Common use of Title Commitment and Title Policy Clause in Contracts

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. 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 Alset Villas Lots 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. 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 Section 4 Lots 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’.