|
<br />lIClicm orproc:eedina arto do 11II)' ocher 8Cll wm.. . opiaioa may be _AI)' or
<br />deairabJ.e to establish the tide to the el1ale or . .. iDIInd, C!I' to pnlVAt CIII'
<br />reduce 101. ordamap to the inllUl'Ocl. TheCom ytlke any appropriate ac:don
<br />UDder tha tenDI <<this paIic:y. whether CIII' DOt it shall be liable btnuDder. and shall
<br />DOl thereby concede 1iabiIity or waive any pnwisioa of this policy. If the Company
<br />'IhalJ. exerdse ill riahts under this paragnph. it shall do 10 diliaendy.
<br />(c) Whenever the Company shall have bnlught an acIioa or iDlerposecIa defensea.
<br />required orpemlilled by the provWom of this policy. the Compmy may punue any
<br />Iiliaaticm to fiDal cletenaiDadoa by a COUIt of CllIIlpOf.eD1 jurisdiClioD and upnlIdy
<br />I'OHMlI the right, in ill sole disc:relion.1O appea1from any lIdvenejadJPllOllt ormder,
<br />(d) III all ca... where thi8 po1icy pamirs or requiJes the Company 10 prosecute or
<br />pIOYide for the defeme of any aCIicm or proceecIiDa. the iDswecI shall.OCIIftl to the
<br />Company the riaht 10 IOprosecuIeorproYideclefeusein theaclioa orpoceediDa. ad
<br />all appeals therein. and permit the Company 10 IIIC. at its opIion, the name << the
<br />insured for this purpose. Whenever mquested by the Company. the iDswecI. at the
<br />Company'.upon.o, shall give the Company all_ble aid (i) in any acticm or
<br />proceediDa. sec:uring evideDce. oblaiaiDg wilne... proseculina or defOllding the
<br />ac:rioD or proceedina. or llffec:tiq seu1emciut. and (ii) in any ocher lawfulllCt that in
<br />the opiDion of theCompany may be neces.ary or desirable 1O..1abIiah the liIle 10 the
<br />e.tate orinterata. in.ured. IftheCompany is ~judic:ed by thefailuRl<<the insured
<br />10 fumiah the required coopera&icm, the Company'. obUaation. 10 the insured under
<br />the policy shall terminate. including any liability or obIiplion 10 defOllel, prosecute.
<br />or continue any liliplion. with Rlprd 10 the mauer or mauen requiring such
<br />cooperalion.
<br />S. PROOF OF LOSS OR DAMAGE.
<br />In addilion 10 md after the IlCItica required UDCIer Seclion 3 of these Conditions and
<br />Slipularicms have been pnMiIed the Company. a proof oflos. orclamap siped and
<br />.wom 10 by the in.ured claimant shall be fumished 10 the Company within 91 clays
<br />after the insured claimant shalllllCOJlaiD the facti giviDg rise to the 10.. or damage.
<br />The proof of 101. or damage .hall describe the defect in. or liIm or OIIC1D1lbrance OIl
<br />the litle. orolhermauerinsured apinst by this paIic:y that constitutes the basis oflos.
<br />or damage and shallltate, to the llltlOIIt po.sible. the basis of c:a1c:ulatiDg the amOlDlt
<br />of the Ios. or damap. If the Oxnpany is PRljucticed by the failUftl of the insured
<br />claimant 10 provide the required proof oflos. ordamago, the Company'. obIigaliOlll
<br />10 the in.ured under the policy shall tenniDate, induding any liability or obligation
<br />10 defend, prosecute, or cont:iDue any lit.i&ation, with Rlprd 10 the matter or matten
<br />requiriDa .uch proof of Ios. or damage.
<br />Inaclditian, theinlURldclaimantmayreallClllllblybe required 10 submitlOeuminalioa
<br />under oath by ay authorized repRllOIItalive of the Company and shall produce for
<br />OlUII1Iination, inspeclicm and copying, at such RIlIIcmable lim.. and places .. may be
<br />desipted by any authorized repraentalive of the Company. aIllllCOlds, boolt.,
<br />1edprs, check.. com.panclence and memOl'lll1c1a. whether bearing a clate before or
<br />after Date of Policy. which RllllODBbly pertain to the Ios. or damage. Further. if
<br />requested by 11II)' authorized RlpRl.lIltalive of the Company. the inlURld c1aimmt
<br />shall grant it. pennission, in writiDs. for any alllhorized repRllCIltalive of the
<br />Company to examine. inspect and copy all record.. books. ledgBn. check..
