Common use of Basic Insurance Clause in Contracts

Basic Insurance. Concurrently with the recording of the Mortgage, Borrower shall, at Borrower’s sole cost and expense, deliver or cause to be delivered to Lender the Title Insurance Policy issued by the Title Company (and such reinsurers and coinsurers as Lender may require) with a liability limit of not less than the full amount of the Loan and with coverage and in form satisfactory to Lender, insuring Lender’s interest under the Mortgage as a valid first lien on the Project, together with such reinsurance or coinsurance agreements or endorsements to the Title Insurance Policy as Lender may require, which policy shall contain only the Permitted Exceptions from its coverage, and thereafter Borrower shall, at its own cost and expense, do all things necessary to maintain the Mortgage as a valid first lien on the Property. 5.2 Intentionally Omitted.

Basic Insurance. Concurrently with the recording of the Mortgage, Borrower shall, at Borrower’s sole cost and expense, deliver or cause to be delivered to Lender the Title Insurance Policy issued by the Title Company (and such reinsurers and coinsurers as Lender may require) with a liability limit of not less than the full amount of the Loan and with coverage and in form satisfactory to Lender, insuring Lender’s interest under the Mortgage as a valid first lien on the Project, together with such reinsurance or coinsurance agreements or endorsements to the Title Insurance Policy as Lender may require, which policy shall contain only the Permitted Exceptions from its coverage, and thereafter Borrower shall, at its own cost and expense, do all things necessary to maintain the Mortgage as a valid first lien on the Property. 5.2 Intentionally Omitted.