Common use of Remedies for Uncured Title Defects Clause in Contracts

Remedies for Uncured Title Defects. If BUYER notifies SELLER of any Title Defect as provided in Section 5.6.2, and SELLER and COI refuse or are unable to cure the Title Defect before Closing, then BUYER and SELLER will have the following rights and remedies with respect to the uncured Title Defect(s) in the Property or Assets, unless the parties otherwise agree in writing. (i) BUYER may waive the uncured Title Defect and proceed with Closing. (ii) If an uncured, unwaived Title Defect reduces the value of the Property by an amount less than two percent (2%) of the Allocated Value of that Property, SELLER and BUYER will be obligated to proceed with Closing as to all the Property without adjustment to the Purchase Price. (iii) If an uncured, unwaived Title Defect reduces the value of the Property by an amount equal to or more than two percent (2%) of the Allocated Value of that Property, either SELLER or BUYER may exclude the portion of the Property affected by the Title Defect from the transaction under this Agreement, in which case SELLER and BUYER will adjust the Purchase Price by the Allocated Value of the excluded Property, and proceed with Closing as to the rest of the Property. (iv) In addition to the rights and remedies set forth in subparts (i) through (iii) of this Section 5.6.4, SELLER and BUYER will have the termination rights set forth in Section 5.8.

Remedies for Uncured Title Defects. If BUYER ASSIGNEE notifies SELLER ASSIGNOR of any Title Defect as provided in Section 5.6.2, and SELLER and COI refuse ASSIGNOR refuses or are is unable to cure the Title Defect before Closing, then BUYER ASSIGNEE and SELLER ASSIGNOR will have the following rights and remedies with respect to the uncured Title Defect(s) in the Property or AssetsProperty, unless the parties otherwise agree in writing. (i) BUYER ASSIGNEE may waive the uncured Title Defect and proceed with Closing. (ii) If an uncured, unwaived Title Defect reduces the value of the portion of the Property affected by the Title Defect by an amount less than two percent (2%) of the Allocated Value of that Property, SELLER ASSIGNOR and BUYER ASSIGNEE will be obligated to proceed with Closing as to all the affected Property without adjustment to the Purchase Price. (iii) If an uncured, unwaived Title Defect reduces the value of the portion of the Property affected by the Title Defect by an amount equal to or more than two percent (2%) of the Allocated Value of that Property, either SELLER ASSIGNOR or BUYER ASSIGNEE may exclude the portion of the Property affected by the Title Defect from the transaction under this Agreement, in which case SELLER ASSIGNOR and BUYER ASSIGNEE will adjust the Purchase Price by the Allocated Value of the excluded Property, and proceed with Closing as to the rest of the Property. (iv) In addition to the rights and remedies set forth in subparts (i) through (iii) of this Section 5.6.4, SELLER ASSIGNOR and BUYER ASSIGNEE will have the termination rights set forth in Section 5.8.

Remedies for Uncured Title Defects. If BUYER PURCHASER notifies SELLER of any Title Defect as provided in Section 5.6.2, and SELLER and COI refuse refuses or are is unable to cure the Title Defect before Closing, then BUYER PURCHASER and SELLER will have the following rights and remedies with respect to the uncured Title Defect(s) in the Property or AssetsProperty, unless the parties otherwise agree in writing. (ia) BUYER PURCHASER may waive the uncured Title Defect and proceed with Closing. (iib) If an the aggregate value of all uncured, unwaived Title Defect Defects reduces the value of the Property by an amount less than two five percent (25%) of the Allocated Value of that PropertyPurchase Price, SELLER and BUYER PURCHASER will be obligated to proceed with Closing as to all the Property without adjustment to the Purchase Price. (iiic) If an the aggregate value of all uncured, unwaived Title Defect Defects reduces the value of the Property by an amount equal to or more than two five percent (25%) of the Allocated Value of that PropertyPurchase Price, either SELLER or BUYER PURCHASER may exclude the portion of the Property affected by the Title Defect from the transaction under this Agreement, in which case SELLER and BUYER PURCHASER will adjust the Purchase Price by the Allocated Value of the excluded portion of the Property, and proceed with Closing as to the rest of the Property. (ivd) In addition to the rights and remedies set forth in subparts (ia) through (iiic) of this Section 5.6.4, SELLER and BUYER PURCHASER will have the termination rights set forth in Section 5.8.

Remedies for Uncured Title Defects. If BUYER ASSIGNEE notifies SELLER ASSIGNOR of any Title Defect as provided in Section 5.6.2, and SELLER and COI refuse ASSIGNOR refuses or are is unable to cure the Title Defect before Closing, then BUYER ASSIGNEE and SELLER ASSIGNOR will have the following rights and remedies with respect to the uncured Title Defect(s) in the Property or AssetsProperty, unless the parties otherwise agree in writing. (i) BUYER ASSIGNEE may waive the uncured Title Defect and proceed with Closing. (ii) If an uncured, unwaived Title Defect reduces the value of the portion of the Property affected by the Title Defect by an amount less than two one percent (21%) of the Allocated Value of that Property, SELLER ASSIGNOR and BUYER ASSIGNEE will be obligated to proceed with Closing as to all the affected Property without adjustment to the Purchase Price. (iii) If an uncured, unwaived Title Defect reduces the value of the portion of the Property affected by the Title Defect by an amount equal to or more than two one percent (21%) of the Allocated Value of that Property, either SELLER ASSIGNOR or BUYER ASSIGNEE may exclude the portion of the Property affected by the Title Defect from the transaction under this Agreement, in which case SELLER ASSIGNOR and BUYER ASSIGNEE will adjust the Purchase Price by the Allocated Value of the excluded Property, and proceed with Closing as to the rest of the Property. (iv) In addition to the rights and remedies set forth in subparts (i) through (iii) of this Section 5.6.4, SELLER ASSIGNOR and BUYER ASSIGNEE will have the termination rights set forth in Section 5.8.