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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 taxes or assessments
<br />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 or not shown by the
<br />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 ascertained by an inspection of
<br />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 survey would
<br />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 thereof, (c) water
<br />rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the public records.
<br />6. Any right, title, interest, estate or easement in land beyond the lines of the area specifically described or referred to in Schedule
<br />A, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing in this paragraph shall modify or limit
<br />the extent to which the ordinary right of an abutting owner for access to a physically 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) restricting or
<br />regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of
<br />any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a change in the dimensions
<br />or area of the land or any parcel of which the land is or was a part, whether or not shown by the public records at Date of
<br />Policy, or the effect of any violation of any such law, ordinance or governmental regulation, whether or not shown by the public
<br />records at Date of Policy.
<br />8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the
<br />public records.
<br />9. Defects, liens, encumbrances, adverse claims, or other matters (a) whether or not shown by the public records at date of policy,
<br />but created, caused, suffered, assumed or agreed to by the insured claimant; (b) not shown by the public records and not otherwise
<br />excluded from coverage but known to the insured claimant either at Date of Policy or at the date such claimant acquired an
<br />estate or interest insured by this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant
<br />to the Company 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 would not have
<br />been sustained if the insured claimant had been a purchaser or encumbrancer for value without knowledge.
<br />10. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by making inquiry
<br />of the lessors in the lease or leases described or referred to in Schedule A.
<br />11. The effect of any failure to comb ly with the terms, covenants and conditions of the lease or leases described or referred to in
<br />Schedule A.
<br />Conditions and Stipulations
<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 any
<br />rights or defenses the Company may have had against the named insured,
<br />those who succeed to the interest of such insured by operation of law as
<br />distinguished from purchase including, but not limited to, heirs, distributees,
<br />devisees, survivors, personal representatives, next of kin, or corporate
<br />fiduciary successors. The term "insured" also includes (i) the owner of the
<br />indebtedness secured by the insured mortgage and each successor in
<br />ownership of such indebtedness (reserving, however, all rights and defenses
<br />as to any such successor who acquires the indebtedness by operation of
<br />law as described in the first sentence of this subparagraph (a) that the
<br />Company would have had against the successor's transferor), and further
<br />includes (ii) any governmental agency or instrumentality which is an
<br />insurer or guarantor under an insurance contract or guaranty insuring or
<br />guaranteeing said indebtedness, or any part thereof, whether named as an
<br />insured herein or not, and (iii) the parties designated in paragraph 2(a) of
<br />these Conditions and Stipulations.
<br />(b.) "insured claimant": an insured claiming loss or damage hereunder.
<br />(c.) "insured lender": the owner of an insured mortgage.
<br />(d.) "insured mortgage": a mortgage shown in Schedule B, the owner of
<br />which is named as an insured in Schedule A.
<br />(e.) "knowledge": actual knowledge, not constructive knowledge or notice
<br />which may be imputed to an insured by reason of any public records.
<br />(f.) "land": the land described specifically or by reference in Schedule C,
<br />and improvements affixed thereto which by law constitute real property;
<br />provided, however, the term "land" does not include any area excluded by
<br />Paragraph No. 6 of Part I of Schedule B of this Policy.
<br />(g.) "mortgage": mortgage, deed of trust, trust deed, or other security
<br />instrument.
<br />(h.) "public records": those records which by law impart constructive
<br />notice of matters relating to the land.
<br />(COND]MONB ANI? STIPULATIONS Con n the inside of the Last Page of This Policy)
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