Common use of Title Defect Adjustment Amount Clause in Contracts

Title Defect Adjustment Amount. If the aggregate Defect Amount of all Title Defects (disregarding any Defect whose Defect Amount is less than $60,000) exceeds the aggregate Title Benefit Amount of all Title Benefits (disregarding any Title Benefit whose Title Benefit Amount is less than $60,000), then the Unadjusted Purchase Price shall be reduced to the extent (and only to the extent) such excess exceeds 1.5% of the Unadjusted Purchase Price (such excess amount, if any, the “Title Defect Adjustment Amount”) pursuant to Section 3.4(b)(vi). The Title Defect Adjustment Amount shall be recalculated as part of the final determination of the Adjusted Purchase Price under Section 8.4(b) to take into account the resolution of any Title Defects that are Disputed Defects and Disputed Title Benefits pursuant to Section 6.4(f).

Title Defect Adjustment Amount. If the aggregate Defect Amount of all Title Defects (disregarding any Defect whose Defect Amount is less than $60,000100,000) exceeds the aggregate Title Benefit Amount of all Title Benefits (disregarding any Title Benefit whose Title Benefit Amount is less than $60,000100,000), then the Unadjusted Purchase Price shall be reduced to the extent (and only to the extent) such excess exceeds 1.5% of the Unadjusted Purchase Price $1,250,000 (such excess amount, if any, the “Title Defect Adjustment Amount”) pursuant to Section 3.4(b)(vi). The Title Defect Adjustment Amount shall be recalculated as part of the final determination of the Adjusted Purchase Price under Section 8.4(b) to take into account the resolution of any Title Defects that are Disputed Defects and Disputed Title Benefits pursuant to Section 6.4(f).