Title Commitments; Surveys. Buyer shall have the responsibility to obtain, at its sole option and expense, (a) commitments for owner’s and lender’s title insurance policies on the Owned Real Property and commitments for lessee’s and lender’s title insurance policies for all Real Property that is leased pursuant to a Real Property Lease (collectively, the “Title Commitments”), and (b) an ALTA survey on each parcel of Real Property (the “Surveys”); provided, however, that Seller shall provide Buyer with any existing Title Commitments and Surveys in the possession of Seller or the LIN Companies, to the extent Buyer is able to do so. The Title Commitments will evidence a commitment to issue an ALTA title insurance policy insuring good, marketable and indefeasible fee simple (or leasehold, if applicable) title to each parcel of the Real Property contemplated above for such amount as Buyer directs. Seller shall reasonably cooperate with Buyer in obtaining such Title Commitments and Surveys, provided that neither the Seller nor the LIN Companies shall be required to incur any cost, expense or other liability in connection therewith. If the Title Commitments or Surveys reveal any Lien on the title other than Permitted Liens, Buyer shall notify Seller in writing of such objectionable matter as soon as Buyer becomes aware that such matter is not a Permitted Lien, and Seller agrees to use commercially reasonable efforts to remove such objectionable matter as required pursuant to the terms of this Agreement.
Title Commitments; Surveys. (a) The Seller shall, not less than 30 days prior to the Closing Date, deliver to the Purchaser a commitment of a title insurance company reasonably satisfactory to the Purchaser to issue an owner's policy of title insurance on a standard American Land Title Association form covering title to each parcel of real property owned by the Seller described in Section 4.07(b) in an amount reasonably satisfactory to the Purchaser naming the Purchaser as the insured. The Seller agrees to pay the cost of such title insurance commitments.
(b) As soon as reasonably practicable after the execution of this Agreement, the Seller shall, at its expense, furnish to the Purchaser a current on-the-ground staked "as-built" survey of the owned premises included in the Purchased Assets made in accordance with the "Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys" jointly established by ALTA and ACSM in 1992 and meeting the accuracy requirements of an Urban Class Survey, as defined therein, including Items 1-44, 6-11 and 13 on Table A contained therein (the "Survey") prepared by a registered land surveyor licensed in the state where such premise is located (the "Surveyor"), and which survey shall otherwise be acceptable to the Purchaser, in its reasonable discretion, and the title company for deletion of the exceptions pertaining to areas and boundaries. The Survey (including specifically the certificate of the Surveyor forming a part thereof) shall be in form and substance acceptable to the Purchaser, in its reasonable discretion, and to the title insurance company and shall locate all existing improvements, easements and rights-of-way (which shall show recording data, if applicable), encroachments, conflicts and protrusions affecting such premises, water, sewer, gas and electric lines, telephone and television cable lines and the size and capacity thereof, parking spaces and the size of each, shall set forth the outside perimeter of the premises, shall contain a metes and bounds description of the premises and shall set forth the acres included within the premises. The Survey shall contain a statement on the face thereof certifying as to the Zone Designation by the Secretary of Housing and Urban Development with reference to the appropriate Flood Insurance Rate Map Number (which Flood Insurance Rate Map Number shall be the current Flood Insurance Rate Map for the community in which the premises is located). In the event the Survey shows any easement, right-...
Title Commitments; Surveys. Purchaser, provided that Purchaser has -------------------------- used its best efforts to acquire the following at Purchaser's sole cost and expense, shall have received title commitments from a nationally recognized title company selected by Purchaser for the issuance to Purchaser at the Closing of an owner's policy of title insurance on ALTA Form A, and surveys, for the Real Property (the "Title Commitments"), which shall be reasonably satisfactory to Purchaser.
