Title Update Sample Clauses
The Title Update clause establishes the process and requirements for updating the status of property title during a transaction. Typically, this clause outlines when and how the title must be reviewed or updated, such as after certain milestones or upon request by a party, and may specify who is responsible for obtaining updated title reports. Its core function is to ensure that all parties are aware of any changes or issues affecting the property’s title, thereby reducing the risk of undisclosed encumbrances or defects before closing.
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Title Update. A down date endorsement to the title policy with respect to the applicable portion of the 2021 Project that no mechanic’s or materialmen’s liens have been filed of record and indicating that no judgments, tax or other liens, security interests, leases of personalty, financing statements or other encumbrances, other than Permitted Encumbrances, are of record or on file encumbering such portion of the 2021 Project. If policy has a “pending disbursements” endorsement, the down date endorsement must also increase the amount of the policy coverage by the amount of the disbursement
Title Update. At Lender’s option, Borrower shall provide Lender with an updated title search of the Property and an endorsement to the Title Insurance Policy (as defined in the Term Loan Agreement) satisfactory to Lender in its reasonable discretion, which endorsement shall, at ▇▇▇▇▇▇’s option, increase the coverage limit under the Title Insurance Policy by the amount of the Loan.
Title Update. Borrower will furnish to Lender, as and when reasonably requested by Lender, a certificate issued by the Title Company reflecting such changes in title to the Premises as have occurred since the date of issuance of the Title Insurance Policy or binder.
Title Update. If required by Lender, Lender shall have received the title insurance policies excepting from coverage only the permitted exceptions and adding affirmative protection for those matters requested by Lender and shall have received before each and every disbursement (other than a disbursement solely for interest) subsequent to the initial disbursement endorsements (Form 107.3) as requested by Lender to the title policy indicating that since the preceding Advance, there has been no change in the status of title and no other exceptions not theretofore approved by Lender. No Material Adverse Event shall have occurred affecting title to the Real Property.
Title Update. Upon request by the Bank, the Borrower shall obtain, at its expense, from the appropriate Title Insurer a title report showing that since the date of issuance of the applicable Title Binder, there are no liens affecting the Property covered by such Title Binder other than those expressly listed in such Title Binder.
Title Update. Upon SPV's or TFC's written request, updated Title searches with respect to the property subject to the Timeshare Mortgages and any related affidavit, in form and content sufficient to permit the Title Insurance Company to delete any exception for parties in possession, matters of survey, mechanics' or materialmen's liens, the gap and taxes and assessments which are due and payable;
Title Update. If, prior to Closing, the Title Company updates the Title Commitment (the “Title Update”) and such Title Update discloses matters not reflected in the Title Evidence (“New Exceptions”), Buyer may object to the New Exceptions to the extent the same are not Permitted Encumbrances if such New Exceptions materially adversely affect the use of the Property or materially detract from the value of the Property within five (5) days following the date of receipt by Buyer of the Title Update. If Buyer does not so object within such 5-day period, then such New Exceptions shall be deemed waived by Buyer. If any New Exception is so objected to by Buyer within such 5-day period (the “Objections”), then Seller shall use reasonable efforts to cure the Objections within ten (10) days after its receipt of the Objections, which cure may include causing the Title Company to provide affirmative coverage to Buyer. If any Objection is not cured within such 10-day period, then Buyer may provide written notice to Seller of its intent to terminate this Agreement or to waive any uncured Objections and proceed to Closing. Seller shall have no obligation to cure. Pending such cure, the Closing will be postponed as necessary to accommodate such time period. Notwithstanding anything to the contrary in this Section 3.1.3, all New Exceptions that are judgment liens, mechanics liens and mortgages arising through Seller shall automatically be deemed to be objected to by Buyer as "Objections" that may not be cured by Seller causing the Title Company to provide affirmative coverage to Buyer.
Title Update. The Agent shall have received a notice of title continuation or, as to any title insurance policy issued, an endorsement to the title insurance policy theretofore delivered, indicating that since the last preceding advance, there has been no change in the status of title and no other exceptions not theretofore approved by the Agent, which endorsement shall have the effect of advancing the effective date of the policy to the date of the advance then being made and increasing the coverage of the policy by an amount equal to the advance then being made if the policy does not by its terms provide for such an increase.
Title Update. 5.3.1 SALE, PURCHASE AND ESCROW AGREEMENT This AGREEMENT, dated as of February ___, 2006, is made by and between METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (on behalf of a commingled separate account) ("SELLER"), and HARVARD PROPERTY TRUST, LLC, a Delaware limited liability company (d/b/a Behringer Harvard Funds) ("PURCHASER") and constitutes (i) a contract of sale and purchase between the parties and (II) an escrow agreement among Seller, Purchaser and CHICAGO TITLE INSURANCE COMPANY ("ESCROW AGENT"), the consent of which appears at the end hereof.
Title Update. VCR has concurrently herewith provided GMAC with a date down endorsement to its title policy which update shows only exceptions to title permitted by the Loan Documents or otherwise reasonably acceptable to GMAC.