|
�, xx:xnr First
<br />r
<br />.w "' " rst' American owner's Policy of Title Insurance
<br />n�
<br />California (WRE) - 2021 v. 01.00 (07-01-2021)
<br />any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does
<br />not modify or limit the extent that a right of access to and from the Land is insured by this policy.
<br />k. "Mortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security
<br />instrument, including one evidenced by electronic means authorized by law.
<br />I. "PACA-PSA Trust": A trust tinder the federal Perishable Agricultural Commodities Act or the federal
<br />Packers and Stockyards Act or a similar State or federal law.
<br />m. "Public Records": The recording or filing system established under State statutes in effect at the
<br />Date of Policy under which a document must be recorded or filed to impart constructive notice of
<br />matters relating to the Title to a purchaser for value without Knowledge. The term "Public
<br />Records" does not include any other recording or filing system, including any pertaining to
<br />environmental remediation or protection, planning, permitting, zoning, licensing, building, health,
<br />public safety, or national security matters.
<br />n. "State": The state or commonwealth of the United States within whose exterior boundaries the
<br />Land is located. The term "State" also includes the District of Columbia, the Commonwealth of
<br />Puerto Rico, the U.S. Virgin Islands, and Guam.
<br />o. "Title": The estate or interest in the Land identified in Item 2 of Schedule A.
<br />P. "Unmarketable Title": The Title affected by an alleged or apparent matter that would permit a
<br />prospective purchaser or lessee of the Title or a lender on the Title to be released from the
<br />obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of
<br />marketable title.
<br />2. CONTINUATION OF COVERAGE
<br />This policy continues as of the Date of Policy in favor of an Insured, so long as the Insured:
<br />a. retains an estate or interest in the Land;
<br />b. owns an obligation secured by a purchase money Mortgage given by a purchaser from the
<br />Insured; or
<br />C. has liability for warranties given by the Insured in any transfer or conveyance of the Insured's
<br />Title.
<br />Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after
<br />the Insured conveys the Title. This policy does not continue in force or effect in favor of any person or
<br />entity that is not the Insured and acquires the Title or an obligation secured by a purchase money Mortgage
<br />given to the Insured.
<br />3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
<br />The Insured must notify the Company promptly in writing if the Insured has Knowledge of:
<br />a. any litigation or other matter for which the Company may be liable under this policy; or
<br />b. any rejection of the Title as Unmarketable Title.
<br />If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the
<br />Company's liability to the Insured Claimant under this policy is reduced to the extent of the prejudice.
<br />4. PROOF OF LOSS
<br />The Company may, at its option, require as a condition of payment that the Insured Claimant furnish a
<br />signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, adverse claim, or other
<br />matter insured against by this policy that constitutes the basis of loss or damage and must state, to the
<br />extent possible, the basis of calculating the amount of the loss or damage.
<br />5. DEFENSE AND PROSECUTION OF ACTIONS
<br />a. Upon written request by the Insured and subject to the options contained in Condition 7, the
<br />Company, at its own cost and without unreasonable delay, will provide for the defense of an
<br />Insured in litigation in which any third party asserts a claim covered by this policy adverse to the
<br />Insured. This obligation is limited to only those stated causes of action alleging matters insured
<br />against by this polity. The Company has the right to select counsel of its choice (subject to the
<br />* Copyright 2025 First American Financial Corporation. All rights reserved.
<br />All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied
<br />or used for derivative products/services without the prior express written permission of First American Financial Corporation.
<br />** Copyright 2021 American Land Title Association. All rights reserved.
<br />The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other
<br />uses are prohibited Reprinted under license from the American Land Title Association.
<br />rage
<br />502f27q,r; y 0R'.f,,PURCHASE AGREEMENTAll, � .s ? ,.� 5 � j 7? { ,d"A,
<br />REV: 10-15-25 VR
<br />
|