Common use of Title Material Clause in Contracts

Title Material. Within ten (10) calendar days after the full execution of this Agreement by both ▇▇▇▇▇ and ▇▇▇▇▇▇, ▇▇▇ ▇. ▇▇▇▇▇▇ of ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ PA, shall obtain, at Seller's sole cost and expense, a title commitment ("Title Commitment") from Fidelity National Title Insurance Company (the "Title Company") with respect to the Property for a standard form of owner's insurance policy (the "Title Policy") to be issued by the Title Company at Closing in the amount of the Purchase Price. The Title Commitment shall name ▇▇▇▇▇ as the proposed insured, insuring Buyer's fee-simple title to the Property to be marketable and subject only to the Permitted Exceptions (hereinafter defined). a) Subject to 2024 ad valorem property taxes. b) Reservations in favor of The School Board of Marion County, Florida, of an undivided three- quarter interest in and to all phosphates, minerals and metals, together with an undivided one-half interest in and to all petroleum, in, on or under the surface of the insured land, pursuant to Section 270.11, Florida Statutes. c) Any portion of the Property lying within road right of way. d) Any utility easement or purported utility easement servicing the Property. Buyer shall have the same right to make objections to any new matters later disclosed by any updated Title Commitment until the earlier of: (i) five (5) days after ▇▇▇▇▇'s receipt of such updated Title Commitment or (ii) Closing, and such matters shall be subject to cure by Seller under the same procedures set forth above for Buyer's original title objections; provided, however, if Seller reasonably determines that any such matters cannot be removed at or prior to Closing, Seller shall notify Buyer in writing, whereupon Buyer at its election, which must be exercised by written notice to Seller within five (5) days after receipt by Buyer of Seller's notice, may: (i) terminate this Agreement, in which case the Escrow Agent shall refund the ▇▇▇▇▇▇▇ Money Deposit to Buyer within five (5) business days, or (ii) waive all such title objections and proceed to close the transaction in accordance with the terms of this Agreement, except that if such deadline is after the originally scheduled Closing Date, Closing shall be on or before the fifth (5th) day after the last day of Buyer's deadline to respond to Seller, in which event all such waived matters shall become Permitted Exceptions.

Title Material. Within ten (10) calendar days after the full execution of this Agreement by both ▇▇▇▇▇ and ▇▇▇▇▇▇, ▇▇▇ ▇. ▇▇▇▇▇▇ of ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ PA, shall obtain, at Seller's sole cost and expense, a title commitment ("Title Commitment") from Fidelity National Title Insurance Company (the "Title Company") with respect to the Property for a standard form of owner's insurance policy (the "Title Policy") to be issued by the Title Company at Closing in the amount of the Purchase Price. The Title Commitment shall name ▇▇▇▇▇ as the proposed insured, insuring Buyer's fee-simple title to the Property to be marketable and subject only to the Permitted Exceptions (hereinafter defined). a) Subject to 2024 ad valorem property taxes. b) Reservations in favor of The the School Board of Marion County, FloridaBoard, of an undivided three- three-quarter interest in and to all phosphates, minerals and metals, together with an undivided one-half interest in and to all petroleum, in, on or under the surface of the insured land, pursuant to Section 270.11, Florida Statutes. c) Any portion of the Property lying within road right of way. d) Any utility easement or purported utility easement servicing the Property. Buyer shall have the same right to make objections to any new matters later disclosed by any updated Title Commitment until the earlier of: (i) five (5) days after ▇▇▇▇▇'s receipt of such updated Title Commitment or (ii) Closing, and such matters shall be subject to cure by Seller under the same procedures set forth above for Buyer's original title objections; provided, however, if Seller reasonably determines that any such matters cannot be removed at or prior to Closing, Seller shall notify Buyer in writing, whereupon Buyer at its election, which must be exercised by written notice to Seller within five (5) days after receipt by Buyer of Seller's notice, may: (i) terminate this Agreement, in which case the Escrow Agent shall refund the ▇▇▇▇▇▇▇ Money Deposit to Buyer within five (5) business days, or (ii) waive all such title objections and proceed to close the transaction in accordance with the terms of this Agreement, except that if such deadline is after the originally scheduled Closing Date, Closing shall be on or before the fifth (5th) day after the last day of Buyer's deadline to respond to Seller, in which event all such waived matters shall become Permitted Exceptions.