Title Commitment. A title commitment (“Title Commitment”) from a title company selected by the Seller to the Buyer’s approval (“Title Company”), together with a copy of each instrument, agreement or document listed as an exception to title in such Title Commitment;
Title Commitment. (a) Purchaser has ordered a title insurance commitment with respect to the Real Property issued, by the Title Company (the “Title Commitment”). On or before March 12, 2014, Purchaser shall provide to Seller the Title Commitment, together with legible copies of the title exceptions listed thereon. On or before March 28, 2014 (the “Title Objection Date”), Purchaser shall notify Seller in writing, if there are (i) any monetary liens or other title exceptions that Purchaser objects to (“Title Objections”) or (ii) any Survey Objection. In the event Seller does not receive written notice of any Title Objections or Survey Objection by the Title Objection Date, TIME BEING OF THE ESSENCE, then Purchaser will be deemed to have accepted or waived such exceptions to title set forth on the Title Commitment as permitted exceptions (as accepted or waived by Purchaser, the “Permitted Exceptions”) and shall be deemed to have waived its right to object to any Survey Objection.
(b) After the Title Objection Date, if the Title Company raises any new exception to title to the Real Property, Purchaser’s counsel shall have five (5) Business Days after he or she receives notice of such exception (the “New Objection Date”) (or as promptly as possible prior to the Closing if such notice is received with less than five (5) Business Days prior to the Closing), to provide Seller with written notice if such exception constitutes a Title Objection. In the event Seller does not receive notice of such Title Objection by the New Objection Date, Purchaser will be deemed to have accepted the exceptions to title set forth on any updates to the Title Commitment as Permitted Exceptions.
(c) All taxes, water rates or charges, sewer rents and assessments, plus interest and penalties thereon, which on the Closing Date are liens against the Real Property and which Seller is obligated to pay and discharge will be credited against the Purchase Price (subject to the provision for apportionment of taxes, water rates and sewer rents herein contained) and shall not be deemed a Title Objection. If on the Closing Date there shall be security interests filed against the Real Property, such items shall not be Title Objections if (i) the personal property covered by such security interests are no longer in or on the Real Property, or (ii) such personal property is the property of a Tenant, and Seller executes and delivers an affidavit to such effect, or the security interest was filed more than five (5) year ...
Title Commitment. 1. Within ten (10) days following the Effective Date, Seller’s attorney shall cause First American Title Insurance Company (“Title Company”) to issue and deliver to Buyer an A.L.T.A. title commitment for an owner’s title insurance policy in the amount of the Purchase Price (“Title Commitment”), showing marketable fee simple title to the Property vested in Seller. The Title Commitment shall be accompanied by one (1) copy of every exception to title set forth therein. All costs of the Title Commitment shall be borne by Seller.
2. Upon receipt of the Title Commitment, Buyer shall have ten (10) days within which to examine the Title Commitment and give written notice to Seller, within such 10-day period, specifying any exceptions that show in the Title Commitment that are not permitted exceptions (the “Title Defects”). In the event a valid mortgage or lien appears of record it will be discharged by Seller at or prior to Closing or from the Closing proceeds and such encumbrance or lien will not be considered to be a Title Defect. Seller shall have a period of ten (10) days after receipt of such written notice of Title objections within which Seller shall undertake reasonable efforts to cure or remove the Title Defects of which notice in writing has been so given; provided, however, that Seller shall not be required to maintain any lawsuit to cure or remove any of the Title Defects or to expend costs in excess of FIVE THOUSAND DOLLARS ($5,000.00) in total related to such curative efforts (other than with respect to such liens described above). At the end of such 10-day period Seller shall provide Buyer with a written report setting forth the status of its efforts to cure or remove the Title Defects and its efforts undertaken in connection therewith. In the event Seller fails to cure or remove the Title Defects within such 10-day period, then Buyer may, at its option, elect prior to the end of the Inspection Period to (a) accept title subject to the uncured Title Defects raised by Buyer, without an adjustment in the Purchase Price, in which event the uncured Title Defects shall be deemed to be waived for all purposes, or (b) terminate this Agreement, whereupon the Deposit shall be returned to Buyer and this Agreement shall be of no further force and effect (except for any indemnifications which survive hereunder).
Title Commitment. Seller shall cause to be prepared and delivered to Purchaser on or before the Title Commitment Delivery Date:
(i) a current commitment for title insurance or preliminary title report (the "Title Commitment") issued by the Title Company, in the amount of the Purchase Price and on a ALTA Standard Form 1992 commitment, with Purchaser as the proposed insured, and (ii) copies of all documents of record referred to in the Title Commitment as exceptions to title to the Property.
