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Insured Closing Protection Letter -- Ref: 967952121 -- ALTA8 - Single Transaction
<br />A. the disbursement of Funds necessary to establish the status of the Title to the Land; or
<br />B. the validity, enforceability, or priority of the lien of the Insured Mortgage; or
<br />ii. obtaining any document, specifically required by You, but only to die extent that the failure to obtain the document adversely affects the
<br />status of the Title to the Land or the validity, enforceability, or priority of the lien of the Insured Mortgage on the Title to the Land; or
<br />b. fraud, theft, dishonesty, or misappropriation by the Issuing Agent or Approved Attorney in handling Your Funds or documents in connection with
<br />the closing, but only to the extent that the fraud, theft, dishonesty, or misappropriation adversely affects the status of the Title to the Land or the
<br />validity, enforceability, or priority of the lien of the Insured Mortgage on the Title to the Land.
<br />CONDITIONS AND EXCLUSIONS
<br />1. Your transmittal of Funds or documents to the issuing. Agent or Approved Attorney for the Real Estate Transaction constitutes Your acceptance of this
<br />letter.
<br />2. For purposes of this letter:
<br />a. "Camrnitrnent" means the Company's written contractual agreement to issue the Policy.
<br />b. "Funds" means the money received by the Issuing Agent or Approved Attorney for the Real Estate Transaction.
<br />e. "Policy" means the contract or contracts of title insurance, each in a form adopted by the American Land Title Association, issued or to be issued
<br />by the Company in connection with the closing of die Real Estate Transaction.
<br />d. "You" or "Your" means:
<br />i. the Addressee of this letter;
<br />ii. the borrower, if die Land is improved solely by a one -to -four family residence; and
<br />iii. subject to all rights and defenses relating to a claim under this letter that the Company would have against die Addressee,
<br />A. the assignee of the insured Mortgage, provided such assignment was for value and the assignee was, at the time of the assignment,
<br />without Knowledge of facts that reveal a claim under this letter; and
<br />B. the warehouse lender in connection with the insured Mortgage.
<br />e. "Indebtedness," "Insured Mortgage," "Knowledge" or "Known," "Land," and "Tide" have the sante meaning given them in the American Land
<br />Tide Association Loan Policy.
<br />3. The Company shall have no liability under this letter for any loss arising from any:
<br />a. failure of the Issuing Agent or Approved Attorney to comply with Your closing instructions that require title insurance protection in connection
<br />with the Real Estate Transaction inconsistent with that set forth in tie Commitment. Your written closing instructions received and accepted by
<br />tlhe Issuing Agent or Approved Attorney after issuing the Commitment that require the removal, where allowed by state law, rule, or regulation,
<br />of specific Schedule B Exceptions from Coverage or compliance with the requirements contained in the Commitment shall not be deemed to
<br />require inconsistent title insurance protection;
<br />b. loss or impairment of Funds in die course of collection or while on deposit with a bank due to bank failure, insolvency, or suspension, except loss
<br />or impairment resulting from failure of the issuing Agent or Approved Attorney to comply with Your written closing instructions to deposit Your
<br />Funds in a bank that You designated by name;
<br />c, constitutional or statutory lien or claim of lien that arises from services, labor, materials, or equipment, if any Funds are to be used for the purpose
<br />of construction, alteration, or renovation. This Section 3.c does not affect the coverage, if any, as to any lien for services, labor, materials, or
<br />equipment afforded in the Policy;
<br />d. defect, I ien, encumbrance, or other matter in connection with die Real Estate Transaction. This Section 3.d does not affect the coverage afforded
<br />in the Policy;
<br />e. fraud, theft dishonesty, misappropriation, or negligence by You or by Your employee, agent, attorney, or broker;
<br />Generated by Old Republic National Title Insurance -- Ref: 967952121 -- ALTA8 - Single Transaction Page 214
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