Common use of Title Defect Notice Clause in Contracts

Title Defect Notice. In order to be valid for purposes of this Agreement, each Title Defect Notice asserting a claim for a Title Defect must be in writing and must include: (i) a description in reasonable detail of the alleged Title Defect(s); (ii) the Well or Lease (and associated Oil & Gas Interests) affected (the “Title Defect Property”); (iii) the Allocated Value of the Well or Lease subject to the alleged Title Defect(s); (iv) if the alleged Title Defect involves a shortfall in the Net Revenue Interest with respect to a Well, the alleged actual Net Revenue Interest for such Well; (v) if the alleged Title Defect involves an excess of Working Interest share with respect to a Well, the alleged actual Working Interest share for such Well; (vi) if the alleged Title Defect involves a shortfall in Net Acres for a Lease, the alleged actual Net Acres in such Lease; (vii) if the alleged Title Defect is a Lien, Buyer’s best estimate of the cost to remove such Lien; and (viii) supporting documents, to the extent available, reasonably necessary for Seller (as well as any experienced title attorney or examiner hired by Seller) to review the existence of the alleged Title Defect; and Buyer’s good faith estimate of the Title Defect Amount attributable to such individual alleged Title Defect and the computations and information upon which Buyer’s estimate is based.

Title Defect Notice. In order to be valid for purposes of this Agreement, each Title Defect Notice asserting a claim for a Title Defect must be in writing and must include: (i) a description in reasonable detail of the alleged Title Defect(s)Defect that is sufficient for Seller to identify the basis of the alleged Title Defect; (ii) the Well Lease(s) or Lease Well(s) (and associated Oil & Gas InterestsInterest) affected by the alleged Title Defect (the “Title Defect Property”); (iii) the Allocated Value of the Well Lease(s) or Lease Well(s) subject to the alleged Title Defect(s)Defect; (iv) if the alleged Title Defect involves a shortfall in the Net Revenue Interest with respect to a Lease or Well, the alleged actual Net Revenue Interest for such Lease or Well; (v) if the alleged Title Defect involves an excess of Working Interest share with respect to a Lease or Well, the alleged actual Working Interest share for such Lease or Well; (vi) if the alleged Title Defect involves a shortfall in the Net Acres for with respect to a Lease, the alleged actual Net Acres in for such Lease; (vii) if all documents in Buyer’s possession or reasonable control and upon which Xxxxx relies for its assertion of the alleged Title Defect is a LienDefect, including supporting documents in Buyer’s best estimate of the cost to remove such Lien; and (viii) supporting documents, to the extent available, possession or reasonable control reasonably necessary for Seller (as well as any experienced title attorney or examiner hired by SellerXxxxxx) to review identify the existence of the alleged Title Defect; and Buyer; (viii) Xxxxx’s good faith estimate of the Title Defect Amount attributable to such individual alleged Title Defect Value and the computations and information upon which Buyer’s such estimate is based; and (ix) to the extent known by Xxxxx, a description of any actions required to cure such alleged Title Defect.

Title Defect Notice. In order to be valid for purposes of this Agreement, each Title Defect Notice asserting a claim for a Title Defect must be in writing and must include: (i) a description in reasonable detail of the alleged Title Defect(s)Defect that is sufficient for Seller to identify the basis of the alleged Title Defect; (ii) the Well Lease(s) or Lease Well(s) (and associated Oil & Gas InterestsInterest) affected by the alleged Title Defect (the “Title Defect Property”); (iii) the Allocated Value of the Well Lease(s) or Lease Well(s) subject to the alleged Title Defect(s)Defect; (iv) if the alleged Title Defect involves a shortfall in the Net Revenue Interest with respect to a Lease or Well, the alleged actual Net Revenue Interest for such Lease or Well; (v) if the alleged Title Defect involves an excess of Working Interest share with respect to a Lease or Well, the alleged actual Working Interest share for such Lease or Well; (vi) if the alleged Title Defect involves a shortfall in the Net Acres for with respect to a Lease, the alleged actual Net Acres in for such Lease; (vii) if all documents in Buyer’s possession or reasonable control and upon which Xxxxx relies for its assertion of the alleged Title Defect is a LienDefect, including supporting documents in Buyer’s best estimate of the cost to remove such Lien; and (viii) supporting documents, to the extent available, possession or reasonable control reasonably necessary for Seller (as well as any experienced title attorney or examiner hired by SellerXxxxxx) to review identify the existence of the alleged Title Defect; and ; (viii) Buyer’s good faith estimate of the Title Defect Amount attributable to such individual alleged Title Defect and the computations and information upon which Buyer’s such estimate is based; and (ix) to the extent known by Xxxxx, a description of any actions required to cure such alleged Title Defect.