Open Defects definition

Open Defects means all Open Environmental Conditions and all Open Title Defects.
View Source

Examples of Open Defects in a sentence

  • If, because of Title Defects, Open Defects, and Casualty Defects in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding the Termination Threshold either Party may, upon written notice to the other Party, cancel this Agreement.

  • If, because of Title Defects, Environmental Defects, Open Defects, and Casualty Defects in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding the Termination Threshold either Party may, upon written notice to the other Party, terminate this Agreement pursuant to Section 19.1(c).

  • If, because of Title Defects, Environmental Defects, Open Defects, and Casualty Defects in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding the Termination Threshold either Party may, upon written notice to the other Party, terminate this Agreement pursuant to Section 18.1(c).

  • The Purchase Price shall be reduced to the extent that after the procedures in this Agreement have been followed, the Allocated Value of Open Defects and Casualty Losses exceed the Aggregate Threshold Amount.

  • The Closing shall be without prejudice to the rights of Buyer and Sellers to resolve all remaining Open Defects in accordance with this Article 4 and Article 15.

  • If, because of Title Defects, Environmental Defects, Open Defects or Casualty Defects there is an adjustment to the Base Purchase Price, to the extent possible, the amount agreed upon shall be taken from the Deposit and delivered to Buyer within three (3) Business Days of the end of the Due Diligence Period.

  • If, because of Title Defects, Open Defects, and Casualty Defects in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding the Termination Threshold either Party may, upon written notice to the other Party, terminate this Agreement pursuant to Section 19.1(c).

  • If, because of Title Defects, Environmental Defects, Open Defects and Casualty Defects, in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding ten (10%) percent of the Base Purchase Price (the “Termination Threshold”) either Party may refuse to proceed to Closing pursuant to Sections 10.1(e) or 10.2(d), as applicable, unless and until such amount is decreased below the Termination Threshold.

  • If, because of Title Defects, Environmental Defects, Open Defects and Casualty Defects, in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding five percent (5%) of the Base Purchase Price (the “Termination Threshold”) either Party may, upon written notice to the other Party, cancel this Agreement.

  • If, because of Title Defects, Environmental Defects, Open Defects and Casualty Defects, in the aggregate, the Base Purchase Price is to be adjusted downward by an amount exceeding fifteen percent (15%) of the Base Purchase Price (the “Termination Threshold”) either Party may, upon written notice to the other Party, cancel this Agreement.

Related to Open Defects

  • Title Defects has the meaning set forth in Section 5.15(b).

  • Latent Defects means such defects caused by faulty designs, material or work man ship which cannot be detected during inspection, testing etc, based on the technology available for carrying out such tests.

  • Construction defect means a deficiency in or a deficiency arising out of the design, specifications, surveying, planning, supervision, or observation of construction or construction of residential improvements that results from any of the following:

  • Minor defect means a defect which is not a Major Defect.

  • Latent Defect means a defect, inherently lying within the material or arising out of design deficiency, which do not manifest themselves and/or was not reasonably discoverable during Defect Liability period.