STATUS OF THE TITLE Clause Samples
The "Status of the Title" clause defines the current legal standing and condition of ownership of a property or asset being transferred or sold. It typically outlines whether the title is clear, subject to encumbrances, or affected by any liens, claims, or disputes, and may require the seller to disclose any known issues. For example, it might specify that the property is free from mortgages except as previously disclosed, or that the seller warrants good and marketable title. This clause's core function is to provide transparency and assurance to the buyer regarding the legitimacy and quality of the title, thereby reducing the risk of future legal complications or ownership challenges.
STATUS OF THE TITLE. (a) Subject to the terms and provisions of this Agreement, Seller’s interest in the Premises shall be sold, assigned and conveyed by Seller to Purchaser, and Purchaser shall accept same, subject to the following (collectively, the “Permitted Encumbrances”):
(i) those matters set forth on Schedule D annexed hereto;
(ii) any state of facts disclosed by that certain survey of the Premises prepared by ▇▇▇▇▇▇▇▇ dated November 8, 2005 (the “Existing Survey”);
(iii) Non-Objectionable Encumbrances (as hereinafter defined) and any liens, encumbrances or other title exceptions approved or waived by Purchaser as provided in Section 7;
(iv) Property Taxes (as hereinafter defined) which are a lien but not yet due and payable (which Property Taxes shall be adjusted at Closing);
(v) any installment not yet due and payable of assessments affecting the Premises or any portion thereof;
(vi) any laws, rules, regulations, statutes, ordinances, orders, other legal requirements affecting the Premises, including, without limitation, those relating to zoning and land use;
(vii) all violations of laws, rules, regulations, statutes, ordinances, orders or requirements, that are either (A) of record as of the Effective Date, or (B) first become of record after the Effective Date, but do not materially prevent or materially delay Purchaser from developing the Premises substantially in accordance with the Architectural Plans or materially increase the cost thereof;
(viii) any utility company rights, easements and franchises for electricity, water, steam, gas, telephone or other service or the right to use and maintain poles, lines, wires, cables, pipes, boxes, and other fixtures and facilities in, over, under and upon the Premises of a de minimis nature and do not materially affect Purchaser’s intended development of the Property in accordance with the Architectural Plans; and
(ix) rights and interests held by tenants under the Leases identified in the list of leases attached hereto as Schedule G (and the rights, if any, under any Leases entered into in accordance with Section 10(b) hereof prior to the Closing).
STATUS OF THE TITLE. (a) Subject to the terms and provisions of this Agreement, the Premises shall be sold, assigned and conveyed to Purchaser, and Purchaser shall accept same, subject to the following (collectively, the “Permitted Encumbrances”):
(i) Property Taxes (as hereinafter defined) which are a lien but not yet due and payable;
(ii) any installment not yet due and payable of assessments affecting the Premises or any portion thereof;
(iii) any laws, rules, regulations, statutes, ordinances, orders, other legal requirements affecting the Property, including, without limitation, those relating to zoning and land use;
(iv) all violations of laws, rules, regulations, statutes, ordinances, orders or requirements, now or hereafter issued or noted;
(v) any utility company rights, easements and franchises for electricity, water, steam, gas, telephone or other service or the right to use and maintain poles, lines, wires, cables, pipes, boxes, and other fixtures and facilities in, over, under and upon the Premises;
(vi) rights and interests held by tenants under the Leases in effect at Closing; and
(vii) the Existing Indebtedness.
STATUS OF THE TITLE a. Subject to the terms and provisions of this Agreement, Seller shall sell, and Purchaser shall purchase, the Real Property, subject only to the following (collectively, the "Permitted Encumbrances"):
I. those matters set forth on Exhibit 6Cal(il attached hereto;
STATUS OF THE TITLE. Subject to the terms and provisions of this Agreement, at Closing, City shall deliver fee simple title to the Property free and clear of all liens and encumbrances except for the following (collectively, the “Permitted Encumbrances”):
(a) Subject to Section 6.2(c), any liens, encumbrances or other title exceptions approved or waived by ▇▇▇▇▇▇▇▇▇ as provided in this Article;
(b) real property ad valorem taxes, which are a lien but not yet due and payable, if any;
(c) the MDA (and any recorded notice thereof);
(d) the Brownfields Program Agreement (if entered into prior to Closing in accordance with Article 13); and
(e) the A&R Restrictive Covenants. Notwithstanding anything to the contrary set forth in this Agreement, in no event shall any Monetary Lien constitute a Permitted Encumbrance, and all Monetary Liens shall be paid in full at or before the Closing or out of the proceeds otherwise due to the City.
STATUS OF THE TITLE