Common use of Notice of Title Defect Clause in Contracts

Notice of Title Defect. Buyer will review title to the Subject Property prior to Closing and notify Seller in writing of any Title Defect (defined below) it discovers as soon as reasonably practicable after its discovery, but in no event less than three (3) business days prior to the Closing Date. Any notice provided hereunder shall include appropriate evidence to substantiate Buyer’s position, including a description of the Title Defect, the basis for the Title Defect, the portion of the Lease or other part of the Subject Property affected by the Title Defect, the Title Defect Amount (as defined below) by which Buyer believes the value of the Subject Property has been reduced because of the Title Defect and the computations and information upon which Buyer’s belief is based. Buyer will be deemed to have conclusively waived any Title Defect about which it fails to notify Seller in writing within the applicable period specified in the preceding sentence except as otherwise provided herein and except for the special warranty of title provided in the Assignment.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Oasis Petroleum Inc.)

AutoNDA by SimpleDocs

Notice of Title Defect. Buyer will review title to the Subject Property prior to Closing and notify Seller in writing of any Title Defect (defined below) it discovers as soon as reasonably practicable after its discovery, but in no event less than three five (35) business days prior to the Closing Date (hereinafter "Title Notice Date"). Any notice provided hereunder shall include appropriate evidence to substantiate the Buyer’s 's position, including a description of the Title Defect, the basis for the Title Defect, the portion of the Lease or other part of the Subject Property affected by the Title Defect, the Title Defect Amount (as defined below) amount by which Buyer believes the value of the Subject Property has been reduced because of the Title Defect and the computations and information upon which Buyer’s 's belief is based. Buyer will be deemed to have conclusively waived any Title Defect about which it fails to notify Seller in writing within the applicable period specified in the preceding sentence except as otherwise provided herein and except for the special warranty of title provided in the Assignmentherein.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Reef Oil & Gas Income & Development Fund III LP)

Notice of Title Defect. Buyer will may review title to the Subject Property prior to Closing and may notify Seller in writing of any Title Defect (defined below) it discovers as soon as reasonably practicable after its discovery, but in any event no event less later than three four (34) business days prior to the Closing Date (not including the Closing Date). Any notice provided hereunder shall include appropriate evidence to substantiate the Buyer’s position, including a description of the Title Defect, the basis for the Title Defect, the portion of the any Lease or Leases or other part of the Subject Property affected by the Title Defect, the Title Defect Amount (as defined below) amount by which Buyer believes the value of the Subject Property has been reduced because of the Title Defect and the computations and information upon which Buyer’s 's belief is based. Buyer will be deemed to have conclusively waived any Title Defect about which it fails to notify Seller in writing within the applicable period specified in the preceding sentence except as otherwise provided herein and except for the special warranty of title provided in the Assignmentabove.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Lucas Energy, Inc.)

AutoNDA by SimpleDocs

Notice of Title Defect. Buyer will review title to the Subject Property prior to Closing and notify Seller in writing of any Title Defect (defined below) it discovers as soon as reasonably practicable after its discovery, but in no event less than three (3) business days prior to the Closing Date. Any notice provided hereunder shall include appropriate reasonable evidence to substantiate the Buyer’s 's position, including a description of the Title Defect, the basis for the Title Defect, the portion of the Lease or other part of the Subject Property affected by the Title Defect, the Title Defect Amount (as defined below) amount by which Buyer believes the value of the Subject Property has been reduced because of the Title Defect and the computations and information upon which Buyer’s 's belief is based. Buyer will be deemed to have conclusively waived any Title Defect about which it fails to notify Seller in writing within the applicable period specified in the preceding sentence except as otherwise provided herein and except for the special warranty of title provided in the Assignmentherein.

Appears in 1 contract

Samples: Purchase and Sale Agreement (New Frontier Energy Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.