TITLE 101: Making Sense of Title Insurance in Commercial Transactions 2023 PROGRAM MATERIALS NATIONAL COMMERCIAL SERVICES | D.C. & BALTIMORE DCNCS.CTIC.COM
2 DCNCS.CTIC.COM CONTACT: CHARLOTTE TROUP LEIGHTON SVP, Director of Business Development CHARLOTTE.TROUP@CTT.COM 202.739.1751 NATIONAL COMMERCIAL SERVICES | D.C. & BALTIMORE
Title 101: Making Sense of Title Insurance – 2023 3 CHICAGO TITLE NCS DC | MD TABLE OF CONTENTS Chicago Title – Financial Strength 4 Program Slides 5 Title Commitment Forms (DC, MD, VA) 38 ALTA Owner’s Policy of Title Insurance (Sample) 84 ALTA Loan Policy of Title Insurance (Sample) 96 Commercial Endorsement Manual 109 CTIC ALTA Policy Comparisons 414 ALTA Loan Policy 2021 416 ALTA Loan Policy Comparison Charts 432 ALTA Owner’s Policy 2021 458 ALTA Owner’s Policy Comparison Charts 472 CTIC NCS Laws & Customs by State 492 Mechanics Lien Manual 497 2021 Minimum Standard Requirements for ALTA/NSPS Land Title Surveys 556
Q3 2023 Excludes Discontinued Operations. All Figures in US dollars. Source: FNF 10�Q *Excluding recognized gains and losses. **”FORTUNE®” and “FORTUNE 500®” are registered trademarks of Time Inc. Time Inc. is not affiliated with, and does not endorse the products and services of Fidelity National Financial, its subsidiaries, or affiliates. © 2023 Fidelity National Financial Financial Information for the Three Months Ending September 30, 2023 FINANCIAL HIGHLIGHTS FNF TITLE SEGMENT A Standard & Poorʼs Rating A2 Moodyʼs Rating Financial Strength & Claims Paying Ability $1.8b Claims Reserves 359 FORTUNE 500® 2023 Highest Ranking Title Insurance Company $11.2b FNF Market Cap $53.6b Investment Portfolio $1.23 Adjusted EPS to Common Shareholders � Diluted $1.9b Total Revenue* 318t Direct Orders Opened 224t Direct Orders Closed $311m Adjusted Pre-Tax Earnings 30.8% Overall Market Share Source: ALTA 6 Mos. 2023 Chicago Title Insurance Company is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title Insurance of New York – that collectively issue more title insurance policies than any other title company in the United States. NATIONAL COMMERCIAL SERVICES
Title 101: Making Sense of Title Insurance – 2023 5 CHICAGO TITLE NCS DC | MD PROGRAM SLIDES What is Title Insurance? 7 What is the Purpose and Importance of Title Insurance? 8 Title Insurance vs. Casualty Insurance 8 Title Commitments 9 Types of ALTA Policies 12 The Concept of Pro Forma 13 Key Commercial Endorsements 14 Surveys 25 Reinsurance & Coinsurance 28 Working With Your Title Company 29 Resources 31 National vs. Local Transactions 34 Pricing 35
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Title 101: Making Sense of Title Insurance – 2023 37 CHICAGO TITLE NCS DC | MD TITLE COMMITMENT FORMS FOR DC | MD | VA DC – ALTA Commitment for Title Insurance 38 MD – ALTA Commitment for Title Insurance 52 VA – ALTA Commitment for Title Insurance 68
38 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 1 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC ALTA COMMITMENT FOR TITLE INSURANCE Commitment Number: issued by: SampleDCACC NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and the Commitment Conditions, Chicago Title Insurance Company, a Florida corporation (the "Company"), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured. If all of the Schedule B, Part I-Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Chicago Title Insurance Company By: Countersigned By: Authorized Officer or Agent Michael J. Nolan, President Attest: Marjorie Nemzura, Secretary Chicago Title NCS DC l MD Page 68
39 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 2 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC Please read the exceptions and the terms shown or referred to herein carefully. The exceptions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered. It is important to note that this form is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land. Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.: ISSUING OFFICE: FOR SETTLEMENT INQUIRIES, CONTACT: Chicago Title Insurance Company 1901 Pennsylvania Ave., NW, Suite 201 Washington, DC 20006 Chicago Title Insurance Company 1901 Pennsylvania Ave., NW, Suite 201 Washington, DC 20006 Order Number: SampleDCACC Prepared For: Chicago Title Insurance Company SCHEDULE A 1. Commitment Date: November 9, 2023 at 08:00 AM 2. Policy to be issued: (a) Proposed Insured: Proposed Amount of Insurance: $0.00 The estate or interest to be insured: Fee Simple (b) Proposed Insured: Proposed Amount of Insurance: $0.00 The estate or interest to be insured: Fee Simple 3. The estate or interest in the Land at the Commitment Date is: Fee Simple 4. The Title is, at the Commitment Date, vested in: Sample Seller 5. The Land is described as follows: END OF SCHEDULE A Chicago Title NCS DC l MD Page 69
