HomeMy WebLinkAboutpol 4125018.pdf#�*}i x M t#+r��
First Arn rr ar7 ?ldcf "
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
Transaction Identification Data, for which the Company assumes no liability as set forth in
Condition 9.d.:
Issuing Agent: First American Title Insurance Company
Issuing Office: 2150 S Bonito Way, Ste 100, Meridian, ID 83642
Issuing Office's ALTA@ Registry ID:
Issuing Office File Number: 4109-4125018
Property Address: 213 E Franklin Rd, Meridian, ID 83642
SCHEDULE A
Name and Address of Title Insurance Company:
First American Title Insurance Company, 1 First American Way, Santa Ana, CA 92707
Policy Number: 4125018
Amount of Insurance: $2,964,602.00 Premium: $7,333.00
Date of Policy: September 30, 2024 at 3:12 pm
The Insured is:
City of Meridian
2. The estate or interest in the Land insured by this policy is:
Fee Simple
3. The Title is vested in:
City of Meridian, a municipal corporation organized under the laws of the State of Idaho
4. The Land is described as follows:
See Exhibit A attached hereto and made a part hereof
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 1 of 16
R t i r
First Arn rr ar7 rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
Policy Number: 4125018
SCHEDULE B
EXCEPTIONS FROM COVERAGE
Some historical land records contain Discriminatory Covenants that are illegal and
unenforceable by law. This policy treats 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 are
excepted from coverage.
This policy does not insure against loss or damage and the Company will not pay costs, attorneys' fees, or
expenses resulting from the terms and conditions of any lease or easement identified in Schedule A, and
the following matters:
Taxes or assessments that are not shown as existing liens by the records of any taxing authority that
levies taxes or assessments on real property or by the Public Records.
2. Any facts, rights, interest, or claims which are not shown by the Public Records but that could be
ascertained by an inspection of the Land or by making inquiry of persons in possession thereof.
3. Easements, claims of easement or encumbrances that are not shown by the Public Records.
4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title
including discrepancies, conflicts in boundary lines, shortage in area, or any other facts that would be
disclosed by an accurate and complete land survey of the Land, and that are not shown in the Public
Records.
(a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the
issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under
(a), (b), or (c) are shown by the Public Records.
6. Any lien or right to a lien for services, labor or material, unless such lien is shown by the Public
Records at Date of Policy.
