Common use of Title Commitment Clause in Contracts

Title Commitment. Buyer shall, at its sole cost and expense, obtain from a title insurance company chosen by Buyer, a commitment (the "Title Commitment") to issue an American Land Title Association Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) (the “Title Policy"), certified to at least the Effective Date of this Agreement, in the full amount of the Purchase Price. To be acceptable to Buyer, the Title Commitment shall show in Seller good and marketable title to the Property, and shall commit to insure said title free and clear of the standard printed exceptions contained in Schedule B of the Title Commitment and Title Policy and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following: (a) those created or assumed by Buyer; (b) zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes which are a lien on the Property but which are not yet due and payable; and (d) easements and restrictions of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title to the Property to be acceptable to Buyer, the Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmative, rights-of-way, ingress or egress or any other appurtenances to the Property and provide insurance coverage in respect to all of such appurtenant rights; and (iv) include the results of a special tax search and examination for any financing statements filed of record which may affect the Property.

Title Commitment. Buyer shallSeller, at its sole cost and Seller’s expense, obtain from a will provide Purchaser an updated title insurance company chosen by Buyer, a commitment within fifteen (15) days of the "Title Commitment") to issue an American Land Title Association Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) effective date of this contract (the “Title Policy"Commitment”), certified to at least issued by Title Company describing the Effective Date Land (which legal description, as determined by the Survey referenced in Section 2.3 herein below, shall be incorporated into this Agreement and used in all closing documents), specifying Purchaser or its assignee as the prospective named insured, showing the Purchase Price as the prospective policy amount, showing the status of this Agreement, in the full amount title of the Purchase Price. To be acceptable to BuyerLand and all exceptions (including, the Title Commitment shall show in Seller good and marketable title to the Propertybut not limited to, and shall commit to insure said title free and clear of the standard printed exceptions contained in Schedule B of the Title Commitment and Title Policy and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following: (a) those created or assumed by Buyer; (b) zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes which are a lien on the Property but which are not yet due and payable; and (d) easements and restrictions of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title to the Property to be acceptable to Buyer, the Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmativedeclarations, restrictions, rights-of-way, ingress or egress or any covenants, reservations, encumbrances, liens and other appurtenances conditions, if any, affecting the Land) which would appear in an Owner Policy of Title Insurance, when issued, together with true, correct and legible copies of all items and documents referred to therein including copies of tax certificates covering all taxes affecting the Property. With regard to the Property standard printed exceptions and other exceptions commonly included in title commitments, the exception for areas and boundaries shall (at Seller’s expense) be endorsed to provide insurance coverage that the exception shall be amended at Closing to except only to “Shortages in respect Area” upon receipt from Seller of a survey acceptable to all the Title Company and the applicable premium therefor paid by Purchaser; no exceptions shall be permissible for parties in possession, except pursuant to recorded leases; the exception for restrictive covenants shall be deleted or endorsed “None of such appurtenant rightsRecord except... (with an express description by applicable recording data of those restrictive covenants and declarations of covenants affecting the Land)”; the exception for taxes shall be limited to standby fees and taxes owing for the year in which the Closing occurs and subsequent years and subsequent assessments for prior years due to changes in land use of the Property; there shall be no exception for any lien for service, labor or materials heretofore or hereafter provided, imposed by law and not shown by the public records; and there shall be no general exception for visible and apparent easements or roads and highways or similar items (iv) include with any such specific exception to be specifically referenced to, and shown on, the results of a special tax search Survey described in Section 2.3 and examination for also identified by any financing statements filed of record which may affect the Propertyapplicable recording data).

