Common use of Title Information and Report Clause in Contracts

Title Information and Report. The Buyer shall, within twenty (20) days after the Effective Date of this Agreement, and at the Buyer’s expense, cause to be issued through a national title insurance company authorized to do business in Florida and reasonably acceptable to the Buyer (the “Title Company”) a title insurance commitment (the “Title Commitment”), together with copies of all documents listed on Schedule B-II of the Title Commitment, committing the Title Company to insure the Buyer’s title in and to the Property. The Title Commitment and the resulting owner’s title insurance policy (the “Title Policy”) shall be in the aggregate amount of the purchase price and shall be on ALTA standard forms as currently authorized and approved by the Insurance Commissioner of the State of Florida. The Title Commitment shall set forth the state of the title of the Property, listing all exceptions and conditions to such title, including, without limitations, all easements, reservations, rights-of-way, covenants, restrictions, limitations and encumbrances affecting such parcel which would appear in the Title Policy, if and when issued, and shall be accompanied by a copy of each document affecting the such parcel and constituting an exception in the Title Commitment. The Title Policy shall insure marketable title and shall contain no exceptions other than the Permitted Exceptions. The Buyer shall give to the Seller written notice on or before the later of (i) thirty (30) days after receipt of the Title Commitment, or (ii) thirty (30) days after receipt of the Survey, that the condition of the title to the Property as set forth in the Title Commitment and the Survey either is or is not acceptable. The Buyer shall not be required to make objection to the existence of any mortgage lien, materialmen or mechanics’ lien, assessment lien or any other lien encumbering all or any part of the such parcel, all of which are hereby deemed to be title objections. Notwithstanding anything herein to the contrary, Buyer must notify Seller or its representatives of any and all valid title objections at least ten (10) days before the Closing or all objections to title shall be waived. In the event that the condition of the title is not acceptable, the Buyer shall state which exceptions in the Title Commitment are acceptable, and the Seller shall undertake to eliminate the remaining unacceptable exceptions in the manner set forth below; provided, however, that at the Closing, mortgages may be satisfied or the liens thereof partially released, as the case may be, as to such parcel. The Seller shall, at the Seller’s sole cost and expense, promptly undertake to eliminate all unacceptable matters to the reasonable satisfaction of the Buyer. In the event the Seller is unable, with the exercise of reasonable diligence, to eliminate the unacceptable or objectionable matters within thirty (30) days after such notice, the Buyer may, at the Buyer’s option, (i) accept title subject to the exceptions raised by the Buyer, without an adjustment in the Purchase Price, in which event such objections shall be deemed to be waived for all purposes, (ii) satisfy such objections on behalf of the Seller and deduct from the Purchase Price at the Closing the actual cost of satisfying such objections, or (iii) decline to purchase the Property, whereupon the Escrow Agent shall promptly refund to the Buyer the Deposit, and any interest earned thereon, and the parties shall be relieved of any further responsibilities or obligations under this Agreement.

Title Information and Report. The Buyer shall, within twenty (20) days after the Effective Date of this Agreement, and at the Buyer’s expenseexpense and at least thirty (30) days prior to the end of the Inspection Period, cause to be issued through the Title Agent using a national nationally recognized title insurance company authorized to do business in Florida and reasonably acceptable to the Buyer underwriter (the “Title Company”) and delivered to Buyer (with a copy promptly to Seller) a title insurance commitment (the “Title Commitment”), together with copies of all documents listed on Schedule B-II of the Title Commitment, ) committing the Title Company to insure the Buyer’s title in and to the Property. The Title Commitment and the resulting owner’s title insurance policy (the “Title Policy” or “Title Policies”) shall be in the aggregate amount of the purchase price Purchase Price and shall be on ALTA standard forms as currently authorized and approved by the Insurance Commissioner of for use in the State of Florida. The Title Commitment shall set forth the state of the title of the Property, listing all exceptions and conditions to such title, including, without limitations, all easements, reservations, rights-of-way, covenants, restrictions, limitations and encumbrances affecting such parcel which would appear in the Title Policy, if and when issued, and shall be accompanied by a copy of each document affecting the such parcel and constituting an exception in the Title Commitment. The Title Policy Policies shall insure marketable title