Common use of Title Commitments and Surveys Clause in Contracts

Title Commitments and Surveys. Insight and TCI each will provide to the other, within 60 days after the date of this Agreement, (a) current commitments to issue title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, legible photocopies of all recorded items described as exceptions therein, committing to insure fee simple title in the Company to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the Company; provided however that each of Insight and TCI shall pay for the cost to delete or insure over any Title Defects relating to its Owned Property. If Insight or TCI notifies the other within 30 days following its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defect, or (ii) with the consent of the objecting party, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Contribution Agreement (Insight Communications Co Inc)

AutoNDA by SimpleDocs

Title Commitments and Surveys. Insight and TCI each will provide 1.Purchaser shall, at Purchaser's expense, obtain (i) a title commitment (the "Commitment") for an Owner's Title Insurance Policy issued by a title insurance company reasonably satisfactory to Purchaser in the amount of the Purchase Price, covering title to the otherProperty and (ii) a survey of the Property (the "Survey"). Purchaser shall have until the expiration of the Inspection Period to provide written notice to Seller of any matters shown by the Commitment and Survey affecting the Property which are not satisfactory to Purchaser, within 60 which notice (a "Title and Survey Notice") must specify the reason such matter(s) are not satisfactory and the curative steps necessary to remove the basis for Purchaser's disapproval. The parties shall then have thirty (30) days after the date of such Title and Survey Notice to make such arrangements or take such steps as they shall mutually agree to satisfy Purchaser's objection(s). The Closing hereunder shall be extended by the period of time (not to exceed 30 days) that Seller and Purchaser cooperate for purposes of agreeing to such arrangement or steps to satisfy Purchaser's objectives. If the parties fail to agree on the necessary steps, Purchaser shall have a right to terminate this Agreement during the ten (10) day period following the expiration of the aforesaid thirty (30) day period. If Purchaser exercises such right, Escrow Agent shall thereupon promptly return the Deposit to Purchaser. Thereafter, neither party shall have any further liability to the other under this Agreement. Seller, (a) current commitments to issue title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") by an agent writing for Old Republic Insurance Companyhowever, Chicago Title Insurance Company or another nationally-recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, legible photocopies of all recorded items described as exceptions therein, committing to insure fee simple title in the Company to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the Company; provided however that each of Insight and TCI shall pay for the cost to delete required, either at or insure over any Title Defects relating to its Owned Property. If Insight or TCI notifies the other within 30 days following its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defect, or (ii) with the consent of the objecting party, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior , to Closing discharge mortgages or other liens upon the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property Property as hereinafter provided or to use commercially reasonable efforts the Purchase Price to remedy the Title Defect following Closing on terms satisfactory so discharge such mortgages unless otherwise assigned to the Company, in its reasonable discretion. Any decisions to be made or assumed by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI Purchaser pursuant to the Exchange Agreement terms hereof. Purchaser agrees to accept title subject to residential tenant leases and all matters of record (other than liens) which do not materially interfere with respect to owned real property included in the Exchange Assets shall be issued in the name current use of the Company Property and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real propertyuses permitted under applicable zoning laws.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Grove Property Trust)

