FIDELITY NATIONAL TITLE INSURANCE COMPANY

Transcription

1 FIDELITY NATIONAL TITLE INSURANCE COMPANY TITLE INSURANCE RATES AND CHARGES FOR THE STATE OF TENNESSEE EFFECTIVE: July 19, 2012 (Unless Otherwise Noted Herein)

2 Table of Contents All Counties Master Home Equity Loan Policy Centralized Refinance Rates A.I.R. Rates Title Insurance Rates for ALTA Residential Limited Coverage Junior Loan Policy Forms and Endorsements Only Insuring "Second" or "Junior" Mortgages Mortgage Modification Guarantee Non-Residential Transactions of $15 Million or More Reissue Title Insurance Rates for Owner s, Leasehold Owner's, Loan or Leasehold Loan Policies Refinance Rate for Loan or Leasehold Loan Policies Closing Protection Letters... 5 All Counties Except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson GENERAL ORIGINAL TITLE INSURANCE RATES FOR OWNER'S/LEASEHOLD AND LOAN POLICIES CONVERSION OF LEASEHOLD POLICIES SIMULTANEOUS ISSUE CHARGES CONSTRUCTION LOANS ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY ALTA HOMEOWNER S POLICY OF TITLE INSURANCE RISK RATE Davidson, Rutherford and Williamson Counties GENERAL ORIGINAL TITLE INSURANCE RATES FOR OWNER'S, LEASEHOLD AND LOAN POLICIES SIMULTANEOUS ISSUE CHARGES CONSTRUCTION LOANS CONVERSION OF LEASEHOLD POLICIES ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY ALTA HOMEOWNER S POLICY OF TITLE INSURANCE RISK RATE Hamilton and Knox Counties GENERAL ORIGINAL TITLE INSURANCE RATES FOR OWNER'S, LEASEHOLD AND LOAN POLICIES SIMULTANEOUS ISSUE CHARGES CONSTRUCTION LOANS CONVERSION OF LEASEHOLD POLICIES ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY State of Tennessee i

3 7.0 ALTA HOMEOWNER S POLICY OF TITLE INSURANCE RISK RATE Shelby County GENERAL ORIGINAL TITLE INSURANCE RATES FOR OWNER'S/LEASEHOLD AND LOAN POLICIES RISK RATE CONSTRUCTION OR LAND DEVELOPMENT COMMITMENT, BINDER AND POLICY RATES CONVERSION OF LEASEHOLD POLICIES SIMULTANEOUS ISSUE CHARGES ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY ALTA HOMEOWNER S POLICY OF TITLE INSURANCE TITLE SEARCHES OWNERS AND ENCUMBRANCE REPORTS: LIEN OR UCC REPORT: ABSTRACTS OF TITLE: UPDATES OF ABSTRACTS: COURT PROCEEDINGS: MASTER SUBDIVISION ABSTRACT (involving more than one lot): EXTRA CHAINS OF TITLE: CANCELLATION FEE: ADDITIONAL CHARGES State of Tennessee ii

4 1.0 Master Home Equity Loan Policy All Counties Miscellaneous Rates For home equity loan transactions up to $250,000 with centralized order tracking and processing through National Lender s Solution or similar unit, pursuant to a written agreement, the rate shall be $ For home equity loan transactions from $250,000 up to $500,000 with centralized order tracking and processing through National Lender s Solution or similar unit, pursuant to a written agreement, the rate shall be $ Centralized Refinance Rates A. Centralized Refinance Rate I The charge for a loan policy issued in connection with loan transactions which meet the criteria set forth below shall be as follows: Centralized Amount of Insurance Refinance Rate I $1 - $250,000 $ $250,001 - $500,000 $ $500,001 - $750,000 $ $750,001 - $1,000,000 $ $1,000,001 - $1,250,000 $ $1,250,001 - $1,500,000 $1, $1,500,001 - $2,000,000 $1, $2,000,001 - $3,000,000 $1, The Centralized Refinance Rate I applies only to loan transactions which meet the following criteria: 1. The loan is not in excess of $3,000,000.00; 2. The loan is secured by a mortgage or deed of trust encumbering real property improved with a one-to-four family residential dwelling unit or residential condominium unit; 3. The loan proceeds must be used to refinance an existing loan secured by the same property; 4. Electronic and paperless order opening and electronic and paperless delivery of the preliminary report or commitment; and 5. The new policy coverage is ALTA in form (including an ALTA Loan Policy or ALTA Short Form Residential Loan Policy) with streamlined searching providing for generic exceptions for CC&Rs, easements, minerals, mineral rights or survey matters. State of Tennessee 1 (All Counties)

