International Title Insurance Products

By:

James L. Gosdin Stewart Title Guaranty Company (800) 729-1902 jgosdin@stewart.com

March 2009

TABLE OF CONTENTS

I. International Title Insurance Products ................................................................................. 1 II. Observations from Underwriting in the Caribbean Region ................................................ 6 III. Over-Riding Interest in Torrens Style Jurisdictions in the Caribbean Region ................... 9 Exhibit 1: Stewart International Title Guaranty Policies .................................................................... 12 Exhibit 2: STGC Global Advantage Title (GAT) – Owner’s Policy of Title Insurance - Urban ..... 15 Exhibit 3: STGC Global Advantage Title (GAT) – Lender’s Policy of Title Insurance - Urban .... 20 Exhibit 4: First American Introduction and International Owner’s Policy ........................................ 26 Exhibit 5: First American International Loan Policy .......................................................................... 33 Exhibit 6: Fidelity National Title Insurance Co. Introduction and International Loan Policy ......... 37 Exhibit 7: Fidelity National Title Insurance Co. International Owner’s Policy of Title Insurance .. 44

INTERNATIONAL TITLE INSURANCE PRODUCTS

Title insurance or title guarantees are now more commonly available on land located in other jurisdictions, including Australia, Canada, Bahamas, Barbuda, Belize, Hong Kong, Mexico, New Zealand, and United Kingdom, and in other countries (and jurisdictions) in Asia, Europe and Latin America, from one or more title insurers. Those countries and jurisdictions include:

Anguilla Antigua and Barbuda Argentina Aruba Australia Austria Bahamas Barbados Belgium Belize Bonaire Brazil Bulgaria Canada Cayman Islands Chile Columbia Costa Rica Croatia Curacao Cyprus Czech Republic Denmark Dominica Dominican Republic Dubai Ecuador El Salvador Estonia Finland France Germany Greece

Grenada Guadeloupe Guam Guatemala Guyana Holland Honduras Hong Kong Hungary India Indonesia Ireland Israel Italy Jamaica Japan Korea, South Latvia Lithuania Luxembourg Macau Malaysia Malta Martinique Mexico Netherlands New Zealand Nicaragua Northern Marianas Islands Palan Panama Peru Poland

Portugal Puerto Rico Romania Russia Saba Serbia St. Barthélemy St. Kitts and Nevis St. Lucia St. Martin St. Vincent and Grenadines Saipan Singapore Sint Eustatius Sint Maarten Slovak Republic Slovenia Spain St. Barts St. Kitts & Nevis St. Lucia St. Maarten South Africa Sweden Thailand Trinidad and Tobago Turkey Turks and Caicos United Kingdom (including Scotland) Uruguay Vanuatu Virgin Islands (U.S.) Virgin Islands (British)

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In many cases, policies or guarantees are issued by the title insurer domiciled in the United States, and the policies or guarantees have forum and choice of law provisions that select the United States. If the title insurer is not authorized to conduct business in the foreign jurisdiction, the policy or guarantee will, in most transactions, be issued to a person that is not domiciled in the foreign jurisdiction. However, qualified subsidiaries are located in some of these foreign jurisdictions, and they then issue their policy or guarantee to local domiciles, with reinsurance (and an assumption certificate recognizing direct liability to the insured), if necessary, to the American parent title insurer.

The coverage provided in these policies and guarantees varies greatly, because of the needs of the customer and the different real property laws. Common exclusions, some of which may be modified or deleted, are takings or expropriation not recorded in the public records, mineral and other valuable rights and subsurface and air rights of the state, water rights and rights to streams and shores, matters discoverable by an inspection, unrecorded easements, doing business and foreign investment laws, creditors’ rights, and taking of land during World War II or during the period immediately preceding or following. Some policies or guarantees as written provide coverage only as to recorded matters, but most policies and guarantees either do insure against many unrecorded matters, or can be modified to do so. Many insure marketable title (perhaps as defined, such as the willingness of the title insurer to reissue) and right of access. Virtually all agree to provide defense in event of a covered claim.

