Common use of Existing Title Policies Clause in Contracts

Existing Title Policies. For any Acquired Properties with respect to which the applicable Acquired Company is the named insured under an existing policy of title insurance covering such Acquired Property (an “Insured Property”), as soon as reasonably practicable after the date of this Agreement, Sellers shall cause title searches (the “Title Searches”) covering the Acquired Properties from the date the applicable Acquired Company acquired its interest in the applicable Insured Property through the most recent date the applicable real estate records can be searched to be issued by the title insurer, together with copies of all documents evidencing the items referred to as exceptions in the Title Searches. Sellers shall be obligated to cure any title encumbrances with respect to (i) deeds of trust, mortgages, assignments of leases and rents, fixture filings and security interests and encumbrances securing money borrowed from a financial institution (such as a bank, savings and loan, insurance company, or the like) securing obligations other than the Assumed Indebtedness, and (ii) other liens, that can be cured solely by the payment of a liquidated amount, in each case from the closing proceeds payable to Sellers or otherwise.