5 Note 1: Not applicable to construction loans or loan policies issued concurrently with owner s policies. Note 2: There is no additional charge for any endorsements customarily issued concurrently with a policy priced pursuant to this Section when requested at the time of policy issuance. Note 3: No agent or underwritten title company may offer this rate unless expressly authorized in writing by the Company s management to do so for each lender. B. Centralized Refinance Rate II The charge for a loan policy issued in connection with loan transactions which meet the criteria set forth below shall be as follows: Centralized Amount of Insurance Refinance Rate II $1 - $250,000 $ $250,001 - $500,000 $ $500,001 - $750,000 $ $750,001 - $1,000,000 $ $1,000,001 - $1,250,000 $ $1,250,001 - $1,500,000 $ The Centralized Refinance Rate II applies only to loan transactions which meet the following criteria: 1. The lender must enter into an agreement with either the Company s centralized processing units or with an agent or underwritten title company authorized by the Company in writing to offer this rate which specifies, among other matters, a maximum cancellation rate and the methods of order opening and tracking; 2. Electronic and paperless order opening and electronic and paperless delivery of the preliminary report or commitment; 3. The loan is not in excess of $1,500,000.00; 4. The loan is secured by a mortgage or deed of trust encumbering real property improved with a one-to-four family residential dwelling unit or residential condominium unit; 5. The loan proceeds must be used to refinance an existing loan secured by the same property; 6. The loan transaction must be initiated and coordinated through a centralized point of contact with the originating lender; 7. Orders must be opened with the Company s centralized processing units or with an agent or underwritten title company authorized by the Company to offer this rate; State of Tennessee 2 (All Counties)

6 8. Cancelled orders must not exceed the maximum cancellation rate established by the Company s centralized processing units or by an agent or underwritten title company authorized by the Company to offer this rate; and 9. ALTA Short Form Residential Loan Policy must be issued. Note 1: Not applicable to construction loans or loan policies issued concurrently with owner s policies. Note 2: There is no additional charge for any endorsements customarily issued concurrently with a policy priced pursuant to this Section when requested at the time of policy issuance. Note 3: In order to offer this rate, an agent or underwritten title company, and any office thereof offering this rate, must have a multi-state presence, must process transactions in a centralized electronic environment, and must perform the management functions otherwise required of the Company s centralized processing divisions under the provisions of this Section. In addition, no agent or underwritten title company may offer this rate unless expressly authorized in writing by the Company s management to do so for each lender. 3.0 A.I.R. Rates For residential refinance transaction where FNAS is to be provided by electronic transmission all necessary information for order placement with reduced manual data entry, with use of a short form policy or master policy and certificate generally in the form of an ALTA Short Form Residential Loan Policy Format of ALTA Master Residential Loan Policy, with standardized exceptions in summary format and order processing and delivery through a centralized platform. Standard endorsements will be included at no additional charge upon request of the lender at the time of policy issuance. Policy Amount Rate $0 to $250,000 $ $250,001 to $500,000 $ $500,001 to $750,000 $ $750,001 to $1,000,000 $ $1,000,001 to $1,250,000 $1, $1,250,001 to $1,500,00 $1, State of Tennessee 3 (All Counties)

7 4.0 Title Insurance Rates for ALTA Residential Limited Coverage Junior Loan Policy Forms and Endorsements Only Insuring "Second" or "Junior" Mortgages (The word "mortgage" shall be construed to mean any instrument, commonly used in any given jurisdiction to secure a loan on real estate.) A second or junior mortgage limited coverage loan title policy cannot be issued for less than the full principal debt stated in the insured's mortgage. The policy may only be issued on one-to-four family residential property or a condominium unit. A limited coverage loan policy expires with the payment or satisfaction of the mortgage described in the policy or endorsements. A new second or junior mortgage given to renew an old second or junior mortgage debt which was covered by limited coverage insurance is a new transaction, creating new liability, and, if insured, carries the rates set forth below. The rates for ALTA Residential Limited Coverage Junior Loan Policy and ALTA Short Form Residential Limited Coverage Junior Loan Policy only shall be: (Flat Rate) Up to $50,000 of liability written $ Over $50,000 and up to $100,000 $ Over $100,000 and up to $150,000 $ Over $150,000 but no greater than $500,000 $ ALTA Endorsement Form JR 1 ALTA Endorsement Form JR 2 No Charge No Charge The above rates apply only to the referenced policy forms and endorsements insuring junior loans on residential one-to-four family property or a condominium unit. 5.0 Mortgage Modification Guarantee Assures that the validity, priority and enforceability of a recorded mortgage has not been diminished or lost by reason of a modification or amendment. $ Flat Fee. Amount of liability is the unpaid principal balance of the loan not to exceed $250,000 liability. State of Tennessee 4 (All Counties)