40 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 3 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. A. Deed from the current owner to the Proposed Insured. B. Deed of Trust from the Proposed Insured, securing indebtedness and obligations in favor of the Proposed Insured Lender. Note: A properly completed, executed and acknowledged Combined Real Property Deed Recordation Tax and Real Property Transfer Tax Return (“FP-7C”) must accompany each deed and deed of trust submitted for recordation. (PDF version attached) Note: Transfer and/or Recordation Taxes will likely be due upon recordation of the Deed, Deed of Trust, Lease or Transfer of Economic Interest associated with this transaction. Please contact your underwriter or escrow officer for details as to the applicable rate associated with your transaction. NOTE: ANY REMOTE NOTARIZATION PROCEDURE MUST BE PRE-APPROVED BY THE COMPANY. PLEASE CONTACT THIS OFFICE PRIOR TO ENGAGING IN ANY SUCH PROCEDURE. 5. Evidence must be submitted of the timely filing of a properly completed and duly executed Income-Expense Form (“FP-308B Office and Retail, FP-308B-A Apartment Building, FP-308B-C Commercial Real Estate, or FP308B-I Industrial”) or Hotel/Motel Income and Expense Report (“FP-421B”) in connection with any income producing or investment-type property. Filings are due on or before April 1 of each year. See https://otr.cfo.dc.gov/page/real-property-tax-formsfor more information. 6. In the event of the sale of any residentially-used or mixed-use commercial/residential property, you must provide us with a Tenant Opportunity to Purchase Affidavit evidencing the Land is either 1) owner- occupied, 2) occupied by the proposed purchaser (who is currently the sole tenant), or 3) vacant with no leases in force and effect. In the event of sale of the Land which is partially or wholly occupied by tenant(s), further evidence of compliance with the “Rental Housing Conversion and Sale Act of 1980,” D.C. Official Code §42-3401.01, et. seq., must be submitted for Company approval. If the Land contains 5 or more units, the Company must also be furnished with satisfactory evidence that the property is either not subject to D.C. Official Code §42-3404.31, “District’s Opportunity to Purchase Amendment Act of 2008”, or that the requirements of that Act have been met. 7. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may Chicago Title NCS DC l MD Page 70
41 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 4 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC then make additional Requirements or Exceptions. 8. With regard to _ LLC, a _ limited liability company (the “LLC”), the following is required: A. a full and complete copy of the LLC’s Articles of Organization, and any amendment(s) thereto; B. a copy of the LLC’s Certificate of Organization; C. a current Good Standing Certificate issued by the Secretary of State (or equivalent) from the LLC’s jurisdiction of formation; D. a current Certificate of Registration from the District of Columbia (foreign LLC only); E. an Affidavit of Members accurately identifying the current membership of the LLC; and F. a full and complete copy of the Operating Agreement governing the authority of any or all of the members of the LLC to act on behalf of the LLC. Note: This Commitment is subject to such additional exceptions as may appear upon review of said documentation. 9. The following must be duly released of record, or the same will appear as exception(s) to coverage under the policy anticipated by this Commitment: [if none, state NONE] A. Deed of Trust and Security Agreement from _______ to ____________, Trustees for the benefit of _____________, dated _______ and recorded ________ as Document No. ___________, securing the original principal sum of $______________. B. 10. A plat or survey must be submitted which has been made in accordance with “Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys” jointly established and adopted by ALTA and NSPS in 2016, and which meets the accuracy requirements of the appropriate classification of cadastral survey. Matters disclosed by the survey that in the Company’s judgment constitute defects in title to the property will be shown as exceptions to coverage under the proposed policy, replacing the general survey exception currently shown on this Commitment in Schedule B, Part II, Paragraph 5. 11. Evidence must be submitted of both the determination and payment of all other taxes, assessments, bonds and charges now due, and which may become due prior to the effective date of the policy anticipated by this Commitment. These taxes, assessments, bonds and charges include, but are not limited to: A. CAFÉ Assessments; B. outstanding liens in favor of the Office of Space Adjudication (“Vault Rent”); C. DC PACE Assessments (“Property Assessed Clean Energy” Special Assessments); D. Southeast Water and Sewer Improvement Special Assessments; E. liens for work performed by the Department of Public Works (“Clean & Lien” charges); F. amounts due the D.C. Office of Homestead Recapture (“Homestead Audit”) (residential property Chicago Title NCS DC l MD Page 71
