Maria Marrero Title Policy-F101 flood drainage project

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CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. or defect is valid, the Compan, shall take one of the following actions: (i) institute The following terms when used in this policy mean: the nec:essary pl'CK8edings to clear the lien, encumbrance, adverse claim or defect (a) "insured": the insured named in Sc:hedule A, and, subject to an, rights or from the ti~e 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 charges therefor, issue to the suueed to the interest of the named insured by operation of law as distinguished insured claimant or to a subsequent owner, mortgagee or holder of the estate or .from pun:hase including, but not limited to, heirs, distributees, devisees, survivors, interest in the land insured by this policy, a policy of title insurance without exception I personal representotives, next of kin, or corporate, partnership or fidudary for the lien, encumbrance, adverse claim or defect, soid policy to be in an amount ; successors. and"spec:iflmllv. without limitotions, the following:, _ equal to the current value of the property or, if a mortgagee policy, the amount of , (i) thi successors In Interest to a corporation, bmlted baWbty company or bmlted the loan; (iv) indemnify another title insurance company in connection with its bhblbty partrershlp resulting fram me~er or consobdatlan or canverslon ar the distributian of issuance of a policy(ies) of title insuranal without exception for the lien t e ~slsets 0 thlee co~pO~dati~n or bmlte Uability company ar bmlted liability partnership upan encumbrance adverse claim or defect. (v) secure a release or other document , partia or comp te uqUl atlon; . . ' . '. . (if) t~e .succe~sorl.in Interest to ~ gener.al or ~mited partnership ar Hnled babiDty dl5[h~rgl~g the .hen, encumbranc~, adverse claim or defed; or (VI) undertake a , company or limIted IlOblllty partnership which dlssalves but does not terminate; combmation of (I) through (v) herem. (iii) the successors 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 general or limited partnership upon partial COOPERATE. , , or complete liquidation; (a) Upon written request by the insured and subjec:t to the options contoined in (iv) the suuessors in interest to a joint venture resulting from the Section 6 of these Conditions and Stipulations, the Company, at its own cost and distribuiion of the assets of the joint venture upon fartial or complete liquidation; without unreasonable delay, shall provide for the defense of an insured in litigation ; (v) the su<<essor or substitute trustee(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 muses of action alleging a defect, lien or encumbrance or , (vi) the su<<essors 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. selec:t counsel of its moice (subject to the right of the insured to object for reasonable (b) "insured claimant": an insured claiming loss or damage. cause) to represent the insured as to those stated muses of action and shall not be , (c) "knowledge" or "known": actual knowledge, not constructive 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 records as defined any fees, costs or expenses incurred by the insured in the defense of those causes of in this policy or any other records which impart constructive notice of matters action that allege matters not insured against by this policy. affecting the land. (b) The Company shall have the right, at its own cost, to institute and prosec:ute , (d) "land": the land desc:ribed or referred to in Schedule A, and improvements any action or proceeding or to do any other act that in its opinion may be necessary : affixed thereto that by law constitute real property. The term "land" does not include 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 described or referred to in Schedule A, nor reduce loss or damage to the insured. The Company may take any appropriate any right, ti~e, interest, estate or easement in abutting streets, roads, avenues, action under the terms cif this policy, whether or not it shall be liable hereunder, and alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent shall not thereby concede liability or waive any provision of this policy. If the : to whkh a right of a<<ess to and from the land is insured by this policy. Company shall exen:ise it rights under this paragraph, it shall do so diligently. (e) "mortgage": mortgage, deed of trust, trust deed, or other security (c) Whenever the Company shall have brought an action or interposed a instrument. , defense liS required or permitted by the provisions of this policy, the Compan'y may (ij "public rec:ords": records established under state statutes at Date of Policy pursue any litigation to final determination by a court of competent jurisdiction and : for the purpose of imparting constructive notice ,of matters relating to real property to expressly reserves the right, in, its sole discretion, to appeal from any adverse purchasers for