7. Any tax, fee, assessments or charges as may be levied by City of Meridian.
8. Any tax, fee, assessments or charges as may be levied by Nampa Meridian Irrigation District.
9. Except mineral or water rights, claims or title to mineral or water.
10. Reservations in recorded United States Patent, recorded in Book 3, Page 205 .
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 2 of 16
R t i r
First Arn rr ar7 rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
11. Easement, including terms and provisions contained therein:
Recording Information: 322563
In Favor of: Idaho Power Company
For: public utilities
12. Easement, including terms and provisions contained therein:
Recording Information: 385970
In Favor of: Idaho Power Company
For: public utilities
13. Easement, including terms and provisions contained therein:
Recording Information: 575836
In Favor of: State of Idaho and Nampa Meridian Irrigation District
For: ditch facilities
14. Lease Agreement and the terms and conditions thereof:
Between: City of Meridian
And: Western Ada Recreation District
Recording Information: 817573
15. License Agreement and the terms and conditions thereof:
Between: Nampa Meridian Irrigation District
And: Western Ada Recreation District
Recording Information: 105098375
16. All matters disclosed by a record of survey recorded March 11, 2010 under recording no. 110021878.
17. Real Estate Exchange Agreement and the terms and conditions thereof:
Between: Western Ada Recreation District
And: City of Meridian
Recording Information: 110056527
18. Cross Access Parking Easement Agreement and the terms and conditions thereof:
Between: Western Ada Recreation District
And: City of Meridian
Recording Information: 110056530
19. Easement, including terms and provisions contained therein:
Recording Information: 110064690
In Favor of: City of Meridian
For: sanitary sewer and water main
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 3 of 16
#�*}i x M t#+r��
First Arn rr ar7 ?ldcf "
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
20. Easement, including terms and provisions contained therein:
Recording Information:
111060088
In Favor of:
Western Ada Recreation District
For:
access
21. Easement, including terms and provisions contained therein:
Recording Information:
111060089
In Favor of:
City of Meridian
For:
sanitary sewer and water main
22. Easement, including terms and provisions contained therein:
Recording Information:
2016-079053
In Favor of:
City of Meridian
For:
water main
23. Public Art Easement Agreement and the terms and conditions thereof:
Between: City of Meridian
And: Western Ada Recreation District
Recording Information: 2023-004914
24. Unrecorded leaseholds, if any, rights of vendors and security agreement on personal property and
rights of tenants, and secured parties to remove trade fixtures at the expiration of the term.
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 4 of 16
R t i r
First Arn rr ar7 rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
EXHIBIT A
The Land referred to herein below is situated in the County of Ada, State of Idaho, and is described as
follows:
A parcel of land, as shown on the Record of Survey No. 8737, on file under Instrument No.110021878 in
the Office of the Recorder for Ada County, Idaho, lying in the Northwest 1/4 of Section 18, T.3N., RAE.,
B.M., Meridian, Ada County, Idaho, and more particularly described as follows:
COMMENCING at the North 1/4 corner of said Section 18, marked by a brass cap;
thence along the North line of said Section 18 South 89020'05" West 1309.06 feet to the Northeast comer
of Government Lot 1 of said Northwest 1/4 of Section 18 as shown on Record of Survey No. 2017 on file
under Instrument No. 9168335 in the Office of the Recorder for Ada County, Idaho;
thence along the East line of said Government Lot 1 South 00140'03" West 414.24 feet to the POINT OF
BEGINNING, marked by an iron pin;
thence continuing South 00040'03" West 247.34 feet to a point, marked by an iron pin;
thence North 5201711" West 450.67 feet to a point, marked by an iron pin;
thence North 00040'03" East 11.43 feet to a point, marked by an iron pin;
thence North 87014'16" East 173.69 feet to a point of curve, marked by an iron pin;
thence along the arc of a curve to the left 55.71 feet, said curve having a radius of 66.00 feet, a central
angle of 48021'47", and a long chord bearing North 63003'22" East 54.07 feet to a point, marked by an
iron pin;
thence North 38052'29" East 44.52 feet to a point, marked by an iron pin;
thence South 5110731" East 19.67 feet to a point, marked by an iron pin;
thence South 38052'29" West 16.49 feet to a point, marked by an iron pin;
thence South 51152'37" East 133.04 feet to the POINT OF BEGINNING.
APN:S1118223084
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 5 of 16
R t i r
First Arn rr ar7 rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
ALTA OWNER'S POLICY OF TITLE INSURANCE
issued by
FIRST AMERICAN TITLE INSURANCE COMPANY
This policy, when issued by the Company with a Policy Number and the Date of Policy, is
valid even if this policy or any endorsement to this policy is issued electronically or lacks any
signature.
Any notice of claim and any other notice or statement in writing required to be given to the
Company under this policy must be given to the Company at the address shown in Condition
17.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN
SCHEDULE B, AND THE CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a Nebraska
corporation (the "Company"), insures as of the Date of Policy and, to the extent stated in Covered Risks 9
and 10, after the Date of Policy, against loss or damage, not exceeding the Amount of Insurance,
sustained or incurred by the Insured by reason of:
1. The Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. Covered Risk 2 includes, but is not limited to,
insurance against loss from:
a. a defect in the Title caused by:
i. forgery, fraud, undue influence, duress, incompetency, incapacity, or
impersonation;
ii. the failure of a person or Entity to have authorized a transfer or conveyance;
iii. a document affecting the Title not properly authorized, created, executed,
witnessed, sealed, acknowledged, notarized (including by remote online
notarization), or delivered;
iv. a failure to perform those acts necessary to create a document by electronic
means authorized by law;
V. a document executed under a falsified, expired, or otherwise invalid power of
attorney;
vi. a document not properly filed, recorded, or indexed in the Public Records,
including the failure to have performed those acts by electronic means
authorized by law;
vii. a defective judicial or administrative proceeding; or
viii. the repudiation of an electronic signature by a person that executed a document
because the electronic signature on the document was not valid under applicable
electronic transactions law.
b. the lien of real estate taxes or assessments imposed on the Title by a governmental
authority due or payable, but unpaid.
