Common use of Proof of Ownership Clause in Contracts

Proof of Ownership. After execution of the Lease Option Agreement, Crownbutte will update the original abstract in order to verify clear land title and ownership information. Crownbutte guarantees the safe return of the original abstract(s) to the landowner when title verification and updating has been completed. Crownbutte will pay the routine costs of verifying and updating the abstract(s). If the original abstract for any parcel is not available, the land title company must reconstruct (“rebuild”) the abstract. The cost of this rebuilding will be divided evenly between Crownbutte and the landowner, each paying fifty per cent (50%) of the total. If the landowner chooses, his share of the cost of the new abstract can be deducted from the first annual rental payment to be made by Crownbutte to the landowner.