Common use of Defects in Title Clause in Contracts

Defects in Title. If the title insurance commitment or Survey furnished pursuant to this Agreement discloses any defects in title which are not acceptable to Buyer, Seller shall, within 90 days after notice from Buyer, remove said defects in title. ▇▇▇▇▇▇ agrees to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of necessary suits. Defects arising from liens against the Property shall be satisfied at closing from Seller's proceeds. If Seller is unsuccessful in removing the title defects within said time, Buyer shall have the option to either: (a) accept the title as it then is with a reduction in the Purchase Price by an amount determined by DSL, (b) accept the title as it then is with no reduction in the Purchase Price, (c) extend the amount of ▇▇▇▇ ▇▇▇▇▇▇ has to remove the defects in title, (d) cut out the affected portion of the Property and reduce the Purchase Price by an amount equal to the product of the Purchase Price per acre for the acres being cut out, multiplied by the acreage cut out, or (e) terminate this Agreement, thereupon releasing Buyer and Seller from all further obligations under this Agreement. If Seller fails to make a diligent effort to remove the title defects, Seller shall be in default and the provisions of paragraph 17 of this Agreement shall apply.

Defects in Title. If the title insurance commitment or Survey furnished pursuant to this Agreement discloses any defects in title which are not acceptable to Buyer, Seller shall, within 90 days after notice from Buyer, remove said defects in title. ▇▇▇▇▇▇ agrees to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of provided, however, Seller shall not be required to bring any lawsuits necessary suitsto correct defects in title. Defects arising from liens against the Property shall be satisfied at closing from Seller's proceeds. If Seller is unsuccessful in removing the title defects within said time, Buyer shall have the option to either: (a) accept the title as it then is with a reduction in the Purchase Price by an amount determined mutually agreed upon by DSLthe parties, (b) accept the title as it then is with no reduction in the Purchase Price, (c) extend the amount of ▇▇▇▇ ▇▇▇▇▇▇ has to remove the defects in title, (d) cut out the affected portion of the Property and reduce the Purchase Price by an amount equal to the product of the Purchase Price per acre for the acres being cut out, multiplied by the acreage cut out, or (e) terminate this Agreement, thereupon releasing Buyer and Seller from all further obligations under this Agreement. If Seller fails to make a diligent effort to remove the title defects, Seller shall be in default and the provisions of paragraph 17 of this Agreement shall apply.

Defects in Title. If the title insurance commitment or Survey ---------------- furnished to Purchaser pursuant to this Agreement discloses any defects in title which are not acceptable to BuyerPurchaser, Seller shall, within 90 days after notice from BuyerPurchaser, remove said defects in title. ▇▇▇▇▇▇ Seller agrees to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of necessary suits, but in no event shall Seller be obligated to spend more than $100,000 to cure or remove such defects. Defects arising from liens against However, should the Property cost to cure or remove such defects in title exceed $100,000, Seller may elect to terminate this Agreement and neither party shall be satisfied at closing from Seller's proceedshave any further obligations under this Agreement. If Seller is unsuccessful in removing the title defects within said time, Buyer time Purchaser shall have the option to either: (a) accept the title as it then is with a reduction in the Purchase Price by an amount determined mutually agreed to by DSLthe parties, (b) accept the title as it then is with no reduction in the Purchase Price, (c) extend the amount of ▇▇▇▇ ▇▇▇▇▇▇ time that Seller has to remove cure the defects in title, or (d) cut out the affected portion of the Property and reduce the Purchase Price by an amount equal to the product of the Purchase Price per acre for the acres being cut out, multiplied by the acreage cut out, or (e) terminate this Agreement, thereupon releasing Buyer Purchaser and Seller from all further obligations under this Agreement. If Seller fails to make a diligent effort to remove the title defects, Seller shall be in default and the provisions of paragraph 17 17. of this Agreement shall apply.