Title Commitment. Buyer shallOn or before May 1, 2023, Seller, at Seller’s expense, will deliver or arrange to have delivered to Purchaser a current commitment by the Title Company (the “Title Commitment”) for an Owner’s Policy of Title Insurance (ALTA Form B 1970, Last Revised 1984, to the extent available), insuring good and marketable fee simple absolute title to the Property in Purchaser, in accordance with the terms of this Agreement and in an amount equal to the Purchase Price. The Title Commitment shall list as exceptions all easements, covenants, restrictions, encumbrances, reservations, and liens shown by the public records of the El Paso County Clerk and Recorder (“Exceptions”) affecting the Property, and shall include the best available copies of all instruments creating such Exceptions. To the extent the Title Company is willing to offer the same, the Title Commitment will contemplate deletion of the standard exceptions in the final policy, and will contemplate the following affirmative coverages: (i) Gap, (ii) Access, (iii) Subdivision, (iv) Separate tax parcel, (v) Comprehensive and (vi) Survey - Same As, provided, however, that any additional premium payable for such coverages listed in items (i) through (iv) shall be paid for at Purchaser’s sole cost and expense. Purchaser, at its sole cost and expense, obtain from a may request and pay for any additional title insurance company chosen by Buyer, a commitment (the "Title Commitment") to issue an American Land Title Association Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) (the “Title Policy"), certified to at least the Effective Date of this Agreement, in the full amount of the Purchase Priceendorsements that it requires. To be acceptable to Buyer, the Title Commitment shall show in Seller good and marketable title to the Property, and shall commit to insure said title free and clear of the standard printed exceptions contained in Schedule B Failure of the Title Commitment and Title Policy and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following: (a) those created or assumed by Buyer; (b) zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to commit to the extent permitted by law; (c) real estate taxes which are foregoing coverages shall not be a lien on default, but shall grant to Purchaser the Property but which are not yet due and payable; and (d) easements and restrictions of record acceptable option to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title object to the Property to be acceptable to Buyer, the Title Commitment must by giving written notice to the Seller on or before the Title Objection Date (as defined below), whereupon Seller shall have the opportunity to respond and the provisions and rights set forth in this Agreement shall apply. Purchaser may request and pay for all affirmative coverages it deems necessary to its title insurance. (i) commit Covenants. Purchaser acknowledges that the Subject Property is subject to insure a certain Declaration of Covenants, Conditions, Restrictions and Easements for Polaris Pointe South, as recorded on 02/01/2019 under Reception No. 219011585 in the real property records of El Paso County, Colorado (as last amended, the “Covenants”). Purchaser further acknowledges that all parcels of land are contiguousNorthgate Properties, if LLC is the legal description for “Declarant” under the Property includes more than one parcelCovenants, and that there are no gaps nor gores among them; (ii) commit Seller will maintain Declarant control under the Covenants. Subject to insure that on the Closing Dateterms of Section 11, the Property shall have direct access be conveyed to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmative, rights-of-way, ingress or egress or any other appurtenances Purchaser subject to the Property and provide insurance coverage in respect to all of such appurtenant rights; and (iv) include the results of a special tax search and examination for any financing statements filed of record which may affect the PropertyCovenants.

