Failure to Correct Title Objections Clause Samples

Failure to Correct Title Objections. In the event Landlord fails to satisfy or correct on or before the Closing Date any Title Objection of which Landlord is notified, as provided above in Paragraph 4.1, the Closing Date shall be extended for five (5) days and prior to the expiration of such five (5) day extension Tenant may elect by written notice to Landlord one of the following: 4.2.1 To waive such Title Objection and to close the transaction in accordance with the terms of this Agreement; provided, however, that with respect to any Title Objection that constitutes a monetary lien (including any deed to secure debt, mortgage, deed of trust or other security interest), Landlord shall be required to deposit in escrow with the Title Company (failing which Tenant may deposit with the Title Company out of the sales proceeds that would otherwise be payable to Landlord and receive a credit for the same against the Purchase Price) such amount as the Title Company shall reasonably estimate to be necessary to satisfy or to remove such Title Objection so that the Title Company will insure over such Title Objection and Landlord shall thereafter diligently endeavor (which may include paying any additional sums as may be necessary) to have such Title Objection so satisfied or removed pursuant to the terms of an escrow agreement to be entered into at the Closing between Landlord, Tenant, and the Title Company. 4.2.2 To elect not to purchase the Property, in which event neither Landlord nor Tenant shall have any further rights, duties, or obligations under this Agreement with respect to the Property.

Failure to Correct Title Objections. Seller shall within three (3) days after receipt of Purchaser’s notice of Title Objections, provide written notice to Purchaser of those Title Objections Seller elects to satisfy, cure or correct and the method for curing such ("Seller’s Title Response"). Upon receiving the Seller’s Title Response, in the event Seller does not elect to satisfy, cure or correct all of Purchaser’s Title Objection’s Purchaser may elect, on or before the Inspection Date, to terminate the transaction or elect to have Seller satisfy, correct or cure those Title Objections that it has agreed to satisfy, cure or correct in Seller’s Title Response, if any, which shall be completed before Closing. Seller shall have no obligation to satisfy, cure or correct any Title Objections except Mandatory Cure Objections (as hereinafter defined). In the event that Purchaser provides notice of Title Objections and thereafter, Seller’s Title Response indicates that Seller is not willing or able to satisfy, cure or correct any of such Title Objections, Purchaser shall have the right to terminate this Agreement by delivery of written notice to Seller on or before the Inspection Date, in which event Purchaser shall have as its sole remedy the return of the ▇▇▇▇▇▇▇ Money paid hereunder (together with all interest earned thereon). Notwithstanding the foregoing, Seller hereby covenants and agrees to cause to be released, satisfied, cured or removed from Purchaser’s title policy, prior to or simultaneously with the Closing, all "Mandatory Cure Objections," as hereinafter defined. For the purposes hereof, "Mandatory Cure Objections" are any (1) deed to secure debt, deed of trust, mortgage or similar security instrument given by Seller and encumbering all or any part of the Property, (2) any mechanics’ lien, ad valorem real or personal property taxes, assessments and governmental charges affecting all or any portion of the Property which are delinquent and were created by or through the Seller, or (3) any judgment of record against Seller in the county or other applicable jurisdiction in which the Property is located. Seller is responsible for all charges, costs and expenses incurred in satisfying the Mandatory Cure Objections.

Failure to Correct Title Objections. If Seller fails to satisfy and correct any title objection which it has agreed to satisfy prior to the Closing Date or which it is otherwise required to satisfy and correct pursuant to the terms of this Agreement, then Purchaser may elect one of the following: (i) to waive such objection and to close the transaction in accordance with the terms of this Agreement; or (ii) to terminate this Agreement, in which event the ▇▇▇▇▇▇▇ Money shall be promptly refunded to Purchaser by Escrow Agent, and neither party shall have any further rights or obligations hereunder except those which expressly survive termination of this Agreement.

