New Title Exceptions definition

New Title Exceptions shall have the meaning given to such term in Section 4.1(c) hereof.

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New Title Exceptions shall have the meaning set forth in Section 7.5 hereof.

New Title Exceptions means (x) any exceptions, encumbrances or requirements not expressly set forth in the Approved Title Commitments, (y) any exceptions, encumbrances or requirements set forth in any Main Stage Corrective Deed Title Commitment or identified by the Title Company in connection with any Additional Search Parcels or (z) any deletion and/or adverse modification to the legal descriptions of the Timberlands (or the Company’s interest therein) set forth on Schedule A to the Approved Title Commitments by the Title Company, including any Title Failure, where the same was shown as owned by the Company or the Subsidiaries in the GIS shape files made available to the Buyer on or before the Effective Date; provided however, the term “New Title Exceptions” shall specifically exclude (and the Buyer shall have no right to object to) title matters which are (i) the result of the Buyer’s or its Affiliates’ acts, (ii) are already exceptions or encumbrances to title set forth in the Approved Title Commitments, (iii) were entered into by or on behalf of the Company in the Ordinary Course of Business or are otherwise permitted by the terms of this Agreement, (iv) are title exceptions set forth in any title report or examiner’s search/report for any Main Stage Corrective Deed Properties or any Additional Search Parcels received prior to the Effective Date, (v) are included in the definition of Permitted Liens other than as defined in clauses (ii), (iii), (ix) (provided, however, in no event shall the foregoing be deemed to override the Buyer’s ability to object to any title matters arising in connection with clause (xvi) of such definition), (xiii), (xvii)-(xx) and (xxii) in the definition thereof. If the Buyer fails to object to any New Title Exception (other than Monetary Liens) within ten (10) Business Days after receipt of such revised Initial Title Commitment, the New Title Exception shall be deemed waived by the Buyer and such New Title Exceptions shall be deemed to be Permitted Liens. The Sellers shall have ten (10) Business Days after receipt of the Buyer’s objections to give the Buyer: A) notice that the Sellers will cause such objectionable New Title Exceptions to be removed or cured on or before the Closing Date; or (B) notice that the Sellers elect not to cause such New Title Exception to be removed or cured. Any New Title Exceptions that the Sellers have elected not to remove or cure or which Seller, after electing to remove or cure, fails to remove or cure by the Closi...

Examples of New Title Exceptions in a sentence

In the event Buyer timely delivers to Seller a New Title Exceptions Approval Notice, those New Title Exceptions approved by Buyer pursuant to the New Title Exceptions Approval Notice shall be deemed to constitute Permitted Title Exceptions and the remaining New Title Exceptions shall continue to constitute Disapproved Title Exceptions.
In such event, Lessor shall have the right (but not the obligation) within thirty (30) days after receipt of the Title Objection Notice, in its discretion to either record or bond such New Title Exception, or provide the necessary assurances to the title Lessee so that Lessee can obtain a title insurance policy which is not subject to any New Title Exceptions listed in ▇▇▇▇▇▇'s Title Objection Notice (an "Acceptable Policy").
Seller shall cause all New Title Exceptions which are not approved by Buyer pursuant to a New Title Exceptions Approval Notice (and which are therefore deemed to constitute Disapproved Title Exceptions) to be cured on or before the last Business Day immediately preceding the Closing Date.
In the event that prior to the Closing, any new title exceptions are discovered by or revealed to Seller, which new title exceptions were not otherwise set forth or referred to in the Preliminary Title Report ("New Title Exceptions"), Seller shall deliver written notice to Buyer disclosing the existence of such New Title Exceptions, together with copies of all underlying documents.
On or before the Cure Deadline, Seller shall either: (i) cause all New Title Exceptions which are not approved by Buyer pursuant to a New Title Exceptions Approval Notice (and which are therefore deemed to constitute Disapproved Title Exceptions) to be cured and deliver written notice to Buyer of such cure; or (ii) deliver written notice to Buyer of Seller’s failure to cure one or more of such Disapproved Title Exceptions.
If Purchaser shall fail to timely notify Seller in writing of its election to terminate this Agreement on or before the Closing Date, time being of the essence, the termination right described in this Section 6.4 shall be immediately null and void and of no further force or effect, the Closing will occur as scheduled and the Permitted Exceptions will include all uncured New Title Exceptions.
In the event that prior to the Closing, any new title exceptions are discovered by or revealed to Seller, which new title exceptions were not otherwise set forth or referred to in the Preliminary Title Report and/or in the Survey (“New Title Exceptions”), Seller shall deliver written notice to Buyer disclosing the existence of such New Title Exceptions, together with copies of all underlying documents.
Each such New Title Exception shall be deemed to constitute a Disapproved Title Exception except to the extent Buyer gives Seller written notice of Buyer’s approval of one or more New Title Exceptions within five (5) Business Days (but in no event later than the Closing Date) after the date of Buyer’s receipt of Seller’s written notice of the existence of such New Title Exceptions (“New Title Exceptions Approval Notice”).
All New Title Exceptions approved (or deemed approved) by Buyer pursuant to Section 4.1(c) hereof.
If Seller fails to timely deliver a Disapproved New Title Exceptions Cure Notice to Buyer, then Seller shall be deemed to have elected not to endeavor to cure any of the Disapproved New Title Exceptions.

More Definitions of New Title Exceptions

New Title Exceptions has the meaning set forth in Section 3.2(a)(xi).

New Title Exceptions shall have the meaning set forth in Section 2.8.3(c). “New Survey Defects” shall have the meaning set forth in Section 2.8.3(c).