Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 36 contracts
Samples: Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2004-Bpc1), Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2006-3), Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2006-2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy or a comparable form of lender's title insurance policy approved for use in the applicable jurisdiction (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller's knowledge, any other holder of the related Mortgage Loan has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 28 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr18), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr18), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr18)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's ’s title insurance policy or a comparable form of lender’s title insurance policy approved for use in the applicable jurisdiction (the "“Title Policy"”) (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "“marked up" ” commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller’s knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the related Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 27 contracts
Samples: Mortgage Loan Purchase Agreement, Mortgage Loan Purchase Agreement, Mortgage Loan Purchase Agreement (WFRBS Commercial Mortgage Trust 2011-C5)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyexceptions stated therein. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (except in the case of a Mortgage Loan maintained on the records of MERS, including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 19 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2005-3), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2006-2), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or policy, a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue such title insurance policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 16 contracts
Samples: Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2006-C1), Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2006-C1), Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2006-C1)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Mortgage Loan Seller has made no material claims have been thereunder and, to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Mortgage Loan Seller has not, and to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has done, by act or omission, done anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser or its designee and recording of the related Assignment of Mortgage in favor of the Purchaser or its designee in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any easements of any permanent improvements located on the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
Appears in 11 contracts
Samples: Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc), Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc), Mortgage Loan Purchase Agreement (GMAC Commercial Mortgage Securities Inc. Series 2004-C2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy or a comparable form of lender's title insurance policy approved for use in the applicable jurisdiction (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller's knowledge, any other holder of the related Mortgage Loan has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative PMCF/BSCMI/NLIC/PCF/PCFII insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 10 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Inc), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr14), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Seller has made no material claims have been thereunder and, to the Seller's knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Seller has not, and to the Seller's knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Trustee and recording of the related Assignment of Mortgage in favor of the Trustee in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any material easements of any material permanent improvements located at the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
Appears in 7 contracts
Samples: Mortgage Loan Purchase Agreement (Credit Suisse Commercial Mortgage Trust Series 2006-C3), Mortgage Loan Purchase Agreement (CSFB Mortgage Sec Corp Comm Mort Pass THR Cert Ser 2003-Cnp1), Mortgage Loan Purchase Agreement (CSFB Mortgage Sec Corp Comm Mort Pass THR Cert Ser 2003-Cnp1)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of propertyMortgage also secures the related Non-Trust Mortgage Loan(s), each of which is secured (or if such policy has not yet been issued, such insurance may be evidenced by a separate Mortgagebinding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to issue such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of an Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Seller or any prior holder of such Mortgage Loan (other than a prior holder unaffiliated with the related Mortgage Seller from whom the Seller has taken by assignment) under such title insurance; and neither the Seller nor any Affiliate of the Seller has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 6 contracts
Samples: Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2007-C7), Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2007-C1), Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2006-C7)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's ’s title insurance policy or a comparable form of lender’s title insurance policy approved for use in the applicable jurisdiction (the "“Title Policy"”) (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "“marked up" ” commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller’s knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the related Mortgage Loan has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 5 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Xxxxxx Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of an Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Depositor, the applicable Xxxxxx Mortgage Loan Seller or any prior holder of such Mortgage Loan (other than a prior holder unaffiliated with the related Depositor or the applicable Xxxxxx Mortgage Loan Seller from whom the Depositor or the applicable Xxxxxx Mortgage Loan Seller has taken by assignment) under such title insurance; and neither the Depositor nor the applicable Xxxxxx Mortgage Loan Seller (or any of its Affiliates) has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C7), Pooling and Servicing Agreement (LB Commercial Mortgage Trust 2007-C3), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2006-C7)
Title Insurance. Each Except as otherwise set forth on Schedule C-1, each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 5 contracts
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mor Sec Corp Com Cer Ser 2003-C3), Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mor Sec Corp Com Cer Ser 2003-C3), Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mor Sec Corp Com Cer Ser 2003-C3)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or policy, a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue the Title Policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured (except with respect to the rights of the holder of any Non-Trust Loan that is part of a related Loan Combination to which any such Mortgage Loan belongs) without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (MLMT 2008-C1), Mortgage Loan Purchase Agreement (MLMT 2008-C1), Mortgage Loan Purchase Agreement (MLMT 2008-C1)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Xxxxxx Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of an Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder by the Depositor or the Xxxxxx Mortgage Loan Seller under such title insurance; and no claims have been paid thereunder. No holder neither the Depositor nor the Xxxxxx Mortgage Loan Seller (or any of the related Mortgage its Affiliates) has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C1), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked policy, a"marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue the title insurance policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which property and is not secured by a separate single Mortgage, such each related Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured (except with respect to the rights of the holder of any Non-Trust Loan that is part of a related Loan Combination to which any such Mortgage Loan belongs) without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-9), Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-9), Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-9)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy or a comparable form of lender's title insurance policy approved for use in the applicable jurisdiction (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller's knowledge, any other holder of the related Mortgage Loan has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee PMCF/BSCMI/NLIC/PCF/PCFII (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 4 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr15), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr15), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr15)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Seller has made no material claims have been thereunder and, to the Seller's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Seller has not, and to the Seller's actual knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of the Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (Commercial Mortgage Pass THR Cert Ser 2001-Ckn5), Mortgage Loan Purchase Agreement (Commercial Mortgage Pass THR Cert Ser 2001-Ckn5), Mortgage Loan Purchase Agreement (Commercial Mortgage Pass THR Cert Ser 2001-Ckn5)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the exceptions stated therein or to any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage The Seller has not done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 4 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mort Pass Through Cert Ser 2002-2), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's ’s title insurance policy or a comparable form of lender’s title insurance policy approved for use in the applicable jurisdiction (the "“Title Policy"”) (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "“marked up" ” commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller’s knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Seller, nor to the Seller’s knowledge, any other holder of the related Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (CFCRE Commercial Mortgage Trust 2011-C2), Mortgage Loan Purchase Agreement (CFCRE Commercial Mortgage Trust 2011-C2), Mortgage Loan Purchase Agreement (CCRE Commercial Mortgage Securities, L.P.)