Common use of Title Commitment; Survey Clause in Contracts

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. 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 Bay Hill 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. 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.; (32) The exclusions listed in the “Exclusions from Coverage” of the ALTA Extended Coverage Policy; (43) Any lien voluntarily imposed by Buyer.; (54) 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.; (65) All New Matters approved by Buyer pursuant to Section 5.1(j) hereof.

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.; (32) The exclusions listed in the “Exclusions from Coverage” of the ALTA Extended Coverage Policy; (43) Any lien voluntarily imposed by Buyer.; (54) Any matters set forth in the Preliminary Title Commitment Report 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.; (65) All New Matters approved by Buyer pursuant to Section 5.1(j) hereof.