Title Work. A copy of the owner's policy of title insurance issued to Seller at the time it acquired the Project. Within twenty (20) days of the date of this Agreement, and provided Purchaser has delivered evidence to Seller that the Deposit has been tendered to the Title Company, Seller shall provide a commitment for an owner's policy of title insurance on the Project ("Title Commitment"), which shall: (i) be issued by Title Company in favor of Purchaser without so called "Standard Exceptions", (ii) be dated after the date of this Agreement, (iii) provide for coverage in an amount equal to the Purchase Price, (iv) show the state and quality of title to the Property, together with all liens, encumbrances and other charges and items affecting the Property; and (v) be accompanied by legible copies of all documents referenced in the Title Commitment. Any endorsements to the Title Commitment shall be obtained by Purchaser at Purchaser's sole cost and expense;
Title Work. Borrowers are not required to deliver new or updated title opinions for Borrowing Base Properties that have been previously delivered to the Lenders on the existing Borrowing Base. Within 120 days after the Effective Date, the Borrowers shall have furnished to the Administrative Agent title documents, including those previously delivered on the existing Borrowing Base Properties, reasonably satisfactory to the Administrative Agent, with respect to the title and Lien status of at least 60% of the PV-10 Value of the Borrowing Base Properties, and, within 180 days after the Effective Date, the Borrowers shall have furnished to the Administrative Agent title documents, including those previously delivered on the existing Borrowing Base Properties, reasonably satisfactory to the Administrative Agent, with respect to the title and Lien status of at least 70% of the PV-10 Value of the Borrowing Base Properties. Thereafter, the Borrowers shall furnish to the Administrative Agent title documents reasonably satisfactory to the Administrative Agent with respect to the title and Lien status of a sufficient number of Properties so that the Administrative Agent shall at all times have title documents with respect to at least 70% of the PV-10 Value of the Borrowing Base Properties of the Borrowers (the “Continuing 70% Test”). If at any time after the 180th day after the Effective Date, the Borrowers fail to provide title documents reasonably satisfactory to the Administrative Agent for a sufficient number of Borrowing Base Properties to meet the Continuing 70% Test, such failure shall not constitute an Event of Default, but the Technical Banks may redetermine the Borrowing Base by written notice to the Borrowers’ Representative as required to bring the Borrowers into compliance with the Continuing 70% Test until such title documents are provided. Without regard to whether the Borrowers provide satisfactory title documents with respect to a particular Oil and Gas Property owned by such Person, such Oil and Gas Property shall, if necessary to meet the requirements of Section 7.9 hereof, be encumbered by a Mortgage in favor of the Administrative Agent for the ratable benefit of the Secured Parties, and shall be included in the collateral.
Title Work. Within fifteen (15) Business Days following the Closing Date, EPPG shall have furnished to the Administrative Agent title documents reasonably satisfactory to the Administrative Agent with respect to the title and Lien status of at least 50% of the PV-10 Value of the Borrowing Base Properties. Thereafter, the Administrative Agent shall at all times have reasonably satisfactory title documents with respect to at least 50% of the PV-10 Value of the Borrowing Base Properties of EPPG (the “Continuing 50% Test”). If at any time after the Closing Date, EPPG fails to provide title documents reasonably satisfactory to the Administrative Agent for a sufficient number of Borrowing Base Properties to meet the Continuing 50% Test, such failure shall not constitute an Event of Default, but the Administrative Agent may redetermine the Borrowing Base by written notice to the Borrowers’ Representative as required to bring EPPG into compliance with the Continuing 50% Test until such title documents are provided. Without regard to whether EPPG provides satisfactory title documents with respect to a particular Oil and Gas Property owned by EPPG, such Oil and Gas Property shall, if necessary to meet the requirements of Section 7.7 hereof, be encumbered by a Mortgage in favor of the Administrative Agent for the ratable benefit of the Secured Parties, and shall be included in the collateral.
Title Work. Section 5.23 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Title Work. Seller furnished to Buyer certain existing title work (the “Existing Title Work”) on or before the execution of this Agreement. No material Liens have been placed on the Properties by the Company since the date of the most recent Existing Title Work with respect to each Property. Following execution of this Agreement, Buyer may obtain, at Buyer’s option and at Buyer’s expense, commitments from the title insurance company issuing the Existing Title Work (the “Title Company”) to issue (i) updates to the Existing Title Work or (ii) new policies of owner’s title insurance for any Properties (or portion thereof) as to which there is no Existing Title Work, together with legible copies of all exceptions to title referenced therein (the “New Title Work”). Buyer shall furnish Seller with copies of any material documents resulting from the New Title Work promptly following receipt of same.
