Subsequent Defect definition

Subsequent Defect has the meaning set forth in Section 2(b).
Subsequent Defect means any encumbrance, encroachment, defect in or other matter affecting title that is not one of the Permitted Exceptions described in Section 7, and (1) of which Buyer and Seller are notified by the Title Company after the Inspection Period and prior to Closing (by endorsement to the Title Commitment or otherwise); or (2) which is discovered by Buyer, and of which Buyer notifies Seller, prior to the Closing. If Seller shall be so notified of a Subsequent Defect, Seller shall use such efforts and shall expend such amount as it may, in its sole judgment, deem appropriate to remove or cure the Subsequent Defect prior to Closing. Except as provided in the last sentence of this subsection, Seller shall have no obligation to cure or attempt to cure any Subsequent Defect. If Seller does not or is unable to so remove or cure all Subsequent Defects prior to Closing Date, then Buyer may only either (i) waive all such uncured Subsequent Defects and accept such title as Seller is able to convey as of Closing with a mutually acceptable abatement of the Purchase Price, if any; or (ii) terminate this Agreement, whereupon the Title Company shall return the Xxxxxxx Money Deposit to Buyer, and Seller and Buyer shall be relieved of any further obligations hereunder, except for any provision hereof which expressly survives termination. Notwithstanding the foregoing, (A) if a Subsequent Defect is a mortgage, deed of trust, financing statement, collateral assignment of leases or similar monetary encumbrance voluntarily placed against the Property by Seller, or if a Subsequent Defect is a judgment, attachment, tax lien or similar involuntary lien against Seller’s interest in the Property, then in either such case Seller shall be obligated to discharge the same of record or bond over at or prior to Closing; and (B) if a Subsequent Defect constitutes a mechanic’s lien against Seller’s interest in the Property resulting from work contracted for by Seller, Seller shall be obligated to pay the underlying obligation and discharge the lien of record at or prior to Closing or, if Seller wishes to contest the mechanic’s lien, Seller shall (I) cause such mechanic’s lien to be bonded over and released of record pursuant to applicable law, or (II) provide through the Title Company affirmative title protection as to such mechanic’s lien, or (III) otherwise provide Buyer with a mutually satisfactory form of security to assure payment of such mechanic’s lien (upon the failure of which the Ti...
Subsequent Defect defence means that the manufacturer is not liable, in principle, for matters beyond its control which occur either later on in the distribution chain, eg subsequent improper use or tampering with the goods, or which are caused by the injured party or other users of the goods.

Examples of Subsequent Defect in a sentence

  • Seller will have no obligation, however, to cure any Subsequent Defect.

  • Roll call vote on resolution adoption: Yes (9): Tauschek, Hintz, Heikkinen, Wartgow, Nez, Haskins, Kopisch, Vlach, Jilka; No (2): Jesunas, Marmitt.

  • Except as provided in the last sentence of this subsection, Seller shall have no obligation to cure or attempt to cure any Subsequent Defect.

  • If prior to Closing Purchaser notifies Seller of the existence of any encumbrance, encroachment, defect in or other matter materially and adversely affecting title, other than the Permitted Exceptions (a “Subsequent Defect”), Seller will use such efforts and will expend such amount as it may, in its sole judgment, deem appropriate to remove or cure such Subsequent Defect of title prior to Closing.

  • If, subsequent to the expiration of the Inspection Period and prior to Closing, Purchaser notifies Seller of the existence of any encumbrance, encroachment, defect or other matter that has more than a de minimis effect on title to the Real Property, other than the Permitted Exceptions and any Required Cure Items (a “Subsequent Defect”), Seller will use such efforts and will expend such amount as it may, in its sole judgment, deem appropriate to remove or cure such Subsequent Defect prior to Closing.

  • CBOP and Duke shall have the same rights regarding each Subsequent Defect as are provided in this paragraph with respect to matters set forth in a Title Objection Notice.

  • If Seller shall be so notified of a Subsequent Defect, Seller shall use such efforts and shall expend such amount as it may, in its sole judgment, deem appropriate to remove or cure the Subsequent Defect prior to Closing.

  • Seller will have no obligation, however, to cure any Subsequent Defect, except for any Non-Permitted Exceptions which Seller shall cause to be removed of record.

  • Buyer and Seller shall have the same rights regarding each Subsequent Defect as are provided in this paragraph with respect to matters set forth in a Title Objection Notice.

  • DeVinney, J YoonTreatment of Neuroma-induced Chronic Pain and Management of Subsequent Defect with Processed Nerve AllograftsAmerican Society for Peripheral Nerve, Palm Springs, February 1, 2019BOOK CHAPTERS 1) Costa E, Puia G, Giusti P, Auta J, Ducic I, Vicini S and A Guidotti Mechanistic and Pharmacological Implications in the Partial Allosteric Modulation of GABAA Receptors by Imidazenil.In: The Challenge of Neuropharmacology, H.

Related to Subsequent 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.

  • Document Defect As defined in Section 2.03(a).

  • Major Defect means a condition that exists on a ground ambulance vehicle that requires the Department or the certificate holder to place the ground ambulance vehicle out-of-service.

  • Material Defect As defined in Section 2.02(c) hereof.

  • 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.

