TIMES PUBLISHING COMPANY (7); 4, �.���r� Owner's Policy of Title Insurance
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; First American Title Insurance Company
POLICY NUMBER
'� SChedu�e /` 5011412-19211
/`1 �
Name and Address of Title Insurance Company:
FIRST AMERICAN TITLE INSURANCE COMPANY, 1 First American Way, Santa Ana, California
92707
Agent File Number: 934829-1 HSC
FAST File Number: 2061-2543022
Address Reference: Court Street and Myrtle, Clearwater, FL
Amount of Insurance: $1,950,000.00 Premium: $7,450.00
Date of Policy: October 26, 2011 at 10:51 a.m.
1. Name of Insured:
City of Clearwater, a Florida municipality
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple
3. Title is vested in:
City of Clearwater, a Florida municipality
4. The Land referred to in this policy is described as follows:
See Exhibit "A" a ched hereto and made a part hereof
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MacFarlane r & len
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By:
Authori ed Countersig ture
(This chedule A vali only when Schedule B is attached)
Form 5011412 (2-1-i1) Page 1 of 4 ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
�� A�t�E�i�
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;� I g ���'-���'��� ��'�� First American Title Insurance Company
! POLICY NUMBER
' 5011412-19211
hibit A
Agent File Number: 934829-1
FAST File Number: 2061-2543022
The land referred to herein below is situated in the County of Pinellas, State of FL, and described as follows:
Parcel 1
Lot 3, less the West four feet (4'); and all of Lots 4, 5, 6 and 7; and Lot 8, less the West four feet (4'), of Block 8,
MAGN�l.IA pARK, ar_c�ar�ing.ta the rlat th2�eef as re�orde�+ �n P! :t Beok 3, Paye 43, of *.he Pu�lic Records of Pinellas
County, Florida.
AND
Parcel 2
Lot 3 lying Easterly of Railroad right-of-way and Lots 4, 5, 6 and 7 and that portion of Lot 8, lying Easterly of the
Seaboard Airline Railroad spur in Block 11, MAGNOLIA PARK, according to the plat thereof as recorded in Plat Book 3,
Page 43, Public Records of Pinellas County, Florida.
Together with those portions of Lots 3 and 8, Block 11 described as:
From the Northwest corner of Block 11, MAGNOLIA PARK, as recorded in Plat Book 3, Page 43, Public Records of Pinellas
County, Florida, thence South 89°16'00" East, on an assumed bearing, along the North line of said block, 152.50 feet for
a Point of Beginning; thence South 00°10'44" East, 194.38 feet; thence by a curve to the left, radius 804.52 feet, arc
120.45 feet, chord South 04°28'05" East, 120.34 feet to the Northerly right-of-way line of Olive Street; thence North
89°17'30" West, along said right-of-way line 24.00 feet; thence North 00°10'44" West, 314.38 feet to the North line of
said block; thence South 89°16'00" East, along said North line 15.00 feet to the Point of Beginning.
Said portions of Lots 3 and 8, Block 11 also being described as follows:
That portion of Lots 3 and 8, Block 11, MAGNOLIA PARK, according to the plat thereof as recorded in Plat Book 3, Page
43, Public Records of Pinellas County, Florida, which lies East of the East line of land described in deed recorded in Official
Records Sook 10345, Page 2252, of said public rzcoras, bein� situa�e, �yinr� a��u bping in tf;e Counr,� cf Pinellas, State ofi
Florida.
Form 5011412 (2-1-11) Paqe 2 of 4 ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
�4t ����,�� Owner's Policy of Title Insurance
� � �11'�i���°".�'1C�i 1���� ISSUED BY
First American Title Insurance Company
POLICY NUMBER
Schedule 6 5011412-19211
;
Agent File Number: 934829-1
FAST File Number: 2061-2543022
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage and the Company will not pay costs, attorneys' fees,
or expenses that arise by reason of:
1. Any rights, interests, or claims of parties in possession of the land not shown by the public
records.
2. Any encroachment, encumbrance, violation, variation or adverse circumstance affecting the Title
that would be disclosed by an accurate and complete land survey of the land.
