Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 6 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this ContractNo less than fourteen (14) days prior to the Closing Date, Seller shall within furnish to Buyer satisfactory evidence of title to the Property which shall be a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Commitment for Title Guaranty Policy Insurance issued by a Company licensed the Title Company, showing the condition of title to the Property (the “Title Commitment”) and committing the company to issue the same an owner’s policy in the State of Illinois usual form insuring merchantable title to the Property in Buyer’s name for the amount of the purchase pricePurchase Price. Seller shall pay The title to the initial title search charge and title insurance premium. Property to be conveyed to Buyer shall pay be free and clear of all liens and encumbrances, subject to the search charge as Permitted Exceptions. Conveyance of title shall be by Warranty Deed. In the event any exceptions or defects appear in the Title Commitment that are unacceptable to Buyer, the cost then Buyer shall notify Seller in writing of mortgageesuch fact. Seller may, at Seller’s title insurance policy, if any, and the cost of all necessary endorsements option undertake to commit to eliminate or modify such unacceptable exceptions to the reasonable satisfaction of Buyer. If Seller is unwilling or unable to commit to cure such objections within five (5) days after Seller's receipt of Buyer's objections, Buyer may either (i) terminate this Agreement by notice in writing to Seller or (ii) accept title insurance policy. subject to such objections Buyer further acknowledges and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy agrees to accept title to the Property subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, general exceptions against title to the Property appearing in the Title Commitment; (b) building, use all real estate taxes and occupancy or restrictions, if any, assessments which do are not unreasonably interfere with Buyer’s intended use due and payable as of the property, Closing Date; (c) restrictions or reservations of any type; (d) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, ; (e) roadways, rights of way, and easements; (f) drainage ditches, feeders and laterals; (g) all outstanding mineral rights or reservations, oil, gas or mineral leases, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, ; (h) rights of tenants in possession if anywater districts, water rights; and (i) matters which can only could be discovered disclosed by a survey of the propertyProperty; (collectively, the “Permitted Exceptions”). Buyer or his attorney At the Closing, Seller shall within 10 business days after receiving such title evidence, render payment and deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made requested document to the title. In case such title evidence is not delivered Title Company to cause the Title Commitment to be converted into an Owner's Title Policy in the amount of the Purchase Price showing Buyer or his attorney within a reasonable timeas the owner of the Property as of the Closing Date, or material objections made subject to the title in such report are Permitted Exceptions. Seller shall not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money required to provide any endorsements to the Owner's Title Policy. The cost of the Owner's Title Policy shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedpaid for by Seller.
Appears in 4 contracts
Samples: Contract to Purchase, Contract to Purchase, Contract to Purchase
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 4 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 4 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 4 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 4 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners ALTA Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Title Insurance Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 3 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 3 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Xxxxxx’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. DRAFT: Non-Executable Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. DRAFT: Non-Executable Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty, and (j) any standard title exceptions. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 3, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the xxxxxxx money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.any further liability hereunder. Any Title Work must be ordered from Kansas Secured Title
Appears in 2 contracts
Samples: Real Estate Purchase Contract, Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 15, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the xxxxxxx money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title.
Appears in 2 contracts
Samples: Real Estate Purchase Contract, Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ xx A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject Subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of or tenants in possession if any, and (i) matters which can only Rights or claims of parties in possession not shown by public records; (j) Existing unrecorded leases and all rights thereunder of the lessees and of any person claiming by, through or under the leases; (k) Rights of the public, State of Illinois, the County, the Township and any Municipality in and to that part of the premises in question taken, used or dedicated for roads and highways; and (l) any encroachment, encumbrance, violation variation, or adverse circumstance affecting the title that would be discovered disclosed by a an accurate and complete land survey of the propertyland; and (m) easements and claims of easements not shown by the public roads. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 17, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the xxxxxxx money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title.
Appears in 2 contracts
Samples: Real Estate Purchase Contract, Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). DRAFT: Non-Executable _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Samples: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or DRAFT: Non-Executable _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. DRAFT: Non-Executable Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. DRAFT-NON EXECUTABLE Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance A. Buyer shall as soon as possible, at Buyer's expense, obtain a commitment(s) (the "Commitment") for an Owner's Policy of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy Insurance for the Property issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premiumTitle. Buyer shall pay the search charge as to Buyer, at closing the cost of mortgagee’s the actual title insurance policy, if any, and to be purchased by Buyer in the cost amount of all necessary endorsements the Purchase Price. The Commitment shall bear a date subsequent to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) buildingshall include legible copies of all documents, use and occupancy maps, or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place plats set forth therein as affecting the premisesProperty and shall be issued through the Title in its capacity as a title insurance company by its local office or by its local agent situated in a County where the Property is located. The Commitment shall identify the Property and easements appurtenant thereto by the legal description(s) set forth on the Survey. The Commitment shall, if anyat Buyer's option, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and contain endorsements guaranteeing: (i) matters all parcels shown in Exhibit A which can only comprise the Property to be discovered by a survey contiguous; (ii) the zoning classification of the property. Property; (iii) that the Property abuts the public street(s) immediately adjacent thereto and has direct and valid access thereto; and (iv) such other endorsements as Buyer or his attorney shall within 10 reasonably request.
