Common use of Title Insurance Clause in Contracts

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE ADDITIONAL MORTGAGE POLICIESPOLICY") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (aA) If required by the Administrative Agent, ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Additional Mortgage Policies”) issued by the Title Company with respect to the Closing Date Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than an amount satisfactory to the respective amounts designated therein with respect to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a any standard survey exceptionexceptions as may be reasonably acceptable to the Administrative Agent, which Closing Date Additional Mortgage Policies Policy (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Administrative Agent; and (bB) evidence satisfactory to Collateral the Administrative Agent that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (ai) ALTA mortgagee The Administrative Agent shall have received in respect of each Mortgaged Property a mortgagee’s title insurance policies policy (or policies) or marked up unconditional commitments therefor binder for such insurance. Each such policy shall (the "CLOSING DATE MORTGAGE POLICIES"A) issued by the Title Company with respect be in an amount satisfactory to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than Administrative Agent; (B) be issued at ordinary rates; (C) insure that the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or Mortgage insured thereby creates a valid leasehold first Lien on, and security interest in, each such Closing Date Mortgaged Property vested free and clear of all defects and encumbrances, except for Permitted Liens disclosed therein; (D) name the Administrative Agent for the benefit of the Secured Parties as the insured thereunder; (E) be in the form of ALTA Loan Policy with the creditors’ rights exceptions deleted – 2006 policy or 1970 form B (Amended 10/17/70 and 10/17/84) (or equivalent policies); (F) contain such Borrower endorsements and assuring Collateral Agent that affirmative coverage as the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing request in form and substance acceptable to the Administrative Agent, including, without limitation (to the extent applicable with respect to such Mortgaged Property and available in the jurisdiction in which such Mortgaged Property is located), the following: variable rate endorsement; survey endorsement; comprehensive endorsement; zoning (ALTA 3.1 with parking added) endorsement; first loss, last dollar and tie-in endorsement; access coverage; separate tax parcel coverage; contiguity coverage; usury; closing business; subdivision; environmental protection lien; CLTA 119.2 and CLTA 119.3 (for leased Real Estate, only); and such other endorsements as the Administrative Agent shall reasonably require in order to provide insurance against specific risks identified by the Administrative Agent in connection with such Mortgaged Property, and (G) be issued by Chicago Title Insurance Company or such other title companies satisfactory to Collateral the Administrative Agent (including any such title companies acting as co-insurers or reinsurers, at the option of the Administrative Agent; and (b) ). The Administrative Agent shall have received evidence satisfactory to Collateral it that all premiums in respect of each such policy, all charges for mortgage recording tax, and all related expenses, if any, have been paid. (ii) The Administrative Agent that such Borrower has shall have received a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy or policies referred to in clause (i) delivered to above and a copy of all other material documents affecting the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;Mortgaged Properties.

Title Insurance. (a) form 1970 ALTA extended coverage mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral insuring Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for the following endorsements to the extent available in the states where the Closing Date Mortgaged Properties are located: comprehensive, mechanics' lienslien, for future advances under this Agreement variable rate, street address, separate tax lot, survey, contiguity, zoning (ALTA 3.1), street access, usury, subdivision map act, revolving credit, tie-in, creditors' rights, doing business, first loss and for last dollar and any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (aA) If required by Agent, ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"Additional Mortgage Policies') issued by the Title Company with respect to the Closing Date Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAgent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority first priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a such standard survey exceptionexceptions as may be reasonably acceptable to Agent and Permitted Encumbrances, which Closing Date Additional Mortgage Policies Policy (1I) shall include an all endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Agent may reasonably request, all of the foregoing to be in form and substance reasonably satisfactory to Collateral Agent; and (bB) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in m connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. Within 30 days after the Closing Date, Company shall have delivered to Agent (a) ALTA mortgagee title insurance policies or unconditional marked pro forma commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company title company with respect to the each Closing Date Mortgaged Properties listed so identified in Part A of Schedule 4.1N 5.5 annexed hereto, in amounts ------------ not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company title company all certificates and affidavits required by the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company title company or to the appropriate governmental authorities all expenses and premiums of the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;.

Title Insurance. As determined by Syndication Agent in its --------------- sole discretion, (a) ALTA unconditional commitments for mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, and such other exceptions approved by Agents, which Closing Date Mortgage Policies (1) shall include a lenders aggregation endorsement, an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Syndication Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent Agents may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Syndication Agent; and (b) evidence reasonably satisfactory to Collateral Syndication Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to each of the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an --------------- ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE ADDITIONAL MORTGAGE POLICIESPOLICY") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to 129 the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Second Restatement Date Mortgage Policies”) issued by the Title Company with respect to each of the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Second Restatement Date Mortgaged Properties, in such amount as Administrative Agent reasonably determine to be the value of any particular Second Restatement Date Mortgaged Property, insuring fee simple title to, or a valid leasehold interest in, each such Closing Second Restatement Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Second Restatement Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Second Restatement Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, thereby which Closing Second Restatement Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (bB) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (ix) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Second Restatement Date Mortgage Policies and (iiy) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Second Restatement Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Second Restatement Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee A lender’s policy of title insurance policies (or unconditional commitments therefor (commitment to issue such a policy having the "CLOSING DATE MORTGAGE POLICIES"effect of a policy of title insurance) issued by the Title Company with respect a nationally recognized title insurance company reasonably acceptable to the Closing Date Agent (the “Title Company”) insuring (or committing to insure) the lien of the applicable Mortgage as valid and enforceable first priority mortgage lien on the US Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty described therein (each, a “Title Policy”) which insures the Agent that such Mortgage for such US Mortgaged Property creates a valid and enforceable first priority mortgage lien on such US Mortgaged Property, in amounts an amount not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each fair market value of such Closing Date US Mortgaged Property vested as reasonably determined, in such good faith, by the Borrower and assuring Collateral reasonably acceptable to the Agent (it being agreed that in lieu of any current appraisal, a current real property tax assessment may be used for such purpose), free and clear of all defects and encumbrances except Permitted Encumbrances, together with such endorsements (or in the case of zoning, zoning reports from a nationally recognized provider) as the Agent reasonably requests (or where such endorsements are not available, opinions of special counsel, architects or other professionals reasonably acceptable to the Agent), including, without limitation, to the extent available at commercially reasonably rates, a “tie-in” or “cluster” endorsement, if available under applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on law (i.e., policies which insure against losses regardless of location or allocated value of the respective Closing Date Mortgaged Properties encumbered thereby, subject only insured property up to a standard survey exceptionstated maximum coverage amount), which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liensendorsements on matters relating to usury, for first loss, last dollar, zoning, contiguity, future advances under this Agreement advances, doing business, non-imputation, public road access, survey, variable rate, environmental lien, subdivision, separate tax lot revolving credit, so-called comprehensive coverage over covenants and restrictions and for any and all other matters that the Agent may reasonably requested by Collateral Agent request. Such Title Policy shall not include an exception for mechanics’ liens, and (2) shall provide for affirmative insurance and such reinsurance (including direct access agreements) as Collateral the Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;.

Title Insurance. (aA) If required by the Administrative Agent, ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") Additional Mortgage Policies" issued by the Title Company with respect to the Closing Date Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than an amount satisfactory to the respective amounts designated therein with respect to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a any standard survey exceptionexceptions as may be reasonably acceptable to the Administrative Agent, which Closing Date Additional Mortgage Policies Policy (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Administrative Agent; and (bB) evidence satisfactory to Collateral the Administrative Agent that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“2023 Mortgage Policies”) issued by the Title Company with respect to each of the Closing Date 2023 Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts not less than such amount as Administrative Agent reasonably determine to be the respective amounts designated therein with respect to value of any particular Closing Date 2023 Mortgaged PropertiesProperty, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date 2023 Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date 2023 Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date 2023 Mortgaged Properties encumbered thereby, subject only to a standard survey exception, thereby which Closing Date 2023 Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (bB) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (ix) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date 2023 Mortgage Policies and (iiy) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date 2023 Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date 2023 Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor or updates thereto in the case of insurance policies or unconditional commitments therefor issued no later than 30 days after the Second Restatement Effective Date (the "CLOSING DATE PREMIER MORTGAGE POLICIES") issued by the Title Company a title company satisfactory to Administrative Agent with respect to the Closing Date Premier Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Premier Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Premier Mortgaged Property vested in such Borrower Borrowers and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority first priority mortgage Liens on the respective Closing Date Premier Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Premier Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company title company all certificates and affidavits required by the Title Company title company in connection with the issuance of the Closing Date Premier Mortgage Policies and (ii) paid to the Title Company title company or to the appropriate governmental authorities all expenses and premiums of the Title Company title company in connection with the issuance of the Closing Date Premier Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"Closing Date Mortgage Policies) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (bB) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies (or, in respect of property located in Texas, non-ALTA policies) or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1K annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens’ liens (subject to exceptions for mechanics liens appearing of record on the Closing Date which would constitute Permitted Encumbrances and which are acceptable to Administrative Agent), for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.2K annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to Permitted Encumbrances and a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits reasonably required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor and title updates and endorsements (the "CLOSING DATE MORTGAGE POLICIES") Effective Date Mortgage Policies" issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed (and marked with an asterisk) in Part A of Schedule 4.1N 4.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Effective Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Effective Date Mortgaged Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Effective Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Effective Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexceptions as may be reasonably acceptable by the Administrative Agent, which Closing Effective Date Mortgage Policies (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Administrative Agent; and (bB) evidence satisfactory to Collateral the Administrative Agent that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages in the appropriate real estate records;

