Cure of Title Defects. The Borrower shall cure any title defects or exceptions which are not Excepted Liens raised by such information, or substitute acceptable Oil and Gas Properties of an equivalent value, with no title defects or exceptions except for Excepted Liens, within 60 days after a request by the Administrative Agent or the Lenders to cure such defects or exceptions.
Cure of Title Defects. The Obligors shall cure, or cause to be cured, any title defects or exceptions which are not Excepted Liens raised by such information, or substitute acceptable Mortgaged Properties with no title defects or exceptions except for Excepted Liens covering Mortgaged Properties of an equivalent value, within 30 days after a request by the Administrative Agent or the Lenders to cure such defects or exceptions.
Cure of Title Defects. Upon reasonable request by Administrative Agent, Borrower shall cure any title defects or exceptions which are not Liens permitted under Section 8.2 and which in the reasonable discretion of Administrative Agent render the title to the Mortgaged Properties not good and defensible (except for Liens permitted by Section 8.2), or substitute acceptable Borrowing Base Properties of an equivalent value, with no title defects or exceptions except for Liens permitted under Section 8.2, within ninety (90) days after a reasonable request by Administrative Agent or Lenders to cure such defects or exceptions.
Cure of Title Defects. (a) If Seller elects to cure a Title Defect set forth in a Title Defect Notice, then Seller may attempt to cure such Title Defect during the Cure Period. As used in this Agreement, “Cure Period” means that period of time from 5:00 p.m. on the date Seller receives the Title Defect Notice, until 5:00 p.m. on the date that is 90 days after the Closing Date. On or before expiration of the Cure Period, Seller may give Buyer written evidence of any curative actions which in Seller’s reasonable determination cure or reduce the Title Defect Amount of any Title Defect asserted by Buyer, including an explanation in reasonable detail of any claimed reduction in the Title Defect Amount.
Cure of Title Defects. In the event that any exceptions appear in the Title Commitment or any matters appears on the Survey which are unacceptable to Buyer, Buyer shall, within seven (7) business days after the Effective Date, shall notify Seller in writing of such fact and the reasons therefore (the “Title Notice”). In addition, in the event the Survey shows any encroachments of any improvements upon, from or onto the Property or in the event the Survey depicts any overlaps, strips or gores or in the event the Survey shows any other matters which are not acceptable to Buyer, the same shall be deemed to be a title defect and shall be treated as an objection to title by Buyer under this Section 2.3. If no Title Notice is delivered by Buyer to Seller within the aforesaid period, Buyer shall be deemed to have accepted all exceptions to title shown on the Title Commitment and all matters depicted on the Survey, and such exceptions and matters shall be deemed to be “Permitted Exceptions” as used hereunder. If a Title Notice is delivered by Buyer to Seller within the permitted time period, Seller, within five (5) business days after receipt of Title Notice, shall notify Buyer whether it intends to attempt to cure the matter of which the Title Notice has been given or whether it elects not to cure any such matter(s) (“Seller’s Notice”). In the event Seller elects to attempt to cure any matter(s) referenced in the Title Notice, Seller shall have ten (10) business days after delivery of Seller’s Notice in which to do so (the “Curative Period”). Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate, modify or cure such unacceptable exceptions and matters except for monetary liens which liens Seller shall remove of record no later than Closing. In the event Seller is unable or unwilling to eliminate or modify such unacceptable title exceptions (other than the aforesaid monetary liens which Seller shall be obligated to remove), Buyer, as its sole and exclusive remedies, may, within three (3) business days after receipt of Seller’s Notice in the event Seller elects not to cure the matter(s) referenced in the Title Notice or within three (3) business days after the expiration of the Curative Period in the event Seller elects to cure but is unsuccessful in curing the defects(s) of which proper notice has been given, but in no event later than the Closing Date (i) ter...
Cure of Title Defects. If, prior to the Closing Date, the Title Company discloses any title exceptions other than the Permitted Exceptions, then Seller shall have thirty (30) days following the giving of notice by Buyer or the Title Company to Seller to attempt, at its option, to cause such exceptions to be removed as exceptions or insured against (subject to the reasonable approval of Buyer) at no expense to Buyer, which, in either case, shall be deemed the cure of such title defect. If such thirty day period extends beyond the scheduled Closing Date, the Closing Date shall be extended until the first business day following the expiration of such thirty day period.
Cure of Title Defects. The Obligors shall, within sixty (60) days after a request by the U.S. Agent or the Majority Lenders to cure such defects or exceptions, cure any material title defects or exceptions which are not Excepted Liens raised by such information or substitute acceptable Mortgaged Properties with no title defects or exceptions except for Excepted Liens covering Oil and Gas Properties of an equivalent value.
Cure of Title Defects. The Borrower shall cure any title defects or exceptions which are not Excepted Liens raised by the information required by Section 8.08(b) above, or, if mortgages are required pursuant to Section 8.09, substitute acceptable Mortgaged Properties with no title defects or exceptions except for Excepted Liens covering Mortgaged Properties of an equivalent value, within 45 days after a request by the Agent or the Lenders to cure such defects or exceptions.
Cure of Title Defects. If Seller elects to cure a Title Defect in accordance with Article 6.02(C) hereof, then Seller shall use reasonable efforts to cure such defect during the Cure Period. On or before expiration of the Cure Period, Seller shall give Buyer written evidence of any curative actions which in Seller's determination cure or reduce the Defect Amount of a Title Defect asserted by Buyer, including an explanation in reasonable detail of any claimed reduction in the Defect Amount. On or before the expiration of thirty (30) days after the end of the Cure Period, Buyer shall provide to Seller in writing a list of those Title Defects asserted by Buyer which Seller claims to have cured pursuant to this Article 6.02(h), and which Buyer determines have not been cured, together with the revisions, if any, in Buyer's estimates to the Defect Amounts attributable to such Title Defects after giving effect, if any, to Seller's curative efforts. For a period of thirty (30) days after Seller's receipt of Buyer's written list of such uncured Title Defects and revised Defect Amounts, Seller and Buyer shall attempt to resolve disputes as to such items. During the Cure Period and thereafter until all disputes regarding such Title Defect and the Defect Amount in respect thereof have been fully resolved by agreement or arbitration, Buyer shall afford Seller and its representatives and agents access at all reasonable times to files, Records and documents formerly in Seller's possession relating to title to the one or more Assets that are the subject of such disputed Title Defect or Defect Amount. Such access shall be subject to confidentiality restrictions reasonably imposed by Buyer.
Cure of Title Defects. The Borrower shall promptly proceed in good faith to cure any title defects or exceptions which are not Excepted Liens raised by such title information, or substitute acceptable Oil and Gas Properties with no material title defects or exceptions except for Excepted Liens covering Oil and Gas Property sufficient to cause the Eighty Percent Coverage Requirement to be maintained, as promptly as reasonable, and in any event, within ninety (90) days after a request by the Agent or the Lenders to cure such defects or exceptions. With respect to this Section 8.08(b), “material title defects or exceptions” shall mean the defects and exceptions relating to all the Oil and Gas Properties that could reasonably be expected to materially affect the revenue stream attributable to such Oil and Gas Properties and the cost to cure such defects or exceptions could reasonably be expected to exceed $100,000 individually or $1,000,000 in the aggregate to cure. 62
