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i i LENDER'S NOTE: 1 IF A 1970 ALTA LENDER'S POLICY NORM HAS BEEN REQUESTED, THE POLICY, WHEN AND IF f APPROVED FOR ISSUANCE, WILL EITHER BE ENDORSED TO ADD THE FOLLOWING LANGUAGE OR AN ENCUMBRANCE WILL BE ADDED TO SCHEDULE B, PART I AS FOLLOWS: FjAny claim,which arises out of the transaction creating the interest of the mortgagee insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: i Fil (a) the transaction creating the Interest of the insured mortgagee being deemed a fraudulent 4 conveyance or fraudulent transfer; or (b) the subordination of the interest of the insured mortgagee as a result of the application F-1 or 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: F41 (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. ri APPROVAL FOR THE ISSUANCE OF THE 1970 ALTA LENDER'S POLICY FORM MUST BE REQUESTED AND APPROVED PRIOR TO CLOSE OF ESCROW. ALL OTHER FORMS OF POLICIES THAT ARE AUTHORIZED TO BE ISSUED ARE THE 1992 POLICIES ONLY. 1 BUYER'S NOTE: F` I If an ALTA Residential Owner's Policy is requested and if the property described herein is determined to be eligible for this policy, the following Exceptions from Coverage will appear in the policy: i 1. Taxes or assessments which are not shown as liens by the public records or by the records F1 of any taxing authority. 2. (a) Water rights, claims or title to water; (b) reservations or exceptions in patents F1 or in Acts authorizing the issuance thereof; (c) unpatented mining claims; whether or I not the matters excepted under (a), (b) or (c) are shown by the public records. 3. Any rights, interests or claims of parties in possessioq of the land which are not ri shown by the public records. 4. Any easements or liens not shown by the public records. This exception does not limit the I J lien coverage in Item 8 of the Covered Title Risks. 1 J 5. Any facts about the land which a correct survey would disclose and which are not shown by the public records. This exception does not limit the forced removal coverage in Item 12 of the Covered Title Risks. F skaLn<.Noase i i 6