Title Insurance. (aA) an ALTA mortgagee title insurance policies policy (or alternative to the ALTA policy required by applicable law reasonably satisfactory to the US Administrative Agent) or unconditional commitments commitment therefor (the "CLOSING DATE MORTGAGE POLICIESEffective Date Mortgage Policy") issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts an amount not less than the respective amounts amount designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing the Effective Date Mortgaged Property, insuring title to the Effective Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral the US Administrative Agent that the applicable Closing Effective Date Mortgages create Mortgage creates a valid and enforceable First Priority first priority mortgage Liens Lien on the respective Closing Effective Date Mortgaged Properties encumbered therebyProperty, subject only to a any standard survey exceptionexceptions as may be reasonably acceptable to the US Administrative Agent, which Closing Effective Date Mortgage Policies Policy (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the US Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the US Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the US Administrative Agent; and (bB) evidence satisfactory to Collateral the US Administrative Agent that such Borrower Loan Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies Policy and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages Mortgage in the appropriate real estate records;; and

Title Insurance. (a) ALTA mortgagee title insurance policies or --------------- unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.II annexed hereto, in amounts not ------------- less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexceptions, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Agent any of Agents and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral AgentAgents; and (b) evidence reasonably satisfactory to Collateral Agent Agents that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) Either (1) to the extent not previously delivered, ALTA mortgagee title insurance policies policy or unconditional commitments commitment therefor (the "CLOSING DATE MORTGAGE POLICIES"“Effective Date Mortgage Policies”) issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts an amount not less than the respective amounts amount designated therein with respect to any particular Closing Date Mortgaged Propertiestherein, insuring fee simple and/or leasehold title to, or a valid leasehold interest in, to each such Closing Effective Date Mortgaged Property vested in such Borrower or the applicable Subsidiary Guarantor and assuring Collateral Administrative Agent that the applicable Closing each Effective Date Mortgages create Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing applicable Effective Date Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing such Effective Date Mortgage Policies (1i) shall include an endorsement for the following endorsements to the extent available in the State of Colorado: comprehensive, mechanics' liens’ lien, for future advances under this Agreement variable rate, street address, separate tax lot, survey, contiguity, zoning (ALTA 3.1), street access, usury, subdivision map act, revolving credit, tie-in, creditors’ rights, doing business, first loss and for last dollar and any other matters reasonably requested by Collateral Administrative Agent and (2ii) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; or (2) 110.5 or other similar endorsements to any existing ALTA mortgagee title insurance policies covering any Effective Date Mortgaged Property in form and substance reasonably satisfactory to Administrative Agent (the “Effective Date Title Endorsements”) and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and the Effective Date Title Endorsements and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies or the Effective Date Title Endorsements and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages and any amendments to the existing mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee Each title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") policy required under this Agreement shall be issued by the Title Insurance Company with respect on the standard ALTA form (1992) in an amount equal to the Closing Date Mortgaged Properties listed amount of the Revolving Loans allocated to such Borrowing Base Asset, as determined by the Agent in Part A of Schedule 4.1N annexed heretoits sole discretion, in amounts not less than the respective amounts designated therein with respect without exceptions as to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement with no other exceptions objectionable to the Agent, and for any with a “last dollar” endorsement and other matters reasonably requested by Collateral endorsements as the Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request. If required by the Title Insurance Company in order to delete mechanics’ lien exceptions, all of the foregoing Obligors must agree to provide an indemnification agreement satisfactory to the Title Insurance Company. Upon the Agent’s request (if the insured amount exceeds the limits from time to time promulgated by the Agent for the title insurer or insurers providing the title insurance), the Lenders must receive reinsurance and direct access agreements in form and substance reasonably satisfactory to Collateral the Agent in form and amount and with companies acceptable to the Agent; . The Agent and its counsel must each be provided with legible record copies of all documents listed as the source of title or as exceptions in the title binder. The title policy must assure the Lenders that the roads and ways, upon which the applicable Borrowing Base Asset bounds and has access, are duly dedicated open and maintained public ways or that other reasonable vehicular access is available. No subsequent title bring-to-date reports will be required so long as the Obligors pay all payables within forty five (45) days of the date rendered and, if required by the Required Lenders and material in amount, obtains lien waivers at the time of payment from those contractors who have the right to file mechanic’s liens. (b) evidence satisfactory Title insurance will not be required on any Borrowing Base Asset that is subject to Collateral a Mortgage granted by a Borrower and is reasonably expected to remain a Borrowing Base Asset for less than fifteen (15) months (i.e., Sold Units, Spec Units, or Model Units) or is not eligible for inclusion in the Borrowing Base after fifteen (15) months, so long as the Obligors pay all payables within forty five (45) days of the date rendered and obtain monthly lien waivers at the time of payment from their contractors who have the right to file mechanics’ liens. Notwithstanding the foregoing, whenever new Projects are added as Borrowing Base Assets, the applicable Borrower must submit to the Agent a Title Confirmation Letter for each such Project. In addition, at the Agent’s option, the Agent may from time to time obtain, at Lenders’ expense, separate title reports for such Projects. Such title reports must indicate that the Borrowers own each Project free and clear of all liens and other encumbrances reasonably objectionable to the Agent, and that such Project is subject to a first priority recorded Mortgage. The quarterly Covenant Compliance Certificate will include a certification by the Obligors that, to the Obligors’ knowledge, no Borrowing Base Asset for which the Lenders do not have title insurance and which is subject to a Mortgage from a Borrower has been a Borrowing Base Asset for more than fifteen (i15) delivered months. The Agent will reserve the right to inspect the Obligors’ books and records upon reasonable advance notice to the Obligors during normal business hours to further monitor compliance with this requirement. (c) Title Company all certificates insurance will be required on any Borrowing Base Asset that is subject to a Mortgage granted by a Guarantor and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies shall include, without limitation, a creditor’s rights deletion endorsement. WB/Neighborhoods Second Modified and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;Restated Loan Agreement

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionProperty, which Closing Date Additional Mortgage Policies Policy (1) shall include include, if available in the state in which such Mortgaged Property is located, a lender's aggregation endorsement, an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (or such comparable or equivalent insurance to the extent available with respect to properties located outside of the United States) (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company a title company with respect to the -114- Closing Date Mortgaged Properties as listed in Part A of SCHEDULE 5.5 annexed hereto and identified on such Schedule 4.1N annexed heretoas being so encumbered, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral insuring Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionthe Permitted Encumbrances, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company such title company all certificates and affidavits required by the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company title company or to the appropriate governmental authorities all expenses and premiums of the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N SCHEDULE 4.1L annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of on Schedule 4.1N 5.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only thereby (provided that Company may cause to be delivered to Administrative Agent on the Closing Date a standard survey exceptionClosing Date Mortgage Policy listing as an exception any of the items set forth on Schedule 5.5 annexed hereto so long as such exception is removed by endorsement within 15 days of the Closing Date), which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;; 83 EXECUTION

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the "CLOSING DATE MORTGAGE POLICIES"an “Additional Mortgage Policy”) issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' ’ liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records; provided, however, that Administrative Agent shall allow for such reasonable revisions to the applicable Mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Company’s cost;

Title Insurance. (a) If reasonably requested by Collateral Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the a "CLOSING DATE MORTGAGE POLICIESMortgage Policy") issued by the Title Company with respect to the Closing Date such Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesCollateral Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create such Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Mortgaged Properties encumbered therebyProperty, subject only to to, if available in the state in which such Mortgaged Property is located, a standard survey exceptionexception and to Permitted Encumbrances, which Closing Date Mortgage Policies Policy (1) shall include include, if available AXEL CREDIT AGREEMENT EXECUTION 91 98 in the state in which such Mortgaged Property is located, an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for such affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits customarily required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Mortgage in the appropriate real estate records; provided however, that Administrative Agent shall allow for such reasonable revisions to the applicable mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Company's cost;

Title Insurance. (a) Form 1970 ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policy”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect to any particular the Closing Date Mortgaged PropertiesProperty, insuring fee simple title to, or a valid leasehold interest in, each such the Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create Mortgage creates valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date Mortgaged Properties Property encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies Policy (1) shall include an endorsement for the following endorsements to the extent available in the state where the Closing Date Mortgaged Property is located: comprehensive, mechanics' liens’ lien, for future advances under this Agreement variable rate, street address, separate tax lot, survey, contiguity, zoning (ALTA 3.1), street access, usury, subdivision map act, revolving credit, tie-in, creditors’ rights, doing business, first loss and for last dollar and any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Mortgage in the appropriate real estate records;