Title Commitments; Surveys. (a) Parent shall have the right to order, at its sole cost and expense, a survey (the “Surveys”) or title commitment for the Owned Real Property and Development Real Property (each, a “Commitment”) from a title insurance company selected by Parent and reasonably acceptable to the Company, sufficient in form to allow Parent to obtain, at Parent’s sole cost and expense, an owner’s title insurance policy (the “Title Insurance Policies”) insuring the fee simple interest in the Owned Real Property and Development Real Property. The Company and each other Acquired Company agree to reasonably cooperate with Parent, at no cost and without incurring liability to Company, to provide any information as may be reasonably required by such title insurance company under the requirements section of each Commitment or otherwise in connection with the issuance of the final Title Insurance Policies, including using commercially reasonable efforts to provide an affidavit of title and/or such other information as such title insurance company may reasonably require in order for such title insurance company to delete the mechanics’ lien and parties in possession exceptions and to insure over the “gap” (i.e., the period of time between the effective date of such title insurance company’s last bringdown of title to such Owned Real Property and Development Real Property and the Closing Date), and using commercially reasonable efforts to cause such title insurance company to delete all standard exceptions from the final Title Insurance Policies.
Title Commitments; Surveys. On or before thirty (30) days after the Contract Date, Buyer shall furnish Sellers with a preliminary title reports issued by the Title Company covering the Projects (the "Title Reports") and a written notice specifying those title exceptions which are not acceptable to Buyer in Buyer's commercially reasonable judgment, which objection may include matters shown on any updated or re-certified survey which Buyer may obtain (the "Disapproved Exceptions"). Buyer's failure to designate as one of the Disapproved Exceptions a title exception shown on the Title Report shall constitute Buyer's approval of such title exception (all title exceptions not designated by Buyer as Disapproved Exceptions are in this Agreement called "Permitted Exceptions"). The applicable Seller(s) shall use their best efforts to cause the removal of all Disapproved Exceptions on or before ten (10) days after Buyer's notice to Seller of such Disapproved Exceptions, except that liens of an ascertainable amount and other items which can be removed by the payment of money shall be paid and discharged by Sellers at or before Closing. Within such ten (10) day period, Seller(s) shall notify Buyer of all Disapproved Exceptions that Seller(s), after using their best efforts, are unable to remove. Seller(s)' failure to give Buyer notice of Seller(s)' inability to remove any Disapproved Exceptions shall constitute such Seller(s)' covenant that such Disapproved Exceptions shall be removed at or prior to the Closing. Buyer shall have the rights set forth in Section 9.4 if any Disapproved Exceptions cannot be removed by the applicable Seller(s) at or prior to the Closing.
Title Commitments; Surveys. Except as expressly set forth in Sections 8.1 and 8.3(a), all title exceptions and matters set forth in the Title Commitments and on the Surveys and any other matters that would be disclosed by a current, accurate survey of any Real Property shall be deemed Permitted Exceptions. Buyer is solely responsible for obtaining any updated title commitments, surveys, or any other title related matters Buyer desires with respect to the Real Property.
Title Commitments; Surveys. Seller shall deliver to Buyer, within sixty (60) days of the Consent Delivery Date, title commitments for the Owned Real Property identified in Disclosure Schedule Section 5.03 sufficient in form to allow Buyer to obtain, at Buyer’s sole cost and expense, a standard form of title insurance policy insuring the fee simple interest in such Owned Real Property, subject only to (a) those matters disclosed in the title commitments identified in Disclosure Schedule Section 5.03, (b) Permitted Liens arising since the date of the commitments identified in Disclosure Schedule Section 5.03 and (c) those matters set forth in Disclosure Schedule Section 5.03. The premiums for such policies and commitments, including the attorney fees for examination of the abstract and survey (if required by the company issuing the title insurance policy) shall be paid one hundred percent (100%) by Buyer, and all abstracting costs in excess of the title insurance abstracting cost shall be paid by Buyer. Seller shall reasonably cooperate with Buyer (provided that Seller shall not be required to pay any consideration to Buyer or any third party) so that Buyer can promptly obtain, at its sole cost and expense, title insurance and/or surveys of the Owned Real Property as of a date subsequent to the date hereof which shall evidence that (i) there are no encroachments upon the Owned Real Property or adjoining parcels by buildings, structures or improvements which would materially adversely affect title or materially interfere with or impair the use of the Owned Real Property for the purpose for which it is currently used and (ii) subject to Disclosure Schedule Section 3.07(f), there is access to the Owned Real Property from a public street or indirect access to a public street over recorded easements or pursuant to Real Property Leases.
