TITLE AND EXAMINATION. As quickly as reasonably possible after Final Acceptance Date of this Purchase Agreement: DRAFT: Non-Executable
TITLE AND EXAMINATION. Seller, at Seller’s expense, shall furnish an abstract of title, or a registered property abstract, certified to date. If, after examination, Seller’s title is not insurable or free of defects and cannot be made so within sixty (60) days after notice containing a written statement of defects is delivered to Seller, then said xxxxxxx money shall be refunded to Buyer, and Buyer and Seller agree to sign a Cancellation of Purchase Agreement. However, Buyer may waive defects and elect to purchase. Buyer, at Buyer’s option, agrees to accept an Owner’s Title Policy in the full amount of the purchase price in lieu of an abstract of title if the property is subject to a master abstract or if no abstract of title is in Seller’s possession or control. If Buyer is to receive such policy, Seller shall pay the entire premium for such policy if no lender’s policy is obtained, and only the additional cost of obtaining a simultaneously issued owner’s policy if a lender’s policy is obtained. Buyer shall pay the premium for the lender’s policy. SELLER WARRANTS:
TITLE AND EXAMINATION. Seller, at Seller’s expense, shall furnish an abstract of title, or a registered property abstract, certified to date to include proper searches covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments. If, after examination, Seller’s title is not insurable or free of defects and cannot be made so within sixty (60) days after notice containing a written statement of defects is delivered to Seller, then said xxxxxxx money shall be refunded to Buyer, and Buyer and Seller agree to sign a Cancellation of Purchase Agreement. However, Buyer may waive defects and elect to purchase. Buyer, at Buyer’s option, agrees to accept an Owner’s Title Policy in the full amount of the purchase price in lieu of an abstract of title if the property is subject to a master abstract or if no abstract of title is in Seller’s possession or control. If Buyer is to receive such policy, Seller shall pay the entire premium for such policy if no lender’s policy is obtained, and only the additional cost of obtaining a simultaneously issued owner’s policy if a lender’s policy is obtained. Buyer shall pay the premium for the lender’s policy. SELLER WARRANTS:
TITLE AND EXAMINATION. Seller shall, within twenty (20) days after Buyer’s written request stating it’s intended Closing Date, furnish a title commitment from Chicago Title Insurance Corp., certified to date to include proper searches covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments, in the full amount of the purchase price. Buyer shall be allowed 10 days after receipt of the title commitment for examination of title and making any objections, which shall be made in writing or deemed waived. If any objection is so made, Seller shall have twenty (20) days to notify Buyer of Seller’s intention to cure such objections within thirty (30) days from Seller’s receipt of such written objection. If notice is given, the Date of Closing shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to Buyer the parties shall perform this Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, this Purchase Agreement may be terminated by Buyer. In such event, neither party shall be liable for damages hereunder to the other, the Xxxxxxx Money shall be refunded to Buyer, and Buyer and Seller agree to sign a cancellation of Purchase Agreement.
TITLE AND EXAMINATION. Sellers shall, within a reasonable time after acceptance of this agreement furnish an Abstract of Title or a Registered Property Abstract, certified to date to include proper searches covering bankruptcies, state and federal judgments and liens. Buyers shall be allowed fifteen (15) business days after receipt for examination of title and making any objections, which shall be made in writing or deemed waived. If any objection is so made, Sellers shall be allowed 120 days to make title marketable. Pending correction of title, payments hereunder required shall be postponed but upon correction of title and within fifteen (15) days after written notice to Buyers, the parties shall perform this agreement according to its terms. If title is not corrected within 120 days from the date of written objection, this agreement shall be null and void, at option of Buyers, neither party shall be liable for damages hereunder to the other, and xxxxxxx money shall be refunded to Buyers.
TITLE AND EXAMINATION. Seller shall promptly arrange for and shall promptly provide Buyer with a title commitment to the Property issued by the Title Company. Seller shall use commercially reasonable efforts to deliver such title commitment to Buyer no later than 30 days after the Effective Date or such other time period as agreed to by Xxxxx, in writing. Seller shall pay the entire cost of an underlying abstract update, if required by the Title Company, and the entire cost of a title commitment and owner’s title policy. If Xxxxx’s lender requires a lender’s title insurance policy, Buyer shall be solely responsible for the incremental cost thereof. If Seller(s)’s title is not insurable, marketable and free of defect, other than the permitted encumbrances set forth in Section 5(a) or such exceptions to title Buyer waives pursuant to this Section 5(b), and cannot be made so by the Closing Date, or, if after examination of the title commitment, Buyer determines that easements, restrictions, encumbrances or any other defects of title interfere with the Buyer’s intended use of the property, Buyer, at Buyer’s option, shall be authorized to terminate this Purchase Agreement and all Xxxxxxx Money shall be refunded to Buyer. Buyer shall notify Seller of Buyer’s objection to the title within fourteen (14) days following the date Seller delivers a title commitment to Buyer. Buyer may waive defects and proceed to Closing, at Xxxxx’s sole discretion. If Xxxxx does not object to the title defects in a writing delivered to Seller within the time period described herein, Buyer shall be deemed to have waived its right to so object. Seller shall have until the Closing Date to eliminate any title objections identified in writing by the Buyer to the satisfaction of the Buyer in such a manner as to delete title defects from the final standard owner’s policy of title insurance, it being agreed that the Seller is not obligated or required to undertake any cure of any title objections identified by the Buyer; however, if Seller determines not to attempt to cure any title defects, Seller shall so advise Buyer within seven (7) days of the date Seller receives Xxxxx’s written notice of the title defects. If Seller shall in fact eliminate any and all title objections identified in writing by the Buyer, the Closing shall take place on the Closing Date, subject to the Buyer’s right to terminate as provided for in Section 9 of this Purchase Agreement. If Seller does not eliminate title objections identified b...
TITLE AND EXAMINATION. Within five (5) days from the Effective Date, Donor will order a title commitment for a: (a) title insurance policy (the “Title Commitment”), or (b) a title report or opinion of title (the “Title Opinion”) and provide a copy to Donee upon request or on the Closing Date. Donor will provide marketable title to the Property, which shall be acceptable to Donee in its absolute discretion and as a condition and contingency to Donee’s obligation to accept the Property under this Agreement.
