Common use of Title Policy Requirements Clause in Contracts

Title Policy Requirements. Borrower shall deliver to Bank, at Borrower’s expense, a standard loan policy of title insurance in accordance with the laws and practices of the applicable state. The Title Policy shall (a) show “MapleMark Bank” as the insured mortgagee, (b) insure the Lien of the Security Instrument as a first lien against the Land and Improvements in the full amount of the Loan, (c) delete the exception for matters which a current survey would show, and all “standard” exceptions which can be deleted, to the fullest extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (d) contain (i) no exception for standby fees or real estate taxes other than standby fees and real estate taxes for the year in which the Closing Date occurs to the extent the same are not then due and payable in which case the same shall be endorsed “not yet due and payable” and (ii) no exception for subsequent assessments for prior years, (e) provide full coverage against mechanic’s liens to the extent authorized by applicable title insurance rules and Borrower shall satisfy all requirements therefor, (f) contain only such exceptions (regardless of rank or priority) Bank approves, and Borrower shall cause to be delivered to Bank true, complete and fully legible copies of all recorded instruments shown as exceptions, including the subdivision plat (if any) and any restrictive covenants, (g) insure that no restrictive covenants shown in the Title Policy have been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title, (h) insure that the lands shown in the required Survey are one and the same as the lands encumbered by the Security Instrument, and that all recorded easements and other exceptions locatable on the ground are located as shown on the Survey, (i) insure that indefeasible or marketable (or the equivalent thereof pursuant to applicable law) (as coverage is available) fee simple title to the Land and Improvements is vested in Borrower, (j) contain such endorsements as Bank requires and are available under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (k) insure any easements, leasehold estates or other matters appurtenant to or benefiting the Land and/or the Improvements as part of the insured estate and not show the same as exceptions, (l) provide the recording information for the UCC financing statement (if any) filed in the real estate records of the county where the Land is located, and (m) insure the zoning of, and the Right of access to, the Land to the extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor. The conditions to Bank’s obligation to make the Loan will not be satisfied if the Title Policy required by this Agreement is not, or cannot be, issued, whether caused by Xxxxxxxx’s failure to satisfy the underwriter’s requirements or otherwise.

Title Policy Requirements. Borrower shall deliver to Bank, at Borrower’s expense, a standard loan policy of title insurance in accordance with the laws and practices of the applicable state. The Title Policy shall (a) show “MapleMark Bank” as the insured mortgagee, (b) insure the Lien of the Security Instrument as a first lien against the Land and Improvements in the full amount of the Loan, (c) delete the exception for matters which a current survey would show, and all “standard” exceptions which can be deleted, to the fullest extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (d) contain (i) no exception for standby fees or real estate taxes other than standby fees and real estate taxes for the year in which the Closing Date occurs to the extent the same are not then due and payable in which case the same shall be endorsed “not yet due and payable” and (ii) no exception for subsequent assessments for prior years, (e) provide full coverage against mechanic’s liens to the extent authorized by applicable title insurance rules and Borrower shall satisfy all requirements therefor, (f) contain only such exceptions (regardless of rank or priority) Bank approves, and Borrower shall cause to be delivered to Bank true, complete and fully legible copies of all recorded instruments shown as exceptions, including the subdivision plat (if any) and any restrictive covenants, (g) insure that no restrictive covenants shown in the Title Policy have been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title, (h) insure that the lands shown in the required Survey are one and the same as the lands encumbered by the Security Instrument, and that all recorded easements and other exceptions locatable on the ground are located as shown on the Survey, (i) insure that indefeasible or marketable (or the equivalent thereof pursuant to applicable law) (as coverage is available) fee simple title to the Land and Improvements is vested in Borrower, (j) contain such endorsements as Bank requires and are available under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (k) insure any easements, leasehold estates or other matters appurtenant to or benefiting the Land and/or the Improvements as part of the insured estate and not show the same as exceptions, (l) provide the recording information for the UCC financing statement (if any) filed in the real estate records of the county where the Land is located, and (m) insure the zoning of, and the Right of access to, the Land to the extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor. The conditions to Bank’s obligation to make the Loan will not be satisfied if the Title Policy required by this Agreement is not, or cannot be, issued, whether caused by XxxxxxxxBorrower’s failure to satisfy the underwriter’s requirements or otherwise.. LOAN AGREEMENT

