Common use of TITLE INSURANCE COMMITMENT AND SURVEY Clause in Contracts

TITLE INSURANCE COMMITMENT AND SURVEY. 1) Seller, at Buyer’s Seller’s expense (check one), (including the cost of pre-closing abstracting and Title examiner’s report) within days after shall furnish Buyer a Commitment for title insurance from a title insurance company acceptable to Buyer (the “Title Commitment”). The Title Commitment covering the Property shall be addressed to the Buyer and bind the title company to issue to Buyer, at closing, an American Land Title Association (ALTA) standard form Owner’s Policy of Title Insurance (the “Title Policy”), in the amount of the purchase price. The Title Commitment shall set forth the status of the Title to the Property, showing and having attached copies of all liens, claims, encumbrances, easements, rights-of-way, encroachments, reservations, restrictions and any other matters affecting the Property. 2) Seller, at Buyer’s Seller’s expense (check one), within days after , shall furnish Buyer five (5) copies of a survey of the Property, prepared by a licensed surveyor, dated or updated no more than six (6) months prior to the Time Reference Date (the “Survey”). The Survey shall show: a) The boundary lines, dimensions and area of the land indicated thereon, b) The location of all fences, buildings, driveways, monuments, and other improvements located within the boundary lines, c) The location of all setback lines, d) The location of all easements, alleys, streets, roads, rights-of-way, and other matters of record affecting such land, together with the instrument, book and page number indicated, e) If the Property is un-platted, a metes and bounds description of the Property, f) The scale, the North direction, the beginning point, distance to the nearest intersecting street, and point of reference from which the Property is measured, and g) If the Property is located in (i) a floodway, (ii) a 100-year flood plain, (iii) a “flood prone area”, as defined by the United States Department of Housing and Urban Development (HUD), pursuant to the U.S. Flood Disaster Protection Act of 1973, as amended, or (iv) an area classified by the Federal Emergency Management Agency (FEMA) as having special flood hazards, reflected by Flood Insurance Rate Map covering the area in which the Property is situated; and shall identify the portion of the Property located in such floodway, 100-year flood plain, flood prone area, or flood hazard area. Such Survey shall be in a form sufficient to permit the Title Company issuing the Title Policy to remove printed survey exception from the policy. 3) The legal description of the Property contained in the Survey, if different from the description contained in this Contract, once approved by Xxxxx and Seller, shall be substituted for the description of the Property and the Contract shall be deemed amended by the substitution of the legal description of the Property contained in the Survey without the necessity of the Parties executing any further amendment to the Contract. 4) Buyer shall have ten (10) days from the receipt of both the Commitment for Title Insurance and the Survey referred to above to examine the same and specify to Seller, in care of Seller’s Broker, if applicable, in writing, those matters which Xxxxx finds objectionable. No matter in the Title Commitment shall be construed as a valid objection to title under this Contract unless it is so construed under the Title Examination Standards of the Oklahoma Bar Association, where applicable. In case of valid objections to the title in the Title Commitment, Seller shall have thirty (30) days, or such additional time as may be agreed to, in writing, by Xxxxxx and Buyer, to make reasonable efforts to cure or remove such objections. If Buyer, or Buyer’s Broker, if applicable, does not deliver to Seller, in care of Seller’s Broker, if applicable, a written notice specifying those items to which Buyer objects within ten (10) days after the receipt by Buyer of the information referred to above, then all of the items reflected in the Title Commitment and Survey shall be considered to be acceptable to Buyer. If such valid objections cannot be satisfied within the time stipulated in this Paragraph, the xxxxxxx money shall be refunded to the Buyer, Buyer shall return the abstract to Seller, and this Contract shall be of no further force and effect. 5) On the date of closing of this transaction, as provided in the Contract, Seller shall furnish to Buyer a copy of the Title Commitment, fully marked and initialed by the title company issuing the Owner’s Title Policy, which marked Title Commitment, shall reflect the exceptions and provisions to be contained in the Owner’s Title policy upon issuance thereof. The Title Commitment shall commit to issue to Buyer an owner’s policy of title insurance, covering all of the Property, in the sum of the purchase price, and written on an American Land Title Association (ALTA) Owner’s Policy form or its equivalent, and, except for the objections Buyer has agreed to waive showing only the standard printed exceptions and exclusions contained in the said ALTA form of Owner’s Title Policy. The premium charged by the Title Company and post closing abstracting expense of providing such Title Policy shall be borne by:

TITLE INSURANCE COMMITMENT AND SURVEY. 1) Seller, at Buyer’s Seller’s expense (check one), (including the cost of pre-closing abstracting and Title examiner’s report) within days after shall furnish Buyer a Commitment for title insurance from a title insurance company acceptable to Buyer (the “Title Commitment”). The Title Commitment covering the Property shall be addressed to the Buyer and bind the title company to issue to Buyer, at closing, an American Land Title Association (ALTA) standard form Owner’s Policy of Title Insurance (the “Title Policy”), in the amount of the purchase price. The Title Commitment shall set forth the status of the Title to the Property, showing and having attached copies of all liens, claims, encumbrances, easements, rights-of-way, encroachments, reservations, restrictions and any other matters affecting the Property. 2) Seller, at Buyer’s Seller’s expense (check one), within days after , shall furnish Buyer five (5) copies of a survey of the Property, prepared by a licensed surveyor, dated or updated no more than six (6) months prior to the Time Reference Date (the “Survey”). The Survey shall show: a) The boundary lines, dimensions and area of the land indicated thereon, b) The location of all fences, buildings, driveways, monuments, and other improvements located within the boundary lines, c) The location of all setback lines, d) The location of all easements, alleys, streets, roads, rights-of-way, and other matters of record affecting such land, together with the instrument, book and page number indicated, e) If the Property is un-platted, a metes and bounds description of the Property, f) The scale, the North direction, the beginning point, distance to the nearest intersecting street, and point of reference from which the Property is measured, and g) If the Property is located in (i) a floodway, (ii) a 100-year flood plain, (iii) a “flood prone area”, as defined by the United States Department of Housing and Urban Development (HUD), pursuant to the U.S. Flood Disaster Protection Act of 1973, as amended, or (iv) an area classified by the Federal Emergency Management Agency (FEMA) as having special flood hazards, reflected by Flood Insurance Rate Map covering the area in which the Property is situated; and shall identify the portion of the Property located in such floodway, 100-year flood plain, flood prone area, or flood hazard area. Such Survey shall be in a form sufficient to permit the Title Company issuing the Title Policy to remove printed survey exception from the policy. 3) The legal description of the Property contained in the Survey, if different from the description contained in this Contract, once approved by Xxxxx and Seller, shall be substituted for the description of the Property and the Contract shall be deemed amended by the substitution of the legal description of the Property contained in the Survey without the necessity of the Parties executing any further amendment to the Contract. 4) Buyer shall have ten (10) days from the receipt of both the Commitment for Title Insurance and the Survey referred to above to examine the same and specify to Seller, in care of Seller’s Broker, if applicable, in writing, those matters which Xxxxx finds objectionable. No matter in the Title Commitment shall be construed as a valid objection to title under this Contract unless it is so construed under the Title Examination Standards of the Oklahoma Bar Association, where applicable. In case of valid objections to the title in the Title Commitment, Seller shall have thirty (30) days, or such additional time as may be agreed to, in writing, by Xxxxxx and Buyer, to make reasonable efforts to cure or remove such objections. If Buyer, or Buyer’s Broker, if applicable, does not deliver to Seller, in care of Seller’s Broker, if applicable, a written notice specifying those items to which Buyer objects within ten (10) days after the receipt by Buyer of the information referred to above, then all of the items reflected in the Title Commitment and Survey shall be considered to be acceptable to Buyer. If such valid objections cannot be satisfied within the time stipulated in this Paragraph, the xxxxxxx money shall be refunded to the Buyer, Buyer shall return the abstract to Seller, and this Contract shall be of no further force and effect. 