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and Seller has made no material claims have been thereunder and, to Seller's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No Seller has not, and to the Seller's actual knowledge, no prior holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Salomon Brothers Mortgage Securities Vii Inc), Mortgage Loan Purchase Agreement (Salomon Brothers Mortgage Securities Vii Inc), Mortgage Loan Purchase Agreement (Salomon Brothers Mortgage Securities Vii Inc)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage ---------------- Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Mortgage Loan Seller has made no material claims have been thereunder and, to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Mortgage Loan Seller has not, and to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has done, by act or omission, done anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser or its designee and recording of the related Assignment of Mortgage in favor of the Purchaser or its designee in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any easements of any permanent improvements located on the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc), Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc), Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy or a pro forma or marked-up title insurance commitment or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue such title insurance policy (on which the required premium has been paid) which evidences such title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such the related Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, the security interest in each of which parcel is secured granted by a separate Mortgage, Mortgage and such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is such Mortgages, in the aggregate, are not less than the allocated total original principal amount of subject parcel constituting a portion of the Mortgage Loan, and provided that such amount is at least equal to the allocated Mortgage Loan amount, as evidenced by the Mortgage Loan documents. Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to Permitted Encumbrances. Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, paid and no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of of, or notice to to, the insurer. Such To Seller's knowledge, the insurer issuing such Title Policy contains no exclusion for whether, or it affirmatively insures (unless is qualified to do business in the jurisdiction in which the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgagelocated.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Morgan Stanley Capital I Trust 2007-Hq11), Mortgage Loan Purchase Agreement (Morgan Stanley Capital I Trust 2007-Hq11), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq11)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue the title insurance policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which property and is not secured by a separate single Mortgage, such each related Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured (except with respect to the rights of the holder of any Non-Trust Loan that is part of a related Loan Combination to which any such Mortgage Loan belongs) without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2007-C1), Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2007-C1), Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2007-C1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that exceptions stated in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Commercial Mortgage Pass Through Ser 2001-Ck3), Mortgage Loan Purchase Agreement (Commercial Mortgage Pass Through Ser 2001-Ck3)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan (or, with respect to any split Mortgage Loan, the amount of the related Whole Loan) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyexceptions stated therein. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (except in the case of a Mortgage Loan maintained on the records of MERS, including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2006-4), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2006-4)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (issued by a nationally recognized title insurance company, insuring that each related Mortgage is a valid first lien on such Mortgaged Property in the "Title Policy") original principal amount of the Mortgage Loan and any Other Loan secured by such Mortgage (or, if such policy has yet to be issuedthe Mortgage Loan is part of a Loan Combination, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan Combination) after all advances of principal, insuring subject only to Permitted Encumbrances, subject to the fact that the related Mortgage secures one of the Other Loans and, if the Mortgage Loan is part of a valid first priority lien on such Mortgaged PropertyLoan Combination, further subject only to the Permitted Encumbrancesfact that the related Mortgage also secures the related Non-Trust Mortgage Loan(s), except that (or if such policy has not yet been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the title insurer or its authorized agent) from a title insurer qualified and/or licensed in the case of a Mortgage Loan applicable jurisdiction, as required, to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, issue such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of an Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Seller or any prior holder of the related Mortgage Loan (other than a prior holder unaffiliated with the Seller from whom the Seller has taken by assignment) under such title insurance; and neither the Seller nor any Affiliate of the Seller has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2007-C2), Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2007-C2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyexceptions stated therein. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such To the Seller's knowledge, such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mort Pass THR Certs Ser 2002-Pb2), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mort Pass THR Certs Ser 2002-Pb2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Commercial Mortgage Pass Through Cert Series 2002-Key2), Mortgage Loan Purchase Agreement (Commercial Mortgage Pass Through Cert Series 2002-Key2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof as adopted in the applicable jurisdiction) owner’s and lender's ’s title insurance policy (the "“Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer”) in the original principal amount of such Mortgage the related Purchased Loan after all advances of principal, insuring . Each lender’s Title Policy insures that the related Mortgage is a valid first or second, as applicable, priority lien on such Mortgaged Property, subject only to (i) the Permitted Encumbranceslien of current real property taxes, except that ground rents, water charges, sewer rents and assessments not yet due and payable; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the case aggregate, in the reasonable judgment of a Mortgage Loan as to which Seller, materially interferes with the current use of the related Mortgaged Property is made up of more than one parcel of property, each of which is secured or the security intended to be provided by a separate Mortgage, such Mortgage (and therefore or with the related Title Policy) may be in an amount less than underlying obligor’s ability to pay its obligations when they become due or the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion value of the related Mortgaged Property; (iii) the exceptions (general and specific) set forth in such policy, none of which, individually or in the aggregate, in the reasonable judgment of Seller, materially interferes with the current use of the related Mortgaged Property or security intended to be provided by such Mortgage, with the underlying obligor’s ability to pay its obligations when they become due or the value of the related Mortgaged Property; and (iv) in the event such Title Policy has yet to be issued, an escrow letter or a marked up title insurance commitment on which the required premium has been paid exists which evidences that such Title Policy will be issued. Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to Seller’s knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Purchased Loan to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee Buyer as sole insured its interest may appear without the consent of or notice to the insurer. Such In the case of a Mezzanine Loan, if obtained, an Eagle 9 UCC Title Policy contains no exclusion for whether, or it affirmatively (“UCC Policy”) insures (unless Seller’s security interest in the related Mortgaged Property is located equity interest pledged thereunder. Each UCC Policy insures that Seller has a first priority perfected security interest in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access pledged equity interests and provides coverage in an amount equal to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination original principal amount of the related Mortgage Purchased Loan is and immediately following the same as the property legally described in transfer and assignment of the related MortgagePurchased Loan to Buyer, such UCC Policy (or, if it has yet to be issued, the coverage to be provided thereby) will inure to the benefit of Buyer as its interest may appear without the consent of or notice to the insurer.