Title Commitment i. Donee shall have the right to order and obtain, at Donee's expense, a current title commitment (“Title Commitment”) and special tax search issued by the Title Company setting forth the state of the title of the Property and all exceptions, including easements, restrictions, rights-of-way, covenants, reservations, and other conditions, if any, affecting the Property which would appear in an Owner's Policy of Title Insurance (“Title Policy”), if issued by the Title Company for the Property.
ii. Donee shall have a period of 90 days after receipt of the Title Commitment to advise Donor as to any matters shown on the Title Commitment that are objectionable to Donee (“Title Objection Notice”). Should Donee provide a Title Objection Notice, Donor shall have the right, but not the obligation, to cure, commit to cure or remove all such objections within 30 days following receipt of a Title Objection Notice. If Donor does not commit to cure or cause all of the objections to be removed or cured to Donee’s satisfaction within the above-described 30-day period or if Donor elects not to cure the objections or commit to cure the objections, Donee shall have the right, to either (a) terminate this Agreement by delivering written notice to Donor within 5 days after the earlier of (1) notice from Donor to Donee that Donor will not remove or cure the objections or commit to cure the objections or (2) the expiration of the above-described 30-day period; or (b) elect to accept the Property subject to the objectionable matter. Donee’s failure to deliver the foregoing notice of termination shall be deemed Donee’s waiver of such objections and a waiver of such right to terminate pursuant to this Section. Notwithstanding any other provision of this Agreement to the contrary, Donor shall have the unconditional obligation, at no cost to Donee (a) to remove or cure any title matter which is a lien for the payment of money only (exclusive of taxes and assessments, both general and special, not yet due and payable which shall be subject to separate proration); (b) any encumbrance that can be removed by the payment of a definite sum of money; and (c) any title matter which arose after the Effective Date as a result of the acts of Donor; Escrow Agent is hereby authorized to make such payment on Donor’s behalf at Closing. Notwithstanding any other provision herein to the contrary, this entire agreement is contingent upon legislative acceptance by the City of North Royalton.
Title Commitment. On or before the Effective Date, Seller shall cause to be furnished to Purchaser a current Commitment for Title Insurance for the Land and Improvements (the "Title Commitment") issued by the Title Company. The Title Commitment shall set forth the state of title to the Land and Improvements, including a list of conditions or exceptions to title affecting the Land and Improvements that would appear in an Owner's Policy of Title Insurance, if one were issued. The Title Commitment shall contain the expressed commitment of the Title Company to issue the Title Policy (hereinafter defined) to Purchaser in the amount of the Purchase Price, insuring the title to the Land and Improvements specified in the Title Commitment. At such time as the Title Commitment is furnished to Purchaser, the Title Company also shall furnish to Purchaser copies of instruments or documents (the "Exception Documents") that create or evidence conditions or exceptions to title affecting the Land and Improvements, as described in the Title Commitment.
Title Commitment. On or before the date which is ten (10) days after the Effective Date, Seller shall cause the Title Company to deliver a commitment (the “Title Commitment”) to Buyer for the Title Policy (as defined in Section 6 hereof), issued by the Title Company showing Seller as the owner of good and indefeasible fee simple title to the Real Property, together with legible copies of all documents (“Exception Documents”) referred to in Schedule B of the Title Commitment.
Title Commitment. Section 5.1
Title Commitment. Buyer shall, at its sole cost and expense, obtain from a title insurance company chosen by Buyer, a commitment (the "Title Commitment") to issue an American Land Title Association Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) (the “Title Policy"), certified to at least the Effective Date of this Agreement, in the full amount of the Purchase Price. To be acceptable to Buyer, the Title Commitment shall show in Seller good and marketable title to the Property, and shall commit to insure said title free and clear of the standard printed exceptions contained in Schedule B of the Title Commitment and Title Policy and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following:
(a) those created or assumed by Buyer;
(b) zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law;
(c) real estate taxes which are a lien on the Property but which are not yet due and payable; and
(d) easements and restrictions of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title to the Property to be acceptable to Buyer, the Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmative, rights-of-way, ingress or egress or any other appurtenances to the Property and provide insurance coverage in respect to all of such appurtenant rights; and (iv) include the results of a special tax search and examination for any financing statements filed of record which may affect the Property.
Title Commitment. Within seven (7) days after the Effective Date, Seller, at its expense, shall order and deliver to Buyer a title commitment for the Property in the amount of the Purchase Price from Escrow Agent and obtain a copy of all documents which constitute exceptions to the title commitment. Buyer shall give Seller written notice within twenty (20) days following receipt of the Title Commitment of any condition of title (exceptions or requirements) that is not satisfactory to Buyer. Seller may, but shall not be obligated, to resolve such matters; provided, however, that mortgage liens may be resolved at closing. If Seller is unable or unwilling to resolve such matters before the expiration of the Inspection Period as defined above, then Buyer may, at Buyer’s sole option, either (1) accept title subject to the objections raised by Buyer and such accepted objections shall become Permitted Exceptions (“Permitted Exceptions”) without any adjustment in the Purchase Price, or (2) terminate this Agreement prior to the expiration of the Inspection Period pursuant to Paragraph 4 above, whereupon the eaxxxxx xonies shall be immediately returned to Buyer by Escrow Agent, or (3) work with Seller, if mutually agreeable, to satisfy unacceptable matters and postpone the end of the Inspection Period and/or Closing Date to satisfy these matters. At Closing, Seller shall provide Buyer with an owner’s policy of title insurance in the amount of the Purchase Price. Seller shall pay the cost for the basic cost of the owner’s policy of title insurance, and Buyer shall pay the cost for all endorsements, changes, and modifications to the owner’s policy of title insurance.
