Updated Title Commitment Clause Samples
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Updated Title Commitment. On or before the Closing, Purchaser will have the right, from time to time, to obtain (and deliver to Seller a copy of) an endorsement bringing the effective date of the Title Commitment forward to the most current date available (the “Updated Commitment”). If the Updated Commitment discloses any matters that are not Permitted Exceptions (“Additional Title Defects”), then Purchaser shall have the right to object to such Additional Title Defects by providing written notice of same to Seller, within the earlier of (i) ten (10) Business Days after receipt of such Updated Commitment or (ii) the Closing Date. If Purchaser timely delivers notice of such Additional Title Defects to Seller, Seller will use reasonable good faith efforts to cure such Additional Title Defects prior to Closing; provided that Purchaser, as determined in it sole and absolute discretion, shall have the right, from time to time, to extend the Closing for a period not longer than 150 days in order for Seller to cure such Additional Title Defects. In the event that Seller, using reasonable good faith efforts, is unable to timely cure such Additional Title Defects, then Purchaser shall have the option of either (x) proceeding to Closing and accepting title to the Property “as is”, without diminution in the Purchase Price, or (y) terminating this Agreement by written notice to Seller, in which event this Agreement shall be cancelled, the Deposit shall be returned to Purchaser, and neither party shall have any further obligations to each other with respect to the matters contained in this Agreement, except for those matters which survive the termination of this Agreement. Notwithstanding anything in this Section 9.02 to the contrary: (i) Seller shall be obligated to cure any Additional Title Defects to the extent provided in the last sentence of Section 9.01 above; and (ii) in the event that any Additional Title Defects are created or recorded in violation of and result in a default by Seller under the terms of this Agreement, including, without limitation, Section 9.01 above, then nothing in this Section 9.02 shall affect Purchaser’s rights or remedies with respect to such default.
Updated Title Commitment. Notwithstanding anything to the contrary contained in this PSA, if, at any time prior to the Closing, any updates to the Title Insurance Commitment are received by Purchaser, Purchaser shall have fourteen (14) calendar days (regardless of the date) following Purchaser’s receipt of such update and legible copies of all underlying documents referenced therein (that were not referenced in the Title Documents previously provided to Purchaser) to notify Seller of objections to items on any such updates (“Title Updates”), in which event the procedure set forth in Section 6.2 shall apply to such Title Updates objections.
Updated Title Commitment. On or before the Closing Date, Buyer and/or Seller may cause the Title Company to update the Title Commitment. If the updated Title Commitment contains exceptions that do not constitute Acceptable Encumbrances, Buyer may file written objection thereto prior to the completion of the Closing. If Buyer timely and properly files written objection to any such other item, then same shall be treated in the same manner as a title defect pursuant to Section 4.1 above. If the updated Title Commitment contains no exceptions other than those reflected on the Title Commitment and other Acceptable Encumbrances or if Buyer fails to give written notice of objection to Seller prior to completion of Closing, all matters reflected on the updated Title Commitment shall be deemed Acceptable Encumbrances, this Agreement shall remain in full force and effect and Buyer shall be obligated to complete the transaction as required by this Agreement.
Updated Title Commitment. As soon as possible after Purchaser's receipt of all of the Property Documents from Seller, as provided in Paragraph 9(a)(i), above, Purchaser, at Purchaser's sole cost and expense, shall cause Chicago Title Insurance Company, or such other title insurance company acceptable to Purchaser (the "Title Company") to issue a commitment for title insurance (including copies of all exception documents referenced in said commitment) in an amount equal to the Purchase Price, which commitment shall provide for the issuance of a final title policy as of the Closing Date, subject to no liens or encumbrances, other than those which may be approved by Purchaser (the "Title Commitment") as part of its Due Diligence Review (as that term is defined below); provided, however, that Purchaser shall not be entitled to object to any title encumbrance noted on Purchaser's current leasehold title policy with respect to the Real Property.
Updated Title Commitment and Updated Title Commitment Documents as defined above in Section 6 (to be delivered within five (5) business days after Buyer deposits the Earnest Money with ▇▇▇ ▇▇tle Company rather than 3 business days following the Effective Date);
Updated Title Commitment. Buyer shall have been furnished with the Title Commitment as required by Section 2.1 hereof, and such commitment shall be updated at Seller's expense at Closing with such update showing no change in the status of title as previously approved by ▇▇▇▇▇.
Updated Title Commitment. If requested by Purchaser, Seller agrees to use commercially reasonable efforts to provide to the Purchaser Updated Title Commitments and Updated Surveys to the Owned Real Property located in the United States and the Great America Real Property, as soon as practicable; provided that in no event shall the receipt of any such Updated Title Commitments and Updated Surveys be a condition to or delay the Closing. Subject to approval by the Title Companies, the metes and bounds legal descriptions of the land encompassing the Real Property and contained on the Updated Surveys shall be used in the Updated Title Commitments and in all documents of transfer to be executed hereunder wherein the legal descriptions should appear. Seller shall promptly be reimbursed by Purchaser for all costs and expenses paid (a) at Purchaser's request or (b) incurred in connection with obtaining any such Updated Title Commitments and Updated Surveys. In the event that Purchaser elects to obtain new title policies or endorsements to the existing Title Policies, Purchaser shall be responsible for all title premiums, endorsement costs and similar title charges.
Updated Title Commitment. Seller will, within ten (10) business days prior to Closing, provide Buyer with an updated form of Title Commitment (the “Title Commitment”) on a then current ALTA form, naming Buyer as the insured, showing title to the Owned Real Estate vested in Seller as of a date no more than fifteen (15) days before the Closing, in an amount equal to the fair market value of the Owned Real Estate as shown on the most recent tax ▇▇▇▇, and showing title to the Owned Real Estate to be merchantable subject only to the Permitted Exceptions, and subject to any other exceptions which Seller has agreed to remove at Closing.
Updated Title Commitment. If any updates of the Title Commitment from time to time disclose any additional exceptions to title or other matters (“Additional Title Matters”) not previously disclosed on the Title Commitment, which Additional Title Matters are not acceptable to Purchaser, then Purchaser shall have the right to make additional Title Objections within three (3) days after receipt of such updated Title Commitment (as the case may be), in which case any Additional Title Matters for which a Title Objection is made shall be subject to the provisions of Section 4.2(c).