Appears in 2 contracts
Samples: Master Repurchase Agreement (Capital Trust Inc), Master Repurchase Agreement (Capital Trust Inc)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of propertyMortgage also secures the related Non-Trust Mortgage Loan(s) (or if such policy has not yet been issued, each of which is secured such insurance may be evidenced by a separate Mortgagebinding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to issue such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder by the Seller under such title insurance; and no claims have been paid thereunder. No holder neither the Seller nor any Affiliate of the related Mortgage Seller has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2005-C2), Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2005-C3)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy or a comparable form of lender's title insurance policy approved for use in the applicable jurisdiction (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller's knowledge, any other holder of the related Mortgage Loan has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.affirmative
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Inc), Mortgage Loan Purchase and Sale Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr14)
Title Insurance. Each Except as otherwise set forth on Schedule C-8, each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related C-3 Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp), Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof as adopted in the applicable jurisdiction) owner's and lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage the related Purchased Loan after all advances of principal, insuring . Each lender's Title Policy insures that the related Mortgage is a valid first or second, as applicable, priority lien on such Mortgaged Property, subject only to (i) the Permitted Encumbranceslien of current real property taxes, except that ground rents, water charges, sewer rents and assessments not yet due and payable; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the case aggregate, in the reasonable judgment of a Mortgage Loan as to which Seller, materially interferes with the current use of the related Mortgaged Property is made up of more than one parcel of property, each of which is secured or the security intended to be provided by a separate Mortgage, such Mortgage (and therefore or with the related Title Policy) may be in an amount less than underlying obligor's ability to pay its obligations when they become due or the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion value of the related Mortgaged Property; (iii) the exceptions (general and specific) set forth in such policy, none of which, individually or in the aggregate, in the reasonable judgment of Seller, materially interferes with the current use of the related Mortgaged Property or security intended to be provided by such Mortgage, with the underlying obligor's ability to pay its obligations when they become due or the value of the related Mortgaged Property; and (iv) in the event such Title Policy has yet to be issued, an escrow letter or a marked up title insurance commitment on which the required premium has been paid exists which evidences that such Title Policy will be issued. Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Purchased Loan to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee Buyer as sole insured its interest may appear without the consent of or notice to the insurer. Such In the case of a Mezzanine Loan, if obtained, an Eagle 9 UCC Title Policy contains no exclusion for whether, or it affirmatively ("UCC Policy") insures (unless Seller's security interest in the related Mortgaged Property is located equity interest pledged thereunder. Each UCC Policy insures that Seller has a first priority perfected security interest in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access pledged equity interests and provides coverage in an amount equal to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination original principal amount of the related Mortgage Purchased Loan is and immediately following the same as the property legally described in transfer and assignment of the related MortgagePurchased Loan to Buyer, such UCC Policy (or, if it has yet to be issued, the coverage to be provided thereby) will inure to the benefit of Buyer as its interest may appear without the consent of or notice to the insurer.
