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.

Appears in 5 contracts

Samples: Real Estate Purchase Agreement, Real Estate Purchase Agreement, Real Estate Purchase Agreement

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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.

Appears in 2 contracts

Samples: Real Estate Agreement, Real Estate Agreement

Title Evidence. The (a) Within 15 days from the Effective Date, Seller shall cause deliver to be furnished to BuyerPurchaser or Purchaser's attorneys, a title insurance company’s title binder to issue, after closing, a commitment (the "Commitment") for an owner's marketability policy of title insurance policy in an the amount equal of the Purchase Price, insuring Purchaser's title to the full purchase price naming Buyer as real property included in this sale (the insured. The title binder shall show marketable title vested in Seller"Real Property") subject only to the following (the "Permitted Encumbrances"): (i) zoning, subject to: Encroachments which would be disclosed by surveyrestrictions, rights-of-way of recordprohibitions, trees, plantings and fences thereon; easements, restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; special assessments, zoning lawsregulations, ordinances and regulations; other requirements of any applicable governmental authority; (ii) the lien of taxes and assessments for the calendar year of the Closing and all subsequent years; (iii) public utility easements (if any); (iv) any lien, encumbrance or other matter as to which the title company shall commit to affirmatively "insure over" at the minimum risk rate; (v) the rights of the tenants under the Occupancy Leases; (vi) matters revealed by the Prior Survey, as hereinafter defined. (b) Purchaser or its counsel shall notify Seller in possession; the liens, if any, described therein; and those exceptions which are standard to American Land writing ("Title Association’s Form B or as specified herein. A copy Notice") within 10 days after Purchaser's receipt of the Commitment and copies of all title binder will exceptions if the Commitment discloses any defects in the title to the Real Property, other than the Permitted Encumbrances, which may render title unmarketable. Any such defects appearing in the Commitment not noted by Purchaser in the Title Notice, or any defects noted in a Title Notice not delivered within the period specified above, shall be furnished deemed to lender, listing broker, and selling broker as promptly as possiblehave been waived by Purchaser. In the event the land Commitment discloses any defect which renders the title to the Real Property other than marketable and insurable (other than the Permitted Encumbrances), and such defect is noted in a Title Notice given by Purchaser to Seller within the time period required hereunder, Seller, at Seller's sole option, shall have 60 days from the date it receives the Title Notice within which to make Seller's title marketable and insurable. If after the expiration of such 60-day period, Seller is unable to make Seller's title marketable and insurable, or if having received the Title Notice, Seller, in its sole discretion, shall have elected not to cure (or shall have elected to discontinue any attempted cure of) any such defects appearing, in the Commitment noted in the Title Notice, then in any such event, Purchaser's remedies shall be used for new constructionlimited solely to either (x) accepting, such title to the builder/Seller may receive builder discount if any. Buyer shall pay for any lender’s/mortgagee’s/Instrument holder’s title insurance coverage. Real Property as Seller shall be responsible willing, and able to use due diligence convey, without adjustment to resolve any title defects at Seller’s expense subject or diminution of the Purchase Price, or (y) terminating, this Agreement and receiving a return of the Deposit. Any other provision of this Agreement to the foregoing exceptions. Should contrary notwithstanding, it shall not be objectionable if the Commitment discloses the existence of any liens or encumbrances provided the same are discharged, canceled of record and terminated by Seller be unable to furnish marketable title subject at or prior 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 hereunderClosing.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Certified Diabetic Services Inc), Purchase and Sale Agreement (Certified Diabetic Services Inc)

Title Evidence. The Xxxxx acknowledge and agrees that Xxxxx 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.

