Common use of Title Insurance Policies Clause in Contracts

Title Insurance Policies. The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;

Title Insurance Policies. The Borrower will deliver With respect to the Administrative Agent each Mortgage, a policy of mortgagee title insurance (policy or marked-up title insurance a binding commitment or title proforma with respect thereto having the effect of a policy of title insurance) (a “Title Policy”) insuring insurance with respect to each Mortgage, naming the Lien Collateral Agent as the insured for the benefit of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the BorrowerGuaranteed Creditors, which Title Policy shall (A) be issued by Chicago Title Insurance Company, or a nationally-different nationally recognized title insurance company reasonably acceptable to the Administrative Agent, in form and substance and in an amount reasonably acceptable to the Administrative Agent insuring the Mortgage to be a valid and subsisting first-priority Lien on the property described therein, free and clear of all Liens other than Permitted Collateral Liens, which shall (A) to the “Title Company”)extent reasonably necessary, (B) include such reinsurance arrangements (with provisions for direct access, if reasonably necessary) as shall be reasonably acceptable to the Administrative Agent, (CB) be supplemented by contain a “tie-tie- in” or “aggregationcluster” endorsement, if available under applicable lawlaw (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount) and (C) have been supplemented by such other endorsements (to the extent available) as may shall be reasonably be requested by the Administrative Agent (Agent, including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoninglast dollar, zoning and contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, address, separate tax lot, lot and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and restrictions (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretioneach, a “Mortgage Policy”);

Title Insurance Policies. The Borrower will deliver with respect to the Administrative Agent each Mortgage, a policy of title insurance policy (or marked-marked up lender’s title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property and fixtures described therein in an the amount not less than of the estimated fair market value (as determined by the Borrower in good faith) of such Mortgaged Property as reasonably determined by the Borrowerand fixtures, which policy (or such marked up commitment) (each, a “Title Policy Policy”) shall (A) be issued by a nationally-nationally recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) to the extent necessary, include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be have been supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may shall be reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoninglast dollar, zoning (it being agreed that Administrative Agent shall accept zoning reports in lieu of zoning endorsements in any jurisdiction where the cost of such endorsements exceeds $1,000 per property), contiguity, revolving credit, doing business, non-imputation, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, revolving credit, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates ), such Title Policy shall not include a general mechanic’s lien exception, and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretionLiens;

Title Insurance Policies. The Borrower will deliver to the Administrative Agent a policy shall have received in respect of title insurance each of the Existing Mortgagee Title Policies an endorsement or endorsements (collectively, the "Endorsements") or marked-marked up title insurance commitment or title proforma having unconditional binder for the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien issuance of such Endorsements dated the Tranche B Effective Date. Each of the Endorsements shall modify the relevant Existing Mortgage Title Policy to (i) insure that the Mortgage insured thereby (as amended) continues to be a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than encumbered thereby free and clear of all defects and encumbrances, except those listed on Schedule B of the estimated fair market value Existing Mortgage Title Policies and those permitted by subsection 8.3 of the Credit Agreement and such Mortgaged Property as reasonably determined may be approved by the Borrower, which Title Policy shall Administrative Agent; (Aii) be issued by a nationally-recognized title insurance company reasonably acceptable to name the Administrative Agent for the benefit of the Lenders, including the Tranche B Term Loan Lenders, as the insured thereunder; and (the “Title Company”), (Biii) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be in form and substance reasonably acceptable satisfactory to the Administrative Agent. The Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of each of the Endorsements, (C) be supplemented by a “tie-in” or “aggregation” endorsementand all charges for mortgage recording tax, if available under applicable lawany, have been paid. The Administrative Agent shall have also received a copy of all recorded documents referred to, or listed as exceptions to title in, the Endorsements referred to in this subsection and a copy, certified by such parties as the Administrative Agent may deem reasonably appropriate, of all other endorsements documents affecting the property covered by each Mortgage as may shall have been reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;Agent.

Title Insurance Policies. The Borrower will deliver to the Administrative Agent a A policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Real Property and fixtures described therein in an amount not less than the estimated fair market value of such Mortgaged Real Property as reasonably determined by the BorrowerBorrower and set forth on the Perfection Certificate (or the applicable supplement thereto), which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregationcluster” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity, revolving credit, doing business, non-imputation, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates ), and (DE) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;

