Common use of Deficiency Statement Clause in Contracts

Deficiency Statement. Prior to the Closing Date, Purchaser shall give to Vendor written notice of all defects of which it is aware which in its reasonable opinion adversely and materially affect the title of Vendor to the Assets and which Purchaser does not waive (all of which are herein referred to as "Title Defects"). Prior to the Closing Date, Vendor shall diligently make all reasonable efforts to cure or remove all Title Defects. If all Title Defects are not cured or removed prior to the Closing Date, Purchaser, by notice to Vendor may elect: