Permitted Title Exceptions definition
Examples of Permitted Title Exceptions in a sentence
Prior to Closing, the following conditions must be satisfied (the “Conditions Precedent”) (a) Seller must own the Property free and clear (all right title and interest, free of all encumbrances, except for Permitted Title Exceptions as per 5.01), and (b) Title Company shall have irrevocably committed to issue the Title Policy acceptable to Buyer.
Within ten (10) business days after Purchaser’s receipt of the last to be received of the Title Documents (as defined below), Purchaser may deliver notice to Seller objecting to any easements, encroachments, or other impediments, other than the Permitted Title Exceptions, as shown on the Survey which Purchaser determines are unacceptable or would unreasonably hinder Purchaser’s intended use of said Property.
At the time of closing, Seller shall have fee simple title to the Property, free and clear of all liens or encumbrances except those Permitted Title Exceptions.
As a condition to this purchase, ▇▇▇▇▇▇ agrees that Purchaser must be able to obtain a policy for title insurance from a national title insurance company to insure good and marketable fee simple title, free and clear of all liens and encumbrances with the exception of the Permitted Title Exceptions.
If Buyer fails to object within said period, the condition of title to the Property shall be deemed approved and all matter set forth therein shall be deemed Permitted Title Exceptions (defined below).