B. Within twenty (20) business days after receiving such title evidencereceipt of both the Commitment in the form specified above and the Survey to be obtained by Buyer pursuant to Section V hereof, Buyer shall deliver to Seller or his attorney, together with such evidence, a report in writing specifying written statement containing any objections made objection Buyer has to the title. In case If such title evidence statement is not delivered to Buyer or his attorney within a reasonable timethe twenty (20) business day period, or material objections made to the title in shall be deemed approved by Buyer. If such report are not cured with sixty (60) days after such report statement is so delivered, this Contract shallSeller shall use its best efforts and all due diligence to cure or remove all such objections prior to closing. If any objection is not cured or removed within one hundred twenty (120) days of the receipt by Seller of the aforesaid written statement containing objection of Buyer to title, Buyer, at Buyer’s its option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such may either: (i) accept title as it then is, and may subject to the right to deduct from the purchase price the amounts of Purchase Price liens or encumbrances securing a definite or ascertainable amount; (ii) cure such objections itself at Seller's expense and encumbrances andproceed to closing, in which case Seller agrees to escrow with the Title Company such case, reasonably estimated expenses and attorneys' fees needed to cure such objections and be responsible for any deficiencies in the Seller escrowed amount; or (iii) terminate this Agreement. Upon any such termination all parties shall convey be released from all duties or obligations contained herein and the premises Deposit returned to Buyer as agreedprovided for in Section II hereof.
Appears in 1 contract
Title Evidence. Upon acceptance (a) Once Buyer has approved or waived the contingencies described in Section IV above, Buyer shall order a commitment for an Owner’s Policy of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy Insurance for the Land issued by a Title Company licensed to issue the same of its choice in the State of Illinois for the amount of the purchase price. Seller shall pay Purchase Price (the initial title search charge and title insurance premium“Commitment”). Buyer shall pay at closing the search charge as to Buyer, premium for the cost of mortgagee’s actual title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policybe purchased by Buyer. Buyer and Seller The Commitment shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only bear a date subsequent to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, shall include legible copies of all documents, maps, or plats set forth therein as affecting the Property.
(b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use Within thirty (30) calendar days after receipt of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use later of the propertyRecertified Survey and Commitment, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying written statement containing any objections made objection Buyer has to the title. In case If such title evidence statement is not delivered to Buyer or his attorney within a reasonable timethe thirty (30) calendar day period, or material objections made to the title in shall be deemed approved by Buyer. If such report are not cured with sixty (60) days after such report statement is so delivered, Seller shall use commercially reasonable efforts to cure or remove all such objections prior to closing, excluding objections to the Permitted Encumbrances which are hereby deemed approved. If any objection is not cured or removed within thirty (30) business days of the receipt by Seller of the aforesaid written statement containing the objections of Buyer to title, Buyer shall have the option to either (i) terminate this Contract shall, at Agreement whereupon the parties will have no other obligations under this Agreement (except Buyer’s option, be void inspection indemnity under Sections IV(b)(i)) and all xxxxxxx money V (a) and the Deposit shall be returned delivered to Buyer by the Title Company, or (ii) waive its objections and proceed to Closing without a reduction in the Purchase Price and such matters objected to shall thereafter be considered Permitted Encumbrances, subject to Buyer. Buyer may, nevertheless, elect ’s right to take such title as it then is, and may deduct from the purchase price Purchase Price amounts expended by Buyer to satisfy liens or mortgages that encumber the amounts Property securing a definite amount. If Buyer does not terminate this Agreement pursuant to option (i) before the end of liens and encumbrances andthe referenced Thirty (30) calendar day period, in such case, the Seller it shall convey the premises as agreedbe deemed to have elected option (ii).