and shall contain no exceptions other than Marketable Title to the Permitted ExceptionsProperty. The Buyer shall shall, within fourteen (14) days of the date of issuance of the Title Commitment, give to the Seller written notice on or before the later of (i) thirty (30) days after receipt of the Title Commitment, or (ii) thirty (30) days after receipt of the Survey, that the condition of the title to the Property as set forth in the Title Commitment and the Survey either is or is not acceptable. The Buyer shall not be required to make objection to the existence of any mortgage lien, materialmen or mechanics’ lien, assessment lien or any other lien encumbering all or any part of the such parcel, all of which are hereby deemed to be title objections. Notwithstanding anything herein to the contrary, Buyer must notify Seller or its representatives of any and all valid title objections at least ten (10) days before the Closing or all objections to title shall be waived. In the event that the condition of the title is not acceptable, the Buyer shall state give Seller a list of objections stating which exceptions in the Title Commitment are not acceptable, and the Seller shall undertake to eliminate the remaining unacceptable exceptions in the manner set forth below; provided, however, that at the Closing, mortgages may shall be satisfied by Seller or the liens thereof partially releasedreleased from the Property, as the case may be, as to such parcel. The Seller shall, at the Seller’s sole cost and expense, promptly undertake to use the Seller’s best efforts to eliminate all unacceptable matters to the reasonable satisfaction of the BuyerBuyer provided that the cost does not exceed One Thousand Dollars ($1,000.00). In Subject to the foregoing, in the event the Seller is unable, with the exercise of reasonable diligence, to eliminate the unacceptable or objectionable matters within thirty forty-five (3045) days after such notice, the Buyer may, at the Buyer’s option, (i) accept title subject to the exceptions raised by the Buyer, without an adjustment in the Purchase Price, in which event such objections shall be deemed to be waived for all purposes, or (ii) satisfy such objections on behalf of the Seller and deduct from the Purchase Price at the Closing the actual cost of satisfying such objections, or (iii) decline to purchase the Property, whereupon the Escrow Agent all deposits made shall promptly refund be paid to the Buyer the Deposit, and any interest earned thereon, and the parties shall be relieved of any further responsibilities or obligations under this Agreement, except those that expressly survive termination.

Title Information and Report. The Buyer shall, within twenty (20) days after the Effective Date of this Agreement, and at the Buyer’s expenseexpense and at least thirty (30) days prior to the end of the Inspection Period, cause to be issued through the Title Agent using a national nationally recognized title insurance company authorized to do business in Florida and reasonably acceptable to the Buyer underwriter (the “Title Company”) and delivered to Buyer (with a copy promptly to Seller) a title insurance commitment (the “Title Commitment”), together with copies of all documents listed on Schedule B-II of the Title Commitment, ) committing the Title Company to insure the Buyer’s title in and to the Property. The Title Commitment and the resulting owner’s title insurance policy (the “Title Policy” or “Title Policies”) shall be in the aggregate amount of the purchase price Purchase Price and shall be on ALTA standard forms as currently authorized and approved by the Insurance Commissioner of for use in the State of Florida. The Title Commitment shall set forth the state of the title of the Property, listing all exceptions and conditions to such title, including, without limitations, all easements, reservations, rights-of-way, covenants, restrictions, limitations and encumbrances affecting such parcel which would appear in the Title Policy, if and when issued, and shall be accompanied by a copy of each document affecting the such parcel and constituting an exception in the Title Commitment. The Title Policy Policies shall insure marketable title and shall contain no exceptions other than Marketable Title to the Permitted ExceptionsProperty. The Buyer shall shall, within fourteen (14) days of the date of issuance of the Title Commitment, give to the Seller written notice on or before the later of (i) thirty (30) days after receipt of the Title Commitment, or (ii) thirty (30) days after receipt of the Survey, that the condition of the title to the Property as set forth in the Title Commitment and the Survey either is or is not acceptable. The Buyer shall not be required to make objection to the existence of any mortgage lien, materialmen or mechanics’ lien, assessment lien or any other lien encumbering all or any part of the such parcel, all of which are hereby deemed to be title objections. Notwithstanding anything herein to the contrary, Buyer must notify Seller or its representatives of any and all valid title objections at least ten (10) days before the Closing or all objections