Defective Title definition

Defective Title or “Defect” means any burden, lien, mortgage, charge, claim, lawsuit, encumbrance, obligation, condition, or other defect impacting all or a portion of the Subject Interests, which might cause a reasonably prudent person with knowledge of all the facts and their legal bearing to find title less than acceptable. For the sake of clarity, an oil and gas lease does not constitute a Defect or Defective Title.
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Defective Title means
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Examples of Defective Title in a sentence

  • If class member declines to cure the Defective Title as set forth in the Notice of Defective Title, or if the Defective Title cannot be cured within the Title Clearing Period, ▇▇▇ shall have no obligation to lease such landowner’s property.

  • The determination of Defective Title hereunder shall have no legal effect on the rights and obligations of the Parties set forth in the Lease, including without limitation, the Warrant of Title and Interest, Proportionate Reduction, and Curative Documents requirements contained therein.

  • If Class member tenders Cure in accordance with the requirements set forth in the Notice of Defective Title (“Tender of Cure”) or otherwise, ▇▇▇ shall have a period of ten (10) days from receipt of Tender of Cure to accept or reject the Tender of Cure (“Cure Rejection”).

  • For purposes of the Agreement, Defective Title is defined as status of title, liens or encumbrances, other matters of record, or property status, as determined by ▇▇▇ in its preliminary review, which suggests that Lessor does not have title to all or any part of the Lease Premises with all property rights necessary and appropriate for ▇▇▇ to undertake the operations described in the Lease without unreasonable risk of claim by any third party (“Defective Title”).

  • If ▇▇▇ determines it intends to reject a proposed Lease due to a suggestion of Defective Title, ▇▇▇ will notify the class member in writing (with a copy to class counsel via email) of its intent to reject the proposed Lease and in such notice will specify the title defect(s), together with a proposed cure for such title defects(s)(“Notice of Defective Title”).

  • This paragraph shall apply to all Class members except: (a) Class members who timely opt-out of the Class in accordance with Paragraph 21 of this Agreement (including co-owners of the properties to which such opt-out is applicable); and (b) Class members to whom ▇▇▇ Energy’s lease offer under Paragraph 11 of this Agreement is ultimately rejected by ▇▇▇ Energy on the grounds of Defective Title, which persons shall be deemed to have opted out of the Class for all purposes.

  • No Class member who has entered into an oil and gas lease with respect to his or her property after delivery of the 2008 ▇▇▇ ▇▇▇▇▇ shall be considered to have a Defective Title as a result of such lease.

  • Unless the title defect(s) identified in the Notice of Defective Title is/are cured as provided herein, the proposal to lease with respect to such landowner shall be deemed terminated and ▇▇▇ shall have no further obligation to lease such landowner’s property.

  • Purchaser shall have the right to object to Defective Title or any Defect in Purchaser’s reasonable discretion.

  • Defective Title or Condition of Premises With respect to all Title Defects other than Must-Cure Items, Seller shall use reasonable efforts to cure any Title Defect which Seller agrees to remove or correct in Sellers’ Title Notice.