An apparatus for use in a wellbore. The apparatus includes a locating device having a locating collet configured to engage with a locating profile on a housing and disengage from the locating profile when a first pull load is applied to the locating collet, a delay device that prevents application of the first pull load on the locating collet when it is engaged with the locating profile until the delay device has been activated, and a locking device configured to prevent activation of the delay device until a second pull load less than the first is applied on the locking device for a selected period of time.