Appears in 1 contract

Samples: Contract to Purchase Agricultural Land

Title Evidence. (A) The Seller 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 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 Developer 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 period of time equal to the number of days that elapse from the Commitment 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 prior to the County or CRA. With the exception of the Permitted Exceptions, the County and CRA shall cause the removal/deletion/satisfaction/release of (a) all Schedule B-1 Requirements (including notices of commencement), (b) all pre-printed Schedule B-2 Exceptions (except for specific survey matters, if any) set forth in the Title Commitment, (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 (f) any Title Defects (as defined in subsection (E) below). (B) The estate to be furnished insured by the Title Policy shall consist of a fee simple interest in the Redevelopment Property. (C) At Closing, the Title Policy shall show marketable title to Buyerthe Redevelopment Property vested in the Developer subject to the Permitted Exceptions. All charges for the issuance of the Title Commitment, a title insurance company’s title binder to issuesearches and/or updates shall be paid by the County or CRA and the Developer shall pay the cost of issuance of the Title Policy and all endorsements thereto, after closing, a and any simultaneously issued mortgagee title insurance policy in an the 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 lenderPurchase Price and all endorsements thereto, listing broker, and selling broker all based upon minimum promulgated risk rate premium as promptly as possible. In promulgated by the event Florida Department of Insurance. (D) The Developer shall examine the land is to be used for new construction, Title Commitment during 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 agreementInspection Period. If the Buyer elects Title Commitment reflects any matters which are unacceptable to terminateDeveloper, in its sole and absolute discretion, which shall include, without limitation, any Permitted Exceptions and/or any title matters which, although not shown on the Title Commitment, Developer believes may presently encumber or affect the Redevelopment Property, then Developer shall have the xxxxxxx money right to terminate this Agreement by providing written notice of such termination to County on or before the expiration of the Inspection Period, whereupon the Deposit (less the Submittal Deposit, which shall be refunded promptly paid to the Buyer County as consideration for entering into the negotiations necessary to develop this Agreement), shall be returned to Developer and all parties the Developer, County and the CRA shall be released from any further liability hereunderrights or obligations hereunder (it being understood and agreed that Developer expressly reserves the right to review such Permitted Exceptions during the Inspection Period and (i) to the extent that Developer objects to the same, Developer’s sole remedy shall be to terminate this Agreement as provided herein; or (ii) to the extent that Developer elects to proceed forward upon the expiration of the Inspection Period, Developer shall be deemed to have accepted those items set forth in the Title Commitment, subject to County’s obligations set forth in subsection (A) above). (E) Developer will have the right, from time to time, but not more frequently than monthly to obtain (at County’s expense) an endorsement bringing the effective date of the Title Commitment forward to the most current date available (the “Updated Commitment”). If the Updated Commitment discloses any matters that are not Permitted Exceptions (such matters shall be referred to herein as “Title Defects”), then Developer shall have the right to object to such Title Defects by providing written notice of same to County, within the earlier of (i) ten (10) business days after receipt of such Updated Commitment or (ii) the Closing date. If Developer delivers notice of such Title Defects to County (the “Title Defect Notice”), County will use reasonable good faith efforts to cure such Title Defects by the earlier to occur of: (i) ten (10) business days following the County’s receipt of the Title Defect Notice, or (b) the Closing date (the “Title Cure Period”), provided that (1) the County shall have the right (but not the obligation), in its sole and absolute discretion, to extend the Closing date, to the expiration date of the Title Cure Period; and

Appears in 1 contract

Samples: Disposition of Property Agreement

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.

