Cure of Title Defects. The Borrower shall cure any title defects or exceptions which are not Excepted Liens raised by such information, or substitute acceptable Oil and Gas Properties of an equivalent value, with no title defects or exceptions except for Excepted Liens, within 60 days after a request by the Administrative Agent or the Lenders to cure such defects or exceptions.
Cure of Title Defects. The Obligors shall cure, or cause to be cured, any title defects or exceptions which are not Excepted Liens raised by such information, or substitute acceptable Mortgaged Properties with no title defects or exceptions except for Excepted Liens covering Mortgaged Properties of an equivalent value, within 30 days after a request by the Administrative Agent or the Lenders to cure such defects or exceptions.
Cure of Title Defects. Upon reasonable request by Administrative Agent, Borrower shall cure any title defects or exceptions which are not Liens permitted under Section 8.2 and which in the reasonable discretion of Administrative Agent render the title to the Mortgaged Properties not good and defensible (except for Liens permitted by Section 8.2), or substitute acceptable Borrowing Base Properties of an equivalent value, with no title defects or exceptions except for Liens permitted under Section 8.2, within ninety (90) days after a reasonable request by Administrative Agent or Lenders to cure such defects or exceptions.
Cure of Title Defects. (a) If Seller elects to cure a Title Defect set forth in a Title Defect Notice, then Seller may attempt to cure such Title Defect during the Cure Period. As used in this Agreement, “Cure Period” means that period of time from 5:00 p.m. on the date Seller receives the Title Defect Notice, until 5:00 p.m. on the date that is 90 days after the Closing Date. On or before expiration of the Cure Period, Seller may give Buyer written evidence of any curative actions which in Seller’s determination cure or reduce the Title Defect Amount of any Title Defect asserted by Xxxxx, including an explanation in reasonable detail of any claimed reduction in the Title Defect Amount.
(b) Leases affected by Title Defects, if the Title Defects have been cured to Buyer’s reasonable satisfaction, will be referred to as “Cured Leases.”
Cure of Title Defects. 5.4.1. Within fifteen (15) days after City delivers the City Title Defect Notice, Seller shall provide notice (the “Seller Title Cure Notice”) to City specifying which Title Defects it intends to eliminate or cure, and which it does not. If Seller fails to provide the Seller Title Cure Notice within the foregoing time period, then Seller shall be deemed to have agreed to eliminate or cure all Title Defects specified in the City Title Defect Notice. Seller shall have six (6) months after delivering Seller Title Cure Notice to eliminate or cure the Title Defects that Seller agreed to eliminate or cure in the Seller Title Cure Notice, and Seller shall use good faith, diligent efforts to timely eliminate or cure such Title Defects, including the bringing of necessary suits. Notwithstanding the foregoing, Seller shall not be required to spend in excess of $5,000.00 to cure the Title Defects (but City reserves its rights under paragraph 5.4.3 of this Agreement in the event that any Title Defects are not cured because of such limit).
5.4.2. If any title matters arise after the Commitment’s effective date and prior to Closing that are not contemplated as Permitted Exceptions under this Agreement (other than those that arise based upon actions of City or with the consent of City) and City objects to them by notice to Seller before Closing, then such matters shall be treated as Title Defects under this Agreement, and the Closing may be extended for up to sixty (60) days to allow Seller sufficient time to eliminate or cure such Title Defects.
5.4.3. If Seller: (a) in the Seller Title Cure Notice elects not to eliminate or cure all Title Defects; or (b) is not successful in eliminating or curing the Title Defects that Seller has agreed to eliminate or cure in the Seller Title Cure Notice, City may:
a. Accept the title as it then is, thereby waiving all objections to the Title Defects; or
b. Demand a return of the Deposit, in which case this Agreement shall be terminated and Seller and City shall be released from all liabilities and obligations under this Agreement, except as to matters which by the terms of this Agreement specifically survive any termination of this Agreement.
Cure of Title Defects. If, prior to the Closing Date, the Title Company discloses any title exceptions other than the Permitted Exceptions, then Seller shall have thirty (30) days following the giving of notice by Buyer or the Title Company to Seller to attempt, at its option, to cause such exceptions to be removed as exceptions or insured against (subject to the reasonable approval of Buyer) at no expense to Buyer, which, in either case, shall be deemed the cure of such title defect. If such thirty day period extends beyond the scheduled Closing Date, the Closing Date shall be extended until the first business day following the expiration of such thirty day period.
