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Property Information Binder <br />CONDITIONS AND STIPULATIONS <br />1.Definition of Terms <br />The following terms when used in this Binder mean: <br />(a) "Land": The land described, specifically or by reference, in this Binder and improvements affixed thereto which by law <br />constitute real property; <br />(b) "Public Records"; those records which impart constructive notice of matters relating to said land; <br />(c) "Date": the effective date; <br />(d) "the Assured": the party or parties named as the Assured in this Binder, or in a supplemental writing executed by the <br />Company; <br />(e) "the Company" means Old Republic National Title Insurance Company, a Minnesota stock company. <br />2.Exclusions from Coverage of this Binder <br />The company assumes no liability including cost of defense by reason of the following: <br />(a) Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or <br />assessments on real property or by the Public Records; taxes and assessments not yet due or payable and special <br />assessments not yet certified to the Treasurer's office. <br />(b) Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, <br />claims or title to water. <br />(c) Title to any property beyond the lines of the Land, or title to streets, roads, avenues, lanes, ways or waterways on which <br />such land abuts, or the right to maintain therein vaults, tunnels, ramps, or any other structure or improvement; or any <br />rights or easements therein unless such property, rights or easements are expressly and specifically set forth in said <br />description. <br />(d) Mechanic's lien(s), judgment(s) or other lien(s). <br />(e) Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered or agreed to by the Assured; <br />(b) not known to the Company, not recorded in the Public Records as of the Date, but known to the Assured as of <br />the Date; or (c) attaching or creating subsequent to the Date. <br />3.Prosecution of Actions <br />(a) The Company shall have the right at its own costs to institute and prosecute any action or proceeding or do any other act <br />which in its opinion may be necessary or desirable to establish or confirm the matters herein assured; and the Company <br />may take any appropriate action under the terms of this Binder, whether or not it shall be liable thereunder and shall not <br />thereby concede liability or waive any provision hereof. <br />(b) In all cases where the Company does not institute and prosecute any action or proceeding, the Assured shall permit the <br />Company to use, at its option, the name of the Assured for this purpose. Whenever requested by the Company, the Assured <br />shall give the Company all reasonable aid in prosecuting such action or proceeding, and the Company shall reimburse the <br />Assured for any expense so incurred. <br />4.Notice of Loss - Limitation of Action <br />A statement in writing of any loss or damage for which it is claimed the Company is liable under this Binder shall be <br />furnished to the Company within sixty days after such loss or damage shall have been determined, and no right of action <br />shall accrue to the Assured under this Binder until thirty days after such statement shall have been furnished, and no <br />recovery shall be had by the Assured under this Binder unless action shall be commenced thereon with two years after <br />expiration of the thirty day period. Failure to furnish the statement of loss or damage or to commence the action within the <br />time herinbefore specified, shall be conclusive bar against maintenance by the Assured of any action under this Binder. <br />5.Option to Pay, Settle or Compromise Claims <br />The Company shall have the option to pay, settle or compromise for or in the name of the Assured any claim which could <br />result in loss to the Assured within the coverage of this Binder, or to pay the full amount of this Binder. Such payment or <br />tender of payment of the full amount of the Binder shall terminate all liability of the Company hereunder. <br />Copyright 2006-2013 American Land Title Association. All rights reserved. The use of this form is restricted to ALTA licensees and ALTA members in good <br />standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.