Appears in 1 contract
Samples: Purchase Agreement
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. DRAFT: Non-Executable Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty, and (j) the standard title exceptions. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, DRAFT: Non-Executa Seller shall deliver to Buyer or Xxxxx’s attorney within customary time limitations as evidence of title in Seller, a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A title commitment and for an Owners Title Guaranty Policy ALTA title insurance policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy The title commitment shall be subject only to the following: (a) all taxes and special assessments now a lien, or levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the propertyProperty as agricultural land, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the propertyProperty as agricultural land, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey encroachments shown on the Survey that do not materially interfere with Buyer’s intended use of the propertyProperty as agricultural land (Collectively, the “Permitted Exceptions”). Buyer or his attorney shall within 10 five (5) business days after receiving such title evidencecommitment and Survey, deliver to Seller or his attorney, together with such evidence, a report written notice specifying survey-related title defects as defined in writing specifying any Section 11 above and unpermitted exceptions to which Buyer objects. Seller shall provide a written response to Xxxxx’s notice of objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable timetime period after receipt and advise whether Seller will cause such unpermitted exceptions or survey-related title defects to be cured, waived, or material objections made insured over before Closing. If Seller cannot cause such unpermitted exceptions or survey-related title defects to the title in such report are not cured with sixty (60) days after such report is so deliveredbe cured, waived, or insured over before Closing, then this Contract shall, at Buyer’s option, be void void, and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of any monetary liens and encumbrances of a definite or ascertainable amount and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Samples: Purchase Agreement
Title Evidence. Upon acceptance Within fifteen (15) days of this Contractthe Effective Date, Seller Buyer, at Buyer’s sole expense, shall within obtain a reasonable period title insurance commitment (and furnish at Seller’s expense: (Check appropriate statement). _X_ A a copy of such title commitment and an Owners Title Guaranty Policy copies of any exceptions shown thereon to Seller), in the full amount of the Purchase Price, issued by a Company Florida licensed title insurer, by which such title insurer agrees to issue to Buyer, upon the same recording of the deed conveying the Property to Buyer, an owner's title insurance policy in the State of Illinois for the full amount of the purchase price. Seller shall pay Purchase Price, insuring that marketable, fee simple, record title to all of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Property is vested in Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: :
(a) all The lien for taxes for the year of closing and special assessments now a lien, levied, or confirmed after the date hereof, subsequent years;
(b) building, use Those exceptions and occupancy or restrictionsqualifications, if any, which do not unreasonably interfere with Buyer’s intended use of identified in Exhibit "B" attached hereto and, by this reference, made a part hereof (referred to herein as the property, "Permitted Exceptions"); and
(c) zoning laws and ordinancesAny liens, (d) easements of record encumbrances, exceptions or in place affecting qualifications which are to be discharged or otherwise eliminated by Seller on or before the premises, if any, which do not unreasonably interfere with Buyer’s intended use Closing. The cost of the propertyforegoing owner's title insurance commitment (and final policy), (e) drainage ditchesalong with any and all incidental costs, feeders including, without limitation, title search and lateralsexam fees, if anyshall be the responsibility of Buyer. Marketable title shall be determined according to applicable Title Standards adopted by the authority of The Florida Bar and in accordance with law. If the owner's title insurance commitment shal1 not meet the foregoing requirements, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application Buyer shall notify Seller of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report fact in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty five (605) days after receipt of the commitment. Such written notice shall specify those liens, encumbrances, exceptions or qualifications listed in the commitment that are not Permitted Exceptions and that must be corrected, eliminated or discharged by Seller at or before the Closing (with any such report is so deliverednon-permitted liens, this Contract encumbrances, exceptions or qualifications referred to above being hereafter referred to as "Title Defects"). Seller shall exercise reasonable and diligent efforts to cure all Title Defects. If Seller shall, at prior to the Closing Date, cure or eliminate all of the of the Title Defects in such manner as to permit the title insurer to issue an owner’s title insurance commitment that meets the foregoing requirements, then the Closing shall take place on the date and in the manner specified in this Agreement. However, if Seller shall not be able to cure or eliminate all of the Title Defects prior to the Closing Date, then Buyer, in Buyer’s optionsole discretion, be void shall have the following options:
(a) To withdraw from this Agreement upon notice to Seller and the escrow Agent, in which event this Agreement, and all xxxxxxx money rights and liabilities hereunder, shall terminate, and the Escrow Agent shall be returned both authorized and directed to forthwith return the Deposit to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from ; or
(b) To close the purchase price of the amounts Property and accept a conveyance of liens the Property subject to and encumbrances andnotwithstanding the existence of any Title Defects, in such case, which event the Seller Closing shall convey take place on the premises as agreeddate and in the manner specified in this Agreement.
