Common use of Title Binder Clause in Contracts

Title Binder. (i) Not later than twenty (20) days after the execution of this Agreement, Buyer shall obtain at Shareholder's expense a title insurance binder (ALTA Form B) issued by a company reasonably acceptable to Buyer, agreeing to insure title in the Property with respect to a fee simple interest in Corporation's present facility in an amount of not less than One Million Dollars ($1,000,000.00), together with copies of all exceptions to title. Other than taxes for the year 1997 and subsequent years, Buyer shall have the unqualified right to approve all exceptions and matters of title, which shall in all respects be satisfactory to Buyer. (ii) Within ten (10) days after receipt of the binder, Buyer's counsel shall notify Corporation's counsel in writing of any matters in the binder which are unacceptable. Corporation shall then have twenty(20) days to cure defects or otherwise satisfy Buyer's concerns or to notify Buyer that the alleged defects cannot be cured by the exercise of reasonable diligence and/or the expenditure of not more than $100,000.00. If Corporation so notifies Buyer, Buyer shall have ten (10) days to cancel this Agreement and receive a refund of the ▇▇▇▇▇▇▇ money deposit and all accrued interest or to waive the alleged defects and close.

Title Binder. (i) Not later than twenty (20) days after the execution of this Agreement, Buyer Seller shall obtain at ShareholderSeller's expense a leasehold title insurance binder (ALTA Form FORM B) issued by a company reasonably acceptable to Buyer, agreeing to insure title in the Property Corporation with respect to a fee simple leasehold interest in CorporationSeller's present facility (the "Property") in an amount of not less than One Million Dollars ($1,000,000.00), 5,500.000.00 together with copies of all exceptions to title. Other than taxes for the year 1997 and subsequent years, Buyer shall have the unqualified right to approve all exceptions and matters of title, which shall in all respects be satisfactory to Buyer. (ii) Within ten (10) days after receipt of the binderreceipt, Buyer's counsel shall notify CorporationSeller's counsel in writing of any matters in the binder which are unacceptable. Corporation Seller shall then have twenty(20twenty (20) days to cure defects or otherwise satisfy Buyer's concerns or to notify Buyer that the alleged defects cannot be cured by the exercise of reasonable diligence and/or the expenditure of not more than $100,000.00. If Corporation Seller so notifies Buyer, Buyer shall have ten (10) days to cancel this Agreement and receive a refund of the ▇▇▇▇▇▇▇ earnest money deposit and all accrued interest or to waive the alleged ▇▇▇ ▇▇▇eged defects and close.