Title Commitment Review Clause Samples

Title Commitment Review. Within ten (10) business days from the Effective Date, Seller shall, at Buyers’ sole cost and expense, furnish to Buyers a current commitment (“Title Commitment”) for the issuance of an owner’s policy of title insurance in the amount of the Purchase Price to Buyers from the Title Company, together with good and legible copies of all documents constituting exceptions to Seller’s title. Buyers shall have a period equal to the Inspection Period in which to review such items and to deliver to Seller in writing such objections as Buyers may have to anything contained or set forth in the Title Commitment. Any items to which Buyers do not object within the Inspection Period shall be deemed to be “Permitted Exceptions.” As to items to which Buyers make objections, Seller shall have the right, but not the obligation, to attempt to effectuate the cure of such objections. In the event Seller is not able to cure such matters prior to Closing, Buyers shall have the right to either (i) terminate this Agreement, in which event neither party hereto shall have any further obligations hereunder, or (ii) waive such title matters and proceed to Closing, whereupon such waived title matters shall also be deemed Permitted Exceptions. In the event Buyers terminate this Agreement pursuant to the provisions of this Section, the ▇▇▇▇▇▇▇ Money Deposit shall be returned to Buyers. If, following the title review period, any new title matters are reflected in an update to the Title Commitment, then at Buyers’ sole option, Buyers may approve such new title matter as an additional Permitted Exception, or Buyers may object to such new title matter. If Buyers object to a new title matter, then the provisions for Seller cure and the provisions for Buyers’ remedies in the event Seller is not able to cure, as set forth in the preceding paragraph, shall apply to such new title matter.