Common use of Notices of Title Defects Clause in Contracts

Notices of Title Defects. Buyer shall give Seller a written "Title Defects Notice" as soon as possible but no later than 5:00 p.m. Mountain Time on December 12, 2006 (the "Title Defect Date"). To be effective, each Title Defect Notice must be in writing and must satisfy the following conditions precedent: (i) name the affected Asset; (ii) describe each Title Defect in reasonable detail; (iii) describe the basis for each Title Defect; (iv) attach Supporting Documentation; (v) state the Allocated Value of the affected Asset; (vi) state Buyer's good faith estimate of the Title Defect Value; (vii) set forth the computations, upon which Buyer's estimate is based; and (viii) each Title Defect must be equal to or greater than $50,000.00 in value. For the purposes of this Section, "Supporting Documentation" for a particular Title Defect means if the basis is derived from any document, a copy of such document (or pertinent part thereof) or if the basis is derived from any gap in Seller's chain of title, the documents preceding and following the gap, or in any case other reasonable written documentation.

Notices of Title Defects. Buyer shall give Seller a written "Title Defects Notice" as soon as possible but deliver to Seller, no later than 5:00 p.m. Mountain Time on December 12, 2006 60 days after the date of execution of this Agreement (the "Title Defect Date"), a "Title Defect Notice". To be effective, each Each Title Defect Notice must be in writing and must satisfy the following conditions precedent: (i) name the each affected Asset; (ii) describe each Title Defect in reasonable detail; (iii) describe the basis for each Title Defect; (iv) attach Supporting Documentation, if any; (v) state the Allocated Value of the affected Asset; and (vi) state Buyer's good faith estimate of the Title Defect Value which shall not exceed the Allocated Value; (vii) set forth the computations, upon which Buyer's estimate is based; and (viii) each Title Defect must be equal to or greater than $50,000.00 in value. For the purposes of this SectionArticle, "Supporting Documentation" for a particular Title Defect means if the basis is derived from any document, a copy of such document (or pertinent part thereof) or if the basis is derived from any gap in Seller's chain of title, the documents preceding and following the gapgap shall be attached, or in any case case, any other reasonable written documentationdocumentation that may exist.

Notices of Title Defects. Buyer shall give Seller a written "“Title Defects Defect Notice" ” as soon as possible but no later than 5:00 p.m. Mountain Time on December 12, 2006 the fifth business day prior to Closing (the "“Title Defect Date"”). To be effective, each Each Title Defect Notice must be in writing and must satisfy the following conditions precedent: (i) name the affected Asset; (ii) describe each Title Defect in reasonable detail; (iii) describe the basis for each Title Defect; (iv) attach Supporting Documentation; (v) state the Allocated Value of the affected Asset; (vi) state Buyer's ’s good faith estimate of the Title Defect Value; (vii) set forth the computations, upon which Buyer's estimate is based; and (viii) each Title Defect must be equal to or greater than $50,000.00 in value. For the purposes of this Section, "“Supporting Documentation" ” for a particular Title Defect means if the basis is derived from any document, a copy of such document (or pertinent part thereof) or if the basis is derived from any gap in Seller's ’s chain of title, the documents preceding and following the gapgap shall be attached, or in any case case, other reasonable written documentation.