|
' ' •' � � CHICAGO TITLE INSURANCE COMPANY
<br /> ' ' OWNER'S POLICY (2006)
<br /> POLICY NLJMBER: 1612-120113192-DEC
<br /> EXCLUSIONS FROM COVERAGE
<br /> The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or
<br /> expenses that arise by reason of:
<br /> 1. (a) Any law,ordinance,permit,or governmental regulation(including those relating to building and zoning)restricting,regulating,prohibiting, or
<br /> relating to
<br /> (i) the occupancy,use,or enjoyment of the Land;
<br /> (ii) the character,dimensions or location of any improvement erected on the Land;
<br /> (iii) the subdivision of land;or
<br /> (iv) environmental protection;
<br /> or the effect of any violation of these laws,ordinances,or governmental regulations.This Exclusion 1(a)does not modify or limit the coverage
<br /> provided under Covered Risk 5.
<br /> (b) Any governmental police power.This Exclusion does not modify or limit the coverage provided under Covered Risk 6.
<br /> 2. Rights of eminectt domain.This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
<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
<br /> writing to the Company by 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 Ciaimant;
<br /> (d) attaching or created subsequent to Date of Policy(however,this does not modify or limit the coverage provided under Covered Rish 9 and 10);
<br /> or
<br /> (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
<br /> 4. Any claim,by reason of the operation of federal bankruptcy,state insolvency,or similar creditors'rights laws,that the transaction vesting the Title as
<br /> shown in Schedule A,is
<br /> (a) a fraudulent conveyance or fraudulent transfer;or
<br /> (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
<br /> 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the
<br /> date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.
<br /> CONDITIONS
<br /> 1. DEFINTTION OF TERMS (3) if the grantee is (h) "Mortgage": Mortgage, deed of trust,
<br /> The following terms when used in this policy wholly-owned by an trust deed, or other security
<br /> mean: affiliated Entity of the instrument,including one evidenced by
<br /> (a) "Amount of Insurance": The amount named Insured, pro- electronic means authorized by law.
<br /> stated in Schedule A, as may be vided the affiliated (i) "Public Records": Records established
<br /> increased or decreased by endorsement Entity and the named under state statutes at Date of Policy
<br /> to this policy, inczeased by Section Insured are both for the purpose of imparting
<br /> 8(b), or decreased by Sections 10 and wholly-owned by the constructive notice of matters relating
<br /> 11 of these Conditions. same person or Entity, to real property to purchasers for value
<br /> (b) "Date of Policy": The date designated or and without Knowledge. With respect
<br /> as"Date of Policy"in Schedule A. (4) if the grantee is a to Covered Risk 5(d),"Public Records"
<br /> (c) "Entity": A corporation, partnership, trustee or beneficiary shall also include environmental
<br /> trust, limited liability company, or of a trust created by a protection liens filed in the records of
<br /> other similar legal entity. written instrument the clerk of the United States District
<br /> (d) "Insured": The Insured named in established by the Court for the district where the Land is
<br /> Schedule A. Insured named in located.
<br /> (i) The term"Insured"also includes Schedule A for estate (j) "Title": The estate or interest
<br /> (A) successors to the Title of the planning purposes. described in Schedule A.
<br /> Insured by operation of law (ii) With regard to(A),(B),(C),and (k) "Unmarketable Title":Title affected by
<br /> as distinguished from (D)reserving, however, all rights an alleged or apparent matter that
<br /> purchase, including heirs, and defenses as to any successor would permit a prospective purchaser
<br /> devisees,survivors,personal that the Companywould have had or lessee of the Title or lender on the
<br /> representatives, or next of against any predecessor Insured. Title to be released from the obligation
<br /> kin; (e) "Insured Claimant": An Insured to purchase,lease,or lend if there is a
<br /> (B) successors to an Insured by claiming loss or damage. contractual condition requiring the
<br /> dissolution, merger, con- (f) "Knowledge" or "Known": Actual delivery of marketable title.
<br /> solidation, distribution, or knowledge,not constructive knowledge
<br /> reorganization; or notice that may be imputed to an 2. CONTINLTATION OF INSURANCE
<br /> (C) successors to an Insured by Insured by reason of the Public The coverage of this policy shall continue in
<br /> its conversion to another Records or any other records that force as of Date of Policy in favor of an
<br /> kind oF Entity; impart constructive notice of matters Insured, but only so long as the Insured
<br /> (D) a grantee of an Insured affecting the Title. retains an estate or interest in the Land, or
<br /> under a deed delivered (g) "Land": The land described in holds an obligation secured by a purchase
<br /> without payment of actual Schedule A,and affixed improvements money Mortgage given by a purchaser from
<br /> valuable consideration that by law constitute real property. the Insured, or only so long as the Insured
<br /> conveying the Title The term "Land" does not include any shall have liability by reason of warranties in
<br /> (1) if the stock, shares, property beyond the lines of the area any transfer or conveyance of the Title.This
<br /> memberships, or other described in Schedule A,nor any right, policy shall not continue in Force in favor of
<br /> equity interests of the title, interest, estate, or easement in any purchaser from the Insured of either(i)
<br /> grantee are wholly- abutting streets,roads,avenues, alleys, an estate or interest in the Land, ar(ii) an
<br /> owned by the named lanes,ways,or waterways,but this does obligation secured by a purchase money
<br /> Insured, not modify or limit the extent that a Mortgage given to the Insured.
<br /> (2) if the grantee wholly right of access to and from the Land is
<br /> owns the named insured by this policy.
<br /> Insured,
<br /> OPCON106 11/06DGG GSF �2��4�1� �9:21:1�
<br />
|