Texas Second Mortgage Title Insurance Policy definition
Texas Second Mortgage Title Insurance Policy means a Texas Land Title Association loan policy (Form T-2), insuring the Texas Second Deed of Trust as a valid and subsisting second deed of trust, encumbering the Project, subject only to the Permitted Existing Liens, and naming the Administrative Agent as the insured party, and containing, (a) a T-19 comprehensive endorsement, (b) a first loss endorsement, and (c) variable rate, revolving credit and such other endorsements as the Administrative Agent may require and which are available in the State of Texas, as such title insurance policy may be revised and updated from time to time with the Administrative Agent's consent.