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EXCLUSIONS FROM COVERAGE by reason of the public records as defined in this policy or any other The following matters are expressly excluded from the coverage records which impart constructive notice of matters affecting the land . of this policy and the Company will not pay loss or damage , costs , ( d ) " land " : the land described or referred to in Schedule A, and attorneys' fees or expenses which may arise by reason of : improvements affixed thereto which by law constitute real property. 1 . ( a ) Any law, ordinance or governmental regulation ( including but The term " land " does not include any property beyond the lines of not limited to building and zoning laws , ordinances , or regulations ) the area described or referred to in Schedule A, nor any restricting , regulating , prohibiting or relating to ( i ) the occupancy, use , right, title , interest, estate or easement in abutting streets, roads , or enjoyment of the land ; ( ii ) the character, dimensions or location of avenues , alleys , lanes , ways or waterways, but nothing herein shall any improvement now or hereafter erected on the land ; ( iii ) a modify or limit the extent to which a right of access to and from the separation in ownership or a change in the dimensions or area of the land is insured by this policy. land or any parcel of which the land is or was a part ; or ( iv) ( e ) " mortgage" : mortgage , deed of trust, trust deed , or other environmental protection , or the effect of any violation of these laws, security instrument. ordinances or governmental regulations, except to the extent that a (f) , " public records" : records established under state statutes at notice of the enforcement thereof or a notice of a defect, lien or Date of Policy for the purpose of imparting constructive notice of encumbrance resulting from a violation or alleged violation affecting matters relating to real property to purchasers for value and without the land has been recorded in the public records at Date of Policy. knowledge . Withrespect to Section 1 ( a )( iv) of the Exclusions from ( b ) Any governmental police power not excluded by (a ) above , Coverage , " public records" shall also include environmental protection except to the extent that a notice of the exercise thereof or a notice liens filed in the records of the clerk of the United States District of a defect, lien or encumbrance resulting from a violation or alleged Court for the district in which the land is located . violation affecting the land has been recorded in the public records at (g ) it unmarketability of the title ' : an alleged or apparent matter Date of Policy. affecting the title to the land , not excluded or excepted from 2 . Rights of eminent domain unless notice of the exercise thereof coverage , which would entitle a purchaser of the estate or interest has been recorded in the public records at Date of Policy, but not described in Schedule A to be released from the obligation to excluding from coverage any taking which has occurred prior to Date purchase by virtue of a contractual condition requiring the delivery of of Policy which would be binding on the rights of a purchaser for marketable title . value without knowledge . 2. Continuation of Insurance After Conveyance of Title. 3 . Defects, liens , encumbrances , adverse claims or other matters : The coverage of this policy shall continue in force as of Date of ( a ) created , suffered , assumed or agreed to by the insured Policy in favor of an insured only so long as the insured retains an claimant ; estate or interest in the land , or holds an indebtedness secured by a ( b ) not known to the Company, not recorded in the public purchase money mortgage given by a purchaser from the insured , or records at Date of Policy, but known to the insured claimant and not only so long as the insured shall have liability by reason of covenants disclosed in writing to the Company by the insured claimant prior to of warranty made by the insured in any transfer or conveyance of the the date the insured claimant became an insured under this policy ; estate or interest. This policy shall not continue in force in favor of ( c) resulting in no loss or damage to the insured claimant ; any purchaser from the insured of either ( i ) an estate or interest in ( d ) attaching or creating subsequent to Date of Policy ; or the land , or ( ii ) an . indebtedness secured by a purchase money ( e ) resulting in loss or damage which would not have been mortgage given to the insured . sustained if the insured claimant had paid value for the estate or 3. Notice of Claim to be Given by Insured Claimant interest insured by this policy. The insured shall notify the Company promptly in writing ( i ) in 4. Any claim , which arises out of the transaction vesting in the case of any litigation as set forth in Section 4( a ) below, ( ii ) in case insured the estate or interest insured by this policy, by reason of the knowledge shall come to an insured hereunder of any claim of title or operation of federal bankruptcy, state insolvency, or similar creditors ' interest which is adverse to the title to the estate or interest, as rights laws , that is based on : insured , and which might cause loss or damage for which the ( a ) the transaction creating the estate or interest insured by this Company may be liable by virtue of this policy, or ( iii ) if title to the policy being deemed a fraudulent conveyance or fraudulent transfer, or estate or interest, as insured , is rejected as unmarketable . If prompt ( b) the transaction creating the estate or interest insured by this notice shall not be given to the Company, then as to the insured all policy being deemed a preferential transfer except where the liability of the Company shall terminate with regard to the matter or preferential transfer results from the failure : matters for which prompt notice is required ; provided , however, that ( i ) to timely record the instrument of transfer; or failure to notify the Company shall in no case prejudice the rights of ( ii ) of such recordation to impart notice to a purchaser for any insured under this policy unless the Company shall be prejudiced value or a judgment of lien creditor. by the failure and then only to the extent of the prejudice . CONDITIONS AND STIPULATIONS 4. Defense and Prosecution of Actions; Duty of Insured Claimant to 1 . Definition of Terms. Cooperate. The following terms when used in this policy mean : ( a ) Upon written request by the insured and subject to the (a ) " insured " : the insured named in Schedule A , and , subject to options contained in Section 6 of these Conditions and Stipulations, any rights or defenses the Company would have had against the the Company, at its own cost and without unreasonable delay, shall named insured , those who succeed to the interest of the named provide for the defense of an insured in litigation in which any third insured by operation of law as distinguished from purchase including , party asserts a claim adverse to the title or interest as insured, but but not limited to , heirs , distributees , devisees , survivors , personal only as to those stated causes of action alleging a defect, lien or representatives, next of kin, or corporate or fiduciary successors . encumbrance or other matter insured against by this policy. The ( b ) " insured claimant" : an insured claiming loss or damage . Company shall have the right to select counsel of its choice ( subject ( c) " knowledge" or " known" : actual knowledge , not to the right of the insured to object for reasonable cause ) to constructive knowledge or notice which may be imputed to an insured represent the insured as to those stated causes of action and shall