Notice of Defective Interest. On or before the Defect Notice Date, Buyer shall advise Seller of any Notice of Defective Interest. Any Notice of Defective Interest shall be in writing and contain the following:
(i) a description of the claimed Title Defect(s);
(ii) the Title Defect Property;
(iii) the Allocated Value of an individual Well subject to the Title Defect;
(iv) supporting documents reasonably necessary for Seller (as well as any title attorney or examiner hired by Seller) to verify the existence of the alleged Title Defect(s); and
(v) the amount by which Buyer reasonably believes the Allocated Value of each Title Defect Property is reduced by the alleged Title Defect(s) and the computations and information upon which Buyer’s belief is based. To give Seller an opportunity to commence reviewing and curing Title Defects, Buyer agrees to give Seller, on or before the end of each calendar week prior to the Defect Notice Date, written notice of all Title Defects discovered by Buyer during the calendar week. The Parties acknowledge and agree that such weekly notice is preliminary and may be supplemented and modified at any time prior to the Defect Notice Date, and that any failure to include a Title Defect on such weekly notice shall not in any way be a waiver of such Title Defect.
Notice of Defective Interest. On or before the Defect Notice Date, a Party alleging a Title Defect shall advise the other Party in writing of any matters that in the alleging Party’s reasonable opinion constitute a Title Defect with respect to the other Party’s title to all or any portion of its Leases, Xxxxx and Fee Lands (“Notice of Defective Interest”). The Notice of Defective Interest shall be in writing and contain the following: (i) a description of the alleged Title Defect(s), (ii) the Leases or Xxxxx and Fee Lands (and the applicable zone(s) therein) affected by the alleged Title Defect (each, a “Title Defect Property”), (iii) the Allocated Value of each Title Defect Property, (iv) supporting documents reasonably necessary (as well as any title attorney or examiner hired by Laramie or Delta, as applicable) to verify the existence of the alleged Title Defect(s), and (v) the alleging Party’s good faith estimate of the relevant Title Defect Amount and the computations and information upon which such estimate is based. To give the Party against whom a Title Defect is being alleged an opportunity to commence reviewing and curing Title Defects, the alleging Party agrees to use reasonable efforts to provide, on or before the end of each calendar week prior to the Defect Notice Date, written notice of all Title Defects discovered by the alleging Party or any of its representatives during the calendar week preceding the calendar week then ending, which may be preliminary in nature and supplemented prior to the Defect Notice Date. Laramie or Delta shall also promptly furnish the other Party with written notice of any Title Benefit which is discovered by such Party or any of its representatives while conducting title review, due diligence or investigation with respect to the Leases or Xxxxx.
Notice of Defective Interest. Buyer shall deliver to Seller a written notice of Title Defects (“Title Defect Notice”) on or before the date that is two (2) business days after the execution and delivery of this Agreement (“Defect Date”) at 5:00 p.m. Central time in a manner set forth in the notice provision herein; provided, however, Buyer shall notify Seller of any Title Defect it discovers as soon as reasonably practicable after its discovery. Such Title Defect Notice shall include a reasonable description of and documentation supporting the claimed basis for the Title Defect, including copies of relevant portions of any ownership report or title opinion, and the claimed value of the Title Defect and associated computations. If Buyer does not deliver a timely Title Defect Notice relating to a particular Lease, no adjustment shall be made for Title Defects for such Lease and the Parties shall proceed to Closing. A Lease for which Buyer properly and timely asserts a Title Defect Notice is a “Title Defect Property”.
Notice of Defective Interest. Buyer shall give the Company written “Notice of Defective Interests” as soon as possible but no later than five (5) business days before the Closing Date, (the “Defect Notice Date”). This notice must be in writing and satisfy the following conditions precedent: (i) a description of each Defective Interest; (ii) the basis for each Defective Interest, and, if the basis is derived from any document, a copy of such document (or pertinent part thereof) shall be attached or if the basis is derived from any gap in PGR’S chain of title, the documents preceding and following the gap shall be attached; (iii) the Allocated Value of the affected PGR Lease; and (iv) Buyer’s good faith estimate of the Defect Value and the computations upon which Buyer’s estimate is based. If a PGR Lease has not been given an Allocated Value or the Allocated Value of PGR Lease is Fifty Thousand Dollars ($50,000) or less, the Company shall be deemed to have Defensible Title to such PGR Lease.