3. Any lien, for services, labor, or materials in connection with improvements, repairs or renovations
provided before, on, or after Date of Policy, not shown by the public records.
4. Any dispute as to the boundaries caused by a change in the location of any water body within or
adjacent to the land prior to Date of Policy, and any adverse claim to all or part of the land that
is, at Date of Policy, or was previously under water.
5. Taxes or special assessments not shown as liens in the public records or in the records of the
local tax collecting authority, at Date of Policy.
6. Any minerals or mineral rights leased, granted or retained by current or prior owners.
Taxes and assessments for the year 2011 and subsequent years, which are not yet due and
payable.
8. Easement granted to Florida Power Corporation by instrument recorded in Book 4693, Page 293.
(As to Parcel 2)
9. Easement granted to Florida Power Corporation by instrument recorded in Book 4764, Page
1821. (As to Parcel 2)
10. Terms and conditions of any existing unrecorded lease(s), and all rights of lessee(s) and any
parties claiming through the lessee(s) under the lease(s).
11. Matters appearing on that Survey by Zarra Boyd, Inc. dated August 10, 2011 under Job Number
1099FD15.
NOTE: Exception(s) numbered 1 through 6 above is/are hereby deleted.
Form 5011412 (2-1-11) Paqe 3 of 4 ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
Agent File Number: 934829-1
Issuing Office File Number: 2061-2543022
Note: All of the recording information contained herein refers to the Public Records of Pinellas
County, Florida, unless othervvise indicated. Any reference herein to a Book and Page is a reference to
the Official Record Books of said county, unless indicated to the contrary.
Notices - Where Sent
All 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, Attention:
Claims Department, 1 First American Way, Santa Ana, CA 92707.
Service, Quality and Availabilitv
First American Title Insurance Company cares about its customers and their ability to obtain information
and service on a convenient, timely and accurate basis. A qualified staff of service representatives is
dedicated to sen�i�g yoa. A toll-free numk�?r is_a�: ail ���? f�!' your conv�nience iii o�taining information
about coverage and to provide assistance in resolving complaints at 1-800-929-7186. Office hours are
from 8:30 a.m. through 5:30 p.m. Monday through Friday.
H:�Data�REUBOLLE\Times Publishing-City of CIw�FL, ALTA Owner Policy (6-06) Ag.doc
Form 5011412 (2-1-11) Paqe 4 of 4 ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to
the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE
CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation (the "Company") insures, as of Date of Policy against
loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A. �
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from
(a) A defect in the Title caused by
(i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law;
(v) a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law; or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate
and complete land survey of the Land. The term "encroachmenY' includes encroachments of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
(Covered Risks Continued on Page 2)
In Witness Whereof, First American Title Insurance Company has caused its corporate name to be hereunto a�xed by its authorized officers as of
Date of Policy shown in Schedule A.
First American Title Insurance Company
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%� 2 F:� � Dennis J. Gilmore
° President
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� N �, SEPTEMBER 24, ; � ;
0, d� •, 1968 '• � C�/��
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Timothy Kemp
Secretary
(This Policy is valid only when Schedules A and B are attached)
Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this form is restricted to ALTA licensees and ALTA members in good standing as of the date of use.
All other uses are prohibited. Reprinted under license from the American Land Title Association.
Form 5011412 (2-1-11) Page 1 of 6 I ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
5.
6.
7.
8.
9.
10.
COVERED RISKS (Continued)
The violation or enforcement of any law, ortlinance, permit, or governmental regulation (including those relating to builtling and zoning)
restricting, regulating, prohibiting, or relating to
(a) the occupancy, use, or enjoyment of the Lantl;
(b) the character, tlimensions, or location of any improvement erected on the Land;
(c) the subdivision of land; or
(tl) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the
extent of the violation or enforcement referred to in that notice.
An enforcement action based on the exercise of a governmental pdice power not covered by Covered Risk 5 if a notice of the enforcement
action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
The exercise of the rights of eminent domain if a notice of the exercise, tlescribing any part of the Land, is recorded in the Public Recortls.
Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
Title being vestetl other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the
title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer
constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records
(i) to be timely, or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or
has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of
transfer in the Public Recortls that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the
extent provided in the Conditions.
