Common use of Title Commitment; Title Policy Clause in Contracts

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 Buyer or Buyer’s lender.

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 Buyer Xxxxx or BuyerXxxxx’s lender.

Title Commitment; Title Policy. Buyer shall procure Within thirty (30) days following the Effective Date, Purchaser shall, at its sole cost and expense, cause to be prepared and delivered to itself (with a copy to Seller), together with full and complete copies of all “exception” documents and instruments referenced therein, a commitment for an owner’s policy of title insurance (the “Title Commitment”) for a leasehold owner’s policy of title insurance issued by the Settlement Agent, as Title Company on Company, in the ALTA 2006 Ownername the Purchaser as “Proposed Insured” with an effective date following the Effective Date of this Agreement, and which shall reflect the state of title to the Land and Facilities and which shall require the issuance, also at Purchaser’s sole cost and expense, of the Title Policy form (or other form as defined hereinbelow) to the Purchaser at Settlement, subject to no requirements not acceptable to Buyer) with Extended CoveragePurchaser other than as provided for by the terms and conditions of this Agreement or as may be otherwise approved by Purchaser in its discretion. As used in this Agreement, “Title Policy” shall mean shall mean one or more — as Purchaser shall reasonably require at Settlement — leasehold owner’s title insurance policies (ALTA Form 2006), dated as of the Settlement Date, in which the Title Company shall agree a face amount equal to insure, for the full amount of the Purchase Price, merchantable fee simple title or allocated Purchase Price sums should Purchaser separate the Facilities under amendments to the Property Franchise Agreement with the lessor thereunder (or under one or more new franchise agreements), which will insure Purchaser’s (a) leasehold estate to and in the name Land, (b) fee title in the Facilities (subject to the terms and conditions of Buyerthe Franchise), free from together with all associated Fixtures, and (c) rights of possession pursuant to any easements or other rights and agreements benefiting the Schedule B Land, to be vested in the Purchaser, but only to the extent provided for in the Franchise Agreement, upon recording of the applicable assignments and deeds subject to no standard printed or special exceptions other than (i) those matters affecting title thereto as approved in writing by Purchaser during the Review Period with it being agreed that Seller shall, subject to Purchaser’s obligation to provide the Survey should it desire to seek removal of the obligations, cause the removal and deletion prior to Settlement of all other title exceptions except “standard exceptions”, (ii) the lien of real property taxes only for the year in which Settlement occurs and subsequent years with the year of Settlement to be prorated at Settlement, and (iii) those title exceptions which are acceptable specific matters, if any, reflected upon the Survey (as hereinbelow defined) to Buyerthe extent approved by Purchaser in writing during the Review Period (herein, those items identified in its sole discretion (i), (ii) and (iii) above are, collectively, referred to as the “Permitted Exceptions”), after delivery of the Deed (as defined below) to Buyer from Seller. The Title Commitment Policy shall cover and include any easements and other rights appurtenant to the Property. The Title Commitment shall have attached thereto completealso contain such endorsements as Purchaser may reasonably request (including without limitation, legible copies of all instruments noted as exceptions thereto. At Buyer’s optionaccess, the Title Commitment shall be updated prior to the Closing to reflect the state of title not more than ten address, comprehensive, contiguity (10) days prior to the Closing. Buyer shall pay any and all costs and expenses related to the title insuranceif appropriate), including all search feeslegal lot, closing feessingle tax parcel (if appropriate), survey, utility availability, 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 Buyer or Buyer’s lenderendorsements.