Title Commitments and Surveys. Insight and TCI each Each Party will provide have the option to the otherobtain, within 60 days after the date of this Agreementat its own expense, (ai) current commitments to issue of title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") issued by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-a nationally recognized title insurance company selected by the requesting party (the "Title Company") and containing policy limits and other terms reasonably acceptable to the otherrequesting party, and, legible and photocopies of all recorded items described as exceptions therein, therein committing to insure (A) fee simple title in the Company requesting party to each parcel of the RMG Owned Property and easements that provide access to such or IP-I Owned Real Property included in its AssetsProperty, subject only to Permitted Liensas the case may be, and (bB) surveys of a leasehold interest in the requesting party in each parcel of RMG Leased Property or IP-I Leased Property, as the case may be, that is the site of a System headend or tower, by American Land Title Association ("ALTA") (1992) owner's or lessee's policies of title insurance, and (ii) current ALTA as-built surveys (in accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by ALTA and the American Congress on Surveying and Mapping in 1992) of each such parcel of RMG or IP-I Owned Property or RMG or IP-I Leased Property with monuments placed at all major corners of the property boundary unless already marked and showing the location and identification by recorded instrument number of all easements or rights-of-way burdening or benefiting the property in question and all other documents and matters referenced as exceptions on the Title Commitment, the location of all apparent easements and rights-of-way, flood zone designation, setback lines, if applicable, the location of all substantial visible improvements on such property and the location of all adjoining streets and indication of access to a public way such as curb cuts and driveways, in such form as is reasonably satisfactory to the requesting 50 57 party and as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company parties and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by If the Title Company to issue such policies and Surveys shall be paid by the Company; provided however that each of Insight and TCI shall pay for the cost to delete or insure over any Title Defects relating to its Owned Property. If Insight or TCI requesting party notifies the other party within 30 20 days following of this Agreement or, if later, of its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicableLien) or other matter affecting title to RMG or IP-I Owned Property or RMG or IP-I Leased Property of the other which renders (or presents a material risk of rendering) title to any parcel of RMG or IP-I Owned Property not good and marketable or prevents access to or which could prevent materially interferes with (or impede in any way presents a material risk of preventing or interfering with) the use or operation of any parcel of RMG or IP-I Owned Property or RMG or IP-I Leased Property for the purposes for which it is currently used or operated intended to be used by the other such Party (each a "Title Defect"), the other such party will exercise commercially reasonable efforts to (i) remove such Title Defector, or (ii) with the consent of the objecting requesting party, cause the Title Company to commit to insure over over, each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Exchange Agreement (Charter Communications Holdings Capital Corp)

Title Commitments and Surveys. Insight The Partnership and TCI each will provide to the other, within 60 days after the date of this Agreement, (a) current commitments to issue title insurance policies on the 1992 ALTA CLTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-nationally recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, legible photocopies of all recorded items described as exceptions therein, committing to insure fee simple title in the Company other party to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property Property, in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company other party and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by split equally between the CompanyPartnership and TCI; provided however that (x) each of Insight and TCI party shall pay for the cost to delete or insure over any Title Defects relating to its Owned PropertyProperty and (y) the requesting party will pay the premiums and charges for any additional endorsements such party requests with respect to any Title Policy other than the endorsements to delete the standard survey exceptions from such Title Policy and to delete or insure over any Title Defects. If Insight Century or TCI notifies the other within 30 days following its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules SCHEDULES 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defect, or (ii) with the consent of the objecting party, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company objecting party and the other party that owns such property shall enter into a written agreement at Closing containing the other party's commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Companyobjecting party, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Exchange Agreement (Century Communications Corp)

