Endorsement to Title Policy. If applicable, at the time of such release, Borrower shall deliver to TMCC an endorsement to the Title Policy insuring TMCC’s first lien granted under the Deed(s) of Trust, in form and substance satisfactory to TMCC, assuring that TMCC’s first lien remains in full force and effect as to all Properties remaining subject to such Deed(s) of Trust, subject only to the Permitted Encumbrances, and is in no way adversely affected by such release, and remains in the full Construction Loan amount.
Appears in 2 contracts
Samples: Loan Agreement, Master Loan Agreement (Sonic Automotive Inc)
Endorsement to Title Policy. If applicable, at the time of such release, Borrower shall deliver to TMCC an endorsement to the Title Policy insuring TMCC’s first lien granted under the Deed(s) of Trust, in form and substance satisfactory to TMCC, assuring that TMCC’s first lien remains in full force and effect as to all Properties remaining subject to such Deed(s) of Trust, subject only to the Permitted Encumbrances, and is in no way adversely affected by such release, and remains in the full Construction Permanent Loan amount.
Appears in 2 contracts
Samples: Loan Agreement, Master Loan Agreement (Sonic Automotive Inc)