TITLE CONTINGENCY. Except as stated in paragraph 4. If title is not merchantable or otherwise recordable and written notice of such defect is given by buyer to seller within the time herein provided for delivery of deed and shall not be rendered merchantable by the date of closing, this contract at buyers option may be declared void and of no effect, and each party hereto shall be released from all obligations hereunder and the payment made hereunder shall thereupon be returned to buyer. Taxes/assessments. All real estate taxes and other known assessments, if any, for the year of closing shall be prorated as of the closing date, using for such purpose the rate and valuation shown on the latest available tax assessment information from the Sheridan county assessors office.
Appears in 2 contracts
Sources: Purchase Agreement, Purchase Agreement