Page 313 - ALTA Endorsements Guide

ADDENDUM RETURN TO TABLE OF CONTENTS

Loan Policy of Title insurance
[2021 v. 01.00 (07-01-2021)]

(b). the person or Entity who has “control” of the “transferable record,” if the Indebtedness is evidenced by a “transferable record,” as
defined by applicable electronic transactions law;
(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;
(e). the grantee of an Insured under a deed or other instrument transferring the Title, if the grantee is an Affiliate;
(f). an Affiliate that acquires the Title through foreclosure or deed-in-lieu of foreclosure of the Insured Mortgage; or
(g). any Government Mortgage Agency or Instrumentality.
ii. With regard to Conditions 1.j.i.(a). and 1.j.i.(b)., the Company reserves all rights and defenses as to any successor that the Company would
have had against any predecessor Insured, unless the successor acquired the Indebtedness as a purchaser for value without Knowledge
of the asserted defect, lien, encumbrance, adverse claim, or other matter insured against by this policy.
iii. With regard to Conditions 1.j.i.(c)., 1.j.i.(d)., 1.j.i.(e)., and 1.j.i.(f)., the Company reserves all rights and defenses as to any successor or grantee
that the Company would have had against any predecessor Insured.
k. “Insured Claimant”: An Insured claiming loss or damage arising under this policy.
l. “Insured Mortgage”: The Mortgage described in Item 4 of Schedule A.
“Knowledge” or “Known”: Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.
m. SAMPLE
n. “Land”: The land described in Item 5 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.
o. “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.
p. “Obligor”: A person or entity that is or becomes a maker, borrower, or guarantor as to all or part of the Indebtedness or other obligation secured
by the Insured Mortgage. A Government Mortgage Agency or Instrumentality is not an Obligor.
q. “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.
r. “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
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.
s. “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the
District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam.
t. “Title”: The estate or interest in the Land identified in Item 2 of Schedule A.
u. “Unmarketable Title”: The Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title, a
lender on the Title, or a prospective purchaser of the Insured Mortgage 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:
a. after the Insured’s acquisition of the Title, so long as the Insured retains an estate or interest in the Land; and
b. after the Insured’s conveyance of the Title, so long as the Insured:
i. retains an estate or interest in the Land;
ii. owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured; or
iii. 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

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