Common use of Title Commitments for Real Estate Clause in Contracts

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 coverage to address any such defects or encumbrances, or (iii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be sold by SELLER to BUYER free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a limited warranty of title as to the acts of SELLER only (a "Limited Warranty Deed") and subject to the Permitted Exceptions. SELLER also shall execute and deliver to BUYER at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete the standard exceptions appearing as "Schedule B" items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey. SELLER also shall execute and deliver a FIRPTA affidavit at Closing. BUYER, at its option and expense, may obtain duly certified surveys for the Owned Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back lines, and any encumbrances appearing on the Title Commitment, and SELLER hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate for the purpose of performing the surveys. The cost of such surveys shall be borne by BUYER. The legal descriptions contained in the Surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for the Owned Real Estate. BUYER shall obtain surveys within 15 days after the effective date of the Agreement and copies of the same shall be furnished to SELLER and the title companies.

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 SELLER’ 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 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 Date, covering the Owned Real Estate and the Leased Real Estate, in an amount equal to (a) the most recently available certified tax assessed value for the Owned Real Estate and (b) for the amount of the leasehold interest, valued based on the remaining rental payments due under the balance of the remaining term of the lease for lease, to be transferred to BUYER pursuant to the Leased Real EstateThird Party Leases, 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 which individually or in the Permitted Exceptions as defined in Section 10.08(c) hereinaggregate, materially detract from the value of, or materially interferes with the present use of, the respective parcel of Owned Real Estate or Leased Real Estate, then BUYER shall provide written notice thereof to SELLER within fifteen (15) days of receipt of the Title CommitmentsSELLER. 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 butencroachment, 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) to negotiate, at BUYER BUYER’S cost, with the title company for certain endorsements to the standard insurance coverage to address any such defects or encumbrances, or (iii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be is being sold by SELLER to BUYER hereunder free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a and the conveyance by limited warranty of title as deed to the acts of be delivered by SELLER pursuant hereto shall be subject only (a "Limited Warranty Deed") and subject to the Permitted Exceptions. SELLER also shall execute and deliver to BUYER at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete delete, the standard exceptions appearing as "“Schedule B" ” items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey, provided that matters set forth in such affidavits or other instruments are required specifically to permit deletion of standard exceptions, and do not create any indemnification in favor of the title company or any other third party. SELLER also shall execute and deliver a so-called FIRPTA affidavit at Closing. BUYER, at its option and expense, may BUYER shall obtain duly certified surveys for the Owned Real Estate and the Leased Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back lines, and any encumbrances appearing on the Title Commitmenttitle commitment, and SELLER hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate and Leased Real Estate, with the prior consent of the landlord obtained by BUYER, for the purpose of performing the surveys. The cost of such surveys shall be borne shared equally by BUYERSELLER and BUYER at Closing. The legal descriptions contained in the Surveys surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for both the Owned Real Estate and the Leased Real Estate. BUYER shall obtain surveys within 15 days as soon as practicable after the effective date of the this Agreement and copies of the same shall be furnished to SELLER and the title companies.

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 SELLER' 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 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 Date, covering the Owned Real Estate and the Leased Real Estate, in an amount equal to (a) the most recently available certified tax assessed value for the Owned Real Estate and (b) for the amount of the leasehold interest, valued based on the remaining rental payments due under the balance of the remaining term of the lease for lease, to be transferred to BUYER pursuant to the Leased Real EstateThird Party Leases, 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 which individually or in the Permitted Exceptions as defined in Section 10.08(c) hereinaggregate, materially detract from the value of, or materially interferes with the present use of, the respective parcel of Owned Real Estate or Leased Real Estate, then BUYER shall provide written notice thereof to SELLER within fifteen (15) days of receipt of the Title CommitmentsSELLER. 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 butencroachment, 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) to negotiate, at BUYER BUYER'S cost, with the title company for certain endorsements to the standard insurance coverage to address any such defects or encumbrances, or (iii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be is being sold by SELLER to BUYER hereunder free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a and the conveyance by limited warranty of title as deed to the acts of be delivered by SELLER pursuant hereto shall be subject only (a "Limited Warranty Deed") and subject to the Permitted Exceptions. SELLER also shall execute and deliver to BUYER at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete delete, the standard exceptions appearing as "Schedule B" items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey, provided that matters set forth in such affidavits or other instruments are required specifically to permit deletion of standard exceptions, and do not create any indemnification in favor of the title company or any other third party. SELLER also shall execute and deliver a so-called FIRPTA affidavit at Closing. BUYER, at its option and expense, may BUYER shall obtain duly certified surveys for the Owned Real Estate and the Leased Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back lines, and any encumbrances appearing on the Title Commitmenttitle commitment, and SELLER hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate and Leased Real Estate, with the prior consent of the landlord obtained by BUYER, for the purpose of performing the surveys. The cost of such surveys shall be borne shared equally by BUYERSELLER and BUYER at Closing. The legal descriptions contained in the Surveys surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for both the Owned Real Estate and the Leased Real Estate. BUYER shall obtain surveys within 15 days as soon as practicable after the effective date of the this Agreement and copies of the same shall be furnished to SELLER and the title companies.

