Title Objection Carveout definition
Examples of Title Objection Carveout in a sentence
If the Parties cannot agree upon an appropriate reduction in the Purchase Price within thirty (30) days after Purchaser has notified Seller of such material change, then Purchaser shall have no further obligation to purchase such Title Objection Carveout.
Alternatively, regardless of the Title Objection Carveout Value, the Parties may mutually elect to delete the portion or portions of the Property subject to such Objectionable Matter or Title Failure from the Properties conveyed by Seller to Purchaser at Closing, and the Purchase Price will be reduced by the amount of Title Objection Carveout Value.
If the Title Objection Carveout Value exceeds the Title Objection Carveout Minimum but is less than or equal to the Title Objection Carveout Maximum, then the Purchase Price shall be reduced in an amount equal to the Title Objection Carveout Value, with the Property subject to the Title Objection Carveout removed from the transaction.
Notwithstanding the foregoing, Purchaser shall have the right to a Title Objection Carveout with respect to any Title Failure and any Material Property Discrepancy which arises from the lack of an underlying legal description for a portion of the Property, in which event the Purchase Price shall be reduced by an amount equal to the applicable Title Objection Carveout Value without application of the Title Objection Carveout Execution Version Minimum threshold set forth above.
Should the Title Objection Carveout Value exceed the Title Objection Carveout Maximum, Seller, at its sole option, may elect to either (A) to terminate this Agreement by written notice to Purchaser, whereupon the ▇▇▇▇▇▇▇ Money Deposit shall immediately be returned to Purchaser in accordance with Article VIII below; or (B) waive the right to terminate the Agreement and proceed to Closing.
Except for issues related to a Title Failure, Purchaser shall be required close without any tract being carved out or any reduction in the Purchase Price if the aggregate Title Objection Carveout Value does not exceed the Title Objection Carveout Minimum.