Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 7 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 7 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 6 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 4 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 4 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 3 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners ALTA Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Title Insurance Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 3 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay County in which said Property is located, or the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 3 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 15, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title.
Appears in 2 contracts
Sources: Real Estate Purchase Contract, Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on ▇▇▇▇▇▇’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. DRAFT: Non-Executable Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 17, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title.
Appears in 2 contracts
Sources: Real Estate Purchase Contract, Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ xx A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject Subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of or tenants in possession if any, and (i) matters which can only Rights or claims of parties in possession not shown by public records; (j) Existing unrecorded leases and all rights thereunder of the lessees and of any person claiming by, through or under the leases; (k) Rights of the public, State of Illinois, the County, the Township and any Municipality in and to that part of the premises in question taken, used or dedicated for roads and highways; and (l) any encroachment, encumbrance, violation variation, or adverse circumstance affecting the title that would be discovered disclosed by a an accurate and complete land survey of the propertyland; and (m) easements and claims of easements not shown by the public roads. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. DRAFT: Non-Executable Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty, and (j) any standard title exceptions. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. ▇▇▇▇▇ has received a copy of the title insurance commitment prior to auction. Seller shall cause the title insurance commitment to be updated by on or before September 22, 2023 to reflect the Buyer as the proposed insured, or such other individual or entity which Buyer may select, and to reflect the contract purchase price as the Proposed Policy Amount on the title insurance commitment. Buyer or his attorney has reviewed the title insurance commitment before bidding. Buyer waives any objection to matters disclosed on the title insurance commitment issued prior to auction. Buyer shall within 10 business days after only be permitted to object to matters which may be added to the title insurance receiving such a revised title evidenceinsurance commitment to, deliver to Seller or his attorney, together with such evidence, attorney a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreedthe agreed commitment by revision issued after the date of auction, and in such instance Buyer or his attorney shall within 10 business days after.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 3, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.any further liability hereunder. Any Title Work must be ordered from Kansas Secured Title
Appears in 2 contracts
Sources: Real Estate Purchase Contract, Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). DRAFT: Non-Executable _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 2 contracts
Sources: Contract to Purchase Agricultural Land, Contract to Purchase Agricultural Land
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or DRAFT: Non-Executable _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer▇▇▇▇▇’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this ContractSurvey and Other Searches.
(a) Purchaser, Seller shall within a reasonable period furnish at Seller’s Purchaser's cost and expense: , may obtain prior to Closing:
(Check appropriate statement). _X_ i) A commitment and for an Owners Title Guaranty Policy issued by owner's title insurance policy from a Company licensed to issue the same title company in the State of Illinois for the amount of the purchase price. Seller shall pay the initial , covering title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the Property and verifying that fee simple title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy to the Property is vested in Seller, subject only to the following: Permitted Exceptions (aas defined in the Option Agreement).
(ii) A survey of the Land, certified by a licensed surveyor in the State of Connecticut. Such survey shall show all taxes improvements on the Land, all easements, rights of way and special assessments now a lienbuilding lines affecting the Land and shall verify that none of the following conditions exists (collectively, levied"Survey Defects"): (x) encroachments by the improvements over the lot lines, building lines, easements or rights of way, (y) encroachments by improvements on adjoining properties onto the Land, or confirmed after (z) other survey defects exist that are unacceptable by Purchaser in Purchaser's sole discretion (collectively, "Survey Defects").
(iii) Searches of such records as Purchaser deems necessary confirming the date hereofabsence of security interests, judgments, tax liens and bankruptcy proceedings affecting Seller's interest in the Property.