5) On the date of closing of this transaction, as provided in the Contract, Seller shall furnish to Buyer a copy of the Title Commitment, fully marked and initialed by the title company issuing the Owner’s Title Policy, which marked Title Commitment, shall reflect the exceptions and provisions to be contained in the Owner’s Title policy upon issuance thereof. The Title Commitment shall commit to issue to Buyer an owner’s policy of title insurance, covering all of the Property, in the sum of the purchase price, and written on an American Land Title Association (ALTA) Owner’s Policy form or its equivalent, and, except for the objections Buyer has agreed to waive showing only the standard printed exceptions and exclusions contained in the said ALTA form of Owner’s Title Policy. The premium charged by the Title Company and post closing abstracting expense of providing such Title Policy shall be borne by:

TITLE INSURANCE COMMITMENT AND SURVEY. 1) Seller, at Buyer’s Seller’s expense (check one), (including the cost of pre-closing abstracting and Title examiner’s report) within days after shall furnish Buyer a Commitment for title insurance from a title insurance company acceptable to Buyer (the “Title Commitment”). The Title Commitment covering the Property shall be addressed to the Buyer and bind the title company to issue to Buyer, at closing, an American Land Title Association (ALTA) standard form Owner’s Policy of Title Insurance (the “Title Policy”), in the amount of the purchase price. The Title Commitment shall set forth the status of the Title to the Property, showing and having attached copies of all liens, claims, encumbrances, easements, rights-of-way, encroachments, reservations, restrictions and any other matters affecting the Property. 2) Seller, at Buyer’s Seller’s expense (check one), within days after , shall furnish Buyer five (5) copies of a survey of the Property, prepared by a licensed surveyor, dated or updated no more than six (6) months prior to the Time Reference Date (the “Survey”). The Survey shall show: a) The boundary lines, dimensions and area of the land indicated thereon, b) The location of all fences, buildings, driveways, monuments, and other improvements located within the boundary lines, c) The location of all setback lines, d) The location of all easements, alleys, streets, roads, rights-of-way, and other matters of record affecting such land, together with the instrument, book and page number indicated, e) If the Property is un-platted, a metes and bounds description of the Property, f) The scale, the North direction, the beginning point, distance to the nearest intersecting street, and point of reference from which the Property is measured, and g) If the Property is located in (i) a floodway, (ii) a 100-year flood plain, (iii) a “flood prone area”, as defined by the United States Department of Housing and Urban Development (HUD), pursuant to the U.S. Flood Disaster Protection Act of 1973, as amended, or (iv) an area classified by the Federal Emergency Management Agency (FEMA) as having special flood hazards, reflected by Flood Insurance Rate Map covering the area in which the Property is situated; and shall identify the portion of the Property located in such floodway, 100-year flood plain, flood prone area, or flood hazard area. Such Survey shall be in a form sufficient to permit the Title Company issuing the Title Policy to remove printed survey exception from the policy. 3) The legal description of the Property contained in the Survey, if different from the description contained in this Contract, once approved by Xxxxx and Seller, shall be substituted for the description of the Property and the Contract shall be deemed amended by the substitution of the legal description of the Property contained in the Survey without the necessity of the Parties parties executing any further amendment to the Contract. 