MERCHANTABILITY OF TITLE Sample Clauses

MERCHANTABILITY OF TITLE. An Owner’s Title Insurance Commitment (the “Title Commitment”) for the Property will be made available to Buyer either online or as an attachment to this Agreement. Buyer agrees to accept title to the Property subject to all of the conditions and exceptions set forth in Schedule B Section II to the Title Commitment (“Permitted Exceptions”). Subject to the Permitted Exceptions and the matters set forth in this Agreement, Seller is obligated to deliver to Buyer merchantable title to the Property at Closing without warranty of title but with full substitution and subrogation in and to all rights and actions of warranty which Seller has or may have against all prior owners or vendors of the Property. Seller's inability to deliver such title within the time stipulated herein shall render this Agreement null and void, in which case Buyer's Deposit shall be returned. In the event bona fide curative title work is required in connection with the title to the Property, the parties hereto agree to and do hereby extend the time for Closing for a period of up to sixty (60) calendar days or such other period of time as may be mutually agreed upon in writing.
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MERCHANTABILITY OF TITLE. In the event a title search reveals defects in the title, other than those listed in Paragraph 8(a) and 8(b), and the Covenants indicated by Paragraph 8(c) which will materially and adversely affect the Purchaser's use of the property for the development of a casino and hotel, Purchaser shall notify Seller in writing of the specific defects within 60 days of the last execution hereof and thereupon Seller shall have 120 days to cure said defects. In the event a defect arises and Purchaser notifies Seller of the same within 30 days of closing, the closing, at the request of Seller, may be extended to provide Seller with a full 120 days to cure the same. The Seller will take no action to allow any defects to arise.
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MERCHANTABILITY OF TITLE. The following information will be made available to the BUYER either online or as an attachment to this Agreement:
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MERCHANTABILITY OF TITLE. In the event a title search reveals defects in the title, other than those listed in Paragraph 5(a) - (c), which will materially and adversely affect the Purchaser’s use of the Property, Purchaser shall notify Seller in writing of the specific defects within 90 days of the last execution hereof and thereupon Seller shall have 30 days to cure said defects. The Seller will take no action to cause or allow, and will not allow any defects to arise with regard to the title to the Property. If the Seller is unable to cure the defect at a cost of less than $10,000, then Seller shall give notice thereof to the Purchaser. Purchaser shall then have 30 days to decide whether to accept the Property subject to the identified defect, or to terminate this Contract and have all xxxxxxx money previously paid returned to it upon which neither party shall have further obligation to the other, provided however, that if the defect can be cured for less than $100,000, then the Purchaser may proceed to close and use the first US $100,000 xxxxxxx money payment to cure the defect. Further, if the cost to cure the defect is greater than $100,000, then Purchaser may elect to close notwithstanding the defect and the same shall be deemed Permitted Exceptions.
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MERCHANTABILITY OF TITLE. In the event a title search reveals defects in the title, other than those listed in Paragraph 5(a) - (c), which will materially and adversely affect the Purchaser’s use of the Property, Purchaser shall notify Seller in writing of the specific defects within 90 days of the last execution hereof and thereupon Seller shall have 30 days to cure said defect(s). The Seller will take no action to cause or allow, and will not allow any defects to arise with regard to the title to the Property. If the Seller is unable to cure the defect at a cost of less than $10,000, then Seller shall give notice thereof to the Purchaser. Purchaser shall then have 30 days to decide whether to accept the Property subject to the identified defect, or to terminate this Contract, provided however, that if the defect can be cured for less than $100,000, then the Purchaser may proceed to close and use the first US $100,000 of the purchase price payment to cure the defect. Further, if the cost to cure the defect is greater than $100,000, then Purchaser may elect to close notwithstanding the defect and the same shall be deemed Permitted Exceptions. Myriad - Picture Window Agreement December 3, 2008
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MERCHANTABILITY OF TITLE. In the event a title search reveals defects in the title, other than those listed in Paragraph 5(a) - (c), which will materially and adversely affect the Purchaser’s use of the Property, Purchaser shall notify Sellers in writing of the specific defects within 45 days of the last execution hereof and thereupon Sellers shall have 30 days to cure said defects. The Sellers will take no action to cause or allow, and will not allow any defects to arise with regard to the title to the Property.
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Related to MERCHANTABILITY OF TITLE

  • Warranty of Title Seller warrants that at the time of signing this Agreement, Seller neither knows, nor has reason to know, of the existence of any outstanding title or claim of title hostile to the rights of Seller in the goods.

