Common use of Mezzanine Lender Endorsement Clause in Contracts

Mezzanine Lender Endorsement. Borrowers shall have caused Mortgage Borrowers to obtain as part of their owners’ title insurance policy, a so-called “Endorsement 16 (Mezzanine Financing)” for the benefit of Lender in form and substance, and providing coverage in amounts, that are satisfactory to Lender, and that shall name Lender and its successors and assigns as the beneficiary of such endorsement. Mortgage Borrowers’ owners’ title insurance policy shall provide that such “Endorsement 16 (Mezzanine Financing)” shall be assignable with an assignment of the Loan. Lender also shall have received evidence that all premiums in respect of Mortgage Borrowers’ owners’ title insurance policy have been paid;