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 SELLER’ 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 practicable to the date of delivery of such Title Commitments 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, an American Land Title Association (“ALTA”) owners (Form B, 1970, Rev 1984) and/or a leasehold title insurance (1975 Form) policies policy having an effective date as of the Closing Date Date, covering the Owned Real Estate and the Leased Real Estate, in an amount equal to (a) the most recently available certified tax assessed book value for the Owned Real Estate as reflected on SELLER’s books as of the end of the month immediately preceding the month in which the Closing occurs, and (b) for the amount of the leasehold interest, valued based on the remaining rental payments due under the balance of the remaining term of the lease for to be transferred to BUYER pursuant to the Leased Real EstateOffice Lease, all subject to the exceptions specified in the Title Commitments (the "Permitted Exceptions")Commitments. If title to all or part of the Owned Real Estate or Leased Lease 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) hereinbelow), then BUYER shall provide written notice thereof to SELLER within fifteen (15) days of receipt of the Title CommitmentsSELLER. SELLER shall have thirty (30) 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 (30) days thereafter. If such defect or encumbrance or other matter is not cured, thencured after such thirty (30) day period, 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 terminate this Agreement terminated by written notice to SELLER, (ii) negotiate, at BUYER BUYER’S cost, with the title company for certain endorsements to the standard insurance coverage to address any such defects or encumbrances, or (iii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be is being sold by SELLER to BUYER hereunder free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a and the conveyance by limited warranty of title as deed to the acts of be delivered by SELLER pursuant hereto shall be subject only (a "Limited Warranty Deed") and subject to the Permitted Exceptions. SELLER also shall execute and deliver to BUYER at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete the any inapplicable standard exceptions appearing as "“Schedule B" ” items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey. SELLER also shall execute and deliver a FIRPTA so-called “FIRPTA” affidavit at Closing. BUYER, at its option and expense, may obtain duly certified surveys for the Owned Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back lines, and any encumbrances appearing on the Title Commitment, and SELLER hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate for the purpose of performing the surveys. The cost of such surveys shall be borne by BUYER. The legal descriptions contained in the Surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for the Owned Real Estate. BUYER shall obtain surveys within 15 days after the effective date of the Agreement and copies of the same shall be furnished to SELLER and the title companies.

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 BANK ONE shall deliver to BUYER, at BUYERBANK ONE'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 BANK ONE and reasonably satisfactory to BUYER, to issue to BUYER as soon as practicable after the Closing Date, as applicable, an 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 satisfactory to BUYER (abut not in excess of the appraised value of such properties or, as applicable, the amount of the leasehold interest to be transferred to BUYER pursuant to the Third Party Lease) the most recently available certified tax assessed value for covering 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")Commitments. If title to all or part of the Owned Real Estate or Leased Lease 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 CommitmentsBANK ONE. SELLER BANK ONE 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 BANK ONE 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 coverage to address any such defects or encumbrancesBANK ONE, or (iiiii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be is being sold by SELLER BANK ONE to BUYER hereunder free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a limited warranty of title as to and the acts of SELLER only (a "conveyance by Limited Warranty Deed") and Deed to be delivered by BANK ONE pursuant hereto shall be subject only to the Permitted Exceptions. SELLER BANK ONE also shall execute and deliver to BUYER at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete the standard exceptions appearing as "Schedule B" items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey. SELLER BANK ONE also shall execute and deliver a so-called FIRPTA affidavit at Closing. BUYER, BUYER shall have the right to obtain at its option sole cost and expense, may obtain expense duly certified surveys for the Owned Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back linessurveys, and any encumbrances appearing on the Title Commitment, and SELLER BANK ONE hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate and Leased Real Estate, with the prior consent of the landlord obtained by BUYER, for the purpose of performing the surveys. The cost of such surveys shall be borne by BUYER. The legal descriptions contained in the Surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for the Owned Real Estate. BUYER shall obtain surveys within 15 days after the effective date of the Agreement and copies of the same shall be furnished to SELLER and the title companies.

