Common use of Post-Closing Cure Clause in Contracts

Post-Closing Cure. (1) If American elects to cure the applicable Title Defect post-Closing, then Enerplus shall, pending such post Closing period, withhold and retain from the Purchase Price payable at Closing an amount equal to the Title Defect Value attributable to the affected Lease and American shall not assign the affected Lease to Enerplus at Closing. (2) If American elects to cure the applicable Title Defect post-Closing, but does not cure the applicable Title Defect to Enerplus’s reasonable satisfaction within the 90 day time period (or such longer period as may be agreed to by the Parties), Enerplus may waive the applicable Title Defect, or if Enerplus does not waive the Title Defect, then, the Purchase Price shall be adjusted for the Title Defect Value of the affected Lease in accordance with the terms of this Agreement. If American cures the applicable Title Defect to Enerplus’s reasonable satisfaction within the 90-day time period (or such longer period as may be agreed to by the Parties), Enerplus shall pay to American the Title Defect Value attributable to the affected Lease and American shall assign such Lease to Enerplus.