DEED AND TITLE Clause Samples
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DEED AND TITLE. (a) Seller shall deliver to Buyer at Closing, a special or limited warranty deed (or bargain and sale deed, where appropriate) ("Deed"), conveying good and marketable fee simple title to the Property, subject only to such easements, restrictions of record and title exceptions set forth in the commitment for title insurance specifically approved by Buyer, and taxes not delinquent. Further, the title insurance commitment for the Property must contain provision for the endorsements that are reasonably required by Buyer's funding source, which endorsements shall be ordered by Buyer at Buyer's expense. In addition, Seller shall convey title to the Personal Property to Buyer, free and clear of all liens and encumbrances (except those disclosed during due diligence; e.g., equipment leases or personal property financing documents), by the execution and delivery at Closing of a Bill of Sale in form and substance reasonably satisfactory to Buyer, w▇▇▇▇ut warranty, except as to Seller's title.
(b) Seller agrees to provide a copy of its existing title insurance policy to Buyer. Buyer shall then obtain an ALTA Form B Title Insurance Commitment (the "Title Commitment"), within thirty (30) days of the date of execution of this Contract by both parties, issued by a title insurance company selected by Buyer, committing to insure fee simple marketable title to the Property in the amount of the Purchase Price for such Property in Buyer's name, with all standard exceptions removed (except for the rights of tenants under unrecorded leases and/or except for standard exceptions normally not removed pursuant to local custom with respect to each Property), and containing no other exceptions not specifically approved by Buyer. Buyer shall have ten (10) days after receipt to examine the Title Commitment and inform Seller of Buyer's objection to any exception contained in or title defect revealed by the Title Commitments.
(c) If Buyer's examination of the Title Commitment reveals that the Title Commitment for the Property contains objectionable exceptions or that the title to the Property is defective and thereafter, the issuing title insurance company refuses to delete the objectionable exceptions or the defects cannot be cured within a reasonable period of time after written notice by Buyer, specifically pointing out the objection/defects, or if the title company refuses to issue endorsements as required by Buyer's lender, then Buyer may elect to terminate this Agreement upon writt...
DEED AND TITLE. (a) Seller shall deliver to Buyer at Closing, a special or limited warranty deed (or bargain and sale deed, where appropriate) ("Deed"), conveying good and marketable fee simple title to the Property, subject only to such easements, restrictions of record and title exceptions set forth in the commitment for title insurance specifically approved by Buyer, and taxes not delinquent. Further, the title insurance commitment for the Property must contain provision for the endorsements that are reasonably required by Buyer's funding source, which endorsements shall be ordered by Buyer at Buyer's expense. In addition, Seller shall convey title to the Personal Property to Buyer, free and clear of all liens and encumbrances (except those disclosed during due diligence; e.g., equipment leases or personal property financing documents), by the execution and delivery at Closing of a Bill of Sale in form and substance reasonabl▇ ▇▇tisfactory to Buyer, without warranty, except as to Seller's title.
(b) Seller agrees to provide a copy of its existing title insurance policy to Buyer. Buyer shall then obtain an ALTA Form B Title Insurance Commitment (the "Title Commitment"), within thirty (30) days of the date of
DEED AND TITLE. Seller shall convey to Buyer (or its nominee or assignee, as permitted under Paragraph 22 herein, designated in writing five (5) days prior to closing) a good and sufficient marketable title to an indefeasible estate in fee simple, by Connecticut-form Warranty Deed containing the usual covenants warranting good title in fee simple free from all encumbrances (subject only to the exceptions hereinafter set forth), in or to the Subject Property, as applicable. Said premises shall be conveyed subject only to the following:
(a) Real estate taxes of the Town of Seymour and City of Ansonia on the current list, which taxes the Buyer will assume and agree to pay, subject to a proration of current taxes as hereinafter provided.
(b) Building and building line restrictions and zoning, planning and other municipal regulations of the Town of Seymour and City of Ansonia as in effect on the date hereof.
