Open Title Condition definition

Open Title Condition shall have the meaning ascribed to it in Section 2.1(a)(i).
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Examples of Open Title Condition in a sentence

  • Notwithstanding the foregoing, the Parties acknowledge that, as of each Closing, Sellers may not have satisfied the Title Condition with respect to certain of the Initial Assets identified in the applicable schedule to be transferred to Purchaser at such Closing (such unsatisfied condition, the "Open Title Condition" and any such Assets, the "Open Title Assets").

Related to Open Title Condition

  • Title Report has the meaning set forth in Section 5.4(b).

  • Property Condition Report means a report prepared by a company satisfactory to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion.

  • 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.

  • 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.