Title Insurance. (a) A 1970 (amended October 17, 1970) ALTA mortgagee title insurance policy or policies or unconditional commitments commitment therefor (the "CLOSING DATE MORTGAGE POLICIESMortgage Policy") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed Property in Part A of Schedule 4.1N annexed hereto, in amounts an amount not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Propertiesmaximum aggregate amount of the Commitments, in each case, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower for the benefit of Administrative Agent on behalf of Agent and assuring Collateral Agent Lenders that the applicable Closing Date Mortgages create Deed of Trust creates a valid and enforceable First Priority mortgage Liens deed of trust Lien on the respective Closing Date Mortgaged Properties encumbered therebyProperty, subject only to Permitted Liens and that the Leasehold Deed of Trust creates a standard survey exceptionvalid and enforceable deed of trust Lien on or in the Mall Construction Subsidiary's leasehold interest under the Mall Lease and the Billboard Master Lease subject only to the Lien of the Interim Mall Lender therein and other Permitted Liens, which Closing Date Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and Administrative Agent, (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral AgentAdministra tive Agent and (3) shall not have a creditor's rights exception; and (b) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower has Borrowers have or have caused to be (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Deed of Trust and the Leasehold Deed of Trust in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies (or, in respect of property located in Texas, non-ALTA policies) or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens’ liens (subject to exceptions for mechanics liens appearing of record on the Closing Date which would constitute Permitted Encumbrances and which are acceptable to Administrative Agent), for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee With respect to each Mortgage encumbering any Mortgaged Property, a policy of title insurance (or commitment to issue such a policy having the effect of a policy of title insurance) insuring (or committing to insure) the lien of such Mortgage as a valid and enforceable first priority mortgage or deed of trust lien on the Mortgaged Property described therein, in an amount not less than 110% of the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Company and reasonably acceptable to the Initial Purchasers (such policies or unconditional commitments therefor (collectively, the "CLOSING DATE MORTGAGE POLICIES") “Mortgage Policies”), issued by the Title Company with respect to Company, which reasonably assures the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create Mortgage on such Mortgaged Property is valid and enforceable First Priority first priority mortgage Liens lien on the such respective Closing Date Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date free and clear of all defects and encumbrances except Permitted Encumbrances and such Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing otherwise be in form and substance reasonably satisfactory to the Trustee and the Collateral Agent and shall have been supplemented by endorsements reasonably requested by the Trustee and the Collateral Agent and available at commercially reasonable premium costs (including, without limitation, to the extent applicable and available in the applicable jurisdiction where the Mortgaged Property is located endorsements on matters relating to usury, first loss, last dollar, non-imputation, public road access, doing business, variable rate, contiguity (where appropriate), “tie-in” or “cluster,” environmental lien, address, subdivision, survey, any special use of the Mortgaged Property or improvements or equipment related thereto, and so-called comprehensive coverage over covenants and restrictions); the Company will obtain, or cause to be obtained such coinsurance or direct access re-insurance as shall be reasonably acceptable to the the Trustee and the Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;.

Title Insurance. (a) If required by Administrative Agent, an --------------- ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records; provided, however, that Administrative Agent shall allow for such reasonable revisions to the applicable Mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Borrowers' cost;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor and title updates and endorsements (the "CLOSING DATE MORTGAGE POLICIES"“Effective Date Mortgage Policies”) issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed (and marked with an asterisk) in Part A of Schedule 4.1N 4.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Effective Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Effective Date Mortgaged Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Effective Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Effective Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexceptions as may be reasonably acceptable by the Administrative Agent and the Lenders, which Closing Effective Date Mortgage Policies (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agentthe Administrative Agent and the Lenders; and (bB) evidence satisfactory to Collateral the Administrative Agent and the Lenders that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N on SCHEDULE 5.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only thereby (provided that Company may cause to be delivered to Administrative Agent on the Closing Date a standard survey exceptionClosing Date Mortgage Policy listing as an exception any of the items set forth on SCHEDULE 5.5 annexed hereto so long as such exception is removed by endorsement within 15 days of the Closing Date), which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1L annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) As real property is added to the Collateral, ALTA 2006 Form mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by a title insurance company approved by the Title Company Administrative Agent, or endorsements to such policies, shall be issued in form and substance acceptable to the Administrative Agent insuring the Administrative Agent’s Lien position and all appurtenances thereto with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered therebyreal property, subject only to a standard survey exceptionPermitted Liens (excluding clauses (cb), which Closing Date Mortgage Policies (1h) shall include an endorsement for mechanics' liensand, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered and (j) of the definition thereof). The amount of coverage under such policy must be no less than the aggregate Revolving Commitment. If such Property is located in a Tie-In Jurisdiction, Borrower shall provide endorsements to all other existing title insurance policies issued to the Title Company Administrative Agent with respect to all certificates other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements by the amount of such policy. The title insurance policies (including endorsements) shall affirmatively insure reasonable means of ingress and affidavits egress to and from the Collateral satisfactory to the Administrative Agent, to the extent available in the applicable State. The policies and all endorsements shall contain no matters objectionable to the Administrative Agent, including, without limitation, exceptions with respect to mechanics’ and materialmens’ Liens and prior years’ taxes. The policies and subsequent endorsements adding additional Collateral to the policies shall contain such endorsements as the Administrative Agent shall require, including, without limitation, to the extent available in the applicable state, the following endorsements: Environmental Protection Lien Endorsement (ALTA Form 8.1); Variable Rate Mortgage Endorsement (ALTA Form 6 or 6.1 as applicable or equivalent); Restrictions, Encroachments, Minerals Endorsement (Comprehensive Endorsement); Subdivision Endorsement; Zoning Endorsement (ALTA Form 3.2 or ALTA Form 3.1, as applicable; otherwise ALTA Form 3-06); Tie-In Spreader Endorsement; Future Advance Endorsement; Same as Survey Endorsement; Contiguity Endorsement; and Revolving Credit Endorsement. Administrative Agent must be provided with copies of all exceptions noted in the commitments and policies at the request of the Administrative Agent. The policies and all endorsements shall be issued in accordance with the terms of this Agreement. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, Lenders shall have no obligation to make any advance of Loan proceeds or take any other action under the Loan Documents if a mechanics’ or materialmen’s lien has been filed against such Housing Units and/or Lots and such lien has not been released, bonded or discharged as required by the Title Company in connection with the issuance Section 8.6 of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;this Agreement.

Title Insurance. (a) ALTA mortgagee With respect to each Mortgage encumbering any Mortgaged Property, a policy or policies of title insurance policies or unconditional commitments therefor in an amount equal to the lesser of (i) the then-outstanding principal amount of all Securities and any additional Permitted Additional Pari Passu Obligations (the "CLOSING DATE MORTGAGE POLICIES"“Maximum Title Policy Amount”) or (ii) the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Company (such policies collectively, the “Mortgage Policies”) issued by the Chicago Title Insurance Company through its agent Charter Title Company or another title insurance company reasonably acceptable to the Collateral Agent (the “Title Company”), insuring that such Mortgage constitutes a valid and enforceable first-priority (with respect to Notes Priority Collateral) mortgage Lien on the respective Mortgaged Property, free and clear of all Liens other than Permitted Liens, which Mortgage Policies shall (A) be endorsed by the following endorsements (or other similar endorsement): T-14 First Loss Endorsement, T-16 Aggregation Endorsement and T-23 Access Endorsement, T-25 Contiguity Endorsement, T-33 Adjustable Mortgage Loan Endorsement, T-35 Revolving Endorsement, (B) not include an exception for mechanics’ liens and (C) provide for such affirmative insurance as is substantially similar to the coverage provided with respect to the Closing Date Initial Mortgaged Properties listed and which is available in Part A the applicable jurisdiction at commercially reasonable rates. Notwithstanding the foregoing, the Collateral Agent acknowledges that (w) no T-19 Endorsement shall be required, and (x) a survey exception may be included in each Mortgage Policy, (y) in no event shall the Company be required to obtain Mortgage Policies in excess of Schedule 4.1N annexed hereto, the Maximum Title Policy Amount in amounts not less than the respective amounts designated therein aggregate with respect to any particular Closing Date all Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Properties and (z) the amounts of the Mortgage Policies to be obtained with respect to the Initial Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1accordance with this Section 4.17(b) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of be the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;amounts set forth on Schedule 1 attached hereto.

