Title Commitment; Survey. (a) Seller shall cause to be delivered to Purchaser: (i) the Title Commitment no later than August 5, 2006; (ii) available copies of all title exception documents referred to in the Title Commitment no later than August 5, 2006; and (iii) an ALTA form update of and recertification of the Existing Survey to a current date, which update and recertification shall be delivered to Purchaser no later than August 10, 2006. At Closing, Purchaser shall cause the Title Commitment to be updated. Purchaser may, if it so elects and at its sole cost and expense, arrange for the preparation of a revised, updated or recertified version of the Existing Survey. Upon receipt of any such revised or updated version, of the Existing Survey, Purchaser shall promptly deliver a copy of same to Seller.
(b) If the Title Commitment (or any update thereto) or Existing Survey (or any update or revision thereto) discloses exceptions or matters other than the Permitted Exceptions, then on or before August 15, 2006 “Objection Date”), Purchaser shall notify Seller of any such exceptions or matters to which it objects. Any such exceptions or matters not objected to by Purchaser as aforesaid shall become “Permitted Exceptions”. If Purchaser timely objects to any such exceptions or matters (which Purchaser may do only if Purchaser agrees to cooperate and cause C-H Associates to execute and deliver such documents as are necessary to the removal of such exceptions and matters), then Seller shall, on or before August 18, 2006, deliver notice to Purchaser indicating whether Seller shall cause the removal of such exceptions or matters (which removal may be by way of waiver or endorsement by Title Insurer). Failure by Seller to deliver notice on or before such date shall be deemed to be an election by Seller not to cause the removal of such exceptions or matters. If Seller elects (or is deemed to have elected) not to cause the removal of any such exceptions or matters as aforesaid, Purchaser shall, prior to the expiration of the Due Diligence Period, have the option, as its sole and exclusive remedy, to either (a) waive the unsatisfied objections and close, or (b) terminate this Agreement by written notice to Seller given prior to the expiration of the Due Diligence Period. If Purchaser so terminates this Agreement, then the Exxxxxx Money shall be returned to Purchaser, and neither party shall have any further rights or obligations under this Agreement except those which expressly survive terminati...
Title Commitment; Survey. Except as expressly set forth in Section 8.1 and Section 8.3(a), all title exceptions and matters set forth in the Title Commitment and on the Survey or any Updated Survey shall be deemed Permitted Exceptions. Buyer is solely responsible for obtaining any updated title commitments, surveys, or any other title related matters Buyer desires with respect to the Property.
Title Commitment; Survey. (a) Within seven (7) days after the date this Agreement is signed by both Parties, Seller shall order and request to be furnished to Purchaser, at Seller’s cost, a commitment for an ALTA Owner’s Title Insurance Policy issued through the Title Company for the full amount of the Purchase Price, along with all documents listed as exceptions therein (the “Commitment”); provided, however, that Purchaser shall be responsible to obtain and pay the associated cost for any title insurance endorsements or lender’s policy that it may require. In addition, during such seven (7) day period, Seller agrees to provide Purchaser with (i) a copy of any survey of the Property currently in Seller’s possession and/or control, if any, and to permit Purchaser to obtain (at any time) a survey of the Property (“Survey”) at Purchaser’s sole cost and expense, from a licensed professional surveyor, (ii) copy of the Leases, together with any amendments thereto, (iii) environmental reports (if any) currently in Seller’s possession and/or control, (iv) permits, licenses, equipment leases, warranties, (v) engineering reports, and (vi) any additional documents in Seller’s current possession and control which materially relate to the Property (“Seller Documents”). Upon delivery of all Seller Documents, Xxxxxx agrees to provide notice to Purchaser confirming that such delivery is complete.
(b) Prior to Closing, the Commitment shall show in Seller, good and merchantable title to the Property, in fee simple, free and clear of all liens and encumbrances other than the following exceptions: (i) zoning and building laws, ordinances and regulations; (ii) legal streets and highways; (iii) building setback lines, rights-of-way and covenants, restrictions, conditions, and easements of record; (iv) the lien of real estate taxes which are not then due and payable; (v) those certain Leases with respect to the Property between Seller, as landlord; (vi) matters as would be disclosed by a current and accurate survey and physical inspection of the Property, and (vii) any encumbrances created by or existing due to actions of or with consent Purchaser (collectively, the “Permitted Exceptions”). At or as soon as reasonably practicable after Closing, an owner’s title insurance policy in conformance with the Commitment indicating the release of all mortgage liens, if any, shall be provided to Purchaser at Seller’s cost.
Title Commitment; Survey. (a) Concurrently with the receipt by Purchaser of a fully executed copy of this Agreement, Purchaser shall order from Chicago Title Insurance Company, Attn: Xxxxxx Xxxxxx (“Title Company”) a commitment (the “Title Commitment”) for an Owner’s Policy of Title Insurance (Form T-1), and a copy of all recorded documents referred to in the Title Commitment as exceptions to title to the Property (the “Title Documents”).
