Page 320 - ALTA Endorsements Guide

ADDENDUM RETURN TO TABLE OF CONTENTS

Commitment for Title insurance
[2021 v. 01.00 (07-01-2021)]

h. “Public Records”: The recording or filing system established under State statutes in effect at the Commitment Date 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.
i. “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.
j. “Title”: The estate or interest in the Land identified in Item 3 of Schedule A.

2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment
terminates and the Company’s liability and obligation end.

3. The Company’s liability and obligation is limited by and this Commitment is not valid without:
a. the Notice;
b. the Commitment to Issue Policy;
c. the Commitment Conditions;
d. Schedule A;
e. Schedule B, Part I—Requirements;[ and]
Schedule B, Part II—Exceptions[; and
f. SAMPLE
g. a counter-signature by the Company or its issuing agent that may be in electronic form].
4. COMPANY’S RIGHT TO AMEND
The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim,
or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The
Company is not liable for any other amendment to this Commitment.
5. LIMITATIONS OF LIABILITY
a. The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the
Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed
Insured’s good faith reliance to:
i. comply with the Schedule B, Part I—Requirements;
ii. eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or
iii. acquire the Title or create the Mortgage covered by this Commitment.
b. The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter
and did not notify the Company about it in writing.
c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment
included the added matter when the Commitment was first delivered to the Proposed Insured.
d. The Company’s liability does not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment
Condition 5.a. or the Proposed Amount of Insurance.
e. The Company is not liable for the content of the Transaction Identification Data, if any.
f. The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met
to the satisfaction of the Company.
g. The Company’s liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured.

6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM
a. Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.
b. Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of
this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal
court having jurisdiction.

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