4) Buyer shall have ten (10) days from the receipt of both the Commitment for Title Insurance and the Survey referred to above to examine the same and specify to Seller, in care of Seller’s Broker, if applicable, in writing, those matters which Xxxxx finds objectionable. No matter in the Title Commitment shall be construed as a valid objection to title under this Contract unless it is so construed under the Title Examination Standards of the Oklahoma Bar Association, where applicable. In case of valid objections to the title in the Title Commitment, Seller shall have thirty (30) days, or such additional time as may be agreed to, in writing, by Xxxxxx and Buyer, to make reasonable efforts to cure or remove such objections. If Buyer, or Buyer’s Broker, if applicable, does not deliver to Seller, in care of Seller’s Broker, if applicable, a written notice specifying those items to which Buyer objects within ten (10) days after the receipt by Buyer of the information referred to above, then all of the items reflected in the Title Commitment and Survey shall be considered to be acceptable to Buyer. If such valid objections cannot be satisfied within the time stipulated in this Paragraph, the xxxxxxx money shall be refunded to the Buyer, Buyer shall return the abstract to Seller, and this Contract shall be of no further force and effect. 5) On the date of closing of this transaction, as provided in the Contract, Seller shall furnish to Buyer a copy of the Title Commitment, fully marked and initialed by the title company issuing the Owner’s Title Policy, which marked Title Commitment, shall reflect the exceptions and provisions to be contained in the Owner’s Title policy upon issuance thereof. The Title Commitment shall commit to issue to Buyer an owner’s policy of title insurance, covering all of the Property, in the sum of the purchase price, and written on an American Land Title Association (ALTA) Owner’s Policy form or its equivalent, and, except for the objections Buyer has agreed to waive showing only the standard printed exceptions and exclusions contained in the said ALTA form of Owner’s Title Policy. The premium charged by the Title Company and post closing abstracting expense of providing such Title Policy shall be borne by:

TITLE INSURANCE COMMITMENT AND SURVEY. 1) Seller, at Buyer’s Seller’s expense (check one), (including the cost of pre-closing abstracting and Title examiner’s report) within days after shall furnish Buyer a Commitment for title insurance from a title insurance company acceptable to Buyer (the “Title Commitment”). The Title Commitment covering the Property shall be addressed to the Buyer and bind the title company to issue to Buyer, at closing, an American Land Title Association (ALTA) standard form Owner’s Policy of Title Insurance (the “Title Policy”), in the amount of the purchase price. The Title Commitment shall set forth the status of the Title to the Property, showing and having attached copies of all liens, claims, encumbrances, easements, rights-of-way, encroachments, reservations, restrictions and any other matters affecting the Property. 2) Seller, at Buyer’s Seller’s expense (check one), within days after , shall furnish Buyer five (5) copies of a survey of the Property, prepared by a licensed surveyor, dated or updated no more than six (6) months prior to the Time Reference Date (the “Survey”). The Survey shall show: a) The boundary lines, dimensions and area of the land indicated thereon, b) The location of all fences, buildings, driveways, monuments, and other improvements located within the boundary lines, c) The location of all setback lines, d) The location of all easements, alleys, streets, roads, rights-of-way, and other matters of record affecting such land, together with the instrument, book and page number indicated, e) If the Property is un-platted, a metes and bounds description of the Property, f) The scale, the North direction, the beginning point, distance to the nearest intersecting street, and point of reference from which the Property is measured, and g) If the Property is located in (i) a floodway, (ii) a 100-year flood plain, (iii) a “flood prone area”, as defined by the United States Department of Housing and Urban Development (HUD), pursuant to the U.S. Flood Disaster Protection Act of 1973, as amended, or (iv) an area classified by the Federal Emergency Management Agency (FEMA) as having special flood hazards, reflected by Flood Insurance Rate Map covering the area in which the Property is situated; and shall identify the portion of the Property located in such floodway, 100-year flood plain, flood prone area, or flood hazard area. Such Survey shall be in a form sufficient to permit the Title Company issuing the Title Policy to remove printed survey exception from the policy. 3) The legal description of the Property contained in the Survey, if different from the description contained in this Contract, once approved by Xxxxx and Seller, shall be substituted for the description of the Property and the Contract shall be deemed amended by the substitution of the legal description of the Property contained in the Survey without the necessity of the Parties parties executing any further amendment to the Contract. 