Appears in 2 contracts
Samples: Master Repurchase Agreement (Capital Trust Inc), Master Repurchase Agreement (Capital Trust Inc)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2004-Key2), Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2004-Key2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, principal insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to pro forma title policy or marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and no material claims have been made thereunder and no claims have been paid thereunder (and the Seller has not received notice of any material claims having been made or paid thereunder). No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such The insurer issuing such Title Policy is qualified to do business in the jurisdiction in which the related Mortgaged Property is located (unless such jurisdiction is the State of Iowa), and such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, road and (b) that the area shown on the survey, if any, reviewed or prepared survey conducted in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp), Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or policy, a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue the Title Policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the Farallon Portfolio Trust Mortgage Loan, in favor of the related Outside Trustee) as sole insured (except with respect to the rights of the holder of any Non-Trust Loan that is part of a related Loan Combination to which any such Mortgage Loan belongs) without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Mortgage Loan Seller has made no material claims have been thereunder and, to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Mortgage Loan Seller has not, and to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has done, by act or omission, done anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser or its designee and recording of the related Assignment of Mortgage in favor of the Purchaser or its designee in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed 2002-C2 GSMC MLPA B-4 or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any easements of any permanent improvements located on the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
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Samples: Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Mortgage Lehman Trust Mortgagx Xxxx that is part of a Loan as Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of an Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Depositor, the applicable Lehman Mortgage Loan Xxxxxr or any prior holder of such Mortgage Loan (other than a prior holder unaffiliated with the related Depositor or the applicable Lehman Mortgage Loan Xxxxxr from whom the Depositor or the applicable Lehman Mortgage Loan Xxxxxr has taken by assignment) under such title insurance; and neither the Depositor nor the applicable Lehman Mortgage Loan Xxxxxr (or any of its Affiliates) has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C2)
Title Insurance. Each Mortgaged Property The lien of the Mortgage securing a the Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such the Mortgage Loan after all advances of principal, insuring the originator of the Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and Seller has made no material claims have been thereunder and, to Seller's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No Seller has not, and to the Seller's actual knowledge, no prior holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
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Samples: Mortgage Loan Purchase Agreement (Salomon Brothers Mortgage Securities Vii Inc)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the Park La Brea Apartments Trust Mortgage Loan, in favor of the JP Series 2006-LDP8 Trustee) as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2006-4)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Lehman Trust Mortgage Loan as that is part of a Loan Xxxxxnation, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of an Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder by the Depositor, the applicable Lehman Mortgage Loan Seller or any prior holder ox xxxx Mortgage Loan (other than a prior holder unaffiliated with the Depositor or the applicable Lehman Mortgage Loan Seller from whom the Depositxx xx the applicable Lehman Mortgage Loan Seller has taken by assignmexx) xxder such title insurance; and no claims have been paid thereunder. No holder neither the Depositor nor the applicable Lehman Mortgage Loan Seller (or any of the related Mortgage has its Affiliates) xxx done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C6)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof as adopted in the applicable jurisdiction) lender's ’s title insurance policy (the "“Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer”) in the original principal amount of such Mortgage the related Purchased Loan after all advances of principal, insuring . Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or an escrow letter or a Mortgage Loan as to marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Such policy is assignable without consent of the insurer; such policy is in full force and effect and all premiums thereon have been paid. Immediately following the transfer and assignment of the related Mortgage Purchased Loan to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured Buyer without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures The insurer issuing such policy is (unless x) a nationally-recognized title insurance company and (y) qualified to do business in the jurisdiction in which the related Mortgaged Property is located to the extent required. The Title Policy contains no material exclusion for, or alternatively it insures (unless such coverage is unavailable in a jurisdiction where such affirmative insurance is not availablethe relevant jurisdiction) that, (a) the related Mortgaged Property has access to a public road, and road or (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination against any loss due to encroachment of any material portion of the related Mortgage Loan is the same as the property legally described in the related Mortgageimprovements thereon.
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Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of propertyMortgage also secures the related Non-Trust Mortgage Loan(s), each of which is secured (or if such policy has not yet been issued, such insurance may be evidenced by a separate Mortgagebinding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to issue such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of the Outside Serviced Trust Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Seller or any prior holder of such Mortgage Loan (other than a prior holder unaffiliated with the related Mortgage Seller from whom the Seller has taken by assignment) under such title insurance; and neither the Seller nor any Affiliate of the Seller has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C4)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked policy, a"marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue the title insurance policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which property and is not secured by a separate single Mortgage, such each related Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the Farallon Portfolio Trust Mortgage Loan, in favor of the related Outside Trustee) as sole insured (except with respect to the rights of the holder of any Non-Trust Loan that is part of a related Loan Combination to which any such Mortgage Loan belongs) without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-9)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyexceptions stated therein. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such To the Seller's knowledge, such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Prudential Securities Sec Fin Corp Mor Pas THR Cer 2001-C1)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Xxxxxx Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder by the Depositor or the Xxxxxx Mortgage Loan Seller under such title insurance; and no claims have been paid thereunder. No holder neither the Depositor nor the Xxxxxx Mortgage Loan Seller (or any of the related Mortgage its Affiliates) has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C3)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or policy, a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue the Title Policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of each of the Arundel Xxxxx Trust Mortgage Loan and the Apple Hotel Portfolio Trust Mortgage Loan, in favor of the related Outside Trustee) as sole insured (except with respect to the rights of the holder of any Non-Trust Loan that is part of a related Loan Combination to which any such Mortgage Loan belongs) without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the Peter Cooper Village xxx Xxxxxxxxnt Town Trust Mortgage Loan, in favor of the WBCMT-C30 Trustee) as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