Title Insurance. (a) ALTA mortgagee Each title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") policy required under this Agreement shall be issued by the Title Insurance Company with respect on the standard ALTA form (1992) in an amount equal to the Closing Date Mortgaged Properties listed amount of the Revolving Loans allocated to such Borrowing Base Asset, as determined by the Agent in Part A of Schedule 4.1N annexed heretoits sole discretion, in amounts not less than the respective amounts designated therein with respect without exceptions as to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement with no other exceptions objectionable to the Agent, and for any with a "last dollar" endorsement and other matters reasonably requested by Collateral endorsements as the Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request. If required by the Title Insurance Company in order to delete mechanics' lien exceptions, all of the foregoing Obligors must agree to provide an indemnification agreement satisfactory to the Title Insurance Company. Upon the Agent's request (if the insured amount exceeds the limits from time to time promulgated by the Agent for the title insurer or insurers providing the title insurance), the Lenders must receive reinsurance and direct access agreements in form and substance reasonably satisfactory to Collateral the Agent in form and amount and with companies acceptable to the Agent; . The Agent and its counsel must each be provided with legible record copies of all documents listed as the source of title or as exceptions in the title binder. The title policy must assure the Lenders that the roads and ways, upon which the applicable Borrowing Base Asset bounds and has access, are duly dedicated open and maintained public ways or that other reasonable vehicular access is available. No subsequent title bring-to-date reports will be required so long as the Obligors pay all payables within forty five (45) days of the date rendered and, if required by the Required Lenders and material in amount, obtains lien waivers at the time of payment from those contractors who have the right to file mechanic's liens. (b) evidence satisfactory Title insurance will not be required on any Borrowing Base Asset that is subject to Collateral a Mortgage granted by a Borrower and is reasonably expected to remain a Borrowing Base Asset for less than fifteen (15) months (i.e., Sold Units, Spec Units, or Model Units) or is not eligible for inclusion in the Borrowing Base after fifteen (15) months, so long as the Obligors pay all payables within forty five (45) days of the date rendered and obtain monthly lien waivers at the time of payment from their contractors who have the right to file mechanics' liens. Notwithstanding the foregoing, whenever new Projects are added as Borrowing Base Assets, the applicable Borrower must submit to the Agent a Title Confirmation Letter for each such Project. In addition, at the Agent's option, the Agent may from time to time obtain, at Lenders' expense, separate title reports for such Projects. Such title reports must indicate that the Borrowers own each Project free and clear of all liens and other encumbrances reasonably objectionable to the Agent, and that such Project is subject to a first priority recorded Mortgage. The quarterly Covenant Compliance Certificate will include a certification by the Obligors that, to the Obligors' knowledge, no Borrowing Base Asset for which the Lenders do not have title insurance and which is subject to a Mortgage from a Borrower has been a Borrowing Base Asset for more than fifteen (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;15)

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1L annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Second Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee With respect to each Mortgage encumbering any Mortgaged Property, a policy of title insurance (or commitment to issue such a policy having the effect of a policy of title insurance) insuring (or committing to insure) the lien of such Mortgage as a valid and enforceable third priority mortgage lien on the Mortgaged Property described therein, in an amount not less than 100% of the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Parent (such policies or unconditional commitments therefor (collectively, the "CLOSING DATE MORTGAGE POLICIES"“Mortgage Policies”) issued by such title insurer in the form used in connection with the Mortgage Policies for the Term Loan Credit Agreement with such changes as are reasonably necessary to reflect the third-priority nature thereof and the transactions contemplated hereby (the “Title Company with respect to Company”), which reasonably assures the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create on such Mortgaged Properties are valid and enforceable First Priority mortgage Liens liens on the respective Closing Date Mortgaged Properties encumbered therebyProperties, subject only free and clear of all defects and encumbrances except Permitted Encumbrances, and such Mortgage Policies shall otherwise be in form and substance substantially similar to the Mortgage Policies delivered in connection with the mortgages securing the obligations of the Term Loan Credit Agreement with such changes as are reasonably required and necessary to reflect the third-priority nature thereof and the transactions contemplated hereby and shall include, as appropriate, to the extent available at commercially reasonably rates, a “tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a standard survey exceptionstated maximum coverage amount), which Closing Date Mortgage Policies and have been supplemented by such endorsements (1or where such endorsements are not available, opinions of special counsel, architects or other professionals as used in connection with the Term Loan Credit Agreement with such changes as are reasonably required and necessary to reflect the third-priority nature thereof and the transactions contemplated hereby) as delivered in connection with the mortgages securing the obligations of the Term Loan Credit Agreement with such changes as are reasonably required and necessary to reflect the third-priority nature thereof and the transactions contemplated hereby, including endorsements on matters relating to usury, first loss, last dollar, doing business, environmental lien, usury, contiguity, public road access, survey, subdivision, separate tax lot, so called comprehensive coverage over covenants and restrictions and shall not include an endorsement exception for mechanics' liens’ liens or creditors’ rights (if available after using commercially reasonable efforts), for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance (including direct access agreements) as Collateral Agent the Initial Purchasers may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;.

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N SCHEDULE 4.1M annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral any Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral any Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral AgentAgents; and (b) evidence satisfactory to Collateral Agent Agents that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N SCHEDULE 4.1K annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexception and such other standard exceptions and other matters of record as are approved by Agents, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent Agent, each to the extent available in the state in which the respective Closing Date Mortgaged Properties are located and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor Within 5 days after the Effective Date, Buyer shall order a separate Commitment for Title Insurance (the "CLOSING DATE MORTGAGE POLICIES"“Commitments”) issued from Chicago Title Insurance Company, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, Chicago, Illinois 60601, Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ (the “Title Company”) for an Owner’s Policy of Title Insurance (the “Title Policies”), with respect to each parcel of real estate which constitutes the Real Property, insuring that, upon Closing, Buyer shall have good and marketable fee simple title to the Real Property, free and clear of all liens, assessments, restrictions, encumbrances, leases, tenancies, claims or rights of use or possession and other title objections, except for [i] easements, agreements and restrictions of record as of the Effective Date that do not, in Buyer’s reasonable discretion, materially and adversely affect the existing use of the Facilities or the value of the Facilities; [ii] taxes and installments of assessments, whether past due or not yet due and payable; and [iii] any lien, encumbrance or claim granted by the Title Company Buyer (other than with respect to the Closing Date Mortgaged Properties listed in Part A Master Leases), arising from any action of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect Buyer or pursuant to any particular Closing Date Mortgaged Properties, insuring fee simple title to, contract made by Buyer or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent relating to any materials or labor supplied to Buyer (“Permitted Exceptions”). Buyer acknowledges that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on Commitments may show the respective Closing Date Mortgaged Properties encumbered therebyrights of Buyer as tenant under each Master Lease, to which Buyer shall not object, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) release of each Facility from its respective Master Lease at the applicable Closing. The Master Leases shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) not be Permitted Exceptions. Seller shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered affidavits to the Title Company all certificates Company, limited to Seller’s actual and affidavits required by current knowledge, and take such other actions as are reasonably necessary to enable the Title Company in connection with to remove any exceptions other than the issuance of the Closing Date Mortgage Policies Permitted Exceptions and (ii) paid to issue the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;form required by this Agreement.

Title Insurance. (a) ALTA standard form mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1G annexed hereto, in amounts not less than the respective amounts designated therein on such Schedule with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring insuring the Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexception limited to matters occurring after the date of the most recent survey, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by the Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as the Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Collateral Agent; and (b) evidence satisfactory to the Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company and all other sums required in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESMerger Date Mortgage Policies") issued by the Title Company with respect to the Closing Merger Date Mortgaged Properties listed in Part A of on Schedule 4.1N 5.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Merger Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Merger Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Merger Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Merger Date Mortgaged Properties encumbered thereby, subject only thereby (provided that Company may cause to be delivered to Administrative Agent on the Merger Date a standard survey exceptionMerger Date Mortgage Policy listing as an exception any of the items set forth on Schedule 5.5 so long as such exception is removed by endorsement within 15 days of the Merger Date), which Closing Merger Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Merger Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Merger Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Merger Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an ALTA --------------- mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;; (v)

Title Insurance. (aA) an ALTA mortgagee title insurance policies policy or unconditional commitments commitment therefor (the "CLOSING DATE MORTGAGE POLICIESEffective Time Mortgage Policy") issued by the Title Company with respect to the Closing Date each Effective Time Mortgaged Properties Property listed in Part A II of Schedule 4.1N annexed hereto4.5(c), in amounts an amount not less than the respective amounts amount designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date the Effective Time Mortgaged Property, insuring leasehold or fee simple title, as applicable to the Effective Time Mortgaged Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Date Mortgages create Effective Time Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date Effective Time Mortgaged Properties encumbered therebyProperty, subject only to a any standard survey exceptionexceptions as may be reasonably acceptable to the Administrative Agent, which Closing Date Effective Time Mortgage Policies Policy (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Administrative Agent; and (bB) a CLTA Form 110.5 endorsement or unconditional commitment therefor with respect to each of the Existing Title Policies issued with respect to an Existing Mortgaged Property located in California, and a Texas Form T-38 endorsement or unconditional commitment therefor with respect to each of the Existing Title Policies issued with respect to an Existing Mortgaged Property located in Texas, provided that with respect to the KSEV tower site in The Woodlands, ▇▇▇▇▇▇▇▇▇▇ County, Texas and the Bering Property, new title policies, each substantially in the form of an Effective Time Mortgage Policy, shall be issued by the Title Company in place of such endorsements (such new title policies, together with the referenced endorsements, each being referred to herein as an "Existing Title Policy Endorsement") and (C) evidence satisfactory to Collateral the Administrative Agent that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Effective Time Mortgage Policies Policy or the Existing Title Policy Endorsement and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities or concurrently with the Closing Date shall pay all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Effective Time Mortgage Policies Policy or the Existing Title Policy Endorsement and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Effective Time Mortgage in the appropriate real estate records;

