Common use of Insurable Title Clause in Contracts

Insurable Title. ▇▇▇▇▇’s obligation to consummate this transaction is contingent on the willingness of Commonwealth Land Title Insurance Company, or any other qualified, credit-rated title insurance underwriter, to issue an ALTA Standard Coverage Owner’s Policy of Title Insurance for the Purchased Assets (the “Title Policy”) written with liability in the amount of the Purchase Price and free of any monetary liens, interests, or other claims. Buyer may, at its expense, purchase a Title Policy. Buyer may further elect to obtain, at its expense, an ALTA Owner’s Extended Coverage Policy of Title Insurance, but a qualified, credit-rated title insurance underwriter’s unwillingness to issue the same or any endorsements shall not be grounds for terminating this Agreement or delaying the Closing. Receiver shall be under no obligation to incur any additional liability or indemnities with respect thereto or to make any representations regarding the Purchased Assets beyond those provided herein. If a qualified title insurance underwriter is not willing to issue a Title Policy on the Purchased Assets free of monetary exceptions by the Closing Date, the Receiver shall be entitled to up to ninety (90) additional days after the Closing Date within which to remove or cure such exceptions to the Title Policy.

Insurable Title. ▇▇▇▇▇Buyer’s obligation to consummate this transaction is contingent on the willingness of Commonwealth Land Title Insurance Company, or any other qualified, credit-rated title insurance underwriterunderwriter having an “A Prime” or higher rating from Demotech, Inc. to issue an ALTA Standard Coverage Owner’s Policy of Title Insurance for the Purchased Assets (the “Title Policy”) written with liability in the amount of the Purchase Price Price, and free of any monetary liensliens or encumbrances, interests, or other claimsexcept for any liens for real estate taxes and assessments. Buyer may, at its expense, purchase a Title Policy. Buyer may further elect to obtain, at its expense, an ALTA Owner’s Extended Coverage Policy of Title Insurance, but a qualified, credit-rated qualified title insurance underwriter’s unwillingness to issue the same or any endorsements shall not be grounds for terminating this Agreement or delaying the Closing. Receiver shall be under no obligation to incur any additional liability or indemnities with respect thereto or to make any representations regarding the Purchased Assets beyond those provided herein. If a qualified title insurance underwriter is not willing to issue a Title Policy on the Purchased Assets free of monetary exceptions liens or encumbrances, except for any liens for real estate taxes and assessments, by the Closing Date, the Receiver shall be entitled to up to ninety sixty (9060) additional days after the Closing Date within which to remove or cure such exceptions to the Title Policy.