Title Insurance and Survey. Seller acknowledges that Seller has not added to nor disposed of any part of the Property, or gained any easements in favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to closing, Seller agrees to furnish at Seller’s expense a title insurance commitment for an Owner’s Title Insurance Policy in the amount of the sale price, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date of closing, prepared by an Illinois registered land surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real estate and distances therefrom to the nearest two lot lines. In addition, the survey to be provided shall be a boundary survey conforming to the requirements of the Illinois Department of Financial and Professional Regulation found at 68 Ill. Adm. Code, Sec. 170.56. The survey shall show all corners staked and flagged or otherwise monumented. The survey shall have the following statement prominently appearing near the professional land surveyor seal and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is not a boundary survey, and does not satisfy the necessary requirements.” With regard to the issuance of title insurance: ( / ) Seller authorizes Brokerage to order title insurance and related services on Seller’s behalf through (Seller(s) Initials) , an affiliate of Brokerage, for the estimated charges as disclosed in the Federal and State Disclosure Statements provided Seller by Brokerage. ( / ) Seller directs that provide the title insurance and
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Samples: Residential Exclusive Right to Sell Marketing Agreement
Title Insurance and Survey. Seller acknowledges that Seller has not added to nor disposed of any part of the Property, or gained any easements in favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to closing, Seller agrees to furnish at Seller’s expense a title insurance commitment for an Owner’s Title Insurance Policy in the amount of the sale price, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date of closing, prepared by an Illinois registered land surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real estate and distances therefrom to the nearest two lot lines. In addition, the survey to be provided shall be a boundary survey conforming to the requirements of the Illinois Department of Financial and Professional Regulation found at 68 Ill. Adm. Code, Sec. 170.56. The survey shall show all corners staked and flagged or otherwise monumented. The survey shall have the following statement prominently appearing near the professional land surveyor seal and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is not a boundary survey, and does not satisfy the necessary requirements.” With regard to the issuance of title insurance: ❑ ( / ) Seller authorizes Brokerage Broker to order title insurance and related services on Seller’s behalf through (Seller(s) Initials) )’s Initials , an affiliate of BrokerageBroker, for the estimated charges as disclosed in the Federal and State Disclosure Statements provided Seller by BrokerageBroker. ❑ ( / ) Seller directs that provide the title insurance ❑ ( / ) Seller or Seller’s attorney will make the necessary arrangements for title insurance and any related services.
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Title Insurance and Survey. Seller acknowledges that Seller has not added The Bank's obligation to nor disposed make the initial advance or any subsequent advance of any part Bond Proceeds is conditioned on the Bank's receipt of the Propertyfollowing, or gained any easements all in favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior form and substance satisfactory to closing, Seller agrees to furnish at Seller’s expense Lender:
(a) a commitment for a title insurance commitment for an Owner’s Title Insurance Policy policy in the amount of the sale price, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat Debt covering all of Survey dated not more than six (6) months prior to the date of closing, prepared by an Illinois registered land surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real estate property and distances therefrom fixtures that are part of the Premises and Improvements. The commitment shall be issued by Chicago Title Insurance Company and shall be for an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that, upon satisfaction of the nearest two lot lines. In additionrequirements listed herein, the survey to be provided shall be Bank will hold a boundary survey valid first priority mortgage lien on real property and fixtures conforming to the requirements of the Illinois Department commitment. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of Financial the Bank, and Professional Regulation found at 68 Ill. Adm. Codewill be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, Secincluding, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. 170.56A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located;