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Samples: Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-6)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Seller has made no material claims have been thereunder and, to the Seller's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Seller has not, and to the Seller's actual knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of the Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any material easements of any material permanent improvements located at the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
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Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Sec Corp 2001-Ck6)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that (or if such policy has not yet been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the title insurer or its authorized agent) from a title insurer qualified and/or licensed in the case of a Mortgage Loan applicable jurisdiction, as required, to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, issue such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Seller or any prior holder of such Mortgage Loan (other than a prior holder unaffiliated with the related Mortgage Seller from whom the Seller has taken by assignment) under such title insurance; and neither the Seller nor any Affiliate of the Seller has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
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Samples: Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2005-C1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, principal insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to pro forma title policy or marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder (and the Seller has not received notice of any material claims having been made or paid thereunder). No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. The insurer issuing such Title Policy is qualified to do business in the jurisdiction in which the related Mortgaged Property is located, and with respect to at least a majority of the Mortgage Loans (by outstanding principal balance as of the Cut-off Date) such insurer is a nationally recognized title insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures insures, (a) access to a public road, (b) that there are no material encroachments of any part of the improvements on the related Mortgaged Property over easements, which encroachments could reasonably be expected to materially interfere with the use of the related Mortgaged Property (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (bc) that the area shown on the survey, if any, reviewed or prepared survey conducted in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent a comparable form ofas adopted in the applicable jurisdiction) lender's title insurance policy, a pro forma policy or a marked-up title insurance commitment or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue such title insurance policy (on which the required premium has been paid) which evidences such title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such the related Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, the security interest in each of which parcel is secured granted by a separate Mortgage, Mortgage and such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is such Mortgages, in the aggregate, are not less than the allocated total original principal amount of subject parcel constituting a portion of the Mortgage Loan, and provided that such amount is at least equal to the allocated Mortgage Loan amount, as evidenced by the Mortgage Loan Documents. Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to Permitted Encumbrances. Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, paid and no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. To the Seller's knowledge, the insurer issuing such Title Policy is qualified to do business in the jurisdiction in which the related Mortgaged Property is located. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Morgan Stanley Dean Witter Capital I Inc)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances (and, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage A Loan, but is not less than subject to the allocated amount of subject parcel constituting a portion of the lien of the related Mortgaged PropertyMortgage that secures the related B Loan). Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Seller has made no material claims have been thereunder and, to the Seller's knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Seller has not, and to the Seller's knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Trustee and recording of the related Assignment of Mortgage in favor of the Trustee in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any material easements of any material permanent improvements located at the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Title Insurance. Each Mortgaged Property securing (a) As soon as practicable after the date hereof, but in any event at least fifteen (15) days prior to the Closing Date, Buyer shall have received a Mortgage Loan is covered commitment (the Title Commitment ) from a nationally recognized title company selected by Buyer (the Title Company ) to issue an American Land Title Association (or an equivalent ALTA standard form of) lenderowner's title insurance policy (to the "Title Policy") (orBuyer Companies with respect to the Real Property, if such policy has yet in an amount reasonably acceptable to be issued, by a pro forma policy or a "marked up" commitment binding on the Buyer and showing title insurer) thereto vested in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged PropertySeller, subject only to (i) applicable zoning and building Laws, (ii) the Lien of real estate Taxes not yet due and payable, (iii) the Permitted EncumbrancesLiens as are set forth on Schedule 3.9(a), except and (iv) such other exceptions and Liens which can be satisfied by the payment of money and which exceptions and Liens Seller shall, at Seller's sole cost, cause to be removed, discharged or released at the Closing. Buyer shall also have obtained assurances from the Title Company that all standard exceptions (including without limitation those relating to mechanics' and materialmen's Liens, parties in possession and survey matters) shall be deleted, and that the title policy to be issued at Closing shall include an ALTA Form 3.1 zoning endorsement insuring the ability of the Buyer Companies to continue to operate the Real Property in the case of same manner as operated by the Seller Group Persons prior to the Closing Date, a Mortgage Loan comprehensive endorsement and any other special endorsement required by Buyer. The costs thereof divided equally between Buyer and Seller and settled at Closing.
(b) In connection with the Title Commitment, Buyer and the Title Company shall have received as to which soon as practicable after the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loandate hereof, but is not less than in any event at least fifteen (15) days prior to the allocated amount Closing Date, from reputable surveyors, an as built survey for all improvements located on the Real Property and an ALTA form survey for the Real Property which shall located by book and page all easements and rights of subject parcel constituting a portion of way on the related Mortgaged Real Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon The survey shall have been paid, no material claims certified by the surveyor to Buyer and the Title Company in form reasonably acceptable to Buyer and shall have been made thereunder and no claims have been paid thereunder. No holder sufficient to enable the Title Company to issue the policy of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located title insurance contemplated in a jurisdiction where such affirmative insurance is not available) that, paragraph (a) above. Each survey shall contain a legal description of the related Mortgaged applicable Real Property has access to and a public road, and (b) certification of the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described applicable Real Property in the related Mortgagesquare feet. The costs thereof divided equally between Buyer and Seller and settled at Closing.
