Title Commitment and Title Policy. (a) Seller has no obligation to provide Purchaser with a commitment for title insurance covering the Property. Prior to the auction event at which the Property is being sold, an attempt was made to include such a commitment in the electronic information made available to all prospective bidders on the Internet. At Closing, Seller will cause an owner’s policy of title insurance covering the Property in the full amount of the Purchase Price (the “Title Policy”) to be issued to Purchaser by a title insurance company selected by Seller in its sole discretion (the "Title Company").
Title Commitment and Title Policy. Within five (5) business days after the Effective Date, Seller shall, at Seller’s expense, deliver or cause to be delivered to Buyer: (i) a title commitment showing the status of record title to the Property and naming Buyer as the proposed insured, in the amount of the Purchase Price (the “Original Title Commitment”); (ii) true, correct, and legible copies of any and all instruments referred to in Schedule B of the Original Title Commitment (collectively, the “Title Instruments”); and (iii) a copy of the most recent survey of the Property or of a larger tract of land that contains the Property (the “Existing Survey”) (the Original Title Commitment, Title Instruments and Existing Survey, collectively, the “Title Documents”). Not later than five (5) days prior to the applicable Closing, Seller shall cause the Original Title Commitment to be updated for the portion of the Property being purchased (the “Closing Commitment”) and delivered to Buyer. Seller shall cause the Title Company to irrevocably commit to issue to Buyer at the applicable Closing an owner’s title insurance policy on the standard Texas form substantially in the form of the Closing Commitment but with all pre-printed, standard exceptions deleted that can be deleted under Texas title insurance regulations (including, without limitation, any parties in possession or tenants in possession exceptions), other than the exception for real property taxes for the year of Closing, a lien not yet due or payable, and subject only to the Permitted Exceptions (as defined below), insuring Buyer’s title to the applicable portion of the Property in the amount of the Purchase Price (the “Owner’s Title Policy”). Seller shall pay the base premium for the Owner’s Title Policy, and Buyer shall pay the costs for any Buyer-requested endorsements, or request to modify the area and boundary exception listed as item 2 of Schedule B of the Title Commitment to read ‘shortages in area’.
Title Commitment and Title Policy. Purchaser has ordered an owner’s title insurance commitment (“Title Commitment”) with respect to the Property issued by the Title Company, for an owner’s ALTA extended coverage title insurance policy (the “Title Policy”) in the amount of the Purchase Price, and a copy of the Title Commitment and copies of the Schedule B-2 exceptions have been delivered to Purchaser.
Title Commitment and Title Policy. Within three (3) Business Days of the Effective Date, Purchaser shall order an owner’s title insurance commitment (the “Title Commitment”) with respect to the Property issued by the Title Company, for such ALTA Owner’s Extended Coverage Title Insurance Policy, together with any endorsements, that Purchaser may require (the “Title Policy”). Purchaser shall cause copies of the Title Commitment to be delivered to Seller. All costs related to the Title Policy, escrow fees and other closing costs are included as Transaction Costs, payable by Seller.
Title Commitment and Title Policy. Within five (5) Business Days of the Effective Date, Purchaser shall order owner’s title insurance commitments (collectively, the “Title Commitments”) with respect to the Property or Properties issued by the Title Company, for such ALTA Owner’s Extended Coverage Title Insurance Policies, (collectively, the “Title Policies”). Purchaser may, at Purchaser’s expense, purchase endorsements to the Title Policies as Purchaser may elect. Purchaser shall cause copies of the Title Commitments to be delivered to Seller. For purposes of clarification, the parties acknowledge that there will be a Separate Effective Date for the Properties Under Construction, the Xxxxxx Chapel Property, and all other properties.
Title Commitment and Title Policy. Within five (5) business days after the Effective Date, Seller shall provide Purchaser with an owner’s title insurance commitment (“Title Commitment”) and copies of the Schedule B-2 exceptions with respect to the Property which shall only contain the Permitted Exceptions listed on Exhibit G issued by Old Republic National Title Insurance Company (the “Title Company”), for an owner’s title insurance policy (the “Title Policy”). The cost of the Title Policy shall be paid in accordance with Section 3.03 below.