8 6.0 Non-Residential Transactions of $15 Million or More Notwithstanding the rates set forth in this manual, the charges for policies where the aggregate amount of insurance or liability is $15,000, or more may be subject to negotiation and agreement between the Company and the customer. In no event will the negotiated rates be less than the filed rates. 7.0 Reissue Title Insurance Rates for Owner s, Leasehold Owner's, Loan or Leasehold Loan Policies When application for Owner s, Leasehold Owner's, Loan or Leasehold Loan policy is made within ten (10) years of the effective date of a previous Owner's, Leasehold Owner's, Loan or Leasehold Loan policy issued by an approved company, a reissue rate of 70% of the original rate shall be used. The reissue rate is applicable only up to the face amount of the previous policy; the original rates in the applicable bracket or brackets shall be used to compute coverage in excess of the amount of the previous policy. A previous policy is defined as a policy which insures the current owner, lessee or lender. A copy of the previous Owner's, Leasehold Owner's, Loan or Leasehold Loan policy must be provided to the Company prior to closing in order for reissue credit to be given. The Company is under no obligation to inquire about or determine whether there is an existing in-force Owner's, Leasehold Owner's, Loan or Leasehold Loan policy. All policies issued for which reissue rates are charged shall be subject to the minimum rates set forth for each county. 8.0 Refinance Rate for Loan or Leasehold Loan Policies When the same borrower obtains a replacement or substitution loan on property, the Company shall allow a refinance rate of seventy percent (70%) of the rates for that county when an application is made for a loan or leasehold loan. The prior loan must have been made within ten (10) years of the new application. The refinance rate is applicable up to the face amount of the previous loan. For insurance in excess of the previous loan, the rates in the applicable bracket or brackets as set out in each county shall be charged. The minimum premium for each county shall be charged. A copy of the prior loan or leasehold loan policy is not required to receive the credit. 9.0 Closing Protection Letters Closing Protection is available as an option to the parties of the transaction. This protection is apart and separate of the coverage provided under the title insurance policy; however title insurance must be purchased as a condition for closing protection to become an available option. The election for closing protection must be made prior to or at the time of closing. The protection when purchased includes the buyer, lender and seller if it involves a sale/purchase transaction. A fee of $50 per loan is payable in full to the Underwriter at closing State of Tennessee 5 (All Counties) Effective: July 19, 2012

9 for the additional risk it assumes when providing closing protection. In the event of a second mortgage or HELOC by a lender other than the primary lender, an additional fee of $50.00 would be payable. State of Tennessee 6 (All Counties) Effective: July 19, 2012

10 Title Insurance, Schedules of Rates and Other Associated Matters, Applicable to All Counties within the State of Tennessee, with the Exception of Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson State of Tennessee 7 (All Counties Except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson)

11 1.0 GENERAL 1.1 Contained herein are descriptions of the several kinds of title insurance protection available from Fidelity National Title Insurance Company (the "Company ) and the schedules of rates applicable to each. 1.2 The rates quoted are for title insurance only, and do not include fees or charges for abstracts of title, title searches, attorney's fees, escrow or closing-related services charged locally by abstracters, attorneys and title companies. 1.3 In cases involving long and intricate titles, more than one chain of title, extraordinary risk, or coverage beyond the scope of the standard policy, including, but not limited to, the deletion of general exceptions, the Company reserves the right to make additional charges. 1.4 The Company reserves the right to reject any application not satisfactory to it. 1.5 To compute any title insurance premium on a fractional $1, (except as to minimum premiums) consider any fraction of $1, as a full $1, ORIGINAL TITLE INSURANCE RATES FOR OWNER'S/LEASEHOLD AND LOAN POLICIES 2.1 The following is a schedule of premiums for original owner's/leasehold and loan policies: Liability Per Thousand First $50, of liability $4.25 Over $50, and up to $100, $3.50 Over $100, and up to $1,000, $2.50 Over $1,000, and up to $5,000, $2.00 Over $5,000, and up to $10,000, $1.50 Over $10,000, and up to $15,000, $1.25 Over $15,000, $1.00 MINIMUM RATE $ An owner's policy insuring fee simple estate shall not be issued for less than the full value of the premises. An owner's policy insuring a leasehold estate shall not be issued for less than the value of the leasehold estate. State of Tennessee 8 (All Counties Except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson) Effective: July 19, 2012

