Common use of Title Commitments and Surveys Clause in Contracts

Title Commitments and Surveys. At least ten (10) days prior to the scheduled Closing Date, ParentCo shall, at the Purchaser’s sole cost and expense, for each individual Owned Real Property, cause to be delivered to the Purchaser a commitment for a policy of title insurance (each a “Title Commitment” and collectively, the “Title Commitments”), together with copies of all documents identified in such Title Commitment, issued by the Title Company. The Purchaser shall also have the option of ordering a survey (each a “Survey” and collectively, the “Surveys”) to be performed at each Owned Real Property. If the Title Commitments or the Surveys show any Encumbrances on any Owned Real Property, other than Permitted Encumbrances, the Sellers shall be obligated to cure and or remove of record such Encumbrances at or prior to the Closing so that the Purchaser shall be able to obtain a policy of title insurance from the Title Company at the Closing insuring title to such Owned Real Property in the condition required hereunder. In the event that the Title Commitment or Survey for any Owned Real Property reveals any Encumbrance that is not a Permitted Encumbrance, and it becomes apparent that the Sellers cannot or will not cure or remove of record such Encumbrance at or prior to Closing, the Purchaser shall have the option to elect to consummate the transactions contemplated hereby with a downward adjustment to the Purchase Price in an amount necessary to cure or remove such Encumbrance at the Closing, which amount shall not in any event exceed, in the aggregate, $50,000 for such Encumbrances.

Title Commitments and Surveys. At least ten (10) days prior to the scheduled Closing Date, ParentCo shall, at the Purchaser’s sole direction, cost and expense, for each individual Owned Real Property, cause to be have ordered and delivered to the Purchaser a commitment for a policy of title insurance (each each, a “Title Commitment” ”, and collectively, collectively the “Title Commitments”)) not less than ten (10) days prior to the scheduled Closing Date for each Transferred Real Property, together with copies of all documents identified in such Title Commitmentcommitment, issued by a title company chosen by the Purchaser (the “Title Company”). The Purchaser shall also have the option of ordering a survey (each each, a “Survey” ”, and collectively, collectively the “Surveys”) to be performed at each Owned Transferred Real Property. If the Title Commitments or the Surveys show any Encumbrances on any Owned Real PropertyEncumbrances, other than Permitted Encumbrances, the Sellers shall be obligated to cure and or remove of record any such Encumbrances at or prior to the Closing so that the Purchaser shall be able to obtain a policy of title insurance from the Title Company at the Closing insuring title to such Owned Real Property in the condition required hereunder. The Sellers hereby agree that they shall execute any documents or take any actions reasonably required by the Title Company (the “Sellers’ Title Deliverables”), including, without limitation, executing a standard title affidavit, in order to allow the Title Company to issue the title insurance (the “Title Policies”) as required hereunder for the Transferred Real Property at Closing. In the event that the Title Commitment Commitments or Survey for any Owned Real Property reveals any Encumbrance that is not a the Surveys reveal Encumbrances other than Permitted EncumbranceEncumbrances, and it becomes apparent that the Sellers canany Seller can not or will not cure or remove of record such Encumbrance Encumbrances at or prior to Closing, the Purchaser shall have the option to elect to consummate the transactions contemplated hereby with a downward an adjustment to the Purchase Price in an amount necessary to cure or remove such Encumbrance Lien of record at the Closing, which amount shall not in any event exceed, in the aggregate, $50,000 for such Encumbrances25,000.