Title Work. The DDA shall provide, at its expense, an owner’s policy of title insurance in the amount of $10,000 for the South 303 Abbot Parcel and the North 303 Abbot Parcel. Upon the execution of this Agreement, the Developer shall order, on the DDA’s behalf, a commitment for an owner’s policy of title insurance for the South 303 Abbot Parcel and the North 303 Abbot Parcel. Upon receipt of said commitment, the Developer and the City shall notify the DDA of any objections to the condition of the title, including any conditions reflected in the commitment which render title unmarketable, and, thereafter, the DDA shall have fourteen
Title Work. The DDA shall provide, at its expense, an owner’s policy of title insurance in the amount of the purchase price of $500,000 for the South 303 Abbot Parcel and $10,000 for the North 303 Abbot Parcel. Upon the execution of this Agreement, the Developer shall order, on the DDA’s behalf, a commitment for an owner’s policy of title insurance for the South 303 Abbot Parcel and the North 303 Abbot Parcel from a mutually agreeable title company (the “Title Company”). Upon receipt of said commitment, the Developer and the City shall notify the DDA of any objections to the condition of the title, including any conditions reflected in the commitment which render title unmarketable, and, thereafter, the DDA shall have thirty (30) days to cure same. If the Developer’s objections to the condition of the title are not cured, the Developer or the City may either: (a) terminate this Land Transfer Agreement as to the South 303 Abbot Parcel; or (b) waive the objections (the “Permitted Exceptions”) and close the transaction. If the Developer terminates the Land Transfer Agreement as to the South 303 Abbot Parcel, the Land Transfer Agreement as to the North 303 Abbot Parcel also terminates automatically.
Title Work a. Provide a documented preliminary title search covering an interval of time including one valid transfer of fee title beyond a twenty-year period from the date of the search.
b. Each title search shall be updated at the time of the Right of Way acquisition, as required.
Title Work. As of the Closing Date, the Borrowers shall have furnished to the Administrative Agent title documents reasonably satisfactory to the Administrative Agent with respect to the title and Lien status of at least 50% of the PV-10 Value of the Borrowing Base Properties, and within 120 days after the Closing Date, 70% of the PV-10 Value of the Borrowing Base Properties. The Borrowers shall furnish to the Administrative Agent title documents reasonably satisfactory to the Administrative Agent with respect to the title and Lien status of a sufficient number of Properties so that the Administrative Agent shall at all times have title documents with respect to at least 70% of the PV-10 Value of the Borrowing Base Properties of the Borrowers (the “Continuing 70% Test”). If at any time after the Closing Date, the Borrowers fail to provide title documents reasonably satisfactory to the Administrative Agent for a sufficient number of Borrowing Base Properties to meet the Continuing 70% Test, such failure shall not constitute an Event of Default, but the Technical Banks may redetermine the Borrowing Base by written notice to the Borrowers’ Representative as required to bring the Borrowers into compliance with the Continuing 70% Test until such title documents are provided. Without regard to whether the Borrowers provide satisfactory title documents with respect to a particular Oil and Gas Property owned by such Person, such Oil and Gas Property shall, if necessary to meet the requirements of Section 7.10 hereof, be encumbered by a Mortgage in favor of the Administrative Agent for the ratable behalf of the Secured Parties, and shall be included in the collateral.
Title Work. Within twenty (20) days after completion of the appraisals described in section 15.5, Lessor shall furnish to Lessee, at Xxxxxx’s expense, a current commitment for an owner’s title insurance policy on the Property in the amount of the Option Price, with copies of instruments (or abstracts on instruments) listed in the schedule of exceptions in the title commitment. This requirement pertains only to instruments shown of record in the office of the clerk and recorder of Mesa County. At closing, Lessee will pay the premium for issuance of the owner’s policy based upon the commitment.
A. If Xxxxxx does not receive written notice signed by Xxxxxx of unmerchantability of title or any other unsatisfactory title condition as shown by the commitment (or any endorsement adding new exceptions to the title commitment, with a copy of the document adding the new exception to title) within ten (10) calendar days after receipt of the title documents by Xxxxxx, Xxxxxx shall be deemed to have accepted as satisfactory the condition of the title to the Property as disclosed by the commitment or endorsement(s).
B. If Lessor receives timely notice of unmerchantability of title or unsatisfactory title conditions(s), Lessor shall use reasonable effort to correct the unsatisfactory title condition(s) relative to the Property. If Lessor fails to correct any unsatisfactory title conditions(s) described in a timely notice from Lessee on or before thirty (30) days prior to the closing date, Xxxxxx’s sole remedy shall be to terminate the Option by written notice signed by the Lessee and received by Lessor on or before fifteen (15) days prior to the closing date.
C. If Lessor does not receive Xxxxxx’s notice of termination by that date, Lessee shall be deemed to have waived objection to the unsatisfactory title condition(s) which is the subject of a timely notice from the Lessee and to have accepted title to the Premises subject to the unsatisfactory title condition.
D. If Lessor timely receives Lessee’s notice of termination as specified above, the Option shall immediately terminate without further notice or action by any party, which shall be Lessee’s sole remedy; provided, if the Option terminates pursuant to this provision, Lessee shall have an additional fifteen (15) days in which to exercise the option to renew this Lease, described in section 2.4 of the Lease, if applicable, notwithstanding the time limits stated in said section.
