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 | 18 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by thean Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This policy is not an abstract of the Title, report of the condition of the Title, legal opinion, opinion of the Title, or other representation of the status of the Title. All claims asserted under this policy are based in contract and are restricted to the terms and provisions of this policy. The Company is not liable for any claim alleging negligence or negligent misrepresentation arising from or in connection with this policy or the determination of the insurability of the Title. SIMILAR. Condition 8 emphasizes that the policy is a contract of indemnity and that the policies are not abstracts of title, reports, legal opinions, opinions of title, or other representations of title. This provision aligns the 2021 policies to the terms of the 2016 Commitment and now the 2021 Commitment. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the least of (a). The extent of liability of the Company for loss or damage under this policy shalldoes not exceed the least of: SAME. (i) the Amount of Insurance, (i). the Amount of Insurance,; SAME. (ii) the Indebtedness, (ii). the Indebtedness,; SAME. (iii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy, or (iii). the difference between the fair market value of the Title, as insured, and the fair market value of the Title subject to the riskmatter insured against by this policy,; or SIMILAR. (iv) if a government agency or instrumentality is the Insured Claimant, the amount it paid in the acquisition of the Title or the Insured Mortgage in satisfaction of its insurance contract or guaranty. (iv). if a Government Mortgage Agency or Instrumentality government agency or instrumentality is the Insured Claimant, the amount it paid in the acquisition of the Title or the Insured Mortgage or in satisfaction of its insurance contract or guaranty relating to the Title or the Insured Mortgage. SAME. “Government Mortgage Agency or Instrumentality” is a defined term in the 2021 ALTA Loan Policy. b. Fair market value of the Title in Condition 8.a.iii. is calculated using either: SIMILAR. The 2021 ALTA Loan Policy identifies the appropriate date for determining the amount of loss. i. the date the Insured acquires the Title as a result of a foreclosure or deed in lieu of foreclosure of the Insured Mortgage; or IMPROVED COVERAGE. ii. the date the lien of the Insured Mortgage or any assignment set forth in Item 4 of Schedule A is extinguished or rendered unenforceable by reason of a matter insured against by this policy. IMPROVED COVERAGE. (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title or the lien of the Insured Mortgage, as insured, (b)c. If the Company pursues its rights under Section 5 of these ConditionsCondition 5.b. and is unsuccessful in establishing the Title or the lien of the Insured Mortgage, as insured,: SAME. (i) the Amount of Insurance shall be increased by 10%, and (i). the Amount of Insurance shallwill be increased by 1015%,; and IMPROVED COVERAGE. The 2006 ALTA Loan Policy provides that the Amount of Insurance will be increased by 10% if the Company is unsuccessful in establishing the Title as insured. The 2021 ALTA Loan Policy provides that the Amount of Insurance will be increased by 15% if the Company is unsuccessful in establishing the Title as insured.