COMMITMENT FOR TITLE INSURANCE

    Old Republic National Title Insurance Company, herein called the Company, for a valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof.

    This Commitment shall be effective as of the date shown in Schedule A as “EFFECTIVE DATE” only when the identity of the proposed Insured and the amount of the policy or policies commited for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement.

    This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate 180 days after the EFFECTIVE DATE hereof or when the policy or policies commited for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company.

The Commitment shall not be valid or binding until countersigned by an authorized signatory.

In Witness Whereof, Old Republic National Title Insurance Company has caused its corporate name and seal to be hereunder affixed by its duly authorized officer as of the date shown in Schedule A.

Old Republic National Title Insurance Company

by:   SAMPLE,  President

Attest:    SAMPLE, Secretary

Copyright 1966, American Land Title Association

Conditions and Stipulations

1.    The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.

2.    If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to Paragraph 3 of these Conditions and Stipulations.

3.    Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definitions of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions, the Conditions and Stipulations, and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein.

4.    Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest or the lien of the insured mortgage covered hereby or any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this commitment.

SCHEDULE A

COMMITMENT NO.  SAMPLE

1.    EFFECTIVE DATE:

2.    Policy or Policies to be issued:

(a) ___   ALTA Owner’s Policy  (10-17-92)        Amount:    $___________

            Proposed Insured: __________________________

(b) ___   ALTA Loan Policy  (10-17-92)                Amount:    $___________

            Proposed Insured: __________________________

(c) ___    __________________________           Amount:    $___________

            Proposed Insured: __________________________

3.    The estate or interest in the land described or referred to in this Commitment and covered herein is:     Fee Simple

4.  Title to said estate or interest in said land is at the effective date hereof vested in:

   ______________________________________

 

5.  The land referred to in this Commitment is described as follows:

    (Legal description of the real estate appears here)

 

OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

 

 

SAMPLE                                                                                           Newtown Title Agency, Inc.

Countersignature of Authorized Signatory                                     Issuing Office

 

This Commitment is valid only if the Cover Sheet and Schedule B are attached.

 

SCHEDULE B-I

(REQUIREMENTS)

COMMITMENT NO.  SAMPLE

The following are the requirements to be complied with:

 

1. Payment to, or for the account of, the sellers or mortgagors of the full consideration for the estate or interest to be insured.

 

2. Proper instruments in recordable form creating the estate or interest to be insured must be executed, delivered and duly filed for record:

 

(The requirements that must be met prior to the issuance of the policy appear here)

SAMPLE

 

 

 

 

This Commitment is valid only if the Cover Sheet, Schedule A and Schedule B-II are attached.

 

SCHEDULE B-II

(EXCEPTIONS)

COMMITMENT NO.  SAMPLE

Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company.

1.  Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or interest or mortgage thereon covered by this commitment.

(Special exceptions for matters revealed by the title research such as easements, restrictions and covenants, tax liens not yet due, etc. appear here)

 

SAMPLE

 

 

NOTE: If policy is to be issued in support of a mortgage loan, attention is directed to the fact that the Company can assume no liability under its policy, the closing instructions, or insured Closing Service for compliance with the requirements of any consumer credit protection or truth in lending law in connection with said mortgage loan.

This Commitment is valid only if the Cover Sheet, Schedule A and Schedule B-I are attached.