Page 300 - ALTA Endorsements Guide

ADDENDUM RETURN TO TABLE OF CONTENTS

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

Records” does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning,
permitting, zoning, licensing, building, health, public safety, or national security matters.
n. “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the
SAMPLE
District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam.
o. “Title”: The estate or interest in the Land identified in Item 2 of Schedule A.
p. “Unmarketable Title”: The Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or
a lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of
marketable title.

2. CONTINUATION OF COVERAGE
This policy continues as of the Date of Policy in favor of an Insured, so long as the Insured:
a. retains an estate or interest in the Land;
b. owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured; or
c. has liability for warranties given by the Insured in any transfer or conveyance of the Insured’s Title.
Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after the Insured conveys the Title. This policy does
not continue in force or effect in favor of any person or entity that is not the Insured and acquires the Title or an obligation secured by a purchase money
Mortgage given to the Insured.

3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured must notify the Company promptly in writing if the Insured has Knowledge of:
a. any litigation or other matter for which the Company may be liable under this policy; or
b. any rejection of the Title as Unmarketable Title.
If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company’s liability to the Insured Claimant under this
policy is reduced to the extent of the prejudice.
4. PROOF OF LOSS
The Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe
the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy that constitutes the basis of loss or damage and must state,
to the extent possible, the basis of calculating the amount of the loss or damage.

5. DEFENSE AND PROSECUTION OF ACTIONS
a. Upon written request by the Insured and subject to the options contained in Condition 7, the Company, at its own cost and without unreasonable
delay, will provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured.
This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company has the right to select
counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those covered causes of
action. The Company is not liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred
by the Insured in the defense of any cause of action that alleges matters not insured against by this policy.
b. The Company has the right, in addition to the options contained in Condition 7, at its own cost, to institute and prosecute any action or proceeding
or to do any other act that, in its opinion, may be necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to
the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it is liable to the Insured. The Company’s
exercise of these rights is not an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under Condition
5.b., it must do so diligently.
c. When the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final
determination by a court having jurisdiction. The Company reserves the right, in its sole discretion, to appeal any adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
a. When this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the
Insured will secure to the Company the right to prosecute or provide defense in the action or proceeding, including the right to use, at its option,
the name of the Insured for this purpose.

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