Common use of Title Commitments and Surveys Clause in Contracts

Title Commitments and Surveys. (a) Within forty-five (45) days after the date of this Agreement, Seller at the cost and expense of Buyer, shall provide to Buyer, title commitments for owners’ policies of title insurance (each, a “Title Commitment”) prepared by Chicago Title Insurance Company or another title insurance company selected by Buyer (“Title Company”) based on the Existing Title Insurance Policies and certified ALTA surveys prepared by licensed surveyors selected by Buyer (each, a “Survey”), with respect to all of the Owned Real Properties. Each such Survey: (i) shall be an ALTA survey duly certified by the respective surveyor to Buyer, the Company, Seller, the Title Company and any other parties selected by Buyer; (ii) shall be in form and substance reasonably acceptable to Buyer and the Title Company; and (iii) shall show no encroachments or other survey defects with respect to the buildings, structures and other improvements thereon and which shall show no encroachments or other survey defects with respect to the property lines and boundaries thereof (in each case, other than Permitted Encumbrances). Each such Title Commitment shall reflect that upon payment of all premiums and charges due for such title insurance, and satisfaction by Seller of all requirements therein, the Company shall be vested with good, marketable and fee simple title to such Owned Real Properties, subject only to Permitted Encumbrances. To the extent available in the State of Iowa, each Title Commitment delivered pursuant to this Section 7.8(a) shall contain, at Buyer’s sole cost and expense, the following endorsements: Fairway, Non-Imputation, Zoning 3.1 (with parking), access, contiguity, survey (same/same), permanent index (tax parcel) number, owner’s comprehensive, and extended coverage (deletion of standard exceptions), and any other endorsements reasonably required by Buyer. Subject to Section 7.8(b), in the event that any of the Title Commitments or Surveys to be obtained pursuant to this Section 7.8(a) reveals Encumbrances that are not Permitted Encumbrances, to the extent that such Encumbrances can be cured by the payment or expenditure of money, Seller shall be obligated to correct or cure such defect or problem as promptly as practicable. Seller shall deliver, on or prior to the Closing, final dated-down Title Commitments (for the issuance of final title policies) and Buyer shall pay, at Closing, all reasonable costs and expenses of the Title Company for all title insurance work charges, searches, title examinations, abstracts, all ALTA title insurance premiums and all endorsements.

Title Commitments and Surveys. 1.Purchaser shall, at Purchaser's expense, obtain (ai) Within forty-five a title commitment (45the "Commitment") for an Owner's Title Insurance Policy issued by a title insurance company reasonably satisfactory to Purchaser in the amount of the Purchase Price, covering title to the Property and (ii) a survey of the Property (the "Survey"). Purchaser shall have until the expiration of the Inspection Period to provide written notice to Seller of any matters shown by the Commitment and Survey affecting the Property which are not satisfactory to Purchaser, which notice (a "Title and Survey Notice") must specify the reason such matter(s) are not satisfactory and the curative steps necessary to remove the basis for Purchaser's disapproval. The parties shall then have thirty (30) days after the date of such Title and Survey Notice to make such arrangements or take such steps as they shall mutually agree to satisfy Purchaser's objection(s). The Closing hereunder shall be extended by the period of time (not to exceed 30 days) that Seller and Purchaser cooperate for purposes of agreeing to such arrangement or steps to satisfy Purchaser's objectives. If the parties fail to agree on the necessary steps, Purchaser shall have a right to terminate this Agreement during the ten (10) day period following the expiration of the aforesaid thirty (30) day period. If Purchaser exercises such right, Escrow Agent shall thereupon promptly return the Deposit to Purchaser. Thereafter, neither party shall have any further liability to the other under this Agreement. Seller, Seller at the cost and expense of Buyerhowever, shall provide to Buyerbe required, title commitments for owners’ policies of title insurance (each, a “Title Commitment”) prepared by Chicago Title Insurance Company or another title insurance company selected by Buyer (“Title Company”) based on the Existing Title Insurance Policies and certified ALTA surveys prepared by licensed surveyors selected by Buyer (each, a “Survey”), with respect to all of the Owned Real Properties. Each such Survey: (i) shall be an ALTA survey duly certified by the respective surveyor to Buyer, the Company, Seller, the Title Company and any other parties selected by Buyer; (ii) shall be in form and substance reasonably acceptable to Buyer and the Title Company; and (iii) shall show no encroachments or other survey defects with respect to the buildings, structures and other improvements thereon and which shall show no encroachments or other survey defects with respect to the property lines and boundaries thereof (in each case, other than Permitted Encumbrances). Each such Title Commitment shall reflect that upon payment of all premiums and charges due for such title insurance, and satisfaction by Seller of all requirements therein, the Company shall be vested with good, marketable and fee simple title to such Owned Real Properties, subject only to Permitted Encumbrances. To the extent available in the State of Iowa, each Title Commitment delivered pursuant to this Section 7.8(a) shall contain, either at Buyer’s sole cost and expense, the following