4) Buyer shall have ten (10) days from the receipt of both the Commitment for Title Insurance and the Survey referred to above to examine the same and specify to Seller, in care of Seller’s Broker, if applicable, in writing, those matters which Xxxxx finds objectionable. No matter in the Title Commitment shall be construed as a valid objection to title under this Contract unless it is so construed under the Title Examination Standards of the Oklahoma Bar Association, where applicable. In case of valid objections to the title in the Title Commitment, Seller shall have thirty (30) days, or such additional time as may be agreed to, in writing, by Xxxxxx and Buyer, to make reasonable efforts to cure or remove such objections. If Buyer, or Buyer’s Broker, if applicable, does not deliver to Seller, in care of Seller’s Broker, if applicable, a written notice specifying those items to which Buyer objects within ten (10) days after the receipt by Buyer of the information referred to above, then all of the items reflected in the Title Commitment and Survey shall be considered to be acceptable to Buyer. If such valid objections cannot be satisfied within the time stipulated in this Paragraph, the xxxxxxx money shall be refunded to the Buyer, Buyer shall return the abstract to Seller, and this Contract shall be of no further force and effect. 5) On the date of closing of this transaction, as provided in the Contract, Seller shall furnish to Buyer a copy of the Title Commitment, fully marked and initialed by the title company issuing the Owner’s Title Policy, which marked Title Commitment, shall reflect the exceptions and provisions to be contained in the Owner’s Title policy upon issuance thereof. The Title Commitment shall commit to issue to Buyer an owner’s policy of title insurance, covering all of the Property, in the sum of the purchase price, and written on an American Land Title Association (ALTA) Owner’s Policy form or its equivalent, and, except for the objections Buyer has agreed to waive showing only the standard printed exceptions and exclusions contained in the said ALTA form of Owner’s Title Policy. The premium charged by the Title Company and post closing abstracting expense of providing such Title Policy shall be borne by:

TITLE INSURANCE COMMITMENT AND SURVEY. 1) Seller, at Buyer’s Seller’s expense (check one), (including the cost of pre-closing abstracting and Title examiner’s report) within days after shall furnish Buyer a Commitment for title insurance from a title insurance company acceptable to Buyer (the “Title Commitment”). The Title Commitment covering the Property shall be addressed to the Buyer and bind the title company to issue to Buyer, at closing, an American Land Title Association (ALTA) standard form Owner’s Policy of Title Insurance (the “Title Policy”), in the amount of the purchase price. The Title Commitment shall set forth the status of the Title to the Property, showing and having attached copies of all liens, claims, encumbrances, easements, rights-of-way, encroachments, reservations, restrictions and any other matters affecting the Property. 2) Seller, at Buyer’s Seller’s expense (check one), within days after , shall furnish Buyer five (5) copies of a survey of the Property, prepared by a licensed surveyor, dated or updated no more than six (6) months prior to the Time Reference Date (the “Survey”). The Survey shall show: a) The boundary lines, dimensions and area of the land indicated thereon, b) The location of all fences, buildings, driveways, monuments, and other improvements located within the boundary lines, c) The location of all setback lines, d) The location of all easements, alleys, streets, roads, rights-of-way, and other matters of record affecting such land, together with the instrument, book and page number indicated, e) If the Property is un-platted, a metes and bounds description of the Property, f) The scale, the North direction, the beginning point, distance to the nearest intersecting street, and point of reference from which the Property is measured, and g) If the Property is located in (i) a floodway, (ii) a 100-year flood plain, (iii) a “flood prone area”, as defined by the United States Department of Housing and Urban Development (HUD), pursuant to the U.S. Flood Disaster Protection Act of 1973, as amended, or (iv) an area classified by the Federal Emergency Management Agency (FEMA) as having special flood hazards, reflected by Flood Insurance Rate Map covering the area in which the Property is situated; and shall identify the portion of the Property located in such floodway, 100-year flood plain, flood prone area, or flood hazard area. Such Survey shall be in a form sufficient to permit the Title Company issuing the Title Policy to remove printed survey exception from the policy. 