Lender's Title Insurance Policy

Example Definitions of "Lender's Title Insurance Policy"
Lender's Title Insurance Policy. An American Land Title Association or California Land Title Association (extended coverage) form or a Texas Land Title Association form lender's title insurance policy, including all riders or endorsements thereto, together with such additional endorsements as are required under relevant Agency guidelines or Approved Investor's requirements, as applicable, in an amount not less than the original principal balance of the relevant Mortgage Loan, insuring the holder of the Mortgage Loan that the... related Mortgage constitutes a valid Lien on the related Mortgaged Premises, subject only to (i) (if the Seller has represented the relevant Mortgage Loan to be a Second Lien Loan) the lien of a single senior Mortgage on the related Mortgage Premises, (ii) liens for real estate taxes and governmental-improvement assessments not delinquent, (iii) easements and restrictions that do not materially and adversely affect the marketability of title to such Mortgaged Premises or prohibit or interfere with their use as a Single-family residential dwelling, (iv) (if such Mortgaged Premises constitute a unit in a condominium) a declaration of condominium or other similar document that evidences the creation of such condominium and a condominium endorsement, (v) reservations as to oil, gas or mineral rights, provided such rights do not include the right to remove buildings or other improvements on or near the surface of the related Mortgaged Premises or to mine or drill on the surface thereof or otherwise enter the surface for purposes of removing oil, gas or minerals, (vi) agreements for the installation, maintenance or repair of public utilities, provided such agreements do not create or evidence liens on the Mortgaged Premises, or authorize or permit any Person to file or acquire claims of liens against the Mortgaged Premises, or (vii) such other exceptions that are acceptable under the relevant Agency guidelines or Approved Investor's requirements, as applicable. View More
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