Examples of Material Title Defects in a sentence
The Purchaser further agrees that notice of all Material Title Defects shall be provided in writing to the Vendors at the earliest time at which they are discovered.
If Transferor is unable to cure such New Material Title Defects by the extended Closing Date, then Empire and Transferor shall have the same rights as they would have had under this Section 6.4 with respect to the original Closing Date.
In the event a Material Title Defect is not removed or otherwise cured by Closing, Buyer shal have the option to either (x) terminate this Agreement, in which case the provisions of Article VIII shal apply or (y) waive such Material Title Defects, in which event such Material Title Defects shal be deemed additional Permitted Exceptions and the Closing shal occur as herein provided without any reduction of or credit against the Purchase Price.
Any liens, encumbrances, title defects or other title exceptions disclosed in any Title Commitment or Survey and which do not constitute Material Title Defects (and any Material Title Defects which Purchaser elects to waive pursuant to this Section 6.2), shall be referred to herein as the "PERMITTED EXCEPTIONS".
In the event Transferor fails to make such election, Transferor shall be deemed to have elected not to cure the Material Title Defects.