Required State of Title Sample Clauses

The "Required State of Title" clause defines the specific condition or quality of legal ownership that a property must meet at a certain point in a transaction, typically at closing. It outlines the standards for title, such as being free from liens, encumbrances, or defects, except for those expressly permitted in the agreement. For example, it may require that the seller deliver clear and marketable title, ensuring the buyer receives ownership without unexpected legal issues. This clause serves to protect the buyer by ensuring they acquire property with a title that meets agreed-upon standards, thereby minimizing the risk of future disputes or claims against the property.
Required State of Title. At the Closing, Seller shall convey by quitclaim deed to Buyer (or to Buyer’s nominee) good and clear record and marketable fee simple title to all of the Land and the Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions and other conditions, except for the following: (a) The lien, if any, for real estate taxes not yet due and payable; (b) The Leases; (c) The Permitted Exceptions; and (d) Provisions of existing building, zoning and all other applicable laws.
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Required State of Title. At the Closing, Seller shall cause the Trustee to convey by Massachusetts form of quitclaim deed (the “Deed”) to Buyer good and clear record and marketable fee simple title to all of the Land and the Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions and other conditions, except for the following: (a) The lien, if any, for real estate taxes not yet due and payable; (b) The Lease; (c) The Permitted Exceptions; and (d) Subject to Sections 4.1(i) and k), provisions of existing building, environmental and zoning laws.
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Required State of Title. At Closing, City shall convey to Skanska marketable fee simple title to the Land by bargain and sale deed in the form attached hereto as Exhibit B, subject only to the Permitted Exceptions and provisions of existing building zoning laws.
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Required State of Title. At the Closing, Seller shall convey by general warranty deed to Buyer (or to Buyer's permitted nominee) good and clear record and marketable fee simple title to all of the Land and the Improvements free and clear of any and all liens and other encumbrances, except for the Permitted Encumbrances.
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Required State of Title. At the Closing, Seller shall convey by quitclaim deed to Buyer (or to Buyer’s nominee) title to all of the Land and the Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions and other conditions, except for the following: (a) The lien, if any, for real estate taxes not yet due and payable; (b) The Permitted Exceptions; (c) Provisions of existing building and zoning laws; and (d) Matters listed as exceptions on Seller’s title policy, a copy of which is attached hereto as Schedule 7.4(d).
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Required State of Title. At the Closing, Seller shall convey by statutory quitclaim deed substantially in the form attached hereto as Schedule 6.2 (a) to Buyer (or to Buyer’s nominee) good and clear record and marketable fee simple title to all of the Land and the Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions and other conditions, except for the following: (a) The lien, if any, for real estate taxes not yet due and payable; (b) The Permitted Exceptions; and (c) Provisions of existing building and zoning laws.
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Required State of Title. At the Closing, Seller shall convey to Buyer (or to Buyer’s nominee), by the type of deed set forth on Schedule 6.4 hereto with respect to each Individual Real Property (collectively, the “Deeds”), good and clear record and marketable fee simple title to all of the Land and the Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions and other conditions, except for the following: (a) The lien, if any, for real estate taxes not yet due and payable; (b) the Leases; (c) the Permitted Exceptions; and (d) provisions of existing building and zoning laws and ordinances. Notwithstanding anything herein to the contrary, Buyer and Seller hereby agree and acknowledge that, pursuant to that certain Lease, dated as of September 19, 2006 (the “Compass Lease”), by and between Partners Community Healthcare, Inc. and Compass Medical, P.C., as tenant (collectively, “Compass”), and Equity Industrial ▇. ▇▇▇▇▇▇▇▇▇▇▇ Limited Partnership, as landlord (the “Landlord”), with respect to certain property located in East Bridgewater, Massachusetts (the “Compass Premises”) and adjacent to the Individual Real Property located at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ (the “▇. ▇▇▇▇▇▇▇▇▇▇▇ Property”), (i) Compass has the right of first refusal with respect to the lease of any space in, inter alia, the ▇. ▇▇▇▇▇▇▇▇▇▇▇ Property if the owner of the ▇. ▇▇▇▇▇▇▇▇▇▇▇ Property intend to lease any portion thereof to a Medical Service Provider (as such term is defined in the Compass Lease) (the “Compass ROFR”); and (ii) Landlord has agreed that it shall not permit, inter alia, the owner of the E. Bridgewater Property to lease any portion of the ▇. ▇▇▇▇▇▇▇▇▇▇▇ Property during the term of the Compass Lease for the conduct of any medical services set forth in Exhibit F to the Compass Lease or to sell or lease any portion of the ▇. ▇▇▇▇▇▇▇▇▇▇▇ Property to any of the medical service providers set forth in Exhibit G to the Compass Lease (the “Compass Exclusive”). Buyer hereby agrees to comply with the foregoing restrictions and to permit Seller to record with respect to the ▇. ▇▇▇▇▇▇▇▇▇▇▇ Property a notice of the Compass ROFR and a restrictive covenant reflecting the Compass Exclusive in accordance with the terms of the Compass Lease and otherwise in such form as may be mutually agreed upon by Buyer and Seller prior to the expiration of the Inspection Period and such notice and covenant shall cons...
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Required State of Title. At the Closing, Seller shall convey by statutory quitclaim deed substantially in the form attached hereto as Schedule 6.2 (a) to Buyer (or to Buyer’s nominee) good and clear record and marketable fee simple title to all of the Land and the Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions and other conditions, except for the following: (a) The lien, if any, for real estate taxes and assessments not yet due and payable; (b) The pre-printed standard exceptions, if any, which appear in a standard coverage ALTA form Owner’s Policy of Title Insurance issued by the Title Company in the State of Rhode Island; (c) The Permitted Exceptions; and (d) Provisions of existing building and zoning laws, and any governmental restrictions on use, and other applicable laws, ordinances and regulations.
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Related to Required State of Title

