PA ALTA Commitment Schedules 8-1-16

PA ALTA COMMITMENT FOR TITLE INSURANCE

SCHEDULE A

ISSUED BY

STEWART TITLE GUARANTY COMPANY

Transaction Identification Data for reference only:

Issuing Agent:
Issuing Office:
Issuing Office’s ALTA^® Registry ID:
Loan ID Number:
Commitment Number:
Issuing Office File Number:
Property Address:
Revision Number:

1.     Commitment Date:

2.     Policy to be issued:

                                                                                                            Proposed Policy Amount

(a)  2006 ALTA Owner’s Policy                                         

 Proposed Insured: __________________                                    _____________________                  

(b)  2006 ALTA Loan Policy                                                              _____________________

Proposed Insured: __________________

(c)  (Additional Policy Option)                                                           _____________________                                  

            Proposed Insured: __________________                                   

3.     The estate or interest in the Land described or referred to in this Commitment is _______.

4.     The Title is, at the Commitment Date, vested in:

5.     The Land is described as follows:

       See attached Schedule A, Page 2: “Exhibit A – Legal Description”

STEWART TITLE GUARANTY COMPANY

___________________________________

Requirements

File No._____________________

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.       Payment of all taxes, charges or assessments levied and assessed against the subject premises, which are due and payable.

5.       Satisfactory evidence should be provided that improvements and/or repairs or alterations thereto are completed; that contractors, sub-contractors, labor and materialmen are all paid and/or have released of record all liens or notices of intent to perfect a lien for labor or materials.

6.       Disclosure of any unrecorded leases or rights of parties in possession.

7.       Proof of identity, legal age, competency of Grantors/Mortgagors and marital status (including deaths and divorces) affecting any individual Grantors/Mortgagors, herein.

8.       POWERS OF ATTORNEY:  If any party to the settlement intends to use a Power of Attorney at settlement, a copy of such Power of Attorney must be submitted for review in advance of settlement.  Failure to comply with this requirement may result in the postponement of the settlement.  Acceptability of the Power of Attorney for purposes of completion of settlement is within the discretion of the insurer.

9.       Proof to be provided that grantor/mortgagor holding record title has not, subsequent to acquisition of title, been a party to any divorce proceedings, whether currently ongoing or completed prior to the transaction that is the subject of this commitment/binder.  In the event such divorce proceedings have occurred, same to be examined and possible additional exceptions and requirements to be added.

10.    Provide Municipal/Township, County and School tax receipts for the current and prior three years.

11.    Provide WATER AND SEWER RENTS RECEIPTS for the current and prior three years.

12.    LIEN LETTER must be furnished from the Municipality and/or Municipal Authority showing that there are no unfiled municipal liens, claims, or required tap-in fees.

13.    OWNER’S AND/OR BUYER’S AFFIDAVIT on this Company’s form to be executed and submitted to this Company.

14.    Proof that there are no overdue SUPPORT obligations of record with the Department of Public Welfare or the Domestic Relations Section of the Family Court Division of [PropCounty] County, of the parties to this transaction, up through the date of recording of the instruments to be insured.

15.    Names of all relevant parties to the within real estate transaction to be searched prior to closing to verify that they are not SPECIALLY DESIGNATED NATIONALS subject to the provisions of President’s Executive Order Targeting Terrorist Assets.

16.    CONVEYANCES ONLY: TO BE PRODUCED: Social Security Number(s) or Tax Identification Number(s), along with future address(s) of the seller(s) must be furnished to comply with reporting requirements of the IRS.

17.    NEW CONSTRUCTION involving all commercial properties or residential properties the value of which will be $1 million or over:  Proof by must be provided by affidavit that any mortgage will be one of the following:

a.     a purchase money mortgage as defined by 42 PaC.S. §8141(1)

b.     an open-end construction loan as defined by 42 PaC.S. §8143(f) the proceeds of which must  be used only to pay for the purchase of the insured property or to pay for the cost of construction of the improvement on the insured property and nothing else

c.     the mortgage is recorded prior to the first visible commencement of work.

