Common use of Title Examination; Notice of Defects Clause in Contracts

Title Examination; Notice of Defects. (a) Promptly after execution of this Agreement, Buyer shall, at Buyer's sole cost and expense, commence and pursue such examination of title to the Examined Interests as Buyer deems necessary or proper. Buyer will conclude its title review and give notice to Sellers of any asserted Title Defects affecting the Examined Interests not later than fourteen (14) days prior to the date scheduled for the Closing in Section 13.1 hereof (the "Title Notice Date"). Each such notice shall include a brief description of each Title Defect of which notice is being given, the action required to cure such Title Defect and the proposed adjustment to the Base Price by reason of the existence of such Title Defect. Buyer shall be deemed to have waived any Title Defects existing with respect to the Examined Interests except to the extent such Title Defects are set out in a notice given on or prior to the Title Notice Date.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Oneok Inc), Stock Purchase Agreement (Oneok Inc)

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Title Examination; Notice of Defects. (a) Promptly after execution of this Agreement, Buyer shall, at Buyer's sole cost and expense, commence and pursue such examination of title to the Examined Interests as Buyer deems necessary or proper. Buyer will conclude its title review and give notice to Sellers of any asserted Title Defects affecting the Examined Interests not later than fourteen fifteen (1415) days prior to the date scheduled for the Closing in Section 13.1 12.1 hereof (the "Title Notice Date"). Each such notice shall include a brief description of each Title Defect of which notice is being given, the action required to cure such Title Defect and the proposed adjustment to the Base Price by reason of the existence of such Title Defect. Buyer shall be deemed to have waived any Title Defects existing with respect to the Examined Interests except to the extent such Title Defects are set out in a notice given on or prior to the Title Notice Date.

Appears in 1 contract

Samples: Sale and Purchase Agreement (Gothic Energy Corp)

Title Examination; Notice of Defects. (a) Promptly after execution of this Agreement, Buyer shall, at Buyer's sole cost and expense, commence and pursue such examination of title to the Examined Interests as Buyer deems necessary or proper. Buyer will conclude its title review and give notice to Sellers of any asserted Title Defects affecting the Examined Interests not later than fourteen thirty-five (1435) days prior to after the date scheduled for the Closing in Section 13.1 hereof of this Agreement (the "Title Notice Date"). Each such notice shall include a brief description of each Title Defect of which notice is being given, the action required to cure such Title Defect and the proposed adjustment to the Base Price by reason of the existence of such Title Defect. Buyer shall be deemed to have waived any Title Defects existing with respect to the Examined Interests except to the extent such Title Defects are set out in a notice given on or prior to the Title Notice Date.

Appears in 1 contract

Samples: Stock Purchase Agreement (RLP Gulf States LLC)

Title Examination; Notice of Defects. (a) Promptly after execution of this Agreement, Buyer shall, at Buyer's sole cost and expense, commence and pursue such examination of title to the Examined Interests as Buyer deems necessary or proper. Buyer will conclude its title review and give notice to Sellers of any asserted Title Defects affecting the Examined Interests not later than fourteen five (145) business days prior to the date scheduled for the Closing in Section 13.1 12.1 hereof (the "Title Notice Date"). Each such notice shall include a brief description of each Title Defect of which notice is being given, the action required to cure such Title Defect and the proposed adjustment to the Base Price by reason of the existence of such Title Defect. Buyer shall be deemed to have waived any Title Defects existing with respect to the Examined Interests except to the extent such Title Defects are set out in a notice given on or prior to the Title Notice Date.

Appears in 1 contract

Samples: Sale and Purchase Agreement (RLP Gulf States LLC)

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Title Examination; Notice of Defects. (a) Promptly after execution of this Agreement, Buyer shall, at Buyer's ’s sole cost and expense, commence and pursue such examination of title to the Examined Interests as Buyer deems necessary or proper. Buyer will conclude its title review and give notice to Sellers Seller of any asserted Title Defects affecting the Examined Interests not later than fourteen seven (147) business days prior to the date scheduled for the Closing in Section 13.1 hereof 12.1 (the "Title Notice Date"). Each such notice shall include a brief description de­scription of each Title Defect of which notice is being given, the action required to cure such Title Defect and the proposed adjustment adjust­ment to the Base Price by reason of the existence of such Title Defect. Buyer shall be deemed to have waived any Title Defects existing with respect to the Examined Interests except to the extent such Title Defects are set out in a notice given on or prior to the Title Notice Date. Notwith­standing the foregoing, Buyer shall not be entitled to assert Title Defects with respect to any particular Property unless the aggregate value of all Title Defects affecting such Property exceeds the lesser of (i) the Agreed Value of such Property, or (ii) $20,000.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Ram Energy Resources Inc)

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