Title Commitment; Title Policy. “Title Commitment” means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company, as agent for Underwriter, stating the condition of title to the Land. The “effective date” stated in the Title Commitment must be after the Effective Date of this contract. “Title Policy” means an Owner Policy of Title Insurance issued by Title Company, as agent for Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer.
Title Commitment; Title Policy. Seller has no obligation to provide Purchaser with a commitment for title insurance covering the Property. Prior to the auction event at which the Property is being sold, an attempt was made to include such a commitment in the electronic information made available to all prospective bidders on the Internet. At Closing, at Purchaser’s sole cost and expense as set forth in Section 13 hereof, Seller will cause an owner’s policy of title insurance covering the Property in the full amount of the Purchase Price (the “Title Policy”) to be issued to Purchaser by a title insurance company selected by Seller in its sole discretion (the "Title Company," provided, however, if the Property is of a residential nature designed principally for the occupancy of from one to four families, the Title Company will be selected and agreed upon by Xxxxxxxxx and Seller). Purchaser has no right to raise any objection to, nor does Seller have any obligation to eliminate or modify, any easement, lien, imposition, encumbrance, restriction, condition, covenant, or any other matter with respect to the Property, whether of record or not, or whether evidenced by a title commitment, survey, or otherwise. Purchaser hereby acknowledges and agrees that all such matters are permitted encumbrances hereunder and that conveyance of the Property pursuant to this Contract will be subject thereto.
Title Commitment; Title Policy. Buyer shall procure a commitment for an owner’s policy of title insurance (the “Title Commitment”) issued by the Title Company on the ALTA 2006 Owner’s Policy form (or other form acceptable to Buyer) with Extended Coverage, in which the Title Company shall agree to insure, for the full amount of the Purchase Price, merchantable fee simple title to the Property in the name of Buyer, free from the Schedule B standard printed exceptions and all other title exceptions except those title exceptions which are acceptable to Buyer, in its sole discretion (the “Permitted Exceptions”), after delivery of the Deed (as defined below) to Buyer from Seller. The Title Commitment shall cover and include any easements and other rights appurtenant to the Property. The Title Commitment shall have attached thereto complete, legible copies of all instruments noted as exceptions thereto. At Buyer’s option, the Title Commitment shall be updated prior to the Closing to reflect the state of title not more than ten (10) days prior to the Closing. Buyer shall pay any and all costs and expenses related to the title insurance, including all search fees, closing fees, and the premium for the owner’s title insurance policy and any endorsements requested by Buyer (collectively, the “Title Policy”) issued pursuant to the Title Commitment. At Buyer’s request, the Title Policy shall include, to the extent available under applicable law: (i) a zoning endorsement in a form acceptable to Buyer; (ii) an access endorsement to affirmatively insure access to and from the Property; (iii) a utilities endorsement to affirmatively insure that the Property has access to and is serviced by applicable, specified utility services; (iv) affirmative coverage of and for any appurtenant easements; (v) a contiguity endorsement, if the Property is comprised of two or more parcels; and (vi) any other title endorsements reasonably requested by Xxxxx or Xxxxx’s lender.
Title Commitment; Title Policy. At Closing or as soon as reasonably practicable after Closing, Seller shall cause the Title Company to issue to Purchaser an ALTA Owners Policy of Title Insurance -2006 Form, satisfactory to Purchaser (the “Title Policy”).
Title Commitment; Title Policy. Seller has no obligation to provide Purchaser with a title commitment or an owner's policy of title insurance covering the Property. Purchaser may elect to purchase same at its own expense from a title FDIC Standard QCD Form Real Estate Purchase and Sale Contract- Page 1 fdicformresalescontract_QCD_recorp_040411_final.doc Revised 04/04/11 company of its own choosing, which shall in no event delay Closing or cause Closing to occur other than as set forth in Section 11 of this Contract. Purchaser has ho right to raise any objection to, nor does Seller have any obligation to eliminate or modify, any easement, lien, imposition, encumbrance, restriction, condition, covenant, or any other matter with respect to the Property, whether of record or not, or whether evidenced by a title commitment, survey, or otherwise. Purchaser hereby acknowledges and agrees that all such matters are permitted encumbrances hereunder and that conveyance of the Prope1iy pursuant to this Contract will be subject thereto.
Title Commitment; Title Policy. (a) Within two days following the Effective Date or, if such day is not a business day, the next business day, Seller shall, to the extent not previously provided, deliver to Buyer a commitment for Owner’s Title Insurance Policy (“Commitment”) issued by Title Company setting forth the state of title to the Property and all exceptions and restrictions of record including deed restrictions, lien and covenants with copies of all documents affecting the Property reflected in the Commitment (“Title Documents”). In the event any exceptions appear in such Commitment or Title Documents, other than the standard printed exceptions, state, county or city ad valorem taxes and/or assessments not yet delinquent and the Leases, that are unacceptable to Purchaser, then Purchaser shall, within 10 days following the Effective Date (“Title Objection Date”) or, if such day is not a business day, the next business day, notify Seller in writing of such fact. Any such exceptions not objected to by Purchaser by the Title Objection Date, together with the standard printed exceptions, state, county or city ad valorem taxes and/or assessments not yet delinquent and the Leases, shall be deemed “Permitted Exceptions.”
