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 Buyer, including an explanation in reasonable detail of any claimed reduction in the Title Defect Amount.
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 Mortgaged Properties with no title defects or exceptions except for Excepted Liens covering Mortgaged Properties of an equivalent value, within 45 days after a request by the Agent or the Lenders to cure such defects or exceptions.
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. Buyer shall notify Seller within fifteen (15) days after receipt of both (A) the Title Commitment (together with copies of any and all exceptions noted therein) and (B) the Survey if, in Buyer’s reasonable opinion, the Title Commitment and/or the Survey discloses any matters adversely affecting the Property (the “Objections”). In the event Buyer notifies Seller of any Objections, Seller, within five (5) days after receiving the Objections from Buyer, must notify Buyer in writing that either (i) it will use good faith efforts to cure the Objections to the satisfaction of Buyer, and Seller shall have a reasonable period of time, not to exceed sixty (60) days (the “Curative Period”), within which to do so, or (ii) it is unwilling to cure the Objections. In the event Seller elects to cure the Objections but, upon the expiration of the Curative Period, Seller shall have been unable to cure the Objections as aforesaid, Buyer may, at its election, either (i) elect to proceed with the Closing without abatement or reduction of the Purchase Price, or (ii) cancel this Agreement whereupon this Agreement shall be deemed terminated and each of the parties shall be relieved of all further obligations hereunder. Buyer’s election to either proceed with Closing or to terminate this Agreement shall be made by written notice to Seller given no later than ten (10) days subsequent to the expiration of the Curative
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 Mortgaged Properties with no material title defects or exceptions except for Excepted Liens covering 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 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 individually or $2,000,000 in the aggregate to cure.
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
