Mortgagee Title Insurance Policy Sample Clauses

Mortgagee Title Insurance Policy. Simultaneously with the --------------------------------- execution of this Loan Agreement, but before funding of the Loan, Borrower, at Borrower's sole cost and expense, shall have caused to be furnished to Lender, a Texas Mortgagee Policy of Title Insurance issued by the Title Agent, as agent for the Title Company, in favor of Lender pursuant to an insured closing protection letter satisfactory to Lender showing a policy amount equal to the aggregate amount of the Loan, insuring that the Lender has a valid first and prior lien against the Real Property, and containing only such exceptions as shall be approved by Lender and its legal counsel, provided that the premium can be paid in installments as provided in Rule R-2(a) of the Rules for Title Insurance promulgated by the Texas Board of Insurance. Any exception in the Title Policy regarding restrictive covenants shall be deleted or shall list such restrictive covenants and insure that they will not affect the validity or priority of Lender's lien. The standard pre-printed exception in the Title Policy regarding any discrepancies, conflicts or shortages in area or boundary lines shall be modified to read only "shortages in area." The standard pre-printed exception regarding taxes shall be modified to read "Standby fees and taxes for the year 1996 and subsequent years not yet due and payable." The Title Policy may contain the standard pre-printed "pending completion" and "pending disbursements" exceptions, and Borrower shall, at Borrower's cost and expense, obtain endorsements to the Title Policy as Advances are made so that the coverage reflects the amounts that have been advanced under the terms of the Loan Documents. The Title Policy shall also insure access to the Project from a publicly dedicated street.
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Mortgagee Title Insurance Policy. A mortgagee title insurance policy providing title insurance coverage in the amount of THIRTEEN MILLION AND NO/100 Dollars $13,000,000.00), insuring the Mortgage as a valid first lien on the Property encumbered by the Mortgage subject only to exceptions as shall be approved in writing by Lender, issued by a title company satisfactory to Lender ("Title Insurer"), and in a form satisfactory to and approved by Lender and satisfying the requirements set forth in the title insurance commitment, including such reinsurance and/or coinsurance agreements, if any, and any affirmative coverage required by Lender. Borrower shall deliver to Lender copies of any documents which may affect the Property in any manner (as determined by Lender's counsel) at any time prior to or during the term of the Loan at Borrower's expense, including all existing or proposed restrictive covenants, or other documents or restrictions affecting the Ocean Palms Parcel.
Mortgagee Title Insurance Policy. Simultaneously with the execution of this Loan Agreement, but before funding of the Loans, Borrower, at Borrower's sole cost and expense, shall have caused to be furnished to Lender, Mortgagee Policies of Title Insurance covering the Florida Project and the Arizona Projects issued by the Florida Title Agent and the Title Company, in favor of Lender pursuant to an insured closing protection letter satisfactory to Lender showing a policy amounts equal to the amount of the applicable Loan covered by each Policy, with each Policy insuring that the Lender has a valid first and prior lien against the applicable Real Property, and containing only such exceptions as shall be approved by Lender and its legal counsel. Any exception in the Title Policies regarding restrictive covenants shall be deleted or shall list such restrictive covenants and insure that they will not affect the validity or priority of Lender's liens. The standard pre-printed exception in the Title Policies regarding any discrepancies, conflicts or shortages in area or boundary lines shall be modified to read only "shortages in area." The standard pre- printed exception regarding taxes shall be modified to read "Standby fees and taxes for the year 1997 and subsequent years not yet due and payable." The Title Policies shall also insure access to the Projects from a publicly dedicated street.
Mortgagee Title Insurance Policy. The Borrower shall cause to be delivered to the Lender a Mortgagee Title Insurance Commitment (the "Commitment") naming the Lender as insured which Commitment shall have title insurance coverage in the amount of THREE MILLION DOLLARS ($3,000,000.00). The Commitment and policy shall be written by a title insurance company acceptable to the Lender and licensed by the State of Florida, unrecorded easements, mechanic's liens and/or parties in possession. All other exceptions shall be subject to the approval of the Lender and Counsel to Lender. The Commitment must provide to the Lender "gap" and "Form 9" insurance coverage. The Commitment and policy must also give such other affirmative insurance and reinsurance as reasonably required by the Lender and Counsel to Lender. The Borrower shall provide at the request of Counsel to Lender any corrective instruments, releases, satisfactions, affidavits, etc., necessary to cause the Commitment and policy to be issued. The Commitment, policy and endorsements shall be on American Real Property Title Association Loan forms approved in the State of Florida.
Mortgagee Title Insurance Policy. A title insurance company satisfactory to DDC (“Title Insurance Company”) shall have issued to DDC, at Funding Recipient’s sole cost and expense, a Mortgagee Title Insurance Policy in the amount of the Funding and otherwise satisfactory to DDC in form and substance (“Mortgagee Title Insurance Policy”) insuring that the Declaration constitutes a first priority interest against the Premises. If Funding Recipient has previously obtained a title insurance policy in connection with a mortgage on the Premises, such policy must be amended to reflect and protect the City’s interest based on the Declaration of Restrictive Covenant, and proof supplied of same. Accordingly, unless otherwise agreed to by DDC, all Liens against the Premises shall have been removed of record or subordinated to the Declaration. Prior to the issuance of the Mortgagee Title Insurance Policy, Funding Recipient shall have caused the Title Insurance Company to deliver to DDC a true and complete title report with respect to the Premises, including, without limitation, judgment, tax liens and Uniform Commercial Code financing statements filed against Funding Recipient or the Premises.
Mortgagee Title Insurance Policy. A paid mortgagee policy of title insurance in the amount of $6,000,000.00 insuring that the Mortgage B Holdings creates in favor of Lender a first priority lien on the Real Property. The mortgagee policy of title insurance shall have been issued at Borrower’s expense by a title insurance company acceptable to Lender, shall show a state of title and exceptions thereto, if any, acceptable to Lender and shall contain such endorsements as may be required by Lender.
Mortgagee Title Insurance Policy. A paid mortgagee policy of title insurance in the amount of $5,260,000.00 insuring that the Mortgage-Florida creates in favor of Agent a first priority lien on the Florida Property. The mortgagee policy of title insurance shall have been issued at Borrower’s expense by a title insurance company acceptable to Agent, shall show a state of title and exceptions thereto, if any, reasonably acceptable to Agent and shall contain such endorsements as may be available and required by Agent.
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Mortgagee Title Insurance Policy. A paid mortgagee policy of title -------------------------------- insurance in an amount acceptable to the Bank insuring that the Deed of Trust creates in favor of the Bank a first priority lien on the Real Property. The mortgagee policy of title insurance shall have been issued at the Borrower's expense by a title insurance company acceptable to the Bank, shall show a state of title and exceptions thereto, if any, acceptable to the Bank, and shall contain such endorsements as may be required by the Bank;