Notice of Defective Interest. Buyer shall give Seller written “Notice of Defective Interests” as soon as possible but no later than on or before ten (10) business days prior to the Closing Date at 5:00 p.m., in Fort Worth, Texas (the “Title Defect Notice Date”). Such notice shall be in writing, and inclusion of the following elements shall be a condition precedent to the effectiveness of the Notice of Defective Interests: (i) a description of the Defective Interests, (ii) the reasonable basis for the Defective Interests, (iii) reasonable documentation supporting the basis for the Defective Interest, (iv) the Allocated Value of the affected Asset, and (v) the Defect Value and the computations upon which Buyer’s belief is based. For the purposes of the requirement in clause (iii) in the preceding sentence, “reasonable documentation supporting the basis” shall mean (a) if the basis is derived from a document, a copy of such document, or pertinent part thereof, (b) if the basis is a gap in Seller’s chain of title, the document preceding and following the gap, or a title opinion reciting the gap in reasonable detail, (c) if the basis is a lien or encumbrance, the document creating the lien or encumbrance or a title opinion or title report reciting the lien or encumbrance in reasonable detail including recording references, or (d) if the basis is failure to pay a rental when due, documentation evidencing the non-payment. If Buyer does not deliver a timely and valid Notice of Defective Interests for a particular Asset, title to such Asset shall be deemed to be Defensible Title.
Notice of Defective Interest. Buyer shall give Seller written notice (a “Notice of Defective Interest”) as soon as Title Defects are discovered, and in any event no later than the Closing Date (the “Notice Deadline”). A Notice of Defective Interest shall include all of the following: (i) a description of each Defective Interest; (ii) the basis for each Defective Interest, and, if the basis is derived from any document, a copy of such document (or pertinent part thereof) shall be attached, or if the basis is derived from any gap in the chain of title, the documents preceding and following the gap shall be attached; (iii) the Allocated Value of such affected Well, Well Location or Other Asset; and (iv) Buyer’s good faith estimate of the Defect Value and the computations upon which Buyer’s estimate is based. To give Seller an opportunity to commence reviewing and curing Title Defects, Buyer agrees to use reasonable efforts to give Seller, on or before the end of each calendar week prior to the Notice Deadline, a Notice of Defective Interest covering all Title Defects discovered by Buyer during the preceding calendar week, which notice may be preliminary in nature and supplemented prior to the Notice Deadline.
Notice of Defective Interest. Buyer shall give Seller written "Notice of Defective Interests" as soon as possible but no later than on or before three (3) business days prior to Closing at 5:00 p.m., Mountain Time (the "Title Defect Notice Date"). Such notice shall be in writing and inclusion of the following elements shall be a condition precedent to the effectiveness of the Notice of Defective Interests: (i) a description of the Defective Interests, including Buyer's basis for such characterization, (ii) the Allocated Value of the affected Asset, and (iii) the Defect Value and the computations upon which Buyer's belief is based. If Buyer does not deliver a timely and valid Notice of Defective Interests for a particular Asset, title to such Assets shall be deemed to be Defensible Title.
Notice of Defective Interest. On or before the Defect Notice Date, Buyer shall notify Seller in writing of any matters that in Xxxxx’s reasonable opinion constitute a Title Defect with respect to Seller’s title to all or any portion of the Leases, Xxxxx and Units (“Notice of Defective Interests”). The Notice of Defective Interests shall be in writing, shall identify the instrument as Buyer’s Notice of Defective Interests and shall contain the following: (i) a reasonably clear, complete and accurate description of the information in the possession of Buyer with respect to the alleged Title Defect(s), (ii) the Leases, Xxxxx or Units (and the applicable zone(s) therein) affected by the alleged Title Defect(s) (each a “Title Defect Property”), (iii) the Allocated Value of each Lease, Well or Unit subject to the alleged Title Defect(s), (iv) supporting documents reasonably necessary for Seller (as well as any title attorney or examiner hired by Xxxxxx) to verify the existence of the alleged Title Defect(s), and
Notice of Defective Interest. Buyer shall deliver Seller a written “Notice of Defective Interests” on or before ten days prior to the Closing Date at 5:00 p.m. at the location of Seller’s offices. Such notice shall be effective only if it includes a description of and documentation supporting the basis for the Defective Interest and the value of the defect and associated computations.
Notice of Defective Interest. On or before the Defect Notice Date, Buyer shall advise Seller in writing of any matters that in Buyer's reasonable opinion constitute a Title Defect with respect to Seller's title to all or any portion of the Assets ("Notice of Defective Interest"). The Notice of Defective Interests shall be in writing and contain the following: (i) a description of the alleged Title Defect(s), (ii) the Leases or Xxxxx or other Assets affected by the Title Defect (each a "Title Defect Property"), (iii) the Allocated Value of each Asset subject to the Title Defect, (iv) supporting documents reasonably necessary for Seller (as well as any title attorney or examiner hired by Seller) to verify the existence of the alleged Title Defect(s), and (v) the amount by which Buyer reasonably believes the Allocated Value of each Title Defect Property is reduced by the alleged Title Defect(s) and the computations and information upon which Buyer's belief is based.
