Insurance Commitment definition
Examples of Insurance Commitment in a sentence
Seller, at Seller’s expense, shall furnish Purchaser with an Owner’s Title Insurance Commitment (“Title Commitment”), issued by a title insurance company authorized to transact business in the state of Illinois.
Any Title Defect or other objection disclosed by the Title Insurance Commitment (other than liens removable by the payment of money) or the Survey which is not timely specified in Buyer's written notice to Seller of Title Defects shall be deemed a Permitted Exception.
Seller shall remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the Title Insurance Commitment and which are not consented to by Buyer under the terms hereof.
Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over any or all of the standard exceptions for OEC.
The number references are for tracking and convenience purposes only and identify the exceptions noted on Schedule B Section Two in the Title Insurance Commitment issued by [ ] Title Insurance Company as Commitment Number [ ].
If the Title Insurance Commitment is not satisfactory to Buyer, ▇▇▇▇▇ has a right to object under 318 § 8.5 (Right to Object to Title, Resolution).
An Owner’s Title Insurance Commitment (the “Title Commitment”) for the Property will be made available to Buyer either online or as an attachment to this Agreement.
Title Agent shall furnish a current Title Insurance Commitment to the Parties as soon as practicable.
Prior to the end of the Inspection Period Buyer shall order the Title Insurance Commitment from Chicago Title Insurance Company and the Survey from a reputable surveyor familiar with the Property (Seller agreeing to furnish to Buyer copies of any existing surveys and title information in its possession promptly after execution of this Agreement).
If the Cooperator is a municipality, political subdivision or state agency, it may use an Ownership and Encumbrance Report acceptable to the District in lieu of a Title Insurance Commitment.