Common use of Title Insurance and Surveys Clause in Contracts

Title Insurance and Surveys. The Buyers will have received (i) with respect to each parcel of Real Estate subject to the Leases, a leasehold owner's policy issued by a title insurer reasonably satisfactory to the Buyers, in an amount equal to the fair market value of such Real Estate (including all improvements located thereon), insuring over the standard pre-printed exceptions and insuring leasehold title to such Real Estate in the Buyers as of the Closing subject only to the Permitted Real Estate Encumbrances, together with such endorsements for zoning, contiguity, public access and extended coverage as the Buyers or its lender reasonably requests, (ii) with respect to each parcel of Owned Real Estate, an owner's policy of title insurance by a title insurer reasonably satisfactory to the Buyers, in an amount equal to the fair market value of such Real Estate (including all improvements located thereon), insuring over the standard pre-printed exceptions and insuring title to the Owned Real Estate to be vested in the Buyers as of the Closing free and clear of all liens and encumbrances except Permitted Real Estate Encumbrances, together with such endorsements for zoning, contiguity, public access and extended coverage as the Buyers or its lender reasonably requests, and (iii) a current survey of each parcel of Real Estate certified to the Buyers and its lender, prepared by a licensed surveyor and conforming to current ALTA Minimum Detail Requirements for Land Title Surveys, disclosing the location of all improvements, easements, party walls, sidewalks, roadways, utility lines, and other matters shown customarily on such surveys, and showing access affirmatively to public streets and roads (the "Surveys") which shall not disclose any survey defect or encroachment from or onto any of the Real Estate which has not been cured or insured over prior to the Closing. The Buyers and the Seller will each pay one-half (1/2) of the costs of these title policies and Surveys, provided that Seller's responsibility for such costs shall not exceed Five Thousand Dollars ($5,000).

Title Insurance and Surveys. The Buyers will have received (a) Promptly upon execution of this Agreement, Buyer shall order and update from time to time prior to the Closing (at the cost and expense of Buyer) title commitments (as amended or updated from time to time, the "Title Commitments") for the owned Facilities issued by a nationally recognized title company (the "Title Company"). Seller shall provide for the delivery of such executed and acknowledged affidavits and/or indemnification agreements as the Title Company shall reasonably require in order to omit from its title insurance policies relating to the Owned Facilities all exceptions (other than Permitted Encumbrances) for (i) with respect judgments, bankruptcies or other returns against persons or entities whose names are the same as or similar to each parcel of Real Estate subject to the Leases, a leasehold ownerSeller's policy issued by a title insurer reasonably satisfactory to the Buyers, in or an amount equal to the fair market value of such Real Estate (including all improvements located thereon), insuring over the standard pre-printed exceptions and insuring leasehold title to such Real Estate in the Buyers as of the Closing subject only to the Permitted Real Estate Encumbrances, together with such endorsements for zoning, contiguity, public access and extended coverage as the Buyers or its lender reasonably requestsaffiliates, (ii) with respect to each parcel of Owned Real Estatemechanics, an ownerand materialmen's policy of title insurance by a title insurer reasonably satisfactory to the Buyers, in an amount equal to the fair market value of such Real Estate (including all improvements located thereon), insuring over the standard pre-printed exceptions and insuring title to the Owned Real Estate to be vested in the Buyers as of the Closing free and clear of all liens and encumbrances except Permitted Real Estate Encumbrances, together with such endorsements for zoning, contiguity, public access and extended coverage as the Buyers or its lender reasonably requestsliens, and (iii) a current survey of each parcel of Real Estate certified encumbrances (other than Permitted Encumbrances) first appearing in the public records after the Closing Date but prior to the Buyers and its lender, prepared by date the documents transferring the Owned Facilities to Buyer are recorded. If a licensed surveyor and conforming Title Commitment or update shall reveal one or more defects to current ALTA Minimum Detail Requirements for Land Title Surveys, disclosing the location of all improvements, easements, party walls, sidewalks, roadways, utility lines, and other matters shown customarily on such surveys, and showing access affirmatively to public streets and roads title not included as Permitted Encumbrances (the "SurveysUnpermitted Encumbrances"), Buyer shall promptly notify Seller of such Unpermitted Encumbrances and Seller shall (i) cure such Unpermitted Encumbrances which can be cured with the payment of a commercially reasonable amount of money only ("Monetary Defects") prior to Closing and (ii) use reasonable efforts to cure the Unpermitted Encumbrances which cannot be so cured ("Non-monetary Defects") prior to Closing. If Seller is unable to cure the Non-monetary Defects prior to Closing, Buyer shall not disclose any survey defect or encroachment from or onto any consummate the transactions contemplated by this Agreement, including, without limitation, the acquisition of the Real Estate which has not been cured or insured over prior particular Owned Facility affected by the Non-monetary Defects with no adjustment to the Closing. The Buyers Purchase Price, and the Seller will each pay onesuch Non-half (1/2) of the costs of these title policies and Surveys, provided that Seller's responsibility for such costs monetary Defects shall not exceed Five Thousand Dollars ($5,000)be deemed to be Permitted Encumbrances.

