Common use of Title Insurance Commitment Clause in Contracts

Title Insurance Commitment. Within ten (10) days following the Effective Date hereof, CITY shall cause Flagler County Abstract Company ("Title Company"), to issue and deliver to CITY an A.L.T.A. Form B title commitment ("Title Commitment") accompanied by one (1) copy of each document supporting any exception shown on the Title Commitment to the PROPERTY. If the Title Commitment reflects matters other than the standard exception for ad valorem real estate taxes for the current year and those matters which will be discharged by ▇▇▇▇▇▇▇ prior to Closing, then the CITY shall give ▇▇▇▇▇▇▇ written notice thereof before the expiration of five (5) business days after receipt of the Title Commitment. In such event, the CITY shall state which exceptions to the Title Commitment are objectionable, and ▇▇▇▇▇▇▇ shall undertake to eliminate such exceptions. In the event the ▇▇▇▇▇▇▇ is unable, with the exercise of due diligence, to satisfy said objections prior to Closing, the CITY may, in its sole discretion, (i) accept title subject to the objections raised by it, in which event said objections shall be deemed to be waived for all purposes, or (ii) rescind this Agreement and this Agreement shall be of no further force and effect (except for any indemnifications which survive hereunder). ▇▇▇▇▇▇▇ shall not be obligated to spend more than $5,000.00 to cure any title defects.

Title Insurance Commitment. Within ten (10) days following the Effective Date hereof, CITY Seller shall cause Flagler County Abstract Company ("Title Company"), through its agent, ▇▇▇▇ O’Day-▇▇▇▇ ("Title Agent"), to issue and deliver to CITY City an A.L.T.A. Form B title commitment ("Title Commitment") accompanied by one (1) copy of each document supporting any exception shown on the Title Commitment to the PROPERTYProperty. If the Title Commitment reflects matters other than the standard exception for ad valorem real estate taxes for the current year and those matters which will be discharged by ▇▇▇▇▇▇▇ the Seller at or prior to Closing, then the CITY City shall give ▇▇▇▇▇▇▇ the Seller written notice thereof before the expiration of five ten (510) business days after receipt of the Title Commitment. In such event, the CITY City shall state which exceptions to the Title Commitment are objectionable, and ▇▇▇▇▇▇▇ the Seller shall undertake to eliminate such exceptions. In the event the ▇▇▇▇▇▇▇ Seller is unable, unable with the exercise of due diligence, diligence to satisfy said objections prior to Closing, the CITY City may, in its sole discretion, (i) accept title subject to the objections raised by it, in which event said objections shall be deemed to be waived for all purposes, or (ii) rescind this Agreement and this Agreement shall be of no further force and effect (except for any indemnifications which survive hereunder). ▇▇▇▇▇▇▇ Seller shall not be obligated to spend more than $5,000.00 to cure any title defects.

Title Insurance Commitment. Within ten (10) days following the Effective Date hereof, CITY Developer shall cause ("Title Company"), through its agent, At the same time, City shall cause Flagler County Abstract Company ("“Title Company"), to issue and deliver to CITY City an A.L.T.A. Form B title commitment ("Title Commitment") accompanied by one (1) copy of each document supporting any exception shown on the Title Commitment to the PROPERTYCity Property. If the Title Commitment reflects Commitments reflect matters other than the standard exception for ad valorem real estate taxes for the current year and those matters which will be discharged by ▇▇▇▇▇▇▇ the respective owner at or prior to Closing, then the CITY party to receive title to the property shall give ▇▇▇▇▇▇▇ the party conveying the property written notice thereof before the expiration of five ten (510) business days after receipt of the Title Commitment. In such event, the CITY objecting party shall state which exceptions to the Title Commitment are objectionable, and ▇▇▇▇▇▇▇ the conveying party shall undertake to eliminate such exceptions. In the event the ▇▇▇▇▇▇▇ conveying party is unable, unable with the exercise of due diligence, diligence to satisfy said objections prior to Closing, the CITY objecting party may, in its sole discretion, (i) accept title subject to the objections raised by it, in which event said objections shall be deemed to be waived for all purposes, or (ii) rescind this Agreement and this Agreement shall be of no further force and effect (except for any indemnifications which survive hereunder). ▇▇▇▇▇▇▇ Neither party shall not be obligated to spend more than $5,000.00 to cure any title defects.