  • Special Warranty of Title Seller shall warrant and defend the title to the Properties conveyed to Buyer against every person whomsoever lawfully claiming the Properties or any part thereof by, through or under Seller or its Affiliate, but not otherwise.

  • Quality of Title Each Loan, together with the Related Security related thereto, shall, at all times, be owned by the Borrower free and clear of any Lien except as provided in Section 4.2(a)(iii), and upon each Funding, the Collateral Agent as agent for the Secured Parties shall acquire a valid and perfected first priority security interest in such Loans, the Related Security related thereto and all Collections then existing or thereafter arising, free and clear of any Lien, except as provided in Section 4.2(a)(iii). No effective financing statement or other instrument similar in effect covering any Loan or Dealer Agreement shall at any time be on file in any recording office except such as may be filed (i) in favor of the Borrower in accordance with the Contribution Agreement or (ii) in favor of the Collateral Agent in accordance with this Agreement.

  • Condition of Title 5.1 If, prior to Closing (as hereinafter defined), a date-down to the Title Commitment discloses any new Unpermitted Exceptions which, in the aggregate, do not exceed $25,000 (each, a "Minor Unpermitted Exception"), Seller shall, at Seller's expense, bond over, cure and/or have such Minor Unpermitted Exceptions removed from the Title Commitment or have the Title Insurer commit to insure against loss or damage that may be occasioned by such Minor Unpermitted Exceptions. Notwithstanding the foregoing, if such date down to the Title Commitment discloses any new Unpermitted Exceptions which, in the aggregate, equal or exceed $25,000, Seller shall have the right, but not the obligation, to bond over, cure and/or have such exceptions removed from the Title Commitment or to have the Title Insurer commit to insure against loss or damage that may be occasioned by such Unpermitted Exceptions. If Seller fails to bond over, cure or have any Unpermitted Exception removed or have the Title Insurer commit to insure as specified above within five (5) business days from the date of the date down to the Title Commitment, Purchaser may terminate this Agreement upon written notice to Seller within three (3) days after the expiration of such five (5) business day period; provided, however, and notwithstanding anything contained herein to the contrary, if the Unpermitted Exception which gives rise to Purchaser's right to terminate was recorded against the Property as a result of the affirmative action of Seller (and not by any unrelated third party) or if Seller is able to bond over, cure or remove a Minor Unpermitted Exception for a cost not to exceed $25,000 or the Title Insurer is willing to insure over a Minor Unpermitted Exception for a cost not to exceed $25,000 in accordance with the terms hereof and Seller fails to expend such funds in either case, then Purchaser shall have the additional rights contained in Paragraph 14 herein. Absent notice from Purchaser to Seller in accordance with the preceding sentence, Purchaser shall be deemed to have elected to take title subject to said Unpermitted Exception, without any reduction in or setoff against the Purchase Price as a result thereof. If Purchaser terminates this Agreement in accordance with the terms of this Paragraph 5.1, this Agreement shall terminate without further action of the parties and all Earnest Money theretofore deposixxx xxxo the escrow by Purchaser, together with any interest accrued thereon, shall be returned to Purchaser, and neither party shall have any further liability to the other, except for those covenants and obligations that specifically survive termination of this Agreement.

  • Protection of Title to Trust (a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust Collateral Agent in the Receivables and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

  • Defense of Title to Collateral Each Borrower shall at all times defend its title to Collateral and Agent’s Liens therein against all Persons, claims and demands whatsoever, except Permitted Liens.

  • Protection of Title (a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other financing statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the Indenture Trustee under this Agreement in the Purchased Assets (to the extent that the interest of the Issuer or the Indenture Trustee therein can be perfected by the filing of a financing statement). The Seller shall deliver (or cause to be delivered) to the Issuer file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

  • Passage of Title 9.7.1 The ownership and title to the Goods and any part thereof shall fully pass to ISR free and clear of all security interests, liens, attachment, encumbrances and any other rights or claims of any kind of any third party, upon the date of issuance by ISR of the Final Acceptance Certificate for each of the Goods at ISR Site. The passing of title to ISR and the vesting of ownership rights shall be without prejudice to any right that may accrue to ISR under this Agreement.

  • Warranty of Quality 16.1 The Seller furnishes a Warranty of Quality in respect of the unit, including both latent and patent defects, as set out in Section 56 of the Consumer Protection Act 68 of 2008, and warrants that the unit shall be:

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