Title Commitments for Real Estate Sample Clauses

Title Commitments for Real Estate. Upon the request of BUYER, SELLER shall deliver to BUYER within fifteen business days copies of all title insurance policies, surveys, plats and like materials with respect to the Owned Real Estate and Leased Real Estate which are in its possession. If requested by Buyer within five (5) business days of the date of this Agreement, SELLER shall deliver to BUYER, at BUYER's expense, with respect to the Owned Real Estate and Leased Real Estate, no later than thirty (30) days after the date of this Agreement, a commitment or commitments (the "Title Commitments") having an effective date as near as feasible to the date of delivery of such Title Commitments from a title insurance company designated by SELLER and reasonably satisfactory to BUYER, to issue to BUYER as soon as practicable after the Closing Date, as applicable, American Land Title Association (ALTA) owners (Form B, 1970, Rev 1984) and/or leasehold title insurance (1975 Form) policies having an effective date as of the Closing Date in an amount equal to (a) the most recently available certified tax assessed value for the Owned Real Estate and (b) for the leasehold interest, valued based on the remaining rental payments due under the balance of the remaining term of the lease for the Leased Real Estate, all subject to the exceptions specified in the Title Commitments (the "Permitted Exceptions"). If title to all or part of the Owned Real Estate or Leased Real Estate is unmarketable or is subject to any defect, lien, encumbrance, easement, condition, restriction or encroachment other than the Permitted Exceptions as defined in Section 10.08(c) herein, then BUYER shall provide written notice thereof to SELLER within fifteen (15) days of receipt of the Title Commitments. SELLER shall have thirty days after written notice thereof from BUYER, to elect to remedy or remove any such defect, lien, encumbrance, easement, condition, restriction or encroachment but, if SELLER does not, BUYER may elect to attempt to cure or remove such defect or encumbrance or other matter, for a period of thirty days thereafter. If such defect or encumbrance or other matter is not cured, then, in addition to any other rights which BUYER may have hereunder, BUYER shall have the right with respect to the relevant Office (but not as to any other Office) (i) to declare this Agreement terminated by written notice to SELLER, (ii) negotiate, at BUYER cost, with the title company for certain endorsements to the standard insurance coverag...