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

Owner’s Title Insurance Policy. Except in the case of a Bid Receipt Property, such Property is covered by an American Land Title Association (or other form approved for use in the jurisdiction in which such Property is located) owner’s title insurance policy, insuring the related Borrower as fee owner or, if unavailable, a marked or initialed irrevocable binding commitment that is effective as a Title Insurance Policy (a “Title Insurance Policy”) issued by a title insurer generally acceptable to prudent institutional purchasers of residential real property (a “Qualified Title Insurance Company”), ensuring that the related Borrower is the holder of good and marketable, fee simple title to such Property, subject only to Permitted Liens. Such Title Insurance Policy is in an amount at least equal to the original purchase price for such Property. The related Borrower is the sole insured under such owner’s title insurance policy and such owner’s title insurance policy is in full force and effect. No claims have been made under such owner’s title insurance policy that have not been disclosed in writing to the Agent and the Diligence Agent, and no current or prior owner of such Property, including the related Borrower, has done, by act or omission, anything which would impair the coverage of such Title Insurance Policy. In the case of a Bid Receipt Property, or if a Title Insurance Policy provided in the Document Package with respect to a Financed Property initially consists of a marked or initialed binding commitment, then the related Borrower shall have delivered to the Document Package an Eligible Title Insurance Policy for such Financed Property within ninety (90) days following the date the Property first becomes a Financed Property.

Owner’s Title Insurance Policy. Except in the case of a Bid Receipt Property, such Such Rental Property is covered by an American Land Title Association ALTA (or other form approved for use in the jurisdiction in which such Rental Property is located) owner’s title insurance policy, insuring the related Borrower SFR Subsidiary as fee owner or, if unavailable, a marked or initialed irrevocable binding commitment that is effective as a Title Insurance Policy (a “Title Insurance Policy”) issued by a title insurer generally acceptable to prudent institutional purchasers of residential real property (a “Qualified Title Insurance Company”), ensuring that the related Borrower SFR Subsidiary is the holder of good and marketable, fee simple title to such Rental Property, subject only to Permitted permitted Liens. Such Title Insurance Policy is in an amount at least equal to the original purchase acquisition price for such Rental Property. The related Borrower SFR Subsidiary is the sole insured under such owner’s title insurance policy and such owner’s title insurance policy is in full force and effect. No claims have been made under such owner’s title insurance policy that have not been disclosed in writing to the Agent and the Diligence AgentBuyer, and no current or prior owner of such Rental Property, including the related BorrowerSFR Subsidiary, has done, by act or omission, anything which would impair the coverage of such Title Insurance Policy. In the case of a Bid Receipt Property, or if If a Title Insurance Policy provided in the Document Package with respect to a Financed Property initially consists of a marked or initialed binding commitment, then the related Borrower SFR Subsidiary shall have delivered to the Document Package an Eligible a fully issued Title Insurance Policy for such Financed Contributed Rental Property in the form and with the coverages and endorsements as provided in such marked or initialed binding commitment within ninety (90) days following the date the Property first becomes a Financed PropertyPurchase Date.

Owner’s Title Insurance Policy. Except in the case of a Bid Receipt Property, such Such Rental Property is covered by an American Land Title Association ALTA (or other form approved for use in the jurisdiction in which such Rental Property is located) owner’s title insurance policy, insuring the related Borrower SFR Subsidiary as fee owner or, if unavailable, (i) with respect to a Rental Property other than an Exception Asset, a marked or initialed irrevocable binding commitment that or (ii) with respect to an Exception Asset, a pro forma owner’s title policy for which a final title policy shall be issued no later than five (5) Business Days from the related Purchase Date that, in each case, is effective as a Title Insurance Policy title insurance policy (a “Title Insurance Policy”) issued by a title insurer generally acceptable to prudent institutional purchasers of residential real property (a “Qualified Title Insurance Company”), ensuring that the related Borrower SFR Subsidiary is the holder of good and marketable, fee simple title to such Rental Property, subject only to Permitted permitted Liens. Such Title Insurance Policy is in an amount at least equal to the original purchase acquisition price for such Rental Property. The related Borrower SFR Subsidiary is the sole insured under such owner’s title insurance policy and such owner’s title insurance policy is in full force and effect. No claims have been made under such owner’s title insurance policy that have not been disclosed in writing to the Agent and the Diligence AgentBuyer, and no current or prior owner of such Rental Property, including the related BorrowerSFR Subsidiary, has done, by act or omission, anything which would impair the coverage of such Title Insurance Policy. In the case of a Bid Receipt Property, or if If a Title Insurance Policy provided in the Document Package with respect to a Financed Property initially consists of a marked or initialed binding commitment, then the related Borrower SFR Subsidiary shall have delivered to the Document Package an Eligible a fully issued Title Insurance Policy for such Financed Contributed Schedule 1-C-3 Rental Property in the form and with the coverages and endorsements as provided in such marked or initialed binding commitment within ninety (90) days following the date the Property first becomes a Financed PropertyPurchase Date.