Title Policy Requirements. Borrower shall deliver to Bank, at Borrower’s expense, for Texas property, a standard Texas loan policy of title insurance in accordance with the laws (Form T-2), acceptable to Bank and practices of the applicable stateBank’s counsel. The Title Policy shall (a) show “MapleMark Texas Capital Bank, National Association” as the insured mortgagee, (b) insure the Lien of the Security Instrument Deed of Trust as a first lien against the Land and Improvements in the full amount of the Loan, (c) delete the exception for matters which a current survey would show, and all “standard” exceptions which can be deleted, to the fullest extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (d) contain (i) no exception for standby fees or real estate taxes other than standby fees and real estate taxes for the year in which the Closing Date occurs to the extent the same are not then due and payable in which case the same shall be endorsed “not yet due and payable” and (ii) no exception for subsequent assessments for prior years, (e) provide full coverage against mechanic’s liens to the extent authorized by applicable title insurance rules and Borrower shall satisfy all requirements therefor, (f) contain only such exceptions (regardless of rank or priority) Bank approves, and Borrower shall cause to be delivered to Bank true, complete and fully legible copies of all recorded instruments shown as exceptions, including the subdivision plat (if any) and any restrictive covenants, (g) insure that no restrictive covenants shown in the Title Policy have been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title, (h) insure that the lands shown in the required Survey are one and the same as the lands encumbered by the Security InstrumentDeed of Trust, and that all recorded easements and other exceptions locatable on the ground are located as shown on the Survey, (i) insure that indefeasible or marketable (or the equivalent thereof pursuant to applicable law) (as coverage is available) fee simple title to the Land and Improvements is vested in Borrower, (j) contain such endorsements as Bank requires and are available under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (k) insure any easements, leasehold estates or other matters appurtenant to or benefiting the Land and/or the Improvements as part of the insured estate and not show the same as exceptions, (l) provide the recording information for the UCC financing statement (if any) filed in the real estate records of the county where the Land is located, and (m) insure the zoning of, and the Right of access to, the Land to the extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor. Borrower shall be solely responsible for satisfying the requirements of the Title Company necessary to allow the Company to issue the Title Policy required by this Agreement. The conditions to Bank’s obligation to make the Loan will not be satisfied if the Title Policy required by this Agreement is not, or cannot be, issued, whether caused by XxxxxxxxBorrower’s failure to satisfy the underwriter’s requirements or otherwise.

Title Policy Requirements. Borrower shall deliver to Bank, at Borrower’s expense, a standard loan policy of title insurance in accordance with the laws and practices of the applicable state. The Title Policy shall (a) show “MapleMark Bank” as the insured mortgagee, (b) insure the Lien of the Security Instrument as a first lien against the Land and Improvements in the full amount of the Loan, (c) delete the exception for matters which a current survey would show, and all “standard” exceptions which can be deleted, to the fullest extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (d) contain (i) no exception for standby fees or real estate taxes other than standby fees and real estate taxes for the year in which the Closing Date occurs to the extent the same are not then due and payable in which case the same shall be endorsed “not yet due and payable” and (ii) no exception for subsequent assessments for prior years, (e) provide full coverage against mechanic’s liens to the extent authorized by applicable title insurance rules and Borrower shall satisfy all requirements therefor, (f) contain only such exceptions (regardless of rank or priority) Bank approves, and Borrower shall cause to be delivered to Bank true, complete and fully legible copies of all recorded instruments shown as exceptions, including the subdivision plat (if any) and any restrictive covenants, (g) insure that no restrictive covenants shown in the Title Policy have been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title, (h) insure that the lands shown in the required Survey are one and the same as the lands encumbered by the Security Instrument, and that all recorded easements and other exceptions locatable on the ground are located as shown on the Survey, (i) insure that indefeasible or marketable (or the equivalent thereof pursuant