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 | 7 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS This policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by reason of: This 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 provision excepts to the terms and conditions of leases and easements identified in Schedule A, without the need for a separate Schedule B exception. 1. [Policy may include regional exceptions if so desired by the issuing Company.] 2. [Variable exceptions such as taxes, easements, CC&R’s, etc., shown here] (Insert Schedule B exceptions here) 1. [ Policy may include regional exceptions if so desired by the issuing Company. ] 2. [ Variable exceptions such as taxes, easements, CC&R’s, etc., shown here ] SIMILAR. Although the ALTA has adopted optional model exceptions, there are no model exceptions incorporated in the 2006 ALTA policies or the 2021 ALTA policies. 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, theThe following terms when used in this policy meanhave the meanings given to them below. Any defined term includes both the singular and the plural, as the context requires: 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 Sections 10 and 11 of these Conditions. (a)b. “Amount of Insurance”: The amountAmount of Insurance stated in Schedule A, as may be increased by Condition 8.d. or decreased by endorsement to this policy,Condition 10 or 11; or increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. endorsements to this policy. SIMILAR. (b) “Date of Policy”: The date designated as “Date of Policy” in Schedule A. (b)c. “Date of Policy”: The date designated as “Date of Policy” stated in Schedule A. SIMILAR. d. “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. e. “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)f. “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”. (d) “Insured”: (d)g. “Insured”: IMPROVED COVERAGE. The Insured named in Schedule A. i. (a). The Insured named in Item 1 of Schedule A;. SAME. (i) the term “Insured” also includes (i) the term “Insured” also includes