Common use of Title and Permitted Exceptions Clause in Contracts

Title and Permitted Exceptions. (a) Seller has provided to Purchaser a title insurance commitment (“Title Commitment”) from Fidelity National Title Insurance Company (the “Escrow Agent”) and a current ALTA survey (the “Survey”) with respect to the Property and has delivered a copy thereof together with legible copies of all documents shown as exceptions therein to Purchaser. The cost of the Title Commitment and the Survey shall be paid by Purchaser. The cost of the basic owner’s Title Policy (hereafter defined), together with the additional cost of any extended coverage, mortgage policy or endorsements to such Title Policy or mortgagee policy, shall be paid by Purchaser. (b) Purchaser acknowledges that it hereby consents to the matters shown on (i) the Title Commitment that are set forth in the Title Policy (as defined below) and/or (ii) the Survey, and that all of such items shall be “Permitted Exceptions”.