Updated Title Commitments definition

Updated Title Commitments means, with respect to each parcel of Owned Real Property, a current commitment for the issuance of an ALTA form owner’s title insurance policy written by the Title Company in amount equal to the fair market value of such parcel of Owned Real Property and otherwise in form and substance reasonably satisfactory to Buyer, providing that, upon the satisfaction of the conditions specified therein, in accordance with and to the extent provided in such title insurance policy, Buyer will have good and valid title to such parcel of Owned Real Property (including all appurtenant easements), free and clear of all Liens, except for Permitted Liens.

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Updated Title Commitments has the meaning set forth in Section 6.24.

Updated Title Commitments means updates to the title reports or ALTA commitments previously made available to Purchaser for title insurance issued by the Title Companies in respect of the Owned Real Property located in the United States and the Great America Real Property on the Title Companies' most current form together with legible copies of all instruments referred to therein (to the extent located by the Title Companies).

Examples of Updated Title Commitments in a sentence

• The Updated Title Commitments shall have been delivered to Purchaser in accordance with Section 2.04.

• No later that 15 days after Buyer has received updated commitments for the issuance of the Title Policies (the “Updated Title Commitments”), Buyer may provide a written notice (“Objection Notice”) to Seller of any Liens, defects or exceptions (other than Permitted Exceptions) that appear on the Updated Title Commitments, but did not appear on the Title Commitments.

• At Closing, Seller shall indemnify and hold the Title Company harmless from any exceptions to the Updated Title Commitments created by, through or under Seller or any of its Affiliates during the period between the issuance of the Title Commitments and the issuance of the Updated Title Commitments.

• In addition, Seller shall use commercially reasonable efforts to provide all underlying documents for the encumbrances evidenced by the Updated Title Commitments no later than five days prior to the Closing.

• The T-1 Owner’s Policy of Title Insurance in the amount of the Purchase Price that the Title Company commits to issue pursuant to the Title Commitment and any Updated Title Commitment(s) issued as required by Section 6.01(a) hereof.

• 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.

• 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.

• 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.

• The Final Closing Notice shall include copies of all of the applicable Updated Title Commitment(s) and all of the applicable Updated Deed(s).

• Purchaser shall have the right to elect to instruct the Title Company to either include all of the Sites on a single Updated Title Commitment or to include one or more Sites on multiple Updated Title Commitments.

More Definitions of Updated Title Commitments

Updated Title Commitments means, with respect to each parcel of Owned Real Property, a current commitment for the issuance of an ALTA form owner’s title insurance policy written by a nationally recognized title insurance company in amount equal to the fair market value of such parcel of Owned Real Property, providing that, upon the satisfaction of the conditions specified therein, the Company will have good and marketable title to such parcel of Owned Real Property (including all appurtenant easements).