Each party is to furnish the other, within a reasonable time from the date of this contract, a complete merchantable abstract of title brought down to cover this date or merchantable title guaranty policy made by _________ Trust Company showing good and sufficient title at date of this contract in the respective parties to the property agreed to be conveyed by them.

In case an abstract is furnished, the party receiving it shall within _________ days deliver to the other party or agent (together with the abstract) a note or memorandum in writing, signed by the party or attorney, specifying in detail the objections to the title, if any, or, if none, then stating in substance that it is satisfactory.

In case material defects are in the title, and so reported, and if such defects are not cured within _________ days after notice of them, this contract shall at the option of the party delivering such objections become absolutely null and void. Notice of such election is to be given to the other party, but the party delivering such objections may nevertheless elect to take such title as it then is, and in such case the other party shall convey as above agreed. The party delivering such objections must have first given a written notice of such election, within _________ days after the expiration of the _________ days and tendered performance of this contract. In default of such notice of election to receive such title and accompanying tender within the time so limited, the party delivering such objections shall, without further action by either party, be deemed to have abandoned all claim upon the premises, and this contract shall cease to have any force or effect as against the premises, or the title to them, or any right or interest in it, but not otherwise.