New York Style Closing. The transaction shall be closed by means of a so-called New York Style Closing, with the concurrent delivery of the documents of title, transfer of interests, delivery of the owner's title policy and the disbursement to Seller of the Base Purchase Price. Seller shall provide any undertaking (the "Gap Undertaking") to the Title Insurer necessary to the New York Style Closing provided the Gap Undertaking will not cover encumbrances and title defects created by or through Purchaser or any tenants under Leases. Seller and Purchaser shall each pay 50% of the charges of the Title Insurer for such New York Style Closing.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Inland Western Retail Real Estate Trust Inc)
New York Style Closing. The transaction shall be closed by means of a so-called New York Style Closing, with the concurrent delivery of the documents of title, transfer of interests, delivery of the owner's title policy and the disbursement to Seller of the Base Purchase Price. Seller shall provide any undertaking (the "Gap Undertaking") to the Title Insurer necessary to the New York Style Closing provided the Gap Undertaking will not cover encumbrances and title defects created by or through Purchaser or any tenants under Leases. Seller and Purchaser shall each pay 50% of the charges of the Title Insurer for such New York Style Closing.
Appears in 1 contract
Sources: Agreement of Purchase and Sale (Inland Western Retail Real Estate Trust Inc)