ALTA Title Policy Clause Samples
ALTA Title Policy. (a) Subject to clause (c) of this Section 3.2.12, delivery to Administrative Agent of a lender's ALTA extended coverage policy of title insurance, together with such endorsements thereto as are reasonably required by the Banks (which shall include, but not be limited to, a tie-in endorsement for all such policies), or the commitment of Title Insurer to issue such a policy, dated as of the Closing Date, in the amount of $125,000,000, issued by Title Insurer in form and substance substantially similar to the owner's ALTA policy of title insurance provided to Borrower under the Acquisition Agreement, insuring (or agreeing to insure) that:
(i) each of HFC and HGC has a good, marketable and insurable leasehold, easement and/or fee interest in the material real property interests comprising the applicable Project, in each case free and clear of Liens, encumbrances or other exceptions to title, other than the Title Exceptions; and
(ii) each Deed of Trust creates (or will create when recorded) a valid first-priority Lien on HFC's or HGC's (as the case may be) interest in the applicable Mortgaged Property, free and clear of all Liens, encumbrances and exceptions to title whatsoever, other than the Title Exceptions.
(b) The Banks shall have determined that each title policy or title commitment referred to in clause (a) above shall be in all material respects the same as the title policies referred to in Schedule 7.9 to the Acquisition Agreement; provided, however, that any additional exceptions to title contained in such Bank's policy or commitment shall be permitted only if they do not violate the Real Property Standard.
(c) The ALTA policy of title insurance set forth in Section 3.2.12
(a) shall (i) not provide coverage to Administrative Agent for any real property interests located in Mono County, California, (ii) not contain an exception for mechanics' or materialmen's liens, except for (A) the mechanic's liens described in item No. 7 to Schedule 4.10 of the Acquisition Agreement, (B) any other mechanics' and materialmen's liens that do not violate the Real Property Standard and (C) the mechanics' and materialmen's lien exceptions and exclusions set forth in the policy jacket and (iii) be permitted to contain one or more exceptions for matters that would be shown by an ALTA survey.
ALTA Title Policy. Title Company shall have issued, at Borrower’s expense, a Lender’s extended coverage policy of title insurance (ALTA Form), in liability amount and form satisfactory to Lender, containing such indorsements as may be reasonably designated by Lender, showing the Mortgage as a first priority mortgage lien on the Property, subject only to exceptions approved by Lender in writing. Title Company shall enter into a reinsurance agreement and a related direct access agreement, in form and substance reasonably satisfactory to Lender, with such other title insurance company or companies acceptable to Lender providing for such other company or companies to assume a portion of the liability under the Title Policy in amounts approved by Lender.
ALTA Title Policy. The Title Company shall be willing to issue to Purchaser an ALTA extended coverage owner's policy of title insurance (without regional exceptions) with respect to the Mall, together with such customary endorsements and affirmative coverage (including, without limitation, an ALTA 3.1-Zoning-completed structure endorsement) as Purchaser shall reasonably request, dated as of the Closing Date and insuring Purchaser's interest in the Mall in an amount equal to the Purchase Price, free of any exceptions other than Permitted Exceptions.