Defects in Title. If the Purchaser raises an objection to the Seller’s title to the Property, which, if valid, would make title to the Property uninsurable, the Seller shall have the right unilaterally to terminate the Agreement by giving written notice of the termination to the Purchaser. However, if the Seller is able to correct the problem through reasonable efforts, as the Seller determines, at its sole and absolute discretion, prior to the Expiration Date, including any written extensions, or if title insurance is available from a reputable title insurance company at regular rates containing affirmative coverage for the title objections, then the Agreement shall remain in full force and the Purchaser shall perform pursuant to the terms set in the Agreement. The Seller is not obligated to remove any exception or to bring any action or proceeding or bear any expense in order to convey title to the Property or to make the title marketable and/or insurable but any attempt by the Seller to remove such title exceptions shall not impose an obligation upon the Seller to remove those exceptions. The Purchaser acknowledges that the Seller’s title to the Property may be subject to court approval of foreclosure or to mortgagor’s right of redemption. In the event the Seller is not able to (a) make the title insurable or correct any problem or (b) obtain title insurance from a reputable title insurance company, all as provided herein, the Purchaser may terminate this Agreement and any xxxxxxx money deposit will be returned to the Purchaser as the Purchaser’s sole remedy at law or equity. If the Purchaser elects to take title subject to the title objections, the Purchaser shall so notify the Seller. The Purchaser’s silence as to any title objections shall be deemed as acceptance.
Defects in Title. Defects in title of the Services shall be handled in accordance with the provisions of Clause 9 “Mutual Indemnification”.
Defects in Title. Any Title Objections shall be resolved in accordance with the provisions of Section 11.3, and Buyer shall not have terminated this Agreement under Section 11.3;
Defects in Title. Defects in title of the Profession Services shall be handled in accordance with the provisions of section 9 “Indemnification”.
Defects in Title. Defects in title of the Commerce Cloud Sandbox shall be handled in accordance with the provisions of Section 7.2 “Indemnification by SFDC”.
Defects in Title. The Company is not aware of any defects in title to its material properties or its material assets and facilities which are used in the production and marketing of pulp and paper and adult incontinence products that would, individually or in the aggregate, have a Material Adverse Effect.
Defects in Title. In the event that any cloud or defect may arise in IIM’s title to the Lease Applications (or Leases granted thereby), except matters involving the title and rights of the State (including, without limitation, discretionary lease issuance), then at ALY’s request pursuant to Notice, IIM will take all action necessary, including judicial proceedings, to remove any cloud from and cure any defect in ALY’s title to the Lease Applications (or Lease granted thereby). If IIM fails or refuses to take such action, ALY may take such action in IIM’s name. IIM shall cooperate with ALY in any such action taken. ALY may recover from IIM, or from any payments in stock thereafter to become due to IIM under this Agreement, all costs and expenses, including reasonable attorney’s fees, incurred by ALY in such action.
Defects in Title. Within sixty (60) days after this Option is executed by both parties, Buyer shall give written notice to Seller of any matters set forth in the title commitment obtained by Buyer pursuant to paragraph 7 above that are objectionable to, or deemed a title defect, by Buyer (“Notice of Title Objections”). Buyer’s delivery of the Notice of Title Objections to Seller shall include therewith copies of all exception documents referenced in Schedule B, Section 2 of the title insurance commitment. Notwithstanding anything in this Agreement to the contrary, Seller shall be obligated to cure the following defects to the extent that and only to the extent that the same are specified in the Title Commitment and in Buyer’s Notice of Title Objections (collectively, the “Mandatory Cure Defects”): (1) mortgages and any other secured interests arising through Seller (subject to the secured parties’ consent), (2) construction liens arising through Seller, (3) back taxes on the Property that are due and payable, (4) judgment liens 8/2/20 DRAFT_OPTION_DevilsGarden_Alico_Phase_1-B_West&Central_February 28 vxxxxxx.xx arising through Seller, and (5) other liens or encumbrances arising through Seller and securing a specific dollar amount. As to any defects other than Mandatory Cure Defects, Seller shall have fifteen (15) days from receipt of the Notice of Title Objections in which to elect either to (i) notify Buyer that it intends to cure the identified objections and defects on or before the Closing Date (the “Title Cure Period”) and Seller shall use reasonable efforts to cure such objections and defects; or (ii) notify Buyer that Seller elects not to cure the objections or alleged defects. In the event Seller fails to deliver a response within fifteen (15) days after receipt from Buyer of the Notice of Title Objections, Seller shall be deemed to have elected not to cure or eliminate said objections and alleged title defects. Buyer shall have until the expiration of the Option Expiration Date of Seller’s election (or deemed election) not to cure Buyer’s objections and alleged title defects, in which to elect either (1) to terminate the Agreement, (2) to require Seller to deliver title in its then existing condition (with no reduction in the purchase price) and to proceed to Closing notwithstanding the objections to title raised by Buyer, yet still subject to Seller’s obligation to cure the Mandatory Cure Defects, (3) extend the amount of txxx Xxxxxx has to remove the title defect...
Defects in Title. If the title insurance commitment or Survey furnished pursuant to this Agreement discloses any defects in title which are not acceptable to Buyer, Seller shall, within 90 days after notice from Buyer, remove said defects in title. Xxxxxx agrees to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of necessary suits. Defects arising from liens against the Property shall be satisfied at closing from Seller's proceeds. If Seller is unsuccessful in removing the title defects within said time, Buyer shall have the option to either: (a) accept the title as it then is with a reduction in the Purchase Price by an amount determined by DSL, (b) accept the title as it then is with no reduction in the Purchase Price, (c) extend the amount of xxxx Xxxxxx has to remove the defects in title, (d) cut out the affected portion of the Property and reduce the Purchase Price by an amount equal to the product of the Purchase Price per acre for the acres being cut out, multiplied by the acreage cut out, or (e) terminate this Agreement, thereupon releasing Buyer and Seller from all further obligations under this Agreement. If Seller fails to make a diligent effort to remove the title defects, Seller shall be in default and the provisions of paragraph 17 of this Agreement shall apply.
Defects in Title. If the title commitment discloses exceptions relating to title other than those allowed herein, Seller(s) shall upon written demand therefor have thirty (30) days from the date of such demand to remove these exceptions. If Seller(s) fail (s) to have these exceptions removed within this time, Buyer(s) may elect to terminate this Contract by notice in writing to Seller(s) and recover all monies paid to Seller(s) hereunder or to take title as it then is with the right to deduct from the purchase price Liens or encumbrances of a definite or ascertainable amount as Buyer (s) sole remedy.
