|
Schedule B Part
<br />1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes
<br />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 or
<br />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 ascertained by
<br />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 thereof;
<br />(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 to
<br />in Schedule C, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing in this paragraph
<br />shall modify or limit the extent to which the ordinary right of an abutting owner for access to a physically open street or
<br />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, orthe effect of any violation of any such law, ordinance
<br />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 the
<br />insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to the
<br />insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this
<br />policy or acquired the insured mortgage and not disclosed in writingg by the insured claimant to the Company prior to
<br />the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured
<br />claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not
<br />have been sustained if the insured claimant had been a purchaser or encumbrancer forvalue without knowledge.
<br />10. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by
<br />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 any rights
<br />or defenses the Company may have had against the named insured, those
<br />who succeed to the interest of such insured by operation of law as distin-
<br />guished from purchase including, but not limited to, heirs, distributees,
<br />devisees, survivors, personal representatives, next of kin, or corporate or
<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 de-
<br />fenses as to any such successor who acquires the indebtedness by opera-
<br />tion of law as described in the first sentence of this subparagraph (a) that
<br />the Company would have had against the successor's transferor), and
<br />further 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 />Conditions and Stipulations
<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 />(CONDITIONS AND STIPULATIONS Continued on the Inside of the Last Page of This Policy)
<br />
|