Title Commitments and Surveys. Insight and TCI each Charter will provide have the option to the otherobtain, within 60 days after the date of this Agreementat its own expense, (ai) current commitments to issue of title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") issued by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-a nationally recognized title insurance company selected by Charter (the "Title Company") and containing policy limits and other terms reasonably acceptable to the otherCharter, and, legible and photocopies of all recorded items described as exceptions therein, therein committing to insure (a) fee simple title in the Company Charter to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property and (b) a leasehold interest in Charter in each parcel of Leased Property that is the site of a System headend or tower, by American Land Title Association ("ALTA") (1992) owner's or lessee's policies of title insurance, and (ii) current ALTA as-built surveys (in accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by ALTA and the American Congress on Surveying and Mapping in 1992) of each such parcel of Owned Property or Leased Property with monuments placed at all major corners of the property boundary unless already marked and showing the location and identification by recorded instrument number of all easements or rights-of-way burdening or benefiting the property in question and all other documents and matters referenced as exceptions on the Title Commitment, the location of all apparent easements and rights-of-way, flood zone designation, setback lines, if applicable, the location of all substantial visible improvements on such property and the location of all adjoining streets and indication of access to a public way such as curb cuts and driveways, in such form as is reasonably satisfactory to Charter and as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company parties and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the Company; provided however that each If Charter notifies IPWT within twenty (20) days of Insight and TCI shall pay for the cost to delete or insure over any Title Defects relating to its Owned Property. If Insight or TCI notifies the other within 30 days following this Agreement or, if later, of its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicableLien) or other matter affecting title to Owned Property or Leased Property which renders (or presents a material risk of the other which rendering) title to any parcel of Owned Property not good and marketable or prevents access to or which could prevent materially interferes with (or impede in any way presents a material risk of preventing or interfering with) the use or operation of any parcel of Owned Property or Leased Property for the purposes for which it is currently used or operated intended to be used by the other IPWT (each a "Title Defect"), the other IPWT will exercise commercially reasonable efforts to (i) remove such Title Defector, or (ii) with the consent of the objecting partyCharter, cause the Title Company to commit to insure over over, each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset and Stock Purchase Agreement (Charter Communications Holdings Capital Corp)

Title Commitments and Surveys. Insight Cable One and TCI TCA each will provide to the other, within 60 days after the date of this Agreement, (a) current commitments to issue ALTA (1992 Rev.) owner's policy of title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) unavailable ("Title Commitments") by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, and legible photocopies of all recorded items described as exceptions therein, committing to insure (i) good, marketable and indefeasible fee simple title in the Company other to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to exceptions stated therein which are Permitted LiensLiens and (ii) easements which provide access to such Owned Property, and (b) surveys of each such parcel of Owned Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company other and to the Title Company issuing a Title Commitment. The Except as provided in SECTIONS 9.2.4 AND 9.3.4, the cost to obtain such Title Commitments title insurance policies and the cost of all Surveys and other documents required by the Title Company to issue such policies policies, together with all costs and Surveys fees of the Title Company to record the deeds transferring title to such Owned Property and any other instruments or documentation related thereto, shall be paid shared equally by the Company; provided however that each of Insight TCA and TCI shall pay for the cost to delete or insure over any Title Defects relating to its Owned PropertyCable One. If Insight Cable One or TCI TCA notifies the other within 30 20 days following of its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules SCHEDULES 5.4 or 6.4, as applicable) or other matter affecting which renders or could render title to any parcel of Owned Property of the other which unmarketable or prevents or could prevent or impair access to or which interferes with or impairs or could prevent interfere with or impede in any way impair the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defector, or (ii) with the consent of the objecting partyParty, cause the Title Company to commit to insure over over, each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Exchange Agreement (Tca Cable Tv Inc)

Title Commitments and Surveys. Insight Century and TCI each will provide to the other, within 60 days after the date of this Agreement, (a) current commitments to issue title insurance policies on the 1992 ALTA CLTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-nationally recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, legible photocopies of all recorded items described as exceptions therein, committing to insure fee simple title in the Company Partnership to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property used in connection with the Century Exchange Systems, in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company Partnership and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the CompanyPartnership; provided however that (x) each of Insight TCI and TCI Century shall pay for the cost to delete or insure over any Title Defects relating to its Owned PropertyProperty and (y) the Partnership will pay the premiums and charges for any additional endorsements it requests with respect to any Title Policy other than the endorsements to delete the standard survey exceptions from such Title Policy and to delete or insure over any Title Defects. If Insight Century or TCI notifies the other within 30 days following its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules SCHEDULES 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defect, or (ii) with the consent of the objecting party, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company Partnership and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, Partnership in its reasonable discretion. Any decisions to be made by the Company Partnership pursuant to this Section shall be made by TCI with respect to Insight Century Owned Property and by Insight Century with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Contribution Agreement (Century Communications Corp)

