Open Title Defects definition

Open Title Defects means all uncured Qualifying Alleged Title Defects that were submitted to Seller on a timely basis and that remain in dispute.
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Examples of Open Title Defects in a sentence

  • If, before the Closing Date, Seller and Purchaser agree on the existence and Title Defect Values of all Open Title Defects, and the existence and value of all Interest Additions, then the amount of the Title Defect Adjustment, if any, shall be deducted from the Base Purchase Price at the Closing, and shall be reflected in the Closing Amount.

  • Promptly upon the Title Expert’s resolution of any such Open Title Defect(s) and/or Interest Additions, the portion of the Disputed Title Defect Escrow Amount relating thereto (together with any interest thereon) shall be disbursed to the Party entitled to same in accordance with the Title Expert’s decisions under Section 5.9.

  • The title attorney shall resolve the Open Title Defects submitted by the parties in accordance with the procedure set forth in Article 15.16(c).

  • For avoidance of doubt, if there are Open Title Defects in more than one State, a separate Title Expert may be retained for each such State.

  • If, before the Closing Date, Sellers and Purchaser agree on the existence and Title Defect Values of all Open Title Defects, and the existence and value of all Interest Additions, then the amount of the Defect Adjustment shall be deducted from and the value of all Interest Additions shall be added to the Base Purchase Price at the Closing, and shall be reflected in the Preliminary Adjustment Amount.