Common use of Title Insurance Commitments Clause in Contracts

Title Insurance Commitments. Prior to the execution of this Agreement, Sellers obtained the Title Insurance Commitments and delivered the same to Buyer. Buyer hereby acknowledges that Buyer has, subject to Section 11.02 hereof, approved the Title Insurance Commitments and has accepted the Title Insurance Commitments as so delivered to Buyer. It is understood and agreed by Buyer and Sellers that, notwithstanding any other term or provision of this Agreement to the contrary, Sellers shall have no obligation to pay for any endorsements to the Title Policies and, if desired or required by Buyer, the premiums and costs of such endorsements shall be at Buyer’s sole cost and expense. If Buyer defaults under this Agreement or terminates this Agreement for any reason hereunder (other than a default by any of the Sellers), then Buyer shall pay any and all search and examination fees, cancellation fees and other costs or charges assessed in connection with the services of the title insurer, the cancellation of the Title Insurance Commitments or the non-issuance of the Title Policies (provided that Sellers shall pay any and all such fees, costs and charges if this Agreement is terminated on account of a default by Sellers). The foregoing sentence shall survive any termination of this Agreement by Buyer (other than by reason of a default by any of the Sellers). Upon Buyer’s selection of a lender, Buyer shall notify Sellers whether such lender requires co-title insurance with respect to the transactions contemplated herein, and what such requirements are, if any. Buyer acknowledges and agrees that (i) Buyer shall be responsible for all additional costs, fees and premiums resulting from its election to have the Title Policies co-insured, (ii) such co-insurer shall be a nationally-recognized title insurance company, and (iii) Buyer shall not have the right to extend the Closing Date in order to accommodate the lender’s co-insurance requirements.

Title Insurance Commitments. Prior to the execution of this Agreement, Sellers obtained the Title Insurance Commitments and delivered the same to Buyer. Buyer hereby acknowledges that Buyer has, subject to Section 11.02 hereof, has approved the Title Insurance Commitments and has accepted the Title Insurance Commitments as so delivered to BuyerBuyer as evidence of the status of Sellers’ title to the Hotels and Land. It is understood and agreed by Buyer and Sellers that, notwithstanding any other term or provision of this Agreement to the contrary, Sellers shall have no obligation to pay for any endorsements to the Title Policies and, if desired or required by Buyer, the premiums and costs of such endorsements shall be at Buyer’s sole cost and expense. If Buyer defaults under this Agreement or terminates this Agreement for any reason hereunder (other than a default by any of the Sellers), then Buyer shall pay any and all search and examination fees, cancellation fees and other costs or charges assessed in connection with the services of the title insurer, the cancellation of the Title Insurance Commitments or the non-issuance of the Title Policies (provided that Sellers shall pay any and all such fees, costs and charges if this Agreement is terminated on account of a default by Sellers)Policies. The foregoing sentence shall survive any termination of this Agreement by Buyer (other than by reason of a default by any of the Sellers). Upon Buyer’s selection of a lender, Buyer shall notify Sellers Seller whether such lender requires co-title insurance with respect to the transactions contemplated herein, and what such requirements are, if any. Buyer acknowledges and agrees that (i) Buyer shall be responsible for all additional costs, fees and premiums resulting from its election to have the Title Policies co-insured, (ii) such co-insurer shall be a nationally-recognized title insurance company, and (iii) Buyer shall not have the right to extend the Closing Date in order to accommodate the lender’s co-insurance requirements.