Right to Cure Title Defect Clause Samples

Right to Cure Title Defect. Following receipt of notice of a Title Defect, the Sellers shall have the right within thirty (30) days after receipt of the notice of a Title Defect, to cure any such Title Defect; provided, however, that the Sellers shall be required to cure any and all Title Defects that are in excess of Twenty Thousand and 00/100 Dollars ($20,000) (“Material Title Defect”) or, in the alternative, permit Buyer to cure such Material Title Defect with such costs incurred by Buyer in curing such Material Title Defect being fully reimbursed to Buyer at the Closing. If, within the thirty (30) day period described in this Section 11.2, the Sellers do not cure or remove any Title Defect or Material Title Defect, or fail to permit a credit to Buyer at the Closing as so required, and Buyer does not waive any Title Defect or Material Title Defect by written notice to the Sellers, then the Sellers shall not be liable to Buyer for failure to cause the Title Policy to be issued as described herein and, as Buyer’s sole remedy for the Title Defect or the Material Title Defect, Buyer may elect, by written notice given to the Sellers and the Title Company within five (5) business days after expiration of the thirty (30)-day period, either: (a) to accept such Property subject to the Title Defect or the Material Title Defect, with no reduction in the Purchase Price and with the additional exception shown in the Title Policies; or (b) to terminate this Agreement, in which event the provisions of Article XIX below shall apply.

Right to Cure Title Defect. Remedies for Uncured Title Defects