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of
this policy, and the Company will not pay loss or damage, costs,
attorneys' fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation
(including those relating to building and zoning) restricting,
regulating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any
improvement erected on the Land;
(iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or
governmental regulations. This Exclusion 1(a) does not
modify or limit the coverage provitled under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does
not modify or limit the coverage provided under Covered
Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or
limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters
(a) created, suffered, assumed, or agreed to by the Insured
Claimant;
4.
�
(b) not Known to the Company, not recortletl in the Public
Records at Date of Policy, but Known to the Insured
Claimant and not disclosed in writing to the Company by the
Insured Claimant prior to the date the Insured Claimant
became an Insured under this policy;
(c) resulting in no loss or damage to the Insured Claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or tlamage that would not have been
sustained if the Insured Claimant had paid value for the
Title.
Any claim, by reason of the operation of federal bankruptcy,
state insolvency, or similar creditors' rights laws, that the
transaction vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered
Risk 9 of this policy.
Any lien on the Title for real estate taxes or assessments
imposed by governmental authority and created or attaching
between Date of Policy and the date of recording of the deed or
other instrument of transfer in the Public Records that vests Title
as shown in Schedule A.
Form 5011412 (2-1-11) Page 2 of 6 I ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
�
CONDITIONS
DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance": The amount stated in Schedule A, as
may be increased or decreased by endorsement to this
policy, increased by Section 8(b), or decreased by Sections
10 and 11 of these Conditions.
(b) "Date of Policy": The date designated as "Date of Policy" in
Schedule A.
(c) "Entity": A corporation, partnership, trust, limited liability
company, or other similar legal entity.
(d) "Insured": The Insured named in Schedule A.
(i) The term "Insured" also includes
(A) successors to the Title of the Insured by operation
of law as distinguished from purchase, including
heirs, tlevisees, survivors, personal representatives,
or next of kin;
(B) successors to an Insuretl by dissolution, merger,
(e)
(fl
�9)
(h)
�
consolidation, distribution, or reorganization;
(C) successors to an Insured by its conversion to
another kintl of Entity;
(D) a grantee of an Insured under a deetl delivered
without payment of actual valuable consideration
conveying the Title
(1) if the stock, shares, memberships, or other
equity interests of the grantee are wholly-
owned by the named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated
Entity of the named Insured, provided the
affiliated Entity and the named Insured are
both wholly-owned by the same person or
Entity, or
(4) if the grantee is a trustee or beneficiary of a
trust created by a written instrument
established by the Insured named in Schedule
A for estate planning purposes.
(ii) With regard to (A), (B), (C), antl (D) reserving, however,
all rights and tlefenses as to any successor that the
Company would have had against any predecessor
Insured.
"Insured ClaimanY': An Insured claiming loss or damage.
"Knowledge" or "Known": Actual knowledge, not constructive
knowledge or notice that may be imputed to an Insured by
reason of the Public Records or any other records that impart
constructive notice of matters affecting the Title.
"Land": The land described in Schedule A, and affixetl
improvements that by law constitute real property. The term
"Land" does not include any property beyond the lines of the
area described in Schedule A, nor any right, title, interest,
estate, or easement in abutting streets, roads, avenues,
alleys, lanes, ways, or waterways, but this does not modify or
limit the extent that a right of access to and from the Land is
insured by this policy.
"Mortgage": Mortgage, deed of trust, trust deed, or other
security instrument, inclutling one evidenced by electronic
means authorized by law.
"Public Recortls": Records established under state statutes
at Date of Policy for the purpose of imparting constructive
2.
3.
4.
5.
notice of matters relating to real property to purchasers
for value and without Knowledge. With respect to Covered
Risk 5(d), "Public Records" shall also include environmental
protection liens filed in the records of the clerk of the United
States District Court for the district where the Land is located.
Q) "Title": The estate or interest described in Schedule A.
(k) "Unmarketable Title": Title affected by an alleged or apparent
matter that would permit a prospective purchaser or lessee of
the Title or lender on the Title to be releasetl from the
obligation to purchase, lease, or lentl if there is a contractual
condition requiring the delivery of marketable title.
CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of
Policy in favor of an Insured, but only so long as the Insured
retains an estate or interest in the Land, or holds an obligation
secured by a purchase money Mortgage given by a purchaser
from the Insuretl, or only so long as the Insured shall have liability
by reason of warranties in any transfer or conveyance of the Title.
This policy shall not continue in force in favor of any purchaser
from the Insured of either (i) an estate or interest in the Lantl, or (ii)
an obligation securetl by a purchase money Mortgage given to the
Insuretl.
NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insuretl shall notify the Company promptly in writing (i) in case
of any litigation as set forth in Section 5(a) of these Conditions, (ii)
in case Knowledge shall come to an Insured hereunder of any
claim of title or interest that is adverse to the Title, as insured, and
that might cause loss or damage for which the Company may be
liable by virtue of this policy, or (iii) if the Title, as insured, is
rejected as Unmarketable Title. If the Company is prejutlicetl by
the failure of the Insured Claimant to provide prompt notice, the
Company's liability to the Insured Claimant under the policy shall
be reduced to the extent of the prejudice.
PROOF OF LOSS
In the event the Company is unable to determine the amount of
loss or damage, the Company may, at its option, require as a
condition of payment that the Insured Claimant furnish a signed
proof of loss. The proof of loss must describe the defect, lien,
encumbrance, or other matter insured against by this policy that
constitutes the basis of loss or damage and shall state, to the
extent possible, the basis of calculating the amount of the loss or
damage.
DEFENSE AND PROSECUTION OF ACTIONS
(a) Upon written request by the Insured, and subject to the
options contained in Section 7 of these Conditions, the
Company, at its own cost and without unreasonable delay,
shall provide for the defense of an Insured in litigation in
which any thirtl party asserts a claim covered by this policy
adverse to the Insured. This obligation is limited to only those
stated causes of action alleging matters insured against by
this policy. The Company shall have the right to select
counsel of its choice (subject to the right of the Insured to
object for reasonable cause) to represent the Insured as to
those stated causes of action. It shall not be liable for and will
not pay the fees of any other counsel. The Company will not
pay any fees, costs, or expenses incurred by the Insuretl in
the defense of those causes of action that allege matters not
insured against by this policy.
Form 5011412 (2-1-11) Page 3 of 6 I ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
6.
CONDITIONS (Continued)
(b) The Company shall have the right, in addition to the options
contained in Section 7 of these Conditions, at its own cost, to
institute and prosecute any action or proceeding or to do any
other act that in its opinion may be necessary or desirable to
establish the Title, as insured, or to prevent or reduce loss or
damage to the Insured. The Company may take any
appropriate action under the terms of this policy, whether or
not it shall be liable to the Insured. The exercise of these
rights shall not be an admission of liability or waiver of any
provision of this policy. If the Company exercises its rights
under this subsection, it must do so diligently.
(c) Whenever the Company brings an action or asserts a
defense as required or permitted by this policy, the Company
may pursue the litigation to a final determination by a court of
competent jurisdiction, and it expressly reserves the right, in
its sole discretion, to appeal any adverse judgment or order.
DUTY OF INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the
Company to prosecute or provide for the defense of any
action or proceeding and any appeals, the Insured shall
secure to the Company the right to so prosecute or provitle
defense in the action or proceeding, including the right to use,
at its option, the name of the Insured for this purpose.
Whenever requested by the Company, the Insuretl, at the
Company's expense, shall give the Company all reasonable
aid (i) in securing evidence, obtaining witnesses, prosecuting
or defending the action or proceeding, or effecting settlement,
and (ii) in any other lawful act that in the opinion of the
Company may be necessary or desirable to establish the Title
or any other matter as insured. If the Company is prejudiced
by the failure of the Insured to furnish the required
cooperation, the Company's obligations to the Insured under
the policy shall terminate, including any liability or obligation
to defend, prosecute, or continue any litigation, with regard to
the matter or matters requiring such cooperation.
