Common use of Existence of Title Insurance Clause in Contracts

Existence of Title Insurance. The Mortgage Loan (except any Mortgage Loan secured by a Mortgaged Property located in any jurisdiction for which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead received) is covered by an American Land Title Association mortgagee title insurance policy or other generally acceptable form of policy or insurance issued by a title insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac, issued by a title insurer acceptable to Xxxxxx Mae or Xxxxxxx Mac insuring the originator and its successors, and assigns, as to the first priority lien of the Mortgage in the original or current principal amount of the Mortgage Loan and subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions, and restrictions, rights of way, easements, and other matters of public record as of the date of recording of such mortgage acceptable to mortgage lending institutions in the area in which the Mortgaged Property is located or specifically referred to in the appraisal performed in connection with the origination of the related Mortgage Loan, (c) liens created pursuant to any federal, state, or local law, regulation, or ordinance affording liens for the costs of clean-up of hazardous substances or hazardous wastes or for other environmental protection purposes, and (d) such other matters to which like properties are commonly subject which do not individually, or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage. The Sellers or any other person on behalf of the Sellers are the sole insured of such mortgagee title insurance policy. The assignment of such mortgagee title insurance policy does not require any consent of or notification to the insurer which has not been obtained or made. No claims have been made under such mortgagee title insurance policy.

Existence of Title Insurance. The Mortgage Loan (except any Mortgage Loan secured by a Mortgaged Property located in any jurisdiction for which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead received) is covered by an American Land Title Association mortgagee title insurance policy or other generally acceptable form of policy or insurance issued by a title insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac, issued by a title insurer acceptable to Xxxxxx Mae or Xxxxxxx Mac insuring the originator and its successors, and assigns, as to the first priority lien of the Mortgage in the original or current principal amount of the Mortgage Loan and subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions, and restrictions, rights of way, easements, and other matters of public record as of the date of recording of such mortgage acceptable to mortgage lending institutions in the area in which the Mortgaged Property is located or specifically referred to in the appraisal performed in connection with the origination of the related Mortgage Loan, (c) liens created pursuant to any federal, state, or local law, regulation, or ordinance affording liens for the costs of clean-up of hazardous substances or hazardous wastes or for other environmental protection purposes, and (d) such other matters to which like properties are commonly subject which do not individually, or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage. The Sellers or the Trust Subsidiary, as the case may be, or any other person on behalf of the Sellers or the Trust Subsidiary, as the case may be, are the sole insured of such mortgagee title insurance policy. The assignment of such mortgagee title insurance policy does not require any consent of or notification to the insurer which has not been obtained or made. No claims have been made under such mortgagee title insurance policy.

Existence of Title Insurance. The Mortgage Loan Except for (except i) any Mortgage Loan secured by a Mortgaged Property located in any jurisdiction for as to which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead receivedreceived and (ii) any Mortgage Loan secured by Co-op Stock, the Mortgage Loan is covered by an American Land Title Association mortgagee title insurance policy or other generally acceptable form of policy or insurance issued by a title insurer acceptable to Xxxxxx Xxx or Xxxxxxx MacXxx, issued by a title insurer acceptable to Xxxxxx Mae or Xxxxxxx Mac insuring the originator and Seller, its successors, successors and assigns, as to the first priority lien of the Mortgage in the original or current principal amount of the Mortgage Loan and subject only to (aA) the lien of current real property taxes and assessments not yet due and payable, (bB) covenants, conditions, and restrictions, rights of way, easements, and other matters of public record as of the date of recording of such mortgage Mortgage acceptable to mortgage lending institutions in the area in which the Mortgaged Property is located or specifically referred to in the appraisal performed in connection with the origination of the related Mortgage Loan, (cC) liens created pursuant to any federal, state, or local law, regulation, or ordinance affording liens for the costs of clean-up of hazardous substances or hazardous wastes or for other environmental protection purposes, and (dD) such other matters to which like properties are commonly subject which do not individually, or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage. The Sellers or any other person on behalf Immediately prior to the transfer of the Sellers are Mortgage Loan to Purchaser, Seller was the sole insured of such mortgagee title insurance policy. The assignment to the Purchaser of such mortgagee title insurance policy does not require any consent of or notification to the insurer which has not been obtained or madeobtained. Such mortgagee title insurance policy is in full force and effect. No claims have been made under such mortgagee title insurance policy. No prior holder of the related Mortgage has done, by act or omission, anything which would impair the coverage of such mortgagee title insurance policy. No Obligated Party or any other Person has provided or received any unlawful fee, commission, kickback, or other compensation or value of any kind in connection with such mortgagee title insurance policy.