Commitment for Title Insurance Objections Sample Clauses

Commitment for Title Insurance Objections. Seller shall deliver a Commitment for Title Insurance (“Commitment”) issued by the Title Company, together with true and legible copies of all items referred to as exceptions therein (“Exceptions”) within fifteen (15) Business Days following the Effective Date. The Commitment shall be dated not earlier than this Agreement, and shall show title to be vested in Seller. Purchaser shall have fifteen (15) Business Days after receipt of such Commitment and copies of the Exceptions in which to approve or disapprove the Commitment and the Exceptions. If Purchaser deems any Exceptions to be unacceptable, Purchaser shall, prior to the expiration of said fifteen (15) Business Day period, notify Seller in writing of such fact. If Purchaser shall fail to provide Seller written notice of any objection thereto (“Objection(s)”) prior to the expiration of such fifteen (15) Business Day period, Purchaser shall be deemed to have approved the Commitment and the Exceptions and shall have waived any Objections(s) it may have. Seller may, but shall not be obligated to, then undertake to eliminate or modify such Objection(s) to the satisfaction of Purchaser. Seller must notify Purchaser in writing within three (3) business days following the date upon which Seller receives Purchaser’s notice of Objection(s) as to whether Seller intends to attempt to cure such Objection(s). In the event Seller is unwilling or unable to eliminate or modify such Objection(s) to the satisfaction of Purchaser within twenty (20) Business Days after receipt of notice of such Objection(s), Purchaser may, at its option, (a) terminate this Agreement by written notice to Seller within five (5) Business days thereafter, in which event the ▇▇▇▇▇▇▇ Money and any interest earned thereon shall be returned to Purchaser or (b) accept title to the Property in the condition set forth in the Commitment. The failure of Purchaser to terminate the Agreement within such five (5) Business Day period shall be deemed an election by Purchaser to not so terminate.