EVIDENCE OF TITLE; SURVEY; UCC SEARCHES. 4.1 Contributor has ordered and, to the extent not made available to SCOLP already, upon receipt will deliver to SCOLP commitments (collectively, the "Commitments" and, individually, a “Commitment”) for ALTA Form Owner's Policies of Title Insurance for each of the Projects, from the Title Company, along with copies of all instruments described in Schedule B of each Commitment (collectively, the “Exception Documents”), in the amount of the Purchase Price allocated to each Project. It shall be a condition to Closing that the Title Company is prepared and committed (subject only to the consummation of the Closing and the payment of the applicable premiums) to issue for each Project the Title Company’s ALTA Form (or other form applicable to the state in which the applicable Project is located) Owner’s Policy of Title Insurance (or an endorsement to the applicable Property Owner’s existing owner’s title insurance policies, as elected by SCOLP in its sole discretion), dated as of the Closing Date and providing coverage in the amount of the Purchase Price allocated to such Project, which insures the applicable Property Owner as the owner of fee simple title to such Project, subject only to the Permitted Exceptions approved by SCOLP pursuant to Omnibus Agreement, and such exceptions and other matters that do not render title to the Project unmarketable (the “Required Title Policies”). The parties will cooperate reasonably and in good faith to satisfy the requirements and conditions of the Title Company for the issuance of the Required Title Policies, including (without limitation), the execution and delivery at Closing of customary affidavits and undertakings as may be required by the Title Company. The cost of the Required Title Policies shall be allocated between Contributors and SCOLP in accordance with the customary allocation of premiums for owners’ title insurance policies in commercial real estate purchase and sale transactions in the state where each Project is located, with Contributors bearing the premiums customarily borne by sellers and SCOLP bearing the premiums customarily borne by purchasers. SCOLP shall be responsible for the costs of any endorsements to the Required Title Policies that are requested by SCOLP.
EVIDENCE OF TITLE; SURVEY; UCC SEARCHES. 4.1 Within ten (10) days after the date hereof, the Owner shall furnish SCOLP with a commitment (the "Commitment") for an ALTA Form Owner's Policy of Title Insurance, issued by First American Title Insurance Company (the "Title Company"), along with copies of all instruments described in Schedule B of the Commitment (collectively, the “Exception Documents”), in the amount set forth on the Summary of Terms. At Closing, the Owner shall cause to be provided to SCOLP, an owner’s policy of title insurance issued pursuant to the Commitment, insuring the Owner’s interest in the Land without the "standard exceptions", containing such endorsements authorized in the State of Florida as SCOLP may reasonably require including such endorsements as shall provide for assignment of the proceeds of the owner’s policy to SCOLP and shall eliminate any defenses to claims which might arise as a result of the knowledge of any defect in title by the Owner, the Holding Company or the Contributor. The cost of the title insurance policy shall be borne by the parties as set forth in the Summary of Terms.
EVIDENCE OF TITLE; SURVEY; UCC SEARCHES. 4.1 Within ten (10) days after the date hereof, the Owner shall furnish SCOLP with a commitment (the "Commitment") for an ALTA Form Owner's Policy of Title Insurance, issued by Title Source, Inc. (the "Title Company"), along with copies of all instruments described in Schedule B of the Commitment (collectively, the “Exception Documents”), in the amount of $_________________. At Closing, the Owner shall cause to be provided to SCOLP, at Contributor’s expense, an owner’s policy of title insurance issued pursuant to the Commitment, insuring the interest in the Project without the "standard exceptions" and containing a zoning endorsement and such additional endorsements as SCOLP and Contributor shall mutually determine. The cost of the title insurance policy shall be borne by Contributor, or paid for by SCOLP at Closing and treated as a Funded Cost; provided, however, that the cost of the zoning endorsement shall be shared 50% by SCOLP and 50% by Contributor.
EVIDENCE OF TITLE; SURVEY; UCC SEARCHES. 4.1 Prior to the Effective Date, Contributors provided Purchaser with Commitment 3050-373272N (Wild Acres Project), Commitment No. 3050-373272M (Wagon Wheel Project), Commitment No. 3050-373272L (Indian Creek Project), and Commitment No. 373272K (Xxxx Xxxxxx Project) (collectively, the “Commitments,” and individually, a “Commitment”) for ALTA Form Owner's Policies of Title Insurance, issued by First American Title Insurance Company (the "Title Company"), along with copies of all instruments described in Schedule B I and B II of the Commitments (collectively, the “Exception Documents”). At Closing, Contributors shall cause to be provided to Purchasers, at Contributor’s expense, owner’s policies of title insurance issued pursuant to the Commitments, in the amount of $19,882,041.00 with respect to Commitment No. 3050-373272N (Wild Acres Project), $8,477,031.00 with respect to Commitment No. 3050-373272M (Wagon Wheel Project), $18,605,564.00 with respect to Commitment No. 3050-373272L (Indian Creek Project) and $16,418,595.00 with respect to Commitment No. 373272K (Xxxx Xxxxxx Project), insuring the interest in the Projects without the "standard exceptions" and containing a zoning endorsement (if available) and such additional endorsements as SCOLP may reasonably request to the extent applicable and available (the “Title Policies”). The cost of the Title Policies and all endorsements shall be borne by Contributors.
EVIDENCE OF TITLE; SURVEY; UCC SEARCHES. 4.1 Prior to the date hereof, the Contributors have furnished SCOLP with commitments (collectively, the "Commitments" and, individually, a “Commitment”) for ALTA Form Owner's Policies of Title Insurance for the Projects, issued by the Title Company, along with copies of all instruments described in Schedule B of each Commitment (collectively, the “Exception Documents”), in the aggregate amount of the Purchase Price, allocated among the Projects as determined by SCOLP. At Closing, the Contributors shall cause to be provided to SCOLP, at the Contributors’ sole cost and expense, owner’s policies of title insurance issued pursuant to the Commitments, insuring the interest in the Projects without the "standard exceptions" (other than the survey exceptions unless SCOLP provides the “Surveys” (as defined below) to the Title Company and the Title Company agrees to remove such survey exceptions based upon receipt of such Surveys. The cost of the title insurance policies shall be borne by the Contributors.
EVIDENCE OF TITLE; SURVEY; UCC SEARCHES. 4.1 Promptly following the execution of this Agreement, Purchaser shall have the right to order and, if so ordered, upon receipt will deliver to Seller commitments (collectively, the "Commitments" and, individually, a "Commitment") for ALTA Form Owner's Policies of Title Insurance for each of the Properties, from a title company, along with copies of all instruments described in Schedule B of each Commitment (collectively, the "Exception Documents"), in the amount of the Purchase Price allocated to each Property. Purchaser shall pay all costs in connection with the Commitments.