Title Insurance. The Borrower shall have furnished to the Original Purchaser a commitment for a mortgagee’s policy of title insurance in an amount equal to the Loan issued by a title insurance company reasonably acceptable to Original Purchaser (herein referred to as the “Title Insurance Company”), insuring to Original Purchaser the title of the Borrower to the Project together with any easements for parking and ingress and egress which benefit the Project, free and clear of all Liens, claims, encumbrances, easements, encroachments and defects, except for the Lien of current real estate taxes not delinquent and the Permitted Encumbrances. Said commitment shall either insure against violation of existing zoning ordinances and regulations or shall certify said zoning ordinances and regulations in sufficient detail that it can be ascertained that there is no violation thereof by the construction of the improvements on the Project. The Title Insurance Company shall provide affirmative mechanic’s lien coverage for advancements made during construction. Such commitment shall contain such special coverage endorsements as Original Purchaser may require. Upon request by the Original Purchaser, the Borrower shall deliver to the Original Purchaser satisfactory evidence from the Title Insurance Company acknowledging payment in full for all premiums, costs and expenses for issuance of such binder and the final policy of insurance to be issued pursuant thereto and obligating the Title Insurance Company to (a) ALTA mortgagee issue a continued commitment after recordation of the Mortgage which shows the Mortgage as a first lien upon the Project subject to the above conditions, (ii) provide such interim certifications as may be required by the Original Purchaser prior to each advancement of the Loan, and (iii) issue, upon demand by the Original Purchaser, a final extended coverage mortgagee’s policy of title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject ALTA 2006 Loan Policy form with only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance exceptions reasonably satisfactory to Collateral Agent; the Original Purchaser which insures the Mortgage and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered the security interest granted pursuant to the Mortgage (the title commitment and final policy required pursuant to the terms of this Loan Agreement is herein referred to as the “Title Insurance Policy”). The Borrower shall cause the Title Insurance Company all certificates to issue in favor of the Original Purchaser an insured closing letter setting forth the agent’s authority to bind the Title Insurance Company to the title insurance coverage and affidavits protections required by this Loan Agreement. The Original Purchaser reserves the Title Company right to require reinsurance in connection with the issuance of the Closing Date Mortgage Policies such amounts and (ii) paid from such companies as may be acceptable to the Title Company or Original Purchaser (such reinsurance to the appropriate governmental authorities all expenses and premiums of the Title Company in connection be evidenced by an ALTA Facultative Reinsurance Agreement with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;provisions for direct access).

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1M annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a Permitted Encumbrance, a standard survey exception, and any other matters approved in writing by Administrative Agent for inclusion in the Closing Date Mortgage Policies, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities 80 all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies ---------------- or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 3.1I annexed hereto, in ------------- amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Syndication Agent or Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Syndication Agent and Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Syndication Agent and Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by Collateral Agent, an ALTA --------------- mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesCollateral Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Credit Party and assuring Collateral Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority first priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, covenants, conditions and restrictions of record and other exceptions acceptable to Collateral Agent, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and and (b) evidence satisfactory to Collateral Agent that such Borrower Credit Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. At least ten (a10) days prior to the Closing, ▇▇▇▇▇▇▇ Properties shall obtain an ALTA mortgagee title insurance policies or unconditional commitments therefor commitment (the "CLOSING DATE MORTGAGE POLICIESCommitment") to issue a Form B ALTA Owner's Policy (10/17/92) owner's policy on the Real Estate. Such Commitment shall be issued by the Title Company with respect a title company reasonably satisfactory to the Closing Date Mortgaged Properties listed Buyer (the "Title Company"); be in Part A the amount of Schedule 4.1N annexed hereto, in amounts $3,100,000; name the Buyer and/or its lenders as the proposed insured; contain no exceptions except for the Permitted Encumbrances and standard exceptions to be deleted by endorsement at or prior to the Closing; and have an effective date not less earlier than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) date of this Agreement. The Commitment shall include an endorsement for mechanicsthe following endorsements at ▇▇▇▇▇▇▇ Properties' liens, for future advances under this Agreement cost and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agentthe Buyer: an access endorsement ensuring that all of the real estate has direct access to a publicly dedicated and public street; and (b) evidence satisfactory to Collateral Agent ALTA form 3.1 zoning endorsement ensuring that the real estate is zoned for its present uses; an ALTA form of comprehensive endorsement; and such Borrower has (i) delivered other endorsements as the Buyer may reasonably request after its review of the Commitment. Included with the Commitment shall be complete and legible copies of all documents referenced therein. At the Closing, ▇▇▇▇▇▇▇ Properties shall provide to the Title Company Buyer all certificates and affidavits as may be required by to delete all exceptions to title (including standard exceptions, but excluding Permitted Encumbrances) and extend the effective date of the Commitment to a date as close to the Closing Date as may be practical, and shall cause the Title Company to ensure over any gap risk. At or prior to the Closing, ▇▇▇▇▇▇▇ Properties shall pay the cost of the premium for the title insurance policy, charges for special assessment and other reports ordered in connection with the issuance therewith, all amendments and endorsements of the Closing Date Mortgage Policies Commitment and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;gap coverage.

Title Insurance. (a) An ALTA standard form mortgagee title --------------- insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional ---------- Mortgage Policy") issued by the Title Company a title company with respect to the Closing Date such Additional --------------- Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than an amount reasonably satisfactory to the respective amounts designated therein with respect to any particular Closing Date Mortgaged PropertiesCollateral Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring insuring the Collateral Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject (unless a survey is delivered pursuant to clause (vi) below) only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by the Collateral Agent to the extent available in the particular jurisdiction and (2) shall provide for affirmative insurance and such reinsurance as the Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Collateral Agent; and (b) evidence satisfactory to Collateral the Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company a title company all certificates and affidavits required by the Title Company a title company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company a title company or to the appropriate governmental authorities all expenses and premiums of the Title Company a title company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records, provided, however that the -------- ------- Administrative Agent shall allow for such reasonable revisions to the applicable Additional Mortgage and shall take such other steps as are reasonable and customary to minimize recording, mortgage recording, stamp documentary and intangible taxes;

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records; provided, however, that Administrative Agent shall allow for such reasonable revisions to the applicable Mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Borrowers' cost;

Title Insurance. (a) an ALTA mortgagee title insurance policies policy or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policy") issued by the Title Company with respect to the Closing Date Mortgaged Properties Property listed in Part A of Schedule 4.1N 4.1Q annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular the Closing Date Mortgaged PropertiesProperty, insuring fee simple title to, or a valid leasehold interest in, each in such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date Mortgaged Properties Property encumbered thereby, subject only to a standard survey exception, which the Closing Date Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Company has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy, and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Mortgage in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance --------------- policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A B of Schedule 4.1N 4.1P ------------- annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1P annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Credit Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Credit Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes Taxes (including mortgage recording and intangible taxesTaxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. As determined by Syndication Agent in its sole discretion, (a) ALTA unconditional commitments for mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Administrative Agent that the applicable Closing Date Assigned Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, and such other exceptions approved by Agents, which Closing Date Mortgage Policies (1) shall include a lenders aggregation endorsement, an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent Agents and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent Agents may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral AgentAgents; and (b) evidence satisfactory to Collateral Agent Agents that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Assigned Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or --------------- unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 5.5B annexed hereto, ------------- in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority, Second Priority and Third Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to Permitted Encumbrances and to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1J annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING EFFECTIVE DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed in Part A of Schedule 4.1N 5.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Effective Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Effective Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Effective Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Effective Date Mortgaged Properties encumbered thereby and that the applicable amendments to Mortgages create valid and enforceable mortgage Liens on the respective Mortgages encumbered thereby, subject only to a standard survey exception, which Closing Effective Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages in the appropriate real estate records;

