Common use of Title Evidence Clause in Contracts

Title Evidence. The Seller shall cause to be furnished to Buyer, a title insurance company’s title binder to issue, after closing, a title insurance policy in an amount equal to the full purchase price naming Buyer as the insured. The title binder shall show marketable title vested in Seller, subject to: Encroachments which would be disclosed by survey, rights-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein. A copy of the title binder will be furnished to lender, listing broker, and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coverage. Seller shall be responsible to use due diligence to resolve any title defects at Seller’s expense subject to the foregoing exceptions. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money shall be refunded promptly to the Buyer and all parties shall be released from any further liability hereunder.

Title Evidence. The Seller shall cause to be furnished to Buyer, at Seller’s option, either an abstract or a title insurance company’s title binder to issue, after closing, a title insurance policy in an amount equal to the full purchase price naming Buyer as the insured. The title binder shall show marketable title vested in Seller, subject to: Encroachments which would be disclosed by survey, rights-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein. A copy of the title binder will be furnished to lender, listing broker, and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coverage. Seller shall be responsible to use due diligence to resolve any title defects at Seller’s expense subject to the foregoing exceptions. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money shall be refunded promptly to the Buyer and the Seller shall reimburse to the Buyer the cost of the Buyer’s accrued loan costs, expenses to bring abstract up to date will be paid by Seller, expenses for attorney’s fees for examination of abstract will be paid by Buyer and title insurance cancellation fees, and all parties shall be released from any further liability hereunder.

Title Evidence. The Seller Sellers shall cause deliver to be furnished the Purchasers not less than five (5) days prior to Buyer, a title insurance company’s title binder to issue, after the time of closing, a title commitment for an owner’s title insurance policy in an the amount equal of the purchase price, subject only to the full purchase price naming Buyer general exceptions contained in the policy, title exceptions or defects pertaining to liens or encumbrances of a definite and ascertainable amount which may be removed by the payment of money at the time of closing or by use of the funds obtained at closing and which the Sellers may so remove by using said funds (all of which are hereinafter referred to as the insured. The “permitted exceptions”.) If the title binder commitment discloses either unpermitted exceptions or defects or survey matters that render the title unmarketable, (hereinafter referred to as “survey defects”), Sellers shall show marketable have thirty (30) days from the date of delivery thereof to have the exceptions removed from the commitment, or to correct such survey defects or to have the title vested insurer commit to insure against loss or damage that may be occasioned by such exceptions or survey defects, and, in Sellersuch event, subject to: Encroachments which would the time of closing shall be disclosed by survey, rightsthirty-of-way five (35) days after delivery of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B commitment for title insurance or as the time expressly specified herein. A copy of the title binder will be furnished to lender, listing broker, and selling broker as promptly as possible. In the event the land whichever is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coverage. Seller shall be responsible to use due diligence to resolve any title defects at Seller’s expense subject to the foregoing exceptions. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreementlater. If the Buyer elects Sellers shall fail to terminatehave the exceptions removed or correct any survey defects, or, in the alternative, to obtain the commitment for title insurance specified above insuring against such exceptions or survey defects within the specified time, Purchasers may terminate this Agreement or may elect, upon notice to Sellers within ten (10) days after the expiration of the thirty (30) day period, to take title as it then is with the xxxxxxx money right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchasers do not so elect, this Agreement shall be refunded promptly to become null and void without further action by the Buyer and all parties shall be released from any further liability hereunderparties.

Title Evidence. The Seller shall cause to be furnished to Buyer, a title insurance company’s title binder to issue, after closing, a title insurance policy in an amount equal to the full purchase price naming Buyer as the insured. The title binder shall show marketable title vested in Seller, subject to: Encroachments which would be disclosed by survey, rights-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein. A copy of the title binder will be furnished to lender, listing broker, and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coverage. Seller shall be responsible to use due diligence to resolve any title defects at Seller’s expense subject to the foregoing exceptions. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money shall be refunded promptly to the Buyer and all parties shall be released from any further liability hereunder.

Title Evidence. The Buyer acknowledge and agrees that Buyer has received and reviewed a current commitment for title insurance issued by a title company licensed to issue the same in the State of Illinois (the "Title Company") showing the condition of title to the Property (the "Title Commitment"). Buyer further acknowledge and agrees to accept title to the Property subject to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof; (b) restrictions or reservations of any type; (c) zoning laws and ordinances; (d) roadways, rights of way, and easements; (e) any contracts purporting to limit or regulate the use, occupancy, or enjoyment of the Property; (e) drainage ditches, feeders and laterals; (f) all outstanding mineral rights or reservations, oil, gas or mineral leases; (g) water districts, water rights; (h) rights of tenants, lessees, licensees, or any persons in possession; (i) matters which could be disclosed by a survey of the Property; and (j) any other matters shown on the Title Commitment (collectively, the "Permitted Exceptions"). At the Closing, Seller shall cause the Title Commitment to be furnished to Buyer, a title insurance company’s title binder to issue, after closing, a title insurance policy converted into an Owner's Title Policy in an the amount equal to of the full purchase price naming Purchase Price showing Buyer as the insured. The title binder shall show marketable title vested in Seller, subject to: Encroachments which would be disclosed by survey, rights-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein. A copy owner of the title binder will be furnished Property as of the Closing Date subject to lender, listing broker, the general exceptions and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coveragePermitted Exceptions. Seller shall not be responsible required to use due diligence to resolve provide any title defects at Seller’s expense subject endorsements to the foregoing exceptionsOwner's Title Policy. Should The cost of the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money Owner's Title Policy shall be refunded promptly to the Buyer and all parties shall be released from any further liability hereunderpaid for by Seller.