(b) Purchaser acknowledges that prior to the Effective Date, Seller has delivered to Purchaser an ALTA survey of the Real Property and Improvements made by Xxxxxx and Associates dated March 26, 1992 (the “Existing Survey”). Purchaser shall have the right, at its sole cost and expense, to obtain a current survey of the Real Property and Improvements or to update the Existing Survey (the “Survey”) in accordance with the Minimum Standard Detail Requirements and Classifications for ALTA/ACSM Land Title Surveys published in 2005.
Title Commitment; Survey. Within five (5) Calendar Days following the Effective Date, Seller shall cause to be delivered to Buyer: (i) an ALTA Form B title insurance commitment with Extended Coverage (ALTA Form 2006), or its state equivalent, showing indefeasible, good and marketable fee simple title to the Property vested in Seller in the amount of the Purchase Price for an owner’s title insurance policy (the “Title Commitment”) written on the Title Insurer and issued by the Title Agent; and (ii) Seller has previously provided the most current existing survey of the Real Property in Seller’s possession and/or control (the “Existing Survey”). Buyer may, at its option, procure an update of the Existing Survey, at Buyer’s sole cost and expense (the “Updated Survey”). Fee simple title to the Real Property shall be conveyed by Seller to Buyer subject only to the following exceptions to title (collectively, the “Permitted Title Exceptions”):
(1) The West Broad Loan;
(2) Non-delinquent real and personal property taxes and assessments.
(3) The exclusions listed in the “Exclusions from Coverage” of the ALTA Extended Coverage Policy;
(4) Any lien voluntarily imposed by Buyer.
(5) Any matters set forth in the Title Commitment and the Survey that are approved by Buyer in accordance with the procedures and within the time periods set forth in Section 4.1(e) hereof.
(6) All New Matters approved by Buyer pursuant to Section 5.1(j) hereof.
Title Commitment; Survey. The Buyer has received and reviewed a copy of the Title Commitment and the Existing Survey.
Title Commitment; Survey. Promptly after the Effective Date the Company shall obtain at its expense: (i) a title commitment from the Title Company, together with legible copies of documents referred to in such commitment (a "COMMITMENT"), for an owner's policy of title insurance covering the Property which shall in all material respects satisfy the requirements, and include the endorsements, set forth in Exhibit 4.2.1 attached hereto, and (ii) a current plat of survey of the Property, including the Improvements (a "SURVEY") prepared by a licensed surveyor, which shall be certified to the Company, the Company's assignee (if any), and the Title Company by means of a certificate substantially in the form of Exhibit 4.2.2 attached hereto. The Company shall (i) instruct the Title Company to deliver copies of the Commitment (and all title continuations thereof) to Owner and its attorneys concurrently with the delivery of the Commitment to the Company, and (ii) instruct the surveyor preparing the Survey to deliver a copy of the Survey to each of Owner and its attorneys concurrently with its delivery thereof to the Company.
Title Commitment; Survey. Seller will order and deliver to Purchaser upon receipt a commitment issued by Chicago Title Insurance Company (the "Title Company") (ALTA 1992) to insure title to the Real Estate in the name of Purchaser (the "Title Commitment"), and Seller will deliver an Alta form survey no more than six months old to purchaser certified to purchaser tile company and purchasers lender its existing survey (“Survey”).
Title Commitment; Survey. Buyer shall obtain during the Due Diligence Period (i) the Title Commitment from the Title Company, and (ii) the Survey certified by the surveyor to Buyer as having been prepared in accordance with the minimum detail requirements of the ALTA land survey requirements, and (iii) a zoning report for the Property. Buyer shall give notice to Seller on or prior to the expiration of the Due Diligence Period (the “Initial Title Date”) specifying all title, survey or zoning matters or exceptions to which Buyer is unwilling to accept and which are not Permitted Exceptions (each such exception, a “Title Defect”). In the event the Title Commitment, or Survey or zoning report or update of any of the foregoing is received after the Initial Title Date, Buyer shall give notice to Seller of any Title Defect within three (3) Business Days after the Buyer’s receipt of such information (and in any event, prior to the Closing) (each notice from Buyer under this Section, a “Title Defect Notice”).
Title Commitment; Survey. (a) Prior to the Effective Date, Purchaser has received from Chicago Title Insurance Company (“Title Company”) a commitment (the “Title Commitment”) for an Owner’s Policy of Title Insurance, and a copy of all recorded documents referred to in the Title Commitment as exceptions to title to the Property (the “Title Documents”).
(b) Purchaser acknowledges that prior to the Effective Date, Seller has delivered to Purchaser an ALTA survey of the Real Property and Improvements made by Xxxxxx and Associates dated March 26, 1992 (the “Existing Survey”). Purchaser shall have the right, at its sole cost and expense, to obtain a current survey of the Real Property and Improvements or to update the Existing Survey (the “Survey”) in accordance with the Minimum Standard Detail Requirements and Classifications for ALTA/ACSM Land Title Surveys published in 2005.