Title insurance is available in all provinces and territories of Canada. Six title insurers have offered title insurance policies: FNF Canada, the Canadian division of Fidelity National Financial, Inc. (FNF Canada’s title insurance policies are issued and underwritten by Chicago Title Insurance Company which is a subsidiary of Fidelity National Title Group); First Canadian Title, a member of the First American Family of Companies; Stewart Title Guaranty Company; Lawyers Title, Lawyers Professional Indemnity Company, operating under the name TitlePlus; and St. Paul Guarantee Company, a subsidiary of The St. Paul Travelers Companies, Inc. Residential title insurance policies are issued by most of the above-mentioned title insurers. Residential title insurers offer expanded coverage policies, often referred to as “Gold” or “Platinum” policies. They contain expanded coverage provisions similar to the ALTA Homeowner’s Policy of Title Insurance for a One- to Four-Family Residence, although in Canada the policies generally cover one- to six-family residences.

Commercial title insurance policies have been offered by all of the above, except St. Paul Guarantee Company, which has focused on new home and new condominium development. Additionally, for commercial transactions, TitlePlus has limitations with respect to the policy amounts for which it can insure. Title insurance comparable to that available in the ALTA policies may be secured on commercial transactions, and endorsements commonly available in the U. S., such as zoning, assignment of rents/leases, contiguity, doing business, survey, tax parcel, subdivision, tax deed, leasehold comprehensive, first loss, last dollar, revolving credit, usury, and access also are available.

Title insurance is available in most of Mexico, either through U.S. companies abroad in some cases, or directly through a qualified insurer in Mexico. Coverage is similar to that available in the United States, and may additionally insure against ejido ownership, a significant coverage as underscored by various claims, and unmarketability of title, and may be expanded by endorsements similar to those available in the United States. An ejido is a communal form of title and ownership of land, but the members of the ejido collective have no property rights in the land individually. There is now a process for transfer of ejido land. Endorsements that may be available in Latin America include access, contiguity, encroachment, easement, comprehensive (restrictions and encroachments), non-imputation, usury, survey, subdivision compliance, special zoning, marketable title, and Fairway endorsements. Title insurance is widely available on residential transactions, including timeshares.

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In Canada, Australia, parts of Europe, many countries in the Caribbean, and a few other jurisdictions, the registration system is generally conclusive as to ownership of title. Based on that type of real property system, title insurance in Canada covers additional matters on residential transactions, such as:

• Permits and rights of use (e.g., zoning non-compliance and the lack of required building permits)

• Restriction, subdivision, and development agreement violation coverage • Work orders • Gap coverage • Access (legal and physical) • Usury (lender) coverage, which is also available on commercial transactions by

endorsement • Location coverage (address and improvement)

• Post-policy coverage for title (and for the lender, building permit) matters, including loss of title because of adverse unauthorized registration (a major form of title insurance protection in those countries with constitutive or conclusive registration systems that may register title in a third party without agreement of the insured

• Survey coverage (generally without a survey on residential property for owner’s and lenders, and on large commercial loan transactions of up to $10,000,000 to $50,000,000). Survey coverage is also available on larger transactions.

Similar coverage is available in Australia.

In Europe, countries like Austria and Germany have also opted for the constitutive system, in contrast to France and other nations, where the recordation is declaratory and not conclusive.

The coverage for post-policy loss of title based on a fraudulent registration of adverse rights can be valuable in countries with a constitutive system, and can temper one of the more significant theoretical risks of the registration system. That kind of coverage may be secured in Canada, Australia, and Europe, and may consist of the post-policy forgery coverage that appears in Expanded Coverage Policies.

An additional coverage that could be separately given to lenders on some residential transactions (as has been done in some mortgage impairment products in the United States) is insurance against post-policy real estate tax liens (extended tax coverage). With the absence of a tax escrow, this could be a vital coverage to protect the insured’s mortgage.

In some jurisdictions in Europe, and particularly in the United Kingdom, title insurance on commercial transactions often takes the form of Defective Title Indemnities, which insure against specific, known outstanding matters, such as restrictions, easements, lack of access, permit issues, other encumbrances or defects in title, or small gaps between tracts. Coverage is typically contingent upon the agreement of the insured not to disclose the insurance to third parties. Coverage also inures to the benefit of the named party and any successors or mortgagees. Policies will commonly insure pedestrian and vehicular access, although vehicular access may be insured only if there are parking structures on the land. Policies often insure building approvals and insure against overriding interests such as taxes and possession (as defined and excepted in the Land Registration Act). The title insurance sometimes provides coverage of defined consequential damages. For example, some European policies, such as those by London and European Title Insurance Services Limited, agree to pay such damages if the claim is not removed or remedied within six months after receipt of a proof

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of loss. A policy may agree to pay damages resulting from prevention of a development/project or certain damages due to delay or injunction.