18.    Satisfaction, release, or subordination of the following MORTGAGES: 

a.     [Mortgage list]

NOTE:  If the above mortgage(s) appears to secure a revolving line of credit it must be either satisfied of record or (only in the case of a refinance) subordinated to the lien of the insured mortgage.  If you pay this mortgage off in connection with this closing, it is imperative to request that the lender satisfy the mortgage of record and to not permit the borrower to make additional draws on this line of credit.  This request must be sent certified mail, return receipt requested.

19.    Satisfaction, release, or subordination of the following:

a.     JUDGMENTS:
                i.    [Judgments]

b.     FEDERAL LIENS:
                i.    [Federal Liens]

c.     MECHANICS, MUNICIPAL CLAIMS AND REAL ESTATE TAX LIENS:
                i.    [MechAndMunAndTxLiens]

d.     BANKRUPTCIES:
                i.    [Bankruptcies]

e.     FINANCING STATEMENTS:
                  i.    [Financing Statements]

20.    Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, and recorded in the Public Records:

a.     DEED for the consideration of [Consideration]
FROM:  [Grantor]
TO:       [Grantee]

b.     MORTGAGE in the original principal amount of [Mtg Amt]
FROM:  [Mortgagors]
TO:       [Lender]

Corporate deeds/mortgages must be executed pursuant to proper corporate authority, and the Company must be furnished with copies of Board resolutions authorizing the execution of such documents.

21.    [Additional Requirements]

THE COMPANY MAY MAKE OTHER REQUIREMENTS OR EXCEPTIONS UPON ITS REVIEW OF THE DOCUMENTS CREATING THE ESTATE OR INTEREST TO BE INSURED OR OTHERWISE ASCERTAINING DETAILS OF THE TRANSACTION.

Exceptions

File No.:  _______________

THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN.

The Policy will not insure against loss or damage resulting from the terms and provisions 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 defects, 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.       Discrepancies or conflicts in boundary lines, easements, encroachments, or area content which a satisfactory survey would disclose.

3.       Any lien, or right to a lien for services, labor or materials heretofore or hereafter furnished, imposed by law and not shown by public records.

4.       Rights or claims of parties in possession or under agreements of sale not shown by public records.

5.       Taxes or special assessments which are not shown on the public record.

6.       Possible additional tax assessments for new construction and or major improvements.  

7.       Any reservation, restriction, limitations, conditions or agreements set forth in the instrument by which title is vested in the insured.

8.       Subject to all coal and mining rights and all rights relating thereto:  THIS DOCUMENT DOES NOT INCLUDE OR INSURE THE TITLE TO THE COAL AND THE RIGHT OF SUPPORT UNDERNEATH THE SURFACE OF THE LAND DESCRIBED OR REFERRED TO HEREIN AND THE OWNER OR OWNERS OF SUCH COAL MAY HAVE THE COMPLETE AND LEGAL RIGHT TO REMOVE ALL SUCH COAL AND, IN THAT CONNECTION, DAMAGE MAY RESULT TO THE SURFACE OF THE LAND AND ANY HOUSE, BUILDING OR OTHER STRUCTURE ON OR IN SUCH LAND.  THE INCLUSION OF THIS NOTICE DOES NOT ENLARGE, RESTRICT OR MODIFY ANY LEGAL RIGHTS OR ESTATES OTHERWISE CREATED, TRANSFERRED, EXCEPTED OR RESERVED BY THIS INSTRUMENT.  Policy does not insure against subsidence.

9.       Excepting and reserving that portion of the premises lying in and along the roadbed(s); subject to public and private rights thereon.

10.    Company assumes no liability for the possible designation of the premises insured hereunder as a Wetlands Area by any governmental agency.

11.    Subject to any line rights of way including electric line, telephone line, cable line, water and sewer line rights of way in use and existing in, on, or under the ground and all rights in relation thereto.

12.    Amount and computation of area or acreage is not insured.

13.    Any lease, grant, exception or reservation of oil or gas rights, storage rights, or minerals or mineral rights appearing in the Public Records.

14.     [SpecificExceptions]