(b) a current certified Class "A" ALTA Land Title Survey by a registered engineer acceptable to the Bank with such certification being addressed to the Bank and to the Title Company. The survey shall show the Premises and any matters affecting the same, including the location and area covered by all corners staked building set-back lines, the location and flagged area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures or otherwise monumentedfoundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary lines. The survey shall have also state whether the following statement prominently appearing near Premises or any portion thereof is located on a federally designated flood plain area or wetland and shall also indicate the professional land surveyor seal zoning classification of the Premises. The survey must conform to and signature: “This professional service conforms be prepared in accordance with the Commitment and meet the "Minimum Standard Detail Requirements for ALTA Land Title Surveys" established and adopted by ALTA and the requirements of a Class A Survey as defined therein. The legal description set forth on the face of the approved survey will be used in the Loan Documents. The state of facts shown in the Preliminary Survey shall be satisfactory in all respects to the current Illinois minimum standards for Bank and its counsel, the Construction Consultant and the Title Company. The Borrower shall deliver to the Bank (i) a boundary survey. A Mortgage Inspectionfoundation survey of the Improvements within thirty (30) days after the completion of the foundation of the Improvements, as defined, is not a boundary survey(ii) an as-built survey of the Improvements within thirty (30) days after the completion of Improvements, and does not satisfy (iii) any additional surveys requested or required by the necessary requirements.” With regard Bank, the Construction Consultant or the Title Company within thirty (30) days after request, it being agreed that any change in the state of facts shown in any such updated survey shall be satisfactory in all respects to the issuance Bank, its counsel, the Construction Consultant and the Title Company. The Borrower shall also deliver to the Bank contemporaneously with the delivery of title insurance: ( / ) Seller authorizes Brokerage to order title insurance and related services on Seller’s behalf through (Seller(s) Initials) , each survey an affiliate of Brokerage, for affidavit from the estimated charges as disclosed surveyor that set-backs are in the Federal and State Disclosure Statements provided Seller by Brokerage. ( / ) Seller directs that provide the title insurance and conformity with current zoning restrictions.
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Title Insurance and Survey. Seller acknowledges that Seller has not added Borrower shall have delivered to nor disposed of any part Lender updated surveys and/or survey certificates and/or recourse representations consistent with the Supplemental Loan Commitment acceptable to Lender and sufficient to allow the Title Company to issue the updated Title Policies (hereinafter defined) without a general survey exception and Lender’s “date-down” reports of the Property, or gained any easements in favor A.L.T.A. extended coverage policies of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to closing, Seller agrees to furnish at Seller’s expense a title insurance commitment for an Owner’s with Form 1 coverage, together with such endorsements as delivered to Original Lender on the A Loan Closing Date (such policies and endorsements being hereinafter referred to as the “Title Insurance Policy Policies”), in the amount of the sale priceB Loan and issued by First American Title Insurance Company (the “Title Company”), showing good fully paid and in form and substance reasonably satisfactory to Lender, insuring that Borrower is the owner of the Properties in fee simple, and that the Mortgages are valid first liens on the Properties in favor of Lender, free and clear of all liens, encumbrances and exceptions to title whatsoever, other than (i) current real property taxes not delinquent, and (ii) such exceptions to title which appear in the owner’s name. After a sales contract has been signed, arrangements must be made to secure title insurance and schedule final Title Policies accepted by Lender in connection with the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller closing of the Loan (excepting therefrom all pre-printed and/or standard exceptions) or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one as are otherwise approved in writing by Lender (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date of closing, prepared by an Illinois registered land surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real estate and distances therefrom to the nearest two lot lines. In additioncollectively, the survey “Permitted Exceptions”). The updated Title Policies shall effect full coverage against losses arising out of encroachments on boundary, setback lines or easements, against losses from existing mechanics’ or materialmen’s liens and subsequent mechanics’ and materialmen’s liens which may gain priority over the Mortgages and against such other losses with respect to be provided which Lender may request coverage, and shall be a boundary issued without any creditors’ rights exception, general survey conforming exception, or general exception as to rights of parties in possession. The updated Title Policies shall include, in addition to all coverages and