Common use of Title Clearance Clause in Contracts

Title Clearance. (A) Buyer shall obtain at its own cost and expense any survey, title commitments, title search, title opinion or title insurance policy which it deems necessary or which may be required, and Buyer shall notify Seller within twenty (20) days from receipt of the title commitment or the survey of any defect or condition ("Objection") affecting marketability or insurability. Seller shall have thirty (30) days from the notice of such objection to cure the same at its own cost and expense, and the above Closing date shall be adjusted accordingly. Buyer's failure to so notify Seller of any Objection shall constitute an acceptance of Seller's title. Buyer shall have twenty (20) days from receipt of a title endorsement or revised survey to notify Seller of Objections as provided above or its rights hereunder are waived. (B) If Seller is unwilling or if, after reasonable effort, Seller is unable to cure any objection as above provided, Seller shall so notify Buyer within 30 days from the date Seller is notified, in writing, by Buyer of any Objection, and Buyer at its election may terminate this Agreement or take title subject to any Objection with or without any abatement in the purchase price as negotiated and mutually agreed to by Buyer and Seller. In the event of Buyer's termination, Seller shall return to the Buyer the above Deposit with interest, which Buyer shall accept in full satisfaction of any and all claims under or related to this Agreement.

Title Clearance. (A) Buyer shall obtain at its own cost and expense any survey, title commitments, title search, title opinion or title insurance policy which it deems necessary or which may be required, and Buyer shall notify Seller within twenty (20) days from receipt of the title commitment or the survey of any defect or condition ("Objection") affecting marketability or insurability. Seller shall have thirty (30) days from the notice of such objection to cure the same at its own cost and expense, and the above Closing date shall be adjusted accordingly. Buyer's failure to so notify Seller of any Objection shall constitute an acceptance of Seller's title. Buyer shall have twenty (20) days from receipt of a title endorsement or revised survey to notify Seller of Objections as provided above or its rights hereunder are waived.. 4 (B) If Seller is unwilling or if, after reasonable effort, Seller is unable to cure any objection as above provided, Seller shall so notify Buyer within 30 days from the date Seller is notified, in writing, by Buyer of any Objection, and Buyer at its election may terminate this Agreement or take title subject to any Objection with or without any abatement in the purchase price as negotiated and mutually agreed to by Buyer and Seller. In the event of Buyer's termination, Seller shall return to the Buyer the above Deposit with interest, which Buyer shall accept in full satisfaction of any and all claims under or related to this Agreement. 5.