Acceptance of Title as of the Effective Date Sample Clauses
The 'Acceptance of Title as of the Effective Date' clause establishes that the buyer acknowledges and accepts the condition and status of the property's title as it exists on the effective date of the agreement. In practice, this means that any defects, encumbrances, or issues with the title that are present as of that date are deemed accepted by the buyer, unless otherwise specified in the contract. This clause serves to limit the seller's liability for title issues arising before the effective date and provides certainty regarding the state of title being transferred.
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Acceptance of Title as of the Effective Date. The parties acknowledge and agree that the Title Company has made available to Purchaser a commitment for title insurance (the “Title Commitment”) addressing the status of title to the Property as of a date prior to the Effective Date, including (to the extent available) copies of Liens and Encumbrances that are indicated as Property-specific exceptions to title in the Title Commitment. Purchaser has had the opportunity to review and approve the Title Commitment. The Title Commitment is identified on
Acceptance of Title as of the Effective Date. The parties acknowledge and agree that Royal Abstract of New Jersey LLC (or with respect to the Regency Property, Royal Abstract of New York LLC) (as applicable, the “Title Company”) has made available to Purchaser commitments for title insurance (collectively, the “Title Commitments”) addressing the status of title to each Property as of a date prior to the Effective Date, including (to the extent available) copies of Liens and Encumbrances that are indicated as Property-specific exceptions to title in such title commitments. Each of the Title Commitments is set forth on Schedule III. The parties acknowledge and agree that Purchaser has received for each Property a survey that meets the Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys in effect as of the Effective Date. Each of the Surveys, including all revisions made prior to the Effective Date, is identified on Schedule III (such surveys are referred to herein as the “Surveys”). Purchaser hereby acknowledges and agrees that, except as provided in Section 4.4 below, all Liens or Encumbrances disclosed in the Title Commitments or the Surveys set forth on Schedule III are deemed to be a Permitted Exception hereunder, and that Seller shall not be obligated to Remove any such Liens or Encumbrances.
Acceptance of Title as of the Effective Date. Seller acknowledges and agrees that the list of title insurance commitments and revisions thereto attached hereto as Exhibit “P” includes all of the title insurance commitments, and all revisions thereto, issued by the Seller’s Title Company on or before the Effective Date. Purchaser acknowledges and agrees that the list of title insurance commitments and revisions thereto attached hereto as Exhibit “P” includes all of the title insurance commitments, and all revisions thereto, issued by the Title Company on or before the Effective Date. The title insurance commitments and revisions thereto listed on Exhibit “P”, and any other title commitments received by Purchaser prior to the Effective Date, are referred to herein collectively as the “Title Commitments”). Purchaser acknowledges and agrees that it has received and reviewed a copy of each of the exceptions and other documents affecting title and disclosed in the Title Commitments. The parties acknowledge and agree that the Purchaser has received for each Property a survey that complies with the Survey Standards. Each of such surveys, including all revisions issued by the surveyor prior to the Effective Date, is identified on Exhibit “Q” (such surveys are referred to herein as the “Surveys”). Notwithstanding anything to the contrary, Purchaser hereby acknowledges and agrees that Purchaser has no right to object to any Liens or Encumbrances disclosed in the Title Commitments or the Surveys, and that the Sellers shall not be obligated to Cure any of such Liens or Encumbrances except as provided in clause (ii) of the first sentence of Section 4.1.2(a) below.
Acceptance of Title as of the Effective Date. The parties acknowledge and agree that the Title Company has made available to Purchaser commitments for title insurance (collectively, the “Title Commitments”) addressing the status of title to each Property as of a date prior to the Effective Date, including (to the extent available) copies of Liens and Encumbrances that are indicated as Property-specific exceptions to title in such Title Commitments. Purchaser has had the opportunity to review and approve the Title Commitments. Each of the Title Commitments is identified on Exhibit P. The parties acknowledge and agree that the Purchaser has received for each Property a survey that complies with the Survey Standards. Each of the surveys, including all revisions required by Purchaser, is identified on Exhibit Q (such surveys are referred to herein as the “Surveys”). Purchaser hereby acknowledges and agrees that, except as set forth in the first sentence of Section 4.1.2, all of the Liens and Encumbrances shown on the Title Commitments and the Surveys are Permitted Exceptions, and that the Sellers shall not be obligated to Cure any of such Liens or Encumbrances. The Sellers shall not be obligated to Cure any Liens or Encumbrances arising after the effective date of any Title Commitment or Survey except as provided in Section 4.1.2 and Section 4.2.3.