NEW PLAN EXCEL REALTY TRUST INC (4)
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\~\Y' Policy No. FA-35- 828332
P\~ Or. .1 ICY OF TITLE J'lN"Tf"'('rl~.,~\'r~,:~:
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Fl1'St American Title Insural1cf;" {~:
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE
CONDITIONS AND STIPULATIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called the Company,
insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A,
sustained or incurred by the Insured by reason of:
1, Title to the estate or interest described in Schedule A being vested other than as stated therein;
2, Any defect in or lien or encumbrance on the title;
3. Unmarketabi Iity of the title;
4, Lack of a right of access to and from the land,
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided
in the Conditions and Stipulations,
"First American Title Insurance C'()n';'/\:,~ a. .
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(TP 10/99)
ALTA Owner's Policy (10-17-92) (With Florida Modifications)
EXCLUSIONS FROM COVERAGE
The following mailers are expressly excluded from the coverage of Ihis policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by
reason of:
1. (a) Any law, ordinance or governmental regulation (including bul not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or
relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a
separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of
any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance
resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting
from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of Ihe exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has
occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
3. Defects, liens, encumbrances, adverse claims or other mailers:
(a) created, suffered, assumed or agreed to by the insured claiinant;
(b) not known to Ihe Company, not recorded 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) allaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy.
4. Any claim, which arises out of the transaction vesting in the insured the estate or inlerest insured by this policy, by reason of the operation of federal bankruptcy, state
insolvency, or similar creditors' rights laws, that is based on:
(a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
(b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure:
(i) to timely record the instrument of transfer; or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS. All information designated as confidential by the If loss should result from any act of the insured
The followin~ terms when used in this policv mean: insured claimant provided 10 the Company pursuant to claimant, as stated above, that act shall not void this
(a) "insured: the insured named in Schedule A, and, this Section shall nol be disclosed to others unless, in policy, but the Company, in that event, shall be required
subject to any rights or defenses the Company would the reasonable judgmenl of the Company, it is necessary to pay only that part of any losses insured against by
have had agamst the named insured, those who succeed in the administration of the claim. Failure of the insured h' I' h' h h II d 'f
th . f h d db' fIt IS po ICY w IC s a excee the amount, I any, lost to
to e mterest 0 t e name insure y operalIon 0 aw claimant to submit for examination under oath, produce
as d st ng sh d from p. rch I d b t I the Company by reason of the impairment by the
i i ui e u ase inc u ing, u no other reasonably requested information or grant
lImited to heirs dlstrlbutees deVisees survivors insured claimant of the Company's right of subrogation.
.. ,.,. ,., . , permission to secure reasonably necessary information
rerso.nal representatives, next of kin, or corporate or from third parties as required in this paragraph shall (b) The Company's Rights Against Non-insured
fiduciary successors. . ]' bT f h Co d h], ~
(b) "msured claimant": an insured claiming loss or lermmate any la I Ity 0 t e mpany un er t IS po ICY The Company's right of subrogation against non-
damage. as to that claim.
6 OPTIONS TO PAY OR OTHERWISE SETTLE insured obligors shall exist and shall include, without
(c) "knowledge" or "known": actual knowledge, not .
constructive knowledge or notice which may be ClAIMS; TERMINATION OF LIABILITY. limitation, the rights of Ihe insured to indemnities,
imputed to an insured 6y reason of the public records as In case of a claim under this policy, the Company guaranties, other policies of insurance or bonds,
defined in this policy or any other records which impart shall have the following additional oplions: notwithstanding any terms or conditions contained in
constructive notice of matters affecting the land. (a) To Payor Tender Pavment of the Amount of those instruments which provide for subrogation rights
(d) "land": the land described or referred to in Insurance. by reason of this policy.
