Title Approval. The Title Insurance Policy shall confirm ▇▇▇▇▇’s title to be good and indefeasible subject to the promulgated exclusions (including existing building and zoning ordinances, if any) and any and all exceptions as stated in the Title Commitment provided by the Title Company and as stated therein (the “Permitted Exceptions”). Specifically, the restrictive covenants for the subdivision; the standard exception for standby fees, taxes and assessments as well as any exception for taxes for the current and subsequent years and subsequent assessments from prior years due to a change in land usage or ownership; any liens created as part of the financing described earlier in this Contract in Paragraph 4; all prior easements or any easement created by the deed or dedicated in the Plat or otherwise appearing in public records; all reservations or exceptions as shown on the Title Commitment or as otherwise permitted by the terms of this Contract or as may be approved by Buyer in writing; the standard printed exception as to marital rights; the standard printed exception as to waters, tidelands, beaches, streams, and related matters; the standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or protrusions, or any overlapping improvements (Buyer, at Buyer’s expense, may have the exception amended to read, “shortages in area.”); rights of parties in possession; all rules, regulations, ordinances, land planning and zoning ordinances and any other orders governing residential subdivisions, building and construction near and on the shores of a navigable stream/river as well as sanitation and waste disposal as require by the County, Texas Water Quality Board and the Texas Commission on Environmental Quality or other governmental agency having jurisdiction; any mineral reservations, Surface Use Agreements and Mineral Deeds reflected in the Official Public Records of the County; and any and all exceptions to the Property as stated in Schedule B of the Title Commitment shall be Permitted Exceptions to the deed. Upon receipt of the Title Commitment, ▇▇▇▇▇ may raise title objections to the Commitment within fifteen (15) days from the date of receipt. After the expiration of fifteen (15) days, any objections to the Title Commitment are waived. County requirements or ordinances and the Permitted Exceptions (the “Permitted Exceptions” are those in Paragraph 14A) shall not be valid objections to title. After the Buyer’s objections are received, Seller shall have no obligation to cure the objections to title, the Buyer may (i.) request additional information regarding the objection from the Title Company and an additional five (5) days after the objections are made if a response is unsatisfactory or (ii.) waive the unsatisfied objections and complete the purchase. If Buyer takes no action within the 5-day period after the objections are made, Buyer is deemed to have waived the title objections and will complete the transaction. Seller shall furnish tax statements showing no delinquent taxes and a Special Warranty Deed conveying title to the Property, free from monetary liens and encumbrances, subject only to the Permitted Exceptions, including but not limited to liens securing payment of any debt created as part of the consideration, taxes for the current year, all restrictions, covenants, conditions, easements, reservations, leases, mineral severances, and other instruments that affect the property and are shown in the public records of the County, or that are otherwise acceptable to Buyer; and to all zoning laws, regulations, and ordinances of municipal and/or governmental authorities that affect the Property. Each purchase money note shall be secured by vendors and deed of trust liens. The form of the deed, note and, if financed, the deed of trust, shall be acceptable to Seller. If there is Seller financing, the Deed of Trust shall provide Seller the right to accelerate the debt secured by it in the event of transfer of lease of any part or all of the Property.
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Sources: Unimproved Property Contract
Title Approval. a. The Title Insurance Policy to be furnished to Buyer shall confirm ▇▇▇▇▇’s insure Buyer's title to the Property to be good and indefeasible subject only to the promulgated exclusions following (including existing building and zoning ordinances“Permitted Title Exceptions”): (1) Title Company’s standard exception; (2) restrictive covenants affecting the Property; (3) any discrepancies or conflicts in boundary lines, if any) and any and all exceptions as stated shortages in the Title Commitment provided area, or any encroachment or overlapping of improvements, any facts, rights, interests or claims which are not shown by the Title Company and as stated therein public record but which could be ascertained by an accurate survey of the land or by making inquiry of persons in possession thereof; (the “Permitted Exceptions”). Specifically, the restrictive covenants for the subdivision; the standard exception for standby fees, 4) taxes and assessments not due and payable at the Commitment (as well as any exception for taxes for the current and subsequent years defined below) date, and subsequent assessments from for prior years due to a change in land usage or ownership; (5) taxes, assessments and/or fees which may arise due to noncompliance of municipal ordinances and/or city, township or county inspections not being obtained or passed; (6) existing building and zoning ordinances; (7) easements, liens or encumbrances or claims thereof which are not shown by the public record; (8) any liens created as part of or right to lien for services, labor or material imposed by law and not shown by the financing described earlier public record; (9) covenants, conditions and restrictions, if any, appearing in this Contract in Paragraph 4the public record; all prior (10) any easements or any easement created by the deed or dedicated servitudes appearing in the Plat or otherwise appearing in public records; all reservations (11) any lease, grant, exception or exceptions as shown on reservation of mineral rights appearing in the Title Commitment public record; (12) loss or as otherwise permitted damage arising out of a lien or assessment arising from any work completed by any municipality for snow removal, grass cutting, securing/boarding of the terms of this Contract or as may be approved by Buyer in writing; the standard printed exception as to marital rights; the standard printed exception as to waterssubject Property, tidelands, beaches, streams, and related matters; the standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or protrusionsdebris removal, or assessments for violations of any overlapping improvements (Buyer, at Buyer’s expense, may have the exception amended to read, “shortages in area.”); rights of parties in possession; all rules, regulations, any city ordinances, land planning and zoning ordinances and any other orders governing residential subdivisions, building and construction near and on the shores not of a navigable stream/river as well as sanitation and waste disposal as require by the County, Texas Water Quality Board and the Texas Commission on Environmental Quality record with local or other governmental agency having jurisdiction; any mineral reservations, Surface Use Agreements and Mineral Deeds reflected in the Official Public Records of the County; and any and all exceptions county recorders office prior to the Property as stated in Schedule B of the Title Commitment shall be Permitted Exceptions to the deed. Upon receipt of the Title Commitment, ▇▇▇▇▇ may raise title objections to the Commitment within fifteen (15) days from the date of receipt. After the expiration of fifteen (15) days, any objections to the Title Commitment are waived. County requirements or ordinances and the Permitted Exceptions (the “Permitted Exceptions” are those in Paragraph 14A) shall not be valid objections to title. After the Buyer’s objections are received, Seller shall have no obligation to cure the objections to title, the Buyer may (i.) request additional information regarding the objection from the Title Company and an additional five (5) days after the objections are made if a response is unsatisfactory or (iiClosing.) waive the unsatisfied objections and complete the purchase. If Buyer takes no action within the 5-day period after the objections are made, Buyer is deemed to have waived the title objections and will complete the transaction. Seller shall furnish tax statements showing no delinquent taxes and a Special Warranty Deed conveying title to the Property, free from monetary liens and encumbrances, subject only to the Permitted Exceptions, including but not limited to liens securing payment of any debt created as part of the consideration, taxes for the current year, all restrictions, covenants, conditions, easements, reservations, leases, mineral severances, and other instruments that affect the property and are shown in the public records of the County, or that are otherwise acceptable to Buyer; and to all zoning laws, regulations, and ordinances of municipal and/or governmental authorities that affect the Property. Each purchase money note shall be secured by vendors and deed of trust liens. The form of the deed, note and, if financed, the deed of trust, shall be acceptable to Seller. If there is Seller financing, the Deed of Trust shall provide Seller the right to accelerate the debt secured by it in the event of transfer of lease of any part or all of the Property.
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