Common use of Adjustment for Title Defects and Benefits Clause in Contracts

Adjustment for Title Defects and Benefits. (a) With respect to each Property affected by one or more Title Defects timely noticed under Section 3.04(a), the unadjusted Purchase Price shall be reduced at Closing by an amount (the “Title Defect Amount”) equal to the reduction in the Allocated Value for such Property caused by such Title Defects, as determined pursuant to Section 3.07(a). With respect to each Property affected by one or more Title Benefits timely noticed under Section 3.04(b), the unadjusted Purchase Price shall be increased at Closing by an amount (the “Title Benefit Amount”) equal to the increase in the Allocated Value for such Property caused by such Title Benefits, as determined pursuant to Section 3.07(b).