TITLE COMMITMENTS AND DOCUMENTS Clause Samples

TITLE COMMITMENTS AND DOCUMENTS. Purchaser shall, within five (5) Business Days after the Effective Date, order the following documents, at Purchaser's sole cost and expense: (i) a current Commitment for Title Insurance for each of the Properties (each, a "Title Commitment", and collectively the "Title Commitments") issued by a reputable title company designated by Purchaser (the "Title Company"), setting forth the state of title to the Properties, including a list of all liens, mortgages, security interests, encumbrances, pledges, assignments, claims, charges, leases (surface, space, mineral, or otherwise), conditions, restrictions, options, conditional sale contracts, rights of first refusal, restrictive covenants, exceptions, easements (temporary or permanent), rights-of-way, encroachments, overlaps, or other outstanding claims, interests, estates, or equities of any nature which affect title to the Properties (together with, true, correct, and legible copies of all instruments that create or evidence title exceptions, including those described in Schedule B and Schedule C of each Title Commitment) that would appear in an owner's title policy, if one were issued, (ii) for each of the Properties, a currently dated as-built, on-the-ground, ALTA survey (each, a "Survey", and collectively, the "Surveys") prepared by a surveyor licensed in the state in which the relevant Property is located and dated no earlier than the Effective Date and (iii) a search of the Uniform Commercial Code Records of each County and State where the Properties are located in the name of the relevant Seller (the "UCC Searches"). Purchaser shall endeavor to cause the Title Commitments, Surveys and UCC Searches to be delivered to Sellers within twenty (20) Business Days after the Effective Date. Each Title Commitment will contain the express commitment of the Title Company to issue a Title Policy (as hereinafter defined) to Purchaser in the amount of the Purchase Price for the relevant Property, insuring the title to the Properties as is specified in the Title Commitment, with the standard printed exceptions.