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CONDITIONS
<br /> 1.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,
<br /> increased by Section 8(b),or decreased by Sections 10 and 11 (J)"Title":The estate or interest described in Schedule A.
<br /> of these Conditions. (k)"Unmarketable Title":Title affected by an alleged or apparent
<br /> (b)"Date of Policy": The date designated as"Date of Policy" in matter that would permit a prospective purchaser or lessee of
<br /> Schedule A. the Title or lender on the Title to be released from the obligation
<br /> 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 /> (d)"Insured":The Insured named in Schedule A. 2.CONTINUATION OF INSURANCE
<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 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; rarities 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 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
<br /> 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,is
<br /> 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
<br /> 4.PROOF OF LOSS
<br /> (4) if the grantee is a trustee or beneficiary of a trust
<br /> created by a written instrument established by the In the event the Company is unable to determine the amount of loss
<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 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 construc-
<br /> tive knowledge or notice that may be imputed to an Insured by (a)Upon written request by the Insured,and subject to the options
<br /> reason of the Public Records or any other records that impart contained in Section 7 of these Conditions, the Company, at
<br /> constructive notice of matters affecting the Title. its own cost and without unreasonable delay,shall provide for
<br /> 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 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 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 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 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 any
<br /> OP-25 ALTA Owners Policy of Title Insurance 6-17-06(with FLORIDA Modifications)(WLTIC Edition 12/1/17) Page 3
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