Common use of Limitations of Title Defect Amounts and Environmental Defect Amounts Clause in Contracts

Limitations of Title Defect Amounts and Environmental Defect Amounts. Notwithstanding anything to the contrary herein, (i) there will be no reduction of the Initial Purchase Price and no amount owing by Seller with respect to a Title Defect or an Environmental Defect unless the Title Defect Amount or Environmental Defect Amount, as the case may be, exceeds $25,000; (ii) there will be no reduction of the Initial Purchase Price and no amount owing by Seller unless and until the Title Defect Amounts and Environmental Defect Amounts exceed 1% of the Initial Purchase Price in the aggregate (the “Defect Basket”), in which event the Seller will be liable for all Title Defect Amounts and Environmental Defect Amounts in excess of the Defect Basket from the first dollar above the Defect Basket, and (iii) the maximum liability of Seller for all Title Defect Amounts and Environmental Defect Amounts, in the aggregate, including all amounts owing before, on or after the Closing, will be fifteen percent (15%) of the Initial Purchase Price. Buyer’s sole and exclusive remedy for the reduction in value of the Company’s title to an Oil and Gas Property resulting from the existence of a Title Defect or Environmental Defect will be as provided in this Exhibit A; provided however, that, pursuant to Section 9.1(d) of the Agreement, Buyer or Seller may terminate this Agreement if the aggregate of the agreed-upon Title Defect Amounts and Environmental Defect Amounts exceeds fifteen percent (15%) of the Initial Purchase Price.

Limitations of Title Defect Amounts and Environmental Defect Amounts. Notwithstanding anything to the contrary herein, (i) there will be no reduction of the Initial Purchase Price and no amount owing by Seller with respect (unless in each case Seller elects to a Title Defect or an Environmental Defect unless retain the Title Defect Amount Property or Environmental Defect Amount, Property as the case may be, exceeds $25,000; (iiset forth in Section 4.2(d)) there will be no reduction of the Initial Purchase Price and no amount owing by Seller in accordance with this Article IV unless and until the Title Defect Amounts and Environmental Defect Amounts (other than in respect of property retained by Seller in accordance with Section 4.2(d)) exceed 1% of the Initial Purchase Price $15,000,000 in the aggregate (the “Defect Basket”), in which event the Seller will be liable for all Title Defect Amounts and Environmental Defect Amounts in excess of the Defect Basket from the first dollar above the Defect Basket, and (iiiii) the maximum liability of Seller for all Title Defect Amounts and Environmental Defect Amounts, in the aggregate, including all amounts owing before, on or after the Closing, will be fifteen ten percent (1510%) of the Initial Purchase Price. Buyer’s sole and exclusive remedy for the reduction in value of the Company’s title to an Oil and Gas Property Lease or Well resulting from the existence of a Title Defect or Environmental Defect will be as provided in this Exhibit A; provided however, that, pursuant to Section 9.1(d) of the Agreement, Buyer or Seller may terminate this Agreement if the aggregate of the agreed-upon Title Defect Amounts and Environmental Defect Amounts exceeds fifteen percent (15%) of the Initial Purchase PriceArticle IV.

Limitations of Title Defect Amounts and Environmental Defect Amounts. Notwithstanding anything to the contrary hereinherein (except as provided in Section 5.4(b) of this Agreement and subject to the provisos of this Section 9 of this Exhibit A), (ia) there will be no reduction of the Initial Purchase Price and no amount owing by Seller for any Title Defect or Environmental Defect with respect to a Title Defect Value or an Environmental Defect unless Value equal to or less than the Individual Title Defect Amount Threshold applicable to such Title Defect or Environmental Defect AmountDefect, as the case may be, exceeds $25,000; (iib) there will be no reduction of the Initial Base Purchase Price and no amount owing by Seller Sellers (unless in each case Sellers elect to retain the Title Defect Property or Environmental Defect Property as set forth in Section 7(c)) in accordance with this Exhibit A unless and until the Title Defect Amounts (reduced by any Title Defect Credits) and the Environmental Defect Amounts exceed 1% Amounts, (excluding any Title Defects or Environmental Defects excluded pursuant to clause (a) above) exceeds two percent (2%) of the Initial Purchase Price in the aggregate (the “Defect Basket”), in which event the Seller Sellers will be liable for all Title Defect Amounts and Amounts, Environmental Defect Amounts in excess of not excluded under (a) above, only to the Defect Basket from the first dollar above extent they exceed the Defect Basket; provided, and (iii) the maximum liability of Seller for all Title Defect Amounts and Environmental Defect Amounts, in the aggregate, including all amounts owing before, on or after the Closing, will be fifteen percent (15%) of the Initial Purchase Price. Buyer’s sole and exclusive remedy for the reduction in value of the Company’s title to an Oil and Gas Property resulting from the existence of a Title Defect or Environmental Defect will be as provided in this Exhibit A; provided however, that, pursuant to Section 9.1(d) of the Agreement, Buyer or Seller Sellers may terminate this Agreement if as described in Section 9.1(d); and provided further, that neither the aggregate of the agreed-upon Individual Title Defect Amounts and Environmental Threshold nor the Defect Amounts exceeds fifteen percent (15%) of Basket shall apply with respect to any Title Defect raised related to the Initial Purchase PriceIdentified Title Matter.