(b) buildingIf the title commitment, use and occupancy record searches or restrictionssurvey disclose either unpermitted exceptions (i.e., if anyany exception to title other than Permitted Exceptions), which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage Survey Defects or other lien matters that render title unmarketable, Seller, at Seller's sole cost and expense, shall have thirty (30) days after notice from Purchaser to Seller of such unpermitted exceptions, Survey Defects or other matters that render title unmarketable, to have such unpermitted exceptions, Survey Defects and other matters either removed or corrected or, at Seller's sole cost and expense, to have the title insurer commit to insure against loss or damage that may be eliminated at closing occasioned by application of the purchase pricesuch unpermitted exceptions or Survey Defects and, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty event, the time of Closing shall be thirty-five (6035) days after delivery of the commitment or the time specified in Paragraph 2, whichever is later. If Seller fails to have the unpermitted exceptions removed or to correct any Survey Defects or have the title insurer commit to insure against loss or damage that may be occasioned by such report is so deliveredunpermitted exceptions or Survey Defects, within the specified time, Purchaser may terminate this Contract shallAgreement or may elect, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned upon notice to Buyer. Buyer may, nevertheless, elect Seller to take such title as it then is, and may is with the right to deduct from the purchase price Purchase Price liens, encumbrances or other unpermitted exceptions that can be quantified to a definite or ascertainable amount or to require Seller's compliance with the amounts of liens and encumbrances andtitle requirements (excluding Survey Defects), in such case, the Seller which event Purchaser shall convey the premises as agreedhave all its remedies at both law and at equity.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidencethe aforementioned commitment, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such the event Seller objects to any material condition of title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are and Seller has not cured with such condition of title within sixty (60) days after such report is objections are so delivereddelivered to Seller, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, without Seller curing Buyer’s objections and may deduct from the purchase price the amounts of liens and encumbrances and, in such caseevent, the Seller such uncured objections shall convey the premises as agreedbecome permitted exceptions upon conveyance from Seller.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said Property in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said Property is located, or X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights- of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 3, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title .
Appears in 1 contract
Sources: Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing ("Title Work"), and the cost of all necessary endorsements if none then ▇▇▇▇▇ agrees that it was ▇▇▇▇▇'s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, "Title Work"), and review and approve the same, and that ▇▇▇▇▇ agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. Buyer and Seller shall furnish immediately upon request This Contract is not contingent on Buyer's or ▇▇▇▇▇'s lender review of any title matters. Additionally, ▇▇▇▇▇ agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights- of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner's title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 15, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at ▇▇▇▇▇'s Buyer Initials option and as Buyer’s option's sole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title.
Appears in 1 contract
Sources: Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check expense:(Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then Buyer agrees that it was Buyer’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that Buyer agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. This Contract is not contingent on Buyer’s or Buyer’s lender review of any title matters. Additionally, Buyer and Seller shall furnish immediately upon request agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 3, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at Buyer's option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title .
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, DRAFT: Non-Executa Seller shall deliver to Buyer or ▇▇▇▇▇’s attorney within customary time limitations as evidence of title in Seller, a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A title commitment and for an Owners Title Guaranty Policy ALTA title insurance policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy The title commitment shall be subject only to the following: (a) all taxes and special assessments now a lien, or levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the propertyProperty as agricultural land, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the propertyProperty as agricultural land, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey encroachments shown on the Survey that do not materially interfere with Buyer’s intended use of the propertyProperty as agricultural land (Collectively, the “Permitted Exceptions”). Buyer or his attorney shall within 10 five (5) business days after receiving such title evidencecommitment and Survey, deliver to Seller or his attorney, together with such evidence, a report written notice specifying survey-related title defects as defined in writing specifying any Section 11 above and unpermitted exceptions to which Buyer objects. Seller shall provide a written response to ▇▇▇▇▇’s notice of objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable timetime period after receipt and advise whether Seller will cause such unpermitted exceptions or survey-related title defects to be cured, waived, or material objections made insured over before Closing. If Seller cannot cause such unpermitted exceptions or survey-related title defects to the title in such report are not cured with sixty (60) days after such report is so deliveredbe cured, waived, or insured over before Closing, then this Contract shall, at Buyer’s option, be void void, and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of any monetary liens and encumbrances of a definite or ascertainable amount and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Sources: Purchase Agreement
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. DRAFT: Non-Executable Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Sources: Purchase Agreement
