Page 299 - ALTA Endorsements Guide

ADDENDUM RETURN TO TABLE OF CONTENTS

Owner’s Policy of Title insurance
[2021 v. 01.00 (07-01-2021)]

CONDITIONS

1. DEFINITION OF TERMS
SAMPLE
In this policy, the following terms have the meanings given to them below. Any defined term includes both the singular and the plural, as the context
requires:
a. “Affiliate”: An Entity:
i. that is wholly owned by the Insured;
ii. that wholly owns the Insured; or
iii. if that Entity and the Insured are both wholly owned by the same person or entity.
b. “Amount of Insurance”: The Amount of Insurance stated in Schedule A, as may be increased by Condition 8.d. or decreased by Condition 10 or 11;
or increased or decreased by endorsements to this policy.
c. “Date of Policy”: The Date of Policy stated in Schedule A.
d. “Discriminatory Covenant”: Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally
discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender
identity, familial status, disability, national origin, or other legally protected class.
e. “Enforcement Notice”: A document recorded in the Public Records that describes any part of the Land and:
i. is issued by a governmental agency that identifies a violation or enforcement of a law, ordinance, permit, or governmental regulation;
ii. is issued by a holder of the power of eminent domain or a governmental agency that identifies the exercise of a governmental power; or
iii. asserts a right to enforce a PACA-PSA Trust.
f. “Entity”: A corporation, partnership, trust, limited liability company, or other entity authorized by law to own title to real property in the State where
the Land is located.
g. “Insured”:
i. (a). The Insured named in Item 1 of Schedule A;
(b). the successor to the Title of an Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors,
personal representatives, or next of kin;
(c). the successor to the Title of an Insured resulting from dissolution, merger, consolidation, distribution, or reorganization;
(d). the successor to the Title of an Insured resulting from its conversion to another kind of Entity; or
(e). the grantee of an Insured under a deed or other instrument transferring the Title, if the grantee is:
(1). an Affiliate;
(2). a trustee or beneficiary of a trust created by a written instrument established for estate planning purposes by an
Insured;
(3). a spouse who receives the Title because of a dissolution of marriage;
(4). a transferee by a transfer effective on the death of an Insured as authorized by law; or
(5). another Insured named in Item 1 of Schedule A.
ii. The Company reserves all rights and defenses as to any successor or grantee that the Company would have had against any predecessor
Insured.
h. “Insured Claimant”: An Insured claiming loss or damage arising under this policy.
i. “Knowledge” or “Known”: Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.
j. “Land”: The land described in Item 4 of Schedule A and improvements located on that land at the Date of Policy that by State law constitute real
property. The term “Land” does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in
any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access
to and from the Land is insured by this policy.
k. “Mortgage”: A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic
means authorized by law.
l. “PACA-PSA Trust”: A trust under the federal Perishable Agricultural Commodities Act or the federal Packers and Stockyards Act or a similar State
or federal law.
m. “Public Records”: The recording or filing system established under State statutes in effect at the Date of Policy under which a document must
be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term “Public

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