Common use of Abstract of Title Clause in Contracts

Abstract of Title. Seller shall promptly prepare and continue an abstract of title to the Property and deliver it to Buyer for examination. Seller shall pay for the cost associated with the updating of the abstract. The abstract of title shall show merchantable title in Seller to the Property in conformity with this Agreement, the Land Title Law of the State of Iowa and the Iowa Land Title Standards of the Iowa State Bar Association. Upon Closing, the abstract of title to the Property shall become the property of Buyer. Sellers shall pay all costs for any additional abstracting and/or title work due to any act or omission of Sellers. ▇▇▇▇▇ should deliver to Seller a copy of the title opinion of ▇▇▇▇▇’s counsel, and Seller shall have a reasonable time thereafter, not to exceed the greater of until the scheduled closing or thirty (30) days, to correct any title objections. If Seller shall fail to have such objections removed prior to closing, Buyer may, at its sole discretion, either (i) terminate this Agreement without liability on its part, and in which event it shall receive a refund of its ▇▇▇▇▇▇▇ Money; (ii) if the objections or judgments or the acquisitions of others’ interest in the Property which may be removed by the expenditure of sums of money, take title to the Property, discharge such objections, and receive a credit against the Purchase Price for the amounts so expended; or (iii) take title subject to such objections. At closing, the abstract(s) of title shall become the property of Buyer. Seller shall pay the costs of any additional abstracting and title work due to any act or omission of Seller, including transfer by Seller or the death of ▇▇▇▇▇▇’s grantor or Seller’s successors or assigns, if any. Any title matters not objected to by Buyer shall be deemed “Permitted Exceptions.”