Appears in 1 contract
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof approved for use in the applicable jurisdiction) lender's ’s title insurance policy (the "“Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer”) in the original principal amount of such Mortgage the related Purchased Loan after all advances of principal, insuring . Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to preliminary title policy with escrow instructions or a marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, binding on the title insurer and which evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, insures the originator of the Mortgage Loan, its successors and assigns and, to Seller’s knowledge, (i) no material claims have been made thereunder and no claims have been paid thereunderthereunder and (ii) was issued by a title insurance company qualified at origination to do business in the jurisdiction in which the Property is located to the extent such qualification was required in order for the Title Policy to be enforceable. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Purchased Loan to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured Buyer without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Xxxxxx Trust Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of the Two Penn Plaza Trust Mortgage Loan, the Two Penn Plaza Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder by the Depositor or the Xxxxxx Mortgage Loan Seller under such title insurance; and no claims have been paid thereunder. No holder neither the Depositor nor the Xxxxxx Mortgage Loan Seller (or any of the related Mortgage its Affiliates) has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C6)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered --------------- insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Mortgage Loan Seller has made no material claims have been thereunder and, to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Mortgage Loan Seller has not, and to the Mortgage Loan Seller's knowledge, no prior holder of the related Mortgage has done, by act or omission, done anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser or its designee and recording of the related Assignment of Mortgage in favor of the Purchaser or its designee in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherany of the following circumstances, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) that the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy contains no exclusion regarding the encroachment upon any easements of any permanent improvements located on the related Mortgaged Property for which the grantee of such easement has the ability to force removal of such improvement, or such Title Policy affirmatively insures against losses caused by forced removal of any material permanent improvements on the related Mortgaged Property that encroach upon any material easements.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Gmac Commercial Mortgage Securities Inc)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Schedule A-1 Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Schedule A-1 Loan after all advances of principal, insuring the originator of the related Schedule A-1 Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and Seller has made no material claims have been thereunder and, to Seller's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No Seller has not, and to the Seller's actual knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Schedule A-1 Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Schedule A-1 Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse Fr Bs Mor Sec Cp Com Mor Ps Th Ce Ser 2001-Ck1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title PolicyTITLE POLICY") (or, if such policy has is yet to be issued, by a pro forma PRO FORMA policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Title Insurance. Except as otherwise set forth on Schedule C-8, Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that exceptions stated in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Commercial Mortgage Pass Through Ser 2001-Ck3)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and Seller has made no material claims have been thereunder and, to Seller's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No Seller has not, and to the Seller's actual knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clause (b) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse Fr Bs Mor Sec Cp Com Mor Ps Th Ce Ser 2001-Ck1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof approved for use in the applicable jurisdiction) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan the related Underlying Asset after all advances of principal, insuring . Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to preliminary title policy with escrow instructions or a marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, binding on the title insurer and which evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, insures the originator of the Mortgage Loan, its successors and assigns and (i) no material claims have been made thereunder and no claims have been paid thereunderthereunder and (ii) was issued by a title insurance company qualified at origination to do business in the jurisdiction in which the Property is located to the extent such qualification was required in order for the Title Policy to be enforceable. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan Purchased Asset to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured Buyer without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Master Repurchase Agreement (Winthrop Realty Trust)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or policy, a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue such title insurance policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the Peter Cooper Village and Stuyvesant Town Trust Mortgage Loan, in favxx xx xxx Xxchovia 2007-C30 Trustee) as sole insured without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-5)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy or a comparable form of lender's title insurance policy approved for use in the applicable jurisdiction (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the any Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Mortgage Loan Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller's knowledge, any other holder of the related Mortgage Loan has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and WFB recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the Westchester Trust Mortgage Loan, in favor of the MLMT Series 2005-MCP1 Trustee) as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Trust 2005-Cip1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, principal insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to pro forma title policy or marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and no material claims have been made thereunder and no claims have been paid thereunder (and the Seller has not received notice of any material claims having been made or paid thereunder). No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such The insurer issuing such Title Policy contains no exclusion for whether, or it affirmatively insures (unless is qualified to do business in the jurisdiction in which the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) located. Either the Title Policy affirmatively insures that the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgagesuch Mortgaged Property has access to a public road.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Sec Corp 2001-Ck6)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof approved for use in the applicable jurisdiction) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage the related Purchased Loan after all advances of principal, insuring . Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to preliminary title policy with escrow instructions or a marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, binding on the title insurer and which evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, insures the originator of the Mortgage Loan, its successors and assigns and, to Seller's knowledge, (i) no material claims have been made thereunder and no claims have been paid thereunderthereunder and (ii) was issued by a title insurance company qualified at origination to do business in the jurisdiction in which the Property is located to the extent such qualification was required in order for the Title Policy to be enforceable. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Purchased Loan to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured Buyer without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each Mortgaged Property securing a The lien of the related Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) ALTA lender's title insurance policy (the "Title Policy") (or), if such policy has yet to be issuedor its equivalent as adopted in the applicable jurisdiction, issued by a pro forma policy or a "marked up" commitment binding on nationally recognized title insurance company, insuring the title insurer) originator of such Mortgage Loan, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of such the Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances (or, except that if a title insurance policy has not yet been issued in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount respect of the Mortgage Loan, but a policy meeting the foregoing description is not less than evidenced by a commitment for title insurance "marked-up" at the allocated amount closing of subject parcel constituting a portion of the related Mortgaged Propertysuch loan). Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No Neither the Seller nor, to the Seller's knowledge, any holder of the related such Mortgage Loan, has done, by act or omission, done anything that would materially impair the coverage under such Title PolicyPolicy and Seller has no knowledge of any circumstances that would impair such coverage. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such To the Seller's knowledge, the insurer that issued such Title Policy contains no exclusion for whether, or it affirmatively insures (unless is qualified to do business in the state in which the related Mortgaged Property is located located. The Mortgage has been submitted for recordation in a jurisdiction where such affirmative insurance is not available) thatthe applicable jurisdiction, (a) the full amount of the Mortgage has been recorded on the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgageall applicable mortgage recording taxes have been paid.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp Series 2000-C1)
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, in the case of a Combination Trust Mortgage Loan, in the original principal amount of the related Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Mortgage Loan as that is part of a Loan Combination, further subject to which the fact that the related Mortgaged Property is made up of more than one parcel of propertyMortgage also secures the related Non-Trust Mortgage Loan(s) (or if such policy has not yet been issued, each of which is secured such insurance may be evidenced by a separate Mortgagebinding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to issue such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee (or, in the case of a Seller Outside Serviced Mortgage Loan, the benefit of the related Outside Trustee) as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder by the Seller under such title insurance; and no claims have been paid thereunder. No holder neither the Seller nor any Affiliate of the related Mortgage Seller has done, by act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (LB-UBS Commercial Mortgage Trust 2008-C1)
Title Insurance. Each Except as otherwise set forth on SCHEDULE C-8, each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related C-3 Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Title Insurance. Each Mortgaged Property The lien of each Mortgage securing a Mortgage Loan is covered insured by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, except that if such policy has is yet to be issued, such insurance may be evidenced by a pro forma policy or a "marked up" pro forma policy or title commitment in either case marked as binding on and countersigned by the title insurercompany or its authorized agent, either on its face or by an acknowledged closing instruction or escrow letter) in the original principal amount of such Mortgage Loan after all advances of principal, insuring the originator of the related Mortgage Loan, its successors and assigns (as the sole insured) that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan Encumbrances and such other matters as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyare described on Schedule C-8 hereto. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, the Additional Party has made no material claims have been thereunder and, to the Additional Party's actual knowledge, no prior holder of the related Mortgage has made any claims thereunder and no claims have been paid thereunder. No The Additional Party has not, and to the Additional Party's actual knowledge, no prior holder of the related Mortgage has has, done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of the Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage. Such Title Policy affirmatively insures against loss resulting from the forced removal of improvements at the related Mortgaged Property encroaching on an easement.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (CSFB Mortgage Sec Corp Comm Mort Ps THR Cert Ser 2003-Ck2)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or policy, a "marked up" commitment binding on the title insurerinsurer or escrow instructions binding on the title insurer irrevocably obligating the title insurer to issue such title insurance policy) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee (or, in the case of the FRIS Chicken Trust Mortgage Loan, in favor of the MSCI 2005-HQ6 Trustee) as sole insured without the consent of or notice to the insurer. Such Title Policy contains no material exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (ML-CFC Commercial Mortgage Trust 2007-5)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, principal insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to pro forma title policy or marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder (and the Seller has not received notice of any material claims having been made or paid thereunder). No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. The insurer issuing such Title Policy is qualified to do business in the jurisdiction in which the related Mortgaged Property is located, and with respect to at least a majority of the Mortgage Loans (by outstanding principal balance as of the Cut-off Date) the insurer is a nationally recognized insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures insures, (a) access to a public road, (b) that there are no material encroachments of any part of the improvements on the related Mortgaged Property over easements, which encroachments could reasonably be expected to materially interfere with the use of the related Mortgaged Property (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (bc) that the area shown on the survey, if any, reviewed or prepared survey conducted in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form ofthereof approved for use in the applicable jurisdiction) lender's ’s title insurance policy (the "“Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer”) in the original principal amount of such Mortgage Loan the related Underlying Asset after all advances of principal, insuring . Each Title Policy insures that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to preliminary title policy with escrow instructions or a marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, binding on the title insurer and which evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Each Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, insures the originator of the Mortgage Loan, its successors and assigns and (i) no material claims have been made thereunder and no claims have been paid thereunderthereunder and (ii) was issued by a title insurance company qualified at origination to do business in the jurisdiction in which the Property is located to the extent such qualification was required in order for the Title Policy to be enforceable. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan Purchased Asset to the TrusteeBuyer, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured Buyer without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), the following: (a) the related Mortgaged Property has access to a public road, ; and (b) the area shown on the survey, that if any, a survey was reviewed or prepared in connection with the origination of the related Mortgage Loan Loan, the area shown on such survey is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, principal insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of exceptions stated therein (or a Mortgage Loan as to pro forma title policy or marked up title insurance commitment on which the related Mortgaged Property is made up of more than one parcel of property, each of required premium has been paid exists which is secured by a separate Mortgage, evidences that such Mortgage (and therefore the related Title Policy) may Policy will be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyissued). Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, and no material claims have been made thereunder and no claims have been paid thereunder (and the Seller has not received notice of any material claims having been made or paid thereunder). No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such The insurer issuing such Title Policy is qualified to do business in the jurisdiction in which the related Mortgaged Property is located, and such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless unless, in the case of clauses (b) and (c) below, the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that there are no material encroachments of any part of the improvements on the related Mortgaged Property over easements, which encroachments could reasonably be expected to materially interfere with the use of the related Mortgaged Property and (c) that the area shown on the survey, if any, reviewed or prepared survey conducted in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp)
