2001-049 Ordinance - Laserfiche WebLink

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Upon the exercise by the Company of either ot the options provided for in paragraphs (b)(i) or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other th2 a payments required to be made, shall terminate, inciuding any liability o. ,ligation to defend, prose- cute or continue any litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE This policy is a contract of indemnity against actual monetary loss or dam- age sustained or incurred by the insured ciaimant who has suffered toss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the teast of: - (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject ta the defect, iien or encumbrance insured againsi by this policy. (b) in the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent o' the value of the insuretl estate or interest or the fuil consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of 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 following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total vaiue of the insured estate or interest at Date of Policy; or (ii) whers a subsequent improvement has been made, as to any partial toss, the Company shall only pay the loss pro rata in the proportion thai 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not appfy to costs, attorneys' fees and expenses for which the Company is liabie under this policy, and shall only appiy to that portion of any loss which exceeds, in the aggregate,l0 percent of the Amount of insurance stated in SChedule A. (c) The Company will pay only those costs, attorneys' tees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIOPIMENT if the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is estabiished affecting one or more of the parceis but not ail, the loss shall be computed and settied on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date o# Policy, unless a liability or value has otherwise been agreed upon as to eacfi parcel by the Company and the insured at the time of the issuance of this poiicy and shown by an express statement ar by an endorsement atiached to this policy. 9. LIMITATION OF LIABILlTY (a) If the Company estabiishes the title, or removes the alleged defect, lien ar encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of titie, all as insured, in a reasonably diligent manner by any me?hod, including litigation and the completion of any appeals therefram, it shall have futly performed its obiigations with respect to that matter and shall not be liabie for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with ihe Company's consent, the Company shall have no Iiabiiiky for loss or dam• age until there has been a final determination by a court of competent jurisdic- tion, and disposition of al( appeais therefrom, adverse to the titls as insured. (c) The Company shall not be fiabie for foss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without ihe prior wriiten consent of the Company. 10. REDUCTION OF INSEJRNetdC€; REDUCTION OR TERMINATION OF UABILITY AIl payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. L{ABIL9TY IVONCU11flULATIVE It is expressly understood that the amount of insuran.ce under this policy shall be reciuced 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 subjeat, or which is hereafter ex- ecuted 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 shali be deemed a payment under this palicy to the insured ownec 12. PAYMEN'6 OF LOSS (a) No payment shall be made without producing this po)icy for endorse- ment of !he payment unless the poiicy has been lost or destroyed, in which case Froof of loss or destruction shall be furnished ta the satisfaction of the Company. (b) when IiabYlrty and tne extent oT ioss or oamage nas oeen aermttery nxeo in accordance with these Conditions and Stipuiations, the loss or damage shall be payable within iays thereafter. 13. SUBROGATION UPQNf PAYMENT OR SETTLEMENT (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this poficy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to ail rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company ali rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured cfaimant shall permit the Company to sue, compromise ar settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the toss of the insured ciaimant, the Company shall be subrogated to these rights and reme- dies in the proportion which the Company's payment bears to the whoie amount of the loss. If loss should result from 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 partof any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impair- ment by the insured cfaimant of the Company's right of subrogation. (b) The Company's Righ4s Agains4 Non-insured Obiigors. The Company's right of subrogation against non-insured obligors shall exist and shall include,without limitation, the rights of the insured to.indem- nities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subroga- tion rights by reason of this policy. 14. ARBITRATION Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title 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 of the Company in connec- tion with its issuance or the breach of a policy provision or other obligation, All arbitrable matters when the Amount of insurance is $1,000,000 or fess shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitra- tion pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees onfy if the laws of the state in which the land is located permit a court ta award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law af the situs of the land shall apply to an arbitration under the Titie Insurance Arbitration Rufes. A copy of the Rules may be obtained from the Company upon request. 15. UABILITY LIMI7ED TO THIS POLIClf; POLICY ENTIRE CONTRACT (a) This policytogether with ali endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Com- pany. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negiigence, and which arises out of the stafus of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABIE.ITY In the event any provision of the poiicy is heid invalid or unenforceabfe under applicable law, the policy shall be deemed not to include that provision and alI other provisions shall remain in fuil force and effect. 17. NOi'ICES, WliERE SEMT Ail notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at the issuing affice or to: Chicago Titfe insurance Gompany Claims Department 171 North Clark Street Chicago, Illinois 60609-3294