Pro Forma Policy definition
Examples of Pro Forma Policy in a sentence
Legal Description of premises commonly known as [COMMON NAME, IF ANY] and located at [INSERT ADDRESS]: Each of the liens and other encumbrances excepted as being prior to the Lien hereof as set forth in Schedule B to the marked [Pro Forma Policy] issued by [Title Insurance Company], dated as of the date hereof and delivered to Mortgagee on the date hereof, bearing [Title Insurance Company] reference number [Title Number] relating to the real property described in Schedule A attached hereto.
The Parties will have the Commitment updated (and if desired by Purchaser, converted to a Pro Forma Policy) immediately prior to Closing in order to allow for issuance of the Owner’s Title Policy and will cause copies of any such update, as well as of any new exceptions or matters affecting title revealed thereby, to be promptly delivered to the Parties.
This is a Pro Forma Policy furnished to or on behalf of the party proposed to be insured for discussion only.
An owner’s extended coverage ALTA title policy, issued by Title Company in the amount of the Consideration, showing title vested in Buyer consistent in all material respects with the Pro Forma Policy delivered to Buyer by the Title Company prior to the Approval Date, as provided in and subject to the terms of Section 4.
The Title Company shall be irrevocably committed to issue the Title Policy to Buyer consistent in all material respects with the Pro Forma Policy delivered to Buyer as of the Approval Date, if any, subject only to New Exceptions approved by Buyer.