Common use of Conditions to Close of Escrow Clause in Contracts

Conditions to Close of Escrow. 10.1 Buyer's obligation to purchase each Property is subject to and conditioned upon the satisfaction or Buyer's written waiver of each of the following conditions on or before the Closing Date for such Property: 10.1.1 The Title Company shall have delivered to Buyer its irrevocable and unconditional commitment (the "OWNER'S TITLE COMMITMENT" for such property) to issue an ALTA (1970 Form B) extended coverage owner's policy of title insurance (the "OWNER'S TITLE POLICY" for such Property) effective as of the date and time the Deed for such Property is recorded with coverage in the amount of the Purchase Price for such Property, naming Buyer as the insured, showing fee simple title to the Property to be vested in Buyer, free and clear of all liens and encumbrances other than non-delinquent real property taxes and assessments and those matters shown on the PTR for such Property approved by Buyer pursuant to Section 6.1.5, plus any additional exceptions that Buyer may have approved in writing or which Buyer may have caused, together with endorsements in form reasonably satisfactory to Buyer with respect to access, contiguity, tax parcel, non-imputation, fairway, survey, comprehensive, zoning and such other matters as Buyer may reasonably request. With respect to the Properties located in the State of Texas, however, the Owner's Title Policy must insure that, after the completion of the Close of Escrow, Purchaser is the owner of indefeasible fee simple title to each Texas Property, subject only to those matters shown on the PTR for such Property approved by Buyer pursuant to Section 6.1.5, plus (i) any additional exceptions that Buyer may have approved in writing or which Buyer may have caused and (ii) the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception must be, at Buyer's expense, limited to "shortages in area;" the printed form exception for restrictive covenants must be deleted or must list only those restrictive covenants that have been approved by Buyer; there must be no exception for rights of parties in possession; and the standard exception for taxes must read: "Standby fees, taxes and assessments by any taxing

Conditions to Close of Escrow. 10.1 Buyer's obligation This Escrow shall not close, funds shall not be released from Escrow, and title shall not be conveyed to purchase each Property is subject to and conditioned upon the satisfaction or Buyer's written waiver of each of the following conditions on or before the Closing Date for such PropertyBuyer UNTIL ALL OF THE FOLLOWING CONDITIONS HAVE BEEN MET: 10.1.1 The Title Company shall have delivered to 10.1 Seller has complied with the purchase money requirements of Business and Professions Code Sections 11013, 11013.1, 11013.2 or 11013.4 as applicable, and Buyer its irrevocable and unconditional commitment (the "OWNER'S TITLE COMMITMENT" for such property) to issue an ALTA (1970 Form B) extended coverage owner's will be provided a policy of title insurance (showing that the "OWNER'S TITLE POLICY" for such Property) effective as of the date and time the Deed for such Property is recorded with coverage in the amount of the Purchase Price for such Property, naming Buyer as the insured, showing fee simple title to the Property to be vested in Buyer, free and clear of all liens any blanket encumbrances as defined in Section 11013. For purposes of compliance with Section 11013.2(a), a release from a blanket encumbrance resulting from a deed of trust or mortgage shall require both of the following: 10.2 Escrow holder has received written notice from the title insurance company that each and encumbrances other than non-delinquent real every money encumbrance, including without limitation any mortgage or deed of trust filed for record prior to the time of recording of the Declaration of Covenants, Conditions, Restrictions and Reservation of Easements ("CC&Rs"), has been either expressly reconveyed or subordinated to the CC&Rs; and 10.3 Either: (a) an instrument has been duly recorded unconditionally reconveying and releasing the property taxes being sold or leased from the lien or charge of such deed of trust; or (b) Buyer is notified that an agreement or demand constituting a release agreement as defined in Regulation 2791.1(b)(2)(A) has been duly deposited with Escrow Holder and assessments and those matters shown on the PTR for such Property approved by Buyer pursuant to Section 6.1.5, plus any additional exceptions that Buyer may have approved in writing or which Buyer may have caused, together with endorsements in form reasonably satisfactory is available to Buyer with respect to accesson request for each such deed of trust, contiguity, tax parcel, non-imputation, fairway, survey, comprehensive, zoning and Buyer will be provided a policy of title insurance insuring Buyer against loss by reason of each such deed of trust. 10.4 All common facilities and improvements for the Project have been completed and a Notice of Completion as defined in California Civil Code Section 8182 has been recorded or the Seller has submitted a bond or other matters as Buyer may reasonably request. With respect security acceptable to the Properties located Department of Real Estate under the provisions of Section 11018.5(a)(2) of the Business and Professions Code to assure lien-free completion of all Common Area amenities and facilities and residential structures in this Project, and until either (i) the State statutory period for recordation of Texas, however, the Owner's Title Policy must insure thatall mechanics lien claims has expired, after the completion recordation of a valid Notice of Completion as defined in Section 8182 of the Close of Escrow, Purchaser is the owner of indefeasible fee simple title to each Texas Property, subject only to those matters shown on the PTR for such Property approved by Buyer pursuant to Section 6.1.5, plus (i) any additional exceptions that Buyer may have approved in writing California Civil Code; or which Buyer may have caused and (ii) Seller has provided the standard printed exceptions included in Homeowners Association with a Texas Standard Form Owner Policy policy of Title Insurance; provided, however, the printed form survey exception must be, at Buyer's expense, limited to "shortages in area;" the printed form exception for restrictive covenants must be deleted or must list only those restrictive covenants that have been approved by Buyer; there must be no exception for rights of parties in possession; and the standard exception for taxes must read: "Standby fees, taxes and assessments by any taxingtitle insurance with provisions guaranteeing against such claims..