Timely Preparation and Recordation of Vesting Instruments/Deeds. Within thirty (30) days of either (i) the Bank Closing Date or (ii) the date the Assuming Institution exercises any option to acquire any Bank Premises or Other Real Estate, whichever is applicable under this Agreement, the Assuming Institution shall prepare and deliver to the Receiver for Receiver’s execution all necessary conveyance instruments and documents. No later than thirty (30) days after Assuming Institution’s receipt of any executed conveyance instrument or document from the Receiver, the Assuming Institution shall file it with the appropriate recording agencies and provide the Receiver with a copy of the document containing the recording information. If the Assuming Institution does not timely deliver to the Receiver executable conveyance instruments or documents and a copy of the recorded document with the recording information as contemplated by this Section for each Bank Premises and Other Real Estate to be acquired by the Assuming Institution, the Receiver may elect to prepare, execute, and file any such conveyance instruments or documents, and the Assuming Institution agrees to promptly reimburse the Receiver $1,000 for each conveyance instrument or document deemed desirable or necessary, in the Receiver’s sole discretion, to vest legal title in the Assuming Institution, plus all costs incurred by the Receiver to do so, including, but not limited to, outside counsel fees, title searches and reports, filing fees and taxes, transfer fees, and document stamps.
Appears in 10 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement Whole Bank, Purchase and Assumption Agreement