Title Commitment. Buyer shallSellers hereby agree that Sellers shall not, at its sole cost after the Agreement Date and expenseprior to Closing, obtain from take any action affecting title to the Property (except for (i) the New Tenant Leases and Modifications and memoranda thereof, and (ii) actions effectuating the release of liens or encumbrances) unless consented to by Purchaser. Purchaser acknowledges that Sellers have (a) caused the Title Company to issue to Purchaser a current commitment for a Texas standard form policy of owner’s title insurance company chosen by Buyer, a commitment (the "“Title Commitment"”) setting forth the state of title to the Property (other than the Personal Property) and committing the Title Company to issue to Purchaser an American Land Title Association Owner's Title Insurance Policy owner’s policy of title insurance insuring Purchaser’s fee simple interest in the Property (ALTA Form B, Rev. 2006other than the Personal Property) in the amount of the Purchase Price and with such endorsements as Purchaser desires (the “Title Policy"”), certified to at least the Effective Date of this Agreement, in the full amount of the Purchase Price. To be acceptable to Buyer, the Title Commitment shall show in Seller good and marketable title to the Property, and shall commit to insure said title free and clear of the standard printed exceptions contained in Schedule B (b) delivered a copy of the Title Commitment to Purchaser and caused the Title Policy and free and clear Company to deliver to Purchaser a copy of all lienstitle documents that are referred to in the Title Commitment, charges, encumbrances and clouds of title, whatsoever, except the following: (a) those created or assumed by Buyer; (b) zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes which are delivered to Purchaser a lien on the Property but which are not yet due and payable; and (d) easements and restrictions current “as-built” survey of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation each of the Property. For title MB Properties and Land Sites, dated not earlier than sixty (60) days prior to Closing, which surveys comply with Purchaser’s survey requirements in Exhibit 9.1 attached hereto, prepared by a licensed land surveyor in the Property State, and be keyed to be acceptable to Buyer, the Title Commitment must (i) commit collectively, the “Survey”). Notwithstanding anything to insure that all parcels the contrary herein, at the request of land are contiguousPurchaser, if Sellers shall execute and deliver to Purchaser a quit claim deed using the metes and bounds legal description for created by the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmative, rights-of-way, ingress or egress or any other appurtenances to the Property and provide insurance coverage in respect to all of such appurtenant rights; and (iv) include the results of a special tax search and examination for any financing statements filed of record which may affect the Propertysurveyor.

Title Commitment. Buyer shall, at its sole cost and expense, The Purchaser may obtain a commitment (a "Title Commitment") from a title insurance company chosen by Buyer, a commitment licensed to do business in the State of Ohio (the "“Title Commitment"Company”) to issue an American Land Title Association ALTA Owner's Title Insurance Policy (ALTA Form B, Rev. 20066/17/06) (the “Title Policy"), certified to at least the Effective Date of this Agreement, in the full amount of the Purchase PricePrice of the Premises (the "Title Policy"). To The cost of the Title Policy shall be acceptable paid by the Purchaser. The Title Commitment will be certified to Buyerthe Effective Date and will include copies of all recorded documents evidencing title exceptions raised in Schedule B of the Title Commitment. On or before the date of Closing, the Title Commitment shall must show in Seller the City good and marketable title to the PropertyPremises, and shall commit to insure said title free and clear of the standard printed exceptions except for the standard printed exceptions contained in the final form of the Schedule B of the Title Commitment and Title Policy Policy, and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following:following (collectively, the "Permitted Encumbrances"): (a) those a. Those created or assumed by Buyer;the Purchaser; and (b) zoning b. Zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation the Purchaser’s intended use of the Property as a retail grocery storePremises; and c. Real estate taxes, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes if any, which are a lien on the Property Premises but which are not yet due and payable; and (d) easements d. Easements and restrictions of record acceptable to Buyer the Purchaser which do not interfere with the Buyer's proposed development and operation Purchaser’s anticipated use of the Property. For title Premises, which shall be reflected in the final form of Schedule B to the Property to be acceptable to Buyer, the Title Policy. The Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmative, rights-of-way, ingress or egress or any other appurtenances to the Property Premises, and shall provide insurance coverage in respect to all of such appurtenant rights; and (iv) . The Title Commitment shall include the results of a special tax search and examination for any financing statements filed of record which may affect the PropertyPremises. As used herein, Title Company means Multistate Title Agency, LLC, 3300 Great American Tower, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇.

