Common use of Title Commitments and Title Policies Clause in Contracts

Title Commitments and Title Policies. (a) Within ten (10) Business Days after the date of this Agreement, Sellers shall deliver or cause to be delivered to Buyer current, binding title commitments for owners’ title policies issued by Title Company covering each of the real properties described on Schedule 6.11(a), which Title Commitments shall reflect Targa Downstream LP as the proposed insured. (b) In addition, Sellers have heretofore applied for or will promptly apply for title commitments for all other real property interests reflected on Schedule 4.15(b)(i) and will deliver such title commitments to Buyer as and when received from the Title Company. Sellers will use Reasonable Efforts to obtain and cause all such title commitments to be delivered to Buyer at or prior to the Closing. In the event that the Title Company is unable to or otherwise fails to deliver any of such title commitments at the Closing, then Sellers will continue to use Reasonable Efforts to cause such title commitments to be delivered to Buyer as soon as possible following the Closing and in any event within ninety (90) days following the Closing. (c) The title commitments delivered at Closing (the “Title Commitments”) shall not indicate any defects in title other than Permitted Liens and defects that would, individually or in the aggregate, reasonably be expected to materially and adversely impact the ability of the Companies to conduct the Downstream Business. At Closing, or as promptly as is reasonably practicable, Sellers shall request that the Title Company issue to Buyer one or more owner’s title insurance policies in accordance with the Title Commitments, together with any customary endorsements thereto requested by Buyer, and subject only to Permitted Liens and defects in title that would not, individually or in the aggregate, reasonably be expected to materially and adversely impact the ability of the Companies to conduct the Downstream Business (the “Title Policies”). (d) All title insurance premiums, charges and costs for the title commitments and title policies with respect to the real property interests reflected on Schedule 4.15(b)(i) will be paid 50% by Sellers and 50% by Buyer.