Title Defect Removal definition
Examples of Title Defect Removal in a sentence
If it is agreed or determined at or before two days prior to the Closing Date that Seller owns a greater Net Revenue Interest in a Property (other than a Property subject to a Title Defect Removal) than is set forth in Exhibit B, such greater value shall be credited against the value of any Title Defect Removal effected pursuant to the first or second sentences of Section 11.4.
Any Property so withheld (a “Cure/Remediation Property”) shall not be considered removed from the transaction as a Property is removed pursuant to an Environmental Defect Removal or a Title Defect Removal, but rather such Property shall be treated under Article 19.4 as a Second Closing Property.
If and when the disputed issues are resolved (unless either Party shall have previously exercised their rights under Section 11.4 to effect a Title Defect Removal with respect to such Property), Seller shall convey the affected Property to Buyer and Buyer shall pay to Seller the Allocated Value minus the Defect Value so resolved for such Property.