Title Insurance Policies. The Borrower will deliver With respect to the Administrative Agent each Mortgage, a policy of mortgagee title insurance (policy or marked-up title insurance a binding commitment or title proforma with respect thereto having the effect of a policy of title insurance) (a “Title Policy”) insuring insurance with respect to each Mortgage, naming the Lien Collateral Agent as the insured for the benefit of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the BorrowerGuaranteed Creditors, which Title Policy shall (A) be issued by Chicago Title Insurance Company, or a nationally-different nationally recognized title insurance company reasonably acceptable to the Administrative Agent, in form and substance and in an amount reasonably acceptable to the Administrative Agent insuring the Mortgage to be a valid and subsisting first-priority Lien on the property described therein, free and clear of all Liens other than Permitted Collateral Liens, which shall (A) to the “Title Company”)extent reasonably necessary, (B) include such reinsurance arrangements (with provisions for direct access, if reasonably necessary) as shall be reasonably acceptable to the Administrative Agent, (CB) be supplemented by contain a “tie-in” or “aggregationcluster” endorsement, if available under applicable lawlaw (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount) and (C) have been supplemented by such other endorsements (to the extent available) as may shall be reasonably be requested by the Administrative Agent (Agent, including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoninglast dollar, zoning and contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, address, separate tax lot, lot and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and restrictions (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretioneach, a “Mortgage Policy”);

Title Insurance Policies. The Borrower will deliver with respect to the Administrative Agent each Mortgage, a policy of title insurance policy (or marked-marked up lender’s title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property and fixtures described therein in an the amount not less than of the estimated fair market value (as determined by Parent in good faith) of such Mortgaged Property as reasonably determined by the Borrowerand fixtures, which policy (or such marked up commitment) (each, a “Title Policy Policy”) shall (A) be issued by a nationally-nationally recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) to the extent necessary, include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be have been supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may shall be reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoninglast dollar, zoning (it being agreed that Administrative Agent shall accept zoning reports in lieu of zoning endorsements in any jurisdiction where the cost of such endorsements exceeds $1,000 per property), contiguity, revolving credit, doing business, non-imputation, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, revolving credit, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates ), such Title Policy shall not include a general mechanic’s lien exception, and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretionLiens;

Title Insurance Policies. The Borrower will deliver with respect to the Administrative Agent each Amended and Restated Mortgage, a policy of title insurance (or marked-marked up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property and fixtures described therein in an the amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrowerand fixtures, which policy (or such markedup commitment) (each, a “Title Policy Policy”) shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) to the extent necessary, include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Collateral Agent, (C) be have been supplemented by a “tie-in” such endorsements (or “aggregation” endorsementwhere such endorsements are not available, if available under applicable lawopinions of special counsel, and such architects or other endorsements professionals reasonably acceptable to the Collateral Agent) as may shall be reasonably be requested by the Administrative Collateral Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity, revolving credit, doing business, non-imputation, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, revolving credit, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates restrictions ), and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretionCollateral Agent;

Title Insurance Policies. The Borrower will deliver to the Administrative Agent a A policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) and/or one or more endorsements to the existing title insurance policy (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Real Property and fixtures described therein in an amount not less than the estimated fair market value of such Mortgaged Real Property as reasonably determined by the BorrowerBorrower and set forth on the Perfection Certificate (or the applicable supplement thereto), which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregationcluster” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity, revolving credit, doing business, non-imputation, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates ), and (DE) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;

Title Insurance Policies. The Borrower will deliver With respect to the Administrative Agent each Mortgage, a policy of mortgagee title insurance (policy or marked-up title insurance a binding commitment or title proforma with respect thereto having the effect of a policy of title insurance) (a “Title Policy”) insuring insurance with respect to each Mortgage, naming the Lien Real Property Collateral Agent as the insured for the benefit of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the BorrowerGuaranteed Creditors, which Title Policy shall (A) be issued by Chicago Title Insurance Company, or a nationally-different nationally recognized title insurance company reasonably acceptable to the Administrative Agent, in form and substance and in an amount reasonably acceptable to the Administrative Agent insuring the Mortgage to be a valid and subsisting first-priority Lien on the property described therein, free and clear of all Liens other than Permitted Collateral Liens, which shall (A) to the “Title Company”)extent reasonably necessary, (B) include such reinsurance arrangements (with provisions for direct access, if reasonably necessary) as shall be reasonably acceptable to the Administrative Agent, (CB) be supplemented by contain a “tie-in” or “aggregationcluster” endorsement, if available under applicable lawlaw (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount) and (C) have been supplemented by such other endorsements (to the extent available) as may shall be reasonably be requested by the Administrative Agent (Agent, including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoninglast dollar, zoning and contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, address, separate tax lot, lot coverage over minerals and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and restrictions (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretioneach, a “Mortgage Policy”);

Title Insurance Policies. The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent Required Lenders (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative AgentRequired Lenders, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent Required Lenders (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent Required Lenders in its their reasonable discretion;

Title Insurance Policies. The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative AgentAgent and the Required Lenders, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent and the Required Lenders in its their reasonable discretion;

