FNTIC ALTA Policy Comparisons

ALTA OWNER’S 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 04-15-2021 ALTA OWNER’S POLICY COMPARISON CHART Page | 6 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. 5 6. Any lien on the Title for real estate taxes or assessments imposed or collected by a governmental authority that becomes due and payable after and created or attaching between the Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. Exclusion 6 does not modify or limit the coverage provided under Covered Risk 2.b. SIMILAR. The 2006 and 2021 ALTA Owner’s Policy provide gap coverage (Covered Risk 10). Because of Exclusion 5 of the 2006 ALTA Owner’s Policy and the parameters of the gap coverage, the gap coverage does not include real estate taxes and assessments. The 2021 ALTA Owner’s Policy does not insure against taxes and assessments that become due and payable after the Date of Policy, whether before or after recording of deed or other instrument of transfer. Exclusion 6 does not affect the coverage of Covered Risk 2.b., which insures against real estate taxes and assessments due or payable, but unpaid. 7. Any discrepancy in the quantity of the area, square footage, or acreage of the Land or of any improvement to the Land. NEW EXCLUSION. Covered Risk 2.c. of the 2006 and 2021 ALTA policies does not insure the acreage or quantity of the Land or of any improvement. These risks were generally excepted from coverage in Schedule B but are now addressed through this Exclusion. [Transaction Identification Data, for which the Company assumes no liability as set forth in Condition 9.d.: Issuing Agent: Issuing Office: Issuing Office’s ALTA ® Registry ID: Issuing Office File Number: Property Address: ] IMPROVED TRANSACTION IDENTIFYING INFORMATION. A Transaction Identification Data header has been added to Schedule A to provide clarity and, again, make post-closing smoother and general inquiries easier to initiate. This informational header was added to the 2016 ALTA Commitment for Title Insurance and is now carried over to the policies. This information is intentionally set apart from the insured information in Schedule A so it’s not an insured matter but serves as reference information to improve communication between the policy issuer and the customer to verify that the proper information is being used on the file. This new header includes the ALTA Registry ID – the unique settlement agent identifier created and maintained by ALTA to provide customers with a single source of truth for underwriter-confirmed title agents’ contact information. SCHEDULE A SCHEDULE A SAME. Name and Address of Title Insurance Company: [File No.: ] Policy 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 No.: Number: 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 insured by this policy is: 2. The estate or interest in the Land that is insured by this policy is: SAME. 3. Title is vested in: 3. The Title is vested in: SAME. 4. The Land referred to in this policy is described as follows: 4. The Land referred to in this policy is described as follows: SAME. Since Land is a defined term, the additional wording was unnecessary. [5. This policy incorporates by reference the endorsements designated below, adopted by the [ American Land Title Association ][ ________________ ] as of the Date of Policy: ] NEW OPTIONAL PROVISION. The 2021 ALTA policies allow reference to adopted ALTA endorsements. Reference can also be made to other available endorsements. SCHEDULE B SCHEDULE B SIMILAR. [File No. ] Policy No. [File No. ] Policy No. Number: 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 an 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.