Seller will cause all standard exceptions, other than the survey exception, to be deleted from the Title Policy at the Closing. The Title Report shall be obtained with legible copies of all recorded exceptions to title referred to therein to the extent reasonably available (the “ Exception Documents”). The Title Policy shall provide full coverage against all labor, mechanics’ and materialmen’s liens, and contain such endorsements as Buyer may reasonably require, including any endorsements required as a condition to Buyer’s approval of any title exceptions pursuant to this section (the “Endorsements”). Buyer shall have the right to secure, at its sole cost and expense the following: (1) recent ALTA/ ACSM Land Title survey for the Property (the “Survey”), and (2) preliminary report on title for the Property, issued by Title Insurer, which preliminary report shall contain a commitment of the Title Company with results of special Tax search ( collectively, the “Title Report”) to issue to Buyer a 2006 ALTA form of Owner’s Policy of Title Insurance (with the general exceptions deleted), subject only to such exceptions as Buyer shall have approved pursuant to this Section 7.2(a) (the “Title Policy”) insuring the interest of Buyer in the Property in the amount of the Purchase Price or such lesser amount attributable to the Property, as identified by Buyer, in its discretion.
Seller shall provide to Buyer, in accordance with Section 12.1(a), a copy of the following to the extent the same are within Seller’s possession: (i) all currently effective title insurance policies and copies of all exceptions, and (ii) plats and surveys in their possession that relate to the Property and the Facility.
0 kommentar(er)
