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 | 10 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (b) “Date of Policy”: The date designated as “Date of Policy” in Schedule A. (b)d. “Date of Policy”: The date designated as “Date of Policy” stated in Schedule A. SIMILAR. e. “Discriminatory Covenant”: Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. NEW DEFINED TERM. This term is used in a new introductory clause to the Exceptions from Coverage of Schedule B in the 2021 ALTA policies. f. “Enforcement Notice”: A document recorded in the Public Records that describes any part of the Land and: i. is issued by a governmental agency that identifies a violation or enforcement of a law, ordinance, permit, or governmental regulation; ii. is issued by a holder of the power of eminent domain or a governmental agency that identifies the exercise of a governmental power; or iii. asserts a right to enforce a PACA-PSA Trust. NEW DEFINED TERM. This is a new definition in the 2021 ALTA policies. “Enforcement Notice” is used in Covered Risks 5, 6, 7.a., and 8 of the 2021 ALTA policies and in the definition of “Public Records” of the 2021 ALTA policies. (c) “Entity”: A corporation, partnership, trust, limited liability company, or other similar legal entity. (c)g. “Entity”: A corporation, partnership, trust, limited liability company, or other similar legal entity authorized by law to own title to real property in the State where the Land is located. SIMILAR. The term “Entity” is used primarily in the definition of the “Insured.”. h. “Government Mortgage Agency or Instrumentality”: Any government agency or instrumentality that is the owner of the Indebtedness, an insurer, or a guarantor under an insurance contract or guaranty insuring or guaranteeing the Indebtedness, or any part of it, whether named as an Insured or not. NEW DEFINED TERM. The new definition in the 2021 ALTA Loan Policy does not impact coverage. The term is used in the definitions of “Insured” and “Obligor.” (d) “Indebtedness”: The obligation secured by the Insured Mortgage including one evidenced by electronic means authorized by law, and if that obligation is the payment of a debt, the Indebtedness is the sum of (d)i. “Indebtedness”: TheAny obligation secured by the Insured Mortgage, including one an obligation evidenced by electronic means authorized by law, and if. If that obligation is the payment of a debt, the Indebtedness is the sum of: SIMILAR. i. the sum of: SAME. (i) the amount of the principal disbursed as of Date of Policy; (ia). the amount of the principal disbursed as of the Date of Policy; SAME. (ii) the amount of the principal disbursed subsequent to Date of Policy; (iib). the amount of the principal disbursed subsequent to the Date of Policy; SAME. (iii) the construction loan advances made subsequent to Date of Policy for the purpose of financing in whole or in part the construction of an improvement to the Land or related to the Land that the Insured was and continued to be obligated to advance at Date of Policy and at the date of the advance; (iiic). the construction loan advances made subsequent to the Date of Policy for the purpose of financing, in whole or in part, the construction of an improvement to the Land or related to the Land that the Insured was and continuedcontinues to be obligated to advance at the Date of Policy and at the date of the advance; SAME. (iv) interest on the loan; (ivd). interest on the loan; SAME. (v) the prepayment premiums, exit fees, and other similar fees or penalties allowed by law; (ve). the prepayment premiums, exit fees, and other similar fees or penalties allowed by law; SAME. (vi) the expenses of foreclosure and any other costs of enforcement; (vif). the expenses of foreclosure and any other costs of enforcement; SAME.