Gap Exception definition

Gap Exception means shall mean those matters to be completed under Schedule B-I of the Title Commitment and any adverse matters or defects in title which are recorded during the period of time between the effective date of the Title Commitment and the date of recording of the Mortgage.
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Gap Exception shall have the meaning set forth in Section 7.11(c).
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Examples of Gap Exception in a sentence

  • If for any reason Purchaser fails to deliver a timely Gap Exception Notice, any Gap Exception that could have been the subject of a proper Gap Exception Notice shall for all purposes constitute a Permitted Exception for purposes of this Agreement.

  • You may have already spoken with your insurance and may even have an approved Gap Exception.

  • If Seller fails to timely deliver notice to Purchaser that Seller has elected to attempt to cure a Gap Exception, Seller shall be conclusively deemed to have elected not to cure such Gap Exception.

  • Notwithstanding anything to the foregoing, if the Title Company agrees to issue the Title Policy with the Gap Exception removed without receiving a gap indemnity from Seller, then no further obligations or indemnity will be owed by Seller to Buyer under this Section 7.11(c).

  • Failure to notify Transferee in writing within such period of such Transferor’s election shall be deemed such Transferor’s election not to cure any Gap Exception.

  • Notwithstanding anything contained in this Agreement to the contrary, nothing shall be deemed to impair or limit Seller’s right to challenge whether any purported Gap Exception constitutes a proper Gap Exception for purposes of this Agreement.

  • At Closing, Lender shall disburse the entire Loan 1 proceeds to the Title Agent who shall disburse the proceeds in accordance with the Title Commitment and delete the Gap Exception from the Title Commitment at Closing.

  • Seller shall have the right, but not the obligation, to attempt to cure any Gap Exceptions, and Seller shall notify Purchaser in writing within seven (7) Business Days of Seller’s receipt of the Gap Exception Notice as to which, if any, of the Gap Exceptions Seller has elected to attempt to cure and, to the extent Seller elects to cure any such Gap Exceptions, Seller shall use commercially reasonable efforts to cure such Gap Exceptions.

  • If such Transferor elects, in its sole discretion, to cure any Gap Exception, such Transferor shall have until the Closing of the applicable Contribution Transaction to cure any such Gap Exception which it elected to cure.

  • If the Title Company refuses to remove the Gap Exception without a gap indemnity from Seller, then Seller will attempt to agree to a form of gap indemnity in favor of the Title Company which is sufficient to have the Gap Exception removed.

Related to Gap Exception

  • Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value or the existing use of the property affected by such lien or imperfection, (d) such statements of fact and exceptions shown on any title insurance policies delivered to Global.

  • Title Objection shall have the meaning assigned thereto in Section 8.5.

  • Title Objections has the meaning ascribed to such term in Section 6.2(a).

  • Equitable Exceptions means, with respect to the enforceability of any obligation, that such obligation is subject to (a) applicable bankruptcy, insolvency, moratorium, receivership, assignment for the benefit of creditors or other similar state or federal laws affecting the rights and remedies of creditors generally (including, without limitation, fraudulent conveyance or transfer laws) and judicially developed doctrines in this area, such as equitable subordination and substantive consolidation of entities and (b) equitable principles (whether considered in a proceeding in equity or at law).

  • Permitted Exceptions shall have the meaning set forth in Section 4.3.