4.7. SR 07-01-2019 - Laserfiche WebLink

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Page 5 of 11 ____________ ____________ ____________ ____________ Initials Initials Initials Initials of the Abstract of Title or Registered Property Abstract either to have Buyer’s attorney examine the title and provide Seller with written objections or, at Buyer’s own expense, to make an application for a Title Insurance Policy and notify Seller of the application. Buyer shall have ten (10) business days after receipt of the Commitment for Title Insurance to provide Seller with a copy of the Commitment and written objections. Buyer shall be dee med to have waived any title objections not made within the applicable ten (10) day period for above, except that this shall not operate as a waiver of Seller’s covenant to deliver a statutory Warranty Deed, unless a Warranty Deed is not specified above. B. ABSTRACT LOST OR UNAVAILABLE: TITLE INSURANCE BY SELLER. If Seller is unable to find the Abstract of Title or if Seller did not receive an Abstract of Title when Seller purchased the Property, then, to demonstrate that Seller’s title is insurable for marketability and subject to only those matters disclosed at Paragraph 6, above, within a reasonable time after acceptance of this Agreement, Seller shall furnish Buyer with a Commitment for Title Insurance including proper searches covering bankruptcies and state and federal judgments, federal court judgment liens in favor of the U.S., liens, and levied and pending special assessments. [Seller: see Advisory below.] The Commitment shall be obtained from [select one:] _____ The title insurer of Buyer’s choice; or, _____ The same title insurer that issued title insurance to Seller so that Seller may obtain a reissue credit from the insurer. The Commitment shall contain the insurer’s requirements for deleting these exceptions in the owner’s policy (except for those matters accepted by Buyer in this Agreement): (1) Rights or claims of parties in possession, not shown by the public records (2) Easements, or claims of easements, not shown by the public records: (3) Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose, and which are not shown by the public records: and, (4) Any lien, or right to a lien, for services, labor or m aterial furnished, imposed by law and not shown by the public records. Seller shall provide to Buyer and to the title insurer all documents [except a survey, unless Seller is required by other provisions of this Agreement to provide a survey] necessary to enable the title insurer to delete these exceptions from the owner’s policy of title insurance. Buyer shall have ten business days after receipt of the Commitment for Title Insurance to provide Seller with a copy of the Commitment and written Title Objections. Buyer shall be deemed to have waived any Title Objections not made within the ten -day period above, except that this shall not operate as a waiver of Seller’s covenant to deliver a statutory Warranty Deed, unless a Warranty Deed is not specified above. By agreeing to receive title insurance in lieu of an Abstract, Buyer is not waiving the right to obtain a good and marketable title of record from Seller. [Buyer: see Advisory below.]