The effective date of the title policy should not be earlier than when the:
- Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. is recorded, if a 1992 ALTAALTAAmerican Land Title Association policy form is issued; or
- Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or a mortgage debt obligation with a Fannie Mae credit enhancement. was funded, if a 2006 ALTAALTAAmerican Land Title Association policy form is issued.