Title Commitment; Survey. Except as expressly set forth in Section 8.1 and Section 8.3(a), all title exceptions and matters set forth in the Title Commitment and on the Survey or any Updated Survey shall be deemed Permitted Exceptions. Buyer is solely responsible for obtaining any updated title commitments, surveys, or any other title related matters Buyer desires with respect to the Property.
Title Commitment; Survey. Within five (5) Calendar Days following the Effective Date, Seller shall cause to be delivered to Buyer: (i) an ALTA Form B title insurance commitment with Extended Coverage (ALTA Form 2006), or its state equivalent, showing indefeasible, good and marketable fee simple title to the Property vested in Seller in the amount of the Purchase Price for an owner’s title insurance policy (the “Title Commitment”) written on the Title Insurer and issued by the Title Agent; and (ii) Seller has previously provided the most current existing survey of the Real Property in Seller’s possession and/or control (the “Existing Survey”). Buyer may, at its option, procure an update of the Existing Survey, at Buyer’s sole cost and expense (the “Updated Survey”). Fee simple title to the Real Property shall be conveyed by Seller to Buyer subject only to the following exceptions to title (collectively, the “Permitted Title Exceptions”):
Title Commitment; Survey. The Buyer has received and reviewed a copy of the Title Commitment and the Existing Survey.
Title Commitment; Survey. (a) Concurrently with the receipt by Purchaser of a fully executed copy of this Agreement, Purchaser shall order from Chicago Title Insurance Company, Attn: Xxxxx Xxxxxxxxxx (“Title Company”) a commitment (the “Title Commitment”) for an Owner’s Policy of Title Insurance (Form T-1), and a copy of all recorded documents referred to in the Title Commitment as exceptions to title to the Property (the “Title Documents”).
Title Commitment; Survey. Seller will order and deliver to Purchaser upon receipt a commitment issued by Chicago Title Insurance Company (the "Title Company") (ALTA 1992) to insure title to the Real Estate in the name of Purchaser (the "Title Commitment"), and Seller will deliver an Alta form survey no more than six months old to purchaser certified to purchaser tile company and purchasers lender its existing survey (“Survey”).
Title Commitment; Survey. Promptly after the Effective Date the Company shall obtain at its expense: (i) a title commitment from the Title Company, together with legible copies of documents referred to in such commitment (a "COMMITMENT"), for an owner's policy of title insurance covering the Property which shall in all material respects satisfy the requirements, and include the endorsements, set forth in Exhibit 4.2.1 attached hereto, and (ii) a current plat of survey of the Property, including the Improvements (a "SURVEY") prepared by a licensed surveyor, which shall be certified to the Company, the Company's assignee (if any), and the Title Company by means of a certificate substantially in the form of Exhibit 4.2.2 attached hereto. The Company shall (i) instruct the Title Company to deliver copies of the Commitment (and all title continuations thereof) to Owner and its attorneys concurrently with the delivery of the Commitment to the Company, and (ii) instruct the surveyor preparing the Survey to deliver a copy of the Survey to each of Owner and its attorneys concurrently with its delivery thereof to the Company.
Title Commitment; Survey. A) Seller shall, at its expense, order a title commitment (the "Title Commitment") with respect to the Property, including all appurtenant easements, with complete and legible copies of all exception instruments referred to therein (referred to collectively as "Title Documents") within one (1) business day after the Effective Date and cause same to be delivered to Purchaser.
Title Commitment; Survey. (a) Purchaser acknowledges that prior to the Effective Date Purchaser has received from Chicago Title Insurance Company (“Title Company”) a commitment (the “Title Commitment”) for an Owner’s Policy of Title Insurance (Form T-1), and a copy of all recorded documents referred to in the Title Commitment as exceptions to title to the Property (the “Title Documents”).
Title Commitment; Survey. Buyer has received a current title commitment (together with all of the documents referred to therein, the “Title Commitment”) on \\Xxxxxxx\x\X\XX00 (Xxxxxxxxxxx)\XX00-000 (Xxxx of Three Forest Plaza)\Docs\P&S Agmt01.doc the Property showing the status of title to the Property as of the date of the Title Commitment. Seller has also delivered to Buyer a copy of Seller’s survey (the “Survey”) of the Property. Buyer shall have the right, at its cost, to have the Survey updated and in the event that Buyer elects to update the Survey, then Buyer agrees to deliver a copy of such updated Survey to Seller and the Title Company. At Closing, Seller shall reimburse Buyer for the cost of such new or updated survey, with Seller’s reimbursement for such new or updated survey not to exceed $6,500. Buyer shall have a period until 5 calendar days prior to the end of the Due Diligence Period to review the Title Commitment and the Survey to specifically state in writing any objections (“Objections”). Any items appearing in the Title Commitment or the Survey, which Buyer does not object to within said time period and any Objection which remains uncured as of the end of the Due Diligence Period shall be deemed a “Permitted Exception.” If Buyer gives written notice of any Objections, Seller shall use its best efforts to cure any Objections relating to the payment of liens created by Seller, and may, but shall have no obligation, to cure all non-lien Objections. Seller shall, on or before the end of the Due Diligence Period, advise Buyer which Objections have been or will not be cured. Buyer hereby objects to any deed of trust, mechanics or similar lien filed against the Property and, to the extent such liens were created by or as a result of Seller’s acts, Seller agrees to cause such liens to be released by Seller or Seller’s lender’s at or prior to Closing. If Buyer gives notice of the existence of Objections and Seller does not, for any or no reason, cure the Objections on or before the end of the Due Diligence Period, Buyer shall have the right to either (i) terminate this Agreement effective upon giving written notice thereof to Seller and the Title Company and thereupon, Buyer shall be entitled to the return of the Deposit and this Agreement and all obligations hereunder shall thereupon terminate, except those which expressly survive termination; or (ii) waive the Objections and consummate the purchase of the Property subject to the Objections, which shall be included with...
Title Commitment; Survey. (a) No later than thirty (30) days after the date of delivery of this Agreement, Seller shall obtain, at Seller's expense, and deliver to Buyer, the following: (i) An owner's policy title commitment (the "Title Commitment") with respect to the real estate owned by the Bank and used for its building and parking lots (the "Real Estate"). The Title Commitment shall: be from Chicago Title Insurance Company or other title insurance company authorized to do business in Illinois and satisfactory to Buyer; have an effective date as close as feasible to the date of delivery of such Title Commitment; commit the issuer to issue to the Bank on the Closing Date an American Land Title Association (ALTA) Form B title insurance policy having an effective date as of the Closing Date in the amount allocated to the Real Estate pursuant to, and with the endorsements listed on, Exhibit E (the "Title Policy"); and show title vested in the Bank and free of all liens or encumbrances except Permitted Exceptions, as defined in Subsection 16.8 hereof. (ii) A survey (the "Survey") with respect to the Real Estate, dated on or after the date of the Title Commitment. The Survey shall be an ALTA/ACSM 1988 Class A Survey, including Table 3 requirements 1 through 12, showing no survey defects other than Permitted Exceptions. (b) If the Title Commitment or the Survey discloses title exceptions other than Permitted Exceptions, Seller shall have ten (10) days from the date of delivery thereof to have such exceptions cleared and removed from the Title Commitment, or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions by an endorsement in form and substance satisfactory to Buyer, in Buyer's sole discretion. If the exceptions are not removed or endorsement over the exceptions is not obtained, Buyer may terminate this Agreement upon notice to Seller within fifteen (15) days after the expiration of the 10-day cure period, or may elect to take title notwithstanding the exceptions. 8.2.4
