Common use of Notice of Defective Interest Clause in Contracts

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. On or before the Defect Notice Date, a Party alleging a Title Defect Buyer shall advise the other Party notify Seller in writing of any matters that in the alleging PartyBuyer’s reasonable opinion constitute a Title Defect with respect to the other PartySeller’s title to all or any portion of its the Leases, Xxxxx and Fee Lands Units (“Notice of Defective InterestInterests”). The Notice of Defective Interest Interests shall be in writing 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 Leases, Xxxxx or Xxxxx and Fee Lands Units (and the applicable zone(s) therein) affected by the alleged Title Defect Defect(s) (each, each a “Title Defect Property”), (iii) the Allocated Value of each Lease, Well or Unit subject to the alleged Title Defect PropertyDefect(s), (iv) supporting documents reasonably necessary for Seller (as well as any title attorney or examiner hired by Laramie or Delta, as applicableSeller) to verify the existence of the alleged Title Defect(s), and (v) the alleging Party’s good faith estimate amount by which Buyer reasonably believes the Allocated Value of the relevant each Title Defect Amount Property is reduced by the alleged Title Defect(s) and the computations and information upon which such estimate Buyer’s belief is based. To give the Party against whom a Title Defect is being alleged Seller an opportunity to commence reviewing and curing Title Defects, the alleging Party agrees to use Buyer shall make reasonable efforts to provide, on or before the end of each calendar week prior to the Defect Notice Date, give Seller written notice of all Title Defects discovered by Buyer at the alleging Party or any end of its representatives each calendar week during the calendar week preceding the calendar week then endingDue Diligence Period; provided, which however, any such written notice may be preliminary in nature and supplemented prior to the Defect Notice Date. Laramie , and the failure to provide such preliminary notice shall not be deemed to waive 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 restrict Buyer’s rights hereunder with respect to such Title Defect. Any matters that may otherwise constitute a Title Defect, but of which Seller has not been notified by Buyer in accordance with this Section 4.2(c) prior to the Leases or XxxxxDefect Notice Date, shall be deemed to have been waived by Buyer.

Notice of Defective Interest. On or before the Defect Notice Date, a Party alleging a Title Defect shall Kxxx may formally advise the other Party Emerald in writing of any matters that in the alleging Party’s reasonable Kxxx’x opinion constitute a Title Defect with respect to the other PartyEmerald’s title to all or any portion of its Leases, Xxxxx the Emerald Leases and Fee Lands Emerald Wxxxx (“Notice of Defective InterestInterests”). The Notice of Defective Interest Interests shall be in writing and contain the following: (i1) a description of the alleged Title Defect(s), (ii2) a list of the Emerald Leases or Xxxxx and Fee Lands Emerald Wxxxx (and the applicable zone(s) therein) considered by Kxxx to be affected by the alleged Title Defect Defect(s) (each, each a “Title Defect Property”), (iii3) the Allocated Value of each Emerald Lease or Emerald Well subject to the alleged Title Defect PropertyDefect(s), (iv4) supporting documents reasonably necessary for Emerald (as well as any title attorney or examiner hired by Laramie or Delta, as applicableEmerald) to verify the existence of the alleged Title Defect(s)) to the extent such supporting documents are in the possession of Kxxx, and (v5) the alleging Party’s good faith estimate amount by which Kxxx reasonably believes the Value of the relevant each Title Defect Amount Property is reduced by the alleged Title Defect(s) and the computations and information upon which such estimate Kxxx’x belief is based. To give the Party against whom a Title Defect is being alleged Emerald an opportunity to commence reviewing and curing Title Defects, the alleging Party Kxxx agrees to use reasonable efforts to provide, on or before the end of each calendar week prior to the Defect Notice Date, give Emerald written notice of all Title Defects discovered by the alleging Party or Kxxx on an ongoing basis as soon as practicable following discovery of a given Title Defect; provided, however, any of its representatives during the calendar week preceding the calendar week then ending, which such written notice may be preliminary in nature and supplemented prior to the Defect Notice Date. Laramie or Delta shall also promptly furnish the other Party Any matters that may otherwise constitute a Title Defect, but of which Emerald has not been notified by Kxxx in accordance 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 this Section 4.2(b) prior to the Leases or XxxxxDefect Notice Date, shall be deemed to have been waived by Kxxx; provided however, that any such waiver by Kxxx shall not affect the special warranty of title by, through, and under Emerald.

Notice of Defective Interest. On or before the Defect Notice Date, a Party alleging a Title Defect shall Transferee may formally advise the other Party Transferor in writing of any matters that in the alleging PartyTransferee’s reasonable opinion constitute a Title Defect with respect to the other PartyTransferor’s title to all or any portion of its Leases, Xxxxx the Transferor Leases and Fee Lands Transferor Wxxxx (“Notice of Defective InterestInterests”). The Notice of Defective Interest Interests shall be in writing and contain the following: (i1) a clear, complete and accurate description of the alleged Title Defect(s), (ii2) the Transferor Leases or Xxxxx and Fee Lands Transferor Wxxxx (and the applicable zone(s) therein) affected by the alleged Title Defect Defect(s) (each, each a “Title Defect Property”), (iii3) the Transferor Allocated Value of each Transferor Lease or Transferor Well subject to the alleged Title Defect PropertyDefect(s), (iv4) supporting documents reasonably necessary for Transferor (as well as any title attorney or examiner hired by Laramie or Delta, as applicableTransferor) to verify the existence of the alleged Title Defect(s), and (v5) the alleging Party’s good faith estimate amount by which Transferee reasonably believes the Transferor Allocated Value of the relevant each Title Defect Amount Property is reduced by the alleged Title Defect(s) and the computations and information upon which such estimate Transferee’s belief is based. To give the Party against whom a Title Defect is being alleged Transferor an opportunity to commence reviewing and curing Title Defects, the alleging Party Transferee agrees to use reasonable efforts to provide, on or before the end of each calendar week prior to the Defect Notice Date, give Transferor written notice of all Title Defects discovered by Transferee at the alleging Party or any end of its representatives each calendar week during the calendar week preceding the calendar week then endingDue Diligence Period; provided, which however, any such written notice may be preliminary in nature and supplemented prior to the Defect Notice Date. Laramie or Delta shall also promptly furnish the other Party Any matters that may otherwise constitute a Title Defect, but of which Transferor has not been notified by Transferee in accordance 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 this Section 4.2(b) prior to the Leases or XxxxxDefect Notice Date, shall be deemed to have been waived by Transferee.