Common use of Defects and Cure Clause in Contracts

Defects and Cure. The Commitment and Title Policy and the Survey and U.C.C. Searches described in this Article are collectively referred to as "TITLE EVIDENCE." Buyer shall notify Seller as soon as reasonably possible of any liens, claims, encroachments exceptions or defects disclosed in the Title Evidence which either: (a) do not constitute Permitted Exceptions, or (b) even if they constitute Permitted Exceptions, adversely impact any of the Assets or the financeability thereof in the reasonable opinion of Buyer (collectively, "DEFECTS"). Seller, at its sole cost and expense, may elect to not cure the objection and shall give written notice to Buyer within ten (10) days of its receipt of Buyer's objections of its decision whereupon Buyer may waive such objection and close or may terminate this Agreement, which election shall be made within ten (10) days of receipt of notice from Seller. If Seller fails to timely give such notice, Seller shall be deemed to have elected not to cure the objection, whereupon Buyer may waive such objection and close or may terminate this Agreement, which election by Buyer shall be made within thirty (30) days following notice of objection to Seller. Upon termination of this Agreement under the terms of this Section 7.4, no party to this Agreement shall have any further claims under this Agreement against any other party.

Defects and Cure. The Commitment and Title Policy and the Survey and U.C.C. Searches described in this Article are collectively referred to as "TITLE EVIDENCE." Buyer shall notify Seller as soon as reasonably possible possible, but not later than fifteen (15) days following Buyer's receipt of the later of the Commitment or Survey, of any liens, claims, encroachments encroachments, exceptions or defects disclosed in the Title Evidence which either: (a) do not constitute Permitted Exceptions, or (b) even if they constitute Permitted Exceptions, adversely impact any of the Assets or the financeability thereof in the reasonable opinion of Buyer Exceptions (collectively, "DEFECTS"). Any such Defects revealed in the Title Evidence which are not objected to by Buyer in writing upon delivery of the Title Evidence shall constitute Permitted Exceptions. Seller, at its sole cost and expense, may elect to not cure the objection and shall give written notice to Buyer within ten (10) days of its receipt of Buyer's objections of its decision whereupon Buyer may waive such objection and close or may terminate this Agreement, which election shall be made within ten (10) days of receipt of notice from Seller. If Seller fails to timely give such notice, Seller shall be deemed to have elected not to cure the objection, whereupon Buyer may waive such objection and close or may terminate this Agreement, which election by Buyer shall be made within thirty (30) days following notice of objection to Seller. Upon termination of this Agreement under the terms of this Section 7.4, no party to this Agreement shall have any further claims under this Agreement against any other party.

Defects and Cure. The Commitment and Title Policy and the Survey and U.C.C. Searches described in this Article are collectively referred to as "TITLE EVIDENCE." Buyer shall notify Seller as soon as reasonably possible within 7 days of receipt of the last UCC Search of any liens, claims, encroachments exceptions liens or defects claims disclosed in the Title Evidence UCC Searches which either: (a) do not constitute Permitted Exceptions, or (b) even if they constitute Permitted Exceptions, adversely impact any affect the value of the Assets or the financeability thereof in the reasonable opinion of Buyer (collectively, "DEFECTS"). Seller, at its sole cost and expense, may elect to not cure the objection and shall give written notice to Buyer within ten seven (107) days of its receipt of Buyer's objections of its decision whereupon Buyer may waive such objection and close or may terminate this Agreement, which election shall be made within ten seven (107) days of receipt of notice from Seller. If Seller fails to timely give such notice, Seller shall be deemed to have elected not to cure the objection, whereupon Buyer may waive such objection and close or may terminate this Agreement, which election by Buyer shall be made within thirty ten (3010) days following notice of objection to Seller. Upon termination of this Agreement under the terms of this Section 7.4, no party to this Agreement shall have any further claims under this Agreement against any other party. Any Defect to which Buyer does not object or which Buyer waives shall be deemed to be a Permitted Exception.

Defects and Cure. The Commitment and Commitment, Title Policy and Policy, the Survey and U.C.C. UCC Searches described in this Article Sections 5.15, 5.16 and 5.17 are collectively referred to as "TITLE EVIDENCE." Title Evidence". Buyer shall notify Seller the Shareholders as soon as reasonably possible of any liens, claims, encroachments exceptions or defects Liens disclosed in the Title Evidence which either: (a) do not constitute Permitted Exceptions, or Exceptions (b) even if they constitute Permitted Exceptions, adversely impact any of the Assets or the financeability thereof in the reasonable opinion of Buyer (collectively, collectively "DEFECTSDefects"). SellerThe Shareholders, at its their sole cost and expense, may elect to not cure the objection Defects and shall give written notice to Buyer within ten (10) days of its receipt of Buyer's objections of its decision whereupon Buyer may waive such objection Defects and close or may terminate this Agreement, which election shall be made within ten (10) days of receipt of notice from Sellerthe Shareholders. If Seller fails the Shareholders fail to timely give such notice, Seller the Shareholders shall be deemed to have elected not to cure the objectionDefects, whereupon Buyer may waive such objection and close or may terminate this Agreement, which election by Buyer shall be made within thirty (30) days following notice of objection to Sellerthe Shareholders. Upon termination of this Agreement under the terms of this Section 7.45.18, no party to this Agreement shall have any further claims under this Agreement against any other party.