Title Commitment and Surveys Clause Samples
The "Title Commitment and Surveys" clause outlines the requirements and procedures for obtaining a title insurance commitment and property surveys during a real estate transaction. Typically, this clause specifies the timeframe in which the buyer must receive a title commitment from a title company, as well as any necessary surveys of the property boundaries or improvements. It may also detail the buyer's right to review these documents and raise objections to any title defects or survey issues. The core function of this clause is to ensure that the buyer receives clear title to the property and is aware of any encumbrances or boundary discrepancies before completing the purchase.
Title Commitment and Surveys. 19 10.2.5 Validity of Station Licenses...............................20 10.2.6
Title Commitment and Surveys. Buyer shall have timely received ---------------------------- the surveys specified in Section 8.7, which shall reveal nothing inconsistent with Seller's representations and warranties hereunder.
Title Commitment and Surveys. Seller shall provide Buyer, at Buyer’s expense, with a commitment or commitments for title insurance with respect to the Owned Real Property within thirty (30) days after the execution of this Agreement issued by a title insurance company approved by Buyer (the “Title Insurer”). Such commitment must be reasonably satisfactory to Buyer in form, scope and substance, and must contain the agreement of the Title Insurer to insure good, merchantable and marketable title to the fee simple estate in the Owned Real Property to Buyer. Buyer requires that a Form 3.1 zoning endorsement be added to the title commitment. Seller shall furnish any documents reasonably required by the Title Insurer, including a Vendor’s Affidavit to induce the Title Insurer to issue a final policy, with the preprinted standard exceptions deleted for parties in possession and mechanic’s liens. At Closing, Buyer shall pay for the costs of the title insurance and an insured closing. The cost of the Form 3.1 zoning endorsement shall be paid by Buyer and any other endorsements requested by Buyer shall be paid for by Buyer. Any other closing fees charged by the Title Insurer not attributable to the fact that the closing shall be insured, such as recording fees or legal expenses of the Title Insurer, shall be split equally by the parties. Buyer shall have ten (10) business days after the receipt of both any survey and the commitment for title insurance to object, in writing, to any exceptions or other matters contained therein. If no objections are made, Buyer shall be deemed to have accepted the status of title. Buyer and Seller agree that Buyer accepts and waives objections to Permitted Exceptions. Buyer and Seller hereby acknowledge their mutual understanding that Seller is under no obligation to cause any exceptions or other matter to which Buyer may have objected to be corrected, and if any objections are not cured to Buyer’s satisfaction, Buyer may terminate this Agreement within five (5) business days following Seller advising Buyer in writing that it does not intend to cause any exceptions or other matters to which Buyer may have objected to be corrected.
Title Commitment and Surveys. (a) On or prior to the Effective Date, Buyer shall obtain, at its sole cost and expense, a title insurance commitment ("Title Commitment") for the Real Property, which may contain the standard exception for such matters that would be disclosed by an accurate survey of the Real Property. The Title Commitment, a copy of which is attached hereto as Schedule 3.5, is hereby incorporated into this Agreement by this reference. The Title Commitment shall be issued by a title insurance company or companies reasonably satisfactory to Buyer, agreeing to issue to Buyer standard form owner's policies of title insurance with respect to all Real Property. Such policy shall be standard ALTA owner's policy in the full amount of the fair value of the Real Property as determined in accordance with Section
Title Commitment and Surveys. Buyer shall have timely received the Title Commitment, which shall reveal nothing inconsistent with Seller's representations and warranties hereunder. Seller shall have delivered to Buyer, at Seller's expense, surveys of the Real Property (i) certified to Buyer and the Senior Lenders and sufficient to remove any "survey
Title Commitment and Surveys