09-03-03 Lomax Firestation Site deed/correspondence

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.' . ,. (ll) ,.To,,"ay or" ~therwise Sellle With Parties Other Ahe Insured or XVith the . Insured c;lalmanl. _ (i) _ to payor otherwise sellle with other parties lor or in the name 01 an insured ~ claimant any claim insured against under this pOlicy. together with any costs. allorneys' lees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay: or (ii) 10 payor otherwise sellle with the insured claimant the loss or damage provided lor under this pOlicy. together with any costs. allorneys' lees and expenses incurred by the insured claimant which were authorized by the Company up 10 the time 01 payment and which the Company is obligated to pay. Upon the exercise by the Company 01 either 01 the options provided lor in paragraphs (b)(i) or (ii). the Company's obligations to the' insured under this pOlicy lor the claimed loss or damage. other than the payments required to be made. shall terminate. including any liability or obligation to defend. prosecute or continue any litigation, 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract 01 indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason 01 mailers insured against by this policy and only to the extent herein described. (a) The liability 01 the Company under this policy shall not exceed the least 01: (i) the Amount of Insurance stated in Schedule A: (ii) the difference between the value of the insured estate or interest as insured and the value 01 the insured estate or interest subject to the defect. lien or encumbrance insured against by this policy at the date the insured Claimant is required to lurnish to Company a prool 01 loss or damage in accordance with Section 5 oltheS'3 Conditions and Stipulations. (b) In the event the Amount 01 Insurance stated in Schedule A at the Date 01 Policy is less than 80 percent of the value 01 the Insured estate or interest or the lull consideration paid for the land. whichever IS less. or if subsequent to the Date 01 Policy an improvement is erected on the land which increases the value 01 the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A. then this Policy is subject to the loll owing: (i) where no subsequent improvement has been made. as to any partial loss. the Com plinY shall only pay the loss pro rata in the proportion that the amount 01 insurance at Date of Policy bears to the total value 01 the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made. as to any partial loss. the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount 01 Insurance stated in Schedule A bears to the sum 01 the Amount 01 Insurance stated in Schedule A and the amount expended lor Ihe improvement The provisions 01 this paragraph shall not apply to costs. allorney's lees and expenses lor which the Company is liable under this policy. and shall only apply to that portion of any loss whiCh exceeds. in the aggregate. 10 J'lercent 01 the Amount 01 Insurance stated in Schedule A. (c) The Company will pay only those cosls. allorneys' lees and expenses incurred in accordance with Section 4 01 these Conditions and Stipulations, 8. APPORTIONMENT. II the land described in Schedule A consists 01 two or more parcels that are not used as a single site. and a loss is established affecting one or more 01 the parcels but not all. Ihe loss shall be computed and settled on a pro rata basis as if the amount 01 insurance under this policy was divided pro rata as to the value on Date 01 Policy 01 each separate parcel to the whole. exclusive 01 any improvements made subsequent to Date 01 Policy. unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time olthe issuance olthis policy and shown by an express statement or by an endorsement allached to this policy. 9. LIMITATION OF LIABILITY. (a) II the Company establishes the title. or removes the alleged delect lien or encumbrance. or cures the lack 01 a right 01 access to or Irom the land. all as insured. or takes aclion in accordance wilh Section 3 or Section 6. in a reasonably diligent manner by any method. including litigation and the completion 01 any appeals therelrom. it shall have lully performed its obligations with respect to that mailer and shall not be liable lor any loss or damage caused thereby, (b) In Ihe eve'll or any liligation, including litigation by the Company or with the Company's consent. the Company shall have no liability lor loss or damage until there has been a linal determination by a court 01 competent jurisdiction. and disposition 01 all appeals therelrom. adverse to the title as insured. (c) The Company shall not be liable lor loss or damage to any insured lor liability voluntarily assumed by the insured in settling any claim or suit without the prior wrillen consent of the Company, 10. REDUCTION OF INSURANCE: REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy. except payments made lor costs. allorneys' lees and expenses. shall reduce the amount 01 the insurance pro tanto. 