2018-142 - Laserfiche WebLink

Home Browse Search

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 governmental body that has occurred and is binding on the rights of purchaser for value without Knowledge. 9. Title being vested other than as stated in Schedule Aor being defective (a) as a resultof the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transferof all or any part of the title to orany interestin the Land occurring priorto the transaction vesting Title as shown in Schedule Abecause that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar credi tors' 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 sim ilar 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 subsequentto Date of Policy and priorto the recording of the d eed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A The Com panywill also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured againstby this Policy, but only to the extent provided in the Conditions. EXCLUSIONS FROM COVERAGE The following matters are expresslyexcluded from the coverage of this policy, and the Companywill not pay loss ordamage, 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 improve-ment 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 limitthe cover -age provided under Covered Risk 5. (b) Any governmental police power. This Exclusion 1(b) does not modify or lim itthe coverage provided underCovered Risk 6. 2. Rights:ofeminentdomain. This Exclusion does notmodifyor limitthe 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; 1. DEFINITION OF TERMS (b) not Known to the Company, not recorded in the Public Re -cords at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Companyby the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy, (c) resulting in no loss ordamage 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. 5. Any lien on the Title for real estate taxes or assessments imposed bygovernmental authorityand created or attaching between Date of Policy and the date of recording of the deed or other instrumentoftransferin the Public Records thatvests Title as shown in Schedule A CONDITIONS The following terms when used in this policy mean: (a) "AmountofInsurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. (b) "Date of Policy': The date designated as "Date of Policy' in Schedule A (c) "Entity': A corporation, partnership, trust, limited liability company, or other similar legal entity. (d) "Insured": The Insured named in Schedule A (i) The term "Insured" also includes (A) successorsto the Titleofthe Insured byoperationof law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, orneQof kin; (B) successors to an Insured by dissolution, merger, con-solidation, distribution, or reorganization; ALTA 6-17-06 Ow ner's Policy (with Florida modifications) WFG National Form No. 3155412 (C) successors to an Insured by its conversion to another kind of Entity, (D) a grantee ofan Insured undera deed deliveredwithout paymentofactual valuable consideration conveyingthe Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (2) ifthe grantee whollyowns the named Insured, (3) ifthegrantee iswholly-owned byan affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity, or (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule Afor estate planning purposes. (ii) With regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successorthat the Company would have had against any predecessor Insured.