to applicable law) (as coverage is available) fee simple title to the Land and Improvements is vested in Borrower, (j) contain such endorsements as Bank requires and are available under applicable title insurance rules and Borrower shall satisfy all requirements therefor, (k) insure any easements, leasehold estates or other matters appurtenant to or benefiting the Land and/or the Improvements as part of the insured estate and not show the same as exceptions, (l) provide the recording information for the UCC financing statement (if any) filed in the real estate records of the county where the Land is located, and (m) insure the zoning of, and the Right of access to, the Land to the extent authorized under applicable title insurance rules and Borrower shall satisfy all requirements therefor. The conditions to Bank’s obligation to make the Loan will not be satisfied if the Title Policy required by this Agreement is not, or cannot be, issued, whether caused by XxxxxxxxBorrower’s failure to satisfy the underwriter’s requirements or otherwise.. Loan Agreement

Title Policy Requirements. The Additional Borrower that is purchasing or refinancing the Prospective Property shall deliver to BankLender, at such Additional Borrower’s 's expense, for Texas property, a standard Texas loan policy of title insurance in accordance with the laws (Form T-2), acceptable to Lender and practices of the applicable stateLender's counsel. The Title Policy shall (a) show “MapleMark "East West Bank” , a California state-chartered bank" as the insured mortgagee, (b) insure the Lien of the Security Instrument Deed of Trust to encumber the Prospective Property as a first lien against the Land and Improvements such Property in the full amount of the LoanAdvance by Lender, (c) delete the exception for matters which a current survey would show, and all “"standard” " exceptions which can be deleted, to the fullest extent authorized under applicable title insurance rules and such Additional Borrower shall satisfy all requirements therefor, (d) contain (i) no exception for standby fees or real estate taxes other than standby fees and real estate taxes for the year in which the Prospective Property Closing Date occurs to the extent the same are not then due and payable in which case the same shall be endorsed “"not yet due and payable” " and (ii) no exception for subsequent assessments for prior years, (e) provide full coverage against mechanic’s 's liens to the extent authorized by applicable title insurance rules and such Additional Borrower shall satisfy all requirements therefor, (f) contain only such exceptions (regardless of rank or priority) Bank Lender approves, and such Additional Borrower shall cause to be delivered to Bank Lender true, complete and fully legible copies of all recorded instruments shown as exceptions, including the subdivision plat (if any) and any restrictive covenants, (g) insure that no restrictive covenants shown in the Title Policy have been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title, (h) insure that the lands shown in the required Survey are one and the same as the lands encumbered by the Security Instrumentsuch Deed of Trust, and that all recorded easements and other exceptions locatable on the ground are located as shown on the Survey, (i) insure that indefeasible or marketable (or the equivalent thereof pursuant to applicable law) (as coverage is available) fee simple title to the Land and Improvements Prospective Property is vested in such Additional Borrower, (j) contain such endorsements as Bank Lender requires and are available under applicable title insurance rules and such Additional Borrower shall satisfy all requirements therefor, (k) insure any easements, leasehold estates or other matters appurtenant to or benefiting the Land and/or the Improvements Prospective Property as part of the insured estate and not show the same as exceptions, (l) provide the recording information for the UCC financing statement (if any) filed in the real estate records of the county where the Land Prospective Property is located, and (m) insure the zoning ofof (if permitted by state regulations), and the Right right of access to, the Land Prospective Property to the extent authorized under applicable title insurance rules and such Additional Borrower shall satisfy all requirements therefor, and (n) contain provisions acceptable to Lender regarding Advances of Loan funds after the Loan closing (including any Advances for which no title update may be required). The Borrowers and Additional Borrowers shall be solely responsible for satisfying the requirements of the Title Company necessary to allow the Company to issue the Title Policy required by this Agreement. The conditions to Bank’s Lender's obligation to make the Loan will not be Exhibit C 7435458 v3 (78055.00044.000) satisfied if the Title Policy required by this Agreement hereunder is not, or cannot be, issued, whether caused by Xxxxxxxx’s such Additional Borrower's failure to satisfy the underwriter’s 's requirements or otherwise. Exhibit C 7435458 v3 (78055.00044.000) (LETTERHEAD OF XXXXXXX PARTNERSHIP) East West Bank 0000 Xxxx Xxxxxxx, 0xx Xx. Xxxxxxx, Xxxxx 00000 Attention: Xxxx Xxx $20,000,000.00 loan (the "Loan") from East West Bank ("Lender") to Xxxxxxx Timberway II, LLC ("Xxxxxxx Timberway"), Xxxxxxx Village Pointe, LLC ("Xxxxxxx Village Pointe"), Xxxxxxx Park Ten Place I & II, LLC ("Xxxxxxx Park"), and Xxxxxxx vREIT XXI Operating Partnership L.P. ("Xxxxxxx Partnership"; and Xxxxxxx Timberway, Xxxxxxx Village Pointe, Xxxxxxx Park and Xxxxxxx Partnership are collectively referred to herein as "Borrowers" and each sometimes individually referred to as a "Borrower"), which Loan is guaranteed by Xxxxxxx vREIT XXI ("Guarantor"). Ladies and Gentlemen: In accordance with that certain Revolving Promissory Note dated as of March 10, 2020 (the "Note") and that certain Master Credit Facility Agreement dated of even dated therewith executed by Borrowers and Guarantors (the "Loan Agreement"), this letter will serve as the Operational Draw Request of Borrowers requesting the sum of $_____________ under the Note. All capitalized terms used herein, and not otherwise defined herein, have the same meaning as in the Loan Agreement. The requested draw amount (the "Requested Draw Amount") is $__________. Each of the Loan Parties hereby acknowledges that it has no outstanding defenses, claims, counterclaims or offsets against Lender under the Loan Documents. Each of the Loan Parties represents and warrants to Lender as of the date hereof that: (a) each of the representations and warranties of any Loan Party contained in the Loan Documents were true, correct and complete as of the date of the Note and as of the date of any previous Advance and continue to be true and correct in all material respects as of the date hereof; (b) the Requested Draw Amount, when added to the principal balance of the Note outstanding on the date hereof does not exceed $20,000,000.00; (c) the funding of the Requested Draw Amount will Exhibit D 7435458 v3 (78055.00044.000) not cause the ICR for all of the Mortgaged Properties to be less than 1.50; (d) no Default or Breach has occurred and is continuing under the Note, any Deed of Trust or any other Loan Document; and (e) each of the Loan Parties continues to be in compliance in all material respects with all of the other terms, covenants and conditions contained in the Note, the Deeds of Trust and the other Loan Documents. Very truly yours, XXXXXXX vREIT XXI OPERATING PARTNERSHIP L.P.,a Texas limited partnership By: Xxxxxxx vREIT XXI, Inc., a Maryland Corporation its General Partner By: Name: Title: XXXXXXX TIMBERWAY II, LLC, a Texas limited liability company By: Xxxxxxx Income REIT Management, Inc., a Texas corporation, its Manager By: Name: Title: Xxxxxxx VILLAGE POINTE, LLC, a Texas limited liability company By: Xxxxxxx Income REIT Management, Inc., a Texas corporation, Exhibit D 7435458 v3 (78055.00044.000) its Manager By: Name: Title: XXXXXXX PARK TEN PLACE I & II, LLC, a Texas limited liability company By: Xxxxxxx Income REIT Management, Inc., a Texas corporation, its Manager By: Name: Title: a _____________________________ By: Print Name:_________________________ Title:_______________________________ XXXXXXX vREIT XXI, INC., a Maryland corporation By: Name: Title: Exhibit D 7435458 v3 (78055.00044.000) (LETTERHEAD OF XXXXXXX PARTNERSHIP) Date: ____________________________ East West Bank 0000 Xxxx Xxxxxxx, 0xx Xxxxx Xxxxxxx, Xxxxx 00000 ("Lender") Re: Request for Advance to pay for the acquisition or re-finance of a Prospective Property in accordance with that certain Master Credit Facility Agreement (the "Loan Agreement") dated as of March 10, 2020, by and among by East West Bank ("Lender"), Xxxxxxx vREIT XXI Operating Partnership L.P., a Texas limited partnership ("Xxxxxxx Partnership"), Xxxxxxx Timberway II, LLC, a Texas limited liability company ("Xxxxxxx Timberway"), Xxxxxxx Village Pointe, LLC, a Texas limited liability company ("Xxxxxxx Village Pointe"), Xxxxxxx Park Ten Place I & II, LLC, Texas limited liability company ("Xxxxxxx Park"; and Xxxxxxx Timberway, Xxxxxxx Village Pointe, Xxxxxxx Park and Xxxxxxx Partnership are collectively referred to herein as "Borrowers" and each sometimes individually referred to as a "Borrower"), and Xxxxxxx vREIT XXI, a Maryland corporation ("Guarantor"; and Borrowers and Guarantor are collectively referred to herein as the "Loan Parties", and each sometimes individually referred to as a "Loan Party"). Capitalized terms not otherwise defined herein shall have the meanings given them in the Loan Agreement. Ladies and Gentlemen: The Loan Parties and ________________________________, a _________________________ ("Additional Borrower") request an Advance under the Loan Agreement to pay costs incurred in connection with the acquisition or re-finance of a Prospective Property, in the amount of $__________________. The documents, materials and other information required under Exhibit A of the Loan Agreement are submitted with this letter and, among other things, identifies the Prospective Property and provides information about Additional Borrower. If there is any additional information that Lender requires please contact the undersigned. The status of available funds under the Loan Agreement is as follows: Total Committed Sum of Loan $20,000,000.00 less Advances to date - ($ ) Exhibit E 7435458 v3 (78055.00044.000) Remaining unadvanced Loan proceeds $ Amount of this certification and Advance $ The Loan Parties and Additional Borrower represent as follows: