FNTIC ALTA Policy Comparisons

ALTA OWNER’S POLICY COMPARISON CHART This comparison chart is intended as a guide to identifying differences between the 2021 and 2006 ALTA policies. It should not be relied upon for the interpretation of these policies. Updated 04-15-2021 ALTA OWNER’S POLICY COMPARISON CHART Page | 10 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS (k) “Unmarketable Title”: Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. (k)p. “Unmarketable Title”: The Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or a lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. SAME. 2. CONTINUATION OF INSURANCE 2. CONTINUATION OF INSURANCECOVERAGE SIMILAR. The provision has been restructured to enhance readability. The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured. The coverage of thisThis policy shall continues in force as of the Date of Policy in favor of an Insured, but only so long as the Insured: SIMILAR. a. retains an estate or interest in the Land;, or SIMILAR. b. holds owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured;, or SIMILAR. c. only so long as the Insured shall havehas liability by reason offor warranties given by the Insured in any transfer or conveyance of the Insured’s Title. SIMILAR. Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after the Insured conveys the Title. This policy shall does not continue in force or effect in favor of any purchaser from person or eEntity that is not the Insured of either (i) an estate or interest in the Land, and acquires the Title or (ii) an obligation secured by a purchase money Mortgage given to the Insured. SIMILAR. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT SIMILAR. The provision has been restructured to enhance readability. The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company’s liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice. The Insured shall must notify the Company promptly in writing if the Insured has Knowledge of: SIMILAR. a.(i) in case of any litigation or as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damageother matter for which the Company may be liable by virtue ofunder this policy;, or SIMILAR. b.(iii) any rejection of if the Title, as insured, is rejected as Unmarketable Title. SIMILAR. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company’s liability to the Insured Claimant under the this policy shall beis reduced to the extent of the prejudice. SIMILAR. 4. PROOF OF LOSS 4. PROOF OF LOSS MODIFIED PROVISION. In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. In the event the Company is unable to determine the amount of loss or damage, theThe Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy that constitutes the basis of loss or damage and shallmust state, to the extent possible, the basis of calculating the amount of the loss or damage. The 2021 ALTA policies do not condition the right of the Company to require a signed proof on its inability to determine the amount of loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS 5. DEFENSE AND PROSECUTION OF ACTIONS SIMILAR.