Title Commitment and Surveys Clause Samples

The "Title Commitment and Surveys" clause outlines the requirements and procedures for obtaining a title insurance commitment and property surveys during a real estate transaction. Typically, this clause specifies the timeframe in which the buyer must receive a title commitment from a title company, as well as any necessary surveys of the property boundaries or improvements. It may also detail the buyer's right to review these documents and raise objections to any title defects or survey issues. The core function of this clause is to ensure that the buyer receives clear title to the property and is aware of any encumbrances or boundary discrepancies before completing the purchase.
Title Commitment and Surveys. 19 10.2.5 Validity of Station Licenses...............................20 10.2.6
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Title Commitment and Surveys. Buyer shall have timely received ---------------------------- the surveys specified in Section 8.7, which shall reveal nothing inconsistent with Seller's representations and warranties hereunder.
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Title Commitment and Surveys. Seller shall provide Buyer, at Buyer’s expense, with a commitment or commitments for title insurance with respect to the Owned Real Property within thirty (30) days after the execution of this Agreement issued by a title insurance company approved by Buyer (the “Title Insurer”). Such commitment must be reasonably satisfactory to Buyer in form, scope and substance, and must contain the agreement of the Title Insurer to insure good, merchantable and marketable title to the fee simple estate in the Owned Real Property to Buyer. Buyer requires that a Form 3.1 zoning endorsement be added to the title commitment. Seller shall furnish any documents reasonably required by the Title Insurer, including a Vendor’s Affidavit to induce the Title Insurer to issue a final policy, with the preprinted standard exceptions deleted for parties in possession and mechanic’s liens. At Closing, Buyer shall pay for the costs of the title insurance and an insured closing. The cost of the Form 3.1 zoning endorsement shall be paid by Buyer and any other endorsements requested by Buyer shall be paid for by Buyer. Any other closing fees charged by the Title Insurer not attributable to the fact that the closing shall be insured, such as recording fees or legal expenses of the Title Insurer, shall be split equally by the parties. Buyer shall have ten (10) business days after the receipt of both any survey and the commitment for title insurance to object, in writing, to any exceptions or other matters contained therein. If no objections are made, Buyer shall be deemed to have accepted the status of title. Buyer and Seller agree that Buyer accepts and waives objections to Permitted Exceptions. Buyer and Seller hereby acknowledge their mutual understanding that Seller is under no obligation to cause any exceptions or other matter to which Buyer may have objected to be corrected, and if any objections are not cured to Buyer’s satisfaction, Buyer may terminate this Agreement within five (5) business days following Seller advising Buyer in writing that it does not intend to cause any exceptions or other matters to which Buyer may have objected to be corrected.
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Title Commitment and Surveys. (a) On or prior to the Effective Date, Buyer shall obtain, at its sole cost and expense, a title insurance commitment ("Title Commitment") for the Real Property, which may contain the standard exception for such matters that would be disclosed by an accurate survey of the Real Property. The Title Commitment, a copy of which is attached hereto as Schedule 3.5, is hereby incorporated into this Agreement by this reference. The Title Commitment shall be issued by a title insurance company or companies reasonably satisfactory to Buyer, agreeing to issue to Buyer standard form owner's policies of title insurance with respect to all Real Property. Such policy shall be standard ALTA owner's policy in the full amount of the fair value of the Real Property as determined in accordance with Section
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Title Commitment and Surveys. Buyer shall have timely received the Title Commitment, which shall reveal nothing inconsistent with Seller's representations and warranties hereunder. Seller shall have delivered to Buyer, at Seller's expense, surveys of the Real Property (i) certified to Buyer and the Senior Lenders and sufficient to remove any "survey
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Title Commitment and Surveys 
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Related to Title Commitment and Surveys

  • Title Commitment (a) Purchaser has ordered a title insurance commitment with respect to the Real Property issued, by the Title Company (the “Title Commitment”). On or before March 12, 2014, Purchaser shall provide to Seller the Title Commitment, together with legible copies of the title exceptions listed thereon. On or before March 28, 2014 (the “Title Objection Date”), Purchaser shall notify Seller in writing, if there are (i) any monetary liens or other title exceptions that Purchaser objects to (“Title Objections”) or (ii) any Survey Objection. In the event Seller does not receive written notice of any Title Objections or Survey Objection by the Title Objection Date, TIME BEING OF THE ESSENCE, then Purchaser will be deemed to have accepted or waived such exceptions to title set forth on the Title Commitment as permitted exceptions (as accepted or waived by Purchaser, the “Permitted Exceptions”) and shall be deemed to have waived its right to object to any Survey Objection. (b) After the Title Objection Date, if the Title Company raises any new exception to title to the Real Property, Purchaser’s counsel shall have five (5) Business Days after he or she receives notice of such exception (the “New Objection Date”) (or as promptly as possible prior to the Closing if such notice is received with less than five (5) Business Days prior to the Closing), to provide Seller with written notice if such exception constitutes a Title Objection. In the event Seller does not receive notice of such Title Objection by the New Objection Date, Purchaser will be deemed to have accepted the exceptions to title set forth on any updates to the Title Commitment as Permitted Exceptions. (c) All taxes, water rates or charges, sewer rents and assessments, plus interest and penalties thereon, which on the Closing Date are liens against the Real Property and which Seller is obligated to pay and discharge will be credited against the Purchase Price (subject to the provision for apportionment of taxes, water rates and sewer rents herein contained) and shall not be deemed a Title Objection. If on the Closing Date there shall be security interests filed against the Real Property, such items shall not be Title Objections if (i) the personal property covered by such security interests are no longer in or on the Real Property, or (ii) such personal property is the property of a Tenant, and Seller executes and delivers an affidavit to such effect, or the security interest was filed more than five (5) year prior to the Closing Date and was not renewed. (d) If on the Closing Date the Real Property shall be affected by any lien which, pursuant to the provisions of this Agreement, is required to be discharged or satisfied by Seller, Seller shall not be required to discharge or satisfy the same of record provided the money necessary to satisfy the lien is retained by the Title Company at Closing, and the Title Company either omits the lien as an exception from the title insurance commitment or insures against collection thereof from out of the Real Property, and a credit is given to Purchaser for the recording charges for a satisfaction or discharge of such lien. (e) No franchise, transfer, inheritance, income, corporate or other tax open, levied or imposed against Seller or any former owner of the Property, that may be a lien against the Property on the Closing Date, shall be an objection to title if the Title Company insures against collection thereof from or out of the Real Property and/or the Improvements, and provided further that Seller deposits with the Title Company a sum of money or a parental guaranty reasonably acceptable to the Title Company and sufficient to secure a release of the Property from the lien thereof. If a search of title discloses judgments, bankruptcies, or other returns against other persons having names the same as or similar to that of Seller, Seller will deliver to Purchaser an affidavit stating that such judgments, bankruptcies or other returns do not apply to Seller, and such search results shall not be deemed Title Objections.