Common use of TITLE CONTINGENCY Clause in Contracts

TITLE CONTINGENCY. ▇▇▇▇▇ IS ENCOURAGED TO SECURE AND REVIEW A TITLE REPORT ON THE PROPERTY (the “Title Report”) and ▇▇▇▇▇ agrees that Platinum Title Partners ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (“Title Company”), is to provide that information and will conduct the Closing of this transaction. Should the Title Report reflect that the Property is subject to exceptions that are not a Permitted Exceptions, as defined in Paragraph 11 of this Contract, Buyer shall, within ten (10) business days from the date the Title Company receives and opens the order notify Seller, who in turn shall have sixty (60) days from the receipt of Buyer’s written notification to correct any title matter. Buyer’s failure to notify Seller within the required time shall constitute a waiver of any such exceptions to title as reflected in the Title Report. In responding to Buyer’s notification of a title exception, Seller shall not be required to incur any expense incident to its curative efforts. If a defect in title cannot be corrected within the time period provided, or Seller chooses not to incur any expense to cure the title matter, the ▇▇▇▇▇▇▇ Money (plus any prepayments for upgrades and options) shall be returned and this Contract canceled, unless ▇▇▇▇▇ accepts title to the Property subject to the exceptions identified.