Related to Mortgagee Title Insurance Policy

  • Title Insurance Policy In all cases, the Seller undertakes to remove any encumbrance that will materially interfere with the procurement of a title insurance policy or financing necessary for the purchase of the Property, whether the same is included in the above enumeration or not. Further, the Seller undertakes to, in good faith, cooperate with and assist the Buyer fully in obtaining a title insurance policy. The Seller shall be obligated to take all legal and reasonably necessary action in order to procure such title insurance policy but shall not incur any additional liability in relation thereto. If the title to the Property is not in a condition that is compliant with the above, if the Seller fails or refuses to comply with the Seller’s obligations under this section, or if the Parties are unable to obtain a title insurance policy, the Buyer may, in the Buyer’s sole discretion, accept the title as it is and proceed with the purchase under this Agreement, or terminate this Agreement and recover the Xxxxxxx Money, costs incurred in relation to this Agreement and .

  • Title Insurance Policies The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;

  • Title Insurance The Mortgage Loan is covered by an ALTA lender's title insurance policy, or with respect to any Mortgage Loan for which the related Mortgaged Property is located in California a CLTA lender's title insurance policy, or other generally acceptable form of policy or insurance acceptable pursuant to Seller's Underwriting Guidelines and each such title insurance policy is issued by a title insurer acceptable to prudent lenders in the secondary mortgage market and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring the originator, its successors and assigns, as to the first (with respect to a First Lien Loan) or second (with respect to a Second Lien Loan) priority lien of the Mortgage in the original principal amount of the Mortgage Loan (or to the extent a Mortgage Note provides for negative amortization, the maximum amount of negative amortization in accordance with the Mortgage), subject only to the Permitted Exceptions, and in the case of Adjustable Rate Mortgage Loans, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor has been given the opportunity to choose the carrier of the required mortgage title insurance. Additionally, such lender's title insurance policy affirmatively insures ingress and egress, and against encroachments by or upon the Mortgaged Property or any interest therein. The Seller (or its predecessor in interest), its successors and assigns, are the sole insureds of such lender's title insurance policy, and such lender's title insurance policy is valid and remains in full force and effect and will be in force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender's title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender's title insurance policy, including without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other person or entity, and no such unlawful items have been received, retained or realized by the Seller;

  • Title Policy The Title Company shall be prepared to issue, upon payment of the title premium at its regular rates, a title policy in the amount of the Purchase Price, insuring title to the Property is vested in the Purchaser or its designee or assignee, subject only to the Permitted Exceptions, with such endorsements as shall be reasonably required by the Purchaser.