Title Commitment and Title Policy. As soon as practicable after the Effective Date (as defined in Section 26), Seller will furnish Purchaser a Title Commitment from a title insurance company chosen by Seller and reasonably acceptable to Purchaser (the “Title Company”). At Closing, Seller will provide Purchaser a Title Policy in the full amount of the Purchase Price. Purchaser will have five (5) days after receipt of the Title Commitment to make written title and survey REPSC\Over $25,000 – Master – (2-13-2009) objections to Seller (the “Objections”). Objections must be limited to matters which substantially and adversely affect title to the Property. If Purchaser does not give Seller written notice of Objections within the time period specified. Purchaser will have waived the right to raise Objections, will accept any and all deficiencies without postponement of Closing (as defined in Section 11), and will close under the terms of the Contract. If Purchaser timely delivers Objections to Seller. Seller will have until the Closing Date (as defined in Section 11) to cure same. Seller has the right, in its sole discretion, to extend the Closing Date up to ninety (90) days from the original Closing Date in order to resolve Objections (the “Extended Closing Date”). Seller's intention to extend must be provided in writing to Purchaser on or before the Closing Date. Seller may notify Purchaser at any time that Seller declines to cure one or more of the Objections. Purchaser has five (5) days from the receipt of such declination to make the election described below. If Seller fails to give notice of declination and fails to cure any of the Objections by the Closing Date or the Extended Closing Date, as applicable, Purchaser has five (5) days after such Closing Date or Extended Closing date, as applicable, to make the election described below. The election Purchaser has, in either event described above, is to either (i) terminate the Contract and obtain the Xxxxxxx Money per Section 16 of this Contract, or (ii) waive the unsatisfied Objections and complete the purchase under the terms of this Contract. Failure by the purchaser to make an election within the time frame specified in this paragraph will be treated as an election of option (i) above. INSPECTION PERIOD: Purchaser will have a period of ten (10) days from and after the Effective Date to examine the Property and to conduct such physical tests, inspections, surveys, and other investigations as are reasonably necessary to determine whether the...
Title Commitment and Title Policy. A commitment to issue an owner's policy of title insurance, in the most recent ALTA form, without standard exceptions, naming Lessor as insured, in the amount of the Purchase Price of the Property, issued by a title insurance company acceptable to Lessor, and including title endorsements deemed necessary by Lessor's counsel, including, without limit, a comprehensive zoning endorsement. Title to the Property must be subject to no exceptions, unless approved in writing by Lessor prior to the Closing Date. The commitment to issue an owner's policy of title insurance must include an itemization of all outstanding and pending special assessments (or must state that there are none) and must include an itemization of all taxes affecting the Property, and must state whether the taxes are current. Copies of all instruments creating exceptions to title to the Property must be attached to the commitment to issue an owner's policy of title insurance. The owner's policy of title insurance must be issued effective on the Closing Date. The title company must enter into the Disbursement Agreement providing, among other things, that upon disbursement of funds to Lessee for construction costs of the Improvements, the title company shall issue an endorsement to the title policy, as of the disbursement date, insuring title to the Real Estate and Improvements, free and clear of liens, defects and encumbrances, other than those previously approved by Lessor and increasing the insured amount by the amount so disbursed.
Title Commitment and Title Policy. Seller, at Seller’s expense, shall obtain and deliver to Purchaser an owner’s title insurance commitment (collectively, the “Title Commitment”) with respect to the Property issued by the Title Company, for ALTA Owner’s Extended Coverage Title Insurance Policies (the “Title Policy”) within twenty (20) days from the Effective Date. The Title Commitment shall include an appropriate UCC search (the “UCC Search”). All costs related to the Title Policy, escrow fees and other closing costs shall be payable as set forth in Section 1.05.
Title Commitment and Title Policy. Within five (5) Business Days of the Effective Date, Purchaser shall order an owner’s title insurance commitment (the “Title Commitment”) with respect to the Property issued by the Title Company, for such ALTA Owner’s Extended Coverage Title Insurance Policy, together with any endorsements, that Purchaser may require (collectively, the “Title Policy”). Purchaser shall cause a copy of the Title Commitment to be delivered to Seller.
