Title Matters. a. Seller shall convey, and Purchaser shall accept, such title to the Properties as is deliverable pursuant to the 363 Procedures Order and under 11 U.S.C. § 363. The Escrow Company has conducted title searches on each Property and has issued a title commitment for each Property showing various exceptions, which commitment has been made available to Purchaser prior to execution of this Agreement (each, a “Title Commitment”). Each Title Commitment shows various exceptions (the “Title Commitment Exceptions”) and Escrow Company has indicated it is prepared to issue title insurance subject to those exceptions. As a condition to close of escrow, and unless waived by Purchaser, Seller shall remove the Removed Exceptions (as defined in subparagraph b below). Purchaser shall take subject to all other Exceptions. For each Property for which Escrow Company issues an owner’s title insurance policy to Purchaser, Purchaser shall pay Escrow Company the promulgated rate for the state in which the Property is located. The amount of insurance for any Property upon which a policy may be issued shall be calculated by multiplying the Purchase Price by a fraction with the numerator being the 2017 assessed value for that Property and the denominator being the 2017 assessed value of all Properties (the “Attributable Purchase Price”).
Appears in 18 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