(c) Any state of facts which a physical inspection or survey might disclose, provided same do not render title unmarketable.
(d) Any balance, not delinquent as of closing, on any sewer, water, sidewalk or other municipal improvement lien or caveat.
(e) Any and all provisions of any ordinance, municipal regulation or public and private law.
(f) Easements in favor of the Seller as more particularly shown on a recordable plan provided by Seller for (i) the installation, use, operation, maintenance, repair, and replacement of water meter pits on the Subject Property.
(g) A covenant running with the land restricting the use of not less than 85% of the Subject Property to "open space or recreational purposes" as defined by Sections 16-43 of the Connecticut General Statutes on the date hereof. If Seller shall be unable to convey good clear record and marketable title to Buyer at closing, Buyer shall have the option to (a) close the transaction and accept such title as Seller can convey; or (b) cancel this Agreement, in which event all sums paid hereunder shall be returned to the Buyer and neither party shall have any further liabilities or obligations to the other; provided, however, before Buyer may exercise this option, it must afford the Seller the opportunity to postpone the closing for a period of time up to thirty (30) days in order that Seller may, if it so desires, attempt to remedy the alleged title defect. Nothing shall constitute an "unmarketable" encumbrance, lien, or exception to title for purposes of this Agreement if the Standards of Title of the Connecticut Bar As...
DEED AND TITLE. Upon payment of the unpaid purchase price, a fee simple Deed for the Property containing covenants of special warranties and further assurances shall be executed by the Seller, which shall convey the Property in fee simple to the Buyer. The Seller agrees to promptly execute and deliver all such other instruments and take all such other actions as the Buyer may reasonably require from time to time in order to vest and confirm in the Buyer title in the Property being transferred herein and to effectuate the transactions provided herein. The property, including the improvement thereon, if any, is sold free and clear of encumbrance. Title to the fee simple Property is to be good and merchantable, free and clear of any title defect, and insurable without exceptions that are objectionable to the Buyer by a title company at the regular basic rates of the title company for the basic coverages under an owner's policy. In the event that the title company, at the request and expense of the Buyer, shall report to the Seller and the Buyer prior to closing that title to the Property is not good and merchantable, free of title defect, and insurable as provided aforesaid, then the Buyer shall have the option, prior to Closing, to terminate this Contract, in which event this Contract shall terminate without either party having further liability to the other.
DEED AND TITLE. At Closing, Seller shall deliver to Buyer a special warranty deed in the form attached hereto as EXHIBIT K (the "DEED") upon payment to Seller of the Purchase Price (subject to closing adjustments provided herein). Title to the Property as conveyed by such deed shall be good and marketable fee simple title, free and clear of all liens and encumbrances other than the Permitted Encumbrances.
DEED AND TITLE. At closing, Seller shall deliver to Buyer a special warranty deed in form reasonably satisfactory to both Seller and Buyer upon payment of the Purchase Price (subject to closing adjustments provided herein) to Seller. Title to the Property as conveyed by such deed shall be subject to (a) liens securing payment of taxes, assessments and other public charges imposed in connection with the Property but which are not yet due as of the date of closing, (b) all matters indicated on the Title Commitment which are not objected to by Buyer in accordance with Section 2.04 above, (c) any zoning, subdivision or other public laws and regulations, and (d) leases or other occupancy agreements with tenants at the Property disclosed to Buyer as required by Section 2.01 hereof or executed by Seller after Buyer's approval or deemed approval pursuant to Section 4.02 hereof (collectively the "Permitted Encumbrances"). However, in the event that title insurance related to the Property (subject to exceptions for the Permitted Encumbrances, standard exceptions, customary requirements for issuance, payment of premiums, and other customary conditions) is not available to Buyer at closing due to defects in title to the Property first arising after issuance of the Title Commitment, then Buyer shall have the right to terminate this Agreement and receive a return of its Deposit, whereupon the parties shall have no further liability hereunder.