endorsements (if available in the requirements jurisdiction of the Illinois Department Property) required at the A Loan Closing Date: a date down endorsement, a modification and additional advance endorsement (CLTA 110.10) and such other endorsements as Lender may require (similar CLTA Form 11.05) in connection with the Closing of Financial and Professional Regulation found at 68 Ill. Adm. Code, Sec. 170.56. The survey shall show all corners staked and flagged or otherwise monumented. The survey shall have the following statement prominently appearing near the professional land surveyor seal and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is not a boundary survey, and does not satisfy the necessary requirementsB Loan.” With regard to the issuance of title insurance: ( / ) Seller authorizes Brokerage to order title insurance and related services on Seller’s behalf through (Seller(s) Initials) , an affiliate of Brokerage, for the estimated charges as disclosed in the Federal and State Disclosure Statements provided Seller by Brokerage. ( / ) Seller directs that provide the title insurance and
Appears in 1 contract
Title Insurance and Survey. 10.01 Seller acknowledges shall arrange for the delivery to Purchaser or counsel to Purchaser within ten (10) days following the Agreement Date the following:
(i) a preliminary title report ("Commitment") committing the Title Insurer to issue its owner's policy of title insurance covering title to the Real Property, with extended coverage and with an ALTA 3.1 zoning endorsement, an access endorsement, a survey endorsement, a contingency endorsement (if applicable) and such other endorsements as Purchaser may reasonably require together with copies of all documents referred to therein; and
(ii) a current plat of survey ("Survey") of the Real Property prepared by a licensed New Jersey land surveyor, certified to and for the benefit of Seller, Purchaser and the Title Insurer as being prepared in accordance with the Minimum Standard Detail Requirements for ALTA/ACSM Land Surveys adopted in 1992, for an Urban Survey, with such Table A requirements as Purchaser may reasonably require and certifying to such other matters as Purchaser may reasonably require. The Commitment shall be conclusive evidence of good and indefeasible title as therein shown as to all matters to be insured by the policy of title insurance, subject only to the exceptions, qualifications and limitations as therein stated.
10.02 The obligation of Purchaser to close the transaction hereby contemplated shall, in addition to other conditions herein stated, be subject to the condition that, at the Closing, the Title Insurer be prepared to issue its owner's policy of title insurance pursuant to the Commitment (and the Title Insurer shall issue a new Commitment or update the existing Commitment to the date of Closing to so insure), insuring title to the Real Property in Purchaser, in an amount equal to the Purchase Price, subject only to the Permitted Exceptions with the deletion of the standard exceptions customarily contained in a commitment for an owner's policy of title insurance issued by the Title Insurer and with such endorsements as Purchaser may reasonably require, by notice to the Title Insurer and the Seller prior to the end of the Feasibility Period.
10.03 If the Commitment shall disclose any Unpermitted Exceptions which constitute interests, encumbrances or liens of definite or liquidated amounts and such Unpermitted Exceptions may be discharged or satisfied by the payment of money, then Seller shall discharge or satisfy the same (i) prior to the Closing, by using its own funds or (ii) at the Closing, by using the Purchase Price provided, however, that if any Unpermitted Exceptions constitute mechanics' or materialmen's liens, then Seller has may, at its election, provide, in lieu of the discharge or satisfaction thereof, a bond in accordance with law and, otherwise, in form and amount as may be required by the Title Insurer to delete such Unpermitted Exceptions.
10.04 If the Commitment shall disclose any Unpermitted Exceptions which do not added constitute interests, encumbrances or liens of definite or liquidated amounts, then, within five (5) Business Days following receipt of the last of the Commitment or the Survey, Purchaser shall notify Seller of any Unpermitted Exceptions disclosed in the Commitment or Survey and Seller shall have a period ending on the date five (5) days before the expiration of the Feasibility Period to nor disposed cure or correct such Unpermitted Exceptions or, if Seller, after exercising reasonable diligence, is unable to cure or correct any such Unpermitted Exceptions, then, if available at a commercially reasonable cost, to cause the Title Insurer to commit to insure Purchaser and all subsequent owners and lenders of all or any part of the PropertyProperty affected by any such Unpermitted Exceptions, by affirmative endorsement reasonably satisfactory to Purchaser, against any loss or gained damage resulting from any easements in favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to closingsuch Unpermitted Exceptions, Seller agrees to furnish all at Seller’s expense a title insurance commitment for an Owner’s Title Insurance Policy 's expense.
