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EXCLUSIONS FROM COVERAGE ' The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' lees or expenses which arise by reason of: 1 ~J 1 i. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or local ion of any improvemen t now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which t he land is or was a part; or (iv) environmental protection, or the elfect of any violation of these laws, ordinances or governmental regul ations, except to the extent that a notice of the enforcement thereolor a notice of a defect, lienor encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Dale of Policy. (b) Any governmenta{ police power not excluded by (a) above, except to the extent that a notice of the exercise thereol or a notice of a defect, lienor encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereol has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the dale the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 1. DEFINITION OF TERMS. The lollowing terms when used in this policy mean: (al 'insured": the insured named in Schedule 0. and, subject ip any rights or defenses the Company would have had against the named insureQ (hose who succeed to the interest of the named insured by operalbn of law as tlislinguished Irom purchase including, but not Limited lo, heirs. distiibutees, devisees, survivors, personal represenlalives, next of kiiL or wrporate or fiduciary successors. (bJ "insured claimant": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may he imputed to an insured by reaspn of the public records as tlelinetl in this policy pr any other records which impart constructive notice of mat- ters allecling the land. td) "IanQ': the land described or relerretl tO in Schedule (A), and improvements allixed (hereto which by law conslilule real property. The term "land" does opt includeony property beyond the Imes of the area described or referred to m Schedule (Al, nor any right title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modity or limit Ine extent to which a right of access to and Irom the land is insured by Ihis policy. (e) "mortgage": mortgage, deed of trust (rust deed, or other security insuumenL (q "puhlic records": records established under stale statutes at Dale of Polity for Ine purpose of imparting con- sWdrve nplice pl mailers ceraling to real property to put chasers for value and without knowledge. Vyith respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records"shall also include environmental protection liens Illed in the records of the clerk of the UnileO Slates district court for the district in which the land is looted. (g) "unmarketahilily of the title": an alleged or apparent matter allecling the title to the land, not ezctuded or excepted Irom coverage, which would entitle a purchaser of the estate or rnleresl described In Schedule A rp be released Irom the obligallon to Wrchase by virtue of a conlraclual condiuon requiting the delivery of mark table title 2. CONTINUATION OF INSURANCE AFTER ' CONVEYANCE Of 11TLF CONDITIONS AND STIPULATIONS the basis of loss or damage and shall slate, to the extent possl- ble, Ihebasis of calculating the amount of the loss or damage. II the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's ohligations to the insured under the policy shall terminate, including any liability or obligallon to delen4 pros- ecute, or continue any liligalion, with regard to the matter or mailers requiring such proof of loss or damage. In atldllloR the insured claimant may reasonably be re- quired losubmit ro examinalionunder oath by arty authorized representative of the Company and shall produce for examina~ Iron, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books. ledgers, checks, corre- spontlenceand memoranda x'helher bearing a date Belpre or alter Date of Policy, which reasonably pertain to the loss or damage. Further, it requested by any authorized reDresenta~ live of the Company, the insured claimant shall grant its pen mission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, wrrespondence and memorarda in the cus- IOtly ar control of athird party,which reasonably pertain to the loss Or damage. All inlormalion tlesrgnareQ as cpnlidenbal by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, rn the reason- ahlejudgment of the Company, it is necessary in the adminis~ (ration of the claim Failure oI the insured claimant to submit IOr examinationunderoath, produceotherreasonablyrequesl~ ed inlormalion or grant permission to secure reasonably necessary inlarmarion Irom third parries as required in Ihis paragraph unless prohibited 6y law or gwernmenlal regula~ lion shall terminate any liability pl the Company under Ihis policy as to that claim 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY. In case of a claim under Ihis policy, the Company shall have Ilse lollowing additional options: (a) To Pay of Tender Payment of the Amount of msmance. io Day pr lender payment nl the amount of m5urance i•n0et Ihis VplieY logel net with any rnti> dilprney5 leis aap ....... .r: t:u ~ ....... ... ..... ,w;l'vM1/,.'p aV IIIL' [UIIIII,iii Y, uV iu the Iliac ul Ild r'iieill ul hat (h) In lheevenl pf any litigation, Including llligalion by the Company or with the Company's consent the Company shall have no liabi111y for loss or damage un111 there has been a final delerminalion by a court of competent jurisdi[lion, and disposition of all appeals lherelrom, adverse to the title as insured. (c) TheCanpany shall not be liable for loss or damagero any insured for Iiabllily voluntarily assumed by the insured in settling any claim or Suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY, All payments under This policy, except payments made for Costs, attorneys' lees and ex0enses, shall reduce the amount of the insurance Dm canto. 11. LIABILITY NONCUMULATIVE. Il is expressly understood that the amount of insurance under Ihis policy shall be reduced by any amount the Com- panymay pay uMer any policy insuring a mpngage to which exception is taken in Schedule B or to which the insureQ has agreed, assumed, or taken sublecl, or whmh is herealier executed by an insured and which is a ellarge or lien on Ih¢ estate or rnleresl described or referred to in Schedule 0. and the amount so paid shall be tleem¢tl a payment under this policy lathe insureQ owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing Ihis policy for endorsement of the payment unless the policy has beenloslordeslroyed, inwhich case proof of loss or destruc- tion shall 6e tarnished to the salislaclion of the Cpmpany. (b) When liability and Ine extent of loss or damage has been delini(ely lined in accordance with These eondllions and Slipu7aiion5, the loss or damage snail be payable wit hln 30 days Iherealler. l3. SUBROGATION UPON PAYMENT OR SETTLEMENT. rnl the Company's Rlghl of Subrogation. `::I ....: :.... ...: Ce..:,::::.. i'~u" care :~rded a:d , ..: L;JIIII II:IJdI iL.v JAI,: y. JI lignl Ui SUblpq,~ NII SIIJ I rr':I ui