Common use of Vendee's Lien Clause in Contracts

Vendee's Lien. (a) In case of default by Seller, the Deposit then being held by Escrow Agent and the "net cost of title examination" are hereby made liens upon the Premises but such liens shall not continue after default by Purchaser hereunder. The term "net cost of title examination" is defined for purposes of this Contract as the expense actually incurred by Purchaser for title examination, without issuance of policy, plus the cost, if any, incurred by Purchaser in updating any survey referred to in Schedule B. (b) If Seller shall have performed its obligations under Article 18 of this Contract, but nevertheless, for any reason whatsoever (other than as a result of a default by Sellerwith respect to which Purchaser shall have the remedies set forth in Article 26 hereof), Seller shall be unable to convey title to the Premises subject to and in accordance with the terms of this Contract and Purchaser shall not have elected to accept such title as Seller shall be able to convey as provided in Section 18 (e) above, the sole obligation of Seller shall be to refund the Deposit then being held by Escrow Agent and to reimburse Purchaser for the net cost of title examination, and upon the making of such refund and reimbursement, this Contract shall become void and of no further force or effect, neither party hereto shall have any further claim against the other by reason of this Contract and the lien, if any, of Purchaser against the Premises, individually and collectively, shall wholly cease.

Vendee's Lien. (a) In case of default by Seller, the Deposit (and the Additional Deposit, if applicable) then being held by Escrow Agent and the "net cost of title examination" are hereby made liens upon the Premises but such liens shall not continue after default termination of this Contract by Purchaser hereunderreason of Purchaser's default. The term "net cost of title examination" is defined for purposes of this Contract as the expense actually incurred by Purchaser for title examination, without issuance of policy, plus the cost, if any, incurred by Purchaser in updating any survey referred to in Schedule B.Schedules B-1 and B-2. (b) If Seller shall have performed its obligations under Article 18 of this Contract, but nevertheless, for any reason whatsoever (other than as a result of a default by Sellerwith respect to which Purchaser shall have the remedies set forth in Article 26 hereof), Seller shall be unable to convey title to both of the Premises Properties subject to and in accordance with the terms of this Contract and Purchaser shall not have elected to accept such title as Seller shall be able to convey as provided in Contract, including without limitation Seller's obligation under Section 18 (e18(a) above, and Purchaser elects not to accept the title to both Properties that Seller can convey, then the sole obligation of Seller shall be to refund the Deposit (and the Additional Deposit, if applicable) and to return the Promissory Note (and the Additional Promissory Note, if applicable) then being held by Escrow Agent and to reimburse Purchaser for the net cost of title examination, and upon the making of such refund and reimbursement, this Contract shall become void and of no further force or effect, neither party hereto shall have any further claim against the other by reason of this Contract and the lien, if any, of Purchaser against the PremisesProperties, individually and collectively, shall wholly cease; it being understood and agreed that Purchaser has hereby obligated itself to purchase both of the Properties and shall not have the right to buy one of the Properties without purchasing the other, whatever the reason for Purchaser's failure to buy one of the Properties.