Common use of Owner’s Policy of Title Insurance Clause in Contracts

Owner’s Policy of Title Insurance. Borrower shall deliver or cause to be delivered to Lender a duplicate original of Mortgagor’s Owner’s Policy of Title Insurance (the “Policy”) issued by the Title Insurer, meeting the following requirements: (i) with coverage amount not less than the purchase price of the Property, if the Property is being acquired by the Mortgagor concurrently with the closing of the Loan; (ii) dated as of a date not earlier than the disbursement of the Loan; (iii) the Policy shall not be subject to any exceptions other than the Senior Loan Documents and the Permitted Exceptions; (iv) the legal description insured under the Policy shall include any easements benefiting the Property; and (v) if available under local regulations, the Policy shall also contain a mezzanine financing endorsement, acknowledging that the coverage afforded by the Policy runs to the Lender.

Owner’s Policy of Title Insurance. Borrower Borrowers shall deliver or cause to be delivered to Lender a duplicate original of Mortgagor’s Owner’s Policy of Title Insurance (the “Policy”) issued by the Title Insurer, meeting the following requirements: (i) with coverage amount not less than the purchase price of the Property, if the Property is being acquired by the Mortgagor concurrently with the closing of the Loan; (ii) dated as of a date not earlier than the disbursement closing date of the Senior Loan; (iii) the Policy shall not be subject to any exceptions other than the Senior Loan Documents and the Permitted Exceptions; (iv) the legal description insured under the Policy shall include any easements benefiting the Property; and (v) if available under local regulations, the Policy shall also contain a mezzanine financing endorsement, acknowledging that the coverage afforded by the Policy runs to the Lender.