Common use of Commitment to Insure Clause in Contracts

Commitment to Insure. Within three (3) business days after the Effective Date, Seller shall deliver to Buyer a copy of Seller’s Owner’s Policy and 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 (the “Title Policy”); and (ii) Seller shall deliver to Buyer a copy of the most recent ALTA/ACSM Land Title Survey of the Property in its possession, if any (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”). In the event of a Closing, Seller shall reimburse Buyer in an amount not to exceed $7,500.00 for the cost of said Survey by a deduction from Seller's proceeds at Closing.