Residential Contract Of Sale Template Page 12
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16not less than five business days after Closing, provided that official bills therefor
computed to said date are produced at Closing.
20. Use of Purchase Price to Remove Encumbrances. If at Closing there are
other liens or encumbrances that Seller is obligated to pay or discharge, Seller may use
any portion of the cash balance of the purchase price to pay or discharge them, provided
Seller shall simultaneously deliver to Purchaser at Closing instruments in recordable form
and sufficient to satisfy such liens or encumbrances of record, together with the cost of
recording or filing said instruments. As an alternative Seller may deposit sufficient
monies with the title insurance company employed by Purchaser acceptable to and
required by it to assure their discharge, but only if the title insurance company will insure
Purchaser’s title clear of the matters or insure against their enforcement out of the
Premises and will insure Purchaser’s Institutional Lender clear of such matters. Upon
reasonable prior notice (by telephone or otherwise), Purchaser shall provide separate
certified or official bank checks as requested to assist in clearing up these matters.
21. Title Examination; Seller’s Inability to Convey; Limitations of Liability.
(a) Purchaser shall order an examination of title in respect of the Premises from a title
company licensed or authorized to issue title insurance by the New York State Insurance
Department or any agent for such title company promptly after the execution of this
contract or, if this contract is subject to the mortgage contingency set forth in paragraph
8, after a mortgage commitment has been accepted by Purchaser. Purchaser shall cause a
copy of the title report and of any additions thereto to be delivered to the attorney(s) for
Seller promptly after receipt thereof.
(b) (i) If at the date of Closing Seller is unable to transfer title to Purchaser
in accordance with this contract, or Purchaser has other valid grounds for refusing to
close, whether by reason of liens, encumbrances or other objections to title or otherwise
(herein collectively called “Defects”), other than those subject to which Purchaser is
obligated to accept title hereunder or which Purchaser may have waived and other than
those which Seller has herein expressly agreed to remove, remedy or discharge and if
Purchaser shall be unwilling to waive the same and to close title without abatement of the
purchase price, then, except as hereinafter set forth, Seller shall have the right, at Seller’s
sole election, either to take such action as Seller may deem advisable to remove, remedy,
discharge or comply with such Defects or to cancel this contract; (ii) if Seller elects to
take action to remove, remedy or comply with such Defects, Seller shall be entitled from
time to time, upon Notice to Purchaser, to adjourn the date for Closing hereunder for a
period or periods not exceeding 60 days in the aggregate (but not extending beyond the
date upon which Purchaser’s mortgage commitment, if any, shall expire), and the date for
Closing shall be adjourned to a date specified by Seller not beyond such period. If for any
reason whatsoever, Seller shall not have succeeded in removing, remedying or complying
with such Defects at the expiration of such adjournment(s), and if Purchaser shall still be
unwilling to waive the same and to close title without abatement of the purchase price,
then either party may cancel this contract by Notice to the other given within 10 days
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