Title Evidence. (A) The Seller shall cause County has contracted for extensive and comprehensive title research services in order to acquire and dispose of the Redevelopment Property so that, among other things, the CRA could be in a position to obtain and deliver to Developer the Title Commitment for the title policy to be furnished issued on behalf of the Fund and reinsured by Chicago Title Insurance Company ("Chicago Title") for all amounts in excess of Ten Million Dollars ($10,000,000), naming Developer as the proposed insured owner and the CRA as proposed insured mortgagee in the amount of the Purchase Price (it being understood that although the Closing Agent may issue the Title Commitment, the Title Commitment must be approved by the Fund and Chicago Title, with reasonable evidence provided to BuyerDeveloper of such approval and agreement by Chicago Title to reinsure the ensuing Title Policy). The Title Commitment, in substantially the form attached hereto as Appendix “W” and together with the best available copies of all matters reflected as exceptions thereon, shall be delivered to Developer on or before the Effective Date (the “Commitment Delivery Deadline”); it being understood and agreed that any failure to deliver the Title Commitment, together with the best available copies of all matters reflected as exceptions thereon, to Developer by the Commitment Delivery Deadline shall result in the Inspection Period being automatically extended for a title insurance company’s title binder to issue, after closing, a title insurance policy in an amount period of time equal to the full purchase price naming Buyer as number of days that elapse from the insuredCommitment Delivery Deadline through the date of Developer’s actual receipt of the Title Commitment. The Title Commitment shall be continued, endorsed or updated at the County’s expense in accordance with subsection (E) below. The subsequent Title Policy shall be issued free and clear of encumbrances, with the exception of (1) taxes and assessments for the current year which are not yet due and payable, (2) the Permitted Exceptions (as defined in Section 4.02 below), and (3) any encumbrance of or created by the Developer, including the Mortgage and any other instruments evidencing debt executed by the Developer at Closing. The Title Policy shall not contain exceptions for or otherwise exclude coverage as to restrictive covenants imposed by any owners appearing in the chain of title binder prior to the County or CRA. With the exception of the Permitted Exceptions, the County and CRA shall show marketable title vested in Sellercause the removal/deletion/satisfaction/release of (a) all Schedule B-1 Requirements (including notices of commencement), subject to: Encroachments which would be disclosed by survey, rights(b) all pre-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liensprinted Schedule B-2 Exceptions (except for specific survey matters, if any) set forth in the Title Commitment, described therein(c) any and all liquidated liens or judgments, (d) any and all rights of entry and exploration under any existing oil, gas and/or mineral reservations, (e) any and all federal, state and/or county road reservations (provided the foregoing shall not include any existing canal easements in favor of the County, which are subject to modification or relocation as provided for in this Agreement); and those exceptions which are standard to American Land (f) any Title Association’s Form B or Defects (as specified herein. A copy of the title binder will be furnished to lender, listing broker, and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coverage. Seller shall be responsible to use due diligence to resolve any title defects at Seller’s expense subject to the foregoing exceptions. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money shall be refunded promptly to the Buyer and all parties shall be released from any further liability hereunderdefined in subsection (E) below).

Title Evidence. The Seller shall cause to be furnished to Buyer, at Seller’s option, either an abstract or a title insurance company’s title binder to issue, after closing, a title insurance policy in an amount equal to the full purchase price naming Buyer as the insured. The title binder shall show marketable title vested in Seller, subject to: Encroachments which would be disclosed by survey, rights-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein. A copy of the title binder will be furnished to lender, listing broker, and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’sl ender’s/mortgagee’s/Instrument holder’s title insurance coverage. Seller shall be responsible to use due diligence to resolve any title defects at Seller’s expense subject to the foregoing exceptions. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money shall be refunded promptly to the Buyer and the Seller shall reimburse to the Buyer the cost of the Buyer’s accrued loan costs, expenses to bring abstract up to date will be paid by Seller, expenses for attorney’s fees for examination of abstract will be paid by Buyer and title insurance cancellation fees, and all parties shall be released from any further liability hereunder.

Title Evidence. The Buyer acknowledge and agrees that Buyer has received and reviewed a current commitment for title insurance issued by a title company licensed to issue the same in the State of Indiana (the "Title Company") showing the condition of title to the Property (the "Title Commitment"). Buyer further acknowledge and agrees to accept title to the Property subject to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof; (b) restrictions or reservations of any type; (c) zoning laws and ordinances; (d) roadways, rights of way, and easements; (e) any contracts purporting to limit or regulate the use, occupancy, or enjoyment of the Property; (e) drainage ditches, feeders and laterals; (f) all outstanding mineral rights or reservations, oil, gas or mineral leases; (g) water districts, water rights; (h) rights of tenants, lessees, licensees, or any persons in possession; (i) matters which could be disclosed by a survey of the Property; and (j) any other matters shown on the Title Commitment (collectively, the "Permitted Exceptions"). At the Closing, Seller shall cause the Title Commitment to be furnished to Buyer, a title insurance company’s title binder to issue, after closing, a title insurance policy converted into an Owner's Title Policy in an the amount equal to of the full purchase price naming Purchase Price showing Buyer as the insured. The title binder shall show marketable title vested in Seller, subject to: Encroachments which would be disclosed by survey, rights-of-way of record, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein. A copy owner of the title binder will be furnished Property as of the Closing Date subject to lender, listing broker, the general exceptions and selling broker as promptly as possible. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coveragePermitted Exceptions. Seller shall not be responsible required to use due diligence to resolve provide any title defects at Seller’s expense subject endorsements to the foregoing exceptionsOwner's Title Policy. Should The cost of the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money Owner's Title Policy shall be refunded promptly to the Buyer and all parties shall be released from any further liability hereunderpaid for by Seller.