File Number: 04 CS 550377 Z - Laserfiche WebLink

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CONDITIONS AND STIPUlATIONS 1. DEFINITION OF TERMS. or defed is veilid, the Company shall take one of the following artions: (i) institute The following terms when used in this policy mean: the neceSsary proceedings to dear the lien, encumbronce, adverse daim or defec:t (a) "insured": the insured named in Smedule A, and, subjed to any rights or from the title to the estate as insured; (ii) indemnify the insured,as provided in this defenses the Company would have had against the named insured, those who policy; (iii) upon payment of-appropriate premium and marges therefor, issue to the succeed to the interest of the named insured by operation of law as distinguished insured daimant or to a subsequent owner, mortgagee or hold"r of the estate or , from purchase induding, but not limited to, heirs, distributees, devisees, survivors, interest in the land insured by this policy, a policy of tide insurance without exception personal representatives, next of kin, or rorporote, partnership or fiduciary for the lien, encumbrance, adverse daim or defed, said policy to be in an amount suuessors and specilirolly, without limitations, the following: equal to the current value of the property or, if a mortgagee policy, the amount of (i) the suuessors in interest to a corporation resulting from merger ,or the ,loan; liv) indemnify another title insuronce company in ronnection with its ronsolidation or the distribution of the assets of the rorporotion upon partial or issuance 01 a policy(ies) of title insuronce without exception for the lien, romplete Ii~uidation; encumbronce, adverse daim or defed; (v) secure a' release or other document (ii) the partnership su<<essors in interest to a generol or limited disc:harging the lien, encumbrance, adverse daim or defed; or (vi) undertake a partnership which dissolves but does not terminate; , rombination of (i) through (v) herein. (iii) the SU<<es5ors in interest to a general or limited partnership resulting 4 DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED ClAIMANT TO from the distribution of the assets of the generol or limited partnership upon partial , COOPERATE. or romplete liquidation; (a) Upon written request by the insured and subjed to the options rontained in (iv) the su<<essors in interest to a joint venture resulting from the Sedion' 6 of these Conditions and Stipulations, the Company, at its own cost and distribution of the assets of the joint venture upon partial or complete liquidation; without unreasonable delay, shall provide for the defense of an insured in litigation (v) the successor or substitute tfilstee(s) of a trustee named in a written ' in which any third party asserts a daim adverse to the title or interest as insured~ but trust instrument; or only as to those stated causes of artion alleging a defed, lien or encumbrance or (vi) the successors in interest to a trustee or trust resulting from the other matter insured against by this policy. The Company shall have the right to , distribution of all or part of the assets of the trust to the benefidaries thereof.. seled rounsel of its moice (subied to the right of the insured to objed for reasonoble . (b) "insured daimanr': an insured daiming loss or damage.' ' , muse) to represent the insured as to those stated rouses of adion and shall not be (c} "knowledge" or "known": actual knowledge, not construdive knowledge or . liable for and will not pay the fees of any other counsel. The Company will not pay notice that may be imputed to an insured by reason of the public rerords as defined any fees, rosts or expenses incurred by the insured in the defense of those rouses of in this policy or any other rerords whim impart ronstrudive notice of matters adion that allege matters nol insured against by this policy. affecting the land. ' (b) The Company sh~1I have the right, at its own rost, to institute and prosec:ute (d) "land": the land described or referred to in Schedule A, and improvements any artion or proceeding or to do any other ad that in its opinion may be nec:essory affixed thereto that by law ronstitute real property. The term "land" does not indude or desirable to establish the title to the estate or interest, as insured, or to prevent or any property beyond the lines of the area desc:ribed or referred to in Schedule A, nor reduce loss or damage to the insured. The Company may take any appropriate any right, title, interest, estate or easement in abutting streets" roads, avenues,' adion under the terms of this policy, whether or not it shall be liable hereunder, and allers, lanes, ways or waterways, but nothing herein shall modify or limit the extent shall not thereby roncede Iiabilifl or waive any provision of this policy. , If the to which a right of access to and from the land is insured by this policy.' . Company sholl exercise it rights under this parogroph,it shall do so diligently. (e) "mortgage": mortgage, deed of trust, trust, deed, or other security (c) Whenever the Company shall have brought an artion or interposed a instrument. defense as required or permitted by the provisions of this policy, the Company may (0 "public rerords": rerords established under state statutes at Date of Policy pursue any litigation to final determination by a rourt of rompetent jurisdirtion and for the purpose of imparting ronstrudive notice of matters relating to real property to expressly reserves the right, in its sole disc:retion, to appeal from any adverse purchasers for value and without knowledge. With resped to Section 1 (a)(iv) of the judgment or order. Exdusions From Coverage, "public records" also shall indude environmental (d) In'all mses where this policy permits or requires the Companr to prosecute