C. the effect on the Title of an encumbrance, violation, variation, adverse circumstance,
boundary line overlap, or encroachment (including an encroachment of an improvement
across the boundary lines of the Land), but only if the encumbrance, violation, variation,
adverse circumstance, boundary line overlap, or encroachment would have been
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 6 of 16
R t i r
First Arn rr ar7 rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
disclosed by an accurate and complete land title survey of the Land.
3. Unmarketable Title.
4. No right of access to and from the Land.
S. A violation or enforcement of a law, ordinance, permit, or governmental regulation (including
those relating to building and zoning), but only to the extent of the violation or enforcement
described by the enforcing governmental authority in an Enforcement Notice that identifies a
restriction, regulation, or prohibition relating to:
a. the occupancy, use, or enjoyment of the Land;
b. the character, dimensions, or location of an improvement on the Land;
C. the subdivision of the Land; or
d. environmental remediation or protection on the Land.
6. An enforcement of a governmental forfeiture, police, regulatory, or national security power, but
only to the extent of the enforcement described by the enforcing governmental authority in an
Enforcement Notice.
7. An exercise of the power of eminent domain, but only to the extent:
a. of the exercise described in an Enforcement Notice; or
b. the taking occurred and is binding on a purchaser for value without Knowledge.
8. An enforcement of a PACA-PSA Trust, but only to the extent of the enforcement described in an
Enforcement Notice.
9. The Title being vested other than as stated in Schedule A, the Title being defective, or the effect
of a court order providing an alternative remedy:
a. resulting from the avoidance, in whole or in part, of any transfer of all or any part of the
Title to the Land or any interest in the Land occurring prior to the transaction vesting the
Title because that prior transfer constituted a:
i. fraudulent conveyance, fraudulent transfer, or preferential transfer under federal
bankruptcy, state insolvency, or similar state or federal creditors' rights law; or
ii. voidable transfer under the Uniform Voidable Transactions Act; or
b. because the instrument vesting the Title constitutes a preferential transfer under federal
bankruptcy, state insolvency, or similar state or federal creditors' rights law by reason of
the failure:
i. to timely record the instrument vesting the Title in the Public Records after
execution and delivery of the instrument to the Insured; or
ii. of the recording of the instrument vesting the Title in the Public Records to
impart notice of its existence to a purchaser for value or to a judgment or lien
creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1
through 9 that has been created or attached or has been filed or recorded in the Public Records
subsequent to the Date of Policy and prior to the recording of the deed or other instrument
vesting the Title in the Public Records.
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 7 of 16
#�*}i x M t#+r��
firstArnerican ?ltkm
Owner's Policy of Title Insurance
^r' Idaho - 2021 v. 01.00 (07-01-2021)
DEFENSE OF COVERED CLAIMS
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter
insured against by this policy, but only to the extent provided in the Conditions.
FIRST AMERICAN TITLE INSURANCE COMPANY
By: By:
Kenneth D. DeGiorgio, President
z�
Lisa W. Cornehl, Secretary
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 8 of 16
R t i r
First Arn rr ar7 rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
EXCLUSIONS FROM COVERAGE
The following matters are excluded from the coverage of this policy, and the Company will not pay loss
or damage, costs, attorneys' fees, or expenses that arise by reason of:
1. a. any law, ordinance, permit, or governmental regulation (including those relating to
building and zoning) that restricts, regulates, prohibits, or relates to:
i. the occupancy, use, or enjoyment of the Land;
ii. the character, dimensions, or location of any improvement on the Land;
iii. the subdivision of land; or
iv. environmental remediation or protection.
b. any governmental forfeiture, police, regulatory, or national security power.
