Title Exceptions. If the title commitment discloses exceptions relating to title other than: (1) those referred to above and (2) liens and encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing and which SELLER may remove at the time of closing by using the funds to be paid upon delivery of the deed, SELLER shall have thirty (30) days from the date of the title commitment to have those exceptions removed from the commitment or have the title insurance company commit to insure against loss or damage that may be occasioned by such exceptions. If SELLER fails to have those exceptions removed or insured over within that time, BUYER may terminate this Agreement or may elect, upon notice to SELLER within ten (10) days after the expiration of the thirty (30) day period, to take title as it then is with the right to deduct from the purchase price, liens or encumbrances of a definite or ascertainable amount. If BUYER does not so elect, this Agreement shall become null and void without further notice to the parties, and all moneys heretofore paid by BUYER shall be refunded to BUYER.
Appears in 5 contracts
