HomeMy WebLinkAbout1322 7. Title Objections. Seller shall, within fifteen
(15) days following the date of exercise of this Op by
Purchaser, deliver to Purchaser an owner's title insurance
binder written on a national title insurance company accept-
able to Purchaser, agreeing to insure the Property in an
amount equal to the total purchase price. upon receipt of
said binder, Purchaser shall have fifteen (15) days within
which to object to~or accept the exceptions contained in
said ~+inder. Tn t~,e event Purchaser objects to any excep-
tion in said binder pertaining to the Property, the Purchaser
. shall have the option of declaring this Agreement null and
void. In the event Purchaser does not object to any excep-
tion within said fifteen-day period, then and in that event,
the--exceptions-contained- in said -binder -shall-- be deemed
"permitted title exceptions." Purchaser shall have thirty
(30) days from the date of exercise of the option in which
to examine Seller's title. If Purchaser finds any legal
defects to title other than those "permitted title excep=
tions" as hereinabove described, Seller shall be furnished
with a written statement thereof and shall be given thirty
(30) days within which the cure such defects, and Seller
shall take all reasonable steps necessary to correct said
legal defects. If Seller shall fail to correct such legal.
defects within thirty (30) days, then Purchaser shall have
the choice ofs
(a) Accepting the Property with such legal
defects f f
(b) Postponing the closing hereunder for not
more than ninety (90) calendar days until such defects
are correctedf or
(c) Declining to accept the Property with
such legal defects, which such notice shall be exercised
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