Title Defect definition

Title Defect means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Title.

Title Defect has the meaning set forth in Section 7.1.

Title Defect as used herein shall mean any encumbrance, encroachment, irregularity, defect in or objection to Seller’s title to the Leases and Xxxxx (excluding Permitted Encumbrances) which would result in Seller not having Defensible Title.

Examples of Title Defect in a sentence

• Except for Xxxxx’s rights under the special warranty of title contained in the Assignment, any matters that may otherwise constitute Title Defects, but of which Sellers have not been specifically notified by Buyer in accordance with the foregoing, shall be deemed to have been waived by Buyer for all purposes and shall constitute Permitted Encumbrances and shall not constitute a Title Defect.

• Seller shall have forty-five (45) days, from Title Defect Notice, to cure any defects of title which may render the title uninsurable under the Standards of Title adopted by the New York Bar Association so brought to its attention in the Title Defect Notice.

• After receipt of the Title Defect Notice, Seller may, at its sole option, either: (i) terminate this Agreement; (ii) or proceed to attempt to cure the title defects referenced in the Title Defect Notice.

• The Title Defect Notice shall state with specificity the title defect and the requested remedy and include any recorded documents causing the defect.

• If Buyer fails to rescind within ten (10) days of Seller’s notice that it has not cured defects referenced in the Title Defect Notice or lapsing of the 45 day cure period, Buyer will be deemed to have waived such defects in title and to have agreed to accept title subject to the alleged defect.

More Definitions of Title Defect

Title Defect means any Encumbrance, defect or other matter that causes Seller not to have Defensible Title; provided that the following shall not be considered Title Defects:

Title Defect means any Lien, obligation (including contract obligation), defect, or other matter (including a discrepancy in Net Revenue Interest or Working Interest) that causes Seller not to have Defensible Title in and to the Leases, the Xxxxx or the Units. Notwithstanding the foregoing, the following shall not be considered “Title Defects:”

Title Defect means any exception in the Title Insurance Commitment or any matter disclosed by the Survey, other than a Permitted Exception.

Title Defect has the meaning ascribed to such term in Section 6.3(a).

Title Defect shall have the meaning given that term in Section 4.02.

Title Defect has the meaning defined in Section 4.2(b).

Title Defect as used in this Agreement, shall mean: (a) any encumbrance, encroachment, irregularity, defect in or objection to Seller’s ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller not to have Defensible Title to such Asset or (b) any default by Seller under a lease, farmout agreement or other contract or agreement that would (i) have a material adverse affect on the operation, value or use of such Asset, (ii) prevent Seller from receiving the proceeds of production attributable to Seller’s interest therein or (iii) result in cancellation of Seller’s interest therein.