protection liens filed in the rerords of the derk of the United States district rourt for or provide for the defense of any action or proceeding, the insured shal secure to the the district in which the land is lomted, Company the right to so prosecute or provide defense in the action or proceeding, (g) "a<<ess" : legal right of auess to the land and not the physiml rondition of and all appeals therein, and permit the Company to use, at its option, the name of o<<ess. The coverage provided as to a<<ess does not assure the adequacy of access for the insured for this purpose. Whenever requested by the Company, the insured, at the use intended, the Company's expense, shall give the Company all reasonable aid (i) in any action 2, CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. or proceeding, securing evidence, obtoining witnesses, prosecuting or defending the The roveroge of this policy shall continue in force as of Date of Policy in fovor of artion or proceeding, or effec:ting settlement, and (ii) in any other lawful act that in an insured only so long as the insured retoins an estate or interest in the land, or the opinion of the Company may be necessary or desiroble to establish the tide to the holds an indebtedness secured by a purchase money mortgage given by a purchaser estate or interest as insured, If the Company is prejudiced by the failure of the from the insured, or only so long as the insured shall have liability by reason, of ' insured to furnish the required cooperation, the Company's obligations to the insured rovenantsof warranty made by the insured in any transfer or conveyance of the under the policy shall terminate, induding any liability or obligation to defend, estate or interest. This policy shall not rontinue in force in fovar of any purchaser prosecute,~or rontinue any litigation, with regard to the matter or matters requiring from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness sum cooperation. secured by a purchase money mortgage given to the insured.' S. PROOF OF LOSS OR DAMAGE. 3. NOnCE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. " In addition to and after the notices required under Section 3 of these Conditions The insured shall notify the Company promrtly in writing (0 in mse of any and Stipulations have been provided the Company, a proof of loss or damage signed litigation as set forth in Section 4(0) below or, (ii in case knowleifge shall come to and swaroto by the insured daimant shall be furnished to the Company within 91 an insured hereunder of any daim 01 tide or interest that is adverse to the title to the days after the insured daimant shall ascertain the farts giving rise to the loss or estate or interest, as insured, and that might muse loss or damage for which the damage. The proof of loss or damage shall describe the defect in, or lien or Company may be liable by virtue of this policy. If prompt notice shall not be given to encumbrance on the tide; or other matter insured against by this policy that the Company, then as to the insured alllia.bility of the CO'!lpa~y shall,terminate,with ron~itutes the ~asis of loss or damage and shall 'state, to the extent possib.le, !he regard to the. matter or matters for which prompt notice IS reqUired; prOVIded, baSIS of mlculatmg the amount of the loss or damage. If the Company IS preludlced however, that failure to nolify the Company shall in no mse preiudice the rights of by the failure of the insured daimant to provide the required proof of oss or any insured under this policy unless the Company shall be prejudiced by the failure damage, the Company's obligations to the insured under the policy shall terminate, and then only to the extent of the prejudice. induding any liability or obligation to defend, prosecute, or rontinue any litigation, When, after the Date for the Policy, the insured notifies the Company as with regard to the matter or matters requiring such proof of loss or damage. required herein of a lien, encumbrance, adverse daim or other defect in title to the In addition, the insured daimant may reasonably be required to submit to estate or interest in the land insured by this policy that is not excluded or excepted examination under oothby any authorized representotive of the Company and shall from the roverage of this policy, the Company shall promptly investigate the charge produce for examination, inspection and ropying, at such reasonable times 'and to determine whether the lien, encumbrance, adverse daim or defect is valid and not places as may be designated by any authorized representative of the Company, all barred by law or statute. The Company shall notify the insured in writing, within a rerords, books, ledgers, checks, correspondence and memoranda, whether bearing a reasonable time, of its determination as to the validity or invalidity of the insured's date before or after Date of Policy, which reasonably pertain to the loss or damage. daim or charge under the policy, If the Company rondudes that the lien, Further, if ,requested by any authorized representotive of the Company, the insured encumbrance, adverse daim or defect is not covered by this policy, or was otherwise daimantshall grant its permission, in writing, for any authorized representative of ' ~ddressed in the dosing of the ~nsortion i,n ronn~ion with which this poli~ w~s ,the Comp!!ny io exami.e ' s e~ and copy all records, books, !edgers, chec~s, , , Issued, the Com ny shall specdlmlly adVise the msured of the reasons for.)ts '. rorrespondence and me a an the custod or rontrol of a third po , whICh ~' determiJ1c1ti~n. .Ir.he Company rondudes that the lien, Aibranc.e, adverse daim reasonablyp~rtai~ to the. r damage. All inLrmation designated as ro~dential _ ~. _ ., (rontinued and rondud.d on last page of thiS policy)