Common use of Title Generally Clause in Contracts

Title Generally. (a) Subject to paragraph 6(b) hereof, the Seller agrees to transfer and the Buyer agrees to accept ownership of the Property free of all claims and rights of others, except for: (i) the rights of utility companies to maintain pipes, poles, cables and wires over, on and under the street, the part of the Property next to the street or running to any house or other improvement on the Property; and (ii) recorded agreements which limit the use of the Property, unless the agreements: (1) are presently violated; (2) provide that the Property would be forfeited if they were violated, or (3) unreasonably limit the current use of the Property (a) and (b), collectively, “Permitted Exceptions”); (b) In addition to the above, the title of the Buyer must be marketable and insurable at regular rates by any title insurance company authorized to do business in New Jersey subject only to the Permitted Exceptions.

Title Generally. (a) Subject to paragraph 6(b) hereof, the Seller agrees to transfer and the Buyer agrees to accept ownership of the Property free of all claims and rights of others, except for: (i) the rights of utility companies to maintain pipes, poles, cables and wires over, on and under the street, the part of the Property next to the street or running to any house or other improvement on the Property; and (ii) recorded agreements which limit the use of the Property, unless the agreements: (1) are presently violated; (2) provide that the Property would be forfeited if they were violated, or (3) unreasonably limit the current use of the Property (a) and (b), collectively, “Permitted Exceptions”); (b) In addition to the above, the title of the Buyer must be marketable and insurable at regular rates by any title insurance company authorized to do business in New Jersey subject only to the Permitted Exceptions.. 00406276 4