In much of Europe, a policy or guarantee similar to the U.S. Policies can be secured and a variety of endorsements can be issued. The policy or guarantee may be a broad policy or guarantee similar to the policy available in the United States, a Single Risk Indemnity covering a single known issue, or a Gap Policy. In some parts of Eastern Europe, such as Russia, title insurance is not as readily available because of concern about the reliability and predictability of the legal system.

In parts of Eastern Europe a major issue consists of the prior confiscation, expropriation, or other taking of land before, during, or after World War II. This issue sometimes results in exclusion or exception because of prior confiscation or in affirmative insurance after a particular confiscation is considered and the process of compensation or restitution has been followed or the time limit to secure compensation, restitution or recovery of the land has expired. Other factors in evaluating restitution claims may include protection of bona fide purchasers, subsequent improvements that entitle the purchaser to reimbursement, and the relative size of the restitution claim in relation to the total transaction.

Because of the delay in registration, Gap Coverage is often available in Europe. In Central Europe and in other locations throughout the world, there are extended gap periods of weeks or months between filing and recordation, and gap coverage insures against failure of the document to be recorded, and against intervening matters that attach between filing and recording of the instrument, excluding certain governmental taxes, assessments, and charges. This can be essential coverage, because of the lapse of time between filing and recording, and the possibility of intervening rights.

In Australia, Loan Policies on residential loan transactions cover carrying costs during handling of a claim; the title insurance coverage is otherwise similar to the title insurance available in Canada.

In most of Latin America, such as Mexico, the systems do not provide for conclusive reliance upon the record, or a binding registration system. This feature of the law makes title insurance particularly important in those countries. It is not uncommon for the title examination otherwise to be quite limited, such as ten years or three conveyances, based on custom and the concept of prescriptive (adverse) use, even though the prescriptive use is not usually established and often is not possible because of lack of actual use. That domestic practice makes title insurance even more important to insure against matters arising before the period of examination of title.

In virtually all of the foreign jurisdictions, the concept of off-record mechanics’ liens is not applicable, but title insurance policies will insure against such liens, to the extent they may exist.

In most transactions, creditors’ rights coverage arising out of the current transaction is not available, but such coverage has sometimes been provided on a more limited basis. A number of countries have laws that relate to fraudulent transfers. Sometimes as in Mexico these may be worded as preferences before a bankruptcy.

With respect to aboriginal rights in parts of Latin America, Australia, New Zealand, and some other jurisdictions, the practice varies, and it may be possible to secure a policy or guarantee that does not include such exclusion, particularly if the land is located in an urban, well-developed area.

Foreign investment laws limit the ability of certain foreign parties to invest in land or in land along borders or the coast. As a response, foreign investment and doing-business endorsements are sometimes available, if compliance with the law can reasonably be determined.

It is possible to secure title insurance for a relatively large amount in many of the jurisdictions, using either the ALTA Facultative Reinsurance Agreement International (Without Direct Access) (10/16/08) or the ALTA Facultative Reinsurance Agreement International (With Direct Access)

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(10/16/08). The Agreement will be similar to the ALTA Facultative Reinsurance Agreement (6/17/06), with a “Laws Applicable” and a “Currency” provision.

Willingness to issue a policy or guaranty has generally been based on (1) due diligence review of the jurisdiction’s laws; (2) satisfactory determination that the laws allow reliance (whether conclusive or not) on the recording system, at least if the buyer is a good-faith purchaser, so that off-record matters will generally not prevail; (3) specialized title search and examination, based on sufficient length of time, where applicable; and (4) satisfactory determination that the actual system is reliable in fact, because of the integrity of the real property and judicial process and completeness of records.

The currency shown in the policy or guaranty for the amount of coverage will likely be U.S. dollars if issued by a U.S. underwriter and if the forum and choice of law provisions select U.S. law. In Europe, the applicable currency on the policy will usually be the Euro. In Mexico the peso will be the currency shown if the policy is issued by a Mexican underwriter; otherwise, the currency will be U.S. dollars.

Many of the policies or guarantees will include a mandatory arbitration provision because of the more widespread acceptance of arbitration in Europe and some other countries.

