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(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 improvenu;nts under construction or completed at Date of Policy); or 0 (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 applicable doing business laws of the Fj state in which the land is situated. 5. Invalidity or unenforceability of die 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 Date 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 creating the interest of the mortgagee insured by this policy, by reason of ; the operation of federal bankruptcy, state insolvency, or similar creditor's 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 or 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; (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. Fi The above policy forms may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage Policy will also include the following General Exceptions: EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorney's fees or expenses) which arise by reason of: 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or FJ assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interest or claims which are now shown by the public records, but which could be ascertained by an inspection of die land or which may be asserted by persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other factors which a correct survey r 0 would disclose, and which are not shown by the public records. 5. (a) Unpatented shining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under(a), (b), or (c) are shown by the public 0 records. I 5. AMERICAN LAND TITLE ASSOCIATION OWNER'S ]POLICY(10-17-92) ri EXCLUSIONS FROM COVERAGE ' The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, Acosts, attorney's fees or expenses which arise by reason of. 1. (a) Any law, ordinance or governmental regulation(including but not limited to building and zoning laws, ordinances, or regulations:) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) die character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership PRRLZK,1;4 1R.- 11-17-041 PAGE 4 OF 5 j FIf 1