Appears in 1 contract

Samples: Contract to Purchase Agricultural Land

Title Evidence. The A. Seller shall cause will, at Seller's expense, provide Buyer within thirty (30) days after the date hereof with a commitment(s) (the "Commitment") for an Owner's Policy of Title Insurance for the Property issued by Title along with updated Surveys certified to be furnished to Title, Buyer, a Techne Corporation and Buyer's lender. Buyer shall pay at closing the premium for the actual 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 lienspolicy, if any, described therein; to be purchased by Buyer. The Commitment shall include waiver of standard exceptions, a zoning and those exceptions which are standard comprehensive endorsements and a contiguity endorsement as to American the Land and each separate parcel comprising the Parking Land and shall include legible copies of all documents, maps, or plats set forth therein as affecting the Property and shall be issued through Title Association’s Form B in its capacity as a title insurance company by its local office or by its local agent (the "Title Company") situated in the county where the Property is located. The Commitment shall be issued in the name of Buyer, Techne Corporation and Buyer's lender. B. Within thirty (30) days after receiving the Commitment and the updated Surveys, but no later than the closing date, as specified hereinhereafter defined, Buyer shall deliver to Seller a written statement containing any objection Buyer has to the state of title, including Survey objections but excluding objections to Permitted Encumbrances and excluding matters disclosed by surveys provided to Buyer prior to February 26, 1999. A copy If such statement of objection is not delivered by such date, title shall be deemed approved by Buyer except for Schedule B, Section 1 requirements of the commitment ("Requirements") which Seller agrees to satisfy at closing. If any objection other than the Requirements is not cured or removed by the closing date, Buyer, at its option, may, prior to the closing date, either (i) accept title binder will be furnished as it is, subject to lender, listing broker, and selling broker as promptly as possible. In Seller's obligations to satisfy 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 coverageRequirements; or (ii) terminate this Purchase Agreement. Seller shall be responsible have no obligations to use due diligence to resolve cure any title defects at Seller’s expense subject to the foregoing exceptionsPermitted Encumbrances. Should the Seller be unable to furnish marketable title subject to the foregoing exceptions, the Buyer may, at Buyer’s option, waive Upon any such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money shall be refunded promptly to the Buyer and termination all parties shall be released from any further liability hereunderall duties or obligations contained herein (except for Buyer's Indemnity under Section IV(a) or V(A) hereof) and Buyer shall be entitled to a partial or full refund of the Deposit as described in Sections III(b) or III(c) hereof.

Appears in 1 contract

Samples: Phase Ii Option Agreement (Techne Corp /Mn/)

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Title Evidence. The Seller A. At least three calendar days prior to the Closing Date, SELLER shall cause to be furnished to Buyer, the BUYER a title insurance company’s written commitment “title binder binder” to issue, issue after closing, closing a title insurance policy in an amount equal to the full purchase price Purchase Price naming Buyer the BUYER as the insured. A copy of the title binder shall be furnished to the mortgage lender and the BUYER’S attorney (if any) as promptly as possible. B. The title binder shall show marketable title vested in Sellerthe SELLER, subject to: Encroachments which to the following: (1) Easements, mineral rights and reservations of record, encroachments that would be disclosed by a survey, rights-of-way rights−of−way of record, trees, plantings and fences thereon; easements, restrictions on the Property; (2) Restrictions and protective covenants of record, provided that no forfeiture provisions are contained therein; ; (3) Un−matured special assessments, zoning laws, ordinances and regulations; rights ; (4) Rights of tenants in possession; the liens, ; (5) Liens (if any, ) described thereinherein; and those and (6) Those exceptions which that are standard to American Land Title Associationin the title company’s Form B or as specified herein. A copy of the title binder will be furnished to lender, listing broker, therein. C. BUYER SELLER BUYER 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 SELLER equally shall pay for any lender’s/mortgagee’s/Instrument lender’sƒmortgagee’sƒinstrument holder’s title insurance coverage. Seller SELLER shall be responsible to use due diligence to resolve any title defects at Seller’s the SELLER’S expense subject to the foregoing exceptions. X. XXXXX SELLER BUYER and SELLER equally shall pay for any owner’s title insurance coverage. Should SELLER shall be responsible to use due diligence to resolve any title defects at the Seller be SELLER’S expense subject to the foregoing exceptions. E. In the event that the SELLER is unable to furnish marketable title subject to the foregoing exceptionsexceptions and this Contract is cancelled due to this inability to furnish marketable title, the Buyer may, at Buyer’s option, waive such defect or terminate this agreement. If the Buyer elects to terminate, then the xxxxxxx money Xxxxxxx Money shall be refunded promptly to the Buyer BUYER subject to the provisions of this Contract and the SELLER shall reimburse to the BUYER the cost of the BUYER’S accrued loan costs, attorneys’ fees for examining title and title insurance cancellation fees and all parties shall be released from any further liability hereunderunder this Contract.

Appears in 1 contract

Samples: Commercial Real Estate Contract

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.

Appears in 1 contract

Samples: Real Estate Purchase Agreement

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.

Appears in 1 contract

Samples: Real Estate Purchase Agreement

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