11. LIABILITY NONCUMULATIVE. II is expressly understood that the amount 01 insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed. assumed or taken subject. or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner, 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement 01 the payment unless the policy has been lost or destroyed. in which case proof 01 loss or destruction shall be lurnished to the satislaction 01 the Company. (b) When liability and the extent 01 loss or damage has been definitely lixed in accordance with these Conditions and Stipulations. the loss or damage shall be payable within 30 days thereafter, 13. SUBROGATION 'N PAYMENT OR SETTLEMENT. (a) The Company' 01 Subrogation, Whenever the Company shall have selIled and paid a claim under this policy. all right of subrogation shall vest in the Company unaffected by any act 01 the insured claimant The Company shall be subrogated to and be entilled to all rights and remedies that the insured claimant would have had against any person or property in respect to the claim nad thiS policy not been issued. If requl!Sted by the Company. the insured claimant shall transler to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation, The insured claimant shall permit the Company to sue. compromise or sellle in the name of the insured claimant and 10 use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account 01 a claim does notlully cover the loss 01 the insured claimant. the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. II loss should result Irom any act of the insured claimant as stated above. that act shall not void this policy. but the Company. in that event. shall be required to pay only that part 01 any losses insured against by this policy that shall exceed the amount. if any. lost to the Company by reason of the impairment by the insured claimant of the Company's right 01 subrogation, (b) The Company's Rights Against Non-insured Obligors. The Company's right of, subrogation against non-insured obligors shall exist and shall include. without limitation. the rights 01 the insured to indemnities. guaranties. other policies 01 insurance or bonds. notwithstanding any terms or conditions contained in those instruments that provide lor subrogation rights by reason 01 this policy. 14. ARBITRATION, Unless prohibited by applicable law or unless this arbitration section is deleted by specific provision in Schedule B 01 this policy. either the Company or the insured may demand arbitration pursuant to the Tille Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include. but are not limited to. any controversy or claim between the Company and the insured arising out of or relating to this policy. any service 01 the Company in connection with its issuance or the breach 01 a pOlicy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1.000.000 or less SHALL BE arbitrated at the request of either the Company or the insured. unless the Insured is an individual person (as distinguished Irom a corporation. trust. partnership, association or other legal entity). All arbitrable mailers when the Amount 01 Insurance is in excess 01 $1,000.000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this pOlicy and under the Rules in effect on the date the demand for arbitration is made or. atthe option of the insured. the Rules in effect at Date of Policy shall be binding upon the parties. The award may include allorneys'lees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(sj may be entered in any court having ju{iSdiction thereol. The law of the situs oflhe land shall apply to an arbitration under the Tille Insurance Arbitration Rules. A copy of the Rules may be obtained Irom the Company upon request 15. LIABILITY LIMITED TO THIS POLICY: POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements. il any. allached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision 01 this poliCY. this policy shall be construed as a whole, (b) Any Claim 01 loss or damage. whether or not based on negligence. and which arises out 01 the status 01 the tille to the estate or interest covered hereby or by any action asserting such claim. shall be restricted to this policy. lc) No amendment 01 or endorsement to this policy can be made except by a writing endorsed hereon or allached hereto signed by either the President. a Vice President. the Secretary. an Assistant Secretary. or validating officer or author- ized signatory 01 the Company, 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenlorceable under applicable law. the policy shall be deemed 'lotto include that provision. and all other provisions shall remain in lulllorce and effect. 17. NOTICES, WHERE SENT. All nolices required to be given the Company and any statement in writing required to be lurnished the Company shall include the number ollhis policy and shall be addressed to the Company at 8131 LBJ Freeway. Suite 450. Dallas. Texas 75251, COMPLAINT NOTICE. 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. II the problem is not resolved, you also may write the Texas Department 01 Insurance, P.O. Box 149091, Austin, TX 78714-9091, Fax No. (512) 475-1771. This notice of complaint procedure is lor Inlormatlon only and does not become a part or condition 01 this policy. The Texas Department 01 Insurance may be called toll-Iree at 1-800-252-3439, Article 1,350. Texas Insurance Code requires the Department to provide the following to the public: "(I) inlormation collected or maintained by the department relating to the number 01 complaints received against a particular insurer and the disposition of the complaints: (2) the raling of the insurer. if any. as published by a nationally recognozed rating organization: (3) the types 01 coverages available to a consumer through any insurer writing insurance in this state: and (4) other appropriate inlormallon collected and maintaIned by the department.'.