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CONDITIONS <br /> I . DEFINITION OF TERMS without Knowledge . With respect to Covered Risk 5 (d ) , "Public <br /> The following terms when used in this policy mean : Records" shall also include environmental protection liens filed <br /> in the records of the clerk of the United States District Court <br /> (a) "Amount of Insurance" : The amount stated in Schedule A , as for the district where the Land is located . <br /> may be increased or decreased by endorsement to this policy, (j ) "Title" : The estate or interest described in Schedule A . <br /> increased by Section 8( b ), or decreased by Sections 10 and 11 <br /> of these Conditions . (k) "Unmarketable Title" : Title affected by an alleged or apparent <br /> matter that would permit a prospective purchaser or lessee of <br /> (b) "Date of Policy" : The date designated as "Date of Policy " in the Title or lender on the Title to be released from the obligation <br /> Schedule A . to purchase, lease, or lend if there is a contractual condition <br /> ( c) "Entity " : A corporation , partnership , trust, limited liability requiring delivery of marketable title . <br /> company, or other similar legal entity. <br /> 2 . CONTINUATION OF INSURANCE <br /> ( d) "Insured" : The Insured named in Schedule A . <br /> ( i) The term " Insured" also includes The coverage of this policy shall continue in force as of Date of <br /> Policy in favor of an Insured, but only so long as the Insured retains <br /> (A) successors to the Title of the Insured by operation of an estate or interest in the Land, or holds an obligation secured by <br /> a <br /> law as distinguished from purchase, including heirs, purchase money Mortgage given by a purchaser from the Insured, <br /> devisees, survivors, personal representatives , or next or only so long as the Insured shall have liability by reason of war. <br /> of kin; ranties in any transfer or conveyance of the Title . This policy shall <br /> (B ) successors to an Insured by dissolution, merger, con- not continue in force in favor of any purchaser from the <br /> Insured <br /> solidation , distribution , or reorganization; of either ( i ) an estate or interest in the Land , or (ii) an obligation <br /> (C) successors to an Insured by its conversion to another secured by a purchase money Mortgage given to the Insured. <br /> kind of Entity ; 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED <br /> (D) a grantee of an Insured under a deed delivered without CLAIMANT <br /> payment of actual valuable consideration conveying the The Insured shall notify the Company promptly in writing ( i) in <br /> Title case of any litigation as set forth in Section 5 (a) of these Condi- <br /> ( 1 ) if the stock, shares, memberships, or other equity tions, ( ii ) in case Knowledge shall come to an Insured hereunder of <br /> interests of the grantee are wholly-owned by the any claim of title or interest that is adverse to the Title, as insured, <br /> named Insured , and that might cause loss or damage for which the Company may <br /> 2) if the grantee wholly owns the named Insured, be liable by virtue of this policy, or ( iii) if the Title, as insured <br />, is <br /> ( g Y rejected as Unmarketable Title . If the Company is prejudiced by <br /> (3 ) if the grantee is wholly-owned by an affiliated En- the failure of the Insured Claimant to provide prompt notice, the <br /> tity of the named Insured , provided the affiliated Company 's liability to the Insured Claimant under the policy shall <br /> Entity and the named Insured are both wholly= be reduced to the extent of the prejudice . <br /> owned by the same person or Entity, or 4. PROOF OF LOSS <br /> (4 ) if the grantee is a trustee or beneficiary of a trust <br /> In the event the Company is unable to determine the amount of loss <br /> created by a written instrument established by the <br /> Insured named in Schedule A for estate planning or damage, the Company may, at its option, require as a condition <br /> purposes . of payment that the Insured Claimant furnish a signed proof of loss. <br /> The proof of loss must describe the defect, lien, encumbrance, or <br /> ( ii ) With regard to (A ), (B ) , (C ), and (D) reserving, however, all other matter insured against by this policy that constitutes the basis <br /> rights and defenses as to any successor that the Company of loss or damage and shall state, to the extent possible, the <br /> basis <br /> would have had against any predecessor Insured. of calculating the amount of the loss or damage . <br /> (e) "Insured Claimant" : An Insured claiming loss or damage . 5. DEFENSE AND PROSECUTION OF ACTIONS <br /> ( f) "Knowledge" or "Known" : Actual knowledge, not construo- (a) Upon written request by the Insured, and subject to the options <br /> tive knowledge or notice that may be imputed to an Insured by contained in Section 7 of these Conditions , the Company, at <br /> reason of the Public Records or any other records that impart its own cost and without unreasonable delay, shall provide for <br /> constructive notice of matters affecting the Title . the defense of an Insured in litigation in which any third party <br /> (g) "Land" : The land described in Schedule A, and affixed improve- asserts a claim covered by this policy adverse to the Insured. <br /> ments that by law constitute real property. The term "Land" This obligation is limited to only those stated causes of <br /> action <br /> does not include any property beyond the lines of the area alleging matters insured against by this policy. The Company <br /> described in Schedule A, nor any right, title, interest, estate, or shall have the right to select counsel of its choice (subject to the <br /> easement in abutting streets, roads, avenues, alleys, lanes, ways, right of the Insured to object for reasonable cause) to represent <br /> or waterways, but this does not modify or limit the extent that the Insured as to those stated causes of action. It shall <br /> not be <br /> a right of access to and from the Land is insured by this policy. liable for and will not pay the fees of any other <br /> counsel . The <br /> ( h) "Mortgage" : Mortgage, deed of trust, trust deed, or other secu- Company will not pay any fees , costs, or expenses incurred by <br /> rity instrument, including one evidenced by electronic means the Insured in the defense of those causes of action that allege <br /> authorized bylaw. matters not insured against by this policy. <br /> ( i) "Public Records" : Records established under state statutes at (b ) The Company shall have the right, in addition <br /> to the options <br /> Date of Policy for the purpose of imparting constructive notice contained in Section 7 of these Conditions, at its own cost, to <br /> of matters relating to real property to purchasers for value and institute and prosecute any action or proceeding or to do <br /> any <br /> OP-25 ALTA Owners Policy of Title Insurance 647-06 (with FLORIDA Modifications) (WLTIC Edition 1 /26/ 11 ) Page 3 <br />