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WHAT’S DIFFERENT AND WHAT’S SIMILAR TO U.S. TITLE UNDERWRITING AND INSURANCE POLICIES?

Observations from Underwriting in the Caribbean Region Charles M. Craig

Sr. Vice President & Counsel, International Group Over the past nine years, insuring title in the Caribbean has involved adaptation of the traditional approach to insuring title to the local markets as they modernize their approach to title registration and the governmental protections that may or may not come with title registration. Most jurisdictions in the Caribbean have been in a transformational process for quite some time, as the land registries update their traditionally held land conveyance recordation systems to Torrens-style land registration systems, often started with funding from either local governmental budgets or regional or global NGO financial loans or grants. Those that have made the move to a Torrens style registration system assert some form of state guaranty of registered titles, whether by statute and/or through state maintained land assurance or indemnity funds. Most characterize ownership of a registered title as absolute ownership, free from all other interests or claims. However, such state guaranties afforded by the title registration systems put in place often are limited in scope, both in subject matter and by the reality of limited economic commitments to state owned land assurance funds. Most Torrens-style registration systems and the governmental assurances and indemnities provided there under deal with pure title risks only. Most Caribbean governments do not assure or indemnify private registered land owners for “overriding interests”, that is, interests beyond pure title risks which are thus beyond the scope of a Torrens style registration system. Risks that are generally seen as beyond the scope of a Torrens style registration system can certainly affect title ownership. These interests include invalidity of the conveyance or registration documents themselves, documents not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered whether by negligence of the parties or their legal counsel; or failure of title by fraud, forgery or impersonation, undue influence, duress, incompetency, or incapacity; or by falsified, expired or otherwise invalid or improper powers of attorney. Many Caribbean states do not guaranty the marketability of the title or indemnify against neighboring structural encroachments onto the land. In Torrens style registration systems, third party good faith purchasers for value are often protected over the interests of the “true” prior registered owner of the land, if the third party bought and registered their interest in the property in good faith from a seller who obtained registered title to the property by fraud, thereby depriving the prior “true” registered owner his or her interest in the land. Court judgments can override registered titles as well whether they concern private litigants or government enforcement actions against persons rather than the land itself. Other “overriding” interests not indemnified by Caribbean governments include public highways and rights of way and other unregistered easements, particularly in coastal areas where the public is given access to publicly owned beaches through private property; rights of light, air and water and support; unregistered ground leases; or rights to public utility or telephone or sewer lines. In other jurisdictions, indigenous populations are given special rights to claim ownership based on past ancestral tribal possession of the land. In coastal areas, governments often reserve unregistered statutory rights to beaches, submerged coastal areas, and reserve rights to establish bulkheads, harbor piers and similar improvements for public use, thereby depriving a landowner

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of the much-sought-after ocean front beach property. Archeological, historic and designated ecological areas are often reserved by the state and are exempt from state’s guaranty of indefeasible title and can disrupt not only private ownership but also the intended private use of the land. Past unpaid land taxes are given a super-priority lien status by the local government to ensure their payment over and above any landowner’s right to registered ownership. Further, the state’s guaranty of indefeasible title does not cover government expropriation of lands with or without just compensation for the registered property owner. Possessory rights of unregistered “squattors” on the land are a recurring problem. In some jurisdictions, squattors without registered title can obtain legally protected rights in any improvements or “mejoras” built on the land registered in the name of another party or by unregistered prescription or adverse possession rights and defenses. Unregistered “profits aprendre”, where the possessor of the land is entitled to the rents and profits deriving from his/her use of the land, are sometimes protected as well, despite the state guaranty. Often title registrars take a few days to weeks and in some cases months to complete the registration of titles. During this interim or “gap” period between presentation of the title registration application documents and the issuance of the state’s certificate of title, the property may or may not be protected by the state’s guaranty. While some jurisdictions allow for a preventive notice to be filed to prevent the registration of contrary interests, or allow for the certificate of title to relate back to the original application date, other jurisdictions may allow the registration of mortgages or charges, cautions, inhibitions or prohibitions on the transfer of title during the gap period, or may refuse or delay title registration due to a mistake in the application papers. The registered landowner may then find that its registered interest is subject to third party claims filed during the interim gap period. It is popular for Caribbean nations to limit foreign ownership to domestic lands through the use of alien landholding permit systems. These permits are generally required in order for a non-local citizen to own, develop and transfer local land. They can take up to eighteen months to issue, and carry rather substantial fees to complete. Such requirements do not come under the state guaranty of registered title, in the sense that title will not be registered in the name of the foreign person or entity until the permit has been issued. Forming a local corporate entity does not usually “get around” the problem, as most jurisdictions look to the foreign ownership of the local entity in determining if an alien landholding permit is required. There may exist a state-owned Land Assurance Fund defined generally as government funds statutorily set aside to pay for losses incurred by registered landowners under the state’s guaranty. However, recovery is usually limited to situations where the loss was incurred by the Registrar’s mistake or negligence and does not cover either the overriding interests described above, or cases where the loss was the result of third party fraud, forgery or impersonation. The administrative procedure for recovery from the Fund is often cumbersome and time consuming. Some jurisdictions place the burden of proof on the claimant to prove culpable Registrar conduct, whether it be negligence, mistake or fraud. Once a favorable outcome is obtained by the claimant, he or she may find that funds originally set aside by the government have been diverted to other public uses, thus depriving the claimant of any real restitution. Compulsory acquisition by the local government for public use is not generally protected by the typical Caribbean state guaranty or indemnity statutes. We have found that the most, if not all, of the jurisdictions researched in the Caribbean region have some form of statutory procedure or constitutional provision for the compulsory acquisition and compensation of privately owned land

