ALTA Title Insurance Statement

ALTA Title Insurance Statement

This ALTA Title Insurance Statement is made as of by and between Title Company Name: with principal address at (the "Title Company") and Insured Name: with mailing address at (the "Insured") concerning the real property commonly known as (the "Property").

RECITALS

WHEREAS, Title Company has prepared or will prepare a title commitment and related escrow closing documents for the Property under Commitment Number: and proposes to issue a title insurance policy or policies described below; and

WHEREAS, the Insured requires a statement from Title Company setting forth the terms, exceptions, endorsements, premiums and other particulars relevant to issuance of the proposed title insurance policy or policies as a condition to the transaction affecting the Property.

WHEREAS, the parties desire to memorialize the Title Company's present statement regarding coverage, exceptions and conditions pending issuance of a formal title insurance policy.

NOW, THEREFORE

In consideration of the mutual covenants and agreements herein contained, the parties agree as follows:

1. DEFINITIONS

For purposes of this Statement, the following terms have the meanings set forth: "Policy" means the title insurance policy or policies to be issued by Title Company; "Effective Date" means the date set forth above; "Covered Risk" means those matters expressly insured against by the Policy; and "Exceptions" means those matters excepted from coverage by the Policy.

2. STATEMENT OF TITLE INSURANCE COVERAGE

Subject to the terms, conditions, exceptions and endorsements set forth herein and in the Policy, Title Company states that upon issuance of the Policy it will insure, to the extent and in the amounts set forth in Section 3 below, the Insured's title to the Property against loss or damage sustained by reason of a Covered Risk. This Statement is provided solely to describe the Title Company's present position with respect to issuance of a Policy and does not itself constitute an insurance policy.

3. POLICY DETAILS

Policy Type: Owner's Policy Lender's Policy

Proposed Policy Number:    Insuring Amount: $    Premium: $

Premium Payment Date:    Effective Time: Upon recording of conveyance documents or as otherwise provided in the Policy.

4. EXCEPTIONS AND ENDORSEMENTS

The Policy, when issued, will be subject to standard printed exceptions and to the following specified exceptions and/or requirements which will survive issuance unless otherwise removed by endorsement:

Available Endorsements (if any): the Title Company may issue endorsements to modify coverage upon payment of additional premium and satisfaction of any underwriting requirements.

5. REPRESENTATIONS, WARRANTIES AND CONDITIONS

The Insured represents and warrants that the facts and data provided to Title Company for the preparation of the title commitment and issuance of the Policy are true, complete and not misleading as of the Effective Date. Title Company conditions issuance of the Policy upon fulfillment of all requirements set forth in the title commitment and payment in full of all premiums and fees due.

The Title Company expressly disclaims liability for matters not of record or for matters arising subsequent to the Effective Date except to the extent covered by the Policy when issued.

6. NOTICES

All notices, requests or other communications required or permitted under this Statement shall be in writing and delivered to the addresses set forth below by personal delivery, certified mail (return receipt requested) or overnight courier and shall be effective upon receipt.

7. AMENDMENTS; WAIVER; COUNTERPARTS

This Statement may be amended or modified only by a written instrument executed by both parties. No waiver of any provision of this Statement will be effective unless in writing and signed by the party waiving compliance. This Statement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

8. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

This Statement shall be governed by and construed in accordance with the laws of the state in which the Property is located, without regard to conflict of laws principles. This Statement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings. If any provision of this Statement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

9. DISPUTE RESOLUTION

Any dispute arising out of or related to this Statement shall be resolved by binding arbitration conducted in the county where the Property is located, unless the parties mutually agree otherwise in writing. Each party shall bear its own attorneys' fees and costs unless the arbitrator determines otherwise.

10. MISCELLANEOUS

The obligations of Title Company to issue the Policy are conditioned upon the accuracy of the representations made herein, satisfaction of all underwriting requirements and receipt of payment in full of all premiums, fees and costs. This Statement is not transferable without the prior written consent of the Title Company.

The Title Company certifies that this Statement is issued based upon an examination of the public records and the Title Company's files pertaining to the Property as of the Effective Date stated above, and that the information contained herein accurately reflects the Title Company's present assessment for the purpose of issuing the Policy, subject to the Conditions, Exceptions and Endorsements noted above.

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