats and surveys in their possession that relate to the Property and the Facility. Buyer shall have the right to secure, at its sole cost and expense the following: (1) recent ALTA/ACSM Land Title survey for the Property (the “Survey”), and (2) preliminary report on title for the Property, issued by Title Insurer, which preliminary report shall contain a commitment of the Title Company with results of special Tax search (collectively, the “Title Report”) to issue to Buyer a 2006 ALTA form of Owner’s Policy of Title Insurance (with the general exceptions deleted), subject only to such exceptions as Buyer shall have approved pursuant to this Section 7.2(a) (the “Title Policy”) insuring the interest of Buyer in the Property in the amount of the Purchase Price or such lesser amount attributable to the Property, as identified by Buyer, in its discretion. The Title Policy shall provide full coverage against all labor, mechanics’ and materialmen’s liens, and contain such endorsements as Buyer may reasonably require, including any endorsements required as a condition to Buyer’s approval of any title exceptions pursuant to this section (the “Endorsements”). The Title Report shall be obtained with legible copies of all recorded exceptions to title referred to therein to the extent reasonably available (the “Exception Documents”). Seller will cause all standard exceptions, other than the survey exception, to be deleted from the Title Policy at the Closing. If Buyer desires to have the survey exception deleted, Buyer shall pay all costs associated with the preparation of the Survey in a form acceptable to the agency issuing the Title Policy. Buyer shall have through the later of: (x) fifteen (15) Business Days after receipt of the Exception Documents and the Survey or (y) the end of the Study Period (the “Title Review Period”), to approve or disapprove in writing the Title Report and Survey with respect to the Property, with any such notice (the “Title Objection Notice”) of disapproval specifying the Exception Documents or other matters to which Buyer objects. The failure of Buyer to approve any lien or other matter reflected in the Title Report or Survey with respect to the Property within the required time shall be deemed disapprov...
Title Binder. On or before the execution of this Agreement, Seller shall have made available to Buyer, without representation or warranty, Seller's most recently dated title commitment for the Property (complete with copies of all exceptions to title), and Buyer shall order a current title commitment (the "Title Binder") from the
Title Binder. Buyer has obtained a preliminary commitment and supplemental report for an ALTA owner’s standard coverage title insurance policy (title order no. NCS-657443-WA1 dated 10/24/2014, as supplemented), issued by First American Title Insurance Company (“Title Company”) describing the Property, showing all matters pertaining to the Port Property and listing Buyer as the prospective named insured. Following the mutual execution of this Agreement, Buyer may obtain from Title Company at Buyer’s sole cost additional written supplemental report to such preliminary commitment, in a form acceptable to Buyer, updating the preliminary commitment to the execution date of the Agreement. Such preliminary commitment, supplemental reports and true, correct and legible copies of all documents referred to in such preliminary commitment and supplemental reports as conditions or exceptions to title to the Property are collectively referred to herein as the “Title Binder.”