C. the effect of a violation or enforcement of any matter excluded under Exclusion 1.a. or
1.b.
Exclusion 1 does not modify or limit the coverage provided under Covered Risk 5 or 6.
2. Any power of eminent domain. Exclusion 2 does not modify or limit the coverage provided under
Covered Risk 7.
3. Any defect, lien, encumbrance, adverse claim, or other matter:
a. created, suffered, assumed, or agreed to by the Insured Claimant;
b. not Known to the Company, not recorded in the Public Records at the Date of Policy, but
Known to the Insured Claimant and not disclosed in writing to the Company by the
Insured Claimant prior to the date the Insured Claimant became an Insured under this
policy;
C. resulting in no loss or damage to the Insured Claimant;
d. attaching or created subsequent to the Date of Policy (Exclusion 3.d. does not modify or
limit the coverage provided under Covered Risk 9 or 10); or
e. resulting in loss or damage that would not have been sustained if consideration sufficient
to qualify the Insured named in Schedule A as a bona fide purchaser had been given for
the Title at the Date of Policy.
4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors'
rights law, that the transaction vesting the Title as shown in Schedule A is a:
a. fraudulent conveyance or fraudulent transfer;
b. voidable transfer under the Uniform Voidable Transactions Act; or
C. preferential transfer:
i. to the extent the instrument of transfer vesting the Title as shown in Schedule A
is not a transfer made as a contemporaneous exchange for new value; or
ii. for any other reason not stated in Covered Risk 9.b.
S. Any claim of a PACA-PSA Trust. Exclusion 5 does not modify or limit the coverage provided under
Covered Risk 8.
6. Any lien on the Title for real estate taxes or assessments imposed or collected by a governmental
authority that becomes due and payable after the Date of Policy. Exclusion 6 does not modify or
limit the coverage provided under Covered Risk 2.b.
7. Any discrepancy in the quantity of the area, square footage, or acreage of the Land or of any
improvement to the Land.
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 9 of 16
R t i r
First Arn ri aR rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
CONDITIONS
1. DEFINITION OF TERMS
In this policy, the following terms have the meanings given to them below. Any defined term includes both
the singular and the plural, as the context requires:
a. "Affiliate": An Entity:
i. that is wholly owned by the Insured;
ii. that wholly owns the Insured; or
iii. if that Entity and the Insured are both wholly owned by the same person or entity.
b. 'Amount of Insurance": The Amount of Insurance stated in Schedule A, as may be increased by
Condition 8.d. or decreased by Condition 10 or 11; or increased or decreased by endorsements to
this policy.
C. "Date of Policy": The Date of Policy stated in Schedule A.
d. "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.
e. 'Enforcement Notice": A document recorded in the Public Records that describes any part of the
Land and:
i. is issued by a governmental agency that identifies a violation or enforcement of a law,
ordinance, permit, or governmental regulation;
ii. is issued by a holder of the power of eminent domain or a governmental agency that
identifies the exercise of a governmental power; or
iii. asserts a right to enforce a PACA PSA Trust.
f. 'Entity": A corporation, partnership, trust, limited liability company, or other entity authorized by
law to own title to real property in the State where the Land is located.
g. "Insured":
i. (a). The Insured named in Item 1 of Schedule A;
(b). the successor to the Title of an Insured by operation of law as distinguished
from purchase, including heirs, devisees, survivors, personal representatives, or
next of kin;
(c). the successor to the Title of an Insured resulting from dissolution, merger,
consolidation, distribution, or reorganization;
(d). the successor to the Title of an Insured resulting from its conversion to another
kind of Entity; or
(e). the grantee of an Insured under a deed or other instrument transferring the
Title, if the grantee is:
(1). an Affiliate;
(2). a trustee or beneficiary of a trust created by a written instrument
established for estate planning purposes by an Insured;
(3). a spouse who receives the Title because of a dissolution of marriage;
(4). a transferee by a transfer effective on the death of an Insured as
authorized by law; or
(5). another Insured named in Item 1 of Schedule A.
