Simon& Helen Gordon General Warranty Deed

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~ -. 1. DEFINITIONS OF TERMS. The following terms when used in this policy mean: (a) 'insured.; the insured named in Schedule A, and, subject to any rights or defenses the company would have had against the named insured, those who succeed to the interest of the nemed insured by operation of law as distinguished from purchase including, ,but not limited to, heirs, distributees, devisees, survivors, personal representatives. next of kin, or corporate, partnership or fiduciary successors, and specificelly, without limitation, the following: (i) tha successors in interest to a corporation resulting fl'Qm lToargar ~r consolidation or the distribution of the assets of Ihe corporation upon partial or complate liquidation: (ii) the pertnership successors in interest to a general or limited partnership which dissolves but does not terminate: (Iii) the successors in interest to a general or limited partnersh'p resulting from the distribution of the assets of the general or limited partnership upon partial or complete liquidation; (iv) the successors in interest to a joint venture resulting from the distribution of the assets of the joint venture upon partial or complete liquidation: (v) tha successor or substitute trustee(s) of a trustee named in a written trust instrument: or (vi) the successors in inlerestto a trustee or trust resulting from the distribution of all or part of the assets of the lrusl to the beneficiaries thereof, (b) 'nsured c1aimanr: an insured claiming loss or ~amage, (c) 'knowledge. or .known.: actual knowledge, not constructive kn0\\1edge or notice thai may be imputed to an insured by reason of Ihe public records as defined in this policy or any other records which impart constructive notice of matters affecting the land, (d) .Iand.: the land described or referred to in Schedule A, and improvements affixed thereto thai bylaw constitute real property, The term .Iand' does not include any property beyond the lines of the area "described or referred to in Schedule A, nor any right. title, interest, eslate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, bul nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by thiS policy, (e) .mortgage.: mortgage. deed of trust. trust deed, or other security instrument. (ij 'public records': records eslablished under slate statutes as Date, of Policy for Ihe purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge, With respect to Section 1(a)(iv) of the Exclusions From.Coverage, 'public records. alsoshalHnclude'environmenla1 protection liens filed in the records of the clerk of the United States district court for the district in which the land is loceted, (g) 'access': legal right of access to the land and not the physicel co"dition of access, The coverage provided as to access does not assure the adequacy of access for the use intended, 2, CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITlE. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the, insured, or only so long as the insured shall have liabiFity by reason of covenants of warranty made by the insured in any transfer or conveyance of the eslate or interest. This policy shall not continue in force in favor of any purcnaser from the insured of either (i) an estate or interest in the land, (ii) and indebtedness secured by a purchase money mortgage given to the insured, 3, NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company prompDy in writing (i) in cese of any litigation as set forth in Section 4 (a) below, or (ii) in case knowledge shall come to an insured hereunder of any claim of tiDe or interest that is adverse to the tiDe to the estate or interest, as insured, and that might ceuse loss or damage for which the Company may be liable by virtue of this policy, If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, However, that failure to notify lhe Company shall in no cese prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only the" extent of the prejudice, When, alter the date of lhe policy, the insured notifies the Company as required herein of a lien, encumbrance, adverse claim or olher defect in tiDe to the estate or interest in the land insured by this policy that is nol excluded or excepted from the coveragll of this policy, the Company shall promptly investigate the charge to determine whether the lien, encumbrance, adverse claim or defect is valid and not barred by law or statute, The Company shall notify the insured in writing, within a reasonable time, of its determination as to the validity or invalidity of the insured's claim or charge under the policy, If the Company concludes that the lien, encumbrance. adverse claim or defect is not covered by this policy, or was otherwise addressed in the closing of the transaction in connection wtth which this policy was issued, the Company shall specificelly advise the insured of the reasons for its determination, If the Company concludes that the lien, encumbrance, adverse claim or defect is valid, the Company shall take one of the following actions: (i) institute the necessary proceedings to clear the lien, encumbrance, adverse claim or defect from the tiDe to the eslate as insured; (ii) indemnify the insured as provided in this policy; (iii) upon payment of appropriate premium and charges therefor, issue to the insured claimant or to a subsequent owner, mortgagee or holder of the estate. or interest in the land insured by this policy, a policy of tiDe insurance without exception for the lien, encumbrance, adV81S8 claim or defect. said policy to be in an amount equal to the current value of the property or, if a mortgagee policy, the amount of the loan; (iv) indemnify another tiDe insurance company in connection with its issuance of a policyOes) of tiDe insurance without exception for the lien, encumbrance, adverse claim or defect; (v) secure a release or other document discharging the lien, encumbrance, adverse claim or defect; or (vi) undertake a combination of (i) through (v) herein, '\ CONDITIONS AND STIPULATIONS ..... The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses that arise by reason of: 1. (a) Any law, ordinance or governmenlal regulation (including but nollimited 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 location of any improvement 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 the land is or was a part: or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of II defect, lien or encumbrance resulting from a violation or alleged violation affecling the land has been recorded in the publiC records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or 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 thereof has been recorded in the Public records at Date of Policy, but not excluding from coverage any laking that has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value withou, knowledge, 3, Defects, liens, encumbrances, adverse claims or other mailers: (a) created, suffered, essumed 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 date 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; (e) resulting in loss or damage that would nOl have been sustained if the insured claimant had paid value for the estate or interest Insured by this PoUcy, 4, The refusal of any person to purchase, lease or lend money on the estate or interest covered hereby In the land described in Schedule A because of unmarketability of the tiUe, 5, Any claim, which arises out of the transaction vesting in the parson namec in paragraph 3 of Schedule A the eslate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or other state or federal creditors' rights laws that is based on either (i) the transaction creating the estate or interest Insured by this Policy being deemed a fraudulent conveyance or fraudulent transfer or a voidable distribution or voidable dividend or (ii) !he subordination or recharacterization of the eslate or interest insured by this Policy as a result of the applicetion of the doctrine of equitable subordination or Oii) the transaction creating the estate or interest insured by this Policy being deemed a preferential transfer except where the preferential transfer results from the failure of the Company or its issuing agent to timely file for record the instrument of transfer to the insured after delivery or the fail"~re of su<<<l! reCQIdation to impartl10tice to a p!JrcJ1aser Jorva.!!!e or. a_ judgmenl or lien creditor, . , EXCLUSIONS FROM COVERAGE