BH Commitment of Title Insurance (08-31-22)

Issued by STEWART TITLE LIMITED (BAHAMAS)

Agent File No.:

Commitment of Title Insurance

STEWART TITLE LIMITED, a company incorporated under the laws of England and Wales (Company Number 02770166) herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, hereto attached in draft form as Exhibit 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 only when the identity of the proposed Insured and the amount of the policy or policies committed 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, as shown in draft form as Exhibit A, and all liability and obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company.

This Commitment is furnished by the Company or its policy issuing agent solely for the issuance of a policy or policies of title insurance of the Company.  This Commitment is not an abstract or an opinion of title.  Liability under this Commitment is defined by and limited to the terms and conditions of this Commitment and the title insurance policy or policies to be issued.  Persons and entities not listed in Schedule A as a proposed Insured are not entitled to rely upon this Commitment for any purpose.

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 by 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 any 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 definition 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 requirement 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 in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herin.
   
   
4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgagee thereon covered by this Commitment must be based on and are subject to the provisions of the Commitment

SCHEDULE A to the Commitment

Effective Date:

1. Policy or Policies to be Issued
   
   (a) Owner’s Policy (08-31-2022)
         Policy Amount:
         Proposed Insured:
   
   (b) Loan Policy (08-31-2022)
         Policy Amount:
         Proposed Insured:
   
   
2. The estate or interest in the Land described or referred to in this Commitment and covered herein is an estate or interest designated as follows:
   
   
3. (a) Title to the estate or interest in the Land described or referred to in this Commitment and covered herein is, at the Effective Date hereof, vested of record in:
   
   (b) Title to the Equity of Redemption in the Land described or referred to in this Commitment and covered herein (and designated as indicated in No. 2 above) is, at the Effective Date hereof, vested of record in:
   
   
4. The Land referred to in this Commitment is in The Bahamas, and described as follows:

SEE APPENDIX “A” WHICH IS ATTACHED HERETO AND MADE A PART HEREOF.

APPENDIX “A” to the Commitment (Description of the Land)
 

SCHEDULE B-1 to the Commitment (General Requirements)
 

The following are the general Requirements to be complied with:

1. Payment to, or for the account of, the grantors or mortgagors of the full consideration for the estate or interest to be insured.
2. Payment to the Company or our agent of the premium and any fees, charges and disbursements associated with the issuance of this Commitment and the policies to be issued pursuant to this Commitment
3. Payment of all taxes and/or assessments or other charges, levied and assessed against or running with the Land, which are due and payable and production of receipts and/or proof of payment, or proof that no payments are due, acceptable to the Company.
4. Affidavit of Loss for any lost Indentures or Deeds that have been lodged for recording but are not yet available for inspection, delivery of copies of cover letters listing the Indentures/Deeds lodged for recording and bearing the stamp of the Registrar General of the Commonwealth of The Bahamas (hereinafter the “Registrar General”) acknowledging receipt of the original Indentures/Deeds.
5. Payment of real property taxes for the Land described in Schedule A as assessed and (if applicable).
6. Notice to the Company or its agent of the Closing/Completion date at least 48 hours prior to the Closing/Completion to enable issuance of the Gap and other Endorsements, if any.

SCHEDULE B-2 to the Commitment (Transaction Specific Requirements)

The following are the transaction specific Requirements to be complied with:

1. Copies of the following documents, satisfactory to the Company, creating the interest in the Land to be insured, properly witnessed, executed, sealed, acknowledged/notarized and delivered: