Title and Survey Sample Clauses
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Title and Survey. Seller shall, at Seller's sole cost and expense, obtain and deliver to Purchaser for Purchaser's review a commitment for a standard owner's policy of title insurance along with a copy of each instrument listed as an exception thereon other than Seller's debt instruments (the "Title Commitment") on the Real Property issued by the Title Company. Seller has delivered to Purchaser a copy of the Existing Survey which Purchaser shall reimburse Seller for as provided in Section 4 hereof. During the Due Diligence Period, Seller shall obtain from the Title Company at Seller's sole cost and expense a survey endorsement and, if and to the extent available, contiguity, fairway and PUD endorsements. Purchaser may elect to receive an update to the Existing Survey (the "Updated Survey") by notifying Seller of such election in writing prior to November 6, 1997. If Purchaser so elects, Seller shall, at Purchaser's sole cost and expense, obtain and deliver to Purchaser for Purchaser's review the Updated Survey. Purchaser shall have until the later of November 6, 1997 and the date which is fifteen days after receipt of the Title Commitment and Existing Survey (such date being referred to as the "Title Review Date") for examination of Title Commitment and Existing Survey and the making of any objections thereto, said objections to be made in writing and delivered to Seller on or before the end of the Title Review Date. If Purchaser shall fail to make any objections on or before the Title Review Date, Purchaser shall be deemed to have accepted all exceptions to the Title Commitment shown on Schedule B, Section II, except for exceptions 1, 2, 3 and 4, and the form and substance of the Existing Survey and all matters shown thereon; all such exceptions and matters shall be included in the term "Permitted Exceptions" as used herein. In the event Purchaser elects to receive the Updated Survey, then Purchaser shall have until the Title Review Date for examination of the Updated Survey and the making of objections to matters shown thereon, such objections to be made in writing and delivered to Seller on or before the expiration of the Title Review Date. If Purchaser shall fail to make any such objections to the Updated Survey on or before such date, Purchaser shall be deemed to have accepted the form and substance of the Updated Survey and all matters shown thereon; all such exceptions and matters shall be included as Permitted Exceptions. If any objections to (i) the Title Commitmen...
Title and Survey. Buyer may, at Buyer’s sole cost and expense, obtain (a) preliminary title commitment (the “Preliminary Report”) from the Escrow Holder (in such capacity, the “Title Company”); and (b) a survey (the “Survey”).
Title and Survey. 4.1 Seller shall convey to Purchaser at closing good and marketable fee simple title in and to the Property free of all claims, liens and encumbrances of any kind or nature whatsoever other than the Permitted Exceptions (as hereinafter defined) and insurable by a title insurance company reasonably acceptable to Purchaser, at then current rates under the ALTA Owner's Policy of Title Insurance with all standard printed exceptions deleted and without exception other than for the Permitted Exceptions. For the purposes of this Contract, the term "Permitted Exceptions" shall mean: (i) current city, state and county ad valorem taxes not yet due and payable; (ii) zoning and subdivision restrictions that do not prevent development of the Land for Purchaser's intended purposes; and (iii) easements for the installations or maintenance of public utilities that service only the Property provided same do not interfere with development and use of the Property by Purchaser. Seller shall undertake reasonable efforts to remove claims, liens and encumbrances (other than usual and customary tax assessments, mortgage pay-offs and like financial obligations which are to be deducted from Seller’s proceeds at Closing in the usual course) at Purchaser's request, but if such efforts are deemed unreasonably burdensome to Seller, Seller may advise Purchaser of its intent to not undertake curative efforts, and Purchaser may either terminate the Contract and receive its ▇▇▇▇▇▇▇ Money Second Deposit in full satisfaction of any and all claims against Purchaser, or accept title to the Property as so encumbered and proceed to closing, in which case such claims, liens and encumbrances shall be deemed to be Permitted Exceptions. Furthermore, Seller shall not establish any easements, covenants, or restrictions affecting the Property without the prior written consent of the Purchaser, such consent not to be unreasonably withheld, after the Effective Date.
Title and Survey. 5.2.1 Purchaser shall have the right to order a title commitment for an extended coverage ALTA Owner’s Policy of Title Insurance (“Title Commitment”) for the Property and an ALTA survey of the Property (“Survey”).
5.2.2 No later than sixty (60) days prior to expiration of the Due Diligence Period, Purchaser shall notify Seller of any items reflected in the Title Commitment or Survey, which are unsatisfactory to Purchaser (“Objections”). Except to the extent that Purchaser so notifies Seller of any Objections, any item reflected in the Title Commitment and Survey shall be deemed to have been approved by Purchaser and shall be Permitted Exceptions for all purposes under this Agreement; provided, however, Purchaser shall have the right to object by delivery of written notice to Seller, on or prior to ten (10) days after receipt of notice of a new exception, encumbrance or survey matter in any update to the Title Commitment, which was not revealed by the initial Title Commitment, and any such objections shall be considered “Objections” hereunder.
5.2.3 If Purchaser notifies Seller of any Objections, Seller may, but except as expressly provided herein shall not be obligated to, cure such Objections to Purchaser’s and the Title Company’s reasonable satisfaction. Seller shall give notice to Purchaser on or before the date that is five (5) days following the date on which Purchaser notified Seller of its Objections stating whether Seller agrees to cure each such Objection prior to the Closing. If Seller fails timely to give such notice, then Seller shall be conclusively deemed to have elected not to cure any such Objections other than those described in Section 5.2.5. Seller shall use commercially reasonable efforts to cure at or before the Closing any Objection that it has agreed to cure in accordance with this Section 5.2.3, provided that Seller shall have the right to extend the Closing for a period not to exceed fifteen (15) days in the aggregate if necessary to effect such cure, and Seller may use a portion of the Purchase Price to effect such cure at Closing.
5.2.4 If Seller elects (or is deemed to have elected) not to agree to cure any such Objections, then Purchaser may either (i) waive such Objections, without any reduction of the Purchase Price, in which event such waived Objections shall become Permitted Exceptions for all purposes under this Agreement or (ii) terminate this Agreement by written notice to Seller, whereupon the Deposit shall be immediate...
Title and Survey. A survey shall be prepared for any real property acquired, and an examination of title to the real property shall be conducted by a licensed attorney or, in the alternative, a commitment for title insurance shall be procured from a title insurance company authorized to do business in the Commonwealth. Based upon the survey and title examination or report, the President of the University, acting through the Senior Vice President of Administration and Finance or his designee, shall conclude, prior to acquisition of the real property, that title thereto will be conveyed to the University in fee simple, free and clear of all liens, encumbrances, covenants, restrictions, easements, or other matters that may have a significant adverse effect upon the University's ability to own, occupy, convey, or develop the real property.
Title and Survey. 4.1 Seller, at the Seller's sole cost and expense, shall cause to be delivered to Purchaser an ALTA Commitment for Title Insurance for the Property (the "TITLE COMMITMENT") to be issued by First American Title Insurance Company ("Title Company") through its agent, ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, P.A., whose address is ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Tallahassee, Florida 32301 (Attention: M. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇.), which Title Commitment contemplates the issuance of an ALTA Owner's Policy of Title Insurance (the "OWNER'S POLICY"). Purchaser acknowledges receipt of the Title Commitment.
4.2 Seller, at Seller's sole cost and expense, shall cause to be delivered to Purchaser search reports (the "SEARCH REPORTS") showing all Uniform Commercial Code filings covering the Property in both the Office of the Secretary of State of the State of Florida and in the official records of the County in which the Land is located. The Search Reports shall be delivered no later than October 12, 2004.
4.3 Seller, at Seller's sole cost and expense, has furnished to Purchaser copies of the most recent survey of the Land and Improvements (collectively, the "SURVEY") in Seller's possession or control. Purchaser acknowledges receipt of the Survey.
4.4 Purchaser shall have until the later to occur of: (i) ten (10) business days following the last to occur of receipt by Purchaser of the Title Commitment and true, correct and legible copies of all instruments and documents referenced as exceptions therein, the Search Reports, and the Survey; or (ii) the expiration of the Inspection Period (hereinafter defined), to review the Title Commitment, Search Reports, and Survey ("REVIEW PERIOD"). In the event any exceptions to title appear in the Title Commitment, or any Uniform Commercial Code filings exist, or any matters appear in the Survey, that are unacceptable to Purchaser, Purchaser shall, within said Review Period, notify Seller in writing of such fact. Upon the expiration of the Review Period, Purchaser shall be deemed to have accepted all exceptions to title referenced in the Title Commitment, all Uniform Commercial Code filings referenced in the Search Reports, and all matters shown on the Survey except for matters which are the subject of a notification permitted under the following sentence, and such accepted exceptions shall be included in the term "Permitted Exceptions" as used herein. In the event that Purchaser does object to any title exceptions or matters shown in the Title Commitment and/or the...