Title Insurance and Surveys. The Buyers (a) In preparation for the Closing, as soon as reasonably possible, LB will have received (i) furnish to PUB, at LB’s expense, with respect to each parcel of Real Estate subject property described on Schedule 6.6 (the “Title Insurance Property”) a title commitment with respect to a title policy conforming to the Leases, a leasehold owner's following standards: (i) the title policy will be an ALTA Form 2006 Owner’s Policy of Title Insurance issued by a title insurer reasonably satisfactory to the BuyersFirst American Title Insurance Company, in an such amount equal as PUB and LB may reasonably determine to be the fair market value of such Real Estate (including all improvements located thereon)the Title Insurance Property, insuring over the standard pre-printed exceptions and insuring leasehold marketable fee title to such Real Estate in the Buyers PUB as of the Closing Closing, subject only to the Permitted Real Estate Encumbrances, together with such endorsements for zoning, contiguity, public access and extended coverage as the Buyers or its lender reasonably requests, ; (ii) with respect each title policy will (A) insure title to each parcel (by including on Schedule A to such policy) all recorded easements or restrictions benefiting such Title Insurance Property, if any, (B) contain an ALTA 3.1 zoning endorsement (or equivalent), (C) contain an endorsement insuring access to public street(s), (D) contain a “contiguity” endorsement if the real property consists of Owned Real Estatemore than one record parcel, an owner's policy of title insurance by (E) contain a title insurer reasonably satisfactory “non-imputation” endorsement to the Buyers, in an amount equal effect that title defects known to the fair market value officers, directors or shareholders of such Real Estate (including all improvements located thereon), insuring over the standard pre-printed exceptions and insuring title PUB prior to the Owned Real Estate Closing will not be deemed “facts known to be vested in the Buyers as insured” for purposes of the Closing free and clear of policy, (F) contain an endorsement that the real property complies with all liens and encumbrances except Permitted Real Estate Encumbrances, together with such endorsements for zoning, contiguity, public access and extended coverage as the Buyers or its lender reasonably requestsapplicable subdivision Laws, and (iiiG) a current survey contain such other reasonable endorsements, provided such endorsements and any underlying costs associated with obtaining such endorsements, are paid for by PUB, as PUB may identify prior to Closing. Each commitment will include the title insurer’s requirements for issuing its title policy, which requirements shall be met by LB and PUB on or before the Closing Date (including those requirements that must be met by releasing or satisfying monetary liens of each parcel of Real Estate certified to the Buyers and its lenderascertainable amount created by, prepared by a licensed surveyor and conforming to current ALTA Minimum Detail Requirements through or under LB or LSB (excluding assessments for Land Title Surveyspublic improvements levied, disclosing the location of all improvements, easements, party walls, sidewalks, roadways, utility lines, and other matters shown customarily on such surveys, and showing access affirmatively to public streets and roads (the "Surveys") which shall not disclose any survey defect pending or encroachment from or onto deferred against any of the Real Estate which has Title Insurance Property that are not been cured due at or insured over before the Effective Time), and excluding Encumbrances that LB is not required by this Agreement to remove at or prior to the Closing. The Buyers Closing and the Seller will each pay one-half (1/2) of the costs of these title policies and Surveys, provided those requirements that Seller's responsibility for such costs shall not exceed Five Thousand Dollars ($5,000are to be met solely by PUB).