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AMERICAN LAND TITLE ASSOCIATION LOAN POLICY WITH A.L.T.A. ENDORSEMENT FORM 1 COVERAGE (10-17-92) AND A.L.T.A LEASEHOLD LOAN POLICY (10-17-92) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage,costs,attorney's fees or expenses which arise by reason of: 1. (a)Any law,ordinance or governmental regulation(including but not limited to building or zoning laws,ordinances,or regulations)restricting, regulating,prohibiting or relating to(i)the occupancy,use,or enjoyment of the land;(ii)the character,dimensions or location of any improvement now or hereafter erected on the land;(iii) a separation in ownership or a change in the dimensions or area of the land br any parcel of which the land is or was a part;or(iv)environmental protection,or the effect of any violation of these laws,ordinances or governmental regulations,except to the extent that a notice of the enforcement thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b)Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens,encumbrances,adverse claims or other matters: (a)created,suffered,assumed or agreed to by the insured claimant: (b)not known to the Company,not recorded in the public records at Date of Policy,but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy. (c)resulting in no loss or damage to the insured claimant; (d)attaching or created subsequent to Date of Policy(except to the extent that this policy insured the priority of the lien of the insured mortgage over any statutory lien for services,labor or material or to the extent insurance is afforded herein as to assessments for street improvements under construction or completed at Date of Policy); or (e)resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage. 4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of any subsequent owner of the indebtedness,to comply with the applicable doing business laws of the state in which the land is situated. 5. Invalidity or unenforceability of the lien of the insured mortgage,or claim thereof,which arises out of the transaction evidenced by the insured mortgage and is based upon usury or any consumer credit protection or truth in lending law. 6. Any statutory lien for services, labor or materials(or the claim of priority of any statutory lien for services,labor or materials over the lien of the insured mortgage) arising from an improvement or work related to the land which is contracted for and commenced subsequent to Daze of Policy and is not Financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage which at Date of Policy the insured has advanced or is obligated to advance. 7. Any claim which arises out of the transaction vesting in the Insured the estate or interest insured by this policy,by reason of the operation of federal bankruptcy,state insolvency,or similar creditors'rights laws,that is based on: (a)the transaction creating the interest of the insured mortgagee being deemed a fraudulent conveyance or fraudulent transfer;or (b)the subordination of the interest of the insured mortgagee as a result of the application of the doctrine of equitable subordination;or (c)the transaction creating the interest of the insured mortgagee being deemed a preferential transfer except where the preferential transfer results from the failure: (i)to timely record the instrument of transfer;or (ii)of such recordation to impart notice to a purchaser for value or a judgement or lien creditor. • Inner Brackett denote coverage not contained in Leasehold Loan Policy. AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY (6-1-87) PRINTED POLICY EXCEPTIONS AND EXCLUSIONS The Exclusions and the Exceptions of the ALTA Residential Policy Form recite that you are not insured against loss or damage,costs,attorney's fees, and expenses resulting from: Exclusions 1. Governmental police power,and the existence or violation of any law or 3. Title Risks: government regulation, This includes building and zoning ordinances ■ that are created,allowed,or agreed to by you and also laws and regulations concerning: ■ that are known to you,but not to us,on the Policy Date-unless ■ land use they appeared in the public records ■ improvements on the land ■ that result in no loss to you ■ land division • that First affect your title after the Policy Date-this does not limit ■environmental protection the labor and material lien coverage in Item 8 of Covered Title Risks. This exclusion does not apply to violations or the enforcement of these 4. Failure to pay value for your title. matters which appear in the public records at Policy Date. 5. Lack of a right: This exclusion does not limit the zoning coverage described in Items 12 ■ to any land outside the area specifically described and referred to and I3 of Covered Title Risks. in Item 3 of Schedule A 2. The right to take the land by condemning it,unless: or ■ a notice of exercising the right appears in the public records on the ■ in streets,alleys,or waterways that touch your land. Policy Date. This exclusion does not limit the access coverage in Item 5 of ■the taking happened prior to the Policy Date and is binding on you if Covered Tide Risks. you bought the land without knowing of the taking. Regional Exceptions (a) j Any rights, interests or claims of parties in possession of the land not shown by the public records. (b) l Any easements or liens not shown by the public record. This does not limit the lien coverage in Item 8 of the Covered Title Risks. (c) Any facts about the land which a correct survey would disclose and which are not shown by the public records. This does not limit the forced removal coverage in Item I2 of Covered Title Risks. (d) Any water rights,clairns or title to water on or under the land. B2210-6