Res 2006-014 - Laserfiche WebLink

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I I I current commitment (hereinafter called the "Title Commitment") for the issuance of an Owner's Policy of Title Insurance to the Purchaser from the Title Company, together with good, legible copies of all documents constituting exceptions to Seller's title as reflected in the Title Commitment. Purchaser shall have a period of ten (10) days from the receipt of the last of the Existing Survey and Title Commitment and the documents referred to therein as conditions or exceptions to title to the Property in which to review such items and to deliver to Seller in writing ("Title Obiection Notice") such objections as Purchaser may have to anything contained or set forth in the Title Conunitment or the Existing Survey. Purchaser shall also have a period often (10) days after the date of Purchaser's receipt of the New Survey, in which to review the New Survey and to deliver to Seller an additional Title Objection Notice containing such objections as Purchaser may have to anything contained or set forth in the New Survey that varies from the Existing Survey and/or to any title exceptions added to the Title Commitment as a result of or arising from the New Survey. Any items contained in the Title Commitment, Existing Survey, or New Survey to which Purchaser does not object within the applicable review period shall be deemed to be "Permitted Exceotions" (herein so called), provided, Purchaser shall not be required to object to any exceptions, conditions or requirements described in Scbedule C of the Title Commitment or any liens against the Property, and any such items (other than any lien of the deed of trust that may be granted by Purchaser) shall not be Permitted Exceptions. IIi the event Purchaser timely objects to any matter contained in the Title Commitment, title exception documents, Existing Survey and/or New Survey, as hereinabove provided, Seller may, but shall not be obligated to attempt to effectuate the cure of such objections. In the event Seller has not yet satisfied each and every of Purchaser's stated title objections within five (5) business days of receipt of Purchaser's written objections, as evidenced by the issuance of a revised title commitment, Purchaser shall elect within three (3) business days of the expiration of such five (5) business day period (the close of the third day of said three (3) business day period being the "Purchaser Title Obiection Deadline") to either (i) terminate this Contract, whereupon Purchaser shall be entitled to a full refund of the Earnest Money, or (ii) waive those title objections specified in Purchaser's written objections which Seller has not satisfied, such objections becoming Permitted Exceptions, and proceed to Closing. In the event Purchaser fails to timely elect (i) or (ii) then, and in such event, Purchaser shall be deemed to have elected (ii). Section 4.3 Title Policy. At Closing, the Seller shall furnish the Purchaser, at the Seller's sole cost and expense, with an Owner's Policy of Title Insurance issued by the Title Company on the standard fonn in use in the State of Texas, insuring good and indefeasible title to the Property in the Purchaser in the amount of the Purchase Price, subject only to the Permitted Exceptions and the standard printed exceptions. Without limiting the foregoing, Purchaser acknowledges and agrees that to the extent Purchaser desires the Survey Exception to be modified in the Title Policy or desires any optional endorsements to the Title Policy, such shall be undertaken at the sole expense of Purchaser.. .. All exceptions, conditions or requirements described in Schedule C of the Title Commitment shall be released and/or satisfied prior to or at Closing and such items and requirements shall not be exceptions to the Owner's Policy of Title Insurance. Seller's failure to provide Purchaser with the Existing Survey, Title Conunitment or title exception documents within the time periods set forth above shall not constitute a default by Seller under this Contract but shall only serve to delay the date by which Purchaser must make any written objections to the state of title to the Property. -4-