Defect Limit definition

Defect Limit has the meaning set forth in Section 11.04.
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Examples of Defect Limit in a sentence

  • Building Inspection Period (Complete) until the day of 20 or (Insert number of days) days from Defect Limit Either per cent of the Sale Price or $ Shorter Period Clause If selected below the Vendor may shorten the period to satisfy Special Clauses.

  • If any party amends its Property Schedule prior to the Closing Date and the effect of such amendment is to decrease the Oil and Gas Interests being conveyed to Frontier hereunder, such amendment shall be treated as a Title Defect, which shall be cured in accordance with the provisions of Section 11.04(a)(ii) (without regard to the notice requirements of Section 11.03 or the Defect Limit specified in Section 11.04).

  • If the Title Defect Value of a particular party's aggregate Title Defects does not exceed $125,000 in the case of Frontier and $250,000 in the case of Aspect or Esenjay (the "Defect Limit"), there shall be no adjustment to the aggregate Allocated Value for such party's Oil and Gas Interests.