endorsements: Fairway, Non-Imputation, Zoning 3.1 (with parking), access, contiguity, survey (same/same), permanent index (tax parcel) number, owner’s comprehensive, and extended coverage (deletion of standard exceptions), and any other endorsements reasonably required by Buyer. Subject to Section 7.8(b), in the event that any of the Title Commitments or Surveys to be obtained pursuant to this Section 7.8(a) reveals Encumbrances that are not Permitted Encumbrances, to the extent that such Encumbrances can be cured by the payment or expenditure of money, Seller shall be obligated to correct or cure such defect or problem as promptly as practicable. Seller shall deliver, on or prior to the Closing, final dated-down Title Commitments to discharge mortgages or other liens upon the Property as hereinafter provided or to use the Purchase Price to so discharge such mortgages unless otherwise assigned to or assumed by Purchaser pursuant to the terms hereof. Purchaser agrees to accept title subject to residential tenant leases and all matters of record (for other than liens) which do not materially interfere with the issuance of final title policies) and Buyer shall pay, at Closing, all reasonable costs and expenses current use of the Title Company for all title insurance work charges, searches, title examinations, abstracts, all ALTA title insurance premiums Property and all endorsementsuses permitted under applicable zoning laws.

Title Commitments and Surveys. (a) Within forty-five (45) days after Prior to the date execution and delivery of this Agreement, each of the Seller at Parties has made available to Purchaser or its counsel, copies of: (i) the cost most recent title insurance policy, commitment, or pro forma, whether owner’s or lender’s, if any, relating to any of the Properties in such Seller Party’s possession (each, an “Existing Policy” and expense collectively, the “Existing Policies”), and (ii) the most recent survey, if any, relating to any of Buyerthe Properties in such Seller Party’s possession (each, shall provide an “Existing Survey” and collectively, the “Existing Surveys”). Prior to Buyerexecution of this Agreement, the Seller Parties ordered current title commitments for owners’ policies each of title insurance (each, a “Title Commitment”) prepared by Chicago the Properties from First American Title Insurance Company or another title insurance company selected by Buyer (the “Title Company”) based on and the Existing Seller Parties shall use Commercially Reasonable Efforts to cause the Title Insurance Policies and certified ALTA surveys prepared by licensed surveyors selected by Buyer Company to deliver such title commitments, together with the recorded documents referenced in schedule B to each such title commitment (eachcollectively, a the “SurveyTitle Commitments”), with respect to all Purchaser’s counsel no later than May 31, 2013; provided, however, Purchaser acknowledges that certain of the Owned Real Title Commitments for the Properties, not to exceed one hundred (100) Properties, may be delivered following May 31, 2013, in which event the Seller Parties shall continue to use Commercially Reasonable Efforts to cause the Title Company to deliver such Title Commitments to Purchaser’s counsel no later than June 7, 2013. Each such Survey: (i) shall be an ALTA survey duly certified by In the respective surveyor to Buyerevent of a Deferred Transaction, the CompanySeller Parties shall, Sellerat Purchaser’s request, order updates or bringdowns of the Title Commitments for each of the Deferred Properties from the Title Company and any other parties selected by Buyer; (ii) the Seller Parties shall be in form and substance reasonably acceptable use Commercially Reasonable Efforts to Buyer and cause the Title Company; and Company to deliver such updates or bringdowns (iii) shall show no encroachments or other survey defects with respect to collectively, the buildings, structures and other improvements thereon and which shall show no encroachments or other survey defects with respect to the property lines and boundaries thereof (in each case, other than Permitted Encumbrances). Each such “Title Commitment shall reflect that upon payment of all premiums and charges due for such title insurance, and satisfaction by Seller of all requirements therein, the Company shall be vested with good, marketable and fee simple title to such Owned Real Properties, subject only to Permitted Encumbrances. To the extent available in the State of Iowa, each Title Commitment delivered pursuant to this Section 7.8(a) shall contain, at Buyer’s sole cost and expense, the following endorsements: Fairway, Non-Imputation, Zoning 3.1 (with parkingUpdates”), access, contiguity, survey to Purchaser’s counsel no later than five (same/same), permanent index (tax parcel5) number, owner’s comprehensive, and extended coverage (deletion of standard exceptions), and any other endorsements reasonably required by Buyer. Subject to Section 7.8(b), in the event that any of the Title Commitments or Surveys to be obtained pursuant to this Section 7.8(a) reveals Encumbrances that are not Permitted Encumbrances, to the extent that such Encumbrances can be cured by the payment or expenditure of money, Seller shall be obligated to correct or cure such defect or problem as promptly as practicable. Seller shall deliver, on or Business Days prior to the Deferred Closing, final dated-down Title Commitments (for . Purchaser shall reimburse the issuance of final title policies) and Buyer shall pay, at Closing, all reasonable costs and expenses of the Title Company Seller Parties for all title insurance work charges, searches, title examinations, abstracts, all ALTA title insurance premiums and all endorsementsout-of-pocket expenses incurred in connection with the foregoing.

