Title Insurance and Survey Clause Samples
POPULAR SAMPLE Copied 4 times
Title Insurance and Survey. The Bank's obligation to make the initial advance or any subsequent advance of Bond Proceeds is conditioned on the Bank's receipt of the following, all in form and substance satisfactory to Lender:
(a) a commitment for a title insurance policy in the amount of the Debt covering all of the real property and fixtures that are part of the Premises and Improvements. The commitment shall be issued by Chicago Title Insurance Company and shall be for an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures conforming to the requirements of the commitment. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bank, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located;
(b) a current certified Class "A" ALTA Land Title Survey by a registered engineer acceptable to the Bank with such certification being addressed to the Bank and to the Title Company. The survey shall show the Premises and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or bene...
Title Insurance and Survey. The Property shall be sold and is to be conveyed, and the Buyer agrees to purchase the Property, subject only to the Permitted Exceptions.
Title Insurance and Survey. On the Closing Date and subject to the terms and conditions of this Agreement, Seller’s fee simple interest in the Property shall be sold and conveyed, and ▇▇▇▇▇ agrees to purchase Seller’s fee simple interest in the Property subject only to the Permitted Exceptions and the provisions of this Article IX.
Title Insurance and Survey. (a) Buyer shall notify Seller in writing (the “Title Notice”) no later than 5:00 p.m. (Central Time) on November 25, 2014 (the “Title Notice Deadline”) as to which matters, if any, within the Title Commitment, the Survey and any Updated Survey are not acceptable to Buyer (individually, a “Disapproved Title Matter”). Any matter within the Title Commitment, the Survey, any Updated Survey, and any matter that would be disclosed by a current, accurate survey of the Property that Buyer fails to so disapprove in a Title Notice delivered prior to the Title Notice Deadline shall be conclusively deemed to have been approved by Buyer. If Buyer timely delivers a Title Notice indicating a Disapproved Title Matter, then Seller shall have one (1) Business Day after receipt of such Title Notice to elect to notify Buyer in writing (a “Title Response Notice”) that Seller either (a) will in good faith attempt to remove such Disapproved Title Matter from title to the Property on or before the Closing, or (b) elects not to cause such Disapproved Title Matter to be removed from title to the Property. If Seller fails to deliver a Title Response Notice as to a particular Disapproved Title Matter within such one (1) Business Day period, then Seller shall be deemed to have made the election in clause (b) above as to such Disapproved Title Matter. The procurement by Seller, at its option, of a written commitment from the Title Company to issue the Title Policy or an endorsement thereto reasonably satisfactory to Buyer as of the Closing and insuring Buyer against any Disapproved Title Matter (or any “Additional Title Matter” as defined below) shall be deemed a removal thereof from title to the Property. If Seller makes (or is deemed to have made) the election in clause (b) above as to any Disapproved Title Matter, then Buyer shall have two (2) Business Days from the earlier of (i) the date it receives the Title Response Notice making such election, or (ii) the date that Seller is deemed to have made such election as to such Disapproved Title Matter (but in any case not later than 5:00 p.m. (Central Time) on December 1, 2014), within which to notify Seller in writing that Buyer elects to either (x) nevertheless proceed with the purchase and take title to the Property subject to such Disapproved Title Matter, or (y) terminate this Agreement. If Buyer makes the election set forth in clause (y) above, then this Agreement shall immediately terminate, Buyer shall be entitled to a return o...
Title Insurance and Survey. (i) Prior to the Closing, the Company shall have obtained for the benefit of Buyer, in connection with the transfer of the property in Gaithersburg, Maryland listed on Schedule 1.6(i) (the "Property") at the Closing, a signed commitment for the issuance of a 1970 ALTA title insurance policy with respect to the Property (the "Title Policy") and an insured closing letter to be issued to Buyer at the Closing, issued by Lawyers Title Insurance Company or such other reputable title insurance company as is reasonably acceptable to Buyer (the "Title Company") with a CLTA Form 100, Comprehensive Endorsement, or local equivalent, and (subject to Section 1.6(ii)) such other endorsements as may be available in Maryland and requested by Buyer prior to the Closing, which Title Policy shall (1) omit (or modify, so as to comply with the Company's representations in Section 3.1(q)(ii) that the Property is free and clear of all liens and encumbrances except for Permitted Encumbrances (as defined in clause (iii) below)), the so-called `printed exceptions' (included among which, among others, are a survey exception and an exception for unrecorded leases, options, easements and other restrictions not of record), and (2) insure Buyer's acquisition of good and marketable fee title to the Property from the Company, free and clear of all liens and encumbrances other than Permitted Encumbrances, the amount of the Title Policy to be in the amount of $10 million. In order to obtain such deletion (or such modification) of the `printed exceptions' from the Title Policy by the Title Company, the Company shall execute and deliver to the Title Company prior to the Closing such customary Owners' Title Affidavit as the Title Company may require to enable it to so delete (or so modify) the `printed exceptions' (the "Title Affidavit"). The Title Policy shall be in full force and effect at the Closing for the benefit of Buyer. The Company has delivered to Buyer an ALTA Survey on the Property (the "Survey") and shall, as promptly and reasonably practicable following the date of this Agreement, and in any event no later than ten (10) days prior to the Closing Date, cause the Survey to be redated and certified to Buyer and deliver the same to Buyer. The cost of the Title Policy and the Survey shall be shared equally by Buyer and the Company. Except as otherwise provided in Section 4.8(i), all other costs associated with the transfer of the Properties (including all Closing costs) shall be borne ...
