Common use of Conditions to Close of Escrow Clause in Contracts

Conditions to Close of Escrow. The close of escrow and the obligation of the parties to purchase and sell the real property is expressly subject to the following conditions precedent: (a) The conveyance to Lessee of good and marketable title to the property, subject only to the exceptions to title referred to hereinabove, as evidenced by a standard form CLTA title insurance policy issued by Escrow Holder in the full amount of the purchase price. (b) Payment by Lessee to Lessor, through escrow, of the purchase price, either in cash or Lessee’s Promissory Note and Deed of Trust, at close of escrow. (c) The absence of any default by Lessee under the above Lease, or under this Option to Buy.