Failure to Correct Title Objections. If the Seller fails to satisfy or correct any Title Objection known to the Purchaser on or prior to the Effective Date, the Purchaser shall by written notice to the Seller elect one of the following: 5.2.1. To waive such Title Objection and to close the transaction in accordance with the terms of this Agreement; nothing contained in this section shall waive or terminate the obligations of the Seller with respect to the removal of certain Title Objections set forth in the preceding section. 5.2.2. For Title Objections for which the Seller is not obligated to remove as provided in Section 5.1, the Purchaser may terminate this Agreement and to receive a complete refund of all Earnest Money, in which event ▇▇▇▇▇▇r the Seller nor the Purchaser shall have any further rights, duties or obligations under this Agreement. 5.2.3. The Purchaser shall have the right to offset from the Purchase Price such amounts as are necessary in order to cause the removal of any taxes, liens, judgments, or monetary encumbrances affecting the Land which the Seller is obligated to terminate and satisfy and remove pursuant to the provisions of Section 5.1. 5.2.4. The matters set forth on Schedule B Section 2 of the Owner's Title Insurance Policy delivered to Purchaser at Closing shall be deemed accepted by Purchaser. 5.2.5. Any monetary encumbrance, judgment, lien, lis pendens or other monetary matter affecting title to the Property and not known to the Purchaser on the Effective Date shall be subject to the warranty of title contained in the closing document and other representations and warranties contained herein.

Failure to Correct Title Objections. IN the event Seller has not terminated this Agreement pursuant to Subsection 5.1, and fails to satisfy or correct any Title Objection of which it was notified pursuant to Subsection 5.1, on or before the Closing Date, then the Closing Date shall be extended for a period not to exceed forty-five (45) days to allow Seller to cure such Title Objection; provided, however, that in no event shall Seller be required to expend more than Ten Thousand Dollars ($10,000) to satisfy or correct Title Objections. In the event the cost to satisfy or correct Title Objections is expected to exceed Ten Thousand Dollars ($10,000), Seller shall, on or before the Closing Date, have the right to terminate this Agreement, whereupon the Earn▇▇▇ ▇▇▇ey, to the extent paid, shall be immediately paid over and refunded to Purchaser and this Agreement shall be of no further force and effect, and the parties hereto shall have no further rights, duties or obligations hereunder.

Failure to Correct Title Objections. If the Seller fails to satisfy or correct any Title Objection known to the Purchaser on or prior to Closing, the Purchaser shall by written notice to the Seller elect one of the following: 5.2.1. To waive such Title Objection and to close the transaction in accordance with the terms of this Agreement; nothing contained in this Section shall waive or terminate the obligations of the Seller with respect to the removal of certain Title Objections set forth in the preceding Section. 5.2.2. For Title Objections which the Seller is not obligated to remove as provided in Section 5.1, the Purchaser may terminate this Agreement and receive a complete refund of all ▇▇▇▇▇▇▇ Money, in which event neither the Seller nor the Purchaser shall have any further rights, duties or obligations under this Agreement except as otherwise provided herein. 5.2.3. The matters set forth on Schedule B Section 2 of the Owner's Title Insurance Policy delivered to Purchaser at Closing shall be deemed accepted by Purchaser. 5.2.4. Any monetary encumbrance, judgment, lien, lis pendens or other monetary matter affecting title to the Property and not known to the Purchaser on the Effective Date shall be subject to the warranty of title contained in the closing documents and other representations and warranties contained herein.

Failure to Correct Title Objections. If Seller fails to satisfy or correct, prior to the end of the Inspection Period, any Title Objection, then Purchaser shall elect one of the following by written notice to Seller prior to the end of the Inspection Period: (i) To waive such Title Objection(s) and to close the purchase within fifteen (15) days following the expiration of the Inspection Period, in accordance with the terms of this Agreement; or (ii) To terminate this Agreement and to receive a complete refund of all Earnest Money then remaining, in which eve▇▇ ▇▇▇▇her Seller nor Purchaser shall have any further rights, duties or obligations under this Agreement, except as otherwise provided herein.