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 | 15 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS (b) In the event of any litigation, including litigation by the Company or with the Company’s consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. (b). In the eventThe Company is not liable for loss or damage arising out of any litigation, including litigation by the Company or with the Company’s consent, the Company shall have no liability for loss or damage until there has been a final determination byuntil a State or federal court of competenthaving jurisdiction, and disposition of all appeals, makes a final, non-appealable determination adverse to the Title, as insured. SAME. (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. (c). The Company shallis not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. SAME. d. The Company is not liable for the content of the Transaction Identification Data, if any. NEW PROVISION. The “Transaction Identification Data” is transaction information that is not insured. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY INSURANCE SAME. All 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. All 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. SAME. 11. LIABILITY NONCUMULATIVE 11. LIABILITY NONCUMULATIVE SAME. 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. The Amount of Insurance shall will 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 the Date of Policy and which is a charge or lien on the Title, and the amount so paid shall will be deemed a payment to the Insured under this policy. SAME. 12. PAYMENT OF LOSS 12. PAYMENT OF LOSS SAME. 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. When liability and the extent of loss or damage have been definitely fixedare determined in accordance with thesethe Conditions, the payment shall be madeCompany will pay the loss or damage within 30 days. SAME. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT 13. COMPANY’S RIGHTS OF RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT OR SETTLEMENT SIMILAR. (a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys’ fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. (a.) WheneverIf the Company shall have settledsettles and paidpays a claim under this policy, it shall beis subrogated and entitled to the rights and remedies of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person, entity, or property, to the fullest extent ofpermitted by law, but limited to the amount of any loss, costs, attorneys’ fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shallmust execute documents to evidence the transfer to the Company of these rights and remedies. to the Company. The Insured Claimant shall permitpermits the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. SAME.