Common use of Examination of Title Clause in Contracts

Examination of Title. In addition to any encumbrances referred to herein, BUYER shall take title to the property subject to the Permitted Exceptions as hereinafter defined. Within twenty (20) days of the execution of this Agreement Buyer shall order from the Title Company at Buyer’s expense, a Title Commitment with an effective date no earlier than thirty (30) days prior to the date of this Agreement issued through the Title Company and setting forth the state of title to the Property and all exceptions to coverage which would appear in an owner’s policy of title insurance, if issued, together with copies of all instruments identified in the Title Commitment as exceptions to title. If on or before ten (10) days of receipt of the Title Commitment, Buyer determines that the status of title reflected in such Title Commitment is unacceptable for any reasonable objection, Buyer shall so notify Seller in writing specifying such objectionable matters. Seller shall have a period of thirty (30) days following the receipt of such notice from Buyer to cure such defect; provided, however, that Seller shall not be obligated to cure any such defects. If Seller is unable or elects not to cure such defects or provide an alternative Title Commitment within the thirty (30) day period, within twenty (20) days following the expiration of such period Buyer may either terminate this Agreement or, at its election, maintain this Agreement in effect with the right to take title subject to such defects not cured by Seller, without any deduction or adjustment in the Purchase Price. If Buyer fails to notify Seller within ten (10) days of receipt of the Title Commitment of any objectionable matters set forth in the Title Commitment, then all matters set forth in Schedule B-2 of the Title Commitment shall be the “Permitted Exceptions.” Also, any objectionable matters which Seller is unable or elects not to cure which are accepted by Buyer shall also be Permitted Exceptions.

Examination of Title. In addition The Title Commitment shall be issued by a Florida licensed title insurer agreeing to any encumbrances referred issue to hereinBUYER, BUYER shall take title to the property subject to the Permitted Exceptions as hereinafter defined. Within twenty (20) days upon recording of the execution of this Agreement Buyer shall order from the Title Company at Buyer’s expensedeed, a Title Commitment with an effective date no earlier than thirty (30) days prior to the date of this Agreement issued through the Title Company and setting forth the state of title to the Property and all exceptions to coverage which would appear in an owner’s policy of title insuranceinsurance in the amount of the Purchase Price, if issuedinsuring BUYER’s marketable title to the real property, together subject only to the matters contained in Paragraph 16 and those to be discharged by SELLER at or before Closing. Marketable title shall be determined according to applicable title standards adopted by authority of the Florida Bar and in accordance with copies law. BUYER shall have five (5) days from date of all instruments identified in receiving the Title Commitment as exceptions to title. If on or before ten (10) days of receipt of the Title Commitmentexamine it, Buyer determines that the status of and if title reflected in such Title Commitment is unacceptable for any reasonable objectionfound defective, Buyer shall so notify Seller SELLER in writing specifying such objectionable mattersthe defect(s), which renders title unmarketable. Seller SELLER shall have a period of thirty (30( ) days following the from receipt of such notice to remove the defect(s), (the “Cure Period”), failing which BUYER shall, within five (5) days after expiration of said Cure Period, deliver written notice to SELLER either: (A) extending the Cure Period; (B) waiving the defect(s); or (C) requesting a refund of the Deposit(s) paid which shall be returned to BUYER, thereby releasing BUYER and SELLER from Buyer all further obligations under this Agreement. If BUYER fails to so notify SELLER, BUYER shall be deemed to have accepted the title in its existing condition. SELLER shall use diligent efforts to correct defect(s) within the Cure Period. Reasonable diligence will not include the requirement of SELLER to bring an action at law or equity to cure such defect; providedsaid defect(s). Upon the defect(s) being cured and notice of that fact being delivered to BUYER or BUYER’s agent, however, that Seller this transaction shall not then be obligated to cure any such defects. If Seller is unable or elects not to cure such defects or provide an alternative Title Commitment within the thirty (30) day period, within twenty (20) days following the expiration of such period Buyer may either terminate this Agreement or, at its election, maintain this Agreement in effect with the right to take title subject to such defects not cured by Seller, without any deduction or adjustment in the Purchase Price. If Buyer fails to notify Seller closed within ten (10) days of receipt the delivery of the notice. If SELLER delivers the Title Commitment to BUYER less than five (5) days prior to Closing, BUYER may extend Closing so that BUYER shall have up to five (5) days from date of any objectionable matters set forth receipt to examine same in the Title Commitment, then all matters set forth in Schedule B-2 of the Title Commitment shall be the “Permitted Exceptionsaccordance with this provision.” Also, any objectionable matters which Seller is unable or elects not to cure which are accepted by Buyer shall also be Permitted Exceptions.