|
CONDITIONS - CONTINUED
<br />other act that in its opinion may be necessary or desirable to
<br />establish the Title, as insured, or to prevent or reduce loss or
<br />damage to the Insured. The Company may take any appropri-
<br />ate action under the terms of this policy, whether or not it shall
<br />be liable to the Insured. The exercise of these rights shall not
<br />be an admission of liability or waiver of any provision of this
<br />policy. If the Company exercises its rights under this subsection,
<br />it must do so diligently.
<br />(c) Whenever the Company brings an action or asserts a defense
<br />as required or permitted by this policy, the Company may
<br />pursue the litigation to a final determination by a court of
<br />competent jurisdiction, and it expressly reserves the right,
<br />in its sole discretion, to appeal any adverse judgment or
<br />order.
<br />6. DUTY OF INSURED CLAIMANT TO COOPERATE
<br />(a) In all cases where this policy permits or requires the Company
<br />to prosecute or provide for the defense of any action or proceed-
<br />ing and any appeals, the Insured shall secure to the Company
<br />the right to so prosecute or provide defense in the action or
<br />proceeding, including the right to use, at its option, the name
<br />of the Insured for this purpose. Whenever requested by the
<br />Company, the Insured, at the Company's expense, shall give the
<br />Company all reasonable aid (i) in securing evidence, obtaining
<br />witnesses, prosecuting or defending the action or proceeding,
<br />or effecting settlement, and (ii) in any other lawful act that in
<br />the opinion of the Company may be necessary or desirable to
<br />establish the Title or any other matter as insured. If the Company
<br />is prejudiced by the failure of the Insured to furnish the required
<br />cooperation, the Company's obligations to the Insured under
<br />the policy shall terminate, including any liability or obligation
<br />to defend, prosecute, or continue any litigation, with regard to
<br />the matter or matters requiring such cooperation.
<br />(b) The Company may reasonably require the Insured Claimant to
<br />submit to examination under oath by any authorized representa-
<br />tive of the Company and to produce for examination, inspection,
<br />and copying, at such reasonable times and places as may be
<br />designated by the authorized representative of the Company,
<br />all records, in whatever medium maintained, including books,
<br />ledgers, checks, memoranda, correspondence, reports, e-mails,
<br />disks, tapes, and videos whether bearing a date before or after
<br />Date of Policy, that reasonably pertain to the loss or damage.
<br />Further, if requested by any authorized representative of the
<br />Company, the Insured Claimant shall grant its permission, in
<br />writing, for any authorized representative of the Company to
<br />examine, inspect, and copy all of these records in the custody or
<br />control of a third party that reasonably pertain to the loss or darn -
<br />age. All information designated as confidential by the Insured
<br />Claimant provided to the Company pursuant to this Section shall
<br />not be disclosed to others unless, in the reasonable judgment of
<br />tine Company, it is necessary in the administration of the claim.
<br />Failure of the Insured Claimant to submit for examination under
<br />oath, produce any reasonably requested information, or grant
<br />permission to secure reasonably necessary information from
<br />third parties as required in this subsection, unless prohibited
<br />by law or governmental regulation, shall terminate any liability
<br />of the Company under this policy as to that claim.
<br />7. OPTIONS TO PAY OR OTHERWISE SETTLE
<br />CLAIMS; TERMINATION OF LIABILITY
<br />In case of a claim under this policy, the Company shall have the
<br />following additional options:
<br />(a) To Pay or Tender Payment of the Amount of Insurance. To pay
<br />or tender payment of the Amount of Insurance under this policy
<br />together with any costs, attorneys' fees, and expenses incurred
<br />by the Insured Claimant that were authorized by the Company
<br />tip to the time of payment or tender of payment and that the
<br />Company is obligated to pay.
<br />Upon the exercise by the Company of this option, all liability
<br />and obligations of the Company to the Insured under this policy,
<br />other than to make the payment required in this subsection,
<br />shall terminate, including any liability or obligation to defend,
<br />prosecute, or continue any litigation.
<br />(b) To Pay or Otherwise Settle With Parties Other Than the Insured
<br />or With the Insured Claimant.
<br />(i) to pay or otherwise settle with other parties for or in the name
<br />of an Insured Claimant any claim insured against under
<br />this policy. In addition, the Company will pay any costs,
<br />attorneys' fees, and expenses incurred by the Insured Claim-
<br />ant that were authorized by the Company up to the time
<br />of payment and that the Company is obligated to pay; or
<br />(ii) to pay or otherwise settle with the Insured Claimant the loss
<br />or damage provided for under this policy, together with any
<br />costs, attorneys' fees, and expenses incurred by the hnsured
<br />Claimant that were authorized by the Company up to the
<br />time of payment and that the Company is obligated to pay.
<br />Upon the exercise by the Company of either of the options provided
<br />for in subsections (b)(i) or (ii), the Company's obligations to the
<br />Insured under this policy for the claimed loss or damage, other than
<br />the payments required to be made, shall terminate, including any li-
<br />ability or obligation to defend, prosecute, or continue any litigation.
<br />8. DETERMINATION AND EXTENT OF LIABILI'T'Y
<br />This policy is a contract of indemnity against actual monetary loss
<br />or damage sustained or incurred by the Insured Claimant who has
<br />suffered loss or damage by reason of matters insured against by
<br />this policy.
<br />(a) The extent of liability of the Company for loss or damage under
<br />this policy shall not exceed the lesser of
<br />(i) the Amount of Insurance; or
<br />(ii) the difference between the value of the Title as insured and
<br />the value of the Title subject to the risk insured against by
<br />this policy.
<br />(b) If the Company pursues its rights under Section 5 of these Con-
<br />ditions and is unsuccessful in establishing the Title, as insured,
<br />(i) the Amount of Insurance shall be increased by l0%, and
<br />(ii) the Insured Claimant shall have the right to have the loss
<br />or damage determined either as of the date the claim was
<br />made by the Insured Claimant or as of the date it is settled
<br />and paid.
<br />(c) In addition to the extent of liability under (a) and (b), the Com-
<br />pany will also pay those costs, attorneys' fees, and expenses in-
<br />curred in accordance with Sections 5 and 7 of these Conditions.
<br />9. LIMITATION OF LIABILITY
<br />(a) if the Company establishes the Title, or removes the alleged
<br />defect, lien, or encumbrance, or cures the lack of a richt of ac-
<br />cess to or from the Land, or cures the claim of Unmarketable
<br />Title, all as insured, in a reasonably diligent manner by any
<br />method, including litigation and the completion of any appeals,
<br />it shall have fully performed its obligations with respect to that
<br />matter and shall not be liable for any loss or damage caused to
<br />the Insured.
<br />OP -25 ALTA Owners Policy ofTitle Insurance 6-17-06 (with FLORIDA Modifications) (WCFIC Edition 12/1/17) Page 4
<br />
|