Common use of Title Work Clause in Contracts

Title Work. The DDA shall provide, at its expense, an owner’s policy of title insurance in the amount of the purchase price of $500,000 for the South 303 Abbot Parcel and $10,000 for the North 303 Abbot Parcel. Upon the execution of this Agreement, the Developer shall order, on the DDA’s behalf, a commitment for an owner’s policy of title insurance for the South 303 Abbot Parcel and the North 303 Abbot Parcel from a mutually agreeable title company (the “Title Company”). Upon receipt of said commitment, the Developer and the City shall notify the DDA of any objections to the condition of the title, including any conditions reflected in the commitment which render title unmarketable, and, thereafter, the DDA shall have thirty (30) days to cure same. If the Developer’s objections to the condition of the title are not cured, the Developer or the City may either: (a) terminate this Land Transfer Agreement as to the South 303 Abbot Parcel; or (b) waive the objections (the “Permitted Exceptions”) and close the transaction. If the Developer terminates the Land Transfer Agreement as to the South 303 Abbot Parcel, the Land Transfer Agreement as to the North 303 Abbot Parcel also terminates automatically.