Cure of Title Defects. Seller shall cause the Title Commitment to be updated (the “Title Update”), at Seller’s sole cost and expense, and delivered to Purchasers at least five (5) Business Days, but no more than ten (10) Business Days, before Closing (the “Title Review Date”). If Purchasers learn, through any Title Update or otherwise, of a Lien affecting either Leased Property that is not a Permitted Exception, Purchasers shall give written notice thereof to Seller within five (5) Business Days after delivery of any Title Update (but in any event prior to the Closing Date). If Purchasers fail to give such title objection notice within such five (5)-Business Day period, Purchasers’ right to object to any matters that are not a Permitted Exception shown on the Title Update (a “Title Defect”) shall be deemed to be unconditionally waived. For the purposes of this Agreement, any Title Defect subject to which Purchasers are not required to accept title shall be deemed cured and not an objection to title (and such Title Defect shall be a Permitted Exception as of the Closing Date) if the Title Company will agree to issue the Leasehold Policy to Purchasers taking no exception for such Title Defect or provides affirmative or express coverage therefor (at Purchasers’ option), and (i) is issued for no additional premium upon the Closing Date, or (ii) if an additional premium is required to provide such affirmative or express coverage, Seller agrees to pay such additional premium. If Purchasers object in writing to any Title Defect, Seller shall have the right to cure, eliminate or modify any such Title Defect to the reasonable satisfaction of Purchasers. Seller shall notify Purchasers in writing whether Seller is willing to cure such Title Defect or is unable or unwilling to satisfy Purchasers’ objections with respect to any such Title Defect within five (5) Business Days after receipt of timely notice thereof from Purchasers. If Seller elects to cure such Title Defect and so notifies Purchasers, Seller shall have ten (10) Business Days to do so (or such longer period as may be reasonably necessary under the circumstances to cure such Title Defect, but in no event more than thirty (30) Business Days). If Seller provides Purchasers with written notice that Seller is unwilling or unable to cure such Title Defect, Purchasers may, at their option, within five (5) Business Days following receipt of Seller’s notice, by delivery of written notice to Seller, elect to either (A) accept the Title D...
Cure of Title Defects. The Borrower shall promptly proceed in good faith to cure any title defects or exceptions which are not Excepted Liens raised by such title information, or substitute acceptable Oil and Gas Properties with no material title defects or exceptions except for Excepted Liens covering Oil and Gas Property sufficient to cause the Eighty Percent Coverage Requirement to be maintained, as promptly as reasonable, and in any event, within ninety (90) days after a request by the Agent or the Lenders to cure such defects or exceptions. With respect to this Section 8.08(b), “material title defects or exceptions” shall mean the defects and exceptions relating to all the Oil and Gas Properties that could reasonably be expected to materially affect the revenue stream attributable to such Oil and Gas Properties and the cost to cure such defects or exceptions could reasonably be expected to exceed $100,000 individually or $1,000,000 in the aggregate to cure. 62
Cure of Title Defects. The Borrower shall promptly proceed in good faith to cure any title defects or exceptions which are not Excepted Liens raised by such information, or substitute acceptable Mortgaged Properties with no material title defects or exceptions except for Excepted Liens covered Mortgaged Property sufficient to cause the 85% Coverage Requirement to be maintained as promptly as reasonable and, in any event, within ninety (90) days after a request by the Collateral Agent or the Lenders to cure such defects or exceptions. With respect to this Section 8.08(b), "material title defects or exceptions" shall mean the defects and exceptions relating to all the Mortgaged Properties that could reasonably be expected to affect the revenue stream attributable to such Mortgaged Properties and the cost to cure such defects or exceptions could reasonably be expected to exceed $200,000.00 individually or $2,000,000.00 in the aggregate.
Cure of Title Defects. The Borrower shall and shall cause each other Obligor to cure promptly, and in any event within thirty (30) days, any material title defects or exceptions identified by the Administrative Agent which are not Liens otherwise permitted by Section 7.2.3, or substitute acceptable Mortgaged Properties with no title defects or exceptions except for Liens otherwise permitted by Section 7.2.3 or otherwise acceptable to the Administrative Agent covering Mortgaged Properties of an equivalent value to the properties with the defects or exceptions identified by the Administrative Agent, within 90 days after a request by the Administrative Agent to cure such defects or exceptions;