value and without knowledge. With respec:t to Section 1 (a)(iv) of the judgment or order. Exclusions From Coverage, "publk records" also shall indude environmentol (d) In all cases where this policy permits or requires the Companr to prosecute , protection liens filed in the records of the clerk of the United States district court for or provide for the defense of any action or proceeding, the insured shal sec:ure to'the ; the distria in which the land is located. Company the right to so prosec:ute or provide defense in the action or proaleding, (g) "a<<ess" : legal 'right of a<<ess to the land and not the physiml condition of and all appeals therein, and permit the Company to use, at its option, the n~me of access. The cover.age provided os to access does not assure the adequacy of a<<ess for the insured for this purpose. Whenever requested by the Company, the insured, at the use intended. the Company's expense, sholl give the Company 011 reasonable aid (i) in any action 2. CONTIN~ATION OF INSURANCE AFTER CONVEYANCE OF TITLE. or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the The coverage of this policy shall continue in fon:e as of Date of Policy in fovor of action or proceeding, or effec:ting settlement, and (ii) in any other lawful act that in an insured only so long as the insured retains an estate or interest in the land, or the opinion of the Company may be necessory or desirable to establish the title to the holds an indebtedness secured by a pun:hase 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 os the insured shall have liability by reason of insured to furnish the required cooperation, the Company's obligations to the insured covenants of warranty made by the insured in any transfer or conveyance of the under the policy shall terminate, including any liability or obligation to defend, estate or interest. This policy shall not continue in force in fovor of any purchaser prosecute, or' continue any litigation, with regard to the, matter or matters requiring from the insured of either (i) an estote or interest in the land, or (ii) an indebtedness such cooperation. . secured by a purchase money mortgage given to the insured. S. PROOF OF LOSS OR DAMAGE. ,3. NOTICE 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 promftlY in writing (i) in case 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 knowle~ge shall come to and sworn to by the insured claimant shall be furnished to the Company within 91 , an insured hereunder of any claim 01 title or interest that is adverse to the title to the days after the insured claimant shall ascertain the fads giving ri,se to the loss or , estate or interest, as insured, and that might couse loss or damage for which the damage. The proof of loss or damage shall describe the defea in, or lien or Company may be liable by virtue ,of this policy. If rrompt notice shall not be given to encumbrance on the title, or other matter insured against byt~is policy that , the Company, then as to the insured all liability 0 the Company shall terminate with constitutes the basis of loss or damage aild shall state, to the extent possible, the , regard to the matter or matters for which prompt notice is required; provided basis of mlculating the am'ount of the loss or damage. If the Company is prel'udiced however, that failure to notify the Company shall in no cose preiudice the rights 01 by the failure of the insured claimant, to provide the required proof of ass 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. including any liability or obligation to defend, prosec:ute, or continue any litigation, When, after the Date for the Poliq, 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 claim or other defect in title to the In addition, the insured claimant 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 oath by any authorized representative of the Company and shall from the coverage of this policy, the Company shall promptly investigate the charge produce for examination, inspection and copying, at such reasonable times and to determine whether the lien, encumbrance, adverse claim or defed 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 records, 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 concludes that the lien, Further, if, requested by any authorized representative of the Company, the insured encumbrance, adverse claim or defect is not covered by this policy, or was otherwise claimant shall grant its permission, in writing, for any authorized representotive of , addressed in the closing of the transaction in connea_lth which this poli~ was the Company to exa!!' inspea and copy 011 records, books, ledgers, chec:ks, I riijued, the Com any shall spedfically advise the i~ of the rea5.!lns. for its correspondence and m nda in the custod or control of a third po ,which , .aetepmincltion: .If the Company concludes that the lien, enwmbrance, adverse ~aim . reasonably pertain to the aSs or damage. All inLrmation designated as co~dential (contin~e~ and con~luded on last page of this policy)