Common use of Title Work Clause in Contracts

Title Work. Within twenty (20) days after completion of the appraisals described in section 15.5, Lessor shall furnish to Lessee, at ▇▇▇▇▇▇’s expense, a current commitment for an owner’s title insurance policy on the Property in the amount of the Option Price, with copies of instruments (or abstracts on instruments) listed in the schedule of exceptions in the title commitment. This requirement pertains only to instruments shown of record in the office of the clerk and recorder of Mesa County. At closing, Lessee will pay the premium for issuance of the owner’s policy based upon the commitment. A. If ▇▇▇▇▇▇ does not receive written notice signed by ▇▇▇▇▇▇ of unmerchantability of title or any other unsatisfactory title condition as shown by the commitment (or any endorsement adding new exceptions to the title commitment, with a copy of the document adding the new exception to title) within ten (10) calendar days after receipt of the title documents by ▇▇▇▇▇▇, ▇▇▇▇▇▇ shall be deemed to have accepted as satisfactory the condition of the title to the Property as disclosed by the commitment or endorsement(s). B. If Lessor receives timely notice of unmerchantability of title or unsatisfactory title conditions(s), Lessor shall use reasonable effort to correct the unsatisfactory title condition(s) relative to the Property. If Lessor fails to correct any unsatisfactory title conditions(s) described in a timely notice from Lessee on or before thirty (30) days prior to the closing date, ▇▇▇▇▇▇’s sole remedy shall be to terminate the Option by written notice signed by the Lessee and received by Lessor on or before fifteen (15) days prior to the closing date. C. If Lessor does not receive ▇▇▇▇▇▇’s notice of termination by that date, Lessee shall be deemed to have waived objection to the unsatisfactory title condition(s) which is the subject of a timely notice from the Lessee and to have accepted title to the Premises subject to the unsatisfactory title condition. D. If Lessor timely receives Lessee’s notice of termination as specified above, the Option shall immediately terminate without further notice or action by any party, which shall be Lessee’s sole remedy; provided, if the Option terminates pursuant to this provision, Lessee shall have an additional fifteen (15) days in which to exercise the option to renew this Lease, described in section 2.4 of the Lease, if applicable, notwithstanding the time limits stated in said section.

Title Work. Within twenty (20) days after completion of the appraisals described in section 15.5, Lessor shall furnish to Lessee, at ▇▇▇▇▇▇’s expense, a current commitment for an owner’s title insurance policy on the Property in the amount of the Option Price, with copies of instruments (or abstracts on instruments) listed in the schedule of exceptions in the title commitment. This requirement pertains only to instruments shown of record in the office of the clerk and recorder of Mesa County. At closing, Lessee will pay the premium for issuance of the owner’s policy based upon the commitment. A. If ▇▇▇▇▇▇ Lessor does not receive written notice signed by ▇▇▇▇▇▇ of unmerchantability of title or any other unsatisfactory title condition as shown by the commitment (or any endorsement adding new exceptions to the title commitment, with a copy of the document adding the new exception to title) within ten (10) calendar days after receipt of the title documents by ▇▇▇▇▇▇, ▇▇▇▇▇▇ Lessee shall be deemed to have accepted as satisfactory the condition of the title to the Property as disclosed by the commitment or endorsement(s). B. If Lessor receives timely notice of unmerchantability of title or unsatisfactory title conditions(s), Lessor shall use reasonable effort to correct the unsatisfactory title condition(s) relative to the Property. If Lessor fails to correct any unsatisfactory title conditions(s) described in a timely notice from Lessee on or before thirty (30) days prior to the closing date, ▇▇▇▇▇▇’s sole remedy shall be to terminate the Option by written notice signed by the Lessee and received by Lessor on or before fifteen (15) days prior to the closing date. C. If Lessor does not receive ▇▇▇▇▇▇’s notice of termination by that date, Lessee shall be deemed to have waived objection to the unsatisfactory title condition(s) which is the subject of a timely notice from the Lessee and to have accepted title to the Premises subject to the unsatisfactory title condition. D. If Lessor timely receives Lessee’s notice of termination as specified above, the Option shall immediately terminate without further notice or action by any party, which shall be Lessee’s sole remedy; provided, if the Option terminates pursuant to this provision, Lessee shall have an additional fifteen (15) days in which to exercise the option to renew this Lease, described in section 2.4 of the Lease, if applicable, notwithstanding the time limits stated in said section.