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for public use. Despite this, there may not be state funds available to pay just compensation to the private owner of the expropriated land. Experience has shown that antiquated surveys used in the region often fail to adequately delineate property boundaries and blur the rights of registered ownership between adjacent land owners, despite the existence of a state guaranty of title. Survey technology continues to improve, and hopefully the title problems associated with the use of old surveys will decrease over time. Other places have not yet fully completed the transformation from the traditional deed recordation and conveyancing system to a true Torrens-style title registration system. In areas like St. Christopher (aka St. Kitts), private land ownership by deed recordation is still the norm, leaving no state guaranty or indemnity for the individual buyer. Some deeded lands may be subject to the traditional “family tenure system”, a form of primogeniture tenure left over from colonial times whereby the first born male may have unregistered rights to the title despite his absence from the land or the country for many years. While most islands of the Caribbean have long since abolished such family tenure rights by land registration statutes, the possibility still exists in the non-registration portions of these jurisdictions. Stewart Title Guaranty Company (“STG”) has been successful in providing additional protections requested by customers above and beyond the scope of the state guarantees offered by Caribbean governments using Torrens style registration systems. Through its Global Advantage Title Policy® (“GAT”), Stewart has been able to give many land owners extra protections over and above those offered by Caribbean states as they invest in the lands of the Caribbean nations. The policy can be tailored to meet the individual needs of the customer based on the particular laws in each of the Caribbean jurisdictions. The GAT policy is a contract of indemnity issued in the United States and is controlled by United States law. The GAT policy is underwritten by STG in Houston, Texas and provides comprehensive coverage for international real estate interests. By using an ALTA 2006 based format, the GAT policy provides an easy read for customers in a familiar format similar to the title policies typically issued in the United States. Subject to underwriting approval, the GAT policy allows the purchaser to choose any U.S. state under which the policy and legal matters relating to the policy will be judged. Stewart will defend the title as insured at its own expense in the local Caribbean courts to the extent provided in the Conditions and Stipulations of the Policy. Any indemnity paid for a valid claim is paid in U.S. Dollars. A copy of the GAT policy is attached as an exhibit to these comments. Thus, when you hear that the title to Caribbean property is “guaranteed by the government” as indefeasible title, keep in mind the limitations that are inherent in such state guarantees. Title insurance remains a viable and needed product even in those countries where property is registered under a Torrens-style registration system. Stewart’s experience can help guide you through the property ownership systems in the Caribbean and help protect you where local governments can not.

