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• <br />.7 <br />The Fund contends the subsequent developer was unrelated to the <br />purchase agreement and there was no obligation to restore the impact <br />fee credits. Doing so eliminated any possibility of the Fund asserting <br />such defenses in court, and that liability that they might have defended <br />against was voluntarily assumed by the Board. <br />3. That title insurance is a contracted indemnity against actual loss. Given <br />that the property was purchased for right-of-way and can be used for that <br />purpose even with the Murphy Deed reservation, they would argue no <br />loss. <br />Despite the availability of the defenses and recognizing that had the reservation <br />been disclosed, the County might not have gone forward with the purchase and <br />thus incurred some loss, they have offered to settle our $107,000 claim for one- <br />half of the cash value paid by the County. <br />RECOMMENDATION: <br />1. Agree to the Fund's settlement offer of $38,500. <br />2. Authorize the Chairman to execute the attached Release of Claim and <br />Acknowledgment of Subrogation Right upon receipt of the settlement <br />funds. <br />ON MOTION by Commissioner Eggert, <br />SECONDED by Commissioner Ginn, the Board <br />unanimously approved Attorneys' Title Insurance <br />Fund's settlement offer of $38,500 and authorized <br />the Chairman to execute the Release of Claim and <br />Acknowledgment of Subrogation Rights upon receipt <br />of the settlement funds; as recommended by staff. <br />MARCH 10, 1998 <br />RELEASE IS ON FILE IN THE OFFICE <br />OF THE CLERK TO THE BOARD <br />-79- t1011r �$s F'dCcti r� <br />