Extended Coverage Requirements Clause Samples
The Extended Coverage Requirements clause defines additional insurance protections or conditions that must be met beyond standard policy coverage. Typically, this clause specifies particular risks or scenarios—such as certain types of property damage, legal liabilities, or geographic areas—that require extra coverage, and may outline the process for obtaining or maintaining such coverage. Its core practical function is to ensure that all parties are adequately protected against risks not covered by default, thereby reducing potential gaps in insurance and clarifying responsibilities for securing comprehensive protection.
Extended Coverage Requirements. The Title Policy shall:
(a) not contain any exception for filed or unfilled mechanic, materialmen or similar liens;
(b) limit any general exception for real estate taxes and other charges to real estate or other similar taxes or assessments that are not yet due and payable or delinquent and are not a current lien on the Property;
(c) limit any general exception for the rights of persons in possession to the rights of specified tenants, as tenants only with no right or option to purchase, set forth on the rent roll for the Property and attached to the Title Policy; and
(d) not contain any general exception as to matters that an accurate Survey of the Property would disclose, but may contain specific exceptions to matters disclosed on the Survey to be delivered on the Closing Date, subject to review by Lender’s counsel.
Extended Coverage Requirements. The Title Policy shall:
(a) not contain any exception for filed or unfilled mechanic, materialmen or similar liens;
(b) limit any general exception for real estate taxes and other charges to real estate or other similar taxes or assessments that are not yet due and payable or delinquent and are not a current lien on the Borrowing Base Properties;
(c) limit any general exception for the rights of persons in possession to the rights of specified tenants, as tenants only with no right or option to purchase, set forth on the rent roll for the Borrowing Base Properties and attached to the Title Policy; and
(d) not contain any general exception as to matters that an accurate Survey of the Borrowing Base Properties would disclose, but may contain specific exceptions to matters disclosed on the Survey to be delivered on the date of execution of the Credit Agreement, subject to review by Administrative Agent’s counsel.
Extended Coverage Requirements. The Title Policy shall:
(a) not contain any exception for filed or unfilled mechanic, materialmen or similar liens; (b) limit any general exception for real estate taxes and other charges to real estate or other similar taxes or assessments that are not yet due and payable or delinquent and are not a current lien on the Property;