Common use of Title Commitment; Survey Clause in Contracts

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) Seller shall, at its expense, order a title commitment (athe “Title Commitment”) Within seven with respect to the Real Property, with complete and legible copies of all exception instruments referred to therein (7referred to collectively as “Title Documents”) within three (3) business days after the Effective Date and cause a copy of same to be delivered to Purchaser. B) Seller shall deliver to Purchaser, within fifteen (15) days after the date this Agreement is signed by both PartiesEffective Date, 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 Real Property currently in Seller’s possession and/or control, if any, and to permit Purchaser to obtain (at any time) a survey as of the Property (Effective Date.(the “Survey”) ). Seller shall, at Purchaser’s sole its cost and expense, from use good faith efforts to cause the Survey to be updated (or a licensed professional surveyornew Survey to be prepared) and delivered to Purchaser and the title company prior to the Closing Date, (iiwith said updated or new Survey: 1) copy Setting forth an accurate description of the LeasesReal Property and locate all of the then Improvements; 2) Locating all the exceptions disclosed in the Title Commitment (setting forth the book and page or document number of the recorded instruments creating the same), together with alleys, streets and roads; 3) Showing any amendments thereto, (iiiencroachments upon or by the Real Property; 4) environmental reports (if anyContaining a surveyor’s certification in favor of Purchaser and the title company and which shall allow the title company to delete or amend any survey exception to be contained in Purchaser’s title policy; 5) 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 Showing all dedicated public streets providing access to the Real 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, and 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 municipal address of the PropertyImprovements; 6) Being prepared in conformity with minimum standard detail requirements for land title surveys of the American Land Title Association and the American Congress on Surveying and Mapping; and 7) Addressing ALTA/ACSM Table A optional items numbers 1, 2, 3, 6, 7(a), 7(b)(1), 8, 9 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 cost11.

Title Commitment; Survey. A) Seller shall, at its expense, order a title commitment (athe "Title Commitment") Within seven with respect to the Property, including all appurtenant easements, with complete and legible copies of all exception instruments referred to therein (7referred to collectively as "Title Documents") within one (1) business day after the Effective Date and cause same to be delivered to Purchaser. B) Purchaser may, within one (1) business days after the date Effective Date, instruct the Escrow Agent to order a Uniform Commercial Code Financing Statement Search covering the Property, the Seller's name and any other possible debtors. C) Prior to execution of this Agreement is signed by both PartiesAgreement, Seller shall order and request has delivered 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 that certain ALTA survey of the Real Property currently in Seller’s possession and/or controldated May 9, if any1996, and prepared by Xxxx & Xxxxxx (the "Survey"). Prior to permit Purchaser to obtain (the Contingency Date, Seller shall, at any time) a survey of the Property (“Survey”) at Purchaser’s sole its cost and expense, from cause the Survey to be updated (or a licensed professional surveyor, (iinew Survey to be prepared) copy and delivered to Purchaser and the title company. The updated or new Survey shall: 1) Set forth an accurate description of the LeasesReal Property and locate all of the then Improvements; 2) Locate all the exceptions disclosed in the Title Commitment (setting forth the book and page or document number of the recorded instruments creating the same), together with alleys, streets and roads; 3) Show any amendments thereto, (iiiencroachments upon or by the Real Property; 4) environmental reports (if anyContain a surveyor's certification in favor of Purchaser and the title company and which shall allow the title company to delete or amend any survey exception to be contained in Purchaser's title policy; 5) 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 Show all dedicated public streets providing access to the Real 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, and 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 municipal address of the PropertyImprovements; 6) Be prepared in conformity with minimum standard detail requirements for land title surveys of the American Land Title Association and the American Congress on Surveying and Mapping; and 7) Address ALTA/ACSM Table A optional items numbers 1, 2, 3, 6, 7(a), 7(b)(1), 8, 9 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 cost11.

Title Commitment; Survey. (a) Within seven No later than thirty (730) days after the date of delivery of this Agreement is signed by both PartiesAgreement, Seller shall order and request to be furnished to Purchaserobtain, at Seller’s cost's expense, a commitment for an ALTA Owner’s Title Insurance Policy issued through and deliver to Buyer, 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 following: (i) a copy An owner's policy title commitment (the "Title Commitment") with respect to the real estate owned by the Bank and used for its building and parking lots (the "Real Estate"). The Title Commitment shall: be from Chicago Title Insurance Company or other title insurance company authorized to do business in Illinois and satisfactory to Buyer; have an effective date as close as feasible to the date of any survey delivery of such Title Commitment; commit the issuer to issue to the Bank on the Closing Date an American Land Title Association (ALTA) Form B title insurance policy having an effective date as of the Property currently Closing Date in Seller’s possession and/or control, if anythe amount allocated to the Real Estate pursuant to, and to permit Purchaser to obtain with the endorsements listed on, Exhibit E (at any time) a survey the "Title Policy"); and show title vested in the Bank and free of the Property (“Survey”) at Purchaser’s sole cost and expenseall liens or encumbrances except Permitted Exceptions, from a licensed professional surveyor, as defined in Subsection 16.8 hereof. (ii) copy A survey (the "Survey") with respect to the Real Estate, dated on or after the date of the LeasesTitle Commitment. The Survey shall be an ALTA/ACSM 1988 Class A Survey, together with any amendments theretoincluding Table 3 requirements 1 through 12, (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 completeshowing no survey defects other than Permitted Exceptions. (b) Prior If the Title Commitment or the Survey discloses title exceptions other than Permitted Exceptions, Seller shall have ten (10) days from the date of delivery thereof to Closinghave such exceptions cleared and removed from the Title Commitment, or to have the Commitment shall show title insurer commit to insure against loss or damage that may be occasioned by such exceptions by an endorsement in Seller, good form and merchantable title substance satisfactory to the PropertyBuyer, in fee simple, free and clear of all liens and encumbrances other than Buyer's sole discretion. If 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 exceptions are not then due and payable; removed or endorsement over the exceptions is not obtained, Buyer may terminate this Agreement upon notice to Seller within fifteen (v15) those certain Leases with respect to days after the Property between Seller, as landlord; (vi) matters as would be disclosed by a current and accurate survey and physical inspection expiration of the Property10-day cure period, and (vii) any encumbrances created by or existing due may elect to actions of or with consent Purchaser (collectively, take title notwithstanding 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 costexceptions.