DEFECTIVE TITLE Clause Examples
The Defective Title clause addresses situations where the title to a property or asset being transferred is found to be flawed or invalid. Typically, this clause outlines the rights and remedies available to the buyer if defects in the title are discovered, such as requiring the seller to correct the defect or allowing the buyer to rescind the agreement. Its core function is to protect the buyer from unforeseen legal issues related to ownership, ensuring that the buyer receives clear and marketable title as intended.
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DEFECTIVE TITLE. If after due diligence Seller shall be unable to give title or make conveyance or to deliver possession of the premises, all as herein stipulated, or if at the time of the delivery of the deed the premises do not conform with the provisions hereof, then Seller shall use reasonable efforts to remove any defects in title, or to deliver possession as provided herein, or to make the said premises conform to the provisions hereof, as the case may be, in such event the time for performance hereof shall be extended for a period not to exceed thirty (30) days, or
DEFECTIVE TITLE. For purposes of the Agreement, Defective Title is defined as status of title, liens or encumbrances, other matters of record, or property status, as determined by Xxx in its preliminary review, which suggests that Lessor does not have title to all or any part of the Lease Premises with all property rights necessary and appropriate for Xxx to undertake the operations described in the Lease without unreasonable risk of claim by any third party (“Defective Title”). For the purposes of this Agreement, Xxx will not reject leases for effective Title if the sole reason for rejection would be a mortgage on a property of less than $500,000. The determination of Defective Title hereunder shall have no legal effect on the rights and obligations of the Parties set forth in the Lease, including without limitation, the Warrant of Title and Interest, Proportionate Reduction, and Curative Documents requirements contained therein.
DEFECTIVE TITLE. There is not, and so far as the Vendor is aware has not been, in force any policy relating to defective title or restrictive covenant indemnity for any Material Property.
DEFECTIVE TITLE. In the event LANDLORD shall be unable to convey good and sufficient title to the subject premises, free and clear of all liens and encumbrances, other than those described or mentioned in LANDLORD'S description of the premises set forth in this option, TENANT shall have the option to accept such title as LANDLORD can convey and to pay therefor the full purchase price as specified in Paragraph (33) hereinabove, less a credit for the cost to correct any title defect, or remove any liens or encumbrances.
DEFECTIVE TITLE. If Seller shall be unable to deliver title or make conveyance as provided herein, Buyer, at its option, may (i) terminate this Agreement whereupon the deposit shall be refunded to Buyer and all obligations of the parties shall cease, or (ii) waive the defects and accept whatever title Seller is able to convey, without any reduction in the purchase price and as a full performance by Seller.
DEFECTIVE TITLE. If Melehes shall be unable to deliver title or make conveyance as provided herein, Driggs, at its option, may (i) terminate this Agreement whereafter all obligations of the parties shall cease, or (ii) waive the defects and accept whatever title Melehes is able to convey, as a full performance by Melehes.
DEFECTIVE TITLE. If title to the Premises cannot be conveyed to Purchaser at the time and date of Closing hereunder in accordance with the requirements of this Agreement for reasons currently unknown to Seller, then, in addition to all other remedies provided by law, including the right to specific performance, Purchaser shall have the option of:
(i) taking such title as Seller can cause to be conveyed with a reasonable and appropriate abatement of the Purchase Price, whereupon the parties hereto shall consummate this transaction and the relevant provisions relating to the condition of title shall be deemed waived by Purchaser; or
(ii) terminating this Agreement by giving written notice to Seller, whereupon Escrow Agent shall return the Deposit plus accrued interest thereon to Purchaser, and Seller shall immediately reimburse Purchaser for all costs incurred by Purchaser with respect to this transaction, including title company fees, loan and/or mortgage application fees, appraisal fees, legal fees, and expenses incurred for all tests and studies. Upon payment of the foregoing, Purchaser shall turn over to Seller plans, applications, studies, permits and the like which it has obtained relating to the Premises. Thereafter, this Agreement shall be null and void and neither party shall have any further liability or obligation hereunder.
DEFECTIVE TITLE. If the title is not good and cannot be made good within a reasonable time after written notice has been given that the 64. title is defective, specifically pointing out the defects, Xxxxxxx Money shall be returned to Purchaser and the commission as specified in the listing 65. or other agreement between the Broker(s) and the Seller, plus all costs of collection, including attorney fees, shall be paid by Seller to the Listing 66. and/or Selling Broker(s).
DEFECTIVE TITLE. 19.1 If a third party claims that the Services, in whole or in part, and/or the performance of the Services, infringe someone’s proprietary rights or intellectual property right or individual rights, the Adviser shall indemnify NB against any and all claims against NB as a result of such third party claim, including costs, including attorneys’ fee, incurred by NB.
19.2 In addition, NB is entitled to claim damages for any losses incurred by NB as a result of any wholly or partially defective title, save that the Adviser may first seek to rectify any such defective title immediately and within such reasonable time as NB may specify. NB shall continue to be entitled to claim damages from the Adviser under this indemnity in respect of any losses incurred to the extent that they have not been mitigated by the Adviser's rectification.
DEFECTIVE TITLE. If Seller is unable to give title or to make conveyance, or to deliver possession of the Project, or to satisfy all of the terms and conditions precedent to closing as set forth in this Agreement, all as herein stipulated, or if on the scheduled Closing date the Project does not conform with the provisions hereof, Buyer may elect, by written notice given to Seller on or before the Closing, either (a) to take title as provided in Section 13.02 (b) to extend, without any additional cost or expense to Buyer, the scheduled Closing to the fifth (5th) business day after the date of satisfaction of such condition without any additional cost or expense to Buyer during which period Seller shall remove all encumbrances, if any, which secure the payment of money, including, but not limited to, attachments and liens, and Seller shall use reasonable efforts to remove all other defects in title in accordance with Section 1.02(c), and to deliver possession and satisfy all conditions to Closing as provided herein, and to make the Project conform to the provisions herein, as the case may be, or (c) to terminate this Agreement as provided in Section 13.03.