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Page 12. <br /> ARTICLE XV. <br /> CONVEYANCE REQUIREMENTS,: <br /> The giving by Lessee of notice of the exercise of any <br /> purchase option hereinbefore granted, shall fix and determine the <br /> right of Lessee to purchase the property included in the option <br /> which Lessee elects to exercise, and the obligation of Lessor to <br /> sell the same . Lessor shall furnish, free of expense to Lessee, <br /> within Twenty ( 20 ) days after the receipt of said notice, <br /> a complete Abstract of Title certified from title in the Govern- <br /> ment, Title Statement, or Title Guarantee Policy prepared and <br /> issued by a financially responsible title abstract company, or a <br /> Title Certificate commonly referred to as a "Torrens Certificate <br /> of Title," showing good merchantable title in Lessor as of a date <br /> not earlier than the date of said notice. A reasonable time will <br /> be allowed Lessee to examine such abstract or other evidence of <br /> title, and if the same does not then show good merchantable title <br /> in Lessor, a reasonable time will be allowed Lessor to cure defects <br /> and clear the title preparatory to delivery of deed and any other <br /> instruments required to effect the transfer and conveyance. <br /> Upon acceptance by Lessee of said title , and payment to <br /> Lessor of the purchase price herein specified, Lessor shall convey <br /> to Lessee or its nominee, by General Warranty Deed, a fee simple <br /> title in and to said real estate and the appurtenances thereunto <br /> belonging, free and clear of all liens, encumbrances, and charges <br /> of whatsoever character, with release of dower, curtesy, homestead, <br /> and all statutory rights; and shall also deliver to Lessee, free of <br /> expense to Lessee, such abstract or other evidence of title, show- <br /> ing good merchantable title to said premises in Lessor at the time <br /> of delivery of deed. <br /> If any personal property shall be included in the option, <br /> Lessor shall furnish evidence, satisfactory to Lessee, of Lessor's <br /> ownership thereof, and shall convey the same by Bill of Sale with <br /> full covenants of warranty. <br /> Such purchase shall serve to cancel the within lease in <br /> all particulars, and if Lessor shall have been paid rents covering <br /> a period subsequent to date of delivery of deed, such payment shall <br /> be applied on and shall constitute a part of the purchase price of <br /> the property conveyed. <br /> If at the time of purchase there shall be a valid <br /> mortgage, trust deed, or like encumbrance against said premises <br /> or any part thereof, which cannot be then paid and satisfied with- <br /> out payment of penalty or bonus, the amount of indebtedness evi- <br /> denced by such instrument shall be withheld by Lessee from the <br /> purchase price and conveyance shall be made subject to said in- <br /> debtedness , Lessee assuming payment thereof. <br /> k <br />