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 | 8 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS SCHEDULE A SCHEDULE A SAME. Name and Address of Title Insurance Company: [File No.: ] Policy No.: Loan No.: Address Reference: Amount of Insurance: $ [Premium: $ ] Date of Policy: [at a.m./p.m.] Name and Address of Title Insurance Company: [File No.: ] Policy NumberNo.: Loan No.: Address Reference: Amount of Insurance: $ [ Premium: $ ] Date of Policy: [ at a.m./p.m. ] SAME. 1. Name of Insured: 1. Name ofThe Insured is: SAME. 2. The estate or interest in the Land that is encumbered by the Insured Mortgage is: 2. The estate or interest in the Land that is encumbered by the Insured Mortgage is: SAME. 3. Title is vested in: 3. The Title encumbered by the Insured Mortgage is vested in: SAME. 4. The Insured Mortgage and its assignments, if any, are described as follows: 4. The Insured Mortgage and its assignments, if any, are described as follows: SAME. 5. The Land referred to in this policy is described as follows: 5. The Land referred to in this policy is described as follows: SAME. Since Land is a defined term, the additional wording was unnecessary. [6. This policy incorporates by reference those ALTA endorsements selected below: 4-06 (Condominium) 4.1-06 5-06 (Planned Unit Development) 5.1-06 6-06 (Variable Rate) 6.2-06 (Variable Rate--Negative Amortization) 8.1-06 (Environmental Protection Lien) Paragraph b refers to the following state statute(s): 9-06 (Restrictions, Encroachments, Minerals) 13.1-06 (Leasehold Loan) 14-06 (Future Advance-Priority) 14.1-06 (Future Advance-Knowledge) 14.3-06 (Future Advance-Reverse Mortgage) 22-06 (Location) The type of improvement is a __________, and the street address is as shown above. ] [6. This policy incorporates by reference those ALTAthe endorsements designatedselected below, adopted by the [ American Land Title Association ][ _________________ ] as of the Date of Policy: ] 4-06 (Condominium) 4.1-06 5-06 (Planned Unit Development) 5.1-06 6-06 (Variable Rate) 6.2-06 (Variable Rate--Negative Amortization) 8.1-06 (Environmental Protection Lien) Paragraph b refers to the following state statute(s): 9-06 (Restrictions, Encroachments, Minerals) 13.1-06 (Leasehold Loan) 14-06 (Future Advance-Priority) 14.1-06 (Future Advance-Knowledge) 14.3-06 (Future Advance-Reverse Mortgage) 22-06 (Location) The type of improvement is a __________, and the street address is as shown above. ] SIMILAR OPTIONAL PROVISION. The 2021 ALTA policies allow reference to adopted ALTA endorsements. Reference can also be made to other available endorsements. Unlike the 2006 ALTA Loan Policy, there is no specific list of optional endorsements in the 2021 ALTA policies that do not require the addition of substantial transaction specific information. This format is similar to the ALTA Short Form Residential Loan Policies. SCHEDULE B SCHEDULE B SIMILAR. [File No. ] Policy No. [File No. ] Policy NumberNo.: SIMILAR. EXCEPTIONS FROM COVERAGE EXCEPTIONS FROM COVERAGE SIMILAR. Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This policy treats any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document are excepted from coverage. NEW PROVISION. Typically, a similar reference is made in any Schedule B exception to restrictions that may contain unenforceable discriminatory provisions. This new provision will apply to all covenants and restrictions excepted in Schedule B. This provision makes clear that the policy does not perpetuate or republish such illegal provisions but preserves those portions of the covenants that are enforceable. [ This policy does not insure against loss or damage and the Company will not pay costs, attorneys’ fees, or expenses resulting from the terms and conditions of any lease or easement identified in Schedule A, and the following matters: SIMILAR. There are two sets of alternate preamble clauses to account for those markets that do not use a Part II of Schedule B. This provision excepts to the terms and conditions of leases and easements identified in Schedule A, without the need for a separate Schedule B exception.