Title Insurance Coverage Clause Samples
Title Insurance Coverage. Prior to the Closing, the Company shall reasonably cooperate with Parent’s efforts to cause the title insurance company or companies that issued the Existing Title Policies to issue, at Parent’s sole cost and expense, a New Title Policy, to the extent such coverage is available in the applicable jurisdiction. As used herein, the term “New Title Insurance Policy” shall mean an ALTA (Form B-2006) Owner Policy of Title Insurance or other customary title policy with respect to the applicable REIT Real Property issued by a title insurance company selected by Parent, in the amount of the fair market value of the applicable REIT Real Property, insuring that the applicable owner has good and marketable fee simple title to, or holds a valid leasehold interest in, the applicable REIT Real Property, subject to no Encumbrances other than the Permitted Encumbrances, and containing such endorsements as shall be reasonably requested by Parent.
Title Insurance Coverage. Prior to the Closing, Seller shall reasonably cooperate with Buyer’s efforts to cause the title insurance company or companies selected by Buyer to issue, at Buyer’s cost and expense, a New Title Policy, to the extent such coverage is available in the applicable jurisdiction, such cooperation to include the execution and delivery by Seller of such affidavits, undertakings and similar documents (including “non-imputation” and “survey no-change” affidavits) as are reasonably necessary for Buyer to receive the New Title Policy, such affidavits, undertakings and documents to be reasonably acceptable to Seller, qualified by Seller’s Knowledge as appropriate and in the customary form used by such title company for transactions similar to those described herein. As used herein, the term “New Title Policy” shall mean an ALTA Owner Policy of Title Insurance or other customary title policy or “date-down” endorsement to an Existing Policy with respect to the applicable Real Property issued by a title insurance company selected by Buyer, in the amount of the fair market value of the applicable Real Property, insuring that the applicable owner has good and insurable fee simple title to, or holds a valid leasehold interest in, such Real Property, subject to no Encumbrances other than the Permitted Encumbrances, containing such endorsements as shall be reasonably requested by Buyer. If a nationally recognized title company selected by Buyer will not issue New Title Policies, Seller may require Buyer to accept an alternative nationally recognized title company for the purpose of obtaining New Title Policies.