Title Evidence. Borrower shall provide to Lender a loan policy of title insurance with pending disbursements clause, issued by a title insurance company acceptable to Lender (the “Title Company”), evidencing that Borrower has good and indefeasible fee simple title to the Mortgaged Property and that the Mortgage constitutes a valid first mortgage lien on the Mortgaged Property, subject only to those matters waived by Lender. The title policy shall not include an exception based upon mechanics’ and materialmen’s liens. The premiums for the title policy shall be paid by Borrower.
Appears in 7 contracts
Samples: Development Loan Agreement (Amrep Corp.), Development Loan Agreement (Amrep Corp.), Development Loan Agreement (Amrep Corp.)
Title Evidence. Borrower shall provide to Lender a loan policy of title insurance with pending disbursements clause, issued by a title insurance company acceptable to Lender (the “Title Company”), evidencing that Borrower has good and indefeasible fee simple title to the Mortgaged Property and that the Mortgage constitutes a valid first mortgage lien on the Mortgaged Property, subject only to those matters waived by Lender. The title policy shall not include an exception based upon mechanics’ and materialmen’s liens. The premiums for the title policy shall be paid by Borrower.
Appears in 1 contract
Samples: Loan Agreement (Amrep Corp.)