Title Insurance Policies. The Borrower will deliver Furnish to Administrative Agent, in respect of each of the Administrative Agent a policy of title insurance Existing Mortgagee Title Policies an endorsement or endorsements (collectively, the "Endorsements") or marked-marked up title insurance commitment or title proforma having unconditional binder for the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien issuance of such Endorsements within 60 days of the Restatement Effective Date. Each of the Endorsements shall modify the relevant Existing Mortgage Title Policy to (i) insure that the Mortgage insured thereby (as amended) continues to be a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than encumbered thereby free and clear of all defects and encumbrances, except those listed on Schedule B of the estimated fair market value Existing Mortgage Title Policies and those permitted by subsection 7.3 of this Agreement and such Mortgaged Property as reasonably determined may be approved by the Borrower, which Title Policy shall Administrative Agent; (Aii) be issued by a nationally-recognized title insurance company reasonably acceptable to name the Administrative Agent for the benefit of the Lenders, including the Tranche C Term Lenders, as the insured thereunder; and (the “Title Company”), (Biii) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be in form and substance reasonably acceptable satisfactory to the Administrative Agent. Within 60 days of the Restatement Effective Date, (C) be supplemented by a “tie-in” or “aggregation” endorsementthe Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of each of the Endorsements, and all charges for mortgage recording tax, if available under applicable lawany, have been paid. Within 60 days of the Restatement Effective Date, the Administrative Agent shall have also received a copy of all recorded documents referred to, or listed as exceptions to title in, the Endorsements referred to in this subsection and a copy, certified by such parties as the Administrative Agent may deem reasonably appropriate, of all other endorsements documents affecting the property covered by each Mortgage as may shall have been reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;Agent.

Title Insurance Policies. Within 30 days after the Amendment Effective Date, the Borrower shall deliver to the Administrative Agent in respect of each of the New Mortgaged Properties a mortgagee's title policy (or policies) or marked up unconditional binder for such insurance dated the Amendment Effective Date. Each such policy shall (i) be in an amount reasonably satisfactory to the Administrative Agent; (ii) insure that the Mortgage insured thereby creates a valid first Lien on the New Mortgaged Property encumbered thereby free and clear of all defects and encumbrances, except those permitted by subsection 8.3 of the Telex Credit Agreement and such as may be approved by the Administrative Agent; (iii) name the Administrative Agent for the benefit of the Lenders as the insured thereunder; (iv) be in the form of an ALTA Loan Policy; (v) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request; provided that, in the case of zoning endorsements, if any, no additional premiums will be required in excess of $2,000 per property, (vi) be issued by title companies reasonably satisfactory to the Administrative Agent (including any such title companies acting as reinsurers, at the option of the Administrative Agent) and (vii) be issued at ordinary rates (other than with respect to affirmative insurance). The Borrower will shall also deliver to the Administrative Agent evidence reasonably satisfactory to it that all premiums in respect of each such policy, and all charges for mortgage recording tax, if any, have been paid. The Borrower shall also deliver to the Administrative Agent a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of policies referred to in this subsection and a policy of title insurance) (a “Title Policy”) insuring the Lien of copy, certified by such Mortgage parties as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (may deem reasonably appropriate, of all other documents affecting the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) property covered by each Mortgage as shall be have been reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;Agent.

Title Insurance Policies. The Borrower will deliver With respect to the Administrative Agent each Mortgage, a policy of mortgagee title insurance (policy or marked-up title insurance a binding commitment or title proforma with respect thereto having the effect of a policy of title insurance) (a “Title Policy”) insuring insurance with respect to each Mortgage, naming the Lien Real Property Collateral Agent as the insured for the benefit of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the BorrowerGuaranteed Creditors, which Title Policy shall (A) be issued by Chicago Title Insurance Company, or a nationally-different nationally recognized title insurance company reasonably acceptable to the Administrative Agent, in form and substance and in an amount reasonably acceptable to the Administrative Agent insuring the Mortgage to be a valid and subsisting first-priority Lien on the property described therein, free and clear of all Liens other than Permitted Collateral Liens, which shall (A) to the “Title Company”)extent reasonably necessary, (B) include such reinsurance arrangements (with provisions for direct access, if reasonably necessary) as shall be reasonably acceptable to the Administrative Agent, (CB) be supplemented by contain a “tie-in” or “aggregationcluster” endorsement, if available under applicable lawlaw (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount) and (C) have been supplemented by such other endorsements (to the extent available) as may shall be reasonably be requested by the Administrative Agent (Agent, including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoninglast dollar, zoning and contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, address, separate tax lot, lot coverage over minerals and so-so- called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and restrictions (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretioneach, a “Mortgage Policy”);