PTR Sample Clauses
The PTR (Preliminary Title Report) clause outlines the process by which a preliminary report on the status of a property's title is provided to the parties involved in a real estate transaction. Typically, this clause requires the seller or a title company to deliver a report detailing any liens, encumbrances, or other issues affecting the property's title before closing. For example, the report may reveal outstanding mortgages, easements, or restrictions that could impact ownership. The core function of the PTR clause is to ensure transparency and allow the buyer to assess and address any title issues before finalizing the purchase, thereby reducing the risk of future disputes or surprises regarding property ownership.
POPULAR SAMPLE Copied 1 times
PTR. Seller has made available to Purchaser and Purchaser acknowledges receipt of a standard coverage preliminary title report or commitment for the Property (the “PTR”), together with legible copies (to the extent available) of all documents relating to the title exceptions referred to in such PTR. As used herein, the term “Permitted Exceptions” shall mean (i) those exceptions to title of the Real Property as shown on the Approved Pro Forma (as defined below), excluding mortgage liens, mechanics liens and overdue tax liens which shall be removed by Seller on or before the Closing, (ii) the leases in effect at the Property, and (iii) all title conditions created by Purchaser or resulting from the acts of Purchaser or its agents or representatives. The removal or elimination of any title exception reflected in the PTR shall be a matter solely between Purchaser and Title Company. On or before the Contingency Expiration Date, Purchaser will deliver to Seller a Pro Forma Owner’s Policy of Title Insurance issued by the Title Company subject to the Permitted Exceptions (as defined below) and endorsements that the Title Company commits to issue upon Closing (“Approved Pro Forma”). After the Contingency Expiration Date, Purchaser shall have no right to terminate or cancel this Agreement or delay the Close of Escrow in order to obtain the title endorsements that were not included in the Approved Pro Forma or to eliminate exceptions that Purchaser may desire to eliminate that were included in the Approved Pro Forma. Between the Contingency Expiration Date and the Closing Date, Purchaser may notify Seller in writing (“New Objection Notice”) of objections to exceptions to title that were not disclosed by the PTR (or an update thereto received by Purchaser prior to the Contingency Expiration Date) (“New Exceptions”), provided, however, Purchaser must notify Seller of each such objection within two (2) business days after receiving notice from the Title Company of the existence of such exception. If Purchaser timely gives the New Objection Notice, then Seller will have three (3) business days after receipt of Purchaser’s New Objection Notice in which to advise Purchaser that (a) Seller will remove any objectionable exceptions on or before the Closing Date (which removal may be by way of waiver or endorsement by the Title Company); or (b) Seller will not cause the exceptions to be removed. If Seller advises Purchaser that it will not cause the exceptions to be removed, Purcha...
PTR. 286200, APN’s: ▇▇▇-▇▇▇-▇▇-▇▇; ▇▇▇-▇▇▇-▇▇-▇▇ Parcel A: The West half of the Southwest Quarter of Section 4 and the East half of the Southeast Quarter of Section 5, all in Township 18 South, Range 8 East, San Bernardino Base and Meridian, in the County of San Diego, State of California, according to Official Plat thereof. Parcel B: ▇▇▇ ▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ Quarter and the Southeast Quarter of the Northeast Quarter of Section 5, Township, 18 South, Range 8 East, San Bernardino Base and Meridian, in the County of San Diego, State of California, according to Official Plat thereof: Excepting that portion thereof included within the 200-foot strip of land conveyed by Mrs. ▇▇▇▇ M, ▇▇▇▇▇▇▇ to San Diego and Arizona Railway Company, a corporation, by Deed dated May 24, 1917, recorded in Book 722 Page 309 of Deeds. Also excepting that portion of said Southwest Quarter of the Southeast Quarter of Section 32, lying Northerly of the Southerly boundary of State Highway XI-SD-8 as described in that certain Final Order of Condemnation recorded November 19, 1965 as File No. 210946 of Official Records. Parcel C: The West half of the Southeast Quarter of Section 5, Township 18 South, Range 8 East, San Bernardino Base and Meridian, in the County of San Diego, State of California, according to Official Plat thereof. EXCEPTING the West half of the Southeast Quarter of Section 5, that portion thereof conveyed by ▇▇▇▇▇▇▇▇▇ Esbury, Executrix and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ ▇. ▇. ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, executors of the last Will and Testament of ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, deceased, et al, to the San Diego and Arizona Railway Company, a corporation by deed dated August 1917 and recorded in Book 744, Page 393 of Deeds.
PTR. Seller has made available to Purchaser and Purchaser acknowledges receipt of a standard coverage preliminary title report or commitment for the Property (the “PTR”), together with legible copies (to the extent available) of all documents relating to the title exceptions referred to in such PTR. As used herein, the term “Permitted Exceptions” shall mean those exceptions to title of the Real Property as shown on the PTR, excluding mortgage or deed of trust liens, mechanics liens and overdue tax liens and assessments which shall be removed by Seller on or before the Closing. The removal or elimination of any title exception reflected in the PTR shall be a May 11, 2005 Page 3 Hilton Glendale ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ matter solely between Purchaser and Title Company, and after the Contingency Expiration Date, Purchaser has no right to terminate or cancel this Agreement or delay the Close of Escrow in order to obtain the title endorsements or elimination of exceptions that Purchaser may desire. Without limiting the generality of any other provision hereof, Purchaser agrees to take title to the Land subject to all matters shown on the Survey (defined below) and all laws, rules and regulations governing the use and development of the Land at the Closing Date. Seller has obtained and delivered to Buyer an updated ALTA Survey (“Survey”) of the Property.
PTR. Unless Producer's gas processor or the applicable gas processing plant is required to supply plant thermal reduction (PTR) replacement gas when Producer's Committed Gas is being processed, Dynegy shall make arrangements to obtain and deliver to the applicable processing plant the PTR volumes associated with the processing of Producer's Committed Gas, including arranging for any necessary PTR transportation agreements and placing any necessary PTR nominations in accordance with this Section 2.6.
PTR. If Sellers have not done so previously, promptly after the date of Opening of Escrow, Sellers shall cause the Title Company to deliver to Buyer the PTR for such Property and legible copies of all of the documents recorded against such Property and governing each of the exceptions set forth therein, together with a survey for such Property meeting the requirements of Section 6.1.5, above. Sellers shall not permit any exception to title to the Land or Improvements other than those shown in the PTRs to exist or be recorded.