Common use of Owner’s Policy Clause in Contracts

Owner’s Policy. As of the Closing, the Title Company shall have issued or shall have committed to issue, upon the sole condition of payment of its reasonably scheduled premium, a policy of title insurance with endorsements and affirmative coverage approved by Buyer (the “Owner’s Policy”). Buyer shall obtain, prior to the Contingency Date, the Title Company’s commitment to issue the Owner’s Policy at Closing, subject only to the sole conditions of: (i) payment of its reasonably scheduled premium, (ii) removal by Seller of the Seller’s Liens, and (iii) Seller’s delivery to Escrow of Seller’s deliveries required under Section 3.2, as well as any evidence of good standing or corporate authority required by Escrow Holder to close the transaction contemplated herein. At its option, Buyer may elect to obtain a Lender’s Policy of title insurance and/or additional endorsements to the Owner’s Policy, however, the Closing shall be conditioned only on the Title Company being prepared to issue the Owner’s Policy committed to be issued by the Title Company prior to the Contingency Date.