|
the Title, as insured, and that might cause Toss or damage for which the Company may be liable by virtue of this policy, or
<br />(iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured
<br />Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to
<br />the extent of the prejudice.
<br />4. PROOF OF LOSS
<br />In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require
<br />as a condition of payment that the Insured Claimant furnish a signed proof of Toss. The proof of loss must describe the
<br />defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of Toss or damage and
<br />shall state, to the extent possible, the basis of calculating the amount of the loss or damage.
<br />5. DEFENSE AND PROSECUTION OF ACTIONS
<br />(a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the
<br />Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation
<br />in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to
<br />only those stated causes of action alleging matters insured against by this policy. The Company shall have the right
<br />to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the
<br />Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel.
<br />The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of
<br />action that allege matters not insured against by this policy.
<br />(b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its
<br />own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be
<br />necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured.
<br />The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to
<br />the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this
<br />policy. If the Company exercises its rights under this subsection, it must do so diligently.
<br />(c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the
<br />Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly
<br />reserves the right, in its sole discretion, to appeal any adverse judgment or order.
<br />6. DUTY OF INSURED CLAIMANT TO COOPERATE
<br />(a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action
<br />or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide
<br />defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this
<br />purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company
<br />all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding,
<br />or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or
<br />desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of the
<br />Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall
<br />terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the
<br />matter or matters requiring such cooperation.
<br />(b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized
<br />representative of the Company and to produce for examination, inspection, and copying, at such reasonable times
<br />and places as may be designated by the authorized representative of the Company, all records, in whatever medium
<br />maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and
<br />videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further,
<br />if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in
<br />writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the
<br />custody or control of a third party that reasonably pertain to the loss or damage. All information designated as
<br />2730609 ALTA Owner's Policy (6/17/06)
<br />5 of 8 (with Florida Modifications)
<br />Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA
<br />members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title
<br />Association
<br />hY�iCY
<br />
|