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 | 9 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (Insert Schedule B exceptions here) ] SIMILAR. Although the ALTA has adopted optional model exceptions, there are no model exceptions incorporated in Schedule B of the 2006 ALTA policies or the 2021 ALTA policies. [ Except as provided in Schedule B - Part II,] t[or T]his policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that arise by reason of: [ Except as provided in Schedule B - Part II,] t[or T]hisThis policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by reason ofresulting from the terms and conditions of any lease or easement identified in Schedule A, and the following matters: SIMILAR. This is the alternative preamble for use with Schedule B - Part II. [PART I [PART I SAME. (Insert Schedule B exceptions here) SAME. PART II PART II SAME. In addition to the matters set forth in Part I of this Schedule, the Title is subject to the following matters, and the Company insures against loss or damage sustained in the event that they are not subordinate to the lien of the Insured Mortgage: ] In addition to the matters set forth in Part I of this Schedule, the Title is subject to the following matters, and the CompanyCovered Risk 10 insures against loss or damage sustained in the event that they are not subordinate toby the Insured by reason of the lack of priority of the lien of the Insured Mortgage over the matters listed in Part II, subject to the terms and conditions of any subordination provision in a matter listed in Part II: ] SIMILAR. The 2021 ALTA Loan Policy preamble uses the Covered Risk 10 priority coverage to address the insurance in Schedule B – Part II. Schedule B—Part II of the 2021 ALTA Loan Policy excepts to the terms and conditions of any subordination agreement identified in the Part II Exceptions. CONDITIONS CONDITIONS DIFFERENT COVERAGE. There are a number of differences in the Conditions of the 2006 and 2021 ALTA policies. 1. DEFINITION OF TERMS 1. DEFINITION OF TERMS SAME. The following terms when used in this policy mean: In this policy, the following terms have the meanings given to them below. Any defined term includes both the singular and the plural, as the context requiresThe following terms when used in this policy mean: SIMILAR. a. “Affiliate”: An Entity: i. that is wholly owned by the Insured; ii. that wholly owns the Insured; or iii. if that Entity and the Insured are both wholly owned by the same person or eEntity. NEW DEFINED TERM. This term is utilized in the 2021 ALTA policies to expand the definition of Insured. (a) “Amount of Insurance”: The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b) or decreased by Section 10 of these Conditions. (a)b. “Amount of Insurance”: The amountAmount of Insurance stated in Schedule A, as may be increased orby Condition 8.c.; decreased by endorsement to this policy, Condition 10; or increased by Section 8(b) or decreased by Section 10 of these Conditionsendorsements to this policy. SIMILAR. c. “Consumer Protection Law”: Any law regulating trade, lending, credit, sale, and debt collection practices involving consumers; any consumer financial law; or any other law relating to truth-in-lending, predatory lending, or a borrower’s ability to repay a loan. NEW DEFINED TERM. The definition in the 2021 ALTA Loan Policy replaces the terms “consumer credit protection laws and truth in lending laws” used in Exclusion 5 of the 2006 ALTA Loan Policy.