to title shall be waived. In the event that the condition of the title is not acceptable, the Buyer shall state give Seller a list of objections stating which exceptions in the Title Commitment are not acceptable, and the Seller shall undertake to eliminate the remaining unacceptable exceptions in the manner set forth below; provided, however, that at the Closing, mortgages may shall be satisfied by Seller or the liens thereof partially releasedreleased from the Property, as the case may be, as to such parcel. The Seller shall, at the Seller’s sole cost and expense, promptly undertake to use the Seller’s best efforts to eliminate all unacceptable matters to the reasonable satisfaction of the Buyer. In the event the Seller is unable, with the exercise of reasonable diligence, to eliminate the unacceptable or objectionable matters within thirty forty-five (3045) days after such notice, the Buyer may, at the Buyer’s option, (i) accept title subject to the exceptions raised by the Buyer, without an adjustment in the Purchase Price, in which event such objections shall be deemed to be waived for all purposes, or (ii) satisfy such objections on behalf of the Seller and deduct from the Purchase Price at the Closing the actual cost of satisfying such objections, or (iii) decline to purchase the Property, whereupon the Escrow Agent Buyer shall promptly refund be entitled to the Buyer the Deposit, and any interest earned thereon, retain all deposits made and the parties shall be relieved of any further responsibilities or obligations under this Agreement, except those that expressly survive termination.

Title Information and Report. The Buyer Seller shall, within twenty (20) days after the Effective Date of this Agreement, and at the BuyerSeller’s expense, cause to be issued through a national title insurance company authorized to do business in Florida and reasonably acceptable to the Buyer (the “Title Company”) a title insurance commitment (the “Title Commitment”), together with copies of all documents listed on Schedule B-II of the Title Commitment, committing the Title Company to insure the Buyer’s title in and to the Property. The Title Commitment and the resulting owner’s title insurance policy (the “Title Policy”) shall be in the aggregate amount of the purchase price and shall be on ALTA standard forms as currently authorized and approved by the Insurance Commissioner of the State of Florida. The Title Commitment shall set forth the state of the title of the Property, listing all exceptions and conditions to such title, including, without limitations, all easements, reservations, rights-of-way, covenants, restrictions, limitations and encumbrances affecting such parcel which would appear in the Title Policy, if and when issued, and shall be accompanied by a copy of each document affecting the such parcel and constituting an exception in the Title Commitment. The Title Policy shall insure marketable title and shall contain no exceptions other than the Permitted Exceptions. The Buyer shall give to the Seller written notice on or before the later of (i) thirty (30) days after receipt of the Title Commitment, or (ii) thirty (30) days after receipt of the Survey, that the condition of the title to the Property as set forth in the Title Commitment and the Survey either is or is not acceptable. The Buyer shall not be required to make objection to the existence of any mortgage lien, materialmen or mechanics’ lien, assessment lien or any other lien encumbering all or any part of the such parcel, all of which are hereby deemed to be title objections. Notwithstanding anything herein to the contrary, Buyer must notify Seller or its representatives of any and all valid title objections at least ten (10) days before the Closing or all objections to title shall be waived. In the event that the condition of the title is not acceptable, the Buyer shall state which exceptions in the Title Commitment are acceptable, and the Seller shall undertake to eliminate the remaining unacceptable exceptions in the manner set forth below; provided, however, that at the Closing, mortgages may be satisfied or the liens thereof partially released, as the case may be, as to such parcel. The Seller shall, at the Seller’s sole cost and expense, promptly undertake to eliminate all unacceptable matters to the reasonable satisfaction of the Buyer. In the event the Seller is unable, with the exercise of reasonable diligence, to eliminate the unacceptable or objectionable matters within thirty (30) days after such notice, the Buyer may, at the Buyer’s option, (i) accept title subject to the exceptions raised by the Buyer, without an adjustment in the Purchase Price, in which event such objections shall be deemed to be waived for all purposes, (ii) satisfy such objections on behalf of the Seller and deduct from the Purchase Price at the Closing the actual cost of satisfying such objections, or (iii) decline to purchase the Property, whereupon the Escrow Agent shall promptly refund to the Buyer the Deposit, and any interest earned thereon, and the parties shall be relieved of any further responsibilities or obligations under this Agreement.