3) The legal description of the Property contained in the Survey, if different from the description contained in this Contract, once approved by Xxxxx and Seller, shall be substituted for the description of the Property and the Contract shall be deemed amended by the substitution of the legal description of the Property contained in the Survey without the necessity of the Parties executing any further amendment to the Contract. 4) Buyer shall have ten (10) days from the receipt of both the Commitment for Title Insurance and the Survey referred to above to examine the same and specify to Seller, in care of Seller’s Broker, if applicable, in writing, those matters which Xxxxx finds objectionable. No matter in the Title Commitment shall be construed as a valid objection to title under this Contract unless it is so construed under the Title Examination Standards of the Oklahoma Bar Association, where applicable. In case of valid objections to the title in the Title Commitment, Seller shall have thirty (30) days, or such additional time as may be agreed to, in writing, by Xxxxxx and Buyer, to make reasonable efforts to cure or remove such objections. If Buyer, or Buyer’s Broker, if applicable, does not deliver to Seller, in care of Seller’s Broker, if applicable, a written notice specifying those items to which Buyer objects within ten (10) days after the receipt by Buyer of the information referred to above, then all of the items reflected in the Title Commitment and Survey shall be considered to be acceptable to Buyer. If such valid objections cannot be satisfied within the time stipulated in this Paragraph, the xxxxxxx money shall be refunded to the Buyer, Buyer shall return the abstract to Seller, and this Contract shall be of no further force and effect. 5) On the date of closing of this transaction, as provided in the Contract, Seller shall furnish to Buyer a copy of the Title Commitment, fully marked and initialed by the title company issuing the Owner’s Title Policy, which marked Title Commitment, shall reflect the exceptions and provisions to be contained in the Owner’s Title policy upon issuance thereof. The Title Commitment shall commit to issue to Buyer an owner’s policy of title insurance, covering all of the Property, in the sum of the purchase price, and written on an American Land Title Association (ALTA) Owner’s Policy form or its equivalent, and, except for the objections Buyer has agreed to waive showing only the standard printed exceptions and exclusions contained in the said ALTA form of Owner’s Title Policy. The premium charged by the Title Company and post closing abstracting expense of providing such Title Policy shall be borne by: 6) The Title Commitment shall permit deletion of the Survey exceptions, at Xxxxx’s sole cost and expense. Additional extended coverage, including waiver of the standard exceptions and an ALTA standard zoning endorsement, which reflects the zoning classification of the Property, shall also be provided by Seller, at Buyer’s request, and costs for such extended coverage in excess of the base policy premium shall be reimbursed to Seller by Buyer at closing. 7) Seller shall make reasonable efforts, at Seller’s sole cost and expense, to cure or remove objections identified in the Survey. If Seller fails to cause all of the objections to be removed or cured prior to the closing date, or if Seller, or Seller’s Broker, if applicable, notifies Buyer, in care of Buyer’s Broker, if applicable, of Seller’s decision not to cure or remove some, or all, of the objections, Xxxxx’s sole remedy shall be to: a) Terminate this Contract by giving Seller, in care of Seller’s Broker, if applicable, written notice thereof, which notice must be given within five (5) days after Seller, or Seller’s Broker, if applicable, notifies Buyer, in care of Buyer’s Broker, if applicable, of Seller’s decision not to cure or remove the objections; in which event, the xxxxxxx money, together with all interest earned thereon, shall be returned to the Buyer, and neither Party shall have any further rights, duties, or obligations hereunder; or b) Elect to purchase the Property subject to the Buyer’s objections not so removed or cured; in which event, the objections not removed or cured shall be deemed acceptable to Buyer. 8) Notwithstanding anything to the contrary contained in this Contract, in the event the transaction contemplated by this Contract does not close for any reason except Seller’s failure to cure or remove a title objection described in the Survey or wrongful refusal to close, Buyer shall be responsible for the payment of the cost of the Survey. Upon closing, any existing Abstract(s) of Title, owned by Seller, shall become the property of Buyer.