Title Commitment. Buyer shallSeller shall cause to be furnished to Buyer, at its Buyer's sole cost and expense, obtain from a current ALTA title insurance company chosen by Buyer, a commitment (the "Title CommitmentTITLE COMMITMENT") issued by a nationally recognized title insurance company reasonably acceptable to issue an American Land Title Association Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) both parties (the “Title Policy"TITLE COMPANY"), certified together with legible copies of all exceptions to at least the Effective Date of this Agreement, in the full amount of the Purchase Pricetitle referenced therein. To be acceptable to Buyer, the The Title Commitment shall show in Seller good and marketable set forth the state of title to the Real Property, and shall commit together with all exceptions or conditions to insure said title free and clear of the standard printed exceptions contained in Schedule B of the Title Commitment and Title Policy and free and clear of all liens, charges, encumbrances and clouds of such title, whatsoeverincluding, except the following: (a) those created or assumed by Buyer; (b) zoning ordinanceswithout limitation, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes which are a lien on the Property but which are not yet due and payable; and (d) easements and restrictions of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title to the Property to be acceptable to Buyer, the Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmativerestrictions, rights-of-way, ingress covenants, reservations, and all other encumbrances affecting the Real Property which would appear in an owner's title policy, if issued. The Title Commitment shall contain the express commitment of the Title Company to issue an owners' (or egress or any other appurtenances leasehold, as appropriate) title policy (the "TITLE POLICY") to Buyer in an amount equal to that portion of the Purchase Price allocated to the Real Property as improved, insuring good, marketable and merchantable fee simple (full ownership), or leasehold, as the case may be, title to the owned Real Property. The Title Commitment shall provide insurance that the Title Policy when issued shall have all Standard and General Exceptions deleted so as to afford full "extended form coverage," except for the standard exception as to taxes which shall be limited to taxes for the current and subsequent years "not yet due and payable," and shall contain such endorsements or other affirmative coverage that the Buyer may reasonably require. At Closing, the Seller shall cause the Title Commitment to be later-dated and the so-called "gap" exception to be deleted to cover the Closing and the recording of the deeds to be delivered at Closing and shall cause the Title Company to deliver to Buyer a marked Title Commitment or pro forma Title Policy, with endorsements, as directed by Buyer. The Title Policy shall show that the owned Real Property is free -29- 39 from all liens, liabilities, encumbrances and defects in respect title other than the Permitted Encumbrances. In the event Buyer requests, and at Buyer's expense, the Title Company shall issue a mortgage title policy in an amount up to all the Purchase Price which is allocated to the owned Real Property as improved, at simultaneous issue rates. Seller shall execute such certificates and affidavits as may be reasonably required in connection with the issuance of such appurtenant rights; the Title Policy and (iv) include the results of a special tax search and examination for any financing statements filed of record which may affect the Propertyendorsements.

Title Commitment. Buyer shallAs soon as possible after the Effective Date, at its sole cost and expense, Purchaser shall obtain from a Commitment for an A.L.T.A. fee owner's policy of title insurance company chosen to be marked up and/or issued at Closing (with a final policy issued as soon as possible thereafter) with extended A.L.T.A. coverage, survey coverage (subject to the provisions of Section 4(b) below), and mineral coverage, if available, and without standard exceptions, in the amount of the total Purchase Price (the "Commitment"), which Commitment shall be issued by BuyerFirst American Title Insurance Company, a commitment whose address is ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (the "Title CommitmentCompany") ), the same to issue an American Land bear a date later than the date hereof, wherein the Title Association Company shall agree to insure the title in the condition required hereunder and as marketable title subject only to those encumbrances to which Purchaser has not timely objected under Section 4.C below or, if timely objected to, which Purchaser has waived in writing (the "Permitted Encumbrances"). Permitted Encumbrances shall also include the Lease and applicable building and zoning laws. Purchaser shall, at the time of Closing, order a Policy of Title Insurance from the Title Company pursuant to said Commitment (the "Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) (the “Title Policy"). The Policy of Title Insurance shall include a survey endorsement, certified a mineral endorsement and a tax parcel endorsement, a comprehensive endorsement and such other endorsements as Purchaser may request (provided such requested endorsements are available in North Dakota) and it shall be Seller's obligation to use its best efforts, at least the Effective Date of this Agreementno cost to Seller, in the full amount to meet all of the Purchase Pricerequirements reasonably imposed by the Title Company to issue such endorsements. To Seller shall be acceptable to Buyerresponsible for payment of all costs associated with the title search, title exam, and issuance of the Commitment. Purchaser shall be responsible for the costs of the issuance of the Owner's Policy and, except as otherwise provided in Section 4.C below, the Title Commitment shall show in Seller good and marketable title costs of all endorsements to the Property, and shall commit to insure said title free and clear of the standard printed exceptions contained in Schedule B of the Title Commitment and Title Policy and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following: (a) those created or assumed by Buyer; (b) zoning ordinances, legal highways and public rights-of-way which do not interfere with BuyerOwner's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes which are a lien on the Property but which are not yet due and payable; and (d) easements and restrictions of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title to the Property to be acceptable to Buyer, the Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully and completely disclose all easements, negative or affirmative, rights-of-way, ingress or egress or any other appurtenances to the Property and provide insurance coverage in respect to all of such appurtenant rights; and (iv) include the results of a special tax search and examination for any financing statements filed of record which may affect the PropertyPolicy.

