Title Commitment; Title Objections Sample Clauses
The "Title Commitment; Title Objections" clause defines the process by which a buyer reviews the preliminary title report (title commitment) for a property and raises any objections to defects or issues found in the title. Typically, the seller is required to provide the buyer with a title commitment within a specified timeframe, after which the buyer has a set period to review the document and notify the seller of any unacceptable encumbrances, liens, or exceptions. This clause ensures that the buyer is aware of any title problems before closing and provides a mechanism for resolving or objecting to such issues, thereby protecting the buyer from inheriting undisclosed title defects.
Title Commitment; Title Objections. The Owners have ordered and have caused to be delivered to Cedar, a title insurance report and commitment (the "Commitment") for the Title Policy (as hereinafter defined) from Legal Abstract Co., ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (the "Title Company"). Upon receipt of any updates or revisions to the Commitment, Cedar shall furnish copies thereof to the Owners' attorneys. The parties acknowledge and agree that the Commitment contains certain objections to title which are not Permitted Exceptions (the "Title Objections"). If any supplement, amendment or modification of the Commitment contains any additional Title Objections not contained in the original Commitment, Cedar shall give notice to the Owners, within ten (10) days of its receipt of such supplement, amendment or modification, setting forth such additional Title Objections contained therein. In the event Cedar fails to give notice within such ten (10) days following its receipt of such supplement, amendment or modification, Cedar shall be deemed to have waived its right to object thereto.
Title Commitment; Title Objections. (a) Title insurance for the acquisition will be provided by ▇▇▇▇▇▇▇ Title Insurance Company. The order for title will be placed jointly through First Nationwide Title Agency and National Land Tenure Company LLC.
(b) Attached as Schedule 11 is a copy of that certain commitment for title insurance from ▇▇▇▇▇▇▇ Title (the “Title Commitment”). Seller has also provided to Buyer prior to or concurrently herewith a survey for the Real Property prepared by ▇▇▇▇▇▇▇▇▇ Surveying, P.C., dated May 19, 2012 (the “Survey”). Attached as Schedule 13 is a ▇▇▇▇-up of Schedule B of the Title Commitment, identifying Buyer’s Title Objections (defined below) and Seller shall cure such Title Objections on or prior to the Closing.
(c) If the Title Company raises or the Title Commitment contains any objectionable or supplemental title exceptions (other than the Permitted Exceptions), whether on a continuance, by endorsement or otherwise, Buyer shall have the right to send a statement (a “Title Objection Statement”) to Seller within five (5) days of Buyer’s receipt thereof (but in no event after the Closing Date) objecting to such title exceptions, encumbrances, liens or other title matters (other than Permitted Exceptions) (such objections, the “Title Objections”), and Seller will have a reasonable period of time from receipt of such statement(s) to respond thereto pursuant to clause (c) below. Notwithstanding the foregoing, any additional or supplemental exceptions, encumbrances, liens or other title matters not specifically identified in a Title Objection Statement within such five (5) day period shall also be deemed to be “Permitted Exceptions”; provided, however, that all Mandatory Seller Removal Items (as hereinafter defined) shall automatically be deemed Title Objections without the need for any notice by Buyer to Seller as provided herein.
(d) In the event Buyer shall deliver a Title Objection Statement within the applicable time periods referred to in Section 4.2(b), Seller shall have the right, but not the obligation, to attempt to cure any such Title Objections. Within ten (10) days after receipt of a Title Objection Statement, Seller shall notify Buyer in writing whether Seller elects to attempt to cure any such Title Objections. If Seller shall fail to notify Buyer in writing whether Seller elects to attempt to cure any such Title Objections within such 10-day period, Seller shall be deemed to have elected to attempt to cure any such Title Objections. If Seller elects o...