Common use of Mortgagee's Title Insurance Policy Clause in Contracts

Mortgagee's Title Insurance Policy. With respect to each Property being acquired (or leased under a Ground Lease) on such Property Closing Date, the Administrative Agent shall have received, with respect to the Mortgage, extended coverage mortgagees' title policies or marked up unconditional binder for such insurance dated the Property Closing Date; such policies shall (i) be in an amount equal to the aggregate amount shown on the Budget for such Property (with a pending disbursements clause); (ii) insure that the Mortgage insured thereby creates valid first Liens on such Property, free and clear of all defects and encumbrances, except Permitted Exceptions; (iii) name the Administrative Agent for the benefit of the Lenders as the insured thereunder; (iv) be in the form of ALTA Loan Policy - 1970 (Amended 10/17/70), if avail able, or if unavailable, such other form as may be reasonably acceptable to the Administrative Agent; (v) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request; (vi) be issued without general exceptions; and (vii) be issued by the Title Company; the Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of such policy, and all charges for mortgage recording tax with respect to the Mortgage and/or the Deed of Trust have been paid or provision made therefor;

Mortgagee's Title Insurance Policy. With respect to each Property being acquired (or leased under a Ground Lease) on such Property Closing Date, the Administrative Agent shall have received, received with respect to the Mortgage, extended coverage Mortgage a mortgagees' title policies policy, or marked up unconditional binder for such insurance dated the Property Closing DateDate or other evidence, satisfactory to Agent, of the commitment of the Title Company to issue a mortgagee's title policy; such policies policy shall (i) be in an amount equal to the aggregate amount shown on the Budget for such Property (with a pending disbursements clause); (ii) be issued at ordinary rates; (iii) insure that the Mortgage insured thereby creates a valid first Liens Lien on such Property, free and clear of all defects and encumbrances, except Permitted Exceptions; (iiiiv) name the Administrative Agent for the benefit of the Lenders as the insured thereunder; (ivv) be in the form of ALTA Loan Policy - 1970 (Amended 10/17/70), if avail able) (to the extent such policy is available, or if unavailable, then such other ALTA Loan Policy form as may be reasonably acceptable to is available in the Administrative Agentstate in which the Property is situated); (vvi) contain comprehensive, access, tax lot, revolving credit and such other endorsements and affirmative coverage as the Administrative Agent may reasonably request; (vi) be issued without general exceptions; and (vii) be issued by the Title Company; and the Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of such policy, and all charges for any mortgage recording tax with respect to the Mortgage and/or the Deed of Trust have been paid or provision made therefor;

Mortgagee's Title Insurance Policy. With respect to each Property being acquired (or leased under a Ground Lease) on such Property Closing Date, the Administrative Agent shall have received, received with respect to the Mortgage, extended coverage mortgagees' Mortgage a mortgagee's title policies policy or marked up unconditional binder for such insurance dated the Property Closing Date; such policies policy shall (i) be in an amount equal to the aggregate amount shown on the Budget for such Property (with a pending disbursements clause), if applicable) or if such Property is a Completed Property, in the amount of the Acquisition Cost of such Property; (ii) be issued at ordinary rates; (iii) insure that the Mortgage insured thereby creates a valid first Liens Lien on such Property, free and clear of all defects and encumbrances, except Permitted Exceptions; (iiiiv) name the Administrative Agent for the benefit of the Lenders as the insured thereunder; (ivv) be in the form of ALTA Loan Policy - 1970 (Amended 10/17/70), if avail ableavailable or another form of lenders' policy customarily used in commercial transactions in the jurisdiction where such Property is located; (vi) contain comprehensive, or if unavailablezoning, access, subdivision, tax lot, revolving credit and such other form as may be reasonably acceptable to the Administrative Agent; (v) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request; request (vi) be if available and customarily issued without general exceptionsin the jurisdiction where the Property is located); and (vii) be issued by the Title Company; the Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of such policy, and all charges for any mortgage recording tax with respect to the Mortgage and/or the Deed of Trust have been paid or provision made therefor;

Mortgagee's Title Insurance Policy. With respect to each Property ---------------------------------- being acquired (or leased under a Ground Lease) on such Property Closing Date, the Administrative Agent shall have received, received with respect to the Mortgage, extended coverage mortgagees' Mortgage a mortgagee's title policies policy or marked up unconditional binder for such insurance dated the Property Closing Date; such policies policy shall (i) be in an amount equal to 95.25% of the aggregate amount shown on the Budget for such Property (with with, in the case of a Construction Period Property, a pending disbursements clause); (ii) be issued at ordinary rates; (iii) insure that the Mortgage insured thereby creates a valid first Liens Lien on such Property, free and clear of all defects and encumbrances, except Permitted Exceptions; (iiiiv) name the Administrative Agent for the benefit of the Lenders as the insured thereunder; (ivv) be in the form of ALTA Loan Policy - 1970 (Amended 10/17/70); (vi) contain comprehensive, if avail ablezoning, or if unavailableaccess, subdivision, tax lot, revolving credit and such other form as may be reasonably acceptable to the Administrative Agent; (v) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request; (vi) be issued without general exceptionsrequest and to the extent available in the jurisdiction in which such Property is located; and (vii) be issued by the Title Company; and the Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of such policy, and all charges for any mortgage recording tax with respect to the Mortgage and/or the Deed of Trust have been paid or provision made therefor;