12 3.0 CONVERSION OF LEASEHOLD POLICIES A lessee who has obtained a leasehold policy issued by the Company insuring his or her lease and thereafter purchased the property shall, within ten (10) years from the date of such previous policy, make application for an owner's policy. Upon surrender of such previous policy, the purchaser shall receive a reissue rate equal to 70% of the original premium amount, with the minimum of each county observed. 4.0 SIMULTANEOUS ISSUE CHARGES 4.1 Owner s and Loan Policies When an owner's and loan policy(ies) covering identical land are to be issued simultaneously, the charge for the owner's policy shall be the applicable owner s rate. The charge for each loan policy simultaneously issued for an amount of coverage not in excess of the owner's liability shall be $ Loan policy liability in excess of the owner's policy liability shall be charged for at original rates for mortgage title insurance in the applicable bracket or brackets. 4.2 Owner's and Leasehold Policies When owner's and leasehold policies covering identical land are issued simultaneously, the charge for the owner's policy shall be the applicable owner's rate. The charge for each leasehold policy simultaneously issued for an amount of coverage not in excess of the owner s liability shall be thirty percent (30%) of the original owner s rate, with the minimum of each county observed. Leasehold policy liability in excess of the owner s policy liability shall be charged for at original title insurance rates for owner's policies in the applicable bracket or brackets. 4.3 Delayed Owner s Policies In the event a purchaser of real property has waived in writing the issuance of an owner's policy simultaneously with a loan policy issued at the time he or she purchased the real property, said purchaser may, within twelve (12) months after the date of the loan policy, request in writing an owner's policy with the same effective date. The charge for this owner's policy will be $35.00 for the amount of coverage not in excess of the aggregate Loan liability (for loans on the same property insured within the previous 12 months) plus any adjustment for the difference between the premium for an owner s policy and the premium a loan policy. Owner's policy liability in excess of the aggregate Loan liability shall be charged for at original rates for owner's title insurance in the applicable bracket or brackets. State of Tennessee 9 (All Counties Except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson)

13 Such owner's policy, if issued, will be subject to any intervening adverse matters affecting the title. 5.0 CONSTRUCTION LOANS 5.1 The Company will, upon request, issue an Interim Title Insurance Construction Binder, good for a period not to exceed two years, in connection with a temporary construction loan for the following charge: $1.00 per $1,000 or fraction thereof, of liability, plus $10.00 Binder Issuance Fee. The Construction Loan Binder will be issued only in connection with a temporary and short-term loan for the financing of construction secured by a temporary mortgage or deed of trust, as distinguished from a permanent mortgage or deed of trust securing a permanent loan. 5.2 If the particular policy committed for under the Construction Loan Binder is requested, the regular mortgage rates will be applicable. However, after computing the premium at the regular mortgage rate the Company will allow as a credit, the entire charge paid for the Construction Loan Binder. 5.3 Should the temporary construction loan be refinanced by a permanent loan and application be made to the Company for a policy insuring the permanent mortgage, no credit will be allowed for the cost of the Construction Loan Binder on the premium for the permanent mortgage policy. 6.0 ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY The ALTA Expanded Coverage Residential Loan policy rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 7.0 ALTA HOMEOWNER S POLICY OF TITLE INSURANCE The ALTA Homeowner s Policy of Title Insurance rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 8.0 RISK RATE The risk rate for the purposes of the tax payable under the provisions of Tennessee Code Annotated , and establishment of the reserves required under Tennessee Code Annotated and shall be the gross premium for each policy above. State of Tennessee 10 (All Counties Except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson)

14 Title Insurance, Schedules of Rates and Other Associated Matters Applicable to Davidson, Rutherford and Williamson Counties, Tennessee State of Tennessee 11 (Davidson, Rutherford and Williamson Counties)