<br />correspondence and memorancla in the cu.tody or conuol of a third party, which
<br />RIIIlClOably pertain 10 the lo.i or dlllD8ge. All informalion designated U conficlenlial
<br />by the in.ured claimant provided 10 the Company punuant 10 this Seclicm shaI1 DOt
<br />be disclosed 10 othen unl.... in the rea.cmable judpnent of the Company. it is
<br />nece..ary in the administration of the cl8im, FailuRl of the in.ured cl8imant 10 submit
<br />for cuminaliCD under oath, produce OIherRIIIlClDllbly requci1ed infonnat.icm or p1IIlt
<br />permi.sion to .OCURl RllllODllbly ncces.al)' information from third padies U required
<br />in this paragraph shall teJminar.e any liability of the Company under this policy U to
<br />that claim.
<br />6. OPTIONS TOPA YOR OTHERWISE SETI'LE CLAIMS: THRMlNA1l0N OF
<br />UABn.ITY.
<br />III ca.eof a daim underthis policy, the Company shall have the following addilional
<br />options:
<br />(a) To Pavor Tender Pavment of the Amaunl of Insurance.
<br />Topay or tender payment of the amauntofin.urancc underthis policy IOgethcrwith
<br />any CO.II. auomey.' fees ad UponlOl incurred by thein.ured claimant, which were
<br />authorized bytheCompany .uplOthetimeofpaymentortenderof paymeatand which
<br />the Company is obligated 10 pay.
<br />Upon the uerei.e by the Company of this option, a111iabi1ity and obligation. 10 the
<br />in.ured under this policy. other than 10 make iIle payment required. shaI1 terminate.
<br />including any liability or obIiaation 10 defenel, prosecute, or continue any liliplion.
<br />and the policy shall be .urnmclered 10 the Company for canccl1adoa.
<br />(b) To Pav or Otherwise Settle Willi. Partie. Other tha the Insured or With the
<br />In.ured ClaimanL
<br />(i) 10 pay or otherwise scale with other parti.. for or in the name of an insuftId
<br />claimant any cl8im insuftId against under this policy, together with any COllI.
<br />auomeys' fees and upon." incurred by the in.ured claimant which were authorized
<br />by the Company up 10 the time of payment and which the Company is oblipt.ed to
<br />P.8)"or
<br />'(ii) 10 pay or otherwise seuJe with the insured c:1aimant the 101. ordamap provided
<br />for underthi. policy. IOgether with 11II)' COlli, attorney.' fees and UpenseI incurred
<br />by the insured c:1aimant which were authorized by the Company up to the time of
<br />
<br />payment and which the ~ ia oIItipIed to pay.. .
<br />Upon the aen:ise IrA - aXnpany of either W the opdaDs pnMdecI for in
<br />JNlI'III8llhs (b)(i) or (ii~'. obIipliClDl to the insuftId under this policy
<br />fOl'the claimed 10&. or damage. other dum the paymeatl Rquired to be made, shall
<br />tenDinate. indudiq my 1iabiIity or obIiption 10 defaul. pmseaII.e or cont:iDue ay
<br />Iiliaalion.
<br />7. DETERMINATION. EXTENT OP LIAR" MY AND COINSURANCB.
<br />'Ibis policy is II CClDtmct W indemnity llainst ec:tual mODOlal)' Ios. or damage
<br />sulllliDed ar inmrred by the insured c:1aimant who has suffered 101. or damage by
<br />reuail w matten inllUl'Ocl apinlt by this policy and only 10 the llltteDt herein
<br />desc:ri.bed.
<br />(a) The IiabiIily << the Company lDlder this policy shall DOluceccI the lout of:
<br />(i) the Amount of IDsurance stated in Schedule A; or.
<br />('Ii) the cIifferaJcc botwOOD the value of the iJuured estateoriaterat u insured md
<br />the value of the iDswecI estate CIII' iDterest subject to the defect, liIm or IIlcumbnmce
<br />insured opiDlt by this paIic:y at the cIate the insured claimant is requiftlcl to fumish
<br />10 Company a proof of 101. or clamaae in acccrdance with SeclicIII 5 << these
<br />CondiIioas md Stipu1alionL
<br />(b) III the eveat the AmOUllt of Insurance Slated in SchecIule A at the Date of Policy
<br />is le.. than 80 percent of the value of the insured e.tate or interat or the full
<br />consideralion paid far the Janel, whichever i. le... 01' if subsequCllt 10 the Date of
<br />Policy an improvemOlltis eRlCtedon thellllld which increases thevalueoftheinsured
<br />estate 01' interest by at lcut 20 pcn:ent over the Amount of Insurance Slated in
<br />Scheclule A. then this policy is subject to the followina:
<br />(i) where DO .ubsequeat improvemOllt bas been made, U to 11II)' paniallos.. the
<br />Compmy shaI1 only pay lhe 10.. pro rata in the proportion that the IIIIlClWIt of
<br />in.urance at Date of Policy bean 10 the total value of the insuftId estate orintenllt at
<br />Date of Policy; or
<br />(ii) where a .ubsequmt improvcmeDt has been made. u to 11II)' paniallos., the
<br />Company shall anly pay the pro rata in the proporlioD that 120percent of the Amount
<br />oflDsurance Slated in ScbIldule A bean to the .\DII of the Amount ofllllUl'llllce Slated
<br />in Schedule A and the amount uponclecl for the improvcmmL
<br />The provWons of this parasnph .hall not apply 10 COlli. atlOnlC)'.' fees and
<br />expeoseI for which the Company is liable under this paIic:y, and shall ClIIly lIpply to
<br />that portion of any Ios. which uceed.. in the aggRlgate. 10 percent of the Amount of
<br />Insurance stated in ScbIldule A.
