Common use of Title to Real Estate Clause in Contracts

Title to Real Estate. (a) As soon as practical after the date hereof, but in any event no later than forty-five (45) days after the date hereof, the Company shall provide at its own expense and deliver to Acquiror as soon as practicable prior to the Closing, with respect to the Company Real Estate, other than property carried as OREO, an owner’s preliminary report of title covering a date subsequent to the date hereof, issued by a title insurance company selected by Acquiror, showing fee simple title in the Company or the Bank in such Company Real Estate with coverage over all standard exceptions, other than those that require a current survey, and subject to no liens, mortgages, security interests, encumbrances or charges of any kind except for any Company Permitted Exceptions. With respect to the property carried as OREO, the Company shall provide reasonably acceptable written proof of ownership by the Company and its Subsidiaries of such OREO property. (b) At the Closing, the Company shall provide at its own expense and deliver to Acquiror, with respect to all Company Real Estate, an owner’s title insurance policy, or an irrevocable commitment to issue such a policy to Acquiror at no expense to Acquiror, dated as of the later of the Closing Date or the actual date of recording of the deed for the Company Real Estate, on ALTA Policy Form 2006, if available, with respect to the Company Real Estate, other than property carried as OREO, issued by a title insurance company selected by Acquiror, containing any endorsements reasonably required by Acquiror, at Acquiror’s cost, insuring the fee simple estate of the Bank in the Company Real Estate, other than property carried as OREO, in amount not less than the greater of (a) the appraised value of the Company Real Estate and (b) the value at which the Company or the Bank currently carries the Company Real Estate on its books, subject only to the Company Permitted Exceptions.

Title to Real Estate. (a) As soon as practical after the date hereof, but in any event no later than forty-forty five (45) days after the date hereof, the Company Seller shall provide at its own expense obtain and deliver to Acquiror as soon as practicable prior to the ClosingPurchaser, with respect to all interests in real property owned by the Company Real Estate, other than property carried as OREOBank and each of its Subsidiaries, an owner’s preliminary report of title covering a date subsequent to the date hereof, issued by a title insurance company selected by Acquirorthat is reasonably acceptable to Purchaser, showing fee simple title in the Company Bank or the Bank its Subsidiary in such Company Real Estate real property with coverage over all standard exceptions, other than those that require a current survey, exceptions and subject to no liens, mortgages, security interests, encumbrances or charges of any kind except for any Company Permitted Exceptions. With respect to the property carried as OREO, the Company The cost of obtaining any preliminary report of title discussed in this Section 4.8 shall provide reasonably acceptable written proof of ownership be borne by the Company and its Subsidiaries of such OREO propertySeller. (b) At the Closing, the Company Seller shall provide obtain at its own expense and deliver to AcquirorPurchaser, with respect to all Company Real Estateinterests in real property owned by the Bank and each of its Subsidiaries, an owner’s title insurance policy, or an irrevocable commitment to issue such a policy to Acquiror Purchaser at no expense to AcquirorPurchaser, dated as of the later of the Closing Date or and the actual date of recording of the deed for the Company Real Estatesuch property, on ALTA Policy Form 2006, if available (if not available, then on Form B-1992), with respect to all interests in real property owned by the Company Real Estate, other than property carried as OREOBank and its Subsidiaries, issued by a title insurance company selected by AcquirorPurchaser, containing any endorsements reasonably required by Acquiror, at Acquiror’s costPurchaser, insuring the fee simple estate of the Bank or its Subsidiary in the Company Real Estate, other than property carried as OREO, such properties in the amount not less than the greater of (ai) the appraised value of the Company Real Estate property and (bii) the value at which the Company Seller or the Bank currently carries the Company Real Estate property on its books, subject only to the Company Permitted Exceptions.

