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Form No. 1343 (CO-06) <br />ALTA Plain Language Commitment <br />t 100259UO807CO <br />CONDITIONS <br />1. DEFINITIONS <br />(a) "Mortgage" means mortgage, deed of trust or other security instrument. <br />(b) "Public Records" means title records that give constructive notice of matters affecting the title according to the state <br />law where the land is located. <br />2. LATER DEFECTS <br />The Exceptions in Schedule B - Section 2 may be amended to show any defects, liens or encumbrances that appear for <br />the first time in the public records or are created or attached between the Commitment Date and the date on which all of <br />the Requirements of Schedule B - Section 1 are met. We shall have no liability to you because of this amendment. <br />EXISTING DEFECTS <br />If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may amend <br />Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances, we shall be liable <br />to you according to Paragraph 4 below unless you knew of this information and did not tell us about it in writing. <br />LIMITATION OF OUR LIABILITY <br />Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its Requirements. <br />If we have any liability to you for any loss you incur because of an error in this Commitment, our liability will be limited <br />to your actual loss caused by your relying on this Commitment when you acted in good faith to: <br />comply with the Requirements shown in Schedule B - Section 1 <br />or <br />eliminate with our written consent any Exceptions shown in Schedule B - Section 2. <br />We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our liability is <br />subject to the terms of the Policy form to be issued to you. <br />CLAIMS MUST BE BASED ON THIS COMMITMENT <br />Any claim, whether or not based on negligence, which you may have against us concerning the title to th e land must be <br />based on this Commitment and is subject to its terms. <br />The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of insurance is <br />$2,000,000.00 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of <br />the parties. You may review a copy of the arbitration rules at http://wwA,.alta.org.