Continuation and Date-Down Endorsements. After recordation of the Tranche One Projects Deeds of Trust and as a condition precedent to each Loan advance under Article IV above, Borrower shall (if required by Administrative Agent) at its own cost and expense, deliver or cause to be delivered to Administrative Agent from time to time such continuation and date-down endorsements to be attached to the Title Insurance Policies referred to above, in form and substance satisfactory to Administrative Agent, as Administrative Agent reasonably deems necessary to insure the priority of the Deeds of Trust as a valid first lien on the Projects as of the date of and including the amount covered by each such disbursement, and Borrower agrees to furnish to the Title Company such surveys and other information as are required by Administrative Agent or the Title Company to enable the Title Company to issue such endorsements to Administrative Agent.
Continuation and Date-Down Endorsements. After recordation of the Mortgage and as a condition precedent to each disbursement under ARTICLE IV above, Borrower shall (if required by Lender) at its own cost and expense, deliver or cause to be delivered to Lender from time to time such continuation and date-down endorsements to be attached to the Title Insurance Policy referred to above, in form and substance satisfactory to Lender, as Lender reasonably deems necessary to insure the priority of the Mortgage as a valid first lien on the Project as of the date of and including the amount covered by each such disbursement, and Borrower agrees to furnish to the Title Company such surveys and other information as are required by Lender or the Title Company to enable the Title Company to issue such endorsements to Lender.
Continuation and Date-Down Endorsements. After recordation of the Mortgage and as a condition precedent to each Advance under Section 3(b)(ii) above, Borrower shall, at its own cost and expense, deliver or cause to be delivered to Lender from time to time such continuation and date-down endorsements to be attached to the Title Policy, in form and substance satisfactory to Lender, as Lender deems necessary to insure the lien priority of the Mortgage as set forth in Section 7(a) hereof, as of the date of and including the amount covered by each such Advance, and Borrower agrees to furnish to the Title Insurer such surveys and other information as are required by Lender or the Title Insurer to enable the Title Insurer to issue such endorsements to Lender.
