87-50 ACCEPTING DEDICATION OF EAST MCBRIDE AVENUE

Home Browse Search

, CONDITIONS AND STIPULATIONS , i. DeflnHlon of Terms policy, the Company may pursue any such litigation to final determi- The following terms when uscd in this policy mean: nation by a court of competent jurisdiction and expressly reserves the (a) "insured": the insured named in Schedule A, and, subject to right, in its sole discretion, to appeal from any adverse judgment or any rights or defenses the Company may have had against the named order. insured, those who succeed to the interest of such insured by operation (e) In all cases where this policy permits or requires the Company of law as distinguished from purchase including, but not limited to, to prosecute or provide for the defense of any action or proceeding, heirs, distributees, devisees, survivors, personal representatives, next of the insured hereunder shall secure to the Company the right to so kin, or corporate or fiduciary successors. prosecute or provide defense in such action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name (b) "insured claimanY': an insured claiming loss or damage here- of such insured for such purpose. Whenever requested by the Com- under. pany, such insured shall give the Company all reasonable aid in any (c) "knowledge": actual knowledge, not constructive knowledge or such action or proceeding, in effecting settlement, securing evidence, notice which may be imputed to an insured by reason of any public obtaining witnesses, or prosecuting or defending such action or pro- records. ceeding, and the Company shall reimburse such insured for any (d) "land": [he land described, specifically or by reference in Schedule expense so incurred. A, and improvements afi'ixed thereto which by law constitute real prop- erty; provided, however, the term "land" does not include any property 4. Notice of Loss—Limitotion of Actfon beyond the lines of the area specifically described or referred to in In addition to the notices required under paragraph 3(b) of these Schedule A, nor any right, title, interest, estate or easement in abutting Conditions and Stipulations, a statement in writing of any loss or dam- streets, roads, avenues, alleys, lanes, ways or waterways, but nothing age for which it is claimed the Company is liable under this policy herein shall modify or limit the extent to which a right of access to shall be furnished to the Company within 90 days after such loss or and trom the i:�nd ic �murcd hy this policy. damage shall have been determined and no right of action shall accrue (e) "mortgage": murtgage,deed of trust, trust deed, or other security �o an insured claimant until 30 days after such statement sha11 have instrument. been furnished. Failure to furnish such statement of loss or damage shall terminate any liability of the Company under this policy as to (f) "public records": those records which by law impart constr�ctive such loss or damage. notice of matters relating to said land. S. Optlons to Pay or Otherwlss Settle Clalms s. Continuotlon of Insurance afrer Conveyance ot Title The Company shall have the option to pay or otherwise settle for The coverage of this policy shall continue in force as of Date of or in the name of an insured claimant any claim insured against or to Policy in favor of an insured so long as such insured retains an estate terminate all liability and obligations of the Company hereunder by or interest in the land, or holds an indebtedness secured by a purchase paying or tendering payment of the amount of insurance under this money mortgage given by a purchaser from such insured, or so long policy together with any costs, attorneys' fees and expenses incurred as such insured shall have liability by reason of covenants of warranty up to the time of such payment or tender of payment, by the insured made by such insured in any transfer or conveyance of such estate or claimant and authorized by the Company. interest; provided, however, this policy shall not continue in force in favor of any purchaser from such insured of either said estate or 6. Defermination and Poyment of Loss interest or the indebtedness secured by a purchase money mortgage (a) The liability of the Company under this policy shall in no case given to such insured. exceed the ]east of: (i) the actual loss of the insured claimant; or 3. Defenss and Prosecution of Actions—Notice of CIaIm » the amount of insurance stated in Schedule A. to bs gfven by an Insured Clafmant � � (a) The Company, at its own cost and without undue delay, shall �b) The Company will pay, in addition to any loss insured against provide for Ihe defense of an insured in all litigation consisting of by this policy, all costs imposed upon an insured in litigation carried actions or proceedings commenced against such insured, or a defense on by the Company for such insured, and all costs, attorneys' fees and interposed against an insured in an action to enforce a contract for a expenses in litigation carried on by such insured with the written sale of the estate or interest in said land, to the extent that such litiga- authorization of the Company. tion is founded upon an alleged defect, lien, encumbrance, or other (c) When liability has been definitely fixed in accordance with the matter insured against by this policy. conditions of this policy, the loss or damage shall be payable within (b) The insured shall notify the Company promptly in writing (i) in 30 days thereafter. case any action or proceeding is begun or defense is interposed as set �, ��mttotton of Ltobtltty forth in (a) above, (ii) in case knowledge shall come to an insured No claim shall arise or be maintainable under this policy (a) if the hereunder of any claim of title or interest which is adverse to the Company, after having received notice of an alleged defect, lien or title to the estate or interest, as insured, and which might cause loss encumbrance insured against hereunder, by litigation or otherwise, or damage for which the Company may be liable by virtue of this removes such defect, lien or encumbrance or establishes the tiUe, as policy, or (iii) if title to the estate or interest, as insured, is rejected as insured, within a reasonable time after receipt of such notice; (b) in unmarketable. If such prompt notice shall not be given to the Com- the event of litigation until there has been a final determination by a I pany, then as to such insured all liability of the Company shall cease court of competent jurisdiction, and disposition of all appeals there- and terminate in regard to the matter or matters for which such from, adverse to the tiNe, as insured, as provided in paragraph 3 '� prompt notice is required; provided, however, that failure to notify hereof; or (c) for liability voluntarily assumed by an insured in settling I shall in no case prejudice the rights of any such insured under this �y claim or suit without prior written consent of the Company. ', policy unless the Company shall be prejudiced by such failure and then only to the extent of such prejudice. 8. Rsductlon of Uablllty (c) The Company shall have the right at its own cost to institute All payments under this policy, except payments'made for costs, and without undue delay prosecute any action or proceeding or to do attorneys' fees and expenses, shall reduce the amount of the insurance any other act which in its opinion may be necessary or desirable to Pro tanto. No payment shall be made without producing this policy establish the title to the estate or interest as insured, and the Company for endorsement of such payment unless the policy be lost or destroyed, may take any appropriate action under the terms of this policy,whether � �'�'hich case proof of such loss or destruction shall be furnished to or not it shall be liable thereunder, and sball not thereby concede the satisfaction of the Company. liability or waive an}� provision of this policy. 9. Lloblllty Noncumulativs (d) VVhenever the Company shall have brought any action or inter- It is expressly understood that the amount of insurance under this posed a defense as required or permitted by the provisions of this policy shall be reduced by any amount the Company may pay under CONDITIONS AND STIPULATIONS (Continued on Reverse Side)