Examples of Material Title Defect in a sentence
If escrow or this Agreement is terminated pursuant to (i) Section 5.3 or Section 13.6 (in each case in the event only of a Material Title Defect or a Material Environmental Issue), or (ii) Section 10.2, or (iii) Article XII, then, subject to Section 5.2, Purchaser shall be entitled to obtain the return of the entire of the Deposit pursuant to Section 9.4 below.
In the event that Buyer gives notice of a valid Material Title Defect within seven (7) days of receipt of said Preliminary Commitment, this Agreement shall terminate without further obligation on the part of either party.
For a period of sixty (60) days from the Effective Date (“Buyer’s Title Review Period”), Seller shall afford to Buyer and its authorized representatives reasonable access during normal business hours to the office, personnel and books and records of Seller in order for Buyer to conduct a title examination as it may in its sole discretion choose to conduct with respect to the Property in order to determine whether a Material Title Defect (as defined below, and whether one or more) exists.
Should Buyer fail to give such effective notice to Seller of a Material Title Defect within the time provided, Buyer shall be deemed to have waived any such Material Title Defect.
To be effective, Buyer's written notice shall include both a brief description of the matter constituting the asserted Material Title Defect and supporting documents reasonably necessary for Seller to verify the existence of such asserted Material Title Defect.