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Common use of Title Defect Clause in Contracts

Title Defect. “Title Defect” means any encumbrance, defect in or objection to real property title, excluding Permitted Encumbrances, that renders Seller’s title less than Defensible Title. Notwithstanding the foregoing, the following shall not constitute Title Defects:

Appears in 2 contracts

Samples: Asset Purchase Agreement, Asset Purchase Agreement (Linn Energy, LLC)

Title Defect. “Title Defect” means any material encumbrance, defect in or objection to real property title, excluding Permitted Encumbrances, that renders Seller’s Sellers’ title less than Defensible Title. Notwithstanding the foregoing, the following shall not constitute Title Defects:

Appears in 2 contracts

Samples: Asset Purchase Agreement (Contango Oil & Gas Co), Asset Purchase Agreement (Contango Oil & Gas Co)

Title Defect. The term "Title Defect" means any material encumbrance, encroachment, irregularity, defect in or objection to real property title, excluding Permitted Encumbrances, that alone or in combination with other defects renders Seller’s 's title less than Defensible Title. Notwithstanding the foregoing, the following shall not constitute be considered Title Defects:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Bill Barrett Corp)

Title Defect. The term “Title Defect” means any material encumbrance, encroachment, irregularity, defect in or objection to real property title, excluding Permitted Encumbrances, that alone or in combination with other defects renders Seller’s title less than Defensible Title. Notwithstanding the foregoing, the following shall not constitute be considered Title Defects:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Ring Energy, Inc.)

Title Defect. The term "Title Defect" means any lien, encumbrance, adverse claim, encroachment, defect in or objection to real property title, excluding Permitted Encumbrances, that alone or in combination with other defects renders Seller’s 's title less than Defensible Title. Notwithstanding the foregoing, the following shall not constitute be considered Title Defects:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Bill Barrett Corp)

Title Defect. “Title Defect” means any material encumbrance, defect in or objection to real property title, excluding Permitted Encumbrances, that renders Seller’s title less than Defensible Title. Notwithstanding the foregoing, the following shall not constitute Title Defects:

Appears in 1 contract

Samples: Asset Purchase Agreement (Southwestern Energy Co)

Title Defect. The term “Title Defect” means any material encumbrance, encroachment, irregularity, defect in or objection to real property title, excluding Permitted Encumbrances, title that alone or in combination with other defects renders Seller’s title to the Asset less than Defensible TitleTitle and causes the Allocated Value of the affected Asset to be reduced by more than $50,000. Notwithstanding the foregoing, the following shall not constitute be considered Title Defects:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Xto Energy Inc)

Title Defect. The term "Title Defect" means any lien, encumbrance, claim, defect in or objection to real property title, excluding Permitted Encumbrances, that alone or in combination with other defects renders Seller’s 's title to the Asset (i) less than Defensible Title, and (ii) reduces the Allocated Value of the affected Asset. Notwithstanding the foregoing, the following shall not constitute be considered Title Defects:

Appears in 1 contract

Samples: Purchase and Sale Agreement (Synergy Resources Corp)