Title Commitments and Surveys. Insight and TCI each will provide to the other, within 60 days after the date of this Agreement, (a) current commitments to issue title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, legible photocopies of all recorded items described as exceptions therein, committing to insure fee simple title in the Company other party to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company other party and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the Companysplit equally between Insight and TCI; provided however that (x) each of Insight and TCI party shall pay for the cost to delete or insure over any Title Defects relating to its Owned PropertyProperty and (y) the requesting party will pay the premiums and charges for any additional endorsements such party requests with respect to any Title Policy other than the endorsements to delete the standard survey exceptions from such Title Policy and to delete or insure over any Title Defects. If Insight or TCI notifies the other within 30 days following its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defect, or (ii) with the consent of the objecting party, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company objecting party and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.into

Appears in 1 contract

Samples: Asset Exchange Agreement (Insight Communications Co Inc)

AutoNDA by SimpleDocs

Title Commitments and Surveys. Insight and TCI each will provide to the other, within 60 (a) Within forty-five (45) days after the date of this Agreement, (a) current Seller at the cost and expense of Buyer, shall provide to Buyer, title commitments to issue for owners’ policies of title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not availableeach, a “Title Commitment”) ("Title Commitments") prepared by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-recognized title insurance company selected by Buyer (the "Title Company") based on the Existing Title Insurance Policies and containing policy limits certified ALTA surveys prepared by licensed surveyors selected by Buyer (each, a “Survey”), with respect to all of the Owned Real Properties. Each such Survey: (i) shall be an ALTA survey duly certified by the respective surveyor to Buyer, the Company, Seller, the Title Company and any other terms parties selected by Buyer; (ii) shall be in form and substance reasonably acceptable to Buyer and the otherTitle Company; and (iii) shall show no encroachments or other survey defects with respect to the buildings, andstructures and other improvements thereon and which shall show no encroachments or other survey defects with respect to the property lines and boundaries thereof (in each case, legible photocopies other than Permitted Encumbrances). Each such Title Commitment shall reflect that upon payment of all recorded items described as exceptions premiums and charges due for such title insurance, and satisfaction by Seller of all requirements therein, committing to insure the Company shall be vested with good, marketable and fee simple title in the Company to each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its AssetsProperties, subject only to Permitted LiensEncumbrances. To the extent available in the State of Iowa, each Title Commitment delivered pursuant to this Section 7.8(a) shall contain, at Buyer’s sole cost and expense, the following endorsements: Fairway, Non-Imputation, Zoning 3.1 (with parking), access, contiguity, survey (same/same), permanent index (tax parcel) number, owner’s comprehensive, and extended coverage (b) surveys deletion of each parcel standard exceptions), and any other endorsements reasonably required by Buyer. Subject to Section 7.8(b), in the event that any of Owned Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating or Surveys to survey matters deleted (the "Surveys")be obtained pursuant to this Section 7.8(a) reveals Encumbrances that are not Permitted Encumbrances, certified to the Company and to the Title Company issuing a Title Commitment. The cost to obtain extent that such Title Commitments and Surveys and other documents required Encumbrances can be cured by the Title Company to issue such policies and Surveys payment or expenditure of money, Seller shall be paid by the Company; provided however that each of Insight and TCI obligated to correct or cure such defect or problem as promptly as practicable. Seller shall pay for the cost to delete deliver, on or insure over any Title Defects relating to its Owned Property. If Insight or TCI notifies the other within 30 days following its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defect, or (ii) with the consent of the objecting party, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such , final dated-down Title Defect cannot be removed prior to Closing or Commitments (for the issuance of final title policies) and Buyer shall pay, at Closing, all reasonable costs and expenses of the Title Company does not commit to insure over such Title Defect prior to Closing for all title insurance work charges, searches, title examinations, abstracts, all ALTA title insurance premiums and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real propertyall endorsements.

Appears in 1 contract

Samples: Stock Purchase Agreement (Citizens Republic Bancorp, Inc.)

