FNTIC ALTA Policy Comparisons

ALTA LOAN 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 07-14-2021 ALTA LOAN POLICY COMPARISON CHART Page | 6 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (ii) the character, dimensions, or location of any improvement erected on the Land; (ii). the character, dimensions, or location of any improvement erected on the Land; SAME. (iii) the subdivision of land; or (iii). the subdivision of land; or SAME. (iv) environmental protection; (iv). environmental remediation or protection;. CLARIFICATION. or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. SAME. This provision has been moved to the end of this Exclusion. (b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. (b). aAny governmental forfeiture, police, regulatory, or national security power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. CLARIFICATION. The 2021 ALTA Loan Policy adds “forfeiture,” “regulatory,” and “national security” power for clarification. c. the effect of a violation or enforcement of any matter excluded under Exclusion 1.a. or 1.b. SAME. Exclusion 1 does not modify or limit the coverage provided under Covered Risk 5 or 6. SAME. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 2. RightsAny power of eminent domain. This Exclusion 2 does not modify or limit the coverage provided under Covered Risk 7 or 8. SAME. 3. Defects, liens, encumbrances, adverse claims, or other matters 3. Any dDefects, liens, encumbrances, adverse claims, or other matters: SAME. (a) created, suffered, assumed, or agreed to by the Insured Claimant; (a). created, suffered, assumed, or agreed to by the Insured Claimant; SAME. (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (b). not Known to the Company, not recorded in the Public Records at the Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; SAME. (c) resulting in no loss or damage to the Insured Claimant; (c). resulting in no loss or damage to the Insured Claimant; SAME. (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or (d). attaching or created subsequent to the Date of Policy (however, thisExclusion 3.d. does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or CLARIFICATION. (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage. (e). resulting in loss or damage that would not have been sustained if consideration sufficient to qualify the Insured Claimantnamed in Schedule A as a bona fide purchaser or encumbrancer had paid valuebeen given for the Insured Mortgage at the Date of Policy. IMPROVED COVERAGE. The modified coverage matches what has recently been explained as the purpose of Exclusion 3.e.: to exclude matters based upon the failure of the insured to pay sufficient consideration in order to be a “bona fide purchaser” under the recording laws, as opposed, for example, to the effect of the failure to pay reasonably equivalent or fair market value. 4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing-business laws of the state where the Land is situated. 4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing-business lawlaws of the state where the Land is situated. SAME. 5. Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law. 5. Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law.law or Consumer Protection Law. SIMILAR. The 2021 ALTA Loan Policy includes a new defined term “Consumer Protection Law.” 6. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction creating the lien of the Insured Mortgage, is 6. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights lawslaw, that the transaction creating the lien of the Insured Mortgage, is a: SIMILAR. (a) a fraudulent conveyance or fraudulent transfer, or (a). a fraudulent conveyance or fraudulent transfer, or; SAME.