42 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 5 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC only); G. stormwater fees and any water and sewer System Availability Fee (“SAF”) through and including the effective date of said policy; H. water charges and sanitary sewer service charges through and including the effective date of said policy. Seller MUST provide all water account numbers that pertain to the subject property. Seller must fully complete and execute the DC Water Authorization Form. This must be completed and returned to title company 7-10 days prior to closing in order to obtain the estimated amount needed to collect at closing for the final water reading. (Note: CAFÉ Assessments and Vault Rent both run for the period July 1 through June 30 and are each due in one annual installment. The bills for CAFÉ Assessments are issued mid-May and are due in advance by June 30. The bills for Vault Rent are issued in August and are due by September 15 for the period that began the preceding July 1.) 12. Evidence must be submitted of the payment of all business improvement district taxes (“BID” Taxes) or community improvement district taxes (“CID” Taxes) for the _____Fiscal Year. The property referred to herein is situate within the boundaries of the ___________ (Capitol Riverfront; Georgetown; Downtown; Golden Triangle, Capitol Hill, NoMa) Business Improvement District (“Downtown BID”) Mount Vernon Triangle Community Improvement District (“Mount Vernon Triangle CID”). (Note: Downtown BID/ Mount Vernon Triangle CID taxes will be assessed annually for the tax period from October 1 through September 30 and must be paid in advance in two (2) equal installments. The first installment is due on or before October 1 for the period October 1 through March 31; the second installment is due on or before April 1 for the period April 1 through September 30.) The _____ installment thereof has been paid in the amount of $ . A one-time penalty of 10% and monthly interest at the rate of 1.5% will accrue on past due amounts until paid. 13. All real property taxes and assessments, general and special, must be paid through _______________. (Note: Taxes are assessed on a fiscal year from October 1 through September 30, and may be paid in two (2) equal installments. The first installment is due on or before March 31 for the period from October 1 through March 31; the second installment is due on or before September 15 for the period from April 1 through September 30.) The second half installment of taxes for the current fiscal year has been paid in the amount of $ . A one-time penalty of 10% and monthly interest at the rate of 1.5% will accrue on past due amounts until paid. 14. With regard to _ Limited Partnership, a _ limited partnership, (the “LP”), the following is required: A. a copy of the LP’s Partnership Agreement, together with any and all amendments thereto; B. a copy of the LP’s Certificate of Limited Partnership; C. a current Good Standing Certificate from the LP’s jurisdiction of formation; D. a Certificate of Authority from the District of Columbia (foreign LP only); and E. joinder by all of the general partners of the LP in the execution and delivery of the instruments required to consummate the transaction which is the subject of this Commitment, or in lieu thereof, evidence that the Partnership Agreement, as amended, establishes the authority of a single identified partner, or less than all of the partners to execute and deliver the same. Chicago Title NCS DC l MD Page 72
43 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 6 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC Note: This Commitment is subject to such additional exceptions as may appear upon review of said documentation. 15. With regard to _ General Partnership, a _ general partnership (the “GP”), the following is required: A. a copy of the GP’s Partnership Agreement, together with any and all amendments, thereto; B. a copy of the Statement of Partnership Authority from the District of Columbia (foreign GP); and C. joinder by all of the general partners of the GP in the execution and delivery of the instruments required to consummate the transaction which is the subject of this Commitment, or in lieu thereof, evidence that the Partnership Agreement, as amended, establishes the authority of a single identified partner, or less than all of the partners to execute and deliver the same. Note: This Commitment is subject to such additional exceptions as may appear upon review of said documentation. 