Standard Coverage Owner definition

Standard Coverage Owner s Policy” means the following:
View Source
Standard Coverage Owner s Policy of title insurance (the "Title Policy") naming Buyer as the insured, or at Buyer's option, a binder for such Title Policy. The Title Policy, to be paid for by Buyer, shall be in an amount of Twenty Five Thousand Dollars ($25,000).
View Source

Examples of Standard Coverage Owner in a sentence

  • Seller is responsible only for payment of the premium for the Standard Coverage Owner Policy.

  • If Buyer elects to obtain any New Policy, then Buyer is responsible for payment of the premium for the Standard Coverage Owner Policy, the premiums charged for and costs associated with obtaining extended coverage and endorsements to the New Policy and for any loan policy or endorsements required by Buyer's lender, but Seller is not obligated to cause Closing Agent to issue any endorsements to the New Policy or any lender policy.

  • Buyer may request that Title Company issue available endorsements to the Owner Policy, but Seller is responsible only for payment of the premium for the Standard Coverage Owner Policy.

  • As soon as reasonably possible, the Title Company or its agent(s) will provide Buyer with a preliminary report or a commitment for a 2006 ALTA Standard Coverage Owner Policy for each Property, issued by Title Company or its agent (collectively the “Title Commitment”).

Related to Standard Coverage Owner

  • Lot coverage means the percentage of lot area covered by all buildings on the lot;

  • Fraud Coverage During the period prior to the first anniversary of the Cut-Off Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated to the Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date. The Fraud Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • Special Hazard Coverage The Special Hazard Coverage on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $1,925,990, in each case reduced by Special Hazard Losses allocated to the Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans located in the single California zip code area containing the largest aggregate principal balance of Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans and (c) twice the unpaid principal balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) $1,925,990 as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. The Special Hazard Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • Standard Conditions means the “International Bank for Reconstruction and Development and International Development Association Standard Conditions for Grant Financing Made by the Bank out of Trust Funds”, dated February 25, 2019.

  • Special Hazard Coverage Termination Date The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.