Appears in 1 contract
Samples: Sale and Purchase Agreement
Title Evidence. Upon acceptance of this Contract, Seller shall shall, within a reasonable period period, furnish at Seller’s expense: expense An abstract of title continued within thirty (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed 30) days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty Bar in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 ten (10) business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with BuyerXxxxx’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, and (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material materials objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void voided and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this ContractA. Seller shall, Seller shall within a reasonable period furnish time following (a) Buyer's payment of the Deposit and (b) the preparation of the Survey described in Section V (B), and at Seller’s 's expense: , provide Buyer with a commitment(s) (Check appropriate statementthe "Commitment") for an Owner's Policy of Title Insurance (ALTA Form B-1992). _X_ A commitment and an Owners Title Guaranty Policy , for the Property issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premiumTitle. Buyer shall pay the search charge as to Buyer, at Closing the cost of mortgagee’s the actual title insurance policy, if any, and to be purchased by Buyer in the cost amount of all necessary endorsements to the title insurance policyPurchase Price. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the followingThe Commitment shall: (ai) all taxes and special assessments now bear a lien, levied, or confirmed after date subsequent to the date hereof, (bii) buildinginclude legible copies of all documents, use and occupancy maps, or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place plats set forth therein as affecting the premisesProperty; and (iii) be issued through First American Title Insurance Corporation in its capacity as a title insurance company by its local office or by its local agent. The Commitment shall identify the Property and easements appurtenant thereto by the proposed legal description(s) set forth on the Survey. The Commitment shall, if anyat Buyer's option and cost, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and contain endorsements guaranteeing: (i) matters which can only be discovered by a survey the zoning classification of the property. Property; and (ii) that the Property abuts the public street(s) immediately adjacent thereto and has direct and valid access thereto; if such commitment options are not available for whatever reason, Buyer must elect to proceed to closing without the commitment options or his attorney elect to terminate the Agreement, in which case both parties hereto shall within 10 business be released from all duties and obligations to each other contained herein.
B. Within twenty (20) days after receiving such title evidencereceipt of both the Commitment in the form specified above and the Survey to be obtained by Seller pursuant to Section V hereof, Buyer shall deliver to Seller or his attorney, together with such evidence, a report in writing specifying written statement containing any objections made objection Buyer has to the title. In case If such title evidence statement is not delivered to Buyer or his attorney within a reasonable timethe twenty (20) day period, or material objections made to the title in shall be deemed approved by Buyer. If such report are not cured with sixty (60) days after such report statement is so delivered, this Contract shallSeller may use reasonable efforts to cure or remove all objections prior to Closing, provided, however, Seller shall have no obligation to cure or remove any objections. If any objection is not cured or removed within 120 days of the receipt by Seller of the aforesaid written statement containing objection of Buyer to title, Buyer, at Buyer’s its option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such may either: (i) accept title as it then is, ; or (ii) terminate this Agreement. Upon any such termination all parties shall be released from all duties or obligations contained herein and may deduct from the purchase price the amounts of liens and encumbrances and, Deposit returned to Buyer as provided for in such case, the Section III(b) hereof. Seller shall convey also deliver all abstracts in its possession to the premises as agreedProperty to the Buyer at closing.
Appears in 1 contract
Samples: Purchase Agreement (Research Inc)
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidencethe aforementioned commitment, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such the event Seller objects to any material condition of title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are and Seller has not cured with such condition of title within sixty (60) days after such report is objections are so delivereddelivered to Seller, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, without Seller curing Buyer’s objections and may deduct from the purchase price the amounts of liens and encumbrances and, in such caseevent, the Seller such uncured objections shall convey the premises as agreedbecome permitted exceptions upon conveyance from Seller.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with BuyerXxxxx’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights- of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 3, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the xxxxxxx money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title .
Appears in 1 contract
Samples: Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements and options for easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his its attorney shall within 10 five (5) business days after receiving such title evidence, deliver to Seller or his its attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his its attorney within a reasonable time, or material objections made to the title in such report are not cured with within sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Samples: Purchase Agreement
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or DRAFT: Non-Executable _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 3, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the xxxxxxx money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title .
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall shall, within a reasonable period period, furnish at Seller’s expense: expense An abstract of title continued within thirty (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed 30) days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty Bar in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals minerals, and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 ten (10) business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Xxxxx has received a copy of the title insurance commitment prior to auction. Seller shall cause the title insurance commitment to be updated by on or before September 22, 2023 to reflect the Buyer as the proposed insured, or such other individual or entity which Buyer may select, and to reflect the contract purchase price as the Proposed Policy Amount on the title insurance commitment. Buyer or his attorney has reviewed the title insurance commitment before bidding. Buyer waives any objection to matters disclosed on the title insurance commitment issued prior to auction. Buyer shall within 10 business days after only be permitted to object to matters which may be added to the title insurance receiving such a revised title evidenceinsurance commitment to, deliver to Seller or his attorney, together with such evidence, attorney a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreedthe agreed commitment by revision issued after the date of auction, and in such instance Buyer or his attorney shall within 10 business days after.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check expense:(Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all xxxxxxx money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
