Common use of Notice of Title Defects and Title Benefits; Remedies Clause in Contracts

Notice of Title Defects and Title Benefits; Remedies. (a) If Seller or Buyer discovers any Title Defect or Title Benefit, then such Party may (but shall have no obligation to) deliver to the other Party, prior to the Defect Deadline, a Title Notice with respect to such Title Benefit or Title Defect, as applicable; provided that Buyer agrees to regularly update Seller concerning the progress of Buyer’s title due diligence and deliver a preliminary notice with respect to any Title Defect Buyer reasonably believes it will assert as soon as reasonably practicable before the Defect Deadline. Seller and Buyer shall be deemed to have waived, and neither Buyer nor Seller, respectively, shall have any liability for, any Title Benefit or Title Defect for which Buyer or Seller, respectively, has not received a Title Notice on or before the Defect Deadline.

Notice of Title Defects and Title Benefits; Remedies. (a) If Seller or Buyer Xxxxx discovers any Title Defect or Title Benefit, then such Party may (but shall have no obligation to) deliver to the other Party, prior to the Defect Deadline, a Title Notice with respect to such Title Benefit or Title Defect, as applicable; provided that Buyer agrees to regularly update Seller concerning the progress of BuyerXxxxx’s title due diligence and deliver a preliminary notice with respect to any Title Defect Buyer reasonably believes it will assert as soon as reasonably practicable before the Defect Deadline. Seller and Buyer shall be deemed to have waived, and neither Buyer nor Seller, respectively, shall have any liability for, any Title Benefit or Title Defect for which Buyer or Seller, respectively, has not received a Title Notice on or before the Defect Deadline.