Common use of Delivery of Title Policy at Closing Clause in Contracts

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as a condition precedent to the Close of Escrow, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard Coverage Owner’s Policy of Title Insurance (2006 Form) (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real Property, subject only to the Permitted Exceptions (as hereinafter defined). Buyer shall have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject to the Permitted Exceptions and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the extended coverage (as well as all title policy endorsements) in excess of standard coverage. For purposes of this Agreement, “Permitted Exceptions” shall mean and include (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (g) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to Buyer's obligation to acquire the Close of EscrowReal Property and the Closing, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard an ALTA Extended Coverage Owner’s Policy of Title Insurance (2006 Form) with endorsements reasonably required by Buyer (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Grant Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real PropertyPrice, subject only to the Permitted Exceptions (as hereinafter defined). , name Buyer shall as the insured; have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject a liability amount equal to the Permitted Exceptions Purchase Price; show Buyer as the owner of the Real Property in fee simple; and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the include extended coverage (over the standard printed exceptions as well as all title policy endorsements) in excess of standard coveragemay be reasonably required by Buyer. For purposes of this Agreement, “Permitted Exceptions” shall mean and include only (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, not delinquent, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the express written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, ; (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 Paragraph 4.B hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (ge) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property. Seller agrees to pay the premium charged for the ALTA standard owner’s policy component of the Title Policy, and Seller shall deliver to the Title Company such instruments, documents, releases and agreements and perform such other acts as Title Company may reasonably require in order to issue the Title Policy, including without limitation the execution and delivery of owner’s affidavits and indemnities. Indemnification of the Title Company to induce it to insure any otherwise un- permitted exception to title shall not be allowed except with Buyer’s prior written consent, in Buyer’s reasonable discretion, after full disclosure to Buyer of the nature and substance of such exception and indemnity.

Delivery of Title Policy at Closing. Following As a condition to Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as a condition precedent obligation to the Close of Escrowclose, the Title Company shall deliver to Property Owner at Closing either (at Buyer’s election in its sole discretion; provided that in no event shall Seller have issued and delivered or incur any additional cost, expense, liability or obligation to Buyerany party (including the Title Company) if Buyer elects the endorsement described in the immediately succeeding clause (i)), (i) an endorsement to Property Owner’s current Owner’s Title Policy, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, (ii) a Standard Coverage new Owner’s Policy of Title Insurance (2006 Form) (the “Title Policy”) Insurance, in each case, issued by the Title Company as of the date and time of the recording effectiveness of the Deed (as such term is defined in Section 6.1 hereof) for the Real PropertyAssignment, in the such amount of the Purchase Price as may be required by Buyer, insuring Buyer Property Owner as owner of good, marketable good and indefeasible fee simple title to the Real Property, and subject only to the Permitted Exceptions (provided that if Buyer fails to provide Title Company with a Municipal Lien Certificate from the Town of Norwood in order to remove certain standard title policy exceptions, Buyer shall accept the Owner’s Policy of Title Insurance subject to such exception(s)) (such endorsement to Property Owner’s current Owner’s Title Policy or such new Owner’s Policy of Title Insurance, as hereinafter definedapplicable, being herein referred to as the “Title Policy”). Seller shall cause Property Owner execute at Closing an affidavit in such form reasonably acceptable to Seller as the Title Company shall require for the issuance of the Title Policy. The Title Policy may be delivered after Closing if that is customary in the locality, provided that Seller shall instruct the Title Company to do so as promptly as possible following the Closing. In addition, Buyer shall have the right to may request that (a) the Title Policy be issued Company issue, at Buyer’s sole cost and expense, a non-imputation endorsement (the “Non-Imputation Endorsement”) against the knowledge of Seller; and (b) Seller execute a non-imputation affidavit substantially in the form attached hereto as Exhibit E (the “Non-Imputation Affidavit”); it being agreed that each of an ALTA extended owner’s policy (but subject to the Permitted Exceptions and provided that the issuance of an ALTA extended ownera Non-Imputation Endorsement and Seller’s policy execution of the Non-Imputation Affidavit shall not be a condition precedent to Closing), provided Buyer pays any and all additional premiums related to the extended coverage (as well as all title policy endorsements) in excess of standard coverage. For purposes of this Agreement, “Permitted Exceptions” shall mean and include (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of obligation to consummate the Real Property, (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (g) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real PropertyClosing.