ALTA Owner's Policy 2006

This form applies to:
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ALTA Owner's Policy 2006

Form Document
03/07/2013
V 1
(a)   A defect in the Title caused by(ii)    failure of any person or Entity to have authorized a transfer or conveyance;(iii)   a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;(iv)  failure to perform those acts necessary to create a document by electronic means authorized by law;(v)    a document executed under a falsified, expired, or otherwise invalid power of attorney;(vi)  a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or(vii) a defective judicial or administrative proceeding.(a)  the occupancy, use, or enjoyment of the Land;(b)  the character, dimensions, or location of any improvement erected on the Land;(c)  the subdivision of land; or (d) environmental protectionif a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice.(i)      to be timely, orAll payments under this policy, except payments made for costs, attorneys' fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment.   The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy.When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days.If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss. Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules").  Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons.  Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy.  All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured.  All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured.  Arbitration pursuant to this policy and under the Rules shall be binding upon the parties.  Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction.In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. EXCEPTIONS FROM COVERAGE 

This policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that arise by reason of: 

1. [Policy may include regional exceptions if so desired by the issuing Company.]

2.

3. [Variable exceptions such as taxes, easements, CC&R's, etc., shown here]

4.

For issuing guidelines on this form, see Guidelines.