Title Insurance Policies Sample Clauses

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 Policies. The Agent shall have received, in respect of the mortgage or deed of trust relating to the Distribution Center, a mortgagee's title policy or marked-up unconditional binder for such insurance. Such policy shall (i) be in an amount satisfactory to the Agent, and not less than $6,000,000.00; (ii) insure that the mortgage or deed of trust insured thereby creates a valid first lien on the property covered by such mortgage or deed of trust, free and clear of all defects and encumbrances except those acceptable to the Agent ; (iii) name the Agent as the insured thereunder; and (iv) contain such endorsements and effective coverage as the Agent may reasonably request, including without limitation the revolving line of credit endorsement. The Agent shall also have received evidence that all premiums in respect of such policy has been paid and that all charges for mortgage recording taxes, if any, shall have been paid.
Title Insurance Policies. Title Company shall be prepared to issue the (i) Owners Title Insurance Policy for each Facility as of the Closing Date, with coverage in the amount of the allocable portion of the Purchase Price for such Facility, insuring Buyer as owner of such Facility subject only to the Permitted Exceptions, and (ii) ALTA Title Insurance Policy for each Facility as of the Closing Date, with coverage in the amount of the allocable portion of Buyer’s loan from Buyer’s lender (“Lender”), insuring Lender’s lien against each Facility subject only to such exceptions as may be approved by Lender, and with such endorsements as may be required by Lender.
Title Insurance Policies. Lender shall have received fully paid mortgagee title insurance policies (or binding commitments to issue title insurance policies, marked to Lender's satisfaction to evidence the form of such policies to be delivered after the Closing Date), in standard ALTA form issued by a title insurance company satisfactory to Lender, each in an amount equal to not less than the fair market value of the real Property or leasehold interest, as the case may be, subject to the relevant Mortgage, insuring such Mortgage to create a valid Lien on all real Property and valid Liens on the leasehold interest described therein with no exceptions which Lender shall not have approved in writing.
Title Insurance Policies. The Administrative Agent shall have received in respect of each of the Existing Mortgagee Title Policies an endorsement or endorsements (collectively, the "Endorsements") or marked up unconditional binder for the issuance of such Endorsements dated the Tranche B Effective Date. Each of the Endorsements shall modify the relevant Existing Mortgage Title Policy to (i) insure that the Mortgage insured thereby (as amended) continues to be a valid first Lien on the Mortgaged Property encumbered thereby free and clear of all defects and encumbrances, except those listed on Schedule B of the Existing Mortgage Title Policies and those permitted by subsection 8.3 of the Credit Agreement and such as may be approved by the Administrative Agent; (ii) name the Administrative Agent for the benefit of the Lenders, including the Tranche B Term Loan Lenders, as the insured thereunder; and (iii) be in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of each of the Endorsements, and all charges for mortgage recording tax, if any, have been paid. The Administrative Agent shall have also received a copy of all recorded documents referred to, or listed as exceptions to title in, the Endorsements referred to in this subsection and a copy, certified by such parties as the Administrative Agent may deem reasonably appropriate, of all other documents affecting the property covered by each Mortgage as shall have been reasonably requested by the Administrative Agent.
Title Insurance Policies. The Administrative Agent shall have received, in respect of each Mortgage, a mortgagee's title policy or marked-up unconditional binder for such insurance. Each such policy shall (i) be in an amount equal to not less than 125% of the most recent appraised value of such property; (ii) insure that the Mortgage insured thereby creates a valid first lien on the property covered by such Mortgage, free and clear of all defects and encumbrances except such encumbrances that do not materially interfere with the use of any of the Mortgaged Properties; (iii) provide affirmative mechanic's lien coverage; (iv) name the Administrative Agent, for the benefit of the holders of the obligations secured thereby, as the insured thereunder; (v) be in the form of ALTA Loan Policy-1970 (amended on October 17, 1970) or ALTA Loan Policy- 1987; and (vi) contain revolving endorsements and such other endorsements and effective coverage as the Agents may reasonably request. The Administrative Agent also shall have received evidence that all premiums in respect of such policies have been paid by or on behalf of the Company;
Title Insurance Policies. At the Preliminary Closing, the Company shall deliver to Parent title insurance policies ("Policies of Title Insurance") requested pursuant to Section 3.8(a) with respect to the Title Insurance Property, in an amount reasonably acceptable to Parent, issued by such title insurance company(ies), subject to those easements, reservations, restrictions, covenants, conditions and other matters therein specified to the extent that the same do not, in the reasonable judgment of Parent, render title unmarketable or adversely affect the operation, value, use or enjoyment of the Title Insurance Property affected thereby ("Real Property Title Exceptions"). The Policies of Title Insurance may be subject to the Real Property Title Exceptions but shall contain no additional exceptions other EnviroSystems Agreement and Plan of Merger/Page 41 50 than the standard preprinted exceptions reasonably acceptable to Parent; provided that (i) the standard preprinted exception, if any, for restrictive covenants shall be deleted, except for Real Property Title Exceptions, (ii) the standard preprinted survey exception, if any, shall be revised to read "shortages in area" only, (iii) there shall be no exception as to easements, or claims of easements, not shown by the public records, nor any exception as to parties in possession, and (iv) the exception as to the lien for taxes will be limited to the year in which the Preliminary Closing occurs. The Policies of Title Insurance delivered under this Section 3.8 shall insure title to the real property and all recorded easements benefitting such real property.