Title Insurance. Each Except as otherwise set forth on Schedule C-8, each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title PolicyTITLE POLICY") (or, if such policy has is yet to be issued, by a pro forma PRO FORMA policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all C-3 premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurer) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid, no material claims have been made thereunder and no claims have been paid thereunder. No holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whether, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that, (a) the related Mortgaged Property has access to a public road, and (b) the area shown on the survey, if any, reviewed or prepared in connection with the origination acquisition of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (MLCFC Commercial Mortgage Trust Series 2006-1)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's title insurance policy (the "Title Policy") (or, if such policy has is yet to be issued, by a pro forma policy or a "marked up" commitment binding on the title insurercommitment) in the original principal amount of such Mortgage Loan (or, with respect to any split Mortgage Loan, the amount of the related Whole Loan) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyexceptions stated therein. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, and insures that the Seller and/or its successors or assigns is the named insured of such policy and such policy is assignable without consent of the insurer and will inure to the benefit of the Trustee as mortgagee of record and all premiums thereon have been paidpaid and, to the Seller's knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller's knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the TrusteeTrustee (except in the case of a Mortgage Loan maintained on the records of MERS, including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Title Insurance. Each related Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association ALTA (or an equivalent form ofits equivalent) lender's title insurance policy (the "Title Policy") (or, if such policy has yet to be issued, issued by a pro forma policy or nationally recognized title insurance company, insuring that each related Mortgage is a "marked up" commitment binding valid first lien on the title insurer) such Mortgaged Property in the original principal amount of such Mortgage Loan (or, if such Mortgage Loan is part of a Loan Combination, in the original principal amount of such Loan Combination) after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted EncumbrancesEncumbrances and, except that in the case of a Lehman Trust Mortgage Loan as that is part of a Loan Combination, xxxxher subject to which the fact that the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore also secures the related Title PolicyNon-Trust Mortgage Loan(s) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Property. Such Title Policy (or, if it such policy has not yet to be been issued, such insurance may be evidenced by a binding commitment or binding pro forma marked as binding and signed (either thereon or on a related escrow letter attached thereto) by the coverage title insurer or its authorized agent) from a title insurer qualified and/or licensed in the applicable jurisdiction, as required, to be provided thereby) issue such policy; such title insurance is in full force and effect, all premiums thereon have been paid, is freely assignable and will inure to the benefit of the Trustee as sole insured as mortgagee of record, or any such commitment or binding pro forma is a legal, valid and binding obligation of such insurer; no material claims have been made thereunder and no claims have been paid thereunder. No by the Depositor, the applicable Lehman Mortgage Loan Seller or any prior holder of such Mortgxxx Xxan (other than a prior holder unaffiliated with the related Depositor or the applicable Lehman Mortgage Loan Seller from whom the Depositor or the apxxxxxxle Lehman Mortgage Loan Seller has donetaken by assignment) under suxx xxxle insurance; and neither the Depositor nor the applicable Lehman Mortgage Loan Seller (or any of its Affiliates) has doxx, by xx act or omission, anything that would materially impair the coverage under of any such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, title insurance policy; such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures to the benefit of the Trustee as sole insured without the consent of policy or notice to the insurer. Such Title Policy commitment or binding pro forma contains no exclusion for whether(or alternatively it insures over such exclusion, or it affirmatively insures unless such coverage is unavailable in the relevant jurisdiction) (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not availableA) that, (a) the related Mortgaged Property has access to a public road, (B) that there is no material encroachment by any improvements on the related Mortgaged Property either to or from any adjoining property or across any easements on the related Mortgaged Property, and (bC) that the area land shown on the survey, if any, reviewed or prepared in connection with survey materially conforms to the origination legal description of the related Mortgage Loan is the same as the property legally described in the related MortgageMortgaged Property.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C4)
Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association (or an equivalent form of) lender's ’s title insurance policy (the "“Title Policy"”) (or, if such policy has is yet to be issued, by a pro forma policy or a "“marked up" commitment binding on the title insurer” commitment) in the original principal amount of such Mortgage Loan after all advances of principal, insuring that the related Mortgage is a valid first priority lien on such Mortgaged Property, subject only to the Permitted Encumbrances, except that in the case of a Mortgage Loan as to which the related Mortgaged Property is made up of more than one parcel of property, each of which is secured by a separate Mortgage, such Mortgage (and therefore the related Title Policy) may be in an amount less than the original principal amount of the Mortgage Loan, but is not less than the allocated amount of subject parcel constituting a portion of the related Mortgaged Propertyexceptions stated therein. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paidpaid and, to the Seller’s knowledge, no material claims have been made thereunder and no claims have been paid thereunder. No To the Seller’s knowledge, no holder of the related Mortgage has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Immediately following the transfer and assignment of the related Mortgage Loan to the Trustee, including endorsement and delivery of the related Mortgage Note to the Purchaser and recording of the related Assignment of Mortgage in favor of Purchaser in the applicable real estate records), such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) inures will inure to the benefit of the Trustee as sole insured without the consent of or notice to the insurer. Such Title Policy contains no exclusion for whetherfor, or it affirmatively insures (unless the related Mortgaged Property is located in a jurisdiction where such affirmative insurance is not available) that), (a) the related Mortgaged Property has access to a public road, and (b) that the area shown on the survey, if any, reviewed or prepared in connection with the origination of the related Mortgage Loan is the same as the property legally described in the related Mortgage.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Sale Agreement (Banc of America Merrill Lynch Commercial Mortgage Inc.)