Common use of Commitment for Title Insurance Clause in Contracts

Commitment for Title Insurance. A commitment for the issuance of an ALTA title insurance loan policy in favor of Borrower and its successors and assigns, in the amount of the original principal balance of the Mortgage Loan. The interim title binder or commitment must obligate the title insurance company to issue a policy insuring that the Mortgage is a valid first lien on the premises described in the Mortgage, with only exceptions permitted by Lender. The title binder or commitment must be countersigned by an authorized representative or agent of the applicable title insurance company.