  • Qualification Defect With respect to a Mortgage Loan, (a) a defective document in the Mortgage File, (b) the absence of a document in the Mortgage File, or (c) the breach of any representation, warranty or covenant with respect to the Mortgage Loan made by the Company, but, in each case, only if the affected Mortgage Loan would cease to qualify as a “qualified mortgage” for purposes of the REMIC Provisions.

  • Material Document Defect As defined in Section 2.03(a) of this Agreement.

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

  • Unconfirmed Servicing Defect With respect to any Reference Obligation, the existence of the following, as determined by Xxxxxxx Mac in its sole discretion, (a) there is a violation of the servicing guidelines and other requirements in the Xxxxxxx Mac Single Family Seller/Servicer Guide (the “Guide”, as modified by the terms of the related servicer’s contract, including any related terms of business (“TOBs”)); and (b) Xxxxxxx Mac has issued a notice of defect, repurchase letter or a repurchase alternative letter related to the servicing breach. For the avoidance of doubt, Reference Obligations with minor technical violations, which in each case Xxxxxxx Mac determines to be acceptable Reference Obligations, may not result in an Unconfirmed Servicing Defect.

  • Deficiency Notice has the meaning specified in Section 6.1(a);

  • Major Servicing Defect With respect to each Payment Date and any Reference Obligation for which Freddie Mac has determined the existence of an Unconfirmed Servicing Defect, the occurrence of any of the following: (a) the related servicer repurchased such Reference Obligation or made Freddie Mac whole resulting in a full recovery of losses incurred (“Make- Whole”) during the related Reporting Period; or (b) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation becomes subject to a bankruptcy, an insolvency proceeding or a receivership. Reference Obligations covered under servicing settlements will not result in Major Servicing Defects.

  • 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:

  • Underwriting Defect With respect to any Payment Date and any Reference Obligation for which Xxxxxxx Mac has determined the existence of an Unconfirmed Underwriting Defect, the occurrence of any of the following: (i) such Reference Obligation is repurchased by the related seller or servicer during the related Reporting Period, (ii) in lieu of repurchase, an alternative remedy (such as indemnification) is mutually agreed upon by both Xxxxxxx Mac and the related seller or servicer during the related Reporting Period, (iii) Xxxxxxx Mac in its sole discretion elects to waive the enforcement of a remedy against the seller or servicer in respect of such Unconfirmed Underwriting Defect during the related Reporting Period or (iv) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation becomes subject to a bankruptcy, an insolvency proceeding or a receivership.

  • Repurchase Event means the occurrence of a breach of any of the Seller’s representations and warranties in Section 3.1(a) or any other event which requires the repurchase of a Receivable by the Seller, under the Sale and Servicing Agreement.

  • Unwarranted failure to comply means the failure of a permittee to prevent the occurrence of any violation of the permittee's permit or any requirement of this chapter due to indifference, lack of diligence, or lack of reasonable care, or the failure to abate any violation of such permit or this chapter due to indifference, lack of diligence, or lack of reasonable care.

  • Nonconformance as used in this clause means a condition of any hardware, software, material, or service/workmanship in which one or more characteristics do not conform to requirements.

  • Repurchase Response Notice means a notice delivered by the Indenture Trustee at the direction of the Administrator to a Noteholder or Note Owner indicating that a Repurchase Request is unresolved.

  • Minor Servicing Defect With respect to each Payment Date and any Reference Obligation for which Freddie Mac has determined the existence of an Unconfirmed Servicing Defect, the occurrence of a remedy, other than by repurchase or Make-Whole that is mutually agreed upon by both Freddie Mac and the related servicer that results in a recovery of the damages sustained by Freddie Mac on such Reference Obligation as a result of the Unconfirmed Servicing Defect.

  • Defects Notification Period means the period for notifying defects in the Works or a Section (as the case may be) under Sub-Clause 11.1 [Completion of Outstanding Work and Remedying Defects], which extends over 365 days except if otherwise stated in the SCC (with any extension under Sub-Clause 11.3 [Extension of Defects Notification Period]), calculated from the date on which the Works or Section is completed as certified under Sub-Clause 10.1[Taking Over of the Works and Sections].

  • Repurchase Request Rejection As defined in Section 2.03(a) of this Agreement.

  • Deficient Exchange Act Deliverable With respect to the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Servicing Function Participant and Additional Servicer retained by it (other than a Loan Seller Sub-Servicer), any item (x) regarding such party, (y) prepared by such party or any registered public accounting firm, attorney or other agent retained by such party to prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements under Article 13 of this Agreement, that does not conform to the applicable reporting requirements under the Securities Act, the Exchange Act, the Xxxxxxxx-Xxxxx Act and/or the rules and regulations promulgated thereunder.

  • Nonconforming structure means a structure the size, dimension or location of which was lawful prior to the adoption, revision or amendment of a zoning ordinance, but which fails to conform to the requirements of the zoning district in which it is located by reasons of such adoption, revision or amendment.

  • Purchase Event means any of the following events:

  • Repurchase Request As defined in Section 2.03(g).

  • Penalty Notice means a written no- tification from the Director informing a respondent that the Director has made a finding of violation and, absent a request for a hearing, will impose a civil monetary penalty.

  • Defect means any part of the Works not completed in accordance with the Contract.