Common use of Failure of Title Clause in Contracts

Failure of Title. If on the Closing Date title to the Fee Premises and Improvements is not insurable or is subject to any Unpermitted Exceptions, Purchaser may elect, as its sole right and remedy, either (i) to take such title to the interests as can be conveyed, with no abatement of the Purchase Price (except for abatement to the extent of monetary liens of a definite, fixed and ascertainable amount not in excess of the Purchase Price), or (ii) to terminate this Agreement and proceed pursuant to Section 10.1 below.

Failure of Title. If on the Closing Date title to the Fee Premises Leasehold Interests and Improvements is are not insurable or is are subject to any Unpermitted Exceptions, Purchaser may elect, as its sole right and remedy, either (i) to take such title to the such interests as can be conveyed, with no abatement of the Purchase Price (except for abatement to the extent of monetary liens of a definite, fixed and ascertainable amount not in excess of the Purchase Price), or (ii) to terminate this Agreement and proceed pursuant to Section 10.1 Article 10 below.