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. DRAFT: Non-Executable Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer▇▇▇▇▇’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, and (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material materials objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void voided and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements and options for easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his its attorney shall within 10 five (5) business days after receiving such title evidence, deliver to Seller or his its attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his its attorney within a reasonable time, or material objections made to the title in such report are not cured with within sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Sources: Purchase Agreement
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed DRAFT: Non-Executable An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. DRAFT-NON EXECUTABLE Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to issue the same said Property in the State of Illinois for Seller or the amount party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the purchase price. Seller shall pay Bar of the initial title search charge and title insurance premium. Buyer shall pay the search charge as to BuyerCounty in which said Property is located, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. DRAFT: Non-Executable Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty, and (j) the standard title exceptions. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premisesProperty, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the propertyProperty. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises Property as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ X A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and Any title insurance premium. Buyer shall pay the search charge as company's title binder to Buyerissue, the cost of mortgagee’s after closing, a title insurance policy, if anywas made available to Buyer prior to the auction closing (“Title Work”), and the cost of all necessary endorsements if none then ▇▇▇▇▇ agrees that it was ▇▇▇▇▇’s sole decision and responsibility prior to the auction to obtain any title insurance policybinder or title information (also, “Title Work”), and review and approve the same, and that ▇▇▇▇▇ agrees to take title subject to any matters that might be excepted to, required or disclosed in a title binder or commitment. Buyer and Seller shall furnish immediately upon request This Contract is not contingent on Buyer’s or ▇▇▇▇▇’s lender review of any title matters. Additionally, ▇▇▇▇▇ agrees to take title subject to all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, leviedfollowing that are evidenced of public record, or confirmed after that would be disclosed by survey or inspection of the date hereofProperty: encroachments, (b) buildingrights-of-way, use and occupancy or trees, plantings, fences, easements, restrictions, if anyprotective covenants, which do not unreasonably interfere with Buyer’s intended use of the propertyunmatured special assessments, (c) zoning laws laws, ordinances and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) regulations; rights of tenants in possession and any other leases, and liens, if any; except that at closing Seller is obligated to: (A) pay any amount secured by any mortgage recorded against the Property and cause the mortgage to be released, and (iB) matters which can only be discovered by a survey remove any claim or matter that affects the marketability of title and that Seller caused to first affect the Property after the date of the propertyTitle Work search. The Seller and Buyer shall each pay one-half the cost of any owner’s title policy insuring up to the purchase price, but Buyer will pay all costs of title policy endorsements. In the event the land is to be used for new construction, the builder/Seller may receive builder discount if any. Buyer or his attorney shall within 10 business days after receiving such pay for any lender's/mortgagee's/Instrument holder's title evidenceinsurance coverage. Should the Seller be unable by closing to perform its obligations pursuant to this Section 15, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shallmay, at ▇▇▇▇▇'s option and as Buyer’s optionsole and exclusive remedy, be void and all waive such defect or terminate this Contract. If the Buyer elects to terminate, then the ▇▇▇▇▇▇▇ money shall be returned refunded promptly to Buyer. the Buyer may, nevertheless, elect to take such and title as it then isinsurance cancellation fees will be paid by Seller, and may deduct all parties shall be released from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreedany further liability hereunder. Any Title Work must be ordered from Kansas Secured Title.
Appears in 1 contract
Sources: Real Estate Purchase Contract
Title Evidence. Upon acceptance of this Contract, Seller shall within a reasonable period furnish at Seller’s expense: (Check appropriate statement). An abstract of title continued within 30 days before final payment hereunder, showing merchantable title of record to said premises in the Seller or the party who will execute the transactional instrument on Seller’s behalf, according to the Rules and standards of the Bar of the County in which said premises are located, or DRAFT: Non-Executable _X_ A commitment and an Owners Title Guaranty Policy issued by a Company licensed to issue the same in the State of Illinois for the amount of the purchase price. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer, the cost of mortgagee’s title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Policy subject only to the following: (a) all taxes and special assessments now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the property, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights of tenants in possession if any, and (i) matters which can only be discovered by a survey of the property. Buyer or his attorney shall within 10 business days after receiving such title evidence, deliver to Seller or his attorney, together with such evidence, a report in writing specifying any objections made to the title. In case such title evidence is not delivered to Buyer or his attorney within a reasonable time, or material objections made to the title in such report are not cured with sixty (60) days after such report is so delivered, this Contract shall, at Buyer’s option, be void and all ▇▇▇▇▇▇▇ money shall be returned to Buyer. Buyer may, nevertheless, elect to take such title as it then is, and may deduct from the purchase price the amounts of liens and encumbrances and, in such case, the Seller shall convey the premises as agreed.
Appears in 1 contract