Common use of Title Searches Clause in Contracts

Title Searches. With respect to any Mortgaged Property with a fair market value of less than $3,000,000 on the Issue Date or at the time of acquisition in the case of a property acquired by the Company or a Guarantor following the Issue Date (as determined in good faith by the Company), a title search dated contemporaneous with the delivery of such Mortgage conducted by a title insurer which reflects that such Mortgaged Property is free and clear of all defects and encumbrances other than Permitted Liens;