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COVERED RISKS (con 't) 6 . An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action , describing any part of the Land , is recorded in the Public Records , but only to the extent of the enforcement referred to in that notice . 7 . The exercise of the rights of eminent domain if a notice of the exercise , describing any part of the Land , is recorded in the Public Records . 8 . Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge . 9 . Title being vested other than as stated in Schedule A or being defective (a ) as a result of the avoidance in whole or in part , or from a court order providing an alternative remedy , of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy , state insolvency , or similar creditors' rights laws ; or ( b ) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy , state insolvency , or similar creditors ' rights laws by reason of the failure of its recording in the Public Records (i) to be timely , or (ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10 . Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A . The Company will also pay the costs , attorneys ' fees , and expenses incurred in defense of any matter insured against by this Policy , but only to the extent provided in the Conditions . EXCLUSIONS FROM COVERAGE 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 expenses that arise by reason of: 1 . (a) Any law, ordinance , permit , or governmental regulation (including those relating to building and zoning ) restricting , regulating , prohibiting , or relating to (i) the occupancy , use , or enjoyment of the Land ; ( ii) the character , dimensions , or location of any improvement erected on the Land ; ( iii) the subdivision of land ; or ( iv) environmental protection ; or the effect of any violation of these laws , ordinances , or governmental regulations . This Exclusion 1 (a ) does not modify or limit the coverage provided under Covered Risk 5 . ( b) Any governmental police power . This Exclusion 1 ( b) does not modify or limit the coverage provided under Covered Risk 6 . 2 . Rights of eminent domain . This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8 . 3 . Defects , liens , encumbrances , adverse claims , or other matters (a) created , suffered , assumed , or agreed to by the Insured Claimant; ( 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 writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy ; (c) resulting in no loss or damage to the Insured Claimant ; (d) attaching or created subsequent to Date of Policy ; or (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title . 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 shown in Schedule A , is ( a) a fraudulent conveyance or fraudulent transfer; or ( b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy . TRGC Form No. : 6709 Page 2 ALTA Owners Policy of Title Insurance 6- 17-06 (with Florida Modifications)