(b) Within two days following the Effective Date or, if such day is not a business day, the next business day, Seller shall, to the extent not previously provided, provide Purchaser with the an updated survey of the Property (the “Survey”). The Survey shall be certified to Seller and Title Company. Purchaser may have the Survey certified to Purchaser. If the Survey indicates the presence of any encroachments by or upon the Property, or other matters which do or could materially adversely affect Purchaser’s use or operation of the Property, and Purchaser gives Seller notice of such matters by September 26, 2007 (the “Survey Objection Date”) (provided Purchaser receives the Survey by September 21, 2007), such matters shall be considered Defects, and the cure provisions set forth in Section 2.03(c) shall apply. In the event Purchaser does not receive the Survey by September 21, 2007, the Survey Objection Date shall be extended one day for each day the delivery of the Survey is delayed.
(c) The items described in Sections 2.03 (a) and (b) are collectively referred to as “Title Evidence.” If the Title Evidence discloses defects, claims, liens, exceptions, or conditions unacceptable to Purchaser (“Defects”) and Purchaser gives timely written notice of objections to the Defects...
Title Commitment; Title Policy. The parties acknowledge that the Title Company has issued in favor of Purchaser that certain Commitment For Title Insurance No. 08-0057 dated with an Effective Date of February 18, 2008 for the issuance of an ALTA Owners Policy of Title Insurance-2006 Form (the “Title Commitment”). At Closing or as soon as reasonably practicable after Closing, Seller shall cause the Title Company to issue to Purchaser an ALTA Owners Policy of Title Insurance -2006 Form, in accordance with the Title Commitment (the “Title Policy”).
Title Commitment; Title Policy. 55 11.2 Objections .............................................55
Title Commitment; Title Policy. “Title Commitment” means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company, as agent for its Underwriter, stating the condition of title to the Land. The “effective date”; stated in the Title Commitment must be after the Effective Date of this contract. “Title Policy” means an Owner Policy of Title Insurance issued by Title Company, as agent for its Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer. Buyer has until Thirty six days after the effective date (“Title Objection Deadline”) to review the Title Commitment and the copies of the title instruments referenced in same and notify Seller of Buyer’s objections to any of them (“Title Objections”). Buyer will be deemed to have approved all matters reflected by the Title Commitment, to which Buyer has made no Title Objection by the Title Objection Deadline. The matters that Buyer either approves or is deemed to have approved are “Permitted Exceptions.” If Buyer notifies Seller of any Title Objections, Seller has five days from receipt of Buyer’s notice to notify Buyer whether Seller agrees to cure the Title Objections before closing (“Cure Notice”). If seller does not timely give its Cure Notice or timely gives its Cure Notice but does not agree to cure all the Title Objections before closing, Buyer may, within five days after the deadline for the giving of Seller’s Cure Notice, notify Seller that either this contract is terminated or Buyer will proceed to close, subject to Seller’s obligations to remove all exceptions that arise by, through, or under Seller after the Effective Date, and cure only the Title Objections that Seller has agreed to cure in the Cure Notice.
Title Commitment; Title Policy a.) The Seller shall within twenty (20) days hereof, deliver to the Buyer a commitment to issue a policy of title insurance. Any commitment made hereunder shall be in the amount of purchase price of the Property, naming the Buyer and (mortgagee, if any), as the proposed insured; and issued by a title insurance company licensed to write title insurance in Missouri, which commitment shall insure the title to be marketable as called for by this contract and shall provide that a policy or policies shall be issued after the General Warranty Deed to the Buyer is placed of record. Cost for the title commitment, title insurance, and mortgagee’s insurance, if any, shall be paid by Buyer. Buyer, at its sole option, expense and liability may also obtain a current survey of the Property (the “Survey”) to determine if there are any defects encroachments, overlaps, boundary line or acreage discrepancies, or other adverse matters that may be disclosed.
b.) In the event the commitment for title insurance shall not show marketable title in Seller (except liens which can be discharged as a matter of course by the payment of money), or the Survey shall disclose any adverse matters, the Buyer shall specify the objections to the title commitment in writing within ten (10) days after such delivery of the commitment and shall specify the objections to the Survey in writing within ten (10) days after such delivery of the Survey. Any such defects not objected to shall be deemed waived by the Buyer. If any said defects so noted are not corrected within thirty (30) days after the delivery of such objections; then this contract shall be null and void unless the Buyer gives a written notice to the Seller of its election to waive such defects. If the contract is terminated under this Section, then the xxxxxxx money is to be refunded to Buyer and if any defect objected to causes a failure of marketable title, the Seller shall be liable for Survey and title examination charges.
c.) It is understood and agreed that title herein required to be furnished is marketable title as set forth in Title Standard Four of the Missouri Bar. It is also agreed that any encumbrance or defect in the title which is within the scope of any of the Title Standards of the Missouri Bar shall be deemed cured if the Seller shall take the curative action, if any, recommended or prescribed by said Standards.