  • Certificate of Title The Receivable File related to such Receivable contains the original Certificate of Title (or a photocopy or image thereof) or evidence that an application for a Certificate of Title has been filed.

  • Evidence of Title Evidence that title to a REO is held by the Trustee shall be submitted by the Servicer to the Master Servicer and, if applicable, to the Primary Mortgage Insurer and/or the Pool Insurer, within ten Business Days after marketable title to such REO has been acquired.

  • Notice of Title Defects (a) If Buyer discovers any Title Defect affecting any Asset, Buyer shall notify Seller as promptly as possible, but no later than the expiration of the Examination Period of such alleged Title Defect. To be effective, such notice must (i) be in writing, (ii) be received by Seller by 5:00 p.m. Central Standard Time on the expiration date of the Examination Period and (iii) describe the Title Defect in reasonable detail, to the extent then reasonably known by Buyer (including the estimated value of such Title Defect as determined by Buyer). Any matters that may otherwise constitute Title Defects, but of which Seller has not been notified by Buyer in accordance with the foregoing, shall be deemed to have been waived by Buyer for all purposes and shall constitute Permitted Encumbrances. (b) Upon the receipt of such effective notice from Buyer, Seller, at Seller’s option, shall (i) subject to Section 3.05(a), attempt to cure such Title Defect at any time prior to the Closing or (ii) exclude the affected Asset from the sale and reduce the Purchase Price by the Allocated Value of such affected Asset as set forth on Exhibit C. (c) The value attributable to each Title Defect (the “Title Defect Value”) that is asserted by Buyer in the Title Defect notices shall be determined based upon the criteria set forth below: (i) If the Title Defect is a lien upon any Asset, the Title Defect Value is the amount reasonably expected to be necessary to be paid to remove the lien from the affected Asset. (ii) If the Title Defect asserted is that the Net Revenue Interest attributable to any Well or unit or Well location is less than that stated in Exhibit C or the Working Interest attributable to any Well or unit or Well location is greater than that stated in Exhibit C, then the Title Defect Value shall take into account the relative change in the interest from Exhibit C and the appropriate Allocated Value attributed to such Asset. (iii) If the Title Defect represents an obligation, encumbrance, burden or charge upon the affected Asset (including any increase in Working Interest for which there is not a proportionate increase in Net Revenue Interest) for which the economic detriment to Buyer is unliquidated, the amount of the Title Defect Value shall be determined by taking into account the Allocated Value of the affected Asset, the portion of the Asset affected by the Title Defect, the legal effect of the Title Defect, the potential discounted economic effect of the Title Defect over the life of the affected Asset. (iv) If a Title Defect is not in effect or does not adversely affect an Asset throughout the entire productive life of such Asset, such fact shall be taken into account in determining the Title Defect Value. (v) The Title Defect Value shall be determined without duplication of any costs or losses included in another Title Defect Value hereunder. (vi) Notwithstanding anything herein to the contrary, in no event shall a Title Defect Value exceed the Allocated Value of the W▇▇▇▇, units or other Assets affected thereby. (vii) Such other factors as are reasonably necessary to make a proper evaluation.

  • Out of Title Work Employees who are temporarily required to perform duties of a higher pay grade or classification shall be compensated at a rate relative to his or her current status and in line with the higher grade classification. Requests for temporary classifications must be submitted to the Human Resources office for approval. Assignments must be for a minimum of ten (10) days with pay retroactive to the first day upon reaching the tenth (10th) day in the temporary assignment.

  • Acceptance of title The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Transaction Obligor may have to any of the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.