Common use of Seller’s Options Clause in Contracts

Seller’s Options. Seller shall have the right to cure any Title Defect but shall have no obligation to do so. If Buyer gives a Title Defect Notice, Seller shall have the option of: (a) curing the Title Defect before Closing, and, if such Title Defect is not cured before Closing, Seller shall further elect (b), (c) or (d); (b) indemnifying Buyer for all liabilities and obligations associated with the Title Defect, which indemnity shall terminate if Seller later cures the Title Defect, but only if Buyer agrees the indemnity, in such circumstance, is an appropriate remedy, and if the Parties can mutually agree on the form of the indemnity; (c) reducing the Purchase Price by the Title Defect Value, subject to the Title Defect Threshold and Title Defect Deductible described in Section 6.12, in which event Seller shall be released from and of all further liability or obligation to Buyer with respect to the Title Defect, and the Title Defect shall be a Permitted Encumbrance; or (d) if the Title Defect Value exceeds twenty percent (20%) of the Allocated Value of the Well or Well Location, excluding the Well or Well Location from the Purchased Assets conveyed to Buyer at the Closing, subject to Section 6.13, in which event the Purchase Price shall be reduced by the Allocated Value of the Well or Well Location, as applicable.

Seller’s Options. Seller Sellers shall have the right to cure any Title Defect but shall have no obligation to do so. If Buyer gives a Title Defect Notice, Seller Sellers shall have the option of: (a) curing the Title Defect before Closing, and, if such Title Defect is not cured before Closing, Seller shall further elect (b), (c) or (d); (b) indemnifying Buyer for all liabilities and obligations associated with the Title Defect, which indemnity shall terminate if Seller later cures the Title Defect, but only if Buyer agrees the indemnity, in such circumstance, is an appropriate remedy, and if the Parties can mutually agree on the form of the indemnity; (c) reducing the Purchase Price by the Title Defect Value, subject to the Title Defect Threshold and Title Defect Deductible described in Section 6.12, in which event Seller Sellers shall be released from and of all further liability or obligation to Buyer with respect to the Title Defect, and the Title Defect shall be a Permitted Encumbrance; or (d) if the Title Defect Value exceeds twenty percent (20%) of the Allocated Value of the Well or Well LocationWell, excluding the Well or Well Location from the Purchased Assets conveyed to Buyer at the Closing, subject to Section 6.13, in which event the Purchase Price shall be reduced by the Allocated Value of the Well or Well Location, as applicableWell.

Seller’s Options. Seller Sellers shall have the right to cure any Title Defect but shall have no obligation to do so. If Buyer gives a Title Defect Notice, Seller Sellers shall have the option of: (a) curing the Title Defect before Closing, and, if such Title Defect is not cured before Closing, Seller shall further elect (b), (c) or (d); (b) indemnifying Buyer for all liabilities and obligations associated with the Title Defect, which indemnity shall terminate if Seller later cures the Title Defect, but only if Buyer agrees in its reasonable discretion that the indemnity, in such circumstance, is an appropriate remedy, and if the Parties can mutually agree on the form of the indemnity; (c) reducing the Purchase Price by the Title Defect Value, subject to the Title Defect Threshold and Title Defect Deductible described in Section 6.12, in which event Seller Sellers shall be released from and of all further liability or obligation to Buyer with respect to the Title Defect, and the Title Defect shall be a Permitted Encumbrance; or (d) if the Title Defect Value exceeds twenty ten percent (2010%) of the Allocated Value of the Well or Well LocationWell, excluding the Well or Well Location from the Purchased Assets conveyed to Buyer at the Closing, subject to Section 6.13, in which event the Purchase Price shall be reduced by the Allocated Value of the Well or Well Location, as applicableWell.

Seller’s Options. Seller shall have the right to cure any Title Defect but shall have no obligation to do so. If Buyer gives a Title Defect Notice, Seller shall have elect from the option of:following options (provided, however Seller may not elect the options described in sub-sections (b), without Buyer’s consent): (a) curing the Title Defect before Closing, and, if such Title Defect is not cured before Closing, Seller shall further elect (b), (c) or (d); (b) indemnifying Buyer for all liabilities and obligations associated with the Title Defect, which indemnity shall terminate if Seller later cures the Title Defect, but only if Buyer agrees the indemnity, in such circumstance, is an appropriate remedy, and if the Parties can mutually agree on the form of the indemnity; (c) reducing the Purchase Price by the Title Defect Value, subject to the Title Defect Threshold and Title Defect Deductible described in Section 6.12, in which event Seller shall be released from and of all further liability or obligation to Buyer with respect to the Title Defect, and the Title Defect shall be a Permitted Encumbrance; or (d) if curing the Title Defect Value exceeds twenty percent (20%) of the Allocated Value of the Well or Well Location, excluding the Well or Well Location from the Purchased Assets conveyed to Buyer at the post-Closing, subject to Section 6.13, in which event the Purchase Price case Section 6.14 shall be reduced by the Allocated Value of the Well or Well Location, as applicable.apply..