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American Land Title Association Owner's Policy of Title Insurance <br /> ( 7-01 <br /> \I1ESTCOR with Florida modifications <br /> (2). a trustee or beneficiary of a trust created by a written instrument established for <br /> estate planning purposes by an Insured; <br /> (3). a spouse who receives the Title because of a dissolution of marriage; <br /> (4). a transferee by a transfer effective on the death of an Insured as authorized by law; <br /> or <br /> (5). another Insured named in Item 1 of Schedule A. <br /> ii. The Company reserves all rights and defenses as to any successor or grantee that the Company <br /> would have had against any predecessor Insured. <br /> h. "Insured Claimant":An Insured claiming loss or damage arising under this policy. <br /> i. "Knowledge"or"Known": Actual knowledge or actual notice, but not constructive notice imparted by the <br /> Public Records. <br /> j. "Land": The land described in Item 4 of Schedule A and improvements located on that land at the Date <br /> of Policy that by State law constitute real property. The term "Land" does not include any property <br /> beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting <br /> street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit <br /> the extent that a right of access to and from the Land is insured by this policy. <br /> k. "Mortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security <br /> instrument, including one evidenced by electronic means authorized by law. <br /> I. "PACA-PSA Trust": A trust under the federal Perishable Agricultural Commodities Act or the federal <br /> Packers and Stockyards Act or a similar State or federal law. <br /> m. "Public Records": The recording or filing system established under State statutes in effect at the Date <br /> of Policy under which a document must be recorded or filed to impart constructive notice of matters <br /> relating to the Title to a purchaser for value without Knowledge. The term "Public Records" does not <br /> include any other recording or filing system, including any pertaining to environmental remediation or <br /> protection, planning, permitting, zoning, licensing, building, health, public safety, or national security <br /> matters. <br /> n. "State": The state or commonwealth of the United States within whose exterior boundaries the Land is <br /> located.The term "State"also includes the District of Columbia,the Commonwealth of Puerto Rico, the <br /> U.S. Virgin Islands, and Guam. <br /> o. "Title": The estate or interest in the Land identified in Item 2 of Schedule A. <br /> p. "Unmarketable Title": The Title affected by an alleged or apparent matter that would permit a <br /> prospective purchaser or lessee of the Title or a lender on the Title to be released from the obligation <br /> to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. <br /> 2. CONTINUATION OF COVERAGE <br /> This policy continues as of the Date of Policy in favor of an Insured, so long as the Insured: <br /> a. retains an estate or interest in the Land; <br /> b. owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured; or <br /> c. has liability for warranties given by the Insured in any transfer or conveyance of the Insured's Title. <br /> Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after <br /> the Insured conveys the Title. This policy does not continue in force or effect in favor of any person or entity <br /> that is not the Insured and acquires the Title or an obligation secured by a purchase money Mortgage given <br /> to the Insured. <br /> 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT <br /> The Insured must notify the Company promptly in writing if the Insured has Knowledge of: <br /> a. any litigation or other matter for which the Company may be liable under this policy; or <br /> b. any rejection of the Title as Unmarketable Title. <br /> If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's <br /> liability to the Insured Claimant under this policy is reduced to the extent of the prejudice. <br /> Copyright 2021 American Land Title Association.All rights reserved. somime1 <br /> , ,,,tic N. <br /> The use of this Form(or any derivative thereof)is restricted to ALTA licensees and <br /> ALTA members in good standing as of the date of use.All other uses are prohibited. <br /> Reprinted under license from the American Land Title Association. <br /> OP-61 FL ALTA 07-01-2021 Owner's Policy of Title Insurance(FLORIDA)(ALTA 7-01-2021) (WLTIC Edition 8/12/2022) <br />