ii. The Company reserves all rights and defenses as to any successor or grantee that the
Company would have had against any predecessor Insured.
h. 'Insured Claimant": An Insured claiming loss or damage arising under this policy.
i. 'Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted
by the Public Records.
j. 'Land": The land described in Item 4 of Schedule A and improvements located on that land at the
Date of Policy 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
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 10 of 16
R t i r
First Arn ri aR rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
not modify or limit the extent that a right of access to and from the Land is insured by this policy.
k. "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.
I. "PACA-PSA Trust": A trust under the federal Perishable Agricultural Commodities Act or the federal
Packers and Stockyards Act or a similar State or federal law.
M. 'Public Records": The recording or filing system established under State statutes in effect at the
Date of Policy 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.
n. '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.
o. "Title": The estate or interest in the Land identified in Item 2 of Schedule A.
P. "Unmarketable Title": The Title affected by an alleged or apparent matter that would permit a
prospective purchaser or lessee of the Title or a lender on the Title to be released from the
obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of
marketable title.
2. CONTINUATION OF COVERAGE
This policy continues as of the Date of Policy in favor of an Insured, so long as the Insured:
a. retains an estate or interest in the Land;
b. owns an obligation secured by a purchase money Mortgage given by a purchaser from the
Insured; or
C. has liability for warranties given by the Insured in any transfer or conveyance of the Insured's
Title.
Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after
the Insured conveys the Title. This policy does not continue in force or effect in favor of any person or
entity that is not the Insured and acquires the Title or an obligation secured by a purchase money Mortgage
given to the Insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured must notify the Company promptly in writing if the Insured has Knowledge of:
a. any litigation or other matter for which the Company may be liable under this policy; or
b. any rejection of the Title as Unmarketable Title.
If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the
Company's liability to the Insured Claimant under this policy is reduced to the extent of the prejudice.
4. PROOF OF LOSS
The Company may, at its option, require as a condition of payment that the Insured Claimant furnish a
signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, adverse claim, or other
matter insured against by this policy that constitutes the basis of loss or damage and must state, to the
extent possible, the basis of calculating the amount of the loss or damage.
5. DEFENSE AND PROSECUTION OF ACTIONS
a. Upon written request by the Insured and subject to the options contained in Condition 7, the
Company, at its own cost and without unreasonable delay, will provide for the defense of an
Insured in litigation in which any third party asserts a claim covered by this policy adverse to the
Insured. This obligation is limited to only those stated causes of action alleging matters insured
against by this policy. The Company has the right to select counsel of its choice (subject to the
right of the Insured to object for reasonable cause) to represent the Insured as to those covered
causes of action. The Company is not liable for and will not pay the fees of any other counsel. The
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 11 of 16
R t i r
First Arn ri aR rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of any
cause of action that alleges matters not insured against by this policy.
b. The Company has the right, in addition to the options contained in Condition 7, at its own cost, to
institute and prosecute any action or proceeding or to do any other act that, in its opinion, may be
necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to
the Insured. The Company may take any appropriate action under the terms of this policy,
whether or not it is liable to the Insured. The Company's exercise of these rights is not an
admission of liability or waiver of any provision of this policy. If the Company exercises its rights
under Condition 5.b., it must do so diligently.
C. When the Company brings an action or asserts a defense as required or permitted by this policy,
the Company may pursue the litigation to a final determination by a court having jurisdiction. The
Company reserves the right, in its sole discretion, to appeal any adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
a. When this policy permits or requires the Company to prosecute or provide for the defense of any
action or proceeding and any appeals, the Insured will secure to the Company the right to
prosecute or provide defense in the action or proceeding, including the right to use, at its option,
the name of the Insured for this purpose.
