Title is to be shown by title insurance report furnished by the seller within _________ days after loan approval if financing is provided for, otherwise _________ days. Seller authorizes agent to apply for such policy or report, showing condition of title within the specified time. The title policy to be issued shall contain no exceptions other than those provided for in the standard form plus incumbrances and defects noted in paragraph _________ above. Delivery of such policy or title report to closing agent shall constitute delivery to purchaser. If title is not so insurable as above provided and cannot be made so insurable within _________ days from date of title report earnest money shall be refunded and all rights of purchaser terminated; provided that purchaser may waive defects and elect to purchase. If title is so insurable and purchaser fails or refuses to complete purchase, the earnest money shall be retained by [delivered by escrowee to] seller as liquidated damages because, it is agreed, such default of buyer will cause seller substantial, irreparable and immeasurable damages. However, seller may elect to enforce this agreement or to seek damages for breach of it.