Common use of Title Status Clause in Contracts

Title Status. 4.1 Within ten (10) days after the Effective Date (as hereinafter defined in Paragraph 14.11), Seller shall deliver to Purchaser a Commitment for Title Insurance, Texas standard form (hereinafter referred to as the "Commitment"), together with copies of all instruments and documents referred to therein as exceptions to title covering the Property, in the amount of the Purchase Price, in favor of Purchaser, pursuant to which the Title Company agrees, subject to the provisions thereof, to issue at Closing an Owner Policy of Title Insurance (hereinafter referred to as the "Owner Policy") to Purchaser.