Title to Real Estate. (a) As soon as practical after the date hereof, but in any event no later than forty-five sixty (4560) days after the date hereof, the Company shall provide at its own expense obtain and deliver to Acquiror as soon as practicable prior to the ClosingAcquiror, with respect to the Company Real Estateall interests in real property owned by its Subsidiaries, other than property carried as OREO, an owner’s preliminary report of title covering a date subsequent to the date hereof, issued by a title insurance company selected by Acquiror, showing fee simple title in the Company or the Bank a Subsidiary in such Company Real Estate real property with coverage over all standard exceptions, other than those that require a current survey, exceptions and subject to no liens, mortgages, security interests, encumbrances or charges of any kind except for any Company Permitted Exceptions. The cost of obtaining any preliminary report of title discussed in this Section 5.7(a) shall be borne by the Company. With respect to the property carried as OREO, the Company shall provide reasonably acceptable written proof of ownership by the Company and its Company’s Subsidiaries of such OREO property. (b) At the Closing, the Company shall provide obtain at its own expense and deliver to Acquiror, with respect to all Company Real Estateinterests in real property owned by each of the Company’s Subsidiaries, an owner’s title insurance policy, or an irrevocable commitment to issue such a policy to Acquiror at no expense to Acquiror, dated as of the later of the Closing Date or and the actual date of recording of the deed for the Company Real Estatesuch property, on ALTA Policy Form 2006, if available (if not available, then on Form B-1992), with respect to all interests in real property owned by the Company Real EstateCompany’s Subsidiaries, other than property carried as OREO, issued by a title insurance company selected by Acquiror, containing any endorsements reasonably required by Acquiror, at Acquiror’s cost, insuring the fee simple estate of the Bank or another Subsidiary of the Company in such properties in the Company Real Estate, other than property carried as OREO, in amount not less than the greater of (ai) the appraised value of the Company Real Estate property and (bii) the value at which the Company or Company, the Bank or another Subsidiary of the Company currently carries the Company Real Estate property on its books, subject only to the Company Permitted Exceptions.

Title to Real Estate. (a) As soon as practical after the date hereof, but in any event no later than forty-five sixty (4560) days after the date hereof, the Company shall provide at its own expense and deliver to Acquiror as soon as practicable prior to the ClosingAcquiror, with respect to all interests in real property owned by the Company Real Estateand its Subsidiaries, other than property carried as OREO, an owner’s preliminary report of title covering a date subsequent to the date hereof, issued by a title insurance company selected by Acquiror, showing fee simple title in the Company or the Bank its Subsidiary in such Company Real Estate real property with coverage over all standard exceptions, other than those that require a current survey, exceptions and subject to no liens, mortgages, security interests, encumbrances or charges of any kind except for any Company Permitted Exceptions. The cost of obtaining any preliminary report of title discussed in this Section 5.7(a) shall be borne by the Company. With respect to the property carried as OREO, the Company shall provide reasonably acceptable written proof of ownership by the Company and its Subsidiaries of such OREO property. (b) At the Closing, the Company shall provide at its own expense and deliver to Acquiror, with respect to all interests in real property owned by the Company Real Estateand each of its Subsidiaries, an owner’s title insurance policy, or an irrevocable commitment to issue such a policy to Acquiror the Company at no expense to Acquirorthe Company, dated as of the later of the Closing Date or and the actual date of recording of the deed for the Company Real Estatesuch property, on ALTA Policy Form 2006, if available (if not available, then on Form B-1992), with respect to all interests in real property owned by the Company Real Estateand its Subsidiaries, other than property carried as OREO, issued by a title insurance company selected by Acquiror, containing any endorsements reasonably required by Acquiror, at Acquiror’s cost, insuring the fee simple estate of the Bank or its Subsidiary in the Company Real Estate, other than property carried as OREO, such properties in the amount not less than the greater of (ai) the appraised value of the Company Real Estate property and (bii) the value at which the Company or the Bank currently carries the Company Real Estate property on its books, subject only to the Company Permitted Exceptions.