Title Objection. If Buyer fails to deliver a Buyer's Disapproval Notice to Seller and Escrow Holder by no later than fifteen (15) business days from Buyer's receipt of the Title Commitment, Buyer will be deemed to have approved title to the Lot. If Buyer delivers a Buyer's Disapproval Notice to Seller and Escrow holder by no later than fifteen (15) business days from Buyer's receipt of the Title Commitment, Seller shall have the right, in the sole and absolute discretion of Seller, by delivering written notice to Buyer and Escrow Holder no later than ten (10) business days subsequent to Seller's receipt of Buyer's Disapproval Notice ("Seller's Title Notice"), to elect to either: (a) decline to remove any Title Objection set forth in Buyer's Disapproval Notice, in which event this Agreement shall terminate; or (b) agree to remove any Title Objection set forth in Buyer's Disapproval Notice by no later than the Closing Date, as defined in Section 5.1. If Seller fails to deliver Seller's Title Notice to Buyer and Escrow Holder by no later than ten (10) business days subsequent to Seller's receipt of Buyer's Disapproval Notice, Seller will be deemed to have automatically elected not to remove any Title Objection set forth in Buyer's Disapproval Notice, and this Agreement shall terminate. If this Agreement is terminated as set forth m this Section, Buyer shall be entitled to a refund of the Buyer's Deposit, but Buyer shall pay the cost of Title Commitment.
Appears in 2 contracts
Sources: Option Agreement, Residential Lot Purchase and Sale Agreement