Title Binder. 11 7.2 Survey.....................................................12 7.3 Physical and Financial Inspection..........................12 7.3.1 Leases.....................................................13 7.3.2 Contracts, Licenses, Permits...............................13 7.3.3
Title Binder. Buyer has obtained a current title commitment (the “Title Binder”) from the Title Company, and shall have until that date which is ten (10) days following the Effective Date (as hereinafter defined) to examine the condition of title, including the terms and provisions of all items and documents referred to in the Title Binder, and all information regarding title as disclosed on the Survey, and to approve or disapprove the same within such ten (10) day period (other than any Permitted Exceptions identified on Exhibit “C” attached hereto, to which Buyer shall have no right to object). If Buyer shall disapprove the condition of title within the aforesaid ten (10) day period, such disapproval shall be set forth in a notice given to Seller (the “Disapproval Notice”) identifying the condition of title to the Property or any of the terms, provisions or contents of said items, documents or Survey which are disapproved by Buyer (the “Title Objections”). Subject to the provisions of the succeeding portion of this Section 7.1, Seller shall have the right, but not the obligation, to cure such objection(s) in its sole and absolute discretion until the date which is ten (10) business days after the Seller’s receipt of the Disapproval Notice (the “Title Cure Expiration Date”). Within five (5) business days after receipt of Buyer’s Disapproval Notice, Seller shall notify Buyer in writing whether Seller elects to attempt to cure such objection(s). Failure of Seller to give such notice within said five (5)-business day period shall be deemed an election by Seller not to cure such objection(s). If Seller elects or is deemed to have elected not to cure any objection(s) specified in Buyer’s Disapproval Notice, Buyer shall have the following options, to be given by written notice to Seller within five (5) business days after Buyer’s receipt of Seller’s notice electing not to cure such objection(s) (or, if Seller fails to deliver such notice, within five (5) business days after the day on which Seller was required to deliver such notice): (i) to accept a conveyance of the Property subject to the matters Seller elects not to cure (but subject to the Permitted Exceptions identified on Exhibit “C”), or is deemed to have elected, not to cure (which such matter(s), together with the matters disclosed on Exhibit “C” attached hereto shall thereafter, collectively be deemed to be “Permitted Exceptions”), without reduction of the Purchase Price; or (ii) to terminate this Agreement by sen...
Title Binder. Seller shall, as soon as possible, and not later than ten (10) days from the date hereof, cause to be furnished to Buyer, a current ALTA Commitment for an Extended Coverage ALTA Owners Policy of Title Insurance ("Title Binder") issued by the Title Company, together with copies of all documents identified on the Title Binder as exceptions to
Title Binder. (i) Not later than twenty (20) days after the execution of this Agreement, Seller shall obtain at Seller's expense a leasehold title insurance binder (ALTA FORM B) issued by a company reasonably acceptable to Buyer, agreeing to insure title in the Corporation with respect to a leasehold interest in Seller's present facility (the "Property") in an amount of not less than $5,500.000.00 together with copies of all exceptions to title. Other than taxes for the year 1997 and subsequent years, Buyer shall have the unqualified right to approve all exceptions and matters of title, which shall in all respects be satisfactory to Buyer.
(ii) Within ten (10) days after receipt, Buyer's counsel shall notify Seller's counsel in writing of any matters in the binder which are unacceptable. Seller shall then have twenty (20) days to cure defects or otherwise satisfy Buyer's concerns or to notify Buyer that the alleged defects cannot be cured by the exercise of reasonable diligence and/or the expenditure of not more than $100,000.00. If Seller so notifies Buyer, Buyer shall have ten (10) days to cancel this Agreement and receive a refund of the earnest money and all accrued interest or to waive xxx xxxeged defects and close.
Title Binder. Within ten (10) days after the Effective Date, Seller, at Seller’s sole cost and expense, shall cause to be furnished to Purchaser a current Title Commitment, together with copies of all instruments referred to as exceptions to title. The Title Commitment shall set forth the state of title to the Land and Improvements, together with all exceptions or conditions to such title, including, without limitation, all easements, restrictions, rights-of-way, covenants, reservations, and all other liens or encumbrances affecting the Land which would appear in an owner’s title policy, if issued. The Title Commitment shall contain the express commitment of the Title Company to issue the Title Policy to Purchaser in the amount of the Purchase Price insuring such title to the Land and Improvements as is specified in the Title Commitment, with the standard printed exceptions endorsed or deleted in accordance with Section 2.02.
Title Binder. 15 B. Survey.................................................. 16 C.
Title Binder. Survey. A title insurance policy for each of the Facilities (or marked title policy commitment) issued by a reputable title insurance company in an amount not less than the portion of the Purchase Price allocated to the Real Property with the costs of such insurance to be borne 50% each by Seller and Purchaser, and a survey of the Land on which each of the Facilities is located with the costs of such surveys to be borne 50% each by Purchaser and Seller;
