Mortgagee Policy definition
Examples of Mortgagee Policy in a sentence
The Mortgagee Policy, if any, will be provided by the office of the title insurance underwriter or agent issuing the owner policy.
The Borrower shall pay to or reimburse the Lender for any costs incurred in extending the term of the Title Binder or, if no such extension of the term of the Title Binder is then available pursuant to applicable regulations, any costs incurred in obtaining a Mortgagee Policy of Title Insurance (Form T-2) to replace the Title Binder.
A standard Texas promulgated form Mortgagee Policy of Title Insurance (the “Title Policy”), together with any endorsements which Lender may require, insuring Lender, in the principal amount of the Loan, of the validity and the priority of the lien of the Deed of Trust upon the Property and the Improvements, subject only to matters approved by Lender in writing.
There must be delivered to the Bank an ALTA Mortgagee Policy of Title Insurance in the face amount of the Loan issued by a nationally recognized, responsible title insurance company acceptable to the Bank (the “Title Insurance Company”) with standard exceptions deleted and subject only to other exceptions, if any, satisfactory to the Bank.
Purchaser shall pay, on the Closing Date, all recording costs, all escrow fees and other customary charges of the Title Company and Escrow Agent and the title insurance premium for the Mortgagee Policy (as defined in Section 6.6 (f)).
The Contributor shall be responsible for the payment of all costs and expenses associated the Owner’s Policy, and the Acquiror shall be responsible for the payment of all costs and expenses associated with the Mortgagee Policy.
The Title Insurance Company shall deliver to the Lessor an Owner’s Policy of Title Insurance and an alternative Mortgagee Policy of Title Insurance (insuring the lien of the mortgage contained in the Memorandum of Lease) issued to the Lessor and its successors and assigns including the Administrative Agent, in each case, reasonably acceptable in form and substance to the Administrative Agent and each of the Participants (collectively, the “Title Policy”).
Scout's obligation to sell the Property shall be subject to the irrevocable commitment of the Title Company to issue upon payment of the Title Company's normal premium at Closing its Mortgagee Policy of Title Insurance in the amount of Fitzgeralds' Note.
On the Closing Date, Lessor shall receive from the Title Insurance Company an assignment of lien endorsement and a modification endorsement to the Mortgagee Policy of Title Insurance (insuring the lien of the mortgage contained in the Memorandum of Lease) issued to Lessor and its successors and assigns, as amended and assigned, in each case, reasonably acceptable in form and substance to Lessor (collectively, the “Title Policy”).
Purchaser, at Purchaser's sole expense, shall elect to cause the Title Company to amend the survey exception to read "any shortages in area" and issue a Mortgagee Policy of Insurance in favor of Lender in the amount of the Note subject to no exceptions other than the Permitted Encumbrances.