Common use of Final Title Commitment Clause in Contracts

Final Title Commitment. As a condition precedent to Buyer’s obligation to acquire the Property at Closing, Buyer has the right to receive a commitment, dated after the Auction, for the issuance of a standard coverage ALTA owner’s title insurance policy insuring fee simple title to the Property in the name of Buyer for the amount of the Purchase Price, free and clear of any material encumbrance that does not constitute a Permitted Exception (“Final Title Commitment”). Unless otherwise mutually agreed in writing, the Final Title Commitment shall be prepared by the same company that prepared the Preliminary Title Evidence. Buyer agrees to accept the Final Title Commitment furnished by Seller notwithstanding: (a) standard exceptions, conditions and requirements; (b) any exception, condition or requirement that Seller intends to satisfy and/or remove (and is in fact satisfied and/or removed) at the time of or prior to Closing; (c) any specific or general exception or exclusion with respect to Minerals; and/or (d) any matter listed, described or revealed in the Final Title Commitment that constitutes a Permitted Exception. The cost of furnishing the Final Title Commitment shall be charged to Seller.

Final Title Commitment. As a condition precedent to Buyer’s obligation to acquire the Property at Closing, Buyer has the right to receive a commitment, dated after the Auctionthis Agreement, for the issuance of a standard coverage ALTA owner’s title insurance policy insuring fee simple title to the surface rights with respect to the Property in the name of Buyer for the amount of the Purchase Price, free and clear of Liens and any other material encumbrance that does not constitute a Permitted Exception (“Final Title Commitment”). Unless otherwise mutually agreed in writing, the Final Title Commitment shall be prepared by the same title company that prepared the Preliminary Title Evidence. Buyer agrees to accept the Final Title Commitment furnished by Seller notwithstanding: (a) standard exceptions, conditions and requirements; (b) any exception, condition or requirement that Seller intends to satisfy and/or remove (and is in fact satisfied and/or removed) at the time of or prior to Closing; (c) any specific or general exception or exclusion with respect to MineralsMinerals and/or water rights; and/or (d) any matter listed, described or revealed in the Final Title Commitment that constitutes a Permitted Exception. The cost of furnishing the Final Title Commitment shall be charged to Seller.