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SELECTED SUMMARY EXAMPLES OF OVER-RIDING INTERESTS IN TORRENS STYLE JURISDICTIONS IN THE CARIBBEAN REGION

ANGUILLA A registered proprietor of land holds the land subject to all overriding interests. There is no state indemnity for forgeries, access and egress, but the limitation for rectification for persons in possession other than the owner is stated in Section 140(2) of the Registered Land Act. No indemnity shall be payable under the Registered Land Act to any person who has himself caused or substantially contributed to the damage by his fraud or negligence, or who derives title (otherwise than under a registered disposition made bona fide for valuable consideration) from a person who so caused or substantially contributed to the damage. Under Article 28 of the Registered Land Act, unless the contrary is expressed in the register, all registered land shall be subject to such of the following overriding interests as may for the time being subsist and affect it, without their being noted on the register— (a) rights of way, rights of water and any easement or profit subsisting at the time of first

registration under this Act; (b) natural rights of light, air, water and support; (c) rights of compulsory acquisition, resumption, entry, search, user or limitation of user

conferred by any other written law; (d) leases or agreements for leases for a term not exceeding 2 years, and periodic tenancies; (e) any unpaid money which, without reference to registration under this Act, is expressly

declared by any written law to be a charge upon land; (f) rights acquired or in process of being acquired by virtue of any written law relating to the

limitation of actions or by prescription; (g) the rights of a person in actual occupation of land or in receipt of the rents and profits thereof

save where inquiry is made of such person and the rights are not disclosed; (h) electric supply lines, telephone and telegraph lines or poles, pipelines, aqueducts, canals,

weirs and dams erected, constructed or laid in pursuance or by virtue of any power conferred by any written law;

but the Registrar may direct registration of any of the liabilities, rights and interests hereinbefore defined in such manner as he thinks fit.

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BRITISH VIRGIN ISLANDS Although there is in existence a comprehensive system of land registration in the BVI, similar over-riding interests as described above may affect the title to land without being registered. Under the BVI Registered Land Act, Article 28, these include the following:

(a) Rights of way, rights of water and any easement or profit subsisting at the time of first registration under the Registered Land Ordinance;

(b) Natural rights of light, air, water and support; (c) Rights of compulsory acquisition, resumption, entry, search, user or limitation of user

conferred by any other written Ordinance; (d) Leases or agreements for leases for a term not exceeding two years, and periodic

tenancies within the meaning of Section 2 of the Registered Land Ordinance; (e) Any unpaid moneys which, without reference to registration under the Registered Land Ordinance are expressly declared by any written law to be a charge upon land; (f) Rights acquired or in process of being acquired by virtue of any written law relating to

the limitation of actions or by prescription; (g) The rights of a person in actual occupation of land or in receipt of the rents and profits

thereof save where inquiry is made of such person and the rights are not disclosed; (h) Electric supply lines, telephone and telegraph lines, or poles, pipelines, aqueducts,

canals, weirs and dams erected, constructed or laid in pursuance or by virtue of any power conferred by any written law; and

(i) Arrears of land or house tax due to the Government. ST. CHRISTOPHER & NEVIS St. Christopher (a.k.a. St. Kitts) & Nevis has a dual system of administering land records. The Title by Registration Act, Chapter 279 provides for the registration to title of land in the form of a Certificate of Title. The majority of Crown lands are registered in the Land Registry of the Supreme Court. Most private land on St. Kitts is still owned by conveyance deed and is not subject to the protections of the Title by Registration Act. For registered lands, no remedies for loss are available from the land registry, but the state guarantees title to purchasers under the Land Assurance Fund which is only defeasible by fraud. The indemnity available is to satisfy the individual in monetary terms through the Assurance Fund. It would cover overriding interests such as forgeries, access and egress, or persons in possession other than the owner. No word on the actual amount presently maintained in the Land Assurance Fund. ANTIGUA Land Registration stems from the Land Adjudication Act and the Registered Land Act. A registered proprietor of land holds the land subject to similar overriding interests as listed above for the Anguilla at Article 28 of the Registered Land Act. There is no state indemnity for forgeries, access and egress, but the limitation for rectification for persons in possession other than the owner is stated in Section 140(2).

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ST. LUCIA Under the Land Registration Act (No. 12 of 1984) and subsequent land registry reformation projects, the old deed recordation system was replaced with a land registration system. A registered proprietor of land holds the land subject to similar overriding interests as listed above for the Anguilla at Article 28 of the Registered Land Act. These overriding interests are not generally noted on the Land Register. The Registrar of Lands may direct the registration of any overriding interest. While land Registration Act provides a right of appeal from any decision of the Registrar, in the case where the Registrar exercises the power to direct the registration of an overriding interest a right of appeal may arise in respect of the registration of that overriding interest. DOMINICAN REPUBLIC The Registry of Titles office does not have the authority to establish the validity of the title transfer documents. It has to, prior to recording a transaction, make sure that the documents comply with the requisites established by applicable laws and the rules issued by the Tribunal Superior de Tierras. If a document does not comply with the law, the title registry shall not proceed with the recording of the transaction. Law No. 1542 creates a public fund to indemnify land owners, that without negligence on their behalf, were deprived of their land or rights as a consequence of negligence, omission or error in the application of this law, and that such negligence, omission or error may not be remedied. It is unclear whether any past claim filed was ever paid against the aforementioned fund. The provisions of the law only cover cases of negligence, omission or wrongdoing of the Registry of Title.

