O-1992-1830 - Laserfiche WebLink

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MAR 05 '92 11:38 AT&T FAX 9020FX e coverage 0' this policy, the Company shall promptly investi- gate such charge to determine whether the lien. encum- brance, adverse claim or defect is valid and not barred by law or statute. The Company shan notify the Insured in writing, within a reasonable time, 0' its determination l!IS to the validity or invalidity of the Insured's claim or Charge under the polley. If the Company concludes that the lien. encumbrance, ad- verse claim or defect is not covered by this polley, or was otherwise addressed in the closing of ,the transaction In connection with which this policy was issued, the Company shall specifically advise the Insured of the reasons for its determination. If the Company concludes that the lien, encum. brance. adverse claim or defect Is valid, the Company shefl take one of the following ictions: (1) institute the necessary proceedings to cleer the Hen. encumbrance, adverse claim or defect from the title to the estate as Insured: (2) Indemnlfy'the Insured 8S provided In this policy; (3) upon payment of ap- propriate premium and charges therefor, Issue to the current Insured or to a SUbsequent owner, mortgagee or holder of the estate or interest in the land insured by this policy, a policy of title Insurance without exception for the lien. encumbrance. adverse claim or defect, said polley to be in an amount equal to the current '1alue of the property or, if a mortgagee polley. the amount of the loan; (4) Indemnify another title Insurance company in connection with its issuance of a pOllcy(les) of title insurance without exception for the lien. enoumbrance, adverse claim or defect; (S) secure a release or other doeu. ment discharging the lien, encumbrance, adverse clelm or defect; or (6) undertake a combination of 1. through 5. herein. (d) Whenever the Company shall have brought any ac- tion or interposed a defense a. required or permitted by the prOvisions of this poll~, the Company may pursue any such litigation to IInal determination by II court of competent Juris. dction and expressfy reserves the tight, in Its sole discretion, to appeal from any adverse judgment or order. (e) Whenever requested by the Company, such Insured shall give the Company an reasonable aid In any such action or proceeding, in effecting settlement, securing evidence. obtaining witnesses, or prosecuting or defending such action or proceeding, and the Company shall reimburse such insured for any expense so ineulTed. (') Any act/on taken by the Company 'or the defense of the Insured or to establish the title as Insured. or both, shall not be construed as an admission of liability, and the Com- pany shall not thereby be held to concede liability or waive any provision of this policV. 4. PAYMENT OF LOSS (a) No claim shall arise or be maintainable under this policy 'or Iiabmty voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company. P.4 e (b) All payments under this polley, except payments made for costs. attorney fees and expenses. shall reduce the amount of the Insurance pro tanto; and the amount of this policy Shall be reduced by any amount the Company may pay under any policy Insuring the validity or priority of any lien excepted to herein or any instrument hereafter executed by the Insured 'whlch Is . charge or fien on the land. and the amount so paid shell be deemed a payment to the Insured under this policy. (c) The Company shall have the option to payor settle or compromise for or In the name of the Insured any claim Insured against by this polley, and such payment or tender of payment. together with all oosts, attomey fees end expenses which the Company /s obligated hereunder to pay, shall terminate all liability of the Company hereunder as to such claim. Further, the payment or tender of payment of the full amount of this policy by the Company shaH terminate aU liability 0' the Company under this policy. (d) Whenever the Company shall have settled B claim under this policy, all right of subrogation shad vest In the Company unaffected by any act of the Insured. and It shall be subrogated to and be entitled to all rights and remedies of the Insured against. any person or property In respect to such claim. The Insured. If requested by the Company, shall trans- fer to the Company all rlghts and remedies against any person or property necessary In order to perfect such tight of subrogation, and shaP permlt the Company to use the name of the Insured In any transaction or Htlgatlon invoMng such rights or remedies. I. POLICY ENTIRE CONTRACT Any action, actions or rlghts of action that the Insured may have, or may bring, against the Company, arising out of the status of the title Insured hereunder I must be based on the provisions of this pOlicy, and all notices required to be given the Company. and any statement In writing reqUired to be 'umished the Company. shall be addressed to it at its Principal Office, Claims Department, 6300 Wilshire Boulevard. ~.O. Box 92792. Los Angeles, CaRfomla 90009. 'e.: THIS POLICY 18 NOT TRANSFERABLE 7. COMPLAINT NonCE ShOUld any dispute arise about your premium or about a claim that you have filed, contact the agent or write to the company that Issued the pOlicy. If the problem Is not resolved, you may also write the state Board of Insurance, Department C, 1110 San Jacinto Blvd., AU8t1n. Texas 78788. This notice Of complaint procedure is for information only and does not become a part or condition of this po/Icy.