NVS » Topics » 7.14 Real Estate Matters

This excerpt taken from the NVS 20-F filed Jan 28, 2008.

7.14        Real Estate Matters

 

As soon as practical after the Signing Date, the Seller and the Buyer will cooperate in obtaining, for the Owned Real Property located in the United States, a title commitment for each parcel of Owned Real Property (the “Title Commitments”) issued by a title company of recognized international or domestic standing, providing a commitment to insure the applicable Owned Real Property for such amount as shall be reasonably requested by the Buyer.  The Title Commitments shall identify the Buyer or a Buyer Designated Affiliate (which may be a Company) as the proposed insured party, and shall be accompanied by copies of all documents referred to in the Title Commitment (which shall include for the United States an ALTA/ACSM land title survey dated within six (6) months of the Closing Date that contains the following Table A items from the standards for such surveys: 1, 2, 3, 4, 7(a), 7(b)(1), 7(b)(2), 7(c), 8, 9, 10, 11(a) 16 and 18), and in the case of the Owned Real Property located in the United States, will be in the Form of an ALTA Owner’s Policy, 1970 Form B (or in such other customary form in any other jurisdiction where any Owned Real Property is located).  The Title Commitment shall be subject only to the standard exclusions from coverage and the Permitted Exceptions.  The Title Commitments shall include commitments to issue the following endorsements: owner’s comprehensive; zoning 3.1 with parking coverage; survey; access to a named street; and tax parcel.  For each parcel of Owned Real Property located outside of the United States, the Seller shall cooperate with the Buyer in any efforts to obtain customary assurances of title in accordance with local practices for real estate transactions.  The cost of the issuance of any title insurance policy or local equivalent shall be for the account of the Buyer.

 

This excerpt taken from the NVS 20-F filed Jan 31, 2007.

7.14 Real Estate Matters

    As soon as practical after the Signing Date, the Seller and the Buyer will cooperate in obtaining, for the Owned Real Property located in the United States, a title commitment for each parcel of Owned Real Property (the "Title Commitments") issued by a title company of recognized international or domestic standing, providing a commitment to insure the applicable Owned Real Property for such amount as shall be reasonably requested by the Buyer. The Title Commitments shall identify the Buyer or a Buyer Designated Affiliate (which may be a Company) as the proposed insured party, and shall be accompanied by copies of all documents referred to in the Title Commitment (which shall include for the United States an ALTA/ACSM land title survey dated within six (6) months of the Closing Date that contains the following Table A items from the standards for such surveys: 1, 2, 3, 4, 7(a), 7(b)(1), 7(b)(2), 7(c), 8, 9, 10, 11(a) 16 and 18), and in the case of the Owned Real Property located in the United States, will be in the Form of an ALTA Owner's Policy, 1970 Form B (or in such other customary form in any other jurisdiction where any Owned Real Property is located). The Title Commitment shall be subject only to the standard exclusions from coverage and the Permitted Exceptions. The Title Commitments shall include commitments to issue the following endorsements: owner's comprehensive; zoning 3.1 with parking coverage; survey; access to a named street; and tax parcel. The cost of the issuance of any title insurance policy shall be for the account of the Buyer.

EXCERPTS ON THIS PAGE:

20-F
Jan 28, 2008
20-F
Jan 31, 2007
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