DEED AND TITLE. At closing, Seller shall deliver to Buyer a special warranty deed in customary form upon payment of the Purchase Price (subject to closing adjustments provided herein) to Seller. Title to the Property as conveyed by such deed shall be subject to (a) liens securing payment of taxes, assessments and other public charges imposed in connection with the Property but which are not yet due as of the Closing Date, (b) all matters indicated on the Title Commitment which are not objected to by Buyer in accordance with §2.04 above, (c) any matters which could be disclosed by an accurate survey of the Property, (d) any zoning, subdivision or other public laws and regulations, and (e) the Leases.
DEED AND TITLE. Seller warrants that at the time of Closing Seller will convey good and marketable fee simple title to the Property. The parties agree that Seller may discharge any outstanding liens and encumbrances out of the purchase money at Closing. At Closing, Seller shall deliver to Purchaser an affidavit concerning the absence of boundary line disputes on the Property, the possession of the Property by Seller, improvements or repairs made on the Property within three (3) months of the Closing date, the absence of legal proceedings against Seller, and such other matters as Purchaser may reasonably require. Purchaser and Seller agree to comply with and to execute and deliver such certifications, affidavits and statements as are required at Closing in order to meet the requirements of the United States Code and the Official Code of Georgia Annotated, including without limitation Internal Revenue Code Section 1445 (Foreign/Non-Foreign Sellers). At Closing Seller will furnish Purchaser with a general warranty deed, properly executed by Seller and delivered to Purchaser, in proper form, subject only to the following:
a. Existing zoning ordinances affecting the Property;
b. General utility, sewer, and drainage easements of record upon which the improvements do not encroach;
c. Subdivision easements and restrictions of record; and
d. The lien of taxes not yet due and payable.
DEED AND TITLE. Upon payment of the purchase price, a deed for the Property containing covenants of special warranty and further assurances (except in the case of transfer by personal representative of an estate), shall be executed by Seller and shall convey the Property to Buyer. Title to the Property, including all chattels included in the purchase, shall be good and merchantable, free of liens and encumbrances except as specified herein; except for use and occupancy restrictions of public record which are generally applicable to properties in the immediate neighborhood or the subdivision in which the Property is located and publicly recorded easements for public utilities and any other easements which may be observed by an inspection of the Property. Buyer expressly assumes the risk that restrictive covenants, zoning laws or other recorded documents may restrict or prohibit the use of the Property for the purpose(s) intended by Buyer. In the event Seller is unable to give good and merchantable title or such as can be insured by a Maryland licensed title insurer, with Buyer paying not more than the standard rate as filed with the Maryland Insurance Commissioner, Seller, at Seller’s expense, shall have the option of curing any defect so as to enable Seller to give good and merchantable title or, if ▇▇▇▇▇ is willing to accept title without said defect being cured, paying any special premium on behalf of Buyer to obtain title insurance on the Property to the benefit of Buyer. In the event Seller elects to cure any defects in title, this Contract shall continue to remain in full force and effect; and the date of settlement shall be extended for a period not to exceed fourteen
DEED AND TITLE. The Premises are to be conveyed to Purchaser, by a good and sufficient standard Connecticut quitclaim deed (the “Deed”), and said Deed shall convey marketable and insurable fee simple title thereto free from encumbrances, except:
(a) Provisions of existing building, zoning, and subdivision laws, restrictions and regulations of all governmental authorities having jurisdiction thereof, and all zoning variances and special exceptions of record, if any;
(b) Real Estate taxes, if any, for the current fiscal year as are not yet due and payable on the date of the delivery of the Deed;
(c) Any liens for municipal betterments assessed but not due as of the date of the Closing;
(d) All recorded covenants, conditions, easements, restrictions or reservations, including such restrictions and covenants recorded in the Town of Clinton Land Records, with the exception of any restrictions limiting the use of the Premises to educational purposes; and
(e) Any state of facts which an accurate and up to date survey would disclose;
(f) Any restrictions and covenants limiting the use of the Premises for affordable housing upon closing. The matters described in subsections (a) through (f), inclusive, the “Permitted Encumbrances.”