Title Defects definition

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

Title Defects means and include any mortgage, deed of trust, lien, pledge, security interest, claim, lease, charge, option, right of first refusal, easement, restrictive covenant, encroachment or other survey defect, encumbrance or other restriction or limitation whatsoever.

Title Defects means any title matters relating to the Real Property or Improvements that are not approved or deemed approved by BKP in accordance with this Agreement. “Title Defects” shall not include (i) liens and security interests securing any financings to Contributor and any mechanic’s liens resulting from work at the Real Property that is required hereunder to be paid or discharged by Contributor prior to or at the Closing or pro-rated pursuant to Section 10.4, (ii) any Permitted Exceptions, and (iii) local, state and federal laws, ordinances or governmental regulations, including but not limited to, building and zoning laws, ordinances and regulations, now or hereafter in effect relating to the Property.

Examples of Title Defects in a sentence

• If Purchaser elects to proceed to the Closing, any Title Defects waived by Purchaser shall be deemed Permitted Exceptions.

• If Seller elects to cure, Seller shall use diligent efforts to cure the Title Defects and/or objections by the Closing Date (as it may be extended).

• In all other cases, such unobtained consents shall not constitute Title Defects.

• The aggregate amount to be deducted from the Purchase Price at the Closing as determined by the Parties on account of Title Defects, Environmental Defects and Casualty Losses, and the Allocated Value of the Assets (or portion thereof) to be excluded on account of preferential purchase rights and consents shall not exceed twenty percent (20%) of the Purchase Price.

• If Purchaser elects to proceed to the Closing, any Title Defects waived by Purchaser shall be deemed to constitute Permitted Exceptions, and there shall be no reduction in the Purchase Price.

More Definitions of Title Defects

Title Defects shall have the meaning set forth in Section 2.3(a).

Title Defects means encumbrances, encroachments, irregularities, or defects in title to the Assets that causes Seller's title to be less than Good and Marketable Title.

Title Defects shall have the meaning set forth in Section 4.11.1.

Title Defects has the meaning given that term in Section 5.06(b).

Title Defects means any title matters that have an adverse material impact on the use of the Assets as of the Closing Date or operation of the Transferred Business as conducted as of the Closing Date. For the avoidance of doubt, Title Defects do not include any title matters that arise on or after the Closing Date.

Title Defects shall have the meaning ascribed to it in Section 7(b) of this Agreement.

Title Defects means any matter, objected to by Buyer, encumbering the Property other than the Permitted Exceptions (the "Title Defects").