What does in this blank?

[Chad Skiles]

On one of my purchase contracts, I have this paragraph: 

1. The Seller, at his option, agrees to furnish the Buyer, either a complete abstract of title certified to date, or a title insurance company's commitment to insure, to the above described real property, showing a merchantable title vested in the Seller, subject to: ______ Title Evidence shall be sent to ______ for examination by the Buyer as promptly and expeditiously as possible, and it is understood and agreed that the Seller shall have reasonable time after said Title Evidence has been examined in which to correct any defects in title.

What goes in the blanks?

I also have this sentence: 

Does this mean that I can still be forced to buy or pay other damages after forfeiting my earnest money if the deal falls through?