Common use of Title Update Clause in Contracts

Title Update. The Agent shall have received a notice of title continuation or, as to any title insurance policy issued, an endorsement to the title insurance policy theretofore delivered, indicating that since the last preceding advance, there has been no change in the status of title and no other exceptions not theretofore approved by the Agent, which endorsement shall have the effect of advancing the effective date of the policy to the date of the advance then being made and increasing the coverage of the policy by an amount equal to the advance then being made if the policy does not by its terms provide for such an increase.

Title Update. The Agent shall have received a notice of title continuation or, as to any title insurance policy issued, an endorsement to the title insurance policy theretofore delivered, indicating that since the last preceding advance, there has been no change in the status of title and no other exceptions not theretofore approved by the Agent, which endorsement shall have the effect of advancing the effective date of the policy to the WB/Neighborhoods Second Modified and Restated Loan Agreement date of the advance then being made and increasing the coverage of the policy by an amount equal to the advance then being made if the policy does not by its terms provide for such an increase.