Common use of Failure of Title Clause in Contracts

Failure of Title. In the event Seller is unable (through no fault of Seller) to convey title to the Property on the Closing Date in accordance with the provisions of this Agreement, Seller shall, on or before the Closing Date, give notice of such inability (and the nature thereof) to Purchaser, and Purchaser may either (i) accept such title as Seller can convey, without any reduction of the Purchase Price, or (ii) terminate this Agreement by written notice to Seller and Escrow Agent given on or before the Closing Date, in which event the Deposit shall be returned to Purchaser and neither party shall have any further right or obligation hereunder except with respect to those obligations which expressly survive such a termination.

Failure of Title. In the event Seller is unable (Seller, through no fault of Seller) its own, is unable to convey title to the Property on the Closing Date in accordance with the provisions of this Agreement, Seller shall, on or before the Closing Date, give notice of such inability (and the nature thereof) to Purchaser, and Purchaser may either (i) accept such title as Seller can convey, without any reduction of the Purchase Price, or (ii) terminate this Agreement by written notice to Seller and Escrow Agent the Title Company given on or before the Closing Date, in which event the Deposit shall be returned to Purchaser Purchaser, and neither party both parties shall have be relieved of any further right or obligation hereunder obligations hereunder, except with respect to those obligations which expressly survive such a termination.