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to Buyer's obligation to acquire the Property and the Close of Escrow, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard an ALTA Extended Coverage Owner’s Policy of Title Insurance (2006 Form) with endorsements required by Buyer (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Grant Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real PropertyPrice, subject only to the Permitted Exceptions (as hereinafter defined). , name Buyer shall or its permitted assignee as the insured; have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject a liability amount equal to the Permitted Exceptions Purchase Price; show Buyer or its permitted assignee as the owner of the Property in fee simple; and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the include extended coverage (over the standard printed exceptions as well as all title policy endorsements) in excess of standard coveragemay be required and paid for by Buyer, including without limitation any endorsements required by Buyer. For purposes of this Agreement, “Permitted Exceptions” shall mean and include only (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, not delinquent, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the express written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, ; (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 Paragraph 5.B hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (ge) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property. Seller agrees to pay the premium charged for the Title Policy (but only for the premium applicable to the CLTA standard coverage owner’s policy), and Seller shall deliver to the Title Company such instruments, documents, releases and agreements and perform such other acts as Title Company may reasonably require in order to issue the Title Policy, including without limitation the execution and delivery of owner’s affidavits and indemnities. Indemnification of the Title Company to induce it to insure any otherwise un- permitted exception to title shall not be allowed except with Buyer’s prior written consent, in Buyer’s sole discretion, after full disclosure to Buyer of the nature and substance of such exception and indemnity.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to Buyer's obligation to acquire the Close of EscrowReal Property and the Closing, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard an ALTA Extended Coverage Owner’s Policy of Title Insurance (2006 Form) with endorsements required by Buyer (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Grant Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real PropertyPrice, subject only to the Permitted Exceptions (as hereinafter defined). , name Buyer shall as the insured; have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject a liability amount equal to the Permitted Exceptions Purchase Price; show Buyer as the owner of the Real Property in fee simple; and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the include extended coverage (over the standard printed exceptions as well as all title policy endorsements) in excess of standard coveragemay be required by Buyer, including without limitation any endorsements required by Buyer. For purposes of this Agreement, “Permitted Exceptions” shall mean and include only (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, not delinquent, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the express written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, ; (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 Paragraph 3.B hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (ge) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property. Seller agrees to pay the premium charged for the Title Policy, and Seller shall deliver to the Title Company such instruments, documents, releases and agreements and perform such other acts as Title Company may reasonably require in order to issue the Title Policy, including without limitation the execution and delivery of owner’s affidavits and indemnities. Indemnification of the Title Company to induce it to insure any otherwise un- permitted exception to title shall not be allowed except with Buyer’s prior written consent, in Buyer’s sole discretion, after full disclosure to Buyer of the nature and substance of such exception and indemnity.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to Buyer's obligation to acquire the Close of EscrowReal Property and the Closing, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard an ALTA Extended Coverage Owner’s Policy of Title Insurance (2006 Form) with endorsements required by Buyer (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Grant Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real PropertyPrice, subject only to the Permitted Exceptions (as hereinafter defined). , name Buyer shall as the insured; have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject a liability amount equal to the Permitted Exceptions Purchase Price; show Buyer as the owner of the Real Property in fee simple; and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the include extended coverage (over the standard printed exceptions as well as all title policy endorsements) in excess of standard coveragemay be required by Buyer, including without limitation any endorsements required by Buyer. For purposes of this Agreement, “Permitted Exceptions” shall mean and include only (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, not delinquent, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the express written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, ; (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 Paragraph 4.B hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (ge) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property. Buyer agrees to pay the premium charged for the Title Policy, and Seller shall deliver to the Title Company such instruments, documents, releases and agreements and perform such other acts as Title Company may reasonably require in order to issue the Title Policy, including without limitation the execution and delivery of owner’s affidavits and indemnities. Indemnification of the Title Company to induce it to insure any otherwise un-permitted exception to title shall not be allowed except with Buyer’s prior written consent, in Buyer’s sole discretion, after full disclosure to Buyer of the nature and substance of such exception and indemnity.