Offer And Purchase And Sale Agreement Page 5
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1513.
TITLE INSURANCE COMPANY
The parties will appoint
,
whose address is
,
,
,
(referred to in this Agreement as the "Title Company") to issue the title insurance required under
this Agreement and to act as the closing agent for the purpose of closing the transactions
contemplated by this Agreement.
14.
TITLE CONTINGENCY
On or before
__, 20___, Seller will order for the benefit of the Buyer a
commitment for an owner's title insurance policy, together with an accurate copy of all matters
of record referred in the commitment, including without limitation those matters of record
referred to in Schedule B of the title commitment. The commitment will be ordered from and
issued by the Title Company.
Buyer will have ten (10) calendar days after receipt of the commitment and copies of all matters
of record, to review the commitment and to object in writing to any title defect, lien or
encumbrance noted therein ("Title Matter"), excepting those items which appear as standard
exceptions in the title insurance commitments and policies normally issued by the Title
Company.
If, within ten (10) calendar days after receipt of the commitment and copies of all matters of
record, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying any Title
Matter to which Buyer objects, Seller will make a good faith effort to correct or eliminate the
Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be
required to expend more than
($_______)
in the aggregate to correct or eliminate any specified Title Matter(s); provided however,
notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net
proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage,
lien or other interest granted by Seller or any judgment lien securing a judgment entered against
Seller. The Buyer will be deemed to have accepted all Title Matters not specified in the Buyer's
Objection Notice.
If the Seller is unable to correct or eliminate any Title Matter objected to by the Buyer, then, on
or before the tenth (10th) calendar day following delivery by Seller to Buyer of written notice
("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer
may elect to terminate this Agreement by giving written notice of termination to Seller,
whereupon the Deposit will be refunded to Buyer and all other obligations of the parties
hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this
Agreement by giving written notice of termination to Seller on or before such tenth (10th) Day
following delivery of the Seller's Notice, Buyer will be deemed to have waived any objections to
any Title Matter specified in the Seller's Notice.
15.
FINANCING CONTINGENCY
Buyer's obligations under this Offer and Agreement will be contingent upon Buyer's receipt, on
or before the fourteenth (14th) calendar day following the acceptance of the Offer by Seller, of a
commitment for a residential mortgage loan in the principal amount of
percent (__%)
Offer and Purchase and Sale Agreement
Page 5
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