2009-07-06_REVISION - M1977036 (28)

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