Title Commitment. Buyer No later than twenty (20) Business Days following the execution of this Agreement, Seller shall, at its sole own cost and expense, obtain from provide Buyer with (i) a recent survey of the Real Estate owned by Seller or any of the Companies or any of the Operating Subsidiaries (the “Surveys”), (ii) a recent title policy commitment in favor of the applicable company issued by a nationally recognized title insurance company chosen by Buyer, a commitment (the "Title Commitment") reasonably acceptable to issue an American Land Title Association Owner's Title Insurance Policy (ALTA Form B, Rev. 2006) Buyer and Seller (the “Title Policy"), certified to at least Company”) covering the Effective Date of this Agreement, in the full amount Real Estate owned by Seller or any of the Purchase Price. To be acceptable to Buyer, the Title Commitment shall show in Seller good and marketable title to the Property, and shall commit to insure said title free and clear Companies or any of the standard printed exceptions contained in Schedule B of Operating Subsidiaries (the “Title Commitment Commitment”) and Title Policy and free and clear of all liens, charges, encumbrances and clouds of title, whatsoever, except the following: (a) those created or assumed by Buyer; (b) zoning ordinances, legal highways and public rights-of-way which do not interfere with Buyer's proposed development and operation of the Property as a retail grocery store, including the sale of alcoholic beverages for off- Property consumption to the extent permitted by law; (c) real estate taxes which are a lien on the Property but which are not yet due and payable; and (d) easements and restrictions of record acceptable to Buyer which do not interfere with the Buyer's proposed development and operation of the Property. For title to the Property to be acceptable to Buyer, the Title Commitment must (i) commit to insure that all parcels of land are contiguous, if the legal description for the Property includes more than one parcel, and that there are no gaps nor gores among them; (ii) commit to insure that on the Closing Date, the Property shall have direct access to dedicated public highways that abut the Property; (iii) fully copies of all documents referenced as exceptions to title in the Title Commitment. Seller shall not be obligated to furnish any policy of title insurance issued by the Title Company or otherwise in respect of any portion of the Real Estate (a “Title Policy”), and completely disclose all easements, negative it shall not be a requirement of or affirmative, rights-of-way, ingress condition to the Closing that Buyer obtain or egress be able to obtain any Title Policy or that Buyer have or be able to have the survey exception in any Title Policy modified in any manner or that any other appurtenances special endorsements be made to any Title Policy, including any endorsement regarding restrictive covenants. All costs of any Title Policies obtained by Buyer shall be borne by Buyer. Any provision of this Agreement to the Property and provide insurance coverage in respect to contrary notwithstanding, at Closing Seller shall quitclaim all of Seller’s right, title and interest in and to the Gathering System without any representations or warranties, express or implied. Seller shall use its commercially reasonable efforts to deliver, or cause to be delivered, to any applicable Title Company such appurtenant rights; surveys, certificates, acknowledgements or other documents as shall be reasonably required by such Title Company in order for such Title Company to issue Title Policies free of any and all Liens (ivother than Permitted Encumbrances) include the results of a special tax search and examination for any financing statements filed of record which may affect the Propertyissue customary title endorsements.