Title Commitments; Surveys. Purchaser, provided that Purchaser has used its commercially reasonable efforts to acquire the following at Purchaser’s sole cost and expense, shall have received title commitments from a nationally recognized title company selected by Purchaser for the issuance to Purchaser at the Closing of an owner’s policy of title insurance on ALTA Extended Coverage (or such other insured coverage as determined by Purchaser) with endorsements as reasonably required by counsel to Purchaser, and ALTA surveys for the Real Property and the Leased Real Property (the “Title Commitments”), which shall be reasonably satisfactory to Purchaser.
Title Commitments; Surveys. On or before January 31, 2000, the Borrowers shall deliver to the Administrative Agent, a title insurance commitment with respect to each parcel of real property owned by the Borrowers or any of their Subsidiaries issued by a title company acceptable to the Administrative Agent in such form and amount as is acceptable to the Administrative Agent, insuring that each Mortgage is a valid first priority Lien on the Borrowers' interest in such real property, subject only to Permitted Liens and containing such endorsements and affirmative insurance as the Administrative Agent may reasonably require and which are obtainable at commercially reasonably rates in the applicable jurisdiction, and true copies of each document, instrument or certificate required by the terms of each such policy and/or Mortgage to be filed, recorded, executed or delivered in connection therewith, together with a copy of the most recently available survey of each such parcel, with the scope and results of such survey to be reasonably acceptable to the Administrative Agent.
Title Commitments; Surveys. Within five (5) Calendar Days following the Effective Date, Buyer shall order (and shall cause copies to be delivered to the applicable Seller upon receipt by Buyer) a title commitment for each of the Improved Parcels issued by Title Insurer, together with copies of all documents referred to as exceptions therein (each, a “Preliminary Title Report” and collectively, the “Preliminary Title Reports”), with respect to the issuance of the Title Policies at Closing. As part of Seller’s Deliveries pursuant to Section 4.1(a) above, Seller shall deliver to Buyer the most current existing survey of each of the Improved Parcels in each Seller’s possession and/or control (each, an “Existing Survey” and collectively, the “Existing Surveys”). Buyer may, at its option, prior to the expiration of the Investigation Period, procure updates of one or more of the Existing Surveys or a new survey of the Improved Parcels, at Buyer’s sole cost and expense (each, an “Updated Survey” and collectively, the “Updated Surveys”). Each Updated Survey shall be certified to Buyer, Title Insurer and such Seller(s) that owns the respective Improved Parcel subject to such Updated Survey. The Updated Surveys, if obtained by Buyer, shall be in form and substance sufficient to delete the standard survey exception from the Title Policies. In the event that Buyer believes it is entitled to assert a claim under a Title Policy (“Title Policy Claim”) and the subject matter of that Title Policy Claim also constitutes a breach of any representation, warranty or covenant made by a Seller in this Agreement, Buyer agrees that it will first deliver written notice of the Title Policy Claim under the Title Policy to the Title Insurer seeking recovery for such Title Policy Claim. In the event that Title Insurer informs Buyer that the Title Policy does not insure or cover, in whole or in part, such Title Policy Claim or in the event that any recovery from the Title Policy is inadequate to address all of Buyer’s Losses, Buyer shall be entitled to assert a claim against the respective Seller for the breach of representation, warranty or covenant with respect to such Title Policy Claim, subject to the Survival Period, the Floor and the Cap; provided, however, that Buyer shall be deemed to have asserted such claim against Seller on the date notice of the Title Policy Claim was submitted to Title Insurer for purposes hereof. The foregoing provisions in this paragraph shall survive Closing. Fee title to the Real P...
