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Form 5011000 (7-1-14)Page 2 of 2 ALTA Plain Language Commitment (6-17-06) <br /> <br />CONDITIONS <br />1. DEFINITIONS <br />(a) “Mortgage” means mortgage, deed of trust or other security instrument. (b) “Public Records” means title records <br />that give constructive notice of matters affecting your title according to the state statutes where your land is located. <br />2. LATER DEFECTS <br />The Exceptions in Schedule B – Section II may be amended to show any defects, liens or encumbrances that appear <br />for the first time in the public records or are created or attached between the Commitment Date and the date on which <br />all of the Requirements (a) and (c) of Schedule B – Section I are met. We shall have no liability to you because of this <br />amendment. <br />3. EXISTING DEFECTS <br />If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may amend <br />Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances, we shall be <br />liable to you according to Paragraph 4 below unless you knew of this information and did not tell us about it in writing. <br />4. LIMITATION OF OUR LIABILITY <br />Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its Requirements. <br />If we have any liability to you for any loss you incur because of an error in this Commitment, our liability will be limited <br />to your actual loss caused by your relying on this Commitment when you acted in good faith to: <br />Comply with the Requirements shown in Schedule B – Section I <br />or <br />Eliminate with our written consent any Exceptions shown in Schedule B – Section II. <br />We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our liability is <br />subject to the terms of the Policy form to be issued to you. <br />5. CLAIMS MUST BE BASED ON THIS COMMITMENT <br />Any claim, whether or not based on negligence, which you may have against us concerning the title to the land must <br />be based on this Commitment and is subject to its terms.