15 DAVIDSON, RUTHERFORD AND WILLIAMSON COUNTIES, TENNESSEE 1.0 GENERAL 1.1 Contained herein are descriptions of the several types of title insurance protection offered by Fidelity National Title Insurance Company (the "Company ) and the schedules of rates applicable to each. 1.2 The rates set forth herein are for title insurance only, and do not include fees or charges for legal document preparation, escrow or closing-related services. 1.3 In cases involving long and intricate titles, more than one chain of title, extraordinary risk, or coverage beyond the scope of the standard policy, including, but not limited to, the deletion of general exceptions, the Company reserves the right to make additional charges. 1.4 The Company reserves the right to reject any application not satisfactory to it. 1.5 To compute any title insurance premium on a fractional $1, (except as to minimum premiums) consider any fraction of $1, as a full $1, ORIGINAL TITLE INSURANCE RATES FOR OWNER'S, LEASEHOLD AND LOAN POLICIES 2.1 The following is a schedule of all-inclusive title insurance premiums for owner's, leasehold and loan policies: Liability Per Thousand First $1, of liability $ Over $1, and up to $100, $6.00 Over $100, and up to $500, $4.50 Over $500, and up to $1,000, $3.00 Over $1,000, and up to $5,000, $2.00 Over $5,000, and up to $10,000, $1.50 Over $10,000, and up to $15,000, $1.25 Over $15,000, $1.00 MINIMUM RATE $ State of Tennessee 12 (Davidson, Rutherford and Williamson Counties) Effective: July 19, 2012

16 3.0 SIMULTANEOUS ISSUE CHARGES 3.1 Owner s and Loan Policies When an owner's and loan policy(ies) covering identical land are to be issued simultaneously, the charge for the owner's policy shall be the applicable owner s rate. The charge for each loan policy simultaneously issued for an amount of coverage not in excess of the owner's liability shall be $ Loan policy liability in excess of the owner's policy liability shall be charged for at original rates for mortgage title insurance in the applicable bracket or brackets. 3.2 Owner's and Leasehold Policies When owner's and leasehold policies covering identical land are issued simultaneously, the charge for the owner's policy shall be the applicable owner's rate. The charge for each leasehold policy simultaneously issued for an amount of coverage not in excess of the owner s liability shall be thirty percent (30%) of the original owner s rate, with the minimum of each county observed. Leasehold policy liability in excess of the owner s policy liability shall be charged for at original title insurance rates for owner's policies in the applicable bracket or brackets. 3.3 Delayed Owner s Policies In the event a purchaser of real property has waived in writing the issuance of an owner's policy simultaneously with a loan policy issued at the time he or she purchased the real property, said purchaser may, within twelve (12) months after the date of the loan policy, request in writing an owner's policy with the same effective date. The charge for this owner's policy will be $35.00 for the amount of coverage not in excess of the aggregate Loan liability (for loans on the same property insured within the previous 12 months) plus any adjustment for the difference between the premium for an owner s policy and the premium a loan policy. Owner's policy liability in excess of the aggregate Loan liability shall be charged for at original rates for owner's title insurance in the applicable bracket or brackets. Such owner's policy, if issued, will be subject to any intervening adverse matters affecting the title. State of Tennessee 13 (Davidson, Rutherford and Williamson Counties)

17 4.0 CONSTRUCTION LOANS 4.1 The Company will, upon request, issue an Interim Title Insurance Construction Binder, good for a period not to exceed two years, in connection with a temporary construction loan for the following charge: $1.00 per $1,000 or fraction thereof, of liability, plus $10.00 Binder Issuance Fee. The Construction Loan Binder will be issued only in connection with a temporary and short-term loan for the financing of construction secured by a temporary mortgage or deed of trust, as distinguished from a permanent mortgage or deed of trust securing a permanent loan. 4.2 If the particular policy committed for under the Construction Loan Binder is requested, the regular mortgage rates will be applicable. However, after computing the premium at the regular mortgage rate the Company will allow as a credit, the entire charge paid for the Construction Loan Binder. 4.3 Should the temporary construction loan be refinanced by a permanent loan and application be made to the Company for a policy insuring the permanent mortgage, no credit will be allowed for the cost of the Construction Loan Binder on the premium for the permanent mortgage policy. 5.0 CONVERSION OF LEASEHOLD POLICIES A lessee who has obtained a leasehold policy issued by the Company insuring his or her lease and thereafter purchased the property shall, within ten (10) years from the date of such previous policy, make application for an owner's policy. Upon surrender of such previous policy, the purchaser shall receive a reissue rate equal to 70% of the original premium amount, with the minimum of each county observed. 6.0 ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY The ALTA Expanded Coverage Residential Loan policy rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 7.0 ALTA HOMEOWNER S POLICY OF TITLE INSURANCE The ALTA Homeowner s Policy of Title Insurance rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 8.0 RISK RATE The risk rate for the purpose of the tax payable under the provisions of Tennessee Code Annotated , and establishment of the reserves under Tennessee Code Annotated and shall be that State of Tennessee 14 (Davidson, Rutherford and Williamson Counties)