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EXHIBIT 1

We are currently able to provide title guaranty policies for:

Anguilla Antigua & Barbuda Argentina Aruba Australia Austria Bahamas Barbados Belgium Belize (reinsurance only) Brazil British Virgin Islands Canada Chile Costa Rica Curacao Cyprus Czech Republic Denmark Dominica Dominican Republic Dubai Ecuador El Salvador Estonia Finland France Germany Greece Grenada Guam Guatemala Holland Honduras Hungary India Ireland

Italy Jamaica Japan Korea (reinsurance only) Latvia Lithuania Macau Malta Mexico Netherlands New Zealand Nicaragua Panama Poland Portugal Puerto Rico Romania Russia Saipan Singapore Slovak Republic Slovenia Spain St. Barts St. Kitts & Nevis St. Lucia St. Maarten Sweden Thailand Trinidad & Tobago Turkey Turks & Caicos United Kingdom (including Scotland Uruguay Virgin Islands (U.S.)

Blue denotes present Stewart office on the ground. Consideration of additional countries will be made on a case by case basis.

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EXHIBIT 2

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EXHIBIT 3

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EXHIBIT 4

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EXHIBIT 5

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Fidelity National Global Solutions, Inc. 140 East 45th Street, 22nd Floor New York, NY 10017 Ph. (212) 710-5500 Website: www.gs.fnf.com Contacts Jason Gordon, VP and Manager (212) 710-5504 jgordon@fnf.com Rodolfo Rivera, VP-Latin America/Caribbean (314) 856-8780 rodolfo.rivera@fnf.com Jean-Bernard Wurm, VP +41-22-70 34 015 jbwurm@ltic.com Ramon F. Gomez, Manger/Puerto Rico (787) 300-3020 rgomez@landam.com Joel S. Peck, SVP International Services (212) 973-6202 joel.peck@fnf.com Michael Atkins, AVP Europe and Asia (212) 220-7002 michael.atkins@fnf.com Edward L Heim, Chief Underwriter (212) 710-5503 eheim@fnf.com Hilary Kruce, Sr. Counsel (212) 710-5505 hilary.kruce@fnf.com Lisa McGinley, Counsel (212) 710-5501 lisa.mcginley@fnf.com Fidelity National Global Solutions (“Global Solutions”) is the international arm of the Fidelity National Title Group (“FNTG”). The FNTG family is comprised of: -Chicago Title Insurance Company -Commonwealth Land Title Insurance Company -Fidelity National Title Insurance Company -Lawyers Title Insurance Company -Ticor Title Insurance Company -Alamo Title Insurance -Security Union Title Insurance Company. Global Solutions issues policies and endorsements covering property located in Latin America, the Caribbean and around the globe. All forms are based on ALTA forms for ease of use by our clients. The current international forms of the Owner’s Policy and Loan Policy are based on the 1992 ALTA forms. Definitions and use of some terms have been expanded to include terms used outside of the U.S. International policies provide the key elements of title insurance in every jurisdiction where we write title insurance. Our international policies:

• Guaranty title is vested as stated in Schedule A • Guaranty there are no liens or easements affecting property as of the policy date, except

as disclosed in Schedule B of the policy • Insure the priority of a lien for loan policies • Cover off-record matters, including fraud and forgery, parties in possession and survey

matters, assuming we receive proper proofs Except in Mexico, policy forms are English language documents having a U.S. jurisdiction, in the event a dispute arises between the insurance company and the Insured. The policy provides for the cost of legal defense for covered disputes or claims litigated before foreign courts. Perhaps the best feature of policies issued by Global Solutions is that they are backed by industry-leading reserves of the FNTG family of title insurers, providing maximum security to the Insured.

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EXHIBIT 7

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