New Title Defects definition
Examples of New Title Defects in a sentence
If Purchaser fails to give such notice within said ten (10) calendar day period, Purchaser will be deemed to have waived such New Title Defect(s) pursuant to provision (A) in the preceding sentence.
If, within such twenty (20) Business Day period, Seller (x) fails to cure any such New Title Defects to Purchaser’s reasonable satisfaction or (y) gives notice to Purchaser that it has elected not to remedy or remove some or all of the New Title Defects, Purchaser and Seller shall attempt to negotiate the terms and conditions of the sale of such Real Property, including a corresponding Purchase Price adjustment that is agreeable to both parties.
If such update indicates that any Title Defects have arisen since the date of the Title Commitment (“New Title Defects”), and Purchaser reasonably objects thereto, then Seller may elect to delay the Closing for up to twenty (20) Business Days while Seller uses Commercially Reasonable Efforts to cure such New Title Defects to Purchaser’s reasonable satisfaction.
Any exceptions added by the Title Company to any Title Commitment after its review of a Survey shall be deemed New Title Defects.
Notwithstanding the foregoing, in no event shall any of the foregoing apply with respect to (i) Purchaser’s right to terminate this Agreement pursuant to Section 2.8 of this Agreement with respect to any New Title Defects or (ii) Purchaser’s right to terminate this Agreement pursuant to Section 6.2 of this Agreement as a result of Seller’s failure to remove any Title Defects prior to Closing that Seller notified Purchaser that it would remove prior to Closing pursuant to Section 2.3 of this Agreement.
Buyer shall notify Seller of its election in writing within five (5) business days after receipt of Seller's notice, and Buyer's failure to provide such timely notice in response to Seller's notice shall constitute Buyer's election to waive its objection to the non-monetary New Title Defects that Seller will not cure or remove and proceed as provided in (i) above.
With respect to New Material Title Defects, if Transferor elects to cure such New Material Title Defects and so notifies Empire within three (3) business days after Transferor's receipt of the notice that New Title Defects exist, then Transferor shall have an additional reasonable period, not to exceed thirty (30) days, to cure such New Material Title Defects and, accordingly, may adjourn the Closing Date by such period.
Schedule 5.1(e)-A also lists matters that Buyer believes may be Material Title Defects (as defined below) identified by Buyer with respect to the Reviewed Properties as a result of Buyer’s review thereof and, except for New Title Defects, Buyer shall have no right to object to any title or survey matters relating to the Reviewed Properties.
Upon receipt of such notice, Seller shall have 20 days to notify Buyer as to Seller's resolution, or proposed resolution, of the Survey Concerns or new title exceptions, or as to whether Seller wishes to dispute the existence of the Survey Concerns or the fact that such new exceptions constitute New Title Defects.
Except for New Title Defects, Buyer shall have no right to object to any title or survey matters relating to the Non-Reviewed Properties at any time after the Title Review Deadline.