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ti.. <br /> EXCEPTIONS - continued <br /> Order No. 12014322 <br /> Any claim which arises out of the transaction creating the <br /> interest of the mortgagee insured by this policy, by reason of <br /> the operation of federal bankruptcy, state insolvency or similar <br /> creditors ' rights laws, that is based on: <br /> (a) the transaction creating the interest of the insured <br /> mortgagee being deemed a fraudulent conveyance or <br /> fraudulent transfer; or <br /> (b) the subordination of the interest of the insured mortgagee <br /> as a result of the application of the doctrine of equitable <br /> subordination; or <br /> (c) the transaction creating the interest of the insured <br /> mortgagee being deemed a preferential transfer except where <br /> the preferential transfer results from the failure: <br /> (i ) to timely record the instrument of transfer; or <br /> ( ii) of such recordation to impart notice to a purchaser <br /> for value or a judgment or lien creditor. <br /> KT/pc <br /> 12-10-99 <br /> Office Notes <br /> -8- <br />