2001-049 Ordinance - Laserfiche WebLink

Home Browse Search

1. DEFINITION OF TERMS CO[VDII'iOIdS AND STIPULATIC)h!S The following terms when used in this po(icy mean: (a) "'insured°: the insured named in Scheduls A, and, subject to any rights or defenses the Company would have had against ihe named insured, those who succeed to the interest ot the named insursd by operation of law as distinguished from purchase inciuding, but not limited to, heirs, distributees, devisees, survivors, personal representatives, nexi of kin, or ;.orporate or fiduciary successors. (b) "insured ciaimant": an insured claiming foss or riamage. (c) "knowledge" or "known": actual knowledge, ilOt Co7lSTrUCfiVe kl'1(7WI- edge or notice which may be imputed to an insured by re:3san of the public records as defined in this policy or any other records wnich impart conslruc- tive notice of matters affecting the land. (d) "land": the land described or referred to in Scheciule A. and improve- menis affixed thereto which by law constitute reai praperty. "i'he ierm °land" does not include any property beyond the lines of the area c#escribed or referred to in Schedule A, nor any right, title, interest, estaie or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but noth- ing herein shall modify or limit the extent to which a right of access toand from the land is insured by this policy. (e) "mortgage": mortgage, deed of trusi, trust deed; cr other security instrument. (I)i "public records": records estab{ished under state statutes at Date of Policy for the purpose of imparting constructiva notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public recards" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the titie": an alleged or apparent matter affecting the title to the land, not exctuded or excepted from coverage, which would entitle a purchaser of fhe estate or interest described in Schedule A to be reieased from the obligation to purchase by virtue of a contractual condition requiring tfie delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE flF TITLE The coverage of this policy shall continue in force as pf Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or hoids an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or aniy so iong as tfie insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insurad of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF ClA1M TO BE GIVEN BY INSURED CLAIMANT The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall came to an insured hereunder of any cfaim of titie or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or dam- age for which the Company may be liable by virtue of this poiicy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liabifity of the Company shall terminate with regard to the matter ar matiersfor which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy uNess the Company shall be prejudiced by the failure and then oniy to the extent of the prejudice. 4. DEFENSE AND PROSECUTION QF ACTiONS; DUTY OP INSURED CL.AIMANT TO COOPERATE (a) Upon written request by the Ensured and subject to the options con- tained in Section 6 of these Conditions and 5tipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense af an insured in litigation in which any third party asserts a claim adverse io tfie title or interest as insured, but only as to those stated causes nt action a8eging a defect, lien or encumbrance or other matter insured agains; by this oolicy. The Company shall have the right to seiect counsel ot its choice {subject to Yhe right of the insured to object for reasonable cause} to represent the insured as to those stated causes of action and shall not be Iiable fior and wili not pay the fees of any other counsei. The Company wil{ not pay any fees, eosts or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to inskitute and prosecute any action or procesding or to do any other act vohich in its opinion may be necessary or desirable to establish the titfe to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. 7he Company may take any appropriate action under the terms af this policy, whether ar nvi it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise i4s rights under this paragraph. it shall do so diligently. (,c) Whenever the Company shail have brought an action or interposed a defensa as required or permitted by the provisions of this policy, the Company may pursue any litigation to finai determination by a court of competent juris- diction and expressly reserves the rignt, in rts sole discretion, to appeal from any adverse judgment or order. (c!) !n all cases where this policy permits or requires the Company to prose- ciste or provide ror the defense of any action or proceeding, the insured shall sec,sare to the Company the right to so prosecute or provide defense in the actian or proceeding, and ail appeals therein, and permit the Coznpany to use, at its option, the name of the insured for ihis purpose. Whenever requested by the Company, ±he insured, at the Company's expense, shall give the Gompany all reasonabie aid {i} in any action or proceeding, securing evidence, obtaining witnQssew, prosecuting or defending the action or pro- ceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to estabiish the title to the estate or infere3t as insured. If the Company is prejudiced by the failure of tne insured to furnish the requited cooperation, the Company's obligations to the insured under the poi+cy shall terminate, including any liability or obliga- tion to defend, prosecute, or continue any litigafion, with regard to the matter or matters requiring such cooperation. S. PR00fi OF LOSS OR QAMAGE in addition to anrl after the notices required under Section 3 of these Condi- tions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured ciaimant shall ascertain the facts giving rise to the loss or damage. The proof af loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes 4he basis of ioss or damage and shall state, to the extent possible, the basis of caiculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured ctaimant to provide the required proof of loss or damage, the Company's obiigations to the insured under the poficy shall terminate, including any liability oc obliga- tion to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof af ioss or damage. in addition, the insured ciaimant may reasonably be required to submit to examination under aath by any autnorized representative of the Company and shall produce for examinatian, inspection and copying, at such reason- able times and pEaces as may be designated by any autharized representative of the Campany, ali records, boaks, ledge;s, checks, correspondence and memoranda, whether bearing a date before or after Date of Poiicy, which reasonubiy pertain to 4he loss or damage. rurther, ii requested by any autho- rized representative of the Gompany, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspecf ancf copy afl records, books, ledgers, checks, correspon- dence and memoranda in the custody or control of a third party, which reason- ably pertain to the foss or damage. All information designated as confidential by the insured clsimant provided to ihe Company pursuant to 4his Section shall not be disclosed to others uniess, in khe reasonable judgment of the Company, it is necessary in the administration of the ctaim. Failure of the insured claimant ;o submit for examination under oath, produce otherreason- ably requesied information or grant permission to secure reasonably neces- sary information from Yhird parties as required in this paragraph shall termi- nate any liability of the Company under this policy as to that claim. 6. JPTIONS TO PAY Off OTHERWISE SETTLE CLAIMS; TERMiNATION OF LIABILITI' in case of a cfaim under this poiicy, the Company shall have the following addiYional options: (a) Ta Pay or Tenc4er Payment of the Amount ot Insurance. Ta pay or tsnder payment of the amount of insurance under this policy 4ogether with any costs, aitorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company af this option, all liability and obligations ic the insured under this poiicy, other than to make the payment required, shall terninate, including any liability or obligation to defend, prosecute, or con- tinue any litigation, and the policy shall be surrendered to the Company for carrceilation. (b) To Pap ox Otherwise Settle With Parties Oiher than the Insured or With trie fnsured Claimant. (i) ta pay or otherwise settle with other parties for or in the name of an insured claimant any ciaim insured aaainst under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obiigated to pay; or (ii) to pay or otherwise settle with the insured claimant the ioss or damage provided tor tinder this policy, together with any costs, attorneys' fees 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 PaV.