  • Insurance Policy The Employer agrees to remit to the Union an amount to be applied toward the payment of a premium by the Union for an insurance policy which provides a defense attorney to represent all members of the bargaining unit when they are charged with a criminal act that results from events occurring while the bargaining unit member was acting in an official capacity. The maximum amount payable during the term of the Agreement shall be seven dollars ($7.00) per member per month.

  • Title Policies The Title Company shall be prepared, -------------- subject only to payment of the applicable premium, endorsement and related fees and delivery of all conveyance documents in recordable form, to issue a title insurance policy to Purchaser, subject only to the Permitted Encumbrances, in accordance with Section 3.3. -----------

  • Permitted Liens; Title Insurance Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy or a “marked up” commitment, in each case with escrow instructions and binding on the title insurer) (the “Title Policy”) in the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan), which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record specifically identified in the Title Policy; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property; (f) if the related Mortgage Loan constitutes a Crossed Underlying Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Crossed Mortgage Loan Group, and (g) condominium declarations of record and identified in such Title Policy, provided that none of clauses (a) through (g), individually or in the aggregate, materially and adversely interferes with the value or principal use of the Mortgaged Property, the security intended to be provided by such Mortgage, or the current ability of the related Mortgaged Property to generate net cash flow sufficient to service the related Mortgage Loan or the Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”). For purposes of clause (a) of the immediately preceding sentence, any such taxes, assessments and other charges shall not be considered due and payable until the date on which interest and/or penalties would be payable thereon. Except as contemplated by clause (f) of the second preceding sentence none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder. Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Each Title Policy contains no exclusion for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous.

  • Maintenance of the Primary Mortgage Insurance Policies (a) The Master Servicer shall not take, or permit any Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the Master Servicer or such Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable.

  • Title Insurance and Surveys Buyer, at its sole cost and expense, may procure owner’s title insurance policies (the “Title Policies”) from Title Company with respect to the Owned Real Property or the Leased Real Property insuring title subject only to the Permitted Liens and such other general title exceptions as may be raised by the Title Company; provided, that Buyer’s ability or inability to obtain title insurance from the Title Company on the Owned Real Property or the Leased Real Property shall not result in an adjustment to the Purchase Price. If Buyer requests extended coverage policies or any endorsements to the Title Policies, Buyer shall also be responsible for the cost of such extended coverage and endorsements and the delivery of any documentation required by the Title Company in connection with the issuance of such extended coverage and endorsements (including surveys or zoning reports), however, Seller shall deliver the documentation required by the Title Company in connection therewith as described below. At Buyer’s request, Seller and its Affiliates shall cooperate with and assist Buyer with any reasonable request in Buyer’s efforts to obtain the Title Policies and shall execute and deliver to the Title Company such affidavits, certificates and other documentation as are customary and reasonably requested to cause the Title Company to issue CLTA Standard Coverage Policy – 1990 for the Owned Real Property or the Leased Real Property (including assistance to obtain a “non-imputation” or similar endorsement), provided that no such cooperation or assistance and nothing in such affidavits, certificates or documentation shall require Seller or its Affiliates to incur any Obligations to any Person that are not otherwise expressly set forth in this Agreement. Notwithstanding the preceding, Seller shall use Commercially Reasonable Efforts to provide, in support of any such “non-imputation” or similar endorsement, a legal opinion to the Title Company from the general counsel of the Company, subject to customary assumptions and qualifications, as to such counsel’s opinion, without additional inquiry, as to the status of the title rights of the Company to the Owned Real Property lying within the boundary fence of the Refinery. In no event shall Seller be obligated to seek estoppel certificates in connection with any of the Leased Real Properties. Prior to Closing, Buyer may, at its sole cost and expense, obtain and update any surveys pertaining to the Owned Real Property or the Leased Real Property; provided, however, that any such surveys and survey updates shall be performed by a surveyor acceptable to Seller, the approval of which shall not be unreasonably withheld, conditioned or delayed. Neither Buyer’s or any of its lenders’ receipt of any new or updated surveys shall constitute a condition to Closing or form the basis for delaying Closing; however, Seller agrees to reasonably cooperate with Buyer prior to the Closing to permit Buyer to attempt to procure any surveys of the Real Property Interests that Buyer reasonably deems necessary, all at Buyer’s sole risk, cost and expense.

  • Insurance Policies Insurance required herein shall be by companies duly licensed or admitted to transact business in the state where the Premises are located, and maintaining during the policy term a "General Policyholders Rating" of at least B+, V, as set forth in the most current issue of "Best's Insurance Guide", or such other rating as may be required by a Lender. Lessee shall not do or permit to be done anything which invalidates the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor certified copies of policies of such insurance or certificates evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Lessor. Lessee shall, at least thirty (30) days prior to the expiration of such policies, furnish Lessor with evidence of renewals or "insurance binders" evidencing renewal thereof, or Lessor may order such insurance and charge the cost thereof to Lessee, which amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease, whichever is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure and maintain the same.

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