No Gap Exceptions Clause Samples

No Gap Exceptions. Prior to recording the Deed and distributing funds to SELLER, the Title Company shall update the title search that was conducted at the issuance of the Title Commitment. If the Title Company identifies any documents appearing in the public record subsequent to the effective date of the Title Commitment that Title Company would list as exceptions to BUYER’s Title Policy, the Title Company shall immediately notify the Parties and suspend Closing. Closing shall proceed only if the Title Company will issue the BUYER’s Title Policy as set forth herein. BUYER and SELLER acknowledge and agree that satisfaction of the requirements of this section is a condition precedent to Closing, that there shall be no gap title exceptions in the Title Commitment or BUYER’s Title Policy, and that the Title Company shall hold in Escrow, and will not disburse, funds deposited by BUYER and due to SELLER at Closing until the requirements of this section are satisfied.