Title Insurance and Survey. Purchaser or Target (at Purchaser’s option) shall have received at Purchaser’s option, either (i) an ALTA Owner’s Standard Coverage Title Insurance Policy; or (ii) an ALTA Extended Coverage Title Insurance Policy with respect to the Premises, issued by a nationally recognized title insurance company, insuring Purchaser in such amounts and together with such endorsements as Purchaser shall reasonably require (all such endorsements to be paid for by Purchaser unless otherwise agreed between the parties). Such title insurance policy shall insure fee simple title to the Premises, free and clear of all Liens and other matters other than those permitted by Section 3.07.
Title Insurance and Survey. (a) Within 10 Business Days after the execution and delivery of this Agreement, Purchaser, at its expense, shall order commitments for owner’s policies of title insurance (the “Title Commitment”) issued by First American Title Insurance Company or another nationally recognized title insurance company selected by Purchaser as title insurer (“Title Insurer”) covering fee simple title to the Purchased Real Property, in which the Title Insurer shall agree to insure, in such amount as Purchaser deems adequate, merchantable title to such interests free from the Schedule B standard printed exceptions and all other exceptions except for (i) exceptions which, under applicable state rules and regulations, cannot be deleted or modified and (ii) Permitted Exceptions (as defined below), with such endorsements as Purchaser shall reasonably require and with insurance coverage over any “gap” period. Such Title Commitments shall have attached thereto complete, legible copies of all instruments noted as exceptions therein.
(b) Within 10 Business Days after the execution and delivery of this Agreement, Purchaser, at Purchaser’s expense, shall order boundary surveys for the Purchased Real Property (the “Survey” or “Surveys”) prepared by a registered land surveyor or surveyors satisfactory to Purchaser. The Surveys shall (i) be completed in accordance with Purchaser’s reasonable survey requirements, and shall be certified to Purchaser and the Title Insurer by such surveyor; (ii) have one perimeter description for the Purchased Real Property on which the Facilities are located; (iii) show all easements, rights-of-way, setback lines, encroachments and other matters affecting the use or development of the Purchased Real Property; and (iv) disclose on the face thereof the gross and net acreage of the Purchased Real Property. Upon receipt of the Surveys by Purchaser, Purchaser shall promptly furnish a copy of same to the Representative.
Title Insurance and Survey. With respect to all Real Property and Material Leased Property, if requested by Buyers, Sellers shall use, and shall cause their Subsidiaries to use, their commercially reasonable efforts to assist Buyers in obtaining (a) title insurance commitments for each parcel of Real Property and Material Leased Property and ALTA/ACSM title insurance policies in accordance with the title insurance commitments, in each case from a nationally recognized title insurance company, (including any commercially reasonable affidavits such title insurance company might require); and (b) a survey for each parcel of Real Property and Material Leased Property conforming to the minimum standard detail requirements jointly established in 1999 by ALTA and ACSM, including any Table A items reasonably requested by Buyers.
Title Insurance and Survey. The Hotel shall be sold and is to be conveyed, and Buyer agrees to purchase the Hotel, subject to the Permitted Exceptions.
Title Insurance and Survey. (a) Purchaser shall have the right to obtain (i) an owner’s title insurance commitment in the amount of the Purchase Price (the “Title Commitment”) and (ii) a survey of the Property (the “Survey”). Such matters as are disclosed by the Title Commitment or Survey and not objected to by Purchaser (or objected to and later waived by Purchaser) are herein referred to as the “Permitted Exceptions”. The title insurance company (“Title Company”) engaged for the issuance of the Title Commitment, and performance of other title company related matters and closing services, shall be selected by Purchaser.
(b) During the Inspection Period, Purchaser shall advise Seller in writing of any defects or objections affecting the title to the Property or the use thereof by Purchaser disclosed by the Title Commitment or the Survey, or any updates thereto (the “Title Objections”). Seller shall use best efforts to eliminate all Title Objections by the Closing Date including, without limitation by taking such actions as are reasonable and necessary to satisfy all the B-1 requirements in the Title Commitment within its control. Notwithstanding the foregoing, Seller shall be required to cause to be released, satisfied, and removed of record as of the Closing Date: (i) any Title Objections which have been voluntarily recorded or otherwise placed, or permitted to be placed, by Seller against the Property (other than with the prior written approval of Purchaser); (ii) any mortgages, deeds of trust, security instruments, financing statements, or other instruments which evidence or secure indebtedness, judgments, and liens against the Property, including, without limitation, mechanics’ liens, tax liens and real estate taxes, water rates, and sewer rents and taxes, in each case, which are due and payable but which remain unpaid or of record as of the Closing Date (subclauses (i) and (ii), collectively, the "Voluntary Liens"); and (iii) any Title Objections which would not constitute Voluntary Liens, but which can be removed by the payment of a liquidated sum of money (items set forth in this subclause (iii), collectively, "Monetary Liens"; and, together with the Voluntary Liens, the "Mandatory Title Removal Items").
(c) If Seller satisfies all Title Objections prior to Closing Date, then the transaction contemplated hereby shall be closed in accordance with its terms. If Seller fails to eliminate any Title Objection by the Closing Date, Purchaser may, at Purchaser’s election, (i) terminat...