Owner Policy of Title Insurance Clause Samples
The Owner Policy of Title Insurance clause defines the requirement for the property owner to obtain a title insurance policy that protects their ownership interest against defects, liens, or encumbrances on the title. This clause typically specifies the type of policy, the amount of coverage, and the party responsible for purchasing and paying for the policy. By ensuring that the owner is protected from unforeseen title issues, this clause allocates risk and provides financial security in the event of title disputes or claims.
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Owner Policy of Title Insurance. At Closing, Seller will pay the Title Company the basic premium promulgated by the Texas State Board of Insurance for the Title Company to issue to Purchaser a Form T-1 Owner’s Policy of Title Insurance (the “Title Policy”) covering the Land and Improvements, in the full amount of the Purchase Price, on the form then prescribed by the Texas State Board of Insurance. Such policy may contain as exceptions the standard Schedule B exceptions, modified, if applicable, but any such modification shall be at Purchaser’s sole cost and expense (the “Standard Exceptions”) and the Permitted Exceptions. Notwithstanding anything contained herein to the contrary, except to the extent related to a Seller cure of an objected title condition under Section 2.3 above, if Purchaser requests the Title Company to modify any of the Standard Exceptions or to issue any endorsements to the Title Policy, all obligations, costs and expenses associated therewith shall be the sole cost and expense of Purchaser; Seller shall have no obligations and bear no costs or expenses in connection therewith; and the failure or inability of Purchaser to obtain any requested modifications or endorsements to the Title Policy shall not release or relieve Purchaser from its obligations to comply timely with closing the purchase of the Property from Seller as provided in this Agreement.
Owner Policy of Title Insurance. Seller, at Seller’s expense, shall furnish to Buyer at the Closing, or within a reasonable time thereafter, an Owner Policy of Title Insurance (on a form prescribed by the State Board of Insurance of the State of Texas) issued through American Abstract & Title Co., ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ (the “Title Company”), insuring title to the Land in Buyer in the full amount of the total purchase price, and containing only the following exceptions (the “Permitted Exceptions”): (a) the standard printed exception for taxes for the year of the Closing (if not paid before the Closing) and subsequent years; (b) the standard printed boundary and encroachments exception and exception for shortages in area; and (c) any other matters that are contained on Schedule B of the Title Commitment (defined below).
Owner Policy of Title Insurance. A Texas-form owner policy of title insurance for the Related Assets for which a Title Commitment was delivered to the Purchaser pursuant to Section 4.8 hereof, in an amount equal to the fair market value of such Real Property insuring the Company owns the Real Property in question or leasehold estate therein (as applicable) subject only to the exceptions to title set forth in the applicable Title Commitment that are acceptable to the Purchaser in its reasonable judgment.
Owner Policy of Title Insurance. Seller, at Seller's expense, shall furnish to Purchaser at the Closing, or within a reasonable time thereafter, an Owner Policy of Title Insurance (on a form prescribed by the State Board of Insurance of the State of Texas) issued through the Title Company, insuring title to the Real Property in Purchaser in the full amount of the total purchase price, and containing only the following exceptions (the "Permitted Exceptions"): (a) the standard printed exception for real estate taxes for the year of the Closing (if not paid before the Closing) and subsequent years; (b) the standard printed boundary and encroachments exception and exception for shortages in area (provided, however, that Seller will, at Purchaser's option and expense, cause the Title Company to delete the "survey exception" from the Owner Policy of title Insurance without qualification or condition except as to "any shortages in area"); and (c) any other matters that become Permitted Exceptions under the provisions of paragraph 5.b.
Owner Policy of Title Insurance. The Title Policy, issued by the Underwriter for the Title Company in favor of Purchaser in the amount of the Purchase Price, insuring that at the Closing Date Purchaser is the owner of the Land and the Improvements, subject to any Permitted Exceptions and any liens created by Purchaser in connection with the purchase of the Land and Improvements. The Basic Premium for the Title Policy shall be paid by Seller and all endorsements to the Purchaser’s Title Policy shall be at the option and sole expense of Purchaser. At the option and sole expense of Purchaser, the survey exception may be deleted except for "shortages in area”;
Owner Policy of Title Insurance. At Closing, Seller shall cause the Title Company to issue to Purchaser, at Seller's expense, an Owner Policy of Title Insurance (the "Title Policy") covering the Property, in the full amount of the Purchase Price, in the form prescribed by the Texas State Board of Insurance. Such Title Policy may only contain as exceptions the standard exceptions and the Permitted Exceptions. If Purchaser requests that the survey exception or any other standard exception be amended, such amendment will be at the sole expense of Purchaser.