Preliminary Title Report. Purchaser, at Purchaser’s sole cost and expense, shall cause the Title Company to issue and deliver to Purchaser a title commitment, update or abstract issued by the Title Company, accompanied by a legible copy of all recorded documents affecting the title to the Property and which would constitute encumbrances, restrictions, reservations or easements against the Property at the Closing (collectively, the “Title Commitment”). Within twenty (20) days after the Effective Date, Purchaser shall deliver written notice to Seller if the condition of title to the Property as set forth in Title Commitment [***] described in Section 2.02 below is not satisfactory to Purchaser (such notice being called the “Objection Notice”). Within seven (7) days of Seller’s receipt of the Objection Notice, Seller shall respond to Purchaser in writing (the “Seller’s Reply”) whether or not Seller will attempt to or can cure the unsatisfactory conditions to title. If Seller agrees to cure the unsatisfactory condition of title, such cure shall occur, if possible, prior to the Closing Date. However, if Seller is unwilling or unable to cure Purchaser’s objections as indicated in Seller’s Reply, then Purchaser, within seven (7) days of the receipt of Seller’s Reply, may elect to either (a) terminate this Agreement and receive a refund of the Escrow Deposit, or (b) proceed with the Closing without any reduction in the Purchase Price.
Appears in 5 contracts
Samples: Agreement of Purchase and Sale (Postal Realty Trust, Inc.), Agreement of Purchase and Sale (Postal Realty Trust, Inc.), Agreement of Purchase and Sale (Postal Realty Trust, Inc.)
