Common use of Inability to Convey Clause in Contracts

Inability to Convey. If, at Closing, Contributor is unable to convey title to the Real Property to Contributee in accordance with the requirements of this Agreement, Contributee shall have the option of: (i) terminating Contributee’s obligations under this Agreement, in which event this Agreement shall be terminated and neither party shall have any obligations hereunder, (ii) proceeding to Close, or (iii) adjourning Closing for a period of up to thirty (30) days in order to permit Contributor the opportunity to correct such defects, encumbrances and other title objections (except for Permitted Encumbrances), and if by such date, Contributor has failed to do so, then Contributee shall again have the options set forth in Section 5(c)(i) and (ii) above.