Common use of Title Report; Unacceptable Exceptions Clause in Contracts

Title Report; Unacceptable Exceptions. Within ten (10) days after the Effective Date, Buyer shall obtain from the Title Company a preliminary title report on the Property, along with legible copies of all plats and exceptions documents referenced in such report (the “Title Report”). Buyer will have fifteen (15) days following the later of (i) the Effective Date or (ii) Xxxxx’s receipt of the Title Report to review the Title Report and give Seller written notice of the exceptions listed in the Title Report that are unacceptable to Buyer (the “Unacceptable Exceptions”). Mortgages, delinquent taxes, or other financial obligations secured by the Property are automatically deemed Unacceptable Exceptions. If Buyer notifies Seller of its objection to any Unacceptable Exceptions, Seller will thereafter have fifteen (15) days to provide Buyer written notice stating whether Seller will (at Seller’s sole cost and expense) cause such exceptions to be removed from the Title Policy issued to Buyer at Closing. If Xxxxxx refuses to remove any of the Unacceptable Exceptions and Buyer is not then satisfied with the condition of title, Buyer may elect to terminate this Agreement, in which event the Xxxxxxx Money shall be returned to Buyer.

Title Report; Unacceptable Exceptions. Within ten fifteen (1015) days after the Effective Date, Buyer the City shall obtain order from the Title Company a preliminary title report on the Property, along with legible copies of all plats and exceptions documents referenced in such report (the “Title Report”). Buyer The City will have fifteen forty-five (1545) days following the later of (i) the Effective Date or (ii) Xxxxxthe City’s receipt of the Title Report to review the Title Report and give Seller written notice of the exceptions listed in the Title Report that are unacceptable to Buyer the City (the “Unacceptable Exceptions”). Mortgages, delinquent taxes, or other financial obligations secured by the Property are automatically deemed Unacceptable Exceptions. If Buyer the City notifies Seller of its objection to any Unacceptable Exceptions, Seller will thereafter have fifteen (15) days to provide Buyer the City written notice stating whether Seller will (at Seller’s sole cost and expense) cause such exceptions to be removed from the Title Policy issued to Buyer the City at Closing. If Xxxxxx Seller refuses to remove any of the Unacceptable Exceptions and Buyer the City is not then satisfied with the condition of title, Buyer the City may elect to terminate this Agreement, in which event the Xxxxxxx Money shall be returned to Buyerthe City.