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to Xxxxx's obligation to acquire the Close of EscrowReal Property and the Closing, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard an ALTA Extended Coverage Owner’s Policy of Title Insurance (2006 Form) with endorsements reasonably required by Buyer (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Grant Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real PropertyPrice, subject only to the Permitted Exceptions (as hereinafter defined). , name Buyer shall as the insured; have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject a liability amount equal to the Permitted Exceptions Purchase Price; show Buyer as the owner of the Real Property in fee simple; and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the include extended coverage (over the standard printed exceptions as well as all title policy endorsements) in excess of standard coveragemay be reasonably required by Buyer. For purposes of this Agreement, “Permitted Exceptions” shall mean and include only (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, not delinquent, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the express written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, ; (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 Paragraph 4.B hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (ge) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property. Seller agrees to pay the premium charged for the ALTA standard owner’s policy component of the Title Policy, and Seller shall deliver to the Title Company such instruments, documents, releases and agreements and perform such other acts as Title Company may reasonably require in order to issue the Title Policy, including without limitation the execution and delivery of owner’s affidavits and indemnities. Indemnification of the Title Company to induce it to insure any otherwise un- permitted exception to title shall not be allowed except with Xxxxx’s prior written consent, in Buyer’s reasonable discretion, after full disclosure to Buyer of the nature and substance of such exception and indemnity.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to the Close of Escrow, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a Standard Coverage Owner’s Policy of Title Insurance (2006 Form) (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Deed (as such term is defined in Section 6.1 hereof) for the Real PropertyClosing Date, in the amount of the Purchase Price insuring Buyer the Property Owners as owner owners of good, marketable and indefeasible fee simple title to the Real Property, subject only to the Permitted Exceptions (as hereinafter defined). Buyer shall have the right ) at standard rates and without additional premium to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject to the Permitted Exceptions and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the extended coverage (as well as all title policy endorsements) in excess of standard coverageBuyer. For purposes of this Agreement, “Permitted Exceptions” shall mean and include (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, (dc) the rights of the tenants under the Leases affecting the Real Property, (ed) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 hereof, (fe) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (gf) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property.

Delivery of Title Policy at Closing. Following Buyer’s exercise of the Option in accordance with the terms and conditions of Section 1.2 hereof, and as As a condition precedent to Buyer's obligation to acquire the Property and the Close of Escrow, the Title Company shall have issued and delivered to Buyer, or shall have committed to issue and deliver to Buyer, with respect to the Real Property, at Seller’s cost, a CLTA Standard Coverage Owner’s Policy of Title Insurance (2006 Form) (the “Title Policy”) issued by the Title Company as of the date and time of the recording of the Grant Deed (as such term is defined in Section 6.1 hereof) for the Real Property, in the amount of the Purchase Price insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real PropertyPrice, subject only to the Permitted Exceptions (as hereinafter defined). Buyer shall have the right to request that the Title Policy be issued in the form of an ALTA extended owner’s policy (but subject to the Permitted Exceptions and provided that the issuance of an ALTA extended owner’s policy shall not be a condition to Closing), provided Buyer pays any and all additional premiums related to the extended coverage (as well as all title policy endorsements) in excess of standard coverage. For purposes of this Agreement, “Permitted Exceptions” shall mean and include (a) any lien to secure payment of real estate taxes, including special assessments, not delinquent, (b) the lien of supplemental taxes assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code, (c) all matters which could be revealed or disclosed by a physical inspection or a survey of the Real Property and matters affecting the Real Property which are created by or with the written consent of Buyer or which do not materially and deleteriously affect Buyer’s contemplated use of the Real Property, ; (d) the rights of the tenants under the Leases affecting the Real Property, (e) all exceptions disclosed by the Title Report relating to the Real Property and which are approved or deemed approved by Buyer in accordance with Section 4.2.2 Paragraph 5.B hereof, (f) any exception for liens (and/or potential liens) for services, labor or materials heretofore or hereafter furnished to the Property for which Buyer is entitled to a credit at Closing pursuant to this Agreement, for which Buyer is expressly responsible for payment under the terms of this Agreement, and/or which arises from any services, labor or materials contracted for by any tenant at the Property and with respect to which any such tenant is responsible for payment under the terms of its Lease, and (ge) all applicable laws, ordinances, rules and governmental regulations (including, without limitation, those relating to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Real Property. Seller agrees to pay the premium charged for the Title Policy, and Seller shall deliver to the Title Company such instruments, documents, releases and agreements and perform such other acts as Title Company may reasonably require in order to issue the Title Policy. Indemnification of the Title Company to induce it to insure any otherwise un-permitted exception to title shall not be allowed except with Buyer’s prior written consent after full disclosure to Buyer of the nature and substance of such exception and indemnity, which consent shall not be unreasonably withheld by Buyer for exceptions not material to marketable title to the Property.