Common use of Title Commitment; Exception Documents Clause in Contracts

Title Commitment; Exception Documents. (a) Buyer acknowledges that Seller has caused to be furnished to Buyer the Title Commitment issued by the Title Company with respect to the Property. The Title Commitment sets forth the state of title to the Property, including a list of Title Exceptions affecting the Property. The Title Commitment contains the express commitment of the Title Company to issue a Title Policy (as hereinafter defined) to Buyer in the amount of the Purchase Price, insuring title to the Property as is specified in the Title Commitment. In the event any commitment for title insurance is issued by Title Company with respect to the Property which supplements or updates the Title Commitment (a “Supplemental Commitment”), Seller shall provide Buyer with the Supplemental Commitment and Buyer shall have the rights to review and approve as set forth in Section 4.3. (b) Buyer acknowledges that Seller has caused to be furnished to Buyer, true, correct and legible copies of all instruments that create or evidence Title Exceptions as reflected in the Title Commitment or any Supplemental Commitment (generically “Title Exception Documents”).