16. With regard to _, a _ corporation (the “Corporation”), the following is required: A. a copy of the Articles of Incorporation and By-Laws of the corporation, and any and all amendments thereto; B. a Certificate of Incorporation issued by the Corporation’s jurisdiction of formation; C. a current Good Standing Certificate (or equivalent) issued by the Secretary of State (or equivalent) of the Corporation’s jurisdiction of formation; D. a duly certified copy of the Certificate of Authority from the District of Columbia (foreign Corporation only); and E. a copy of the resolution of the Board of Directors authorizing the sale/acquisition and/or encumbrance of the real property referred to herein, and directing authorized officers to execute/accept a Deed and/or execute and deliver a mortgage or deed of trust encumbering the title thereto. Note: This Commitment is subject to such additional exceptions as may appear upon review of said documentation. 17. Proof of Identity and legal age of all parties to this transaction. 18. All current owners of the property must execute and deliver to the Company affidavits which in the Company’s judgment are sufficient in both form and content to identify (Owner’s Affidavit): A. rights or claims of parties in possession not shown by the public records; B. easements, or claims of easements, not shown by the public records; or C. the occurrence of any event which could give rise to any lien, or right to a lien, for services, labor, or Chicago Title NCS DC l MD Page 73
44 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 7 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC material furnished, imposed by law and not shown by the public records. Matters disclosed by the affidavits which in the Company’s judgment constitute defects in title to the property will be shown as exceptions to coverage under the proposed policy, replacing the general exceptions currently shown on this Commitment in Schedule B, Part II, Paragraph Nos. 2, 3, and 4. 19. NOTE: This Commitment for Title Insurance does NOT constitute a report of title and is not to be relied upon by the proposed insured(s) or any other party as a title report or representation of the status of title. Any title search and examination conducted by or for the Company in connection with the issuance of this Commitment for Title Insurance, if any, is solely for the benefit of the Company. The sole liability of the Company and / or its issuing agent hereunder shall be as set forth in the Conditions of this Commitment for Title Insurance. Neither the Company nor its issuing agent shall be liable to the proposed insured(s) or any other party for any claim of alleged negligence, negligent misrepresentation, or any other cause of action in tort in connection with this Commitment for Title Insurance. 20. NOTE: Any documents being executed and insured in conjunction with this transaction must be conducted under the supervision of an attorney actively licensed in the state where the signings take place, signed in the presence of an authorized Company employee, an authorized employee of an agent, an authorized employee of the insured lender, or by using Bancserv or other approved third-party service. If these requirements cannot be met, please call the company at the number provided in this Report/Commitment. 21. In the event the subject transaction is a sale, the Company requires completion and return of a Form 1099-S, by the Seller. 22. Click this link to view the Fidelity National Financial, Inc. Privacy Statement. 23. The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and any additional premium must be paid at that time. An Owner’s policy should reflect the purchase price or full value of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral. Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amounts are approved. 24. THIS COMMITMENT AND THE PREMIUM TO BE CHARGED ARE PRELIMINARY AND SUBJECT TO FINAL CORPORATE APPROVAL. SUCH APPROVAL MUST BE RECEIVED PRIOR TO CLOSING. 25. Proposed Insured (To Be Determined) must be identified and if same is a corporation, partnership or limited liability company, evidence of its organization and compliance with filing requirements of its jurisdiction of origin, and the jurisdiction of the location of the property, must be furnished. 26. Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. 27. The following endorsements may be attached to the final owner's and/or loan policy as applicable, subject to compliance with the requirements listed parenthetically, and additional underwriting requirements and premium, if applicable: Chicago Title NCS DC l MD Page 74
