Title Policy; Title Documents Clause Samples
Title Policy; Title Documents. The Borrower shall have caused the Title Insurer to issue an endorsement to the ALTA title policy issued in connection with the Deed of Trust (the “Title Policy”), insuring the continuing First Priority of the Lien of the Deed of Trust as Security for the Loans on the Effective Date and insuring that (i) since the Original Closing Date there has been no change in the condition of title unless permitted by the Loan Documents and (ii) there are no intervening Liens or encumbrances (including inchoate mechanic's liens) which may then or thereafter take priority over the Lien of the Deed of Trust (other than the Permitted Liens).
Title Policy; Title Documents. The Borrower shall have delivered to the Administrative Agent a title insurance policy (the “Title Policy”) with respect to the Property in the amount of $60,000,000, together with a copy of all title exception documents and all Easements, reciprocal easement agreements, operating agreements, declarations, and other legal documents affecting the use or operation of the Property or the Improvements located or to be located thereon. The Title Policy shall: (x) include an endorsement protecting against forfeiture or reversion due to covenants, restrictions or encroachments and such other endorsements as are reasonably required by the Administrative Agent, (y) be issued by the Title Insurer in form and substance satisfactory to the Administrative Agent and (z) insure that (1) the Borrower has good and marketable, fee simple title to the Property, the Easements and the Improvements thereon, free and clear of all Liens (other than Permitted Liens), (2) the Deed of Trust is a valid, perfected First Priority Lien on the Security entitled to the priority described therein, free and clear of all Liens (other than Permitted Liens), (3) the Secured Parties have the right to foreclose against the Property, the Easements and the Improvements now or hereafter thereon and that no forfeiture or right of reversion exists due to covenants, restrictions or encroachments and (4) the Borrower has all utility, access, support and other Easements necessary for the construction and operation of the Property and the other Improvements located or to be located thereon. If the Property consists of several parcels, the Title Policy must affirmatively insure the contiguity of all such parcels.