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Schedule B Part I <br />1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies <br />taxes or assessments on real property or by the public records. <br />Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether <br />or not shown by the records of such agency or by the public records. <br />2. Any facts, rights, interests or claims which are not shown by the public records but which could be <br />ascertained by an inspection of the land or by making inquiry of persons in possession thereof. <br />3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. <br />4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct <br />survey would disclose, and which are not shown by the public records. <br />5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance <br />thereof; (c) water rights, claims or title to water. <br />6. Any right, title, interest, estate or easement in land beyond the lines of the area specifically described or referred <br />to in Schedule C, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing in this <br />paragraph shall modify or limit the extent to which the ordinary right of an abutting owner for access to a physically <br />open street or highway is insured by this policy. <br />7. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) <br />restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, <br />dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in <br />ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, <br />ordinance or governmental regulation. <br />8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights <br />appears in the public records. <br />9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by <br />the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to <br />the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by <br />this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant to the Company <br />prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the <br />insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which <br />would not have been sustained if the insured claimant had been a purchaser or encumbrancer for value without <br />knowledge. <br />10. Any facts, rights, interests or claims which are not shown by the public records but which could be <br />ascertained by making inquiry of the lessors in the lease or leases described or referred to in Schedule A. <br />11. The effect of any failure to comply with the terms, covenants and conditions of the lease or leases described or <br />referred to in Schedule A. <br />1. Definition of Terms <br />The following terms when used in this policy mean: <br />(a) "insured": the insured named in Schedule A, and, subject to <br />any rights or defenses the Company may have had against the <br />named insured, those who succeed to the interest of such insured by <br />operation of law as distinguished from purchase including, but not <br />limited to, heirs, distributees, devisees, survivors, personal repre- <br />sentatives, next of kin, or corporate or fiduciary successors. The <br />term "insured" also includes (i) the owner of the indebtedness <br />secured by the insured mortgage and each successor in ownership of <br />such indebtedness (reserving, however, all rights and defenses as to <br />any such successor who acquires the indebtedness by operation of <br />law as described in the first sentence of this subparagraph (a) that <br />the Company would have had against the successor's transferor), <br />and further includes (ii) any governmental agency or instrumentality <br />which is an insurer or guarantor under an insurance contract or guar- <br />anty insuring or guaranteeing said indebtedness, or any part thereof, <br />whether named as an insured herein or not, and (iii) the parties des- <br />Conditions and Stipulations <br />ignated in paragraph 2(a) of these Conditions and Stipulations. <br />(b.) "insured claimant": an insured claiming loss or damage <br />hereunder. <br />(c.) "insured lender": the owner of an insured mortgage. <br />(d.) "insured mortgage": a mortgage shown in Schedule B, the <br />owner of which is named as an insured in Schedule A. <br />(e.) "knowledge'': actual knowledge, not constructive knowledge <br />or notice which may be imputed to an insured by reason of any <br />public records. <br />(f.) "land": the land described specifically or by reference in <br />Schedule C, and improvements affixed thereto which by law con- <br />stitute real property; provided, however, the term ''land" does not <br />include any area excluded by Paragraph No. 6 of Part I of Schedule <br />B of this Policy. <br />(g.) ''mortgage": mortgage, deed of trust, trust deed, or other <br />security instrument. <br />(h.) "public records'': those records which by law impart con- <br />structive notice of matters relating to the land. <br />(CONDITIONS AND STIPULATIONS Continued on the inside of the Last Page of This Poilcy) <br />