Title Commitments and Surveys. Insight and TCI each will provide With respect to the otherreal property that it is acquiring, within 60 45 days after the date of this Agreement, AT&T Broadband may obtain, at its own expense, (a) current commitments to issue title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-recognized title insurance company (the "Title Company") and containing policy limits and other terms reasonably acceptable to the other, and, legible photocopies of all recorded items described as exceptions therein”), committing to insure fee simple title in the Company AT&T Broadband to each parcel of the Insight Owned Property and easements that provide access to such Insight Owned Real Property included in its Assetsthe Insight Assets to be acquired by AT&T Broadband, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"). For purposes of this Agreement “Title Policy” or “Title Policies” shall mean the policies of title insurance issued by an agent writing for Old Republic Insurance Company, certified Chicago Title Insurance Company or another nationally recognized title insurance company (the “Title Company”) for each parcel of real property chosen by AT&T Broadband to the Company and be insured pursuant to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the Company; provided however that each of Insight and TCI shall pay for the cost to delete or insure over any Title Defects relating to its Owned Propertythis Section 7.6. If AT&T Broadband notifies Insight or TCI notifies within 90 days after the other within 30 days following its receipt date of both the Title Commitments and the Surveys this Agreement of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicableLien) or other matter affecting title to Insight Owned Property of the other which prevents access to or which could prevent or impede in any way the use or operation of any parcel of Insight Owned Property for the purposes for which it is currently used or operated by the other Insight (each a "Title Defect"), the other Insight will exercise commercially reasonable efforts to (i) remove such Title DefectDefect at or prior to Closing, or (ii) with the consent of the objecting partyAT&T Broadband, cause the Title Company to commit to insure over each such Title Defect prior to the Closing. If such Title Defect cannot be removed at or prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party AT&T Broadband elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company AT&T Broadband and the party that owns such property Insight shall enter into a written agreement at Closing containing the commitment of the party that owns such property Insight to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the CompanyAT&T Broadband, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Exchange Agreement (Insight Communications Co Inc)

Title Commitments and Surveys. Insight Xxxxx and TCI each will ----------------------------- provide to the other, within 60 45 days after the date of this Agreement, (a) current commitments to issue title insurance policies on the 1992 ALTA owner's form or lessee form, as appropriate (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") issued by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-recognized on behalf of a title insurance company reasonably satisfactory to the other (the "Title Company") ), and containing policy limits and other terms reasonably acceptable to the other, and, and legible photocopies of all recorded items described as exceptions therein, committing to insure fee simple title in the Company to (i) each parcel of the Owned Property and easements that provide access to such Owned Real Property included in its Assets, subject only to Permitted LiensLiens and (ii) a leasehold interest in each parcel of Leased Property for those parcels of Leased Property used for headend or tower sites and on easements which provide access to such Leased Property, and (b) surveys of each such parcel of Owned Property or Leased Property in such form as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company other and to the Title Company issuing a the Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall will be paid by the Company; provided however party that each of Insight and TCI shall pay for the cost owns or leases such property prior to delete or insure over any Title Defects relating to its Owned PropertyClosing. If Insight Xxxxx or TCI notifies the other within 30 20 days following of its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules SCHEDULES 5.4 or 6.4, as applicable) or other matter affecting title to Owned Property or Leased Property of the other which or prevents access to or which could prevent or impede in any way the use or operation of any parcel of Owned Property or Leased Property for the purposes for which it is currently used or operated by the other (each a "Title Defect"), the other will exercise commercially reasonable efforts to (i) remove such Title Defector, or (ii) with the consent of the objecting partyparty (not to be unreasonably withheld), cause the Title Company to commit to insure over over, each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: Asset Exchange Agreement (Jones Intercable Inc)

