Preliminary Commitment Sample Clauses
A Preliminary Commitment clause establishes an initial, non-binding agreement between parties to outline their intentions and key terms before entering into a formal contract. This clause typically sets out the basic framework for negotiations, such as confidentiality, exclusivity, or timelines, and may specify which provisions are binding and which are not. Its core practical function is to provide a structured starting point for discussions, ensuring both parties are aligned on fundamental issues while reserving the right to withdraw before a final agreement is reached.
POPULAR SAMPLE Copied 1 times
Preliminary Commitment. Within twenty (20) days from the Effective Date, the Port, at its sole cost, shall provide the City with a preliminary commitment for an ALTA owner’s standard coverage policy of title insurance covering the Property (the “Preliminary Commitment”), issued by the Chicago Title Insurance Company (the “Title Company”), together with complete legible copies of all documents referenced in the Preliminary Commitment. The initial Preliminary Commitment shall be issued to include both the Property and the Ancillary Property. At the City’s request, such commitment and the title policies to be issued shall be bifurcated upon determination of the metes and bounds of the Ancillary Property as provided in Section 4.4 below.
Preliminary Commitment. Within ten (10) days after mutual execution and delivery of this Agreement, Seller shall provide Buyer with a preliminary commitment to issue an ALTA Extended Owner’s Policy of title insurance insuring Buyer’s interest in the Real Property (the “Preliminary Commitment”), together with complete and legible copies of all exceptions and encumbrances noted thereon. The Preliminary Commitment shall be issued by Transnation Title Insurance Company or its local affiliates in Jefferson County, Washington, and ▇▇▇▇▇▇ County, Washington (“Title Company”). The Preliminary Commitment may be to issue an ALTA Standard Owner’s Policy of title insurance as to those portions of the Real Property for which Title Company will not issue an ALTA Extended Owner’s Policy for lack of an ALTA survey prior to Closing, subject to Buyer’s approval during the Title and Survey Review Period defined below. Buyer shall have until expiration of the Inspection Period described in Section 4.1 or ten (10) days after receipt of the ESM Survey described at Section 3.2, whichever is later (the “Title and Survey Review Period”), to advise Seller in writing of any encumbrances, restrictions, easements, or other matters shown in the Preliminary Commitment or ESM Survey (collectively, “Exceptions”) to which Buyer objects. Except as otherwise provided below, all Exceptions to which Buyer does not object in writing prior to expiration of the Title and Survey Review Period shall be deemed accepted by Buyer, provided, however, that if Buyer does not deliver any written notice to Seller regarding its objection to Exceptions prior to expiration of the Title and Survey Review Period, then Buyer shall be deemed to have and disapproved the condition of title to the Real Property, in which event this Agreement shall terminate and the ▇▇▇▇▇▇▇ Money shall be returned to Buyer. If Buyer does not receive complete and legible copies of all exceptions and encumbrances noted in the Preliminary Commitment within ten (10) days after mutual execution and delivery of this Agreement, then Seller shall cooperate with Buyer and assist Buyer in obtaining such copies from the Title Company as soon as possible. If Buyer timely objects to any Exceptions, then Seller shall advise Buyer in writing within ten (10) days after receipt of Buyer’s written objections: (a) which Exceptions Seller will remove at Closing, (b) which Exceptions the Title Company has agreed to remove from the title policy to be issued at Closing, and (c) w...
Preliminary Commitment. Within ten (10) business days after the Effective Date of this Agreement (or such longer time as Seller and ▇▇▇▇▇’s Real Property Manager or designee may agree in writing), Buyer will obtain a preliminary commitment for owner’s standard coverage policy of title insurance issued by the Title Company set forth in the Basic Provisions naming Buyer as the insured in the amount of the Purchase Price, together with a copy of all instruments listed as exceptions in the commitment. Buyer shall notify Seller, by written notice, what exceptions to title, if any, are disapproved by ▇▇▇▇▇ (“Disapproved Exceptions”) within ten
Preliminary Commitment. Within ten (10) days from the Effective Date, the Port, at its sole cost, shall provide the County with a preliminary commitment for an ALTA owner’s standard coverage policy of title insurance covering the Property (the “Preliminary Commitment”), issued by Chicago Title Insurance Company (the “Title Company”), together with complete legible copies of all documents referenced in the Preliminary Commitment.
Preliminary Commitment. 8 1.99 Quarter .............................................................8
Preliminary Commitment. Within fifteen (15) days after the date hereof, Buyer shall specify to Seller and to Title Company any exception set forth in the Commitment which Buyer contends is not a Permitted Encumbrance. Any exception not so specified shall be deemed approved by Buyer.
Preliminary Commitment. The Port, at its sole cost, provided the City with a preliminary commitment for an ALTA owner’s standard coverage policy of title insurance covering the Property (the “Preliminary Commitment”), issued by the Chicago Title Insurance Company (the “Title Company”), together with complete legible copies of all documents referenced in the Preliminary Commitment. The initial Preliminary Commitment issued included the Ancillary Property.
Preliminary Commitment. Buyer shall order a preliminary commitment for an owner’s standard coverage policy of title insurance (or, at Buyer’s election, an owner’s extended coverage policy of title insurance) in the amount of the Purchase Price to be issued by the Title Company and accompanied by copies of all required documents (the “Preliminary Commitment”). All monetary encumbrances other than non-delinquent ad valorem property taxes will be deemed to be disapproved. Notwithstanding anything to the contrary in this Agreement, Seller shall remove from title on or before the Closing Date all monetary encumbrances other than those approved by Buyer. If Buyer elects to terminate this Agreement, the escrow will be terminated, any Deposit must be returned immediately, all documents and other funds will be returned to the party who deposited them, and neither party will have any further rights or obligations under this Agreement except as otherwise provided in this Agreement. If this Agreement is terminated through no fault of Seller, then Seller and Buyer shall share equally any costs of terminating the escrow and any cancellation fee for the Preliminary Commitment. Seller shall have one hundred eighty (180) days after closing to remove the Conex storage structure, hotel materials and other personal property.
Preliminary Commitment. Within seven (7) days following the Effective Date, Donor shall cause a preliminary title report, issued by Escrow Company, to be delivered to Donee showing the status of title to the Donated Property, together with complete and legible copies of all documents evidencing the exceptions to title shown therein, as well as such other items as may be reasonably requested by ▇▇▇▇▇ (collectively, the “Preliminary Commitment”).
Preliminary Commitment. Upon opening of the escrow account, ▇▇▇▇▇▇▇▇▇ and Seller will order, at Seller’s cost and expense, a preliminary commitment (the “Preliminary Commitment”) for the Title Policy, as described in Section 3.2, showing the status of title of the Property, showing all exceptions and conditions affecting the Property which would appear in the Title Policy, and committing the Title Company to issue such a Title Policy to Purchaser. The Seller will also cause the Title Company to concurrently deliver to Purchaser complete and legible copies of all instruments referred to in the Preliminary Commitment as conditions or exceptions to the title (the “Exception Documents”). Seller hereby authorizes and directs the Title Company to furnish to Purchaser the foregoing items.