Qualified Title Policy means an ALTA title insurance policy (1970 unmodified form, where issuable or, if not issuable, 1992 unmodified form so long as the creditors’ rights exception is omitted from the issued policy) issued by one or more title companies acceptable to Lender, with ALTA facultative reinsurance and direct access agreements acceptable to Lender, which title insurance policy shall (i) provide coverage in an amount equal to the greater of $250,000,000 and the Principal Indebtedness, (ii) insure Lender that the Mortgage creates a valid first mortgage lien on the Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as Lender shall approve, (iii) contain such endorsements and affirmative coverages as Lender may request, (iv) name Lender as the insured and (v) be assignable by its terms with a transfer of the Loan.
Qualified Title Policy shall have the meaning set forth in the Senior Loan Agreement.
Qualified Title Policy means an ALTA owner's title insurance policy, subject only to commercially acceptable exceptions from an insurance company reasonably acceptable to the Banks.
Examples of Qualified Title Policy in a sentence
Lender shall have received, at Lender’s option, letters or other evidence with respect to each Property from the appropriate authorities (or other Persons) concerning applicable zoning and building laws, or zoning endorsements in the Qualified Title Policy, if available.
Note Trustee shall have received a Qualified Title Policy with respect to each Property and evidence that all premiums in respect thereof have been paid.
Since the date of the Qualified Survey relating to the Property referenced in the applicable Qualified Title Policy, no new improvement has been constructed on the Property and there has been no alteration to the exterior of any existing improvement on the Property (other than routine repair and replacements of roofs, walls or windows).
All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under applicable existing Legal Requirements currently in effect in connection with the transfer of the Mortgaged Property to the Property Owner have been paid in full or deposited with the issuer of a Qualified Title Policy for payment upon recordation of the deeds effecting such transfer.
Lender shall have received, at Lender’s option, letters or other evidence with respect to the Property from the appropriate authorities (or other Persons) concerning applicable zoning and building laws, or zoning endorsements in the Qualified Title Policy, if available.
More Definitions of Qualified Title Policy
Qualified Title Policy means an ALTA title insurance policy (1970 unmodified form, where issuable) issued by one or more title companies acceptable to Agent, with ALTA facultative reinsurance and direct access agreements acceptable to Agent, which title insurance policy shall (i) provide coverage, on an aggregate basis with respect to all of the Mortgaged Properties, equal to the Loan Amount, (ii) insure Agent for the benefit of the Lenders that the Mortgage creates a valid first mortgage lien on the applicable Mortgaged Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as Agent shall approve, (iii) contain such endorsements and affirmative coverages as Agent may reasonably request, (iv) name Agent for the benefit of the Lenders as the insured and (v) be assignable by its terms with a transfer of the Loan.
Qualified Title Policy means an ALTA title insurance policy (1970 unmodified form, where issuable or, if not issuable, 1992 unmodified form so long as the creditors’ rights exception is omitted from the issued policy) issued by one or more title companies acceptable to the Initial Purchaser, with ALTA facultative reinsurance and direct access agreements acceptable to Initial Purchaser, which title insurance policy shall (i) (a) with respect to the Property known as Embassy Suites Lake Buena Vista, Orlando, Florida, provide coverage in the amount of $27,533,333, (b) with respect to the Mexican Properties, provide coverage in the aggregate amount of $51,750,000 and (c) with respect to the remaining Properties not included in the preceding subclauses (a) or (b), provide blanket coverage in an aggregate amount equal to the Outstanding Principal Amount (as of the Closing Date), (ii) insure Note Trustee that the Mortgage creates a valid first mortgage lien on the applicable Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as the Initial Purchaser shall approve, (iii) contain such endorsements and affirmative coverages as the Initial Purchaser may reasonably request, (iv) name Note Trustee as the insured and (v) be assignable by its terms with a transfer of the Notes.
Qualified Title Policy means that owner's title insurance policy #N0001567P issued on Ticor Title Insurance Company or any new owner's title insurance policy acceptable to Lender.
Qualified Title Policy means an ALTA title insurance policy (1970 unmodified form, where issuable or, if not issuable, 1992 unmodified form so long as the creditors' rights exception is omitted from the issued policy) issued by one or more title companies acceptable to Note Trustee, with ALTA facultative reinsurance and direct access agreements acceptable to Note Trustee, which title insurance policy shall (i) (a) with respect to the Property known as Embassy Suites Lake Buena Vista, Orlando, Florida, provide coverage in the amount of $27,533,333, (b) with respect to the Mexican Properties, provide coverage in the aggregate amount of $[TBD - 115% of the Allocated Outstanding Principal Amount] and (c) with respect to the remaining Properties not included in the preceding subclauses (a) or (b), provide blanket coverage in an aggregate amount equal to the Outstanding Principal Amount (as of the Closing Date), (ii) insure Note Trustee that the Mortgage creates a valid first mortgage lien on the applicable Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as the Initial Purchaser shall approve, (iii) contain such endorsements and affirmative coverages as the Initial Purchaser may reasonably request, (iv) name Note Trustee as the insured and (v) be assignable by its terms with a transfer of the Notes.
Qualified Title Policy means a policy (with endorsements) ---------------------- comparable to an ALTA title insurance policy (1970 unmodified form, where issuable) issued by a title company reasonably acceptable to Lender, with reinsurance and direct access agreements reasonably acceptable to Lender, which title insurance policy shall (A) provide coverage in the amount of the Loan, (B) insure Lender that the Mortgage creates a valid first deed of trust lien on the Mortgaged Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as Lender shall approve, (C) contain such endorsements and affirmative coverages as Lender may reasonably request, (D) name Lender as the insured and (E) be assignable by its terms with a transfer of the Loan.
Qualified Title Policy means an ALTA title insurance policy (1970 unmodified form, where issuable) issued by a title company reasonably acceptable to Lender, with reinsurance and direct access agreements reasonably acceptable to Lender, which title insurance policy shall (A) provide coverage in the Loan Amount, or such portion thereof as shall be acceptable to Lender, if "tie-in" endorsements are available, (B) insure Lender that the applicable Mortgage creates a valid first mortgage lien on the related Mortgaged Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as Lender shall approve, (C) contain such endorsements and affirmative coverages as Lender may reasonably request, (D) name Lender as the insured and (E) be assignable by its terms with a transfer of the Loan.
Qualified Title Policy means an ALTA owner’s title insurance policy (1970 unmodified form, where issuable, or 1992 form with acceptable endorsements) issued by one or more title companies acceptable to the Agent, with ALTA facultative reinsurance and direct access agreements acceptable to the Agent, which title insurance policy shall (i) provide coverage in at least the full amount of the sum of the maximum amount of the Senior Loan and the Loan Amount, (ii) contain such endorsements and affirmative coverages as the Agent may request, (iii) name the Agent for the benefit of the Lenders as the insured pursuant to the special form of mezzanine lender’s endorsement and (iv) provide that the benefits under the mezzanine lender’s endorsement are assignable by its terms with a transfer of the Loan.