Title and Survey. (a) Within three (3) Business Days after the Effective Date, Seller shall provide Purchaser with a copy of the most recent owner’s and lender’s title insurance policies issued in connection with the Real Property and all existing surveys of the Real Property, each if and to the extent that the same are reasonably available in Seller’s possession or control. Purchaser acknowledges receipt of title commitments of the Real Property (together with legible copies of all documents listed as exceptions to title in such commitments) for a 2006 ALTA Owner’s Title Insurance Policy issued by the Title Company for each Property in the full amount of the Purchase Price, covering title to the Real Property on or after the date hereof, showing Seller as owner of the Real Property in fee simple (the “Title Commitments”). The premium for the title policy to be issued in connection with the Title Commitments shall be an expense of Seller at Closing. Purchaser may, at its sole costs and expense, have surveys of each Real Property prepared (the “Surveys”). Purchaser shall have until the end of the Study Period to give Seller a written notice that sets forth any objections that Purchaser has to title or survey matters affecting the Property and disclosed on the Title Commitments or the Surveys (the “Purchaser Title Objections”). Seller shall have seven (7) days after receipt of such written notice to cure the Purchaser Title Objections, either by the removal of the Purchaser Title Objections or, if applicable, by the procurement of title insurance endorsements providing coverage against loss or damage as a result of the Purchaser Title Objections, in the form generally in use by the Title Company and approved by Purchaser in its sole and absolute discretion. Seller shall not be obligated to cure the Purchaser Title Objections; provided, however, if Seller fails to cure the Purchaser Title Objections for a Property within said 7-day period, Purchaser shall have the option, in its sole discretion, of either (x) accepting the title as it then is or (y) terminating this Agreement in its entirety, in which event the Deposit shall immediately be returned to Purchaser, this Agreement shall terminate and Purchaser and Seller shall have no further obligations or liabilities hereunder other than Purchaser’s obligations under Section 5.1(b) and Section 5.3. Notwithstanding anything in this Agreement to the contrary, all Voluntary Liens will be satisfied by Seller on or prior to the Closi...
Title and Survey. Copy of Seller's most current title insurance information and survey of the Property;
Title and Survey. (a) Petro shall cause ▇▇▇▇▇▇▇ Title Company (the “Title Company”), within ten (10) days after the Effective Date, to issue a preliminary title report and Commitment for Title Insurance (“Commitment”) to Petro, with a copy to Seller, covering the Real Property, the Commitment to be accompanied by legible copies of all recorded documents relating to easements, rights-of-way, restrictions, covenants, encumbrances, liens and other matters affecting the Real Property. The Commitment shall contain an irrevocable commitment by the Title Company to issue the applicable Title Policy (as defined in Section 4.01(d)) on the Closing Date. Petro shall give Seller written notice on or before 5:00 p.m. El Paso, Texas Time on the last day of the Feasibility Period that the condition of title as set forth in the Commitment is or is not satisfactory, and if Petro states that the condition of the title is not satisfactory, Seller shall, at its sole cost and expense, promptly undertake to eliminate or modify all such unacceptable matters to the reasonable satisfaction of Petro. Seller agrees to use its commercially reasonable efforts to satisfy any such objections. If as of the Effective Time of Closing, Seller is unable to satisfy said objections, Petro may, at its option, (i) accept title subject to the objections raised by Petro, in which event said objections shall be deemed to be waived for all purposes, (ii) undertake to cure such objections, in which event the Effective Time of Closing shall be delayed for a reasonable period of time, not to exceed forty five (45) days, during which Petro shall be entitled to attempt to effect a cure of such objections and in such event, Petro shall be entitled to a credit against the Purchase Price to the extent of any reasonable costs and expenses incurred by Petro in connection with such curative action, or (iii) terminate this Agreement. All matters that are accepted or waived in writing by Petro shall be considered “Permitted Exceptions”.
(b) Within thirty (30) days after the Effective Date, Petro, at its sole cost and expense, shall cause to be delivered to the Title Company, with a copy to Seller, a current land title survey(s) of the Real Property (the “Surveys”), prepared by a duly licensed land surveyor acceptable to Petro. Each of the Surveys shall:
(1) Set forth an accurate metes and bounds description of the Real Property;
(2) Locate all existing easements (setting forth the recording information for such easements), all al...
Title and Survey. REIT, at its own expense, may, during the Due Diligence Period, order (i) any owner lien searches (or other title updates) with respect to the Property, (ii) such surveys or updates to existing surveys with respect to the Property as it desires and (iii) such UCC, judgment, and tax lien searches with respect to Contributors, the Companies and the Property as it desires. Contributors shall cooperate and shall cause other parties to cooperate with REIT’s inspections under this Section.