Title Defect. The term “Title Defect” means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Title.
Appears in 7 contracts
Samples: Lease Acquisition Agreement, Lease Acquisition Agreement (GMX Resources Inc), Purchase and Sale Agreement (AMERICAN EAGLE ENERGY Corp)
Title Defect. The term “Title Defect” means with respect to a Lease any lien, encumbrance, adverse claimencroachment, default, expiration, failureirregularity, defect in or objection to real property title, other than excluding Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Title.defects:
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Venoco, Inc.), Purchase and Sale Agreement (Berry Petroleum Co), Purchase and Sale Agreement (Aspen Exploration Corp)
Title Defect. The term “Title Defect” means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than excluding Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ the Seller’s title to the Lease Asset less than Defensible Title.. Notwithstanding the foregoing, the following shall not be considered Title Defects:
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Exco Resources Inc), Purchase and Sale Agreement (Exco Resources Inc), Purchase and Sale Agreement (Linn Energy, LLC)
Title Defect. The term “Title Defect” means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than excluding Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ the Seller’s title to the Lease Asset less than Defensible Title., including, but not limited to, Seller’s inability to provide, to Buyer’s reasonable satisfaction, evidence of current payment of proceeds of production from xxxxx listed on Exhibit B, based on the interests shown thereon. Notwithstanding the foregoing, the following shall not be considered Title Defects:
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Exco Resources Inc), Purchase and Sale Agreement (Exco Resources Inc)
Title Defect. The term “Title Defect” means means, with respect to a Lease an Asset, any lien, charge, encumbrance, adverse claimobligation, defaultencroachment, expiration, failureirregularity, defect in (including a discrepancy in Net Revenue Interest, Working Interest, Net Acres or Net Revenue Acres) or objection to real property title, other than Permitted Encumbrancestitle of Seller, that alone or in combination with other defects renders Sellers’ title to the Lease such Asset less than Defensible Title.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Callon Petroleum Co), Purchase and Sale Agreement (Cimarex Energy Co)
Title Defect. The term “"Title Defect” " means with respect to a Lease any burden, lease, lawsuit, mortgage, lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ Seller's title to the Lease less than Defensible Title.
Appears in 2 contracts
Samples: Restatement of Lease Acquisition Agreement, Amendment and Restatement of Lease Acquisition Agreement (Mainland Resources Inc.)
Title Defect. The term “Title Defect” means with respect to a Lease any lien, encumbrance, outstanding mortgage, adverse claim, litigation, default, expiration, failure, calls on production, non-lessor reversionary interests, back-ins, or other similar right, unrecorded lease burdens, preferential purchase rights, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Marketable Title.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Carbon Natural Gas Co)
Title Defect. The term “Title Defect” means with respect to a Lease any lienLien, encumbranceencroachment, adverse claim, default, expiration, failureirregularity, defect in in, or objection to real property title, other than Permitted Encumbrances, the title of Seller to an Asset that alone or in combination with other defects renders Sellers’ title to the Lease such Asset less than Defensible Title.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Harvest Natural Resources, Inc.)
Title Defect. The term “Title Defect” means with respect to a Part 1 Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ Seller’s title to the Part 1 Lease less than Defensible Title.
Appears in 1 contract
Samples: Lease Acquisition Agreement (American Eagle Energy Inc.)
Title Defect. The term “Title Defect” means means, with respect to a Lease Lease, any lien, encumbrance, adverse claim, default, expiration, failure, defect in defect, matter or objection to real property titlecondition, other than excluding the Permitted Encumbrances, that alone or in combination with other defects combination, renders Sellers’ the respective Seller’s title to the particular Lease less than Defensible Title.
Appears in 1 contract
Samples: Asset Purchase and Sale Agreement (Samson Oil & Gas LTD)