When requested by the Company, the Insured, at the Company's expense, must give the Company
all reasonable aid in:
i. securing evidence, obtaining witnesses, prosecuting or defending the action or
proceeding, or effecting settlement; and
ii. any other lawful act that in the opinion of the Company may be necessary or desirable to
establish the Title or any other matter, as insured.
If the Company is prejudiced by any failure of the Insured to furnish the required cooperation, the
Company's liability and obligations to the Insured under this policy terminate, including any
obligation to defend, prosecute, or continue any litigation, regarding the matter requiring such
cooperation.
b. The Company may reasonably require the Insured Claimant to submit to examination under oath
by any authorized representative of the Company and to produce for examination, inspection, and
copying, at such reasonable times and places as may be designated by the authorized
representative of the Company, all records, in whatever medium maintained, including books,
ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos, whether
bearing a date before or after the Date of Policy, that reasonably pertain to the loss or damage.
Further, if requested by any authorized representative of the Company, the Insured Claimant must
grant its permission, in writing, for any authorized representative of the Company to examine,
inspect, and copy all the records in the custody or control of a third party that reasonably pertain
to the loss or damage. No information designated in writing as confidential by the Insured
Claimant provided to the Company pursuant to Condition 6 will be later disclosed to others unless,
in the reasonable judgment of the Company, disclosure is necessary in the administration of the
claim or required by law. Any failure of the Insured Claimant to submit for examination under oath,
produce any reasonably requested information, or grant permission to secure reasonably necessary
information from third parties as required in Condition 6.b., unless prohibited by law, terminates
any liability of the Company under this policy as to that claim.
7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY
In case of a claim under this policy, the Company has the following additional options:
a. To Pay or Tender Payment of the Amount of Insurance
To pay or tender payment of the Amount of Insurance under this policy. In addition, the Company
will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were
authorized by the Company up to the time of payment or tender of payment and that the
Company is obligated to pay.
Upon the exercise by the Company of this option provided for in Condition 7.a., the Company's
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 12 of 16
R t i r
First Arn ri aR rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
liability and obligations to the Insured under this policy terminate, including any obligation to
defend, prosecute, or continue any litigation.
To Pay or Otherwise Settle with Parties other than the Insured or with the Insured Claimant
i. To pay or otherwise settle with parties other than the Insured for or in the name of the
Insured Claimant. In addition, the Company will pay any costs, attorneys' fees, and
expenses incurred by the Insured Claimant that were authorized by the Company up to
the time of payment and that the Company is obligated to pay; or
ii. To pay or otherwise settle with the Insured Claimant the loss or damage provided for
under this policy. In addition, the Company will pay any costs, attorneys' fees, and
expenses incurred by the Insured Claimant that were authorized by the Company up to
the time of payment and that the Company is obligated to pay.
Upon the exercise by the Company of either option provided for in Condition 7.b., the Company's
liability and obligations to the Insured under this policy for the claimed loss or damage terminate,
including any obligation to defend, prosecute, or continue any litigation.
S. CONTRACT OF INDEMNITY; DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by an
Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This
policy is not an abstract of the Title, report of the condition of the Title, legal opinion, opinion of the Title, or
other representation of the status of the Title. All claims asserted under this policy are based in contract and
are restricted to the terms and provisions of this policy. The Company is not liable for any claim alleging
negligence or negligent misrepresentation arising from or in connection with this policy or the determination
of the insurability of the Title.
a. The extent of liability of the Company for loss or damage under this policy does not exceed the
lesser of:
i. the Amount of Insurance; or
ii. the difference between the fair market value of the Title, as insured, and the fair market
value of the Title subject to the matter insured against by this policy.
b. Except as provided in Condition 8.c. or 8.d., the fair market value of the Title in Condition 8.a.ii. is
calculated using the date the Insured discovers the defect, lien, encumbrance, adverse claim, or
other matter insured against by this policy.
