Common use of DEFECTIVE TITLE Clause in Contracts

DEFECTIVE TITLE. For purposes of the Agreement, Defective Title is defined as status of title, liens or encumbrances, other matters of record, or property status, as determined by ▇▇▇ in its preliminary review, which suggests that Lessor does not have title to all or any part of the Lease Premises with all property rights necessary and appropriate for ▇▇▇ to undertake the operations described in the Lease without unreasonable risk of claim by any third party (“Defective Title”). For the purposes of this Agreement, ▇▇▇ will not reject leases for effective Title if the sole reason for rejection would be a mortgage on a property of less than $500,000. The determination of Defective Title hereunder shall have no legal effect on the rights and obligations of the Parties set forth in the Lease, including without limitation, the Warrant of Title and Interest, Proportionate Reduction, and Curative Documents requirements contained therein.