Title Procedure Clause Samples
The Title Procedure clause outlines the steps and requirements for verifying and transferring legal ownership of property or assets in a transaction. Typically, this clause specifies the process for conducting title searches, resolving any defects or encumbrances, and ensuring that clear and marketable title is delivered to the buyer. By establishing a clear procedure for handling title matters, this clause helps prevent disputes over ownership and ensures that both parties understand their responsibilities in securing proper title transfer.
Title Procedure. Seller shall promptly, within three (3) business days of Seller accepting this offer, make available to the Buyer, at the office of the Buyer, true and complete copies of all of the Seller's title information concerning the Property, including (i) copies of the Leases, contracts, easements and other agreements respecting the Property; (ii) copies of all Opinions of Title, landman reports or other certificates of title to the Property; (i▇▇) ▇▇▇ letters or other documents establishing any adverse claim to title to any of the Property; (iv) and other information concerning title to the Property available to the Seller. Buyer shall then undertake such title examination as it deems prudent at its sole further cost and expense. Seller agrees to authorize Thomas
Title Procedure. If any of the information or materials supplied ---------------- by Seller pursuant to this Agreement, or any other information or data, including the Buyer's due diligence examination of title, reflects the existence of any encumbrance, encroachment, defect in or objection to title that renders title to the gas properties defective or encumbered, and not capable of being conveyed due to a title defect that would make the Gas Properties unmarketable ("Title Defects"), then:
(a) Buyer shall notify Seller in writing of the Title Defects as they are identified, providing Seller with adequate information to enable Seller to go forward with curing the Title Defects. Within five (5) days prior to closing, Seller shall furnish Buyer all documentation reasonably satisfying the Title Defects.
(b) If Seller is unable to cure the Title Defects, Buyer shall have the option to: accept the Gas Properties with the Title Defects and adjust the Purchase Price in an amount to be agreed upon between Buyer and Seller or terminate this Purchase and Sale Agreement and receive a refund from the Seller of the down payment described in Section 2.1, above. The value of the Title Defects must exceed $100,000 in value before any adjustment in the Purchase Price will be made. The value of Title Defects as to all producing Gas Properties shall be based on Buyer's bid amount as it relates to each producing well. The value of Title Defects as to all non-producing Gas Properties shall be based on Buyer's bid amount as it relates to the mineral leases covering the non-producing Gas Properties. In the event Buyer identifies Title Defects having a value of $100,000, or more, and the same are not cured within five (5) days prior to closing and the Buyer and Seller have not negotiated a reduction of the Purchase Price in exchange for a waiver of the Title Defects within two (2) days prior to closing, either party may terminate this Agreement as allowed in Section 10.
1. Notwithstanding this limitation, Seller shall always have the option to remove any of the Gas Properties upon which there are Title Defects from this transaction, reducing the Purchase Price by the value assigned to the Title Defects and the affected interests. As to all producing Gas Properties, Buyers shall not identify a title defect as to any Gas Property that has been producing for more than two (2) years and as to which Seller's title has not been challenged.
Title Procedure. From the date this Agreement is executed until 3:00 pm Central Standard Time on the date that is 5 Business Days prior to the Closing Date (the “Title Examination Period”), Buyer may make written claims in accordance with this Exhibit A with respect to any Title Defect claimed by ▇▇▇▇▇.
Title Procedure. 6.8.9.5.2.1 The Supplier shall Review the Title of each Record in conjunction with Contracting Authorities’ Sensitivity Review guidance which shall include, but shall not be limited to: security classification of Record(s); name(s), addresses date(s) of birth, trigger words/phrases etc. all information provided by the Contracting Authorities at its Supplier induction event(s), and the Freedom Of Information Act (FOI).
Title Procedure. If any of the information or material supplied by Seller pursuant to this Agreement or any other information or data obtained by Buyer from any other source reflects the existence of any encumbrance, encroachment, defect in or objection to title that render title to the Gathering System or any portion thereof less than good and marketable (all of which are herein called the "Title Defects"), Buyer shall give Seller written notice of the Title Defects. If Title Defects shall be so specified, Seller may attempt to cure or to remove the Title Defects at the expense of Seller. If the Title Defects are not cured or removed at or prior to the Closing, Buyer may either waive the Title Defects and proceed with the Closing, mutually agree with Seller to an adjustment to the Purchase Price and proceed with Closing, or elect in writing to terminate this Agreement.
Title Procedure. Prior to full execution of this Agreement: (i) Buyer shall have caused Title Company to prepare and issue to Buyer a preliminary title report, evidencing the current condition of title to the Property, including all matters shown by an ALTA survey of the Real Property and the Improvements, prepared for Buyer and Buyer's designees, showing all boundaries, improvements, utility locations and sizes, easements and encroachments on the Property ( the "Survey"); and
Title Procedure. From the date of this Agreement until 5:00 p.m. Central Time on December 31, 2011, (the “Examination Period”), Sellers will afford to Buyer and its representatives reasonable access during normal business hours to the offices, personnel, books, and records of Sellers in order for Buyer to conduct a title examination as it may in its sole discretion choose to conduct with respect to the Assets in order to determine whether Title Defects exist.
Title Procedure. From the date this Agreement is executed until 5:00 pm on the Defect Deadline (the “Title Examination Period”), ▇▇▇▇▇ may make written claims in accordance with this Exhibit A with respect to any Title Defect claimed by ▇▇▇▇▇.
Title Procedure. Except as expressly set forth in this Agreement, at the Closing, Seller shall convey its right, title and interest in and to the Methane Assets with only the representations and warranties contained in a deed in substantially the form attached hereto as Exhibit B, executed as appropriate for each county in which the Methane Assets are located and executed by Seller (“Seller’s Deeds”). If any information or data obtained by Purchaser from public records or any other source reflects the existence of any material encumbrance, encroachment, defect in or objection to Seller’s title to the Methane Assets to be conveyed under the Seller’s Deeds that render title to the Methane Assets or any portion thereof less than that being conveyed under the Seller’s Deeds (all of which are herein called the “Title Defects”), Purchaser shall give Seller written notice of the Title Defects. If Title Defects shall be so specified, Seller may attempt to cure or to remove the Title Defects at its own expense prior to Closing.
Title Procedure. From the Effective Date until 5:00 p.m. Central Time on the date that is 45 days following the Effective Date (the “Examination Period”), STML will afford to EnCana and its representatives reasonable access during normal business hours to the offices, personnel and books and records of STML in order for EnCana to conduct a title examination as it may in its sole discretion choose to conduct with respect to the Assets in order to determine whether Title Defects exist.