CURED TITLE DEFECTS Clause Samples
The "Cured Title Defects" clause defines how previously identified issues with a property's title are resolved and no longer considered defects. In practice, this clause specifies that once a title defect has been addressed—such as through corrective documentation, legal action, or satisfaction of outstanding liens—it is treated as if it never existed for the purposes of the agreement. This ensures that buyers and sellers have clarity regarding the status of the title and prevents previously resolved issues from delaying or complicating the transaction.
CURED TITLE DEFECTS. Notwithstanding the reduction of the Purchase Price pursuant to Clause 5.4(c), the Purchaser agrees that in the event Vendor is able to cure or rectify a Title Defect with respect to any particular portion or portions of the Assets (each a "Cured Asset") within a period of sixty (60) days after the Closing Date, Purchaser shall purchase Cured Asset from Vendor at a date ninety (90) days from the Closing Date at the price by which the Purchase Price was so adjusted. Purchaser has no obligation to purchase any such Cured Asset where, in the opinion of Purchaser acting reasonably, the value of such Cured Asset has declined or been diminished in the intervening period as a result of new Title Defects or physical damage or loss of such Cured Asset.