Title Commitments and Surveys. (a) Within forty-five (45) days after Prior to the date execution and delivery of this Agreement, each of the Seller at Parties has made available to Purchaser or its counsel copies of: (i) the cost most recent title insurance policy, commitment, or pro forma, whether owner’s or lender’s, if any, relating to any of the Properties in such Seller Party’s possession (each, an “Existing Policy” and expense collectively, the “Existing Policies”), and (ii) the most recent survey, if any, relating to any of Buyerthe Properties in such Seller Party’s possession (each, shall provide an “Existing Survey” and collectively, the “Existing Surveys”). Prior to Buyerexecution of this Agreement, the Seller Parties ordered current title commitments for owners’ policies each of title insurance (each, a “Title Commitment”) prepared by Chicago the Properties from First American Title Insurance Company or another title insurance company selected by Buyer (the “Title Company”) based on ), and the Existing Seller Parties shall use Commercially Reasonable Efforts to cause the Title Insurance Policies and certified ALTA surveys prepared by licensed surveyors selected by Buyer Company to deliver such title commitments, together with the recorded documents referenced in schedule B to each such title commitment (eachcollectively, a the “SurveyTitle Commitments”), with respect to all Purchaser’s counsel no later than June 7, 2013. Following the Initial Closing, the Seller Parties shall, at Purchaser’s request (which request shall be made reasonably in advance of the Owned Real Properties. Each such Survey: (i) shall be an ALTA survey duly certified by applicable Closing), order updates or bringdowns of the respective surveyor to Buyer, Title Commitments for each of the Company, Seller, Deferred Properties from the Title Company and any other parties selected by Buyer; (ii) the Seller Parties shall be in form and substance reasonably acceptable use Commercially Reasonable Efforts to Buyer and cause the Title Company; and Company to deliver such updates or bringdowns to Purchaser’s counsel no later than five (iii5) shall show no encroachments or other survey defects with respect to the buildings, structures and other improvements thereon and which shall show no encroachments or other survey defects with respect to the property lines and boundaries thereof (in each case, other than Permitted Encumbrances). Each such Title Commitment shall reflect that upon payment of all premiums and charges due for such title insurance, and satisfaction by Seller of all requirements therein, the Company shall be vested with good, marketable and fee simple title to such Owned Real Properties, subject only to Permitted Encumbrances. To the extent available in the State of Iowa, each Title Commitment delivered pursuant to this Section 7.8(a) shall contain, at Buyer’s sole cost and expense, the following endorsements: Fairway, Non-Imputation, Zoning 3.1 (with parking), access, contiguity, survey (same/same), permanent index (tax parcel) number, owner’s comprehensive, and extended coverage (deletion of standard exceptions), and any other endorsements reasonably required by Buyer. Subject to Section 7.8(b), in the event that any of the Title Commitments or Surveys to be obtained pursuant to this Section 7.8(a) reveals Encumbrances that are not Permitted Encumbrances, to the extent that such Encumbrances can be cured by the payment or expenditure of money, Seller shall be obligated to correct or cure such defect or problem as promptly as practicable. Seller shall deliver, on or Business Days prior to the Deferred Closing, final dated-down Title Commitments (for . Purchaser shall reimburse the issuance of final title policies) and Buyer shall pay, at Closing, all reasonable costs and expenses of the Title Company Seller Parties for all title insurance work charges, searches, title examinations, abstracts, all ALTA title insurance premiums and all endorsementsout-of-pocket expenses incurred in connection with the foregoing.