Common use of Failure of Title Clause in Contracts

Failure of Title. If title is not marketable or not insurable, as required in this Section, and despite Seller’s payment of monetary encumbrances (including, but not limited to, assessments such as GFC’s, CFR;s, ULID’s, RID’s, etc.) and best efforts to correct title defects prior to Closing, then Purchaser’s sole election shall be to either waive such defects, or to terminate this Agreement and receive a refund of the xxxxxxx money. Nothing in this provision shall diminish or affect any covenants or warranties given in any deed or other conveyance at Closing.

Failure of Title. If title is not marketable or not insurable, as required in this Section, and despite Seller’s payment of monetary encumbrances (including, but not limited to, assessments such as GFC’s, CFR;s, ULIDXXXX’s, RID’s, etc.) and best efforts to correct title defects prior to Closing, then Purchaser’s sole election shall be to either waive such defects, or to terminate this Agreement and receive a refund of the xxxxxxx money. Nothing in this provision shall diminish or affect any covenants or warranties given in any deed or other conveyance at Closing.