Title Commitments and Surveys. Insight and TCI each Charter will provide have the option to the otherobtain, within 60 days after the date of this Agreementat its own expense, (ai) current commitments to issue of title insurance policies on the 1992 ALTA owner's form (or its local equivalent in any state in which ALTA policies are not available) ("Title Commitments") issued by an agent writing for Old Republic Insurance Company, Chicago Title Insurance Company or another nationally-a nationally recognized title insurance company selected by Charter (the "Title Company") and containing policy limits and other terms reasonably acceptable to the otherCharter, and, legible and photocopies of all recorded items described as exceptions therein, therein committing to insure (a) fee simple title in the Company Charter to each parcel of Owned Property and (b) a leasehold interest in Charter in each parcel of Leased Property that is the site of a System headend or tower, by American Land Title Association ("ALTA") (1992) owner's or lessee's policies of title insurance, and (ii) current ALTA as-built surveys (in -35- 42 accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by ALTA and the American Congress on Surveying and Mapping in 1992) of each such parcel of the Owned Property or Leased Property with monuments placed at all major corners of the property boundary unless already marked and showing the location and identification by recorded instrument number of all easements that provide or rights-of-way burdening or benefiting the property in question and all other documents and matters referenced as exceptions on the Title Commitment, the location of all apparent easements and rights-of-way, flood zone designation, setback lines, if applicable, the location of all substantial visible improvements on such property and the location of all adjoining streets and indication of access to a public way such Owned Real Property included in its Assetsas curb cuts and driveways, subject only to Permitted Liens, and (b) surveys of each parcel of Owned Property in such form as is reasonably satisfactory to Charter and as is necessary to obtain the title insurance to be issued pursuant to the Title Commitments with the standard printed exceptions relating to survey matters deleted (the "Surveys"), certified to the Company parties and to the Title Company issuing a Title Commitment. The cost to obtain such Title Commitments and Surveys and other documents required by the Title Company to issue such policies and Surveys shall be paid by the Company; provided however that each If Charter notifies RMG within twenty (20) days of Insight and TCI shall pay for the cost to delete or insure over any Title Defects relating to its Owned Property. If Insight or TCI notifies the other within 30 days following this Agreement or, if later, of its receipt of both the Title Commitments and the Surveys of any Lien (other than a Permitted Lien or a Lien set forth in Schedules 5.4 or 6.4, as applicableLien) or other matter affecting title to the Owned Property or Leased Property which renders (or presents a material risk of rendering) title to any parcel of the other which Owned Property not good and marketable or prevents access to or which could prevent materially interferes with (or impede in any way presents a material risk of preventing or interfering with) the use or operation of any parcel of Owned Property or Leased Property for the purposes for which it is currently used or operated intended to be used by the other RMG (each a "Title Defect"), the other RMG will exercise commercially reasonable efforts to (i) remove such Title Defector, or (ii) with the consent of the objecting partyCharter, cause the Title Company to commit to insure over over, each such Title Defect prior to the Closing. If such Title Defect cannot be removed prior to Closing or the Title Company does not commit to insure over such Title Defect prior to Closing and if the objecting party elects to waive such Title Defect and proceed towards consummation of the transaction in accordance with this Agreement in its reasonable discretion, the Company and the party that owns such property shall enter into a written agreement at Closing containing the commitment of the party that owns such property to use commercially reasonable efforts to remedy the Title Defect following Closing on terms satisfactory to the Company, in its reasonable discretion. Any decisions to be made by the Company pursuant to this Section shall be made by TCI with respect to Insight Owned Property and by Insight with respect to TCI Owned Property. Insight agrees that the Title Commitments and Surveys to be delivered by TCI pursuant to the Exchange Agreement with respect to owned real property included in the Exchange Assets shall be issued in the name of the Company and shall be paid for by the Company, notwithstanding any contrary provision in the Exchange Agreement; provided, that TCI shall pay for the cost to delete or insure over any Title Defects relating to such owned real property.

Appears in 1 contract

Samples: RMG Purchase Agreement (Charter Communications Holdings Capital Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.