10.05 In the event that any Unpermitted Exceptions are not discharged or satisfied as provided in the amount of the sale priceSection 10.03 or cured or corrected or insured over as provided in Section 10.04, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made then Seller shall give notice thereof to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller Purchaser at or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date expiration of closingthe period specified in Section 10.04 and Purchaser may, prepared by an Illinois registered land surveyorupon notice thereof given to Seller on or before the Closing Date, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real estate and distances therefrom elect to (i) accept title to the nearest two lot lines. In additionProperty, subject to the survey to be provided then undischarged or unsatisfied, uncured or uncorrected, or uninsured Unpermitted Exceptions in which case such Unpermitted Exceptions shall be a boundary survey conforming to deemed Permitted Exceptions and the requirements transaction hereby contemplated shall be consummated at the Closing, without adjustment of the Illinois Department Purchase Price or payment of Financial consideration of any kind to Purchaser on account of such Unpermitted Exceptions, or (ii) terminate this Agreement in which case Seller and Professional Regulation found at 68 Ill. Adm. Code, Sec. 170.56. The survey Purchaser shall show all corners staked be released and flagged or otherwise monumented. The survey discharged of and from their respective obligations under this Agreement to sell and purchase the Property and the provisions of Section 13.02(iii) shall have the following statement prominently appearing near the professional land surveyor seal be operative and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is not a boundary survey, binding on Seller and does not satisfy the necessary requirementsPurchaser.” With regard to the issuance of title insurance: ( / ) Seller authorizes Brokerage to order title insurance and related services on Seller’s behalf through (Seller(s) Initials) , an affiliate of Brokerage, for the estimated charges as disclosed in the Federal and State Disclosure Statements provided Seller by Brokerage. ( / ) Seller directs that provide the title insurance and
Appears in 1 contract
Samples: Real Estate Purchase and Sale Agreement (Brookdale Living Communities Inc)
Title Insurance and Survey. 10.01 Seller acknowledges shall deliver to Purchaser or counsel to Purchaser on or before August 11, 1997, the following:
(i) a preliminary title report ("Commitment") committing the Title Insurer to issue its owner's policy of title insurance covering title to the Real Property with an ALTA 3.1 zoning endorsement, if available, and such other endorsements as Purchaser may reasonably require together with copies of all documents referred to therein; and
(ii) a current plat of survey ("Survey") of the Real Property prepared by a licensed Florida land surveyor, certified to and for the benefit of Seller, Purchaser and the Title Insurer as being prepared in accordance with the Minimum Standard Detail Requirements for ALTA/ACSM Land Surveys adopted in 1992, for an Urban Survey, with such Table A requirements as Purchaser may reasonably require. The Commitment shall be conclusive evidence of good and indefeasible title as therein shown as to all matters to be insured by the policy of title insurance, subject only to the exceptions, qualifications and limitations as therein stated. Within ten (10) Business Days following receipt of the last to be delivered of the Commitment and the Survey, Purchaser shall give notice to Seller of those exceptions contained in the Commitment which Purchaser finds acceptable and such exceptions shall be deemed "Permitted Exceptions" as defined in Section 1.02.
10.02 The obligation of Purchaser to close the transaction hereby contemplated shall, in addition to other conditions herein stated, be subject to the condition that, at the Closing, the Title Insurer be prepared to issue its owner's policy of title insurance pursuant to the Commitment (and the Title Insurer shall issue a new Commitment or update the existing Commitment to the date of Closing to so insure), insuring title to the Real Property in Purchaser, in an amount equal to the Purchase Price, subject only to the Permitted Exceptions with the deletion of or endorsement over the standard exceptions customarily contained in a commitment for an owner's policy of title insurance issued by the Title Insurer and with such endorsements as Purchaser may reasonably require. The Title Insurer shall obtain ALTA facultative reinsurance agreements for all amounts above Five Million and No/100 Dollars ($5,000,000.00) providing for direct access by the insured.