18 portion of the rates established herein which equals the gross premium for each comparable policy filed for all counties except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson Counties. State of Tennessee 15 (Davidson, Rutherford and Williamson Counties)

19 Title Insurance, Schedules of Rates and Other Associated Matters Applicable to Hamilton and Knox Counties, Tennessee State of Tennessee 16 (Hamilton and Knox Counties)

20 HAMILTON AND KNOX COUNTIES, TENNESSEE 1.0 GENERAL 1.1 Contained herein are descriptions of the several types of title insurance protection offered by Fidelity National Title Insurance Company (the "Company ) and the schedules of rates applicable to each. 1.2 In cases involving long and intricate titles, more than one chain of title, extraordinary risk, or coverage beyond the scope of the standard policy, including, but not limited to, the deletion of general exceptions, the Company reserves the right to make additional charges. 1.3 The Company reserves the right to reject any application not satisfactory to it. 1.4 To compute any title insurance premium on a fractional $1, (except as to minimum premiums) consider any fraction of $1, as a full $1, ORIGINAL TITLE INSURANCE RATES FOR OWNER'S, LEASEHOLD AND LOAN POLICIES 2.1 The following is a schedule of all-inclusive title insurance premiums for owner's, leasehold and loan policies: Liability Per Thousand First $1, of liability $ Over $1, and up to $100, $6.00 Over $100, and up to $1,000, $3.00 Over $1,000, and up to $5,000, $2.00 Over $5,000, and up to $10,000, $1.50 Over $10,000, and up to $15,000, $1.25 Over $15,000, $1.00 MINIMUM RATE $ SIMULTANEOUS ISSUE CHARGES 3.1 Owner s and Loan Policies When an owner's and loan policy(ies) covering identical land are to be issued simultaneously, the charge for the owner's policy shall be the applicable owner s rate. The charge for each loan policy simultaneously issued for an amount of coverage not in excess of the owner's liability shall be $ Loan policy liability in excess of the owner's policy liability State of Tennessee 17 (Hamilton and Knox Counties) Effective: July 19, 2012

21 shall be charged for at original rates for mortgage title insurance in the applicable bracket or brackets. 3.2 Owner's and Leasehold Policies When owner's and leasehold policies covering identical land are issued simultaneously, the charge for the owner's policy shall be the applicable owner's rate. The charge for each leasehold policy simultaneously issued for an amount of coverage not in excess of the owner s liability shall be thirty percent (30%) of the original owner s rate, with the minimum of each county observed. Leasehold policy liability in excess of the owner s policy liability shall be charged for at original title insurance rates for owner's policies in the applicable bracket or brackets. 3.3 Delayed Owner s Policies In the event a purchaser of real property has waived in writing the issuance of an owner's policy simultaneously with a loan policy issued at the time he or she purchased the real property, said purchaser may, within twelve (12) months after the date of the loan policy, request in writing an owner's policy with the same effective date. The charge for this owner's policy will be $35.00 for the amount of coverage not in excess of the aggregate Loan liability (for loans on the same property insured within the previous 12 months) plus any adjustment for the difference between the premium for an owner s policy and the premium a loan policy. Owner's policy liability in excess of the aggregate Loan liability shall be charged for at original rates for owner's title insurance in the applicable bracket or brackets. Such owner's policy, if issued, will be subject to any intervening adverse matters affecting the title. 4.0 CONSTRUCTION LOANS 4.1 The Company will, upon request, issue an Interim Title Insurance Construction Binder, good for a period not to exceed two years, in connection with a temporary construction loan for the following charge: $1.00 per $1,000 or fraction thereof, of liability, plus $10.00 Binder Issuance Fee. The Construction Loan Binder will be issued only in connection with a temporary and short-term loan for the financing of construction secured by a temporary mortgage or deed of trust, as distinguished from a permanent mortgage or deed of trust securing a permanent loan. 4.2 If the particular policy committed for under the Construction Loan Binder is requested, the regular mortgage rates will be applicable. However, after computing the premium at the regular mortgage rate the Company will allow as a credit, the entire charge paid for the State of Tennessee 18 (Hamilton and Knox Counties)