Title Insurance. (a) As real property is added to the Collateral, ALTA 2006 Form mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by a title insurance company approved by the Title Company Administrative Agent, or endorsements to such policies, shall be issued in form and substance acceptable to the Administrative Agent insuring the Administrative Agent’s Lien position and all appurtenances thereto with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered therebyreal property, subject only to a standard survey exceptionPermitted Liens (excluding clauses (c) and, which Closing Date Mortgage Policies (1h) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered of the definition thereof). The amount of coverage under such policy must be no less than the aggregate Revolving Commitment. If such Property is located in a Tie-In Jurisdiction, Borrower shall provide endorsements to all other existing title insurance policies issued to the Title Company Administrative Agent with respect to all certificates other Properties located in Tie-In Jurisdictions reflecting an increase in the aggregate insured amount under the “tie-in” endorsements by the amount of such policy. The title insurance policies (including endorsements) shall affirmatively insure reasonable means of ingress and affidavits egress to and from the Collateral satisfactory to the Administrative Agent, to the extent available in the applicable State. The policies and all endorsements shall contain no matters objectionable to the Administrative Agent, including, without limitation, exceptions with respect to mechanics’ and materialmens’ Liens and prior years’ taxes. The policies and subsequent endorsements adding additional Collateral to the policies shall contain such endorsements as the Administrative Agent shall require, including, without limitation, to the extent available in the applicable state, the following endorsements: Environmental Protection Lien Endorsement (ALTA Form 8.1); Variable Rate Mortgage Endorsement (ALTA Form 6 or 6.1 as applicable or equivalent); Restrictions, Encroachments, Minerals Endorsement (Comprehensive Endorsement); Subdivision Endorsement; Zoning Endorsement (ALTA Form 3.2 or ALTA Form 3.1, as applicable; otherwise ALTA Form 3-06); Tie-In Spreader Endorsement; Future Advance Endorsement; Same as Survey Endorsement; Contiguity Endorsement; and Revolving Credit Endorsement. Administrative Agent must be provided with copies of all exceptions noted in the commitments and policies at the request of the Administrative Agent. The policies and all endorsements shall be issued in accordance with the terms of this Agreement. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, Lenders shall have no obligation to make any advance of Loan proceeds or take any other action under the Loan Documents if a mechanics’ or materialmen’s lien has been filed against such Housing Units and/or Lots and such lien has not been released, bonded or discharged as required by the Title Company in connection with the issuance Section 8.6 of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;this Agreement.

Title Insurance. If requested by Administrative Agent, (a) ALTA --------------- mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company Borrowers with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts an amount satisfactory to Administrative Agent (not less than exceeding the respective amounts designated therein with respect to any particular fair market value of the Closing Date Mortgaged Mortgage Properties), insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company Borrowers or to the appropriate governmental authorities all expenses and premiums of the Title Company Borrowers in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or --------------- unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company title company with respect to the Closing Date Mortgaged Properties listed so identified in Part A of Schedule 4.1N 5.5 annexed hereto, in amounts not ------------ less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company title company all certificates and affidavits required by the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company title company or to the appropriate governmental authorities all expenses and premiums of the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee extended coverage title insurance --------------- policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1I annexed hereto, in ------------- amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionPermitted Encumbrances, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 3.1M annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' ’ liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies policy or --------------- unconditional commitments commitment therefor (the "CLOSING DATE MORTGAGE POLICIESEffective Date Mortgage Policies") issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts an amount not less than the respective amounts amount designated therein with respect to any particular Closing Date Mortgaged Propertiestherein, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Effective Date Mortgaged Property vested in such Borrower or the applicable Subsidiary Guarantor and assuring Collateral Administrative Agent that the applicable Closing Effective Date Mortgages create creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Effective Date Mortgaged Properties encumbered therebyProperties, subject only to a standard survey exception, which Closing such Effective Date Mortgage Policies (1) shall include an endorsement for the following endorsements to the extent available in the state of where the property is located: comprehensive, mechanics' lienslien, for future advances under this Agreement variable rate, street address, separate tax lot, survey, contiguity, zoning (ALTA 3.1), street access, usury, subdivision map act, revolving credit, tie-in, creditors' rights, doing business, first loss and for last dollar and any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Mortgaged Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor listed on Schedule 4.1H annexed hereto (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1H annexed hereto (other than the leasehold property located at Chino, California listed on Schedule 4.1H annexed hereto), in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring (1) fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property owned in fee and (2) leasehold title to the Norcross, Georgia property listed on Schedule 4.1H annexed hereto, vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Second Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to (i) Liens permitted by this Agreement and the First Lien Credit Agreement, (ii) minor defects on title that do not materially interfere with Company’s or its Subsidiaries’ ability to conduct its business or to utilize such assets for their intended purposes, (iii) where the failure to have such title or other property interests described above could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (iv) a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE ADDITIONAL MORTGAGE POLICIESPOLICY") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1y) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2z) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESMortgage Policies") issued by title companies acceptable to the Title Company Lender with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect amount acceptable to any particular Closing Date Mortgaged Propertiesthe Lender, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent the Lender that the applicable Closing Date Mortgages create Mortgage in respect of each Mortgaged Property creates a valid and enforceable First Priority first priority mortgage Liens lien on the respective Closing Date such Mortgaged Properties encumbered therebyProperty, subject only to a any standard survey exceptionexceptions as may be reasonably acceptable to the Lender, which Closing Date Mortgage Policies (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent the Lender and (2II) shall provide for affirmative insurance and such reinsurance as Collateral Agent the Lender may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agentthe Lender; and (bB) evidence satisfactory to Collateral Agent the Lender that such the Borrower has (iI) delivered to the Title Company each title company all certificates and affidavits required by the Title Company such title company in connection with the issuance of the Closing Date Mortgage Policies and (iiII) paid to the Title Company title companies or to the appropriate governmental authorities all expenses and premiums of the Title Company title companies in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages on the Mortgaged Properties in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE ADDITIONAL MORTGAGE POLICIESPOLICY") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionProperty, which Closing Date Additional Mortgage Policies Policy (1) shall include include, if available in the state in which such Mortgaged Property is located, a lender's aggregation endorsement, an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records; o TITLE REPORT. If no Additional Mortgage Policy is required with respect to such Additional Mortgaged Property, a title report issued by the Title Company with respect thereto, dated not more than 30 days prior to the date such Additional Mortgage is to be recorded and reasonably satisfactory in form and substance to Administrative Agent;

Title Insurance. (a) ALTA mortgagee extended coverage title insurance policies --------------- or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESEffective Date Mortgage Policies") issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1I annexed hereto, in amounts not less than the respective amounts designated therein ------------- satisfactory to Administrative Agent with respect to any particular Closing Effective Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Effective Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Effective Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Effective Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionPermitted Encumbrances, which Closing Effective Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages in the appropriate real estate records;; (v)

Title Insurance. (a) If required by Administrative Agent, an --------------- ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey suryey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. If requested by Administrative Agent (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE ORIGINAL MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Original Mortgaged Properties listed in Part A of Schedule 4.1N SCHEDULE 6.14 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Original Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Original Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Original Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Original Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Original Mortgage Policies (1x) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2y) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Original Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Original Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Original Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee Policies of title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A Initial Mortgages, on forms of Schedule 4.1N annexed heretoand issued by Chicago Title Insurance Company or one or more other title companies reasonably satisfactory to the Lender (the "Title Companies"), in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring showing fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such the Borrower and assuring insuring the first priority of the Liens created under the Initial Mortgages in an amount for each Initial Collateral Agent that Property equal to the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered therebyAllocated Title Amount for such Initial Property, subject only to a standard survey exceptionsuch Liens, which Closing Date Mortgage Policies (1) restrictions, easements and other title exceptions as shall include an endorsement for mechanics' liensbe approved by the Lender, for future advances under this Agreement and for any other matters reasonably requested together with, as may be required by Collateral Agent and (2) shall provide for affirmative insurance and the Lender, such reinsurance as schedules and agreements in respect of all then existing title insurance policies for the Collateral Agent may reasonably request, all of the foregoing Properties in amounts and otherwise in form and substance reasonably satisfactory to Collateral Agent; the Lender and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required executed by the Title Company Companies; provided that the Lender agrees to conserve the amount of title insurance premiums, to the extent feasible, by tying together title policies subject to an aggregate limit of $150,000,000 in connection with coverage. Such policies shall also contain such endorsements and affirmative insurance provisions as the issuance Lender may reasonably require in light of the Closing Date Mortgage Policies severity of the risk, availability of coverage or endorsement in the jurisdiction, and cost (iiand expressly excluding zoning coverage if the requirements of Section 6.01(r) are otherwise met, unless the cost is nominal and no zoning opinion is required). In addition, the Borrower shall have paid to the Title Company or to the appropriate governmental authorities Companies all expenses and premiums of the Title Company Companies in connection with the issuance of such policies and an amount equal to the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Initial Mortgages in the appropriate real estate records;county land offices.

