Common use of Title Commitment Exceptions Clause in Contracts

Title Commitment Exceptions. Immediately upon execution of this Agreement, Seller shall furnish Purchaser with commitment for an ALTA Standard Form Owner's Policy of Title Insurance insuring title in Purchaser to the Property in the amount of the Purchase Price, together with legible copies of all documents referred to therein ("Title Commitment") issued by First American Title Insurance Company, National Accounts Office, attn: David Stuczynski, (800-526-7544; Fax: 206-448-6348) ▇▇▇▇ ▇▇▇▇▇▇ ▇▇e, ▇▇▇▇▇ ▇▇▇ ▇▇attle, WA 98121 ("▇▇tl▇ ▇▇▇▇▇▇▇"). ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇tten notice within 10 days following delivery to Purchaser of the Title Commitment and legible copies of all documents referred to therein of Purchaser's objection to any title exception. Seller shall, within 5 days following receipt of any such objection, notify Purchaser whether Seller shall remove such exception at or prior to Closing. Purchaser shall, within 5 days of Seller's responsive notice, provide Seller with written notice of whether Purchaser will accept Seller's position or terminate the transaction. Failure to provide notice within the preceding time frames shall be treated as rejection of the Title Commitment exceptions or rejection of the position stated in the notice from Purchaser or Seller. The preceding procedure shall not apply to monetary encumbrances totaling less than the total Purchase Price, which shall be paid in full at Closing by Seller. At the sole discretion of Purchaser, if the Property shall, at the time of Closing, be subject to any title exceptions which would be grounds for Purchaser to reject title hereunder, Purchaser may, instead of exercising its other rights under this Agreement, elect to waive such defect in title and close and, in the case of any monetary encumbrance or charge, offset the amount of the monetary encumbrance or charge against any amounts payable to Seller.

Title Commitment Exceptions. Immediately upon As soon as practical after execution of this Agreement, Seller shall furnish Purchaser with commitment for an ALTA Standard Form Owner's Policy of Title Insurance insuring title in Purchaser to the Property in the amount of the Purchase Price, together with legible copies of all documents referred to therein ("Title Commitment") issued by First American Title Insurance Company, National Accounts Office, attn: David Stuczynski, (800-526-7544; Fax: 206-448-6348) ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇eAvenue, ▇▇▇▇▇ ▇▇▇ ▇▇attleSpokane, WA 98121 Washington 99202, ("▇▇tl▇ ▇▇▇▇▇▇▇Title Company"). ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇tten Purchaser shall give Seller written notice within 10 days following delivery to Purchaser of the Title Commitment and legible copies of all documents referred to therein or the Effective Date, whichever is later, of Purchaser's objection to any title exception. Seller shall, within 5 days following receipt of any such objection, notify Purchaser whether Seller shall remove such exception at or prior to Closing. Purchaser shall, within 5 days of Seller's responsive notice, provide Seller with written notice of whether Purchaser will accept Seller's position or terminate the transaction. Failure to provide notice within the preceding time frames shall be treated as rejection of the Title Commitment exceptions or rejection of the position stated in the notice from Purchaser or Seller. The preceding procedure shall not apply to monetary encumbrances totaling less than the total Purchase Price, which shall be paid in full at Closing by Seller. At the sole discretion of Purchaser, if the Property shall, at the time of Closing, be subject to any title exceptions which would be grounds for Purchaser to reject title hereunder, Purchaser may, instead of exercising its other rights under this Agreement, elect to waive such defect in title and close and, in the case of any monetary encumbrance or charge, offset the amount of the monetary encumbrance or charge against any amounts payable to Seller. Once the parties have agreed upon the Permitted Exceptions as provided in this Section, if any exception which Seller has agreed to remove remains at Closing, then Purchaser shall have the right to bring an action for specific performance to require Seller to remove the exception and may also bring suit for any damages which Purchaser may suffer as a result of Seller's failure to remove the exception.