Common use of Commitment to Insure Clause in Contracts

Commitment to Insure. Within one (1) business day after the date of this Agreement, Buyer shall order a commitment to insure with respect to the Real Property from the Title Company, such commitment to show that title to Seller's leasehold interest in the Real Property is vested in Seller, and to commit to insure title to the Real Property as required by Section 5(a). If the commitment to insure discloses that title to the Real Property is subject to any defect, encumbrance or other title objection other than the Permitted Encumbrances, or if Buyer is unable to obtain such commitment to insure, Buyer shall have the right to give to Seller written notice specifying such defect, encumbrance or other title objection, or inability to obtain such commitment to insure, and Seller shall (subject to the remaining provisions of this subparagraph) use its diligent efforts to correct such defect, encumbrance or other title objection and obtain the commitment to insure from a reputable title insurance company acceptable to Buyer, all by the date which is ten (10) days following Buyer's notice specifying the defect. Notwithstanding anything in this Section 5(c) to the contrary, Seller shall not be deemed to have any obligation to correct any defect, encumbrance or other title objection or to obtain the commitment, unless Seller expressly undertakes such an obligation by a written notice to or written notice agreement with Buyer given or entered into on or prior to the expiration of such 10-day period, except at Closing, Seller shall be obligated to cure, satisfy and remove any liens securing a monetary obligation created by Seller and to pay any past due taxes and assessments against the Property and the same shall not constitute Permitted Encumbrances. Buyer's sole right with respect to any matter to which Buyer objects in a timely manner shall be to elect on or before the expiration of the Inspection Period to terminate this Agreement pursuant to Section 14(c) hereof.

Commitment to Insure. Within one three (13) business day days after the date of this Agreement, Buyer shall order (i) a commitment to insure with respect to the Real Property from the Title CompanyCompany (the “Commitment”), such commitment Commitment to show certify that fee simple title to Seller's leasehold interest in the Real Property is vested in Seller, and to commit to insure title to the Real Property as required by Section 5(a6(a); and (ii) an update of Seller’ existing survey (the “Survey”) (a copy of which is to be provided to Seller upon receipt of same). If the commitment to insure Commitment or Survey discloses that title to the Real Property is subject to any material defect, encumbrance or other title objection of Buyer other than the Permitted Encumbrances, or if Buyer is unable to obtain such commitment to insure, Buyer shall have the right to give to Seller written notice specifying such defect, encumbrance or other title objectionobjection within five (5) business days of receipt of the last of the Commitment, or inability all documents, plats and maps referenced in the Commitment and the Survey (“Title Objection Notice”) but in no event shall the Title Objection Notice be delivered to obtain such commitment to insure, and Seller after expiration of the Inspection Period. Seller shall have up to five (subject 5) days following receipt of Buyer’s Title Objection Notice to the remaining provisions of this subparagraph) use its diligent efforts to notify Buyer whether or not it will correct such defect, encumbrance or other title objection (the “Response Notice”). Failure of Seller to provide a timely Response Notice shall evidence Seller’s refusal to cure the objections set forth in the Title Objection Notice, provided that notwithstanding the foregoing, and obtain the commitment to insure from without any requirement for a reputable title insurance company acceptable to Buyer, all by the date which is ten (10) days following Buyer's notice specifying the defect. Notwithstanding anything in this Section 5(c) to the contrary, Seller shall not be deemed to have any obligation to correct any defect, encumbrance or other title objection or to obtain the commitment, unless Seller expressly undertakes such an obligation by a written notice to or written notice agreement with Buyer given or entered into on or prior to the expiration of such 10-day period, except at ClosingTitle Objection Notice, Seller shall be obligated to cure, satisfy remove of all monetary liens and remove any liens securing a monetary obligation created by Seller and to pay any past due taxes and assessments judgments filed against the Property and other than those securing the same shall not constitute Permitted Encumbrances. Buyer's sole right with respect to any matter to which Buyer objects in a timely manner shall be to elect on or before the expiration of the Inspection Period to terminate this Agreement pursuant to Section 14(c) hereofMortgage Loan.