45 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 8 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC A. ALTA 3 Zoning (unimproved land) or ALTA 3.1 Zoning (improved land) [owner and loan] or ALTA 3.2 (receipt of acceptable zoning opinion and/or compliance letter); ALTA 3-21ALTA 3.1-21ALTA 3.2-21 B. ALTA 4.1 Condominium Endorsement (applies only to condominium units insured in Schedule A; requires review of condominium documents and verification of payment of any current or past due condominium assessments); ALTA 4.1-21 C. ALTA 6 Variable Rate or ALTA 6.2 Negative Amortization [loan only] (review of loan documents); ALTA 6-21ALTA 6.2-21 D. ALTA 8.1 Environmental [loan only] or ALTA 8.2-06 Commercial Environmental [owner only] (none); ALTA 8.1-21ALTA 8.2-06 E. ALTA 9, ALTA 9.1 (owners), ALTA 9.2 (owners), ALTA 9.3-06 [loan only] (receipt of acceptable ALTA/NSPS survey); ALTA 9ALTA 9.1ALTA 9.2ALTA 9.3-06 F. ALTA 9.6, ALTA 9.7, ALTA 9.8 (receipt of acceptable ALTA/NSPS survey); ALTA 9.6ALTA 9.7ALTA 9.8 G. ALTA 10 Assignment [loan only with no date-down] or ALTA 10.1 Assignment and Date Down [loan only] (review of mortgage assignment document and title update if ALTA 10.1); ALTA 10-21ALTA 10.1-21 H. ALTA 11 Mortgage Modification [loan only] (review of modification documents and update of title); ALTA 11-21 I. ALTA 13-06 Leasehold [owner] or ALTA 13.1-06 [loan] (review of insured lease); ALTA 13-06ALTA 13.1-06 J. ALTA 14.1 Future Advance [loan only] (review of loan documents and state law to determine appropriate form); ALTA 14.1-21 Chicago Title NCS DC l MD Page 75
46 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 9 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC K. ALTA 15-06 Non-Imputation (Full Equity) or ALTA 15.1-06 (Additional Equity) or ALTA 15.2-06 (Partial Equity) [owner only] (receipt of satisfactory affidavit and indemnity from existing and/or exiting entity(ies) with respect to knowledge of off-record matters); ALTA 15-06 ALTA 15.1-06ALTA 15.2-06 L. ALTA 16-06 Mezzanine [owner only] (review of pledge agreements and execution of endorsement by insured owner and mezzanine lender); ALTA 16-06 M. ALTA 17-06 (access and entry) or ALTA 17.1-06 (indirect access and entry) [owner or loan] (receipt of current ALTA/NSPS survey showing access on a labeled public way, or via vested rights over a private way or easement to a public way); ALTA 17-06ALTA 17.1-06 N. ALTA 17.2-06 Utility Access [owner of loan] (receipt of current ALTA/NSPS survey showing access points for all listed utilities located either in a public way adjacent to the property, or within an easement appurtenant to the property); ALTA 17.2-06 O. ALTA 18-06 Single Tax Parcel or ALTA 18.1-06 Multiple Tax Parcel [owner and loan] (evidence that each parcel of land described in Schedule A is separately assessed for real estate taxation purposes); ALTA 18-06ALTA 18.1-06 P. ALTA 19-06 Contiguity (Multiple Lots) or ALTA 19.1-06 (Single Lot) (receipt of ALTA/NSPS survey showing the referenced parcels as contiguous to each other with no gores, gaps or overlays); ALTA 19-06ALTA 19.1-06 Q. ALTA 20-06 First Loss [lender only] (review of structure of transaction – multi-site only) ALTA 20-06 R. ALTA 22-06 Location (formerly Street Address) [owner and loan] (receipt of ALTA/NSPS survey depicting the improvements on the property and the address of those improvements; verification of address with the local taxing authority); ALTA 22-06 S. ALTA 24-06 Doing Business [loan only] (none); Chicago Title NCS DC l MD Page 76
47 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 10 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC ALTA 24-06 T. ALTA 25-06 Same as Survey or ALTA 25.1-06 Portion of Same as Survey [owner and loan] (receipt of ALTA/NSPS survey depicting the same land described in Schedule A hereof); ALTA 25-06ALTA 25.1-06 U. ALTA 26 Subdivision [owner or loan] (satisfactory evidence that the land described in Schedule A is in compliance with local subdivision laws); ALTA 26-21 V. ALTA 27 Usury [loan only) (review of loan documents and state law regarding usury); ALTA 27-21 W. ALTA 28-06 Easement – Damage or Enforced Removal [owner or loan] or ALTA 28.1 (review of easements and current ALTA/NSPS survey showing location of all easements and improvements located on the property); ALTA 28-06ALTA 28.1-21 X. Pending Disbursement [loan only] (review of construction loan documents – additional requirements may be imposed including a mechanic’s lien affidavit and indemnity); Y. Recordation (Mortgage) Tax [loan only] (none); Z. Tax Sale [owner or loan] (none – only issued if single lot; coverage is contained in ALTA 18.1-06 for multiple lots). ALTA 18.1-06 END OF SCHEDULE B, PART I Chicago Title NCS DC l MD Page 77
48 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 11 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART II - Exceptions Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I—Requirements are met. 2. Rights or claims of parties in possession not shown by the Public Records. 3. Easements, or claims of easements, not shown by the Public Records. 4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Any encumbrance, violation, variation, adverse circumstance, boundary line overlap, or encroachment (including an encroachment of an improvement across the boundary lines of the Land) that would have been disclosed by an accurate and complete land title survey of the Land. NOTE: Number 1 above will be deleted upon final and clear continuation of title and recordation of the instruments to be insured hereunder. NOTE: Standard exceptions numbers 2-5 will be deleted or modified, as appropriate, upon compliance with the requirements for submission of an ALTA/NSPS Land Title Survey and affidavits by the current owners of the property st as forth in Schedule B, Part I. SPECIAL EXCEPTIONS: 6. Real estate taxes, general and special assessments, if any, subsequent to _______________, a lien not yet due and payable. Further, this Policy does not insure against possible future tax levies or against possible public charges that have been levied or assessed but are not due and payable; nor does this Policy insure against any tax lien or liens filed subsequent to the date of this Policy. 7. Water and sewer charges in connection with the land. 8. Downtown Business Improvement District Taxes arising subsequent to __________________, a lien not yet due and payable. Chicago Title NCS DC l MD Page 78
49 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART II - Exceptions (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 12 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC 9. Public Space Rental Payments (Vault Rent, CAFE` Assessments) arising subsequent to ________________, a lien not yet due and payable. 10. Rights of parties entitled to possession, as tenants only, under unrecorded leases. 11. Condominium assessment associated with the Land accruing subsequent to Date of Policy, a lien not yet due and payable and having priority over the Insured Mortgage pursuant to Section 42-1903.13 of the District of Columbia Code. END OF SCHEDULE B, PART II Chicago Title NCS DC l MD Page 79
50 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 13 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC COMMITMENT CONDITIONS 1. DEFINITIONS a. "Discriminatory Covenant": Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. b. "Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records. c. "Land": The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term "Land" does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. d. "Mortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. e. "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. f. "Proposed Amount of Insurance": Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. g. "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. h. "Public Records": The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term "Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. i. "State": The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term "State" also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. j. "Title": The estate or interest in the Land identified in Item 3 of Schedule A. 2. If all of the Schedule B, Part I-Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: a. the Notice; b. the Commitment to Issue Policy; c. the Commitment Conditions; d. Schedule A; e. Schedule B, Part I-Requirements; f. Schedule B, Part II-Exceptions; and g. a counter-signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY a. The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: i. comply with the Schedule B, Part I-Requirements; ii. eliminate, with the Company's written consent, any Schedule B, Part II-Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. b. The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Condition 5.a. or the Proposed Amount of Insurance. Chicago Title NCS DC l MD Page 80
51 DC – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC (continued) This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 14 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC e. The Company is not liable for the content of the Transaction Identification Data, if any. f. The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I-Requirements have been met to the satisfaction of the Company. g. The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM a. Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. b. Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction. c. This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B, Part II-Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. e. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. f. When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy. 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for closing, settlement, escrow, or any other purpose. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION. 11. ARBITRATION – INTENTIONALLY DELETED END OF CONDITIONS Chicago Title NCS DC l MD Page 81
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