CLEARING TITLE. If the Seller has existing financial charges to be cleared from title, the Seller, while still required to clear such charges, may wait to pay and discharge existing financial charges until immediately after receipt of the Purchase Price, but in this event, the Seller agrees that payment of the Purchase Price shall be made by the Buyer’s Lawyer or Notary to the Seller’s Lawyer or Notary, on the CBA Standard Undertakings to pay out and discharge the financial charges, and remit the balance, if any, to the Seller.
CLEARING TITLE. (a) Seller shall convey and Purchaser shall accept fee simple marketable title to the Premises in accordance with the terms of this Agreement, subject only to (i) the exceptions referred to in Section 1 and Schedule A, and (ii) the standard printed exceptions in the ALTA form of title insurance policy in use in the State of Connecticut. Nothing shall constitute an encumbrance, lien or exception to title for the purposes of this Agreement if the Standards of Title of the Connecticut Bar Association recommends that no corrective or curative action is necessary in circumstances substantially similar to those presented in the title to the Premises. Seller shall not be required to bring any action or proceeding or to incur any expense to cure any title defect.
(b) If examination of the title of the Premises shall reveal one or more defects which prevent Seller from conveying title in accordance with the terms of this Agreement, Purchaser shall, prior to the Closing Date, give Seller written notice of same. Within the period commencing on the date of such notice from Purchaser and ending on the Closing Date, Seller shall either (i) cure such defects, or (ii) notify Purchaser that Seller cannot or elects not to accomplish such cure. If Seller shall accomplish such cure within such period and shall be able to convey title in accordance with this Section 9.01, the Closing shall then occur. If Seller shall not accomplish same within such period, or if Seller gives to Purchaser the notice described in clause (ii) above, then Purchaser, within three days after the earlier of (1) the giving of Seller's notice to Purchaser as provided in clause 7 (ii) above, or (2) the expiration of such period, shall elect either (x) to accept a deed to the Premises conveying such title as Seller can give in accordance with all of the other provisions of this Agreement upon payment of the Purchase Price, or (y) to cancel and terminate this Agreement, in which event Purchaser shall be entitled to receive any expenses actually incurred by the Purchaser for examination of title to the Premises, not to exceed $300.00 in the aggregate. Upon such payment being made, this Agreement shall be terminated, and neither party shall have any further liability to the other hereunder.
CLEARING TITLE. Seller will be responsible for any costs related to updating the abstract for the Property and all costs associated with preparing and recording a Warranty Deed.
CLEARING TITLE. If the Vendor has existing financial charges to be cleared from title, the Vendor, while still required to clear such charges, may wait to pay and discharge existing financial charges until immediately after receipt of the Purchase Price, but in this event, the Vendor agrees that the payment of the Purchase Price shall be made by the Purchaser’s Solicitor to the Vendor’s Solicitor on the Canadian Bar Association (BC Branch) (Real Property Section) Standard Undertakings to pay out and discharge the financial charges, and remit the balance, if any to the Vendor.