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Insured Closing Protection Letter-- Ref. 967952121 -- ALTA8 - Single Transaction
<br />f fraud, theft, dishonesty, or misappropriation by anyone other than the Company, Issuing Agent, or Approved Attorney;
<br />g. settlement or release of any claim by You without the Company's written consent;
<br />b. matters created, suffered, assumed, agreed to, or Known by You;
<br />i. failure of the Issuing Agent or Approved Attorney to determine the validity, enforceability, or the effectiveness of a document required by Your
<br />closing instructions. This Section 3.i does not affect the coverage afforded in the Policy;
<br />j. Federal consumer financial law, as defined in 12 U.S.C. § 548 I (14), actions under 12 U.S.C. § 5531, or other federal or state laws relating to
<br />truth -it -lending, a borrower's ability to repay a loan, qualified mortgages, consumer protection, or predatory lending, including any failure of the
<br />Issuing Agent or Approved Attorney to comply with Your closing instructions relating to biose laws;
<br />k. federal or state laws establishing the standards or requirements for asset-backed securitization including, but not limited to, exemption from credit
<br />risk retention, including any failure of the Issuing Agent or Approved Attorney to comply with Your closing instructions relating to those laws;
<br />1. periodic disbursement of Funds to pay for construction, alteration, or renovation on the Land;
<br />m. Issuing Agent or Approved Attorney acting in the capacity ofa qualified intermediary or facilitator for tax deferred exchange transactions as
<br />provided in Section 1031 of the Internal Revenue Code; or
<br />n. wire fraud, mail fraud, telephone fraud, facsimile fraud, unauthorized access to a computer, network, email, or document production system,
<br />business email compromise, identity theft, or diversion of Funds to a person or account not entitled to receive the Funds [perpetrated by anyone
<br />other than the Company, Issuing Agent, or Approved Attorney].
<br />4. If the closing is to be conducted by an Approved Attorney, a Commitment in connection with the Real Estate Transaction must have been received by
<br />You prior to the transmittal of Your final closing instructions to the Approved Attorney.
<br />5. When the Company shall have indemnified You pursuant to this letter, it shall be subrogated to all rights and remedies You have against any pet -son or
<br />property had You not been indemnified. The Company's liability for indemnification shall be reduced to the extent that You have impaired the value of
<br />this right of subrogation.
<br />6. The Company's liability for loss under this letter shall not exceed the least of
<br />a. the amount of Your Funds;
<br />h. the Company's liability tinder the Policy at the time written notice of a claim is made under this letter;
<br />c. die value of the lien of the Insured Mortgage;
<br />d. the value of the Title to the Land insured or to be insured under the Policy at the time written notice of a claun is made under this letter; or
<br />e. the amount stated in Section 3 of the Requirements.
<br />7, The Company will be liable only to the holder of die Indebtedness at the time that payment is made. This Section 7 does not apply to a purchaser,
<br />borrower, or lessee.
<br />8. Payment to You or to die owner of the Indebtedness under either the Policy or from any other source shall reduce liability under this letter by the same
<br />amount. Payment in accordance with die terms of this letter shall constitute a payment pursuant to the Conditions of the Pol icy.
<br />9. The Issuing Agent is the Company's agent only for the limited purpose of issuing policies. Neither the Issuutg Agent nor the Approved Attorney is the
<br />Company's agent for the purpose of providing closing or settlement services. The Company's liability for Your loss arising from closing or settlement
<br />services is strictly limited to the contractual protection expressly provided in this letter. The Company shall have no liability for loss resulting from the
<br />fraud, theft, dishonesty, misappropriation, or negligence of any party to the Deal Estate Transaction, the lack; of creditwordtiness of any borrower
<br />connected with the Real Estate Transaction, or the failure of any collateral to adequately secure a loan connected with the Real Estate Transaction.
<br />10. In no event shall the Company be liable for a loss if tine written notice of a claim is not received by the Company within one year from the date of the
<br />transmittal of Funds. The condition that the Company must be provided with written notice under this Section 10 shall not be excused by lack of
<br />prejudice to the Company.
<br />Generated by Old Republic National Title Insurance-- Ref: 967952121 -- ALTA8 - Single Transaction Page 314
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