C. If, at the Date of Policy, the Title to all of the Land is void by reason of a matter insured against by
this policy, then the Insured Claimant may, by written notice given to the Company, elect to use
the Date of Policy as the date for calculating the fair market value of the Title in Condition 8.a.ii.
d. If the Company pursues its rights under Condition 5.b. and is unsuccessful in establishing the Title,
as insured:
i. the Amount of Insurance will be increased by 15%; and
ii. the Insured Claimant may, by written notice given to the Company, elect, as an
alternative to the dates set forth in Condition 8.b. or, if it applies, 8.c., to use either the
date the settlement, action, proceeding, or other act described in Condition 5.b. is
concluded or the date the notice of claim required by Condition 3 is received by the
Company as the date for calculating the fair market value of the Title in Condition 8.a.ii.
e. In addition to the extent of liability for loss or damage under Conditions 8.a. and 8.d., the
Company will also pay the costs, attorneys' fees, and expenses incurred in accordance with
Conditions 5 and 7.
9. LIMITATION OF LIABILITY
a. The Company fully performs its obligations and is not liable for any loss or damage caused to the
Insured if the Company accomplishes any of the following in a reasonable manner:
i. removes the alleged defect, lien, encumbrance, adverse claim, or other matter;
ii. cures the lack of a right of access to and from the Land; or
iii. cures the claim of Unmarketable Title,
all as insured. The Company may do so by any method, including litigation and the completion of
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 13 of 16
R t
First Arn ri aR rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
any appeals.
b. The Company is not liable for loss or damage arising out of any litigation, including litigation by the
Company or with the Company's consent, until a State or federal court having jurisdiction makes a
final, non -appealable determination adverse to the Title.
C. The Company is not liable for loss or damage to the Insured for liability voluntarily assumed by the
Insured in settling any claim or suit without the prior written consent of the Company.
d. The Company is not liable for the content of the Transaction Identification Data, if any.
10. REDUCTION OR TERMINATION OF INSURANCE
All payments under this policy, except payments made for costs, attorneys' fees, and expenses, reduce the
Amount of Insurance by the amount of the payment.
11. LIABILITY NONCUMULATIVE
The Amount of Insurance will be reduced by any amount the Company pays under any policy insuring a
Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken
subject, or which is executed by an Insured after the Date of Policy and which is a charge or lien on the
Title, and the amount so paid will be deemed a payment to the Insured under this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage are determined in accordance with the Conditions, the
Company will pay the loss or damage within 30 days.
13. COMPANY'S RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT
a. If the Company settles and pays a claim under this policy, it is subrogated and entitled to the
rights and remedies of the Insured Claimant in the Title and all other rights and remedies in
respect to the claim that the Insured Claimant has against any person, entity, or property to the
fullest extent permitted by law, but limited to the amount of any loss, costs, attorneys' fees, and
expenses paid by the Company. If requested by the Company, the Insured Claimant must execute
documents to transfer these rights and remedies to the Company. The Insured Claimant permits
the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the
name of the Insured Claimant in any transaction or litigation involving these rights and remedies.
b. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the
Company defers the exercise of its subrogation right until after the Insured Claimant fully recovers
its loss.
C. The Company's subrogation right includes the Insured's rights to indemnity, guaranty, warranty,
insurance policy, or bond, despite any provision in those instruments that addresses recovery or
subrogation rights.
14. POLICY ENTIRE CONTRACT
a. This policy together with all endorsements, if any, issued by the Company is the entire policy and
contract between the Insured and the Company. In interpreting any provision of this policy, this
policy will be construed as a whole. This policy and any endorsement to this policy may be
evidenced by electronic means authorized by law.
b. Any amendment of this policy must be by a written endorsement issued by the Company. To the
extent any term or provision of an endorsement is inconsistent with any term or provision of this
policy, the term or provision of the endorsement controls. Unless the endorsement expressly
states, it does not:
i. modify any prior endorsement,
ii. extend the Date of Policy,
iii. insure against loss or damage exceeding the Amount of Insurance, or
iv. increase the Amount of Insurance.
15. SEVERABILITY
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 14 of 16
R t i r
First Arn ricaR rM
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under
applicable law, this policy will be deemed not to include that provision or the part held to be invalid, but all
other provisions will remain in full force and effect.
