Common use of Owner Title Policy Clause in Contracts

Owner Title Policy. As a condition to the obligations of Purchaser to close hereunder, the Title Issuer is prepared to issue, subject only to receipt of payment therefor at Closing, a 2006 ALTA owner’s policy of title insurance, with extended coverage, issued by the Title Insurer in the name of Purchaser and in a face amount equal to the Purchase Price, insuring fee simple title to the Property subject only to those matters set forth in the Title Proforma together with any New Exception that becomes a Permitted Exception as provided in Section 3.1 above (the “Owner Title Policy”).