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CONDITIONS 1 . DEFINITION OF TERMS purchase, lease , or lend if there is a contractual condition requiring The following terms when used in this policy mean : the delivery of marketable title. (a ) "Amount of Insurance" : The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased 2 . CONTINUATION OF INSURANCE by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. The coverage of this policy shall continue in force as of Date of ( b ) " Date of Policy" : The date designated as " Date of Policy" in Policy in favor of an Insured, but only so long as the Insured retains Schedule A. an estate or interest in the Land, or holds an obligation secured by Ic ► " Entity" : A corporation , partnership, trust, limited liability a purchase money Mortgage given by a purchaser from the Insured , company, or other similar legal entity. or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy ( d ) " Insured " : The Insured named in Schedule A. shall not continue in force in favor of any purchaser from the ( i ) The term " Insured " also includes Insured of either ( i ) an estate or interest in the Land , or ( ii ) an (A) successors to the Title of the Insured by operation of law as obligation secured by a purchase money Mortgage given to the distinguished from purchase, including heirs, devisees; survivors, Insured . personal representatives, or next of kin; ( B) successors to an Insured by dissolution, merger, consolidation, 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT distribution , or reorganization; The Insured shall notify the Company promptly in writing ( i ) in case ( C) successors to an Insured by its conversion to another kind of of any litigation as set forth in Section 5( a ) of these Conditions, ( ii ) Entity; in case Knowledge shall come to an Insured hereunder of any claim ( D ) a grantee of an Insured under a deed delivered without of title or interest that is adverse to the Title , as insured, and that payment of actual valuable consideration conveying the Title might cause loss or damage for which the Company may be liable ( 1 ) if the stock, shares, memberships , or other equity by virtue of this policy, or ( iii ) if the Title, as insured, is rejected as interests of the grantee are wholly-owned by the Unmarketable Title. If the Company is prejudiced by the failure of named Insured, the Insured Claimant to provide prompt notice, the Company's (2 ) if the grantee wholly owns the named Insured , liability to the Insured Claimant under the policy shall be reduced (3) if the grantee . is wholly-owned by an affiliated to the extent of the prejudice . Entity of the named Insured, provided the affiliated 4. PROOF OF LOSS Entity and the named Insured are both wholly-owned In the event the Company is unable to determine the amount of by the same person or Entity, or loss or damage, the Company may, at its option, require as a condition (4) if the grantee is a trustee or beneficiary of a trust of payment that the Insured Claimant furnish a signed proof of loss. created by a written instrument established by the The proof of loss must describe the defect, lien , encumbrance , or Insured named in Schedule A for estate planning other matter insured against by this policy that constitutes the purposes . basis of loss or damage and shall state, to the extent possible , the ( ii ) With regard to (A), ( a), ( C), and ( D) reserving , however, all rights basis of calculating the amount of the loss or damage . and defenses as to any successor that the Company would have had against any predecessor Insured . 5. DEFENSE AND PROSECUTION OF ACTIONS (a ) Upon written request by the Insured , and subject to the options ( e ) " Insured Claimant" : or Insured claiming loss or damage . ( contained in Section 7 of these Conditions, the Company, at its f) " Knowledge " or "Known " : Actual knowledge, not constructive knowledge or notice that maybe imputed to an Insured by reason of own cost and without unreasonable delay, shall provide for the the Public Records or any other records that impart constructive defense of an Insured in litigation in which any third party asserts notice Public matters affecting any the Title . a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters ( g ) " Land" : The land described in Schedule A, and affixed improvements insured against by this policy. The Company shall have the right to that by law constitute real property. The term " Land " does not select counsel of its choice ( subject to the right of the Insured to include any property beyond the lines of the area described in object for reasonable cause ) to represent the Insured as to those Schedule A, nor any right, title, interest, estate, or easement in stated causes of action . It shall not be liable for and will not pay abutting streets , roads, avenues, alleys, lanes , ways, or waterways, the fees of any other counsel . The Company will not pay any fees, but this does not modify or limit the extent that a right of access to costs, or expenses incurred by the Insured in the defense of those and from the Land is insured by this policy. causes of action that allege matters not insured against by this policy. ( h ) " Mortgage " : Mortgage, deed of trust, trust deed , or other security ( b) The Company shall have the right, in addition to the options instrument, including one evidenced by electronic means authorized contained in Section 7 of these Conditions, at its own cost, to bylaw , institute and prosecute any action or proceeding or to do any ( i ) " Public Records " : Records established under state statutes at other act that in its opinion may be necessary or desirable to establish the Title , as insured , or to prevent or reduce loss or Date of Policy for the purpose of imparting constructive notice of damage to the Insured. The Company may take any appropriate matters relating to real property to purchasers for value and without action under the terms of this policy, whether or not it shall be Knowledge . With respect to Covered Risk 5(d), " Public Records " liable to the Insured. The exercise of these rights shall not be an shall also include environmental protection liens filed in the records admission of liability or waiver of any provision of this policy. of the clerk of the United States District Court for the district where If the Company exercises its rights under this subsection, it must the Land is located . I do so diligently. (j ) "Title " : The estate or interest described in Schedule A. (c ) Whenever the Company brings an action or asserts a defense ( k ) " Unmarketable Title " : Title affected by an alleged or apparent as required or permitted by this policy, the Company may pursue matter that would permit a prospective purchaser or lessee of the the litigation to a final determination by a court of competent Title or lender on the Title to be released from the obligation to jurisdiction , and it expressly reserves the right, in its sole ORT Form 4309 FL discretion, to appeal any adverse judgment or order . ALTA Owners Policy of Title Insurance 6.17-06 (with Florida Modifications) Page 3