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AMERICAN LAND TI'T'LE ASSOCIATION LOAN POLICY
<br /> WITH A.L.T:A. ENDORSEMENT FORM 1 COVERAGE -
<br />��� .�•.. (10 17-92)
<br /> AND A.L.T.A LEASEHOLD LOAN POLICY (10-17-92)
<br /> EXCLUSIONS FROM COVERAGE
<br /> The following matters arc 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
<br /> reason of:
<br /> 1. (a)Any law, ordinance or governmental regulation(including but not limited to building or zoning laws,ordinances,or rcgulationhs) restrir:ting,regulating,prohibiting.
<br /> 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)
<br /> a separation in ownership or a change in the dimensions or arm of the land br any parcel of which the land is or was a pari;or(iv)environmental protection,or the
<br /> effect of any violation of these laws,ordinances or governmental regulations,except to the extent that a notice of the enforcement thereof ora notice of a defect, lien or
<br /> encumbrance resulting from a violation or alleged violation affecting the land has been retarded in the public records at Date of Policy,
<br /> .(b)Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise thereof at a notice of a-derect, lien or cncumbtance
<br /> resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy..
<br /> 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
<br /> which has uccurred prior to Date of Policy which would.be binding on the rights of a purchaser for value without knowledge.
<br /> 3, Defects,liens,encumbrances•adverse claims or other matters:
<br /> (a)created,suffered,assumed or agreed to by the insured claimant:
<br /> (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
<br /> the insured claimant prior to the date the insured claimant became an insured under this policy.
<br /> (c) resulting in no loss or damage to the insured claimant:
<br /> (d)attaching or created subsequent to Date of Policy(except to the extent that this policy insured the priority of the lien of the insuredmortgage over any statutory lien
<br /> 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);
<br /> or
<br /> (c)resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage.
<br /> 4. Unenforecsbility.of the lien or the insured mortgage because of the inability or failure of the insured at Date of Policy.Or the inability or faiture of any subsequent
<br /> owner of the indebtedness•to comply with the applicable doing business laws of the state in which the land is situated.
<br /> 3. Invalidity or uncoforccability of the lien of the'insured mortgage,or claim thereof, which arises out of the transaction evidenced by the insured mortgage.and is based .
<br /> upon usury or any consumer credit pratccdon or truth in lending law,
<br /> b. 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)
<br /> arising from an improvement or work related to the land which is contracted for and commenced subsequent to Dau of Policy and is shot financed in whole or in.part by
<br /> proceeds of the indebtedness secured by the insured mortgage which az Date of Policy the insured has advanced or is obligated to advance,
<br /> =u7. Any claim which arises out of the transaction vesting in the insured the estate or interest insured by this policy,by(town of the operation of federal bankruptcy, state
<br /> insolvency,or similar creditors'rights laws,that is based on:
<br /> i (a)the varuaceion creating the'interest Of the insured mortgagee being deemed a fraudulent conveyance or fraudulent transfer;or
<br /> i (b)the subordination of the interest of the insured mortgagee as a result df the application Of the doctrine of equitable subordination;Or
<br /> i (c)the transaction crewing the interest of the inured mortgagee being deemed a preferential transfer except where the preferential transfer results from the failure,
<br /> O to timely record the inscument.of transfer;or
<br /> (is)of such recordation to impart notice to a purchaser for value or a judgement or lien creditor,
<br /> Ironer Brackets denote coverage nes contained in Leasehold Loan Policy,
<br /> AMERICAN LAND TITLE ASSOCIATION RESIDEN'T'IAL TITLE INSURANCE POLICY
<br /> PRINTED POLICY EXCEPTIONS AND EXCLUSIONS
<br /> The Exclusion and the Exceptions of the ALTA Residential Policy Form recite that you are not insured against loss or dam
<br /> Exclusions age,ensu,auarncy's fees,and expenses resulting From:
<br /> [. Governmental pollee pow'
<br /> r•and the existence or violation of any law or 3. Title Risks:
<br /> government regulation, This includes building and zoning ordinances ■ that are creucd, allowed,Or agreed to by you
<br /> and also laws and regulation concerning: - that arc known to you,but not to us•on the Policy Date-unless
<br /> { use they appeared in the public records
<br /> hat result in no lass to you
<br /> ■ improvements on the land , t
<br /> land division ■ that first affect your tide after the Policy Date•this does not limii
<br /> ■ environmental on the labor and ma"crial lien coverage in Rem 8 of Covered Title Risks.
<br /> This.exclusion does
<br /> not
<br /> ot apply to violation or the enforcement of these 4. Failure tO pay value for your title.
<br /> matters which appear in the public records at Policy Date. 5-
<br /> Lack of o right:
<br /> This exclusion dries not limit the zoning coverage described in Items 12 . to any land Outside the area specifically described and referred to
<br /> and 13 of Covered Tide Risks.. in Item 3 of Schedule A'
<br /> 2. The right to-take the land by condemning.it,unlessr or
<br /> ■ a nOtice Of exercising the right appears in the public records on the in streets,
<br /> Policy Date. alleys,or waterways that touch your land.
<br /> This exclusion docs not limit the access coverage in Item 5 of.
<br /> ■ nhe.haking happened prior to the Policy Daze and u binding On you if Covered Tide Risks.
<br /> you bought the land without knowing of the taking. ;
<br /> Regional Exceptions
<br /> �fv) Any rights, interests or claims of panics in possession of the land-not shown by'the public records.'
<br /> Any easements or liens not shown by the public record.
<br /> This does not limit the lien coverage in!cernS of the Covered Tide Risks.
<br /> (c) Any face about the land which a correct survey would disclose and which ale no(shown by the public records.
<br /> This does not limit the forced removal coverage in Item l2 of Covered Tide Risks.
<br /> (d} Any water rights,claims Or tide to water on or under the land.
<br /> B2210-5
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