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 SELLER' 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 practicable to the date of delivery of such Title Commitments 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, an American Land Title Association ("ALTA") owners (Form B, 1970, Rev 1984) and/or a leasehold title insurance (1975 Form) policies policy having an effective date as of the Closing Date Date, covering the Owned Real Estate and the Leased Real Estate, in an amount equal to (a) the most recently available certified tax assessed book value for the Owned Real Estate as reflected on SELLER's books as of the end of the month immediately preceding the month in which the Closing occurs, and (b) for the amount of the leasehold interest, valued based on the remaining rental payments due under the balance of the remaining term of the lease for to be transferred to BUYER pursuant to the Leased Real EstateOffice Lease, all subject to the exceptions specified in the Title Commitments (the "Permitted Exceptions")Commitments. If title to all or part of the Owned Real Estate or Leased Lease 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) hereinbelow), then BUYER shall provide written notice thereof to SELLER within fifteen (15) days of receipt of the Title CommitmentsSELLER. SELLER shall have thirty (30) 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 (30) days thereafter. If such defect or encumbrance or other matter is not cured, thencured after such thirty (30) day period, 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 terminate this Agreement terminated by written notice to SELLER, (ii) negotiate, at BUYER BUYER'S cost, with the title company for certain endorsements to the standard insurance coverage to address any such defects or encumbrances, or (iii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be is being sold by SELLER to BUYER hereunder free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a and the conveyance by limited warranty of title as deed to the acts of be delivered by SELLER pursuant hereto shall be subject only (a "Limited Warranty Deed") and subject to the Permitted Exceptions. SELLER also shall execute and deliver to BUYER at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete the any inapplicable standard exceptions appearing as "Schedule B" items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey. SELLER also shall execute and deliver a FIRPTA so-called "FIRPTA" affidavit at Closing. BUYER, at its option and expense, may obtain duly certified surveys for the Owned Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back lines, and any encumbrances appearing on the Title Commitment, and SELLER hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate for the purpose of performing the surveys. The cost of such surveys shall be borne by BUYER. The legal descriptions contained in the Surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for the Owned Real Estate. BUYER shall obtain surveys within 15 days after the effective date of the Agreement and copies of the same shall be furnished to SELLER and the title companies.

Title Commitments for Real Estate. Upon the request of BUYER, SELLER 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 BUYERBuyer, at BUYERSeller's sole expense, with respect to the Owned Real Estate and Leased Real Estate, no later than thirty (30) days after the date of this AgreementEffective Date, 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 authorized to do business in Florida, designated by SELLER Seller, and reasonably satisfactory to BUYERBuyer, to issue to BUYER Buyer as soon as practicable after the Closing Date, as applicable, American Land Title Association (ALTA) owners (Form B, 1970, Rev 1984August 1993 Rev) and/or leasehold title insurance (1975 October 1992 Form) policies having an effective date as of the Closing Date in an amount equal amounts reasonably satisfactory 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 EstateBuyer, 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 restriction, or encroachment other than the Permitted Exceptions as defined in Section 10.08(c10.08(d) herein, then BUYER Buyer shall provide written notice thereof to SELLER Seller within fifteen ten (1510) days of receipt of the Title Commitments. SELLER Seller shall have thirty (30) days after written notice thereof from BUYERBuyer, to elect to remedy or remove any such defect, lien, encumbrance, easement, condition, restriction 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 thereafterencroachment. If such defect or encumbrance or other matter is not cured, then, in addition to any other rights which BUYER Buyer may have hereunder, BUYER Buyer shall have the right with respect to the relevant Office Branch (but not as to any other Office) Branch): at Buyer's option, (i) to declare this Agreement terminated by written notice to SELLER, lease the Branch from Seller on the same basis described in Section 7.05(c) herein; (ii) negotiate, at BUYER costSeller's sole cost and expense, with the title company for certain endorsements to the standard insurance coverage to address any such defects or encumbrances, ; or (iii) to waive any objection to such defect or encumbrance or other matter in which event such defect, encumbrance, or other matter shall be deemed to be a Permitted Exception. The Owned Real Estate will be sold by SELLER Seller to BUYER Buyer free and clear of all liens, claims, encumbrances and rights of tenants in possession created by SELLER Seller, except for the Permitted Exceptions, pursuant to an act of sale without any warranties other than a limited with statutory warranty of title as to the acts of SELLER only (a "Limited Warranty Deed") ), and subject to the Permitted Exceptions. SELLER Seller also shall execute and deliver to BUYER Buyer at the time of Closing such affidavits and other instruments, if any, as the title insurance company issuing the Title Commitments may reasonably require to delete the standard exceptions appearing as "Schedule B" items in a standard ALTA owners or leasehold owners title insurance policy, other than those which may only be deleted by a survey. SELLER Seller shall also shall execute and deliver a FIRPTA affidavit at Closing. BUYER, at its option and expense, may Within thirty (30) days after the Effective Date Seller shall obtain duly certified surveys for the Owned and Leased Real Estate with a metes and bounds legal description, depicting all easements, rights-of-way, set-back lines, and any encumbrances appearing on the Title Commitment, and SELLER hereby grants to BUYER and its surveyors, agents and contractors right of access to the Owned Real Estate for the purpose of performing the surveys. The cost of such surveys shall be borne by BUYERSeller. The legal descriptions contained in the Surveys surveys shall be used in the Limited Warranty Deeds to convey the Owned Real Estate and for title insurance for both the Owned and Leased Real Estate. BUYER Seller shall obtain surveys within 15 days after the effective date of the Agreement and promptly furnish copies of the same shall be furnished surveys to SELLER Buyer and the title companies.