<br />(c) The Company will pay an1y those COlli. attomey.. fees and upense. incurred
<br />in ac:cordmce with Seclian 4 of these Conclilion. and SlipIladoa.,
<br />8. APPORTIONMENT.
<br />If the landdesc:ri.bed in Schedule A consisll of two or more panzls that are not used
<br />. u a sinalc site, and Ios. i. established affec:lina one ormoRl of the parcels but not all,
<br />the Ios. sba1l be computed and seuled on a pro rata basis u if the IIIIlClWIt of insurance
<br />under this policy wail diviclecl pro rata u 10 the value OIl Date of Policy of each
<br />separatepan:e1tothe wholc,uclusiveof lIII)'improvemenllmaclesubsequentlODate
<br />of Policy. unles. aliabili1y or value hu otherwise been agreed uponu 10 each pan:e1
<br />by the Company and the in.ured at the time of the is.uance of this policy and shown
<br />by an UpRIIIIlatemCllt or by an endorsement auached 10 this policy.
<br />
<br />9. LlMITA1l0N OF LIAR" MY.
<br />(a) If the Company eSlabliah.. the litle. or remove. the a1lcged defect, lien or
<br />OIIcumbrance. orcwes the lack w a right of acces..to or from the lanel, all u in.Ured,
<br />or tak.. acticm in acoorclance with SectiCD 3 or Section 6. in a RIIIIOJl8bly diliallll
<br />marmer by any method, including litipuon ad the comp1clion of any appeals
<br />therefrom. it shall have fully perfonnedill obligations with respect 10 that matter ad
<br />ahaIl DOl be liable for any Ios. or damap caused thereby,
<br />(b) III the evCllt of 11II)' litiplion. inc:1uding litiplion by the Company or with the
<br />COmpany'. conlelll. the Company ahall have no liability for Ios. ar damage umil
<br />theRl hU been a final dct.enninalion by a CClUrt of competent juri.diction, and
<br />disposition of aIlappea1s therefrom. advene 10 the tide u insured.
<br />(c) The Company ahaIlliot be liable for Ios. or damlle to any insuftId for 1iabiIity
<br />voluntarily U.\Dlled by the insuMd in .ettling any cl8im or suit without the prior
<br />written consent of the Company, .
<br />10. REDUCTION OF INSURANCE: REDUCTION OR THRMlNA1l0N OF
<br />LlABn.ITY:
<br />All paymCllt. under this policy. except paymctUI madcforCOlll. auomoys. fees and
<br />expeIllOl. .hall reduce the amount of the insurance pro tanlO.
<br />11. UABn.ITY NONCUMULA11VE.
<br />it is lllIpRIIdy undentood that the amount of insUl'llllCO under this po1icy ahaIl be
<br />reduced by myamOlDlt the Company may pay under any policy insurina a mortpp
<br />10 which uccplionis taken in scheduleD orlO which the insured ha. agreed, Ul\Dlled.
<br />or taken .ubject, or which is hercaftcrUcalted by an insured ad which is a chalJO
<br />or liIm CD the ..tatec.wiDtcre.t describecI or referred 10 in Schedule A. and the amount
<br />10 paid ahaIl be deemed a paymem uncIcr this policy to the iJuured owner.
<br />12. PAYMENT OF LOSS.
<br />(a)No payment shaI1 be made withaut producing this policy forendonement of the
<br />payment unle.. the policy bas been lost or destroyed. in which cue proof oflos. ar
<br />clcstruction .hall be fumished 10 the Alisfaclion of the Campany.
<br />(b) When liability ad the extalt of loa. or clamap hu been cIefinitely fiud in
<br />
|