Merchantable Title definition

Merchantable Title means title to the Property, free and clear of all liens and encumbrances, covenants, conditions, restrictions, easements and rights of redemption, except for:
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Merchantable Title means title to the Property which is readily salable and freely transferable, and which is free and Master clear of all liens, defects and encumbrances including, without limitation, rights of parties in possession Policy and rights of redemption (unless, in either or both cases, the Company waives in writing its right to take the Property free of such rights), excepting only:
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Merchantable Title means title to the Property which is readily saleable and freely transferable and which is free and clear of all liens, defects and encumbrances including, without limitation, rights of parties in possession and rights of redemption (unless in either or both cases the Company waives in writing its right to take the Property free of such rights), excepting only: (1) the lien of current general real estate taxes and other public charges and assessments not yet due and payable; and (2) easements for public utilities, building restrictions and the effect of building laws or regulations with which the improvements on the Property comply, which do not impair the use of the Property and the improvements thereon for their intended purposes; and (3) tenants under leases approved in writing by the Company; and (4) such minor imperfections of title as would not impair the use and enjoyment of the Property as a residence. Merchantable Title does not exist if there is a lien on the Property pursuant to federal or state law providing for liens in connection with the cleanup of environmental conditions, or if notice has been given of commencement of proceedings which could result in such a lien.
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Examples of Merchantable Title in a sentence

  • The Insured shall file a Claim no later than sixty (60) days after the earlier of acquiring the Borrower's Title to the Property or a Pre-Arranged Sale, provided that if the Company elects to acquire the Property, then no later than sixty (60) days after the Insured acquires Good and Merchantable Title to the Property.

  • If the Company elects to acquire the Property, the sixty (60) day period shall be further extended if and insofar as necessary for there to be ten (10) days remaining after the Insured tenders Merchantable Title to the Property.

  • Any action or proceeding after a foreclosure sale relating to establishing a deficiency judgment will not be considered in determining whether the Insured has acquired Good and Merchantable Title.

  • Good and Merchantable Title will not exist if (i) there is any lien pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, or similar federal or state law, as in effect from time to time, providing for liens in connection with the removal and clean-up of environmental conditions, or if notice has been given of commencement of proceedings which could result in such a lien, or (ii) there are limitations on ingress and egress to the Property or on use of utilities.

  • As a condition precedent to the payment of any sum under this loss payment option, the Insured shall provide the Company with Good and Merchantable Title to the property.

  • The Servicer is not required to acquire Good and Merchantable Title if it has bid in accordance with this Section 9(C), whether or not pursuant to directions from the Company.

  • The Servicer for its own account will be entitled to bid at the foreclosure sale held as part of the Appropriate Proceedings any amount which it determines necessary to obtain Good and Merchantable Title to the Property, unless otherwise directed by the Company.

  • The Insured is not required to acquire Good and Merchantable Title if it has bid in accordance with this Section 5.12, whether or not pursuant to approval from the Company.

  • In the event the most important cause of Default was a circumstance or event which would prevent the Insured from obtaining Good and Merchantable Title, the Insured shall instead provide the Company with evidence described in Section 5.8(d)(2) that it has acquired Good and Merchantable Title to the Property.

  • The Insured will not be required to acquire Good and Merchantable Title to a Property if (a) the Company requires an early Claim filing pursuant to Section 5.4; or (b) the Property is sold pursuant to an Approved Sale.


More Definitions of Merchantable Title

Merchantable Title means, with respect to any Real Property Interest, and subject to the terms, conditions, provisions and conditions contained in the Realty Deeds and Leases (defined below) creating such Real Property Interest, the ownership, rights, possession and title in the jurisdiction and locale where the Real Property Interest is located which, is in each case legally sufficient in all material respects to mine, remove, process and transport coal by the mining methods currently utilized or contemplated by the Five Year Plan applicable to the mining complex where the Real Property Interest is located, excepting the "Permitted Encumbrances" (defined below) and such title defects, imperfections, limitations, correlative rights, or appurtenant rights or obligations contained in, arising from or created by the instrument under which MCI, MCMI or the Coal Subs hold title to said Real Property Interest, or contained in its chain of title thereto, which do not materially and adversely affect current or intended use or operation of the subject Real Property Interest as contemplated by the applicable Five Year Plan or which are capable of being routinely addressed, cured, avoided or assumed in the ordinary course of business and land management of MCI, MCMI or the Coal Subs. For purposes of this Section 2.8, a title defect, imperfection or limitation shall be deemed capable of being cured in the ordinary course of business if the particular issue may be resolved at an expense of less than $20,000.
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Merchantable Title. Seller shall deliver to Purchaser a merchantable title, and Seller's inability to deliver such title, within the time stipulated herein, shall render this agreement null and void, reserving unto Purchaser the right to demand the return of the deposit Breach of Agreement by Seller: In the event the Seller fails to comply with this agreement for any reason other than inability to deliver a merchantable title, within the time specified, the Purchaser shall have the right to demand specific performance; or at Purchaser's option, Purchaser shall have the right to demand the return of his deposit in full. Purchaser shall have the right to recover from Seller actual costs and/or fees, including expenses and reasonable attorney's fees incurred as a result of this agreement or breach thereof if Purchaser shall seek specific performance. Breach of Agreement by Purchaser: In the event the Purchaser fails to comply with this agreement within the time specified, the Seller shall have the right to demand specific performance; or, at Seller's option, Seller shall have the right to reoffer the property for sale and may declare the deposit, ipso-facto, forfeited, without formality beyond tender of title to Purchaser. Seller shall have the right to recover any costs and/or fees, including expenses and reasonable attorney's fees, incurred as a result of this agreement or breach thereof only if Seller seeks specific performance.
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Related to Merchantable Title

  • Marketable Title means such ownership by Seller in the Assets that, subject to and except for the Permitted Encumbrances:

  • Defensible Title means, with respect to a given Asset, such ownership by Seller in that Asset that, subject to and except for Permitted Encumbrances:

  • Good and Defensible Title means title that is free from reasonable doubt to the end that a prudent person engaged in the business of purchasing and owning, developing, and operating producing oil and gas properties in the geographical areas in which they are located, with knowledge of all of the facts and their legal bearing, would be willing to accept the same acting reasonably.

  • Personal Property means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible personal property.

  • Preliminary Title Report A report issued by a title insurance company in anticipation of issuing a Title Insurance policy which evidences existing liens and gives a preliminary opinion as to the absence of any encumbrance on title to a Mortgaged Property, except liens to be removed on or before purchase or refinance, as the case may be, by the Borrower and Permitted Encumbrances.