22 Construction Loan Binder. 4.3 Should the temporary construction loan be refinanced by a permanent loan and application be made to the Company for a policy insuring the permanent mortgage, no credit will be allowed for the cost of the Construction Loan Binder on the premium for the permanent mortgage policy. 5.0 CONVERSION OF LEASEHOLD POLICIES A lessee who has obtained a leasehold policy issued by the Company insuring his or her lease and thereafter purchased the property shall, within ten (10) years from the date of such previous policy, make application for an owner's policy. Upon surrender of such previous policy, the purchaser shall receive a reissue rate equal to 70% of the original premium amount, with the minimum of each county observed. 6.0 ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY The ALTA Expanded Coverage Residential Loan policy rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 7.0 ALTA HOMEOWNER S POLICY OF TITLE INSURANCE The ALTA Homeowner s Policy of Title Insurance rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 8.0 RISK RATE The risk rate for the purpose of the tax payable under the provisions of Tennessee Code Annotated , and establishment of the reserves under Tennessee Code Annotated and shall be that portion of the rates established herein which equals the gross premium for each comparable policy filed for all counties except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson Counties. State of Tennessee 19 (Hamilton and Knox Counties)

23 Title Insurance, Schedules of Rates and Other Associated Matters Applicable to Shelby County, Tennessee State of Tennessee 20 (Shelby County)

24 SHELBY COUNTY, TENNESSEE 1.0 GENERAL 1.1 Fidelity National Title Group (the Company ) reserves the right to charge a separate fee for providing additional title services upon a customer s request. 1.2 The rates quoted are for title insurance premium only, and do not include fees or charges for abstract of title, title searches, examination of title, attorney s fees, escrow or closing-related services charged locally by abstractors, attorneys and title companies. 1.3 The rates quoted herein are applicable to normal transactions and, unless otherwise specified herein, they are for title searches or abstracts of title, examination of title, determination of insurability and title insurance. They do not include fees or charges for lawyer's services in drafting instruments or corrective work, for abstracting or other search charges. 1.4 In cases involving long and intricate titles, more than one chain of title, extraordinary risk or coverage beyond the scope of the standard policy, including, but not limited to, the deletion of general exceptions, Fidelity National Title Insurance Company ("the Company") reserves the right to make additional charges. 1.5 The Company reserves the right to reject any application not satisfactory to it. 1.6 Attorneys approved by the Company for use by applicants and whose opinions it insures do not represent the Company and are not its Agents for any purpose; they are not approved for any definite term and may be removed from its list at pleasure. 1.7 No attorneys' fees, abstracter's fees or other charges incurred in the preparation of the title for insurance are borne by the Company, unless provided for herein or ordered by the Company. State of Tennessee 21 (Shelby County) Effective: July 19, 2012

25 2.0 ORIGINAL TITLE INSURANCE RATES FOR OWNER'S/LEASEHOLD AND LOAN POLICIES 2.1 The following is a schedule of premiums for original owner's/leasehold and loan policies: Liability Per Thousand First $1, of liability $ Over $1, and up to $100, $4.00 Over $100, and up to $1,000, $3.00 Over $1,000, $1.00 MINIMUM RATE $ Cancellation/Withdrawn Charge In cases cancelled or withdrawn, a charge will be made appropriate to the risk incurred and the work performed, had the policy issued. 2.3 Foreclosure Rate When the insured mortgagee under a prior policy of title insurance issued by a title insurer satisfactory to the Company acquires title by foreclosure to property insured by said policy, the Company will allow a credit of fifty percent (50%) of the rates in Item 2.1 above, when application is made for an owner s policy of title insurance issued in favor of said Mortgagee. 2.4 An owner's policy, insuring fee simple estate, will not be issued for less than the full value of the premises. An owner's policy, insuring a leasehold estate, will not be issued for less than the value of the leasehold estate. 3.0 RISK RATE 3.1 The rates set out herein are gross rates for title insurance. 3.2 The risk rate applicable to Shelby County shall be calculated at sixty percent (60%) of these rates for the purpose of establishing appropriate premium taxes and reserves. Risk rate does not include charges for extrahazardous, special or endorsement related risks. 4.0 CONSTRUCTION OR LAND DEVELOPMENT COMMITMENT, BINDER AND POLICY RATES 4.1 A construction loan policy or binder to insure may be issued in connection with a temporary construction or land development loan for one-half the rates provided in 2.1 above. State of Tennessee 22 (Shelby County)