10.03 If the Commitment shall disclose any Unpermitted Exceptions which constitute interests, encumbrances or liens of definite or liquidated amounts and such Unpermitted Exceptions may be discharged or satisfied by the payment of money, then to the extent such Unpermitted Exceptions do not exceed, in the aggregate, the cash portion of the Purchase Price, Seller shall discharge or satisfy the same (i) prior to the Closing, by using its own funds or (ii) at the Closing, by using the Purchase Price so long as all conditions to the payment of the Purchase Price to Seller have been satisfied or waived; provided, however, that if any Unpermitted Exceptions constitute mechanics' or materialmen's liens, then Seller has may, at its election, provide, in lieu of the discharge or satisfaction thereof, a bond in accordance with law and, otherwise, in form and amount as may be required by the Title Insurer to delete such Unpermitted Exceptions.
10.04 If the Commitment shall disclose any Unpermitted Exceptions which do not added constitute interests, encumbrances or liens of definite or liquidated amounts, then Seller shall have a period ending on the date five (5) days before the expiration of the Feasibility Period to nor disposed cure or correct such Unpermitted Exceptions or, if Seller, after exercising reasonable diligence, is unable to cure or correct any such Unpermitted Exceptions, then, if available, to cause the Title Insurer to commit to insure Purchaser and all subsequent owners and lenders of all or any part of the PropertyProperty affected by any such Unpermitted Exceptions, by affirmative endorsement reasonably satisfactory to Purchaser, against any loss or gained damage resulting from any easements in favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to closingsuch Unpermitted Exceptions, Seller agrees to furnish all at Seller’s expense a title insurance commitment for an Owner’s Title Insurance Policy 's expense.
10.05 In the event that any Unpermitted Exceptions are not discharged or satisfied as provided in the amount of the sale priceSection 10.03 or cured or corrected or insured over as provided in Section 10.04, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made then Seller shall give notice thereof to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller Purchaser at or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date expiration of closingthe period specified in Section 10.04 and Purchaser may, prepared by an Illinois registered land surveyorupon notice thereof given to Seller on or before the Closing Date, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real estate and distances therefrom elect to (i) accept title to the nearest two lot lines. In additionProperty, subject to the survey to be provided then undischarged or unsatisfied, uncured or uncorrected, or uninsured Unpermitted Exceptions in which case such Unpermitted Exceptions shall be a boundary survey conforming to deemed Permitted Exceptions and the requirements transaction hereby contemplated shall be consummated at the Closing, without adjustment of the Illinois Department Purchase Price or payment of Financial consideration of any kind to Purchaser on account of such Unpermitted Exceptions, or (ii) terminate this Agreement in which case Seller and Professional Regulation found at 68 Ill. Adm. Code, Sec. 170.56. The survey Purchaser shall show all corners staked be released and flagged or otherwise monumented. The survey discharged of and from their respective obligations under this Agreement to sell and purchase the Property and the provisions of Section 13.02(iii) shall have the following statement prominently appearing near the professional land surveyor seal be operative and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is not a boundary survey, binding on Seller and does not satisfy the necessary requirementsPurchaser.” With regard to the issuance of title insurance: ( / ) Seller authorizes Brokerage to order title insurance and related services on Seller’s behalf through (Seller(s) Initials) , an affiliate of Brokerage, for the estimated charges as disclosed in the Federal and State Disclosure Statements provided Seller by Brokerage. ( / ) Seller directs that provide the title insurance and
Appears in 1 contract
Samples: Purchase and Sale Agreement (Brookdale Living Communities Inc)