Buyers Title Review. (a) Buyer's Assertion of Title Defects. For a period of forty-five (45) ---------------------------------- days following the execution of this Agreement (the "Title Examination Period"), Buyer shall have the right to furnish Seller written notice meeting the requirements of this Section 6.2(a) (the "Title Defect Notice") setting forth any matters which, in Buyer's reasonable opinion, constitute Title Defects and which Buyer asserts as a Title Defect with respect to any Well or Unit pursuant to this Article VI. For all purposes of this Agreement, Buyer shall be deemed to have waived any Title Defect which Buyer fails to assert as a Title Defect by a Title Defect Notice given to Seller on or before the expiration of the Title Examination Period. To be effective, Buyer's Title Defect Notice of a Title Defect must include (i) a brief description of the matter constituting the asserted Title Defect, (ii) the claimed Title Defect Amount attributable thereto, and (iii) supporting documents reasonably necessary for Seller (as well as any title attorney or examiner hired by Seller) to verify the existence of such asserted Title Defect. To give Seller an opportunity to commence reviewing and curing Title Defects, on or before the end of each calendar week during the Title Examination Period, Buyer agrees to give Seller written notice of all Title Defects discovered by Buyer during such calendar week, which may be preliminary in nature and supplemented prior to the end of the Title Examination Period. At the same time, Buyer shall also furnish Seller with written notice of any Seller Title Credit which is discovered during such calendar week by any of Buyer's employees or representatives while conducting Buyer's title review, due diligence or investigation with respect to any Well or Unit.
Buyers Title Review. Buyer acknowledges that prior to Closing, Buyer will have reviewed the provisions of each of the Leases and related title material made available to Buyer for inspection by Seller and will have examined the status of title of the Leases to be assigned. Buyer acknowledges that prior to Closing it will have conducted all necessary due diligence with respect to title matters, including examination of the records of the State of Louisiana, the MMS, the BLM, the SMB, the Louisiana parishes and any other appropriate Governmental Body. Upon Closing Buyer agrees to accept Seller's title AS IS, WHERE IS and without any title warranties express or implied, except as provided in Section 7.1 and in the forms of assignment attached as Exhibit "B".
Buyers Title Review. (a) BUYER'S ASSERTION OF TITLE DEFECTS. Until September 15, 2004, Buyer shall have the right to furnish Sellers written notice meeting the requirements of this Section 7.2(a) (the "Title Defects Notice") setting forth any matters which, in Buyer's reasonable opinion, constitute Title Defects and which Buyer asserts as a Title Defect with respect to any Assets pursuant to this Article 7; provided however Buyer shall not assert any Title Defect until the aggregate Title Defect Amount of all alleged Title Defects exceeds one-half of one percent (0.5%) of the Purchase Price, and if not exceeded, such alleged Title Defects will be deemed waived. For all purposes of this Agreement, Buyer shall be deemed to have waived any Title Defect which Buyer fails to assert as a Title Defect by a Title Defect Notice given to Sellers on or before the expiration of the Examination Period. To be effective, Buyer's Title Defect Notice of a Title Defect must include (i) a brief description of the matter constituting the asserted Title Defect, (ii) the claimed Title Defect Amount attributable thereto, and (iii) reference to supporting documents reasonably necessary for Sellers to verify the existence of such asserted Title Defect.
Buyers Title Review. Immediately upon execution by both parties hereto of this Agreement, Buyer may, at Buyer's sole cost and expense, pursue such examination of title to the Operating Assets as Buyer desires. Seller shall provide reasonable cooperation with Buyer's examination and shall make files available as provided under Article V. Promptly after completion of Buyer's title review of any Property, Buyer shall advise Seller of any Title Defects affecting that Property, to enable Seller to cure any such Title Defects before Closing, if Seller believes that it is practical to do so. If Seller should cure any Title Defect during the period of Buyer's review, Seller shall promptly notify Buyer accordingly and provide Buyer with suitable documentation of such cure.
Buyers Title Review. (a) Buyer's Assertion of Title Defects. Prior to 5:00 p.m., Shreveport time, on May 23, 1997 (the "Title Examination Period"), Buyer shall notify Sellers in writing of any matters which, in Buyer's opinion, constitute Title Defects and which Buyer intends to assert as a Title Defect with respect to any portion of a Property Subdivision pursuant to this Article VI. Buyer may not assert any matter as a Title Defect pursuant to this Article VI if Buyer fails to assert such matter as a Title Defect by written notice given to Sellers on or before expiration of the Title Examination Period.
Buyers Title Review. (a) Buyer's Assertion of Title Defects. Prior to the termination of the Examination Period, Buyer shall have the right to furnish Sellers written notice meeting the requirements of this Section 6.2(a) (the "Title Defects Notice") setting forth any matters which, in Buyer's reasonable opinion, constitute Title Defects. For all purposes of this Agreement, Buyer shall be deemed to have waived any Title Defect which Buyer fails to assert by a Title Defect Notice given to Sellers on or before the expiration of the Examination Period. To be effective, Buyer's Title Defect Notice of a Title Defect must include (i) a brief description of the matter constituting the asserted Title Defect, (ii) the estimated cost or other remedial action required to cure such Title Defect, and (iii) supporting documents reasonably necessary for Sellers (as well as any title attorney or examiner hired by Sellers) to verify the existence of such asserted Title Defect.
Buyers Title Review. (a) For 45 calendar days after Closing, Buyer may at Buyer's sole cost and expense commence and diligently pursue such examination of title to the Subject Interests as Buyer
Buyers Title Review. (a) Immediately upon execution by both parties hereto of this Agreement, Buyer shall at Buyer's sole cost and expense commence and diligently pursue examination of title to the Mineral Interests. Seller shall fully cooperate with Buyer and shall provide Buyer with all documents, records and material in Seller's possession and all assistance reasonably necessary to assist Buyer in determining the validity of Seller's title in and to the Mineral Interests. Buyer shall conclude Buyer's title review and give notice to Seller of asserted title defects and any other matters which could give rise to a reduction in the Purchase Price as soon as practical, but in no event later than January 13, 1998; provided, however, that Buyer shall give notice of title defects as to any Oil and Gas Property only to the extent that the value of such title
Buyers Title Review. (a) Upon execution by both parties hereto of this Agreement, Buyer may at Buyer's sole cost and expense commence examination of title to the Assets. Sellers shall fully cooperate with Buyer and shall provide Buyer all documents, records and material in Sellers' possession and all assistance reasonably necessary to assist Buyer in determining the validly of the title in and to the Subject Interests to be conveyed to Buyer at Closing. Immediately upon completion of Buyer's title review (either in whole or in part at Buyer's option), Buyer shall notify Sellers of any Title Defects associated with such property in accordance with Section 7.3
Buyers Title Review. (i) As used herein, "Title Defect" shall mean any material encumbrance, encroachment, irregularity, defect or objection to Seller's title to the Interests, other than Permitted Encumbrances, that would cause Seller not to have Defensible Title to an Interest. In evaluating whether an encumbrance, encroachment, irregularity, defect in or objection to title is material, due consideration shall be given to whether such defect is of the type expected to be encountered in the area involved and is customarily acceptable to prudent operators and interest owners.