26 4.2 At the time the permanent loan policy committed for under such binder is issued, if there is no change in the mortgagor and the binder has not expired, the rate therefore is at the applicable policy rates as set out in 2.1 above. The Company will allow a credit of the lesser of: 1) the amount paid for the construction loan policy or binder or 2) Fifty percent (50%) of the full premium for the new policy, provided the minimum premium for such policy shall be $ CONVERSION OF LEASEHOLD POLICIES A lessee who has obtained a leasehold policy issued by the Company insuring his or her lease and thereafter purchased the property shall, within ten (10) years from the date of such previous policy, make application for an owner's policy. Upon surrender of such previous policy, the purchaser shall receive a reissue rate equal to 70% of the original premium amount, with the minimum of each county observed. 6.0 SIMULTANEOUS ISSUE CHARGES 6.1 Owner s and Loan Policies When an owner's and loan policy(ies) covering identical land are to be issued simultaneously, the charge for the owner's policy shall be the applicable owner s rate. The charge for each loan policy simultaneously issued for an amount of coverage not in excess of the owner's liability shall be $ Loan policy liability in excess of the owner's policy liability shall be charged for at original rates for mortgage title insurance in the applicable bracket or brackets. 6.2 Owner's and Leasehold Policies When owner s and leasehold policies covering identical land are issued simultaneously, the charge for the owner s policy shall be the applicable owner s rate. The charge for each leasehold policy simultaneously issued for an amount of coverage not in excess of the owner s liability shall be thirty percent (30%) of the original owner s rate as set out in Item 2.1 above, with a minimum of $ Leasehold policy liability in excess of the owner s policy shall be charged at the original title insurance rate for owner s policies in the applicable bracket or brackets. 6.3 Delayed Owner s Policies In the event a purchaser of real property has waived in writing the issuance of an owner s policy simultaneously with a loan policy issued at the time he or she purchased the real property, said purchaser may, within 12 months after the date of the loan policy, request in writing an owner s policy with the same effective date. The charge for said owner s policy will State of Tennessee 23 (Shelby County)

27 be $50.00 for the amount of coverage not in excess of the aggregate loan liability. Owner s policy liability in excess of the said loan liability shall be charged at the original rates for owner s title insurance set out in Item 2.1 above. Such owner s policy, if issued, will be subject to any intervening or adverse matters affecting the title. 7.0 ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY The ALTA Expanded Coverage Residential Loan policy rate shall be one hundred twenty percent (120%) of the applicable rate set out in Item 2.1 above. 8.0 ALTA HOMEOWNER S POLICY OF TITLE INSURANCE The ALTA Homeowner s Policy of Title Insurance rate shall be one hundred twenty percent 120%) of the applicable rate set out in Item 2.1 above. 9.0 TITLE SEARCHES 9.1 Base Charges: Residential $ Commercial $ Environmental Searches $ A fee of up to $5.00 per document may be assessed by the Company on title searches with excessive documents in the chain of title. 9.2 Update of Search fee (within 6 months of initial certification date and provided the update is for the same transaction (same parties/same property)): $ Builders Search (A search covering lot development or construction loan for a developer or builder or for sale by a builder): $ Master Subdivision Search (involving more than one lot): Base charge as set out above, plus $5.00 per lot for each lot in excess of five, if each lot is assessed separately on tax rolls. State of Tennessee 24 (Shelby County)

28 10.0 OWNERS AND ENCUMBRANCE REPORTS: 10.1 With Tax Information $ Without Tax Information $ LIEN OR UCC REPORT: 11.1 Base charge: $ ABSTRACTS OF TITLE: 12.1 Base Charge: Residential: $300.00, plus $5.00 per instrument, plus cost of court proceedings as set out below Commercial: $400.00, plus $5.00 per instrument, plus cost for court proceedings, as set out below UPDATES OF ABSTRACTS: Base Charge: $125.00, within 6 months of original title certification date COURT PROCEEDINGS: 14.1 Will and Order of Probate or administration proceedings $ Bankruptcies and Divorces : With real property disposition $ With no real property $ Tax Sale $ All other court proceedings $ The Company reserves the right to increase the charges shown above if a court proceeding becomes complex and requires additional research time MASTER SUBDIVISION ABSTRACT (involving more than one lot): 15.1 Base charge as set out above, plus $5.00 per lot for each lot in excess of five, if each lot is assessed separately on tax rolls. State of Tennessee 25 (Shelby County)

29 16.0 EXTRA CHAINS OF TITLE: 16.1 For each chain of title in excess of one: $ CANCELLATION FEE: 17.1 A cancellation fee may be charged on any order where the transaction is not closed ADDITIONAL CHARGES 18.1 The Company reserves the right to make additional charges for searches involving complex or time-consuming matters or extraordinary risks. Charges may be reduced if information is supplied that reduces the time required for the search or the complexity of the search. The Company may add an additional charge for copies of lengthy restrictions or easements. In addition, the Company reserves the right to add an additional charge for searches ordered on a rush basis. State of Tennessee 26 (Shelby County)