Title 101: Making Sense of Title Insurance in Commercial Transactions

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

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