Commitment to Insure. Within one (1) business day after the Effective Date, Seller shall deliver to Buyer a copy of Seller’s Owner’s Policy issued by First American Title Insurance Company effective January 2, 2009. Buyer shall promptly order a commitment from the Title Company (the “Title Commitment”) to provide a standard owner’s title insurance policy for the Property in an amount equal to the Purchase Price, together with copies of all instruments identified as exceptions therein. Within one (1) business day after the Effective Date, Seller shall deliver to Buyer a copy of that certain ALTA/ACSM Land Title Survey of the Property last updated December 18, 2008 (the “Existing Survey”). Buyer, at its option and expense, may obtain a new survey, or an update of the Existing Survey of the Real Property (the “Survey”).
Appears in 3 contracts
Sources: Purchase and Sale Agreement (Resource Real Estate Investors 7, L.P.), Purchase and Sale Agreement (Resource Real Estate Investors 7, L.P.), Purchase and Sale Agreement (Resource Real Estate Investors 7, L.P.)