(b) The Company may reasonably require the Insured Claimant
to submit to examination under oath by any authorized
representative of the Company and to produce for
examination, inspection, antl copying, at such reasonable
times and places as may be designated by the authorizetl
representative of the Company, all records, in whatever
medium maintained, including books, ledgers, checks,
memoranda, correspondence, reports, e-mails, disks, tapes,
and videos whether bearing a date before or after Date of
Policy, that reasonably pertain to the loss or damage.
Further, if requested by any authorizetl representative of the
Company, the Insured Claimant shall grant its permission, in
writing, for any authorized representative of the Company to
examine, inspect, and copy all of these records in the custody
or control of a third party that reasonably pertain to the loss or
damage. All information designatetl as confitlential by the
Insured Claimant provided to the Company pursuant to this
Section shall not be tlisclosed to others unless, in the
reasonable judgment of the Company, it is necessary in the
administration of the claim. Failure of the Insured Claimant to
submit for ezamination under oath, produce any reasonably
requested information, or grant permission to secure
reasonably necessary information from third parties as
required in this subsection, unless prohibited by law or
governmental regulation, shall terminate any liability of the
Company under this policy as to that claim.
7. OPTIONS TO PAY OR OTHERWISE
TERMINATION OF LIABILITY
8.
SETTLE CLAIMS;
In case of a claim under this policy, the Company shall have the
following additional options:
(a) To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the Amount of Insurance untler
this policy together with any costs, attorneys' fees, and
expenses incurred by the Insured Claimant that were
authorized by the Company up to the time of payment or
tender of payment and that the Company is obiigated to pay.
Upon the exercise by the Company of this option, all liability
and obligations of the Company to the Insured under this
policy, other than to make the payment required in this
subsection, shall terminate, including any liability or obligation
to defend, prosecute, or continue any litigation.
(b) To Pay or Otherwise Settle With Parties Other Than the
Insuretl or With the Insured Claimant.
(i) To pay or otherwise settle with other parties for or in the
name of an Insured Claimant any claim insured against
under this policy. In adtlition, the Company will pay any
costs, attorneys' fees, and expenses incurred by the
Insured Claimant that were authorized by the Company
up to the time of payment and that the Company is
obligated to pay; or
(ii) To pay or otherwise settle with the Insured Claimant the
loss or tlamage provided for under this policy, together
with any costs, attorneys' fees, and expenses incurretl
by the Insured Claimant that were authorized by the
Company up to the time of payment and that the
Company is obligated to pay.
Upon the exercise by the Company of either of the options
provided for in subsections (b)(i) or (ii), the Company's
obligations to the Insured under this policy for the claimed
loss or damage, other than the payments required to be
made, shall terminate, including any liability or obligation to
defend, prosecute, or continue any litigation.
DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss
or damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by
this policy.
(a) The extent of liability of the Company for loss or damage
under this policy shall not exceed the lesser of
(i) the Amount of Insurance; or
(ii) the difference between the value of the Title as insured
and the value of the Title subject to the risk insured
against by this policy.
(b) If the Company pursues its rights under Section 5 of these
Conditions and is unsuccessful in establishing the Title, as
insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insuretl Claimant shall have the right to have the loss
or damage determined either as of the date the claim
was made by the Insured Claimant or as of the date it is
settled and paid.
(c) In addition to the extent of liability under (a) and (b), the
Company will also pay those costs, attorneys' fees, and
expenses incurred in accordance with Sections 5 and 7 of
these Conditions.
Form 5011412 (2-1-11) Page 4 of 6 ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
9.
10.
11
12.
13.
14.
CONDITIONS (Continued)
LIMITATION OF LIABILITY
(a) If the Company establishes the Title, or removes the alleged
defect, lien, or encumbrance, or cures the lack of a right of
access to or from the Land, or cures the claim of
Unmarketable Title, all as insured, in a reasonably diligent
manner by any method, including litigation and the completion
of any appeals, it shall have fully performed its obligations
with respect to that matter and shall not be liable for any loss
or damage caused to the Insured.
(b) In the event of any litigation, including litigation by the
Company or with the Company's consent, the Company shall
have no liability for loss or damage until there has been a final
determination by a court of competent jurisdiction, and
disposition of all appeals, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the
Insured for liability voluntarily assumed by the Insured in
settling any claim or suit without the prior written consent of
the Company.
REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY
All payments under this policy, except payments made for costs,
attorneys' fees, and expenses, shall reduce the Amount of
Insurance by the amount of the payment.
LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the
Company pays under any policy insuring a Mortgage to which
exception is taken in Schedule B or to which the Insured has
agreed, assumed, or taken subject, or which is executed by an
Insured after Date of Policy and which is a charge or lien on the
Title, and the amount so paid shall be deemed a payment to the
Insured under this policy.
PAYMENT OF LOSS
When liability and the extent of loss or damage have been
definitely fixed in accordance with these Conditions, the payment
shall be made within 30 days.
RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim
under this policy, it shall be subrogated and entitled to the
rights of the Insured Claimant in the Title and all other rights
and remedies in respect to the claim that the Insured
Claimant has against any person or property, to the extent of
the amount of any loss, costs, attorneys' fees, and expenses
paid by the Company. If requestetl by the Company, the
Insured Claimant shall execute documents to evidence the
transfer to the Company of these rights and remedies. The
Insured Claimant shall permit the Company to sue,
compromise, or 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 and remedies.
If a payment on account of a claim does not fully cover the
loss of the Insured Claimant, the Company shall defer the
exercise of its right to recover until after the Insuretl Claimant
shall have recovered its loss.
(b) The Company's right of subrogation inclutles the rights of the
Insured to indemnities, guaranties, other policies of insurance,
or bonds, notwithstanding any terms or conditions containetl in
those instruments that address subrogation rights.
ARBITRATION
Unless prohibited by applicable law, arbitration pursuant to the
Title Insurance Arbitration Rules of the American Arbitration
Association may be demanded if agreed to by both the Company
and the Insured at the time of a controversy or claim. Arbitrable
15.
16.
17
18.
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 connection with its
issuance or the breach of a policy provision or other obligation.
Arbitration 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 only if the laws of
the state in which the Land is located permit a court to 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 of the situs of the land shall apply to an arbitration under the
Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon
request.
LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a) This policy together with all endorsements, if any, attached to it
by the Company is the entire policy and contract between the
Insured and the Company. In interpreting any provision of this
policy, this policy shall be construed as a whole.
(b) Any claim of loss or damage that arises out of the status of the
Title or by any action asserting such claim whether or not
based on negligence shall be restricted to this policy.
(c) Any amendment of or endorsement to this policy must be in
writing and authenticated by an authorized person, or expressly
incorporated by Schedule A of this policy.
(d) Each endorsement to this policy issued at any time is made a
part of this policy and is subject to all of its terms and
provisions. Except as the endorsement expressly states, it
tloes not (i) modify any of the terms and provisions of the
policy, (ii) modify any prior endorsement, (iii) extend the Date of
Policy, or (iv) increase the Amount of Insurance.
SEVERABILITY
In the event any provision of this policy, in whole or in part, is held
invalid or unenforceable under applicable law, the policy shall be
deemed not to include that provision or such part held to be invalid,
but all other provisions shall remain in full force and effect.
CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has
underwritten the risks covered by this policy and determined
the premium charged therefor in reliance upon the law affecting
interests in real property and applicable to the interpretation,
rights, remedies, or enforcement of policies of title insurance of
the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the
jurisdiction where the Land is located to determine the validity
of claims against the Title that are adverse to the Insured and to
interpret and enforce the terms of this policy. In neither case
shall the court or arbitrator apply its conflicts of law principles to
tletermine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by
the Insured against the Company must be filed only in a state
or federal court within the United States of America or its
territories having appropriate jurisdiction.
NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing
required to be given to the Company under this policy must be given
to the Company at First American Title Insurance Company,
Attn: Claims National Intake Center, 1 First American Way,
Santa Ana, California 92707. Phone: 888-632-1642
Form 5011412 (2-1-11) Page 5 of 6 � ALTA Owner's Policy of Title Insurance (6-17-06) (with Florida modifications)
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First American Title
ISSUED THROUGH THE OFFICE OF:
FIRST AMERICAN
TITLE INSURANCE
COMPANY
Corporate Office
1 First American Way
Santa Ana, CA 92707
(800)854-3643