Common use of Title Material Clause in Contracts

Title Material. Promptly following the Effective Date, Seller will obtain and deliver to Buyer a current preliminary title report ("TITLE REPORT") for the Real Property prepared by the Title Company, together with a copy of the documents listed as exceptions therein. Buyer, at its election, and at its cost, may obtain a survey ("SURVEY") of the Real Property prepared by a licensed engineer which Survey shall be sufficient to provide the basis for an ALTA owner's policy of title insurance. The Survey shall be obtained by Buyer, if at all, prior to the expiration of the Title Review Period and, if obtained, Buyer shall promptly deliver a copy of the Survey to Seller and the Title Company. It is acknowledged that Buyer will not be entitled to obtain an ALTA title insurance policy with respect to the Real Property if Buyer elects not to obtain a Survey with respect to such Real Property.

Title Material. Promptly following the Effective Date, Seller will obtain and deliver to Buyer a current preliminary title report ("TITLE REPORT") for the Real Property prepared by the Title Company, together with a copy of the documents listed as exceptions therein. Buyer, at its election, and at its cost, may obtain a survey ("SURVEY") of the Real Property prepared by a licensed engineer which Survey shall be sufficient to provide the basis for an ALTA owner's policy of title insurance. The Survey shall be obtained by Buyer, if at all, prior to the expiration of the Title Review Period and, if obtained, Buyer shall promptly deliver a copy of the Survey to Seller and the Title Company. It is acknowledged that Buyer will not be entitled to obtain an ALTA title insurance policy with respect to the Real Property if Buyer elects not to timely obtain a Survey with respect to such Real Property.