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<br /> CONDITIONS
<br /> 1 . DEFINITION OF TERMS
<br /> The following terms when used in this policy mean : c
<br /> (a) "Amount of Insurance" : The amount stated in Schedule A, as may be increased or decreased by endorsement to
<br /> this policy , increased by Section 8(b) , or decreased by Sections 10 and 11 of these Conditions .
<br /> (b) " Date of Policy" . The date designated as " Date of Policy" in Schedule A.
<br /> (c) " Entity" . A corporation , partnership , trust , limited liability company, or other similar legal entity.
<br /> (d) " Insured " . The Insured named in Schedule A.
<br /> ( i) The term "Insured" also includes
<br /> (A) successors to the Title of the Insured by operation of law as distinguished from purchase , including
<br /> heirs, i
<br /> devisees , survivors , personal representatives , or next of kin ;
<br /> (B) successors to an Insured by dissolution , merger, consolidation , distribution , or reorganization ;
<br /> (C) successors to an Insured by its conversion to another kind of Entity;
<br /> (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying
<br /> the Title
<br /> (1 ) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the
<br /> named Insured ,
<br /> (2) if the grantee wholly owns the named Insured,
<br /> (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity
<br /> and the named Insured are both wholly-owned by the same person or Entity, or
<br /> (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by
<br />the
<br /> Insured named in Schedule A for estate planning purposes.
<br /> (ii) With regard to (A) , (B) , (C) , and (D) reserving , however, all rights and defenses as to any successor
<br /> that the
<br /> Company would have had against any predecessor Insured .
<br /> (e) " Insured Claimant": An Insured claiming loss or damage .
<br /> (f) " Knowledge" or "Known" : Actual knowledge , not constructive knowledge or notice that may be imputed to
<br /> an
<br /> Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting
<br /> the Title .
<br /> (g) "Land" : The land described in Schedule A, and affixed improvements that by law constitute real property.
<br /> The
<br /> term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right,
<br /> title , interest , estate , or easement in abutting streets , roads , avenues , alleys , lanes , ways , or waterways , but
<br /> this
<br /> does not modify or limit the extent that a right of access to and from the Land is insured by this pplicy .
<br /> (h) "Mortgage": Mortgage , deed of trust , trust deed , or other security instrument, including one
<br /> evidenced by
<br /> electronic means authorized by law. {
<br /> (i) "Public Records" : Records established under state statutes at Date of Policy for the purpose of
<br /> imparting
<br /> constructive notice of matters relating to real property to purchasers for value and without Knowledge .
<br /> With
<br /> respect to Covered Risk 5(d) , "Public Records" shall also include environmental protection liens filed
<br /> in the
<br /> records of the clerk of the United States District Court for the district where the Land is located .
<br /> (j) "Title" : The estate or interest described in Schedule A.
<br /> (k) "Unmarketable Title" : Title affected by an alleged or apparent matter that would permit a prospective purchaser
<br /> or lessee of the Title or lender on the Title to be released from the obligation to purchase , lease , or lend if there
<br /> is
<br /> a contractual condition requiring the delivery of marketable title.
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<br /> 2 . CONTINUATION OF INSURANCE
<br /> The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured , but only so
<br /> long as the
<br /> Insured retains an estate or interest in the Land , or holds an obligation secured by a purchase
<br /> money Mortgage
<br /> given by a purchaser from the Insured , or only so long as the Insured shall have liability by reason of warranties
<br /> in
<br /> any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from
<br /> the
<br /> Insured of either (i) an estate or interest in the Land , or ( ii) an obligation secured by a purchase money
<br /> Mortgage
<br /> given to the Insured .
<br /> 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
<br /> The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5
<br />(a) of these
<br /> ALTA Owner's Policy (6/17/06)•
<br /> 8130609 4 of 8 (with Florida Modifications)
<br /> Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA
<br /> members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title
<br /> Association
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