Title Administrator Clause Samples
Title Administrator. Each Party shall act as Title Administrator for the Title Documents that it contributes to this Agreement. Notwithstanding the preceding sentence, if a particular Title Document is contributed to this Agreement by more than one Party, the Party acting as the Title Administrator under the applicable prior agreement shall be the Title Administrator for this purpose. The Title Administrator with respect to a particular Title Document shall inform the other Parties in a timely manner of any notice of default served upon that Party under the terms of the Regulations or any of the Title Documents held by it.
Title Administrator. Notwithstanding the appointment of Operator under the preceding Clause, each Party shall have the same rights and obligations as the Operator under the Operating Procedure with respect to the maintenance and administration of the Title Documents with respect to each Title Document that includes rights in addition to the Pooled Lands and for which that Party is the designated representative of the lessee or licensee under the applicable Title Document. The Operator shall become the Title Administrator in due course with respect to any such Title Document that ceases to include rights in addition to the Pooled Lands.