Title Insurance. (a) ALTA standard form mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto4.1G, in amounts not less than the respective amounts designated therein on such Schedule with respect to any particular Closing Date Mortgaged PropertiesProperty, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring insuring the Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Second Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to (A) a standard survey exceptionexception limited to matters occurring after the date of the most recent survey and (B) Permitted Liens, which Closing Date Mortgage Policies (1) shall include include, to the extent available in each jurisdiction in which the Mortgaged Property is located, an endorsement for mechanics' liens’ liens (or a deletion of the standard pre-printed mechanics’ lien exception), for future advances under this Agreement and for any other matters reasonably requested by the Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as the Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Collateral Agent; and (b) evidence satisfactory to the Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits reasonably required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company and all other sums required in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1S annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or --------------- unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1I annexed hereto, in amounts not ------------- less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexceptions, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Agent any of Agents and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral AgentAgents; and (b) evidence reasonably satisfactory to Collateral Agent Agents that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If reasonably requested by Collateral Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the a "CLOSING DATE MORTGAGE POLICIESMortgage Policy") issued by the Title Company with respect to the Closing Date such Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesCollateral Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent that the applicable Closing Date Mortgages create such Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Mortgaged Properties encumbered therebyProperty, subject only to to, if available in the state in which such Mortgaged Property is located, a standard survey exceptionexception and to Permitted Encumbrances, which Closing Date Mortgage Policies Policy (1) shall include include, if available in the state in which such Mortgaged Property is located, an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters REVOLVING LOAN CREDIT AGREEMENT EXECUTION 110 118 reasonably requested by Collateral Agent and (2) shall provide for such affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits customarily required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Mortgage in the appropriate real estate records; provided however, that Administrative Agent shall allow for such reasonable revisions to the applicable mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Company's cost;

Title Insurance. (a) ALTA mortgagee title insurance policies or --------------- unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4. 1I annexed hereto, in amounts -------------- not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Arranger or Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Arranger and Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Arranger and Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;:

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company a title company satisfactory to Agent with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N SCHEDULE B, PART 5.1L annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Credit Party and assuring Collateral Agent that the applicable Closing Date Mortgages create or continue valid and enforceable First Priority first priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexception and Permitted Encumbrances, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Credit Agreement and for any other matters reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower Credit Party has (i) delivered to the Title Company title company all certificates and affidavits required by the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company title company or to the appropriate governmental authorities all expenses and premiums of the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1M annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for the following endorsements to the extent available in the states where the Closing Date Mortgaged Properties are located: comprehensive, mechanics' lienslien, for future advances under this Agreement variable rate, street address, separate tax lot, survey, contiguity, zoning (ALTA 3.1), street access, usury, subdivision map act, revolving credit, tie-in, creditors' rights, doing business, first loss and for last dollar and any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N SCHEDULE 4.1M annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) If required by the Agent, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts an amount satisfactory to the Agent (which in the absence of a Default or Event of Default shall be an amount not less than to exceed ten percent (10%) of the respective amounts designated therein with respect to any particular Closing Date gross book value of such Additional Mortgaged PropertiesProperty), insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower and assuring Collateral the Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority first priority mortgage Liens lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral the Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Agent; and (b) evidence satisfactory to Collateral the Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (a) If required by Administrative Agent, an --------------- ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE MORTGAGE POLICIESAdditional Mortgage Policy") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exceptionexceptions, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records; provided, however, that Administrative Agent shall allow for such reasonable revisions to the applicable Mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Company's cost;

Title Insurance. (a) ALTA standard form mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies,”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto4.1G, in amounts not less than the respective amounts designated therein on such Schedule with respect to any particular Closing Date Mortgaged PropertiesProperty, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring insuring the Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to (A) a standard survey exceptionexception limited to matters occurring after the date of the most recent survey and (B) Permitted Liens, which Closing Date Mortgage Policies (1) shall include include, to the extent available in each jurisdiction in which the Mortgaged Property is located, an endorsement for mechanics' liens’ liens (or a deletion of the standard pre-printed mechanics’ lien exception), for future advances under this Agreement and for any other matters reasonably requested by the Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as the Collateral Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Collateral Agent; and (b) evidence satisfactory to the Collateral Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits reasonably required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company and all other sums required in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) The Collateral Agent, on behalf of the Lenders, must be provided with a title policy in standard ALTA form (1970 - last amended 10/17/84) from the Title Insurance Company on all Land Under Development that is a Borrowing Base Asset and is reasonably expected to remain a Borrowing Base Asset for more than one year. At the Collateral Agent's discretion, the Collateral Agent may also require that title insurance be provided on Finished Lots that have been Borrowing Base Assets for more than one year. (2) Each title policy required under this Agreement shall include be in an endorsement for amount equal to the amount of the Revolving Loans allocated to such Borrowing Base Asset, as determined by the Collateral Agent in its sole discretion, without exceptions as to mechanics' liens, for future advances under this Agreement with no other exceptions objectionable to the Collateral Agent, and for any with a "last dollar" endorsement and other matters reasonably requested by endorsements as the Collateral Agent and shall reasonably request. If required by the Title Insurance Company in order to delete mechanics' lien exceptions, the Borrowers must agree to provide an indemnification agreement satisfactory to the Title Insurance Company. Upon the Collateral Agent's request (2) shall provide for affirmative insurance and such reinsurance as if the insured amount exceeds the limits from time to time promulgated by the Collateral Agent may reasonably requestfor the title insurer or insurers providing the title insurance), all of the foregoing Lenders must receive reinsurance and direct access agreements in form and substance reasonably satisfactory to the Collateral Agent in form and amount and with companies acceptable to the Collateral Agent; and (b) evidence satisfactory to . The Collateral Agent and its counsel must each be provided with legible record copies of all documents listed as exceptions in the title binder. The title policy must assure the Lenders that the roads and ways, upon which the applicable Borrowing Base Asset bounds, are duly dedicated public ways or that other reasonable vehicular access is available. No subsequent title bring-to-date reports will be required so long as the Borrowers pay all payables within 45 days of the date rendered and obtain lien waivers at the time of payment from those contractors who have the right to file mechanic's liens. (3) Title insurance will not be required on Sold Inventory, Spec Units, or Model Units, or on Finished Lots that will be Borrowing Base Assets for less than one year so long as the Borrowers pay all payables within 45 days of the date rendered and obtain lien waivers at the time of payment from their contractors who have the right to file mechanics' liens. Notwithstanding the foregoing, whenever new Lots or Units are added as Borrowing Base Assets, the Borrowers must submit to the Collateral Agent a Title Confirmation Letter for each such Lot or Unit. In addition, at the Collateral Agent's option, the Collateral Agent may from time to time obtain, at Lenders' expense, separate title reports for such Lots or Units. Such title reports must indicate that a Borrower owns each Lot or Unit free and clear of all liens and other encumbrances reasonably objectionable to the Collateral Agent, and that such Borrower has (i) delivered Lot or Unit is subject to a first priority recorded Mortgage. The quarterly Covenant Compliance Certificate will include a certification by the Borrowers that, to the Title Company all certificates Borrowers' knowledge, no Finished Lot for which the Lenders do not have title insurance has been a Borrowing Base Asset for more than one year. The Collateral Agent will reserve the right to inspect the Borrowers' books and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid records upon reasonable advance notice to the Title Company or Borrowers during normal business hours to the appropriate governmental authorities all expenses and premiums of the Title Company in connection further monitor compliance with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;this requirement.

Title Insurance. (a) If required by Administrative Agent, an --------------- ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE ADDITIONAL MORTGAGE POLICIESPOLICY") issued by the Title Company with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount reasonably satisfactory to any particular Closing Date Mortgaged PropertiesAdministrative Agent, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exceptionexceptions, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies 109 Policy and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records; provided, however, that Administrative Agent shall allow for such reasonable revisions to the applicable Mortgage and shall otherwise take such steps as are reasonable and customary to minimize recording, mortgage recording, stamp, documentary and intangible taxes, at Company's cost;

Title Insurance. AJM will obtain (aand will cause THT to obtain) ALTA mortgagee the following title insurance commitments prior to Closing and will use best efforts to obtain (and will cause THT to obtain) the following policies and riders, to the extent practicable prior to Closing or unconditional commitments therefor as soon thereafter as practicable: (i) with respect to each parcel of real estate that AJM or THT owns, an ALTA Owner's Policy of Title Insurance Form B-1987 (or equivalent policy reasonably acceptable to TIMET if the "CLOSING DATE MORTGAGE POLICIES"real property is located in a state in which an ALTA Owner's Policy of Title Insurance Form B-1987 is not available) issued by Lawyer s Title Insurance Corporation (and, if requested by TIMET, reinsured in whole or in part by one or more insurance companies and pursuant to a direct access agreement reasonably acceptable to TIMET), in such amount as TIMET reasonably may determine to be the Title Company fair market value of such real property (including all improvements located thereon), insuring title to such real property to be in TIMET as of the Closing (subject only to the title exceptions described above in section3(l)(i)(A) and in section3(l)(i)(A) of the Disclosure Schedule and to any items listed on the title commitments to which TIMET has not objected in writing within 10 business days after receipt of the title commitment); and (ii) with respect to each parcel of real estate that AJM or THT leases or subleases and which is listed on section3(l)(ii) of the Disclosure Schedule as a property for which a title insurance policy is to be procured, an ALTA Leasehold Owner's Policy of Title Insurance-1987 (or equivalent policy reasonably acceptable to TIMET if the real property is located in a state in which an ALTA Leasehold Owner's Policy of Title Insurance-1987 is not available) issued by a title insurer reasonably satisfactory to TIMET (and, if requested by TIMET, reinsured in whole or in part by one or more insurance companies and pursuant to a direct access agreement reasonably acceptable to TIMET) in such amount as TIMET may determine, insuring title to the leasehold or subleasehold estate to be in TIMET as of the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, (subject only to a standard survey exception, which Closing Date Mortgage Policies (1the title exceptions described above in section3(l)(ii) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent and (2in section3(l)(ii) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably request, all of the foregoing Disclosure Schedule and to any items listed on the title commitments to which TIMET has not objected in form and substance reasonably satisfactory to Collateral Agent; and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance writing within 10 business days after receipt of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;title commitment).

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor and title updates and endorsements (the "CLOSING DATE MORTGAGE POLICIES"“Amendment Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoSale-Leaseback Properties, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Sale-Leaseback Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Sale-Leaseback Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Date Amendment Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Sale-Leaseback Properties encumbered thereby, subject only to a standard survey exceptionexceptions as may be reasonably acceptable by the Administrative Agent, which Closing Date Amendment Mortgage Policies (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Administrative Agent; and (bB) evidence satisfactory to Collateral the Administrative Agent that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Amendment Mortgage Policies and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Amendment Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Amendment Mortgages in the appropriate real estate records;

Title Insurance. The Purchaser, at its option, shall obtain a commitment for an ALTA Owner's Title Insurance Policy for each Owned Real Property and a commitment for an ALTA Leasehold Title Insurance Policy for each Leased Real Property identified by Purchaser (a) ALTA mortgagee the "MATERIAL LEASED REAL PROPERTY"), issued by a title insurance company reasonably satisfactory to Purchaser (the "TITLE COMPANY"), together with a copy of all documents referenced therein (the "TITLE COMMITMENTS"). The Purchaser, at its option, shall obtain title insurance policies or unconditional commitments therefor (which may be in the "CLOSING DATE MORTGAGE POLICIES") issued by form of a ▇▇▇▇-up of a pro forma of the Title Company Commitments) in accordance with respect the Title Commitments, insuring the Seller's or any Subsidiary's fee simple title to each Owned Real Property or the Seller's or any Subsidiary's legal, valid, binding and enforceable leasehold interest in each Material Leased Real Property (as the case may be) as of the Closing Date Mortgaged Properties listed in Part A (including all recorded appurtenant easements insured as separate legal parcels) with gap coverage from the Seller through the date of Schedule 4.1N annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower and assuring Collateral Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered therebyrecording, subject only to a standard survey exceptionPermitted Encumbrances, which Closing Date Mortgage Policies in such amount as Purchaser reasonably determines to be the value of the Real Property insured thereunder (1) the "TITLE POLICIES"). Each of the Title Policies, at Purchaser's option, shall include an endorsement for mechanics' liensALTA Form 3.1 zoning (with parking and loading docks), for future advances under this Agreement non-imputation and for any all other matters endorsements reasonably requested by Collateral Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent may reasonably requestPurchaser, all of the foregoing in form and substance reasonably satisfactory to Collateral Agent; Purchaser. The Seller will execute and (b) evidence satisfactory to Collateral Agent that such Borrower has (i) delivered deliver to the Title Company all certificates customary affidavits, undertakings, other title clearance documents and affidavits required by assistance necessary to issue the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid endorsements thereto. The Purchaser shall bear all premiums, fees, costs and expenses with respect to the Title Company or to the appropriate governmental authorities all expenses Commitments and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;Policies.

Title Insurance. (a) If required by Facility Manager, an ALTA mortgagee title insurance policies policy or an unconditional commitments commitment therefor (the an "CLOSING DATE ADDITIONAL MORTGAGE POLICIESPOLICY") issued by the Title Company a title company satisfactory to Facility Manager with respect to the Closing Date such Additional Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperty, in amounts not less than the respective amounts designated therein with respect an amount satisfactory to any particular Closing Date Mortgaged PropertiesFacility Manager, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Additional Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Agent Facility Manager that the applicable Closing Date Mortgages create such Additional Mortgage creates a valid and enforceable First Priority mortgage Liens Lien on the respective Closing Date such Additional Mortgaged Properties encumbered therebyProperty, subject only to a standard survey exception, which Closing Date Additional Mortgage Policies Policy (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Agent Facility Manager and (2) shall provide for affirmative insurance and such reinsurance as Collateral Agent Facility Manager may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral AgentFacility Manager; and (b) evidence satisfactory to Collateral Agent Facility Manager that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and (ii) paid to the Title Company or to the appropriate governmental authorities Governmental Entities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Additional Mortgage Policies Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages Additional Mortgage in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIES"“Closing Date Mortgage Policies”) issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1I annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, to each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to Permitted Encumbrances and a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits reasonably required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities Government Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies or --------------- unconditional commitments therefor (or such comparable or equivalent insurance to the extent available with respect to properties located outside of the United States) (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company a title company with respect to the Closing Date Mortgaged Properties as listed in Part A of Schedule 4.1N 5.5 annexed heretohereto and identified on such Schedule as ------------ being so encumbered, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral insuring Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionthe Permitted Encumbrances, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered 112 to the Title Company such title company all certificates and affidavits required by the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company title company or to the appropriate governmental authorities all expenses and premiums of the Title Company title company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (a) ALTA mortgagee title insurance policies --------------- or unconditional commitments therefor (the "CLOSING DATE MORTGAGE POLICIESClosing Date Mortgage Policies") issued by the Title Company with respect to the Closing Date Mortgaged Properties listed in Part A of Schedule 4.1N 4.1I annexed hereto, in ------------- amounts not less than the respective amounts designated therein with respect to any particular Closing Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date Mortgaged Property vested in such Borrower Loan Party and assuring Collateral Administrative Agent that the applicable Closing Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Date Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date Mortgage Policies (1) shall include an endorsement for mechanics' liens, for future advances (in each case, if available) under this Agreement and for any other matters reasonably requested by Collateral Syndication Agent or Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Syndication Agent and Administrative Agent; and (b) evidence reasonably satisfactory to Collateral Syndication Agent and Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date Mortgages in the appropriate real estate records;

Title Insurance. (aA) ALTA mortgagee title insurance policies or unconditional commitments therefor and title updates and endorsements (the "CLOSING EFFECTIVE DATE MORTGAGE POLICIES") issued by the Title Company with respect to the Closing Effective Date Mortgaged Properties listed (AND MARKED WITH AN ASTERISK) in Part A of Schedule 4.1N SCHEDULE 4.5 annexed hereto, in amounts not less than the respective amounts designated therein with respect to any particular Closing Effective Date Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Effective Date Mortgaged Property vested in such Borrower Credit Party and assuring Collateral the Administrative Agent that the applicable Closing Effective Date Mortgages create valid and enforceable First Priority mortgage Liens on the respective Closing Effective Date Mortgaged Properties encumbered thereby, subject only to a standard survey exceptionexceptions as may be reasonably acceptable by the Administrative Agent, which Closing Effective Date Mortgage Policies (1I) shall include an endorsement all endorsements for mechanics' liens, for future advances under this Agreement and for any other matters reasonably requested by Collateral the Administrative Agent and (2II) shall provide for affirmative insurance and such reinsurance as Collateral the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral the Administrative Agent; and (bB) evidence satisfactory to Collateral the Administrative Agent that such Borrower Credit Party has (iI) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and (iiII) paid to the Title Company or to the appropriate governmental authorities Governmental Authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Effective Date Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Effective Date Mortgages in the appropriate real estate records;

Title Insurance. For each New Mortgage and the New Florida Property (a) form 1970 ALTA extended coverage mortgagee title insurance policies or unconditional commitments therefor or endorsement to an existing title policy (the "CLOSING DATE MORTGAGE POLICIESNew Mortgage Policies") issued by the Title Company with respect to the Closing Date New Mortgaged Properties listed in Part A of Schedule 4.1N annexed heretoProperties, in amounts not less than the respective amounts designated therein with respect to any particular Closing Date New Mortgaged Properties, insuring fee simple title to, or a valid leasehold interest in, each such Closing Date New Mortgaged Property vested in such Borrower Loan Party and assuring Collateral insuring Administrative Agent that the applicable Closing Date New Mortgages or the First Amendment to Florida Mortgage, as the case may be, create valid and enforceable First Priority mortgage Liens on the respective Closing Date New Mortgaged Properties encumbered thereby, subject only to a standard survey exception, which Closing Date New Mortgage Policies (1) shall include an endorsement for the following endorsements to the extent available in the states where the New Mortgaged Properties are located: comprehensive, mechanics' lienslien, for future advances under this Agreement variable rate, street address, separate tax lot, survey, contiguity, zoning (ALTA 3.1), street access, usury, subdivision map act, revolving credit, tie-in, creditors' rights, doing business, first loss and for last dollar and any other matters reasonably requested by Collateral Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Collateral Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Collateral Administrative Agent; and (b) evidence satisfactory to Collateral Administrative Agent that such Borrower Loan Party has (i) delivered to the Title Company all certificates and affidavits required by the Title Company in connection with the issuance of the Closing Date New Mortgage Policies and (ii) paid to the Title Company or to the appropriate governmental authorities all expenses and premiums of the Title Company in connection with the issuance of the Closing Date New Mortgage Policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Closing Date New Mortgages or the First Amendment to Florida Mortgage in the appropriate real estate records;