16. CHOICE OF LAW AND CHOICE OF FORUM
a. Choice of Law
The Company has underwritten the risks covered by this policy and determined the premium
charged in reliance upon the State law affecting interests in real property and the State law
applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of
the State where the Land is located.
The State law of the State where the Land is located, or to the extent it controls, federal law, will
determine the validity of claims against the Title and the interpretation and enforcement of the
terms of this policy, without regard to conflicts of law principles to determine the applicable law.
b. Choice of Forum
Any litigation or other proceeding brought by the Insured against the Company must be filed only
in a State or federal court having jurisdiction.
17. NOTICES
Any notice of claim and any other notice or statement in writing required to be given to the Company under
this policy must be given to the Company at: First American Title Insurance Company, Attn: Claims
National Intake Center, 1 First American Way, Santa Ana, California 92707. Phone: 888-632-
1642 (claims.nic@firstam.com).
18. CLASS ACTION
ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS POLICY, INCLUDING ANY SERVICE
OR OTHER MATTER IN CONNECTION WITH ISSUING THIS POLICY, ANY BREACH OF A POLICY
PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION
GIVING RISE TO THIS POLICY, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE
AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS, REPRESENTATIVE, OR PRIVATE
ATTORNEY GENERAL PROCEEDING.
19. ARBITRATION
a. All claims and disputes arising out of or relating to this policy, including any service or other matter
in connection with issuing this policy, any breach of a policy provision, or any other claim or
dispute arising out of or relating to the transaction giving rise to this policy, may be resolved by
arbitration. If the Amount of Insurance is $2,000,000 or less, any claim or dispute may be
submitted to binding arbitration at the election of either the Company or the Insured. If the
Amount of Insurance is greater than $2,000,000, any claim or dispute may be submitted to binding
arbitration only when agreed to by both the Company and the Insured. Arbitration must be
conducted pursuant to the Title Insurance Arbitration Rules of the American Land Title Association
("ALTA Rules'. The ALTA Rules are available online at www.alta.org/arbitration. The ALTA Rules
incorporate, as appropriate to a particular dispute, the Consumer Arbitration Rules and Commercial
Arbitration Rules of the American Arbitration Association ("AAA Rules"). The AAA Rules are
available online at www.adr.org.
b. ALL CLAIMS AND DISPUTES MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY
SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS, REPRESENTATIVE, OR
PRIVATE ATTORNEY GENERAL PROCEEDING IN ANY ARBITRATION GOVERNED BY CONDITION
19. The arbitrator does not have authority to conduct any class action arbitration, private attorney
general arbitration, or arbitration involving joint or consolidated claims under any circumstance.
C. If there is a final judicial determination that a request for particular relief cannot be arbitrated in
accordance with this Condition 19, then only that request for particular relief may be brought in
court. All other requests for relief remain subject to this Condition 19.
d. The Company will pay all AAA filing, administration, and arbitrator fees of the consumer when the
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
Corporation.
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 15 of 16
#�*}i x M t#+r��
First Arn ri aR ?ldcf "
Owner's Policy of Title Insurance
Idaho - 2021 v. 01.00 (07-01-2021)
arbitration seeks relief of $100,000 or less. Other fees will be allocated in accordance with the
applicable AAA Rules. The results of arbitration will be binding upon the parties. The arbitrator may
consider, but is not bound by, rulings in prior arbitrations involving different parties. The arbitrator
is bound by rulings in prior arbitrations involving the same parties to the extent required by law.
The arbitrator must issue a written decision sufficient to explain the findings and conclusions on
which the award is based. Judgment upon the award rendered by the arbitrator may be entered in
any State or federal court having jurisdiction.
* Copyright 2024 First American Financial Corporation. All rights reserved.
All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may
not be copied or used for derivative products/services without the prior express written permission of First American Financial
** Copyright 2021 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.
Form 50122816 (5-18-22) Page 16 of 16