Schedule (A), and improvements affixed thereto which (i) To payor tender payment of the amount of 14. ARBITRATION.
by law conslltute rear property. The term "land" does insurance under this policy together with any costs, Unless prohibited by applicable law, arbitration
not include any property bes:ond the lines of the area attorneys' fees, and expenses incurred by the insured pursuant to the Title Insurance Arbitration Rules of
described or referred to in chedule A, nor any right, claimant, which were authorized by the Company, up to the American Arbitration Association lTUly be
tilled interest, estate or easement in abutting streets, the time of pahment or tender of payment and which the d d d if d
II I t b t elTUln e , agree to b" both the Com pan" and the
roa s, avenues, a eys, anes, ways or wa erways, u Company' is 0 ligated to pay. J J
nothing herein shall modify or limit the extent to which (il) Upon the exercIse by the Company of this Insured. Arbitrable lTUltters lTUly include, but are not
a right of access to and from the land is insured by this option, all liability and obligations to the insured under limited to, any controversy or claim between the
pO(hC)Y,,, " d d f d d this policy, other than to make Ihe payment re'l.uired, Company and the Insured arising out of or relating to
e mortgage. : mortgage, ee o. trust, trust ee, shall terminate, including any liabilitli or obiligalIon to this policy, and service of the Company in connection
or other secunty mstrument. d '" d .... d h with its issuance or the breach o~ a policy provision or
(t) "public records": records established under slate elen , prosecute, or contmue any ItlgalIon, an t e ~
poliCY shall be surrendered to the Company for other oblioation. Arbitration pursuant to this policy
statutes a.t Date. of Policy for the purpose of imparting . "
constructive nolIce of matters relatmg to real properly to cancellation. and under the Rules in effect on the date the delTUlnd
purchasers for value and without knowledge. With (b) To Pavor Otherwise Settle With Parties Other for arbitration is lTUlde or, at the option of the Insured,
respect to Section l(a)(iv) of the ExclUSIOns From than the Insured or With the Insured Claimant. the Rules in effect at Date of Policy shall be binding
Coverage, "public records" shall also include (i) to payor otherwise settle with other parties for upon the parties. The award lTUly include attorneys'
environmental protection liens filed in the records of the or in the name of an insured claimant any claIm insured fees only if the laws of the sto.te in which the land is
clerk of the UnIted States district court for the district in against under this policy, together with any costs, located permit a court to award attorneys' fees to a
which the land is located. attorneys' fees, and expenses Incurred by the insured prevailing party. Judgment upon the award rendered
(g) "unmarketability of the tille": an alleged or claimant which were authorized by the Company up to by the Arbitrator(s) lTUly be entered in any court
apparent mat:er affecting the tille to the land, not the time of payment and which the Company is havingjurisdiction thereoF.
excluded or excepted from coverage, which would obligated to pay; or ~.
entille a purchaser of the estate or interest described in (ii) to payor otherwise settle with the insured The law of the situs of Ihe land shall apply to an
Schedule A 10 be released from the obligation to claimant the loss or damage provided for under this arbitration under the Title Insurance Arbitration Rules.
purchase by virtue of a contractual condition requiring policy, together with any costs, attorneys' fees, and A copy of the Rules may be obtained from the
Ihe delivery of marketable title. expenses mcurred by the insured claimant which were Company upon request.
2. CONTINUATION OF INSURANCE AFfER aulhorized by the Company up to the time of payment 15. LIABILITY LIMITED TO THIS POLICY;
CONVEYANCE OF TITLE. d h' C . bl d POLICY ENTIRE CONTRACT.
The coverage of this policy shall continue in force as of an w Ich the ompany IS 0 Igate to pal'
Upon the exercise b,v the Company 0 eIther of the (a) This policy together with all endorsements, if
Date of Pohcy in favor of an insured only so long as the . / .
insured retains an estate or interest in the land, or holds options provided for In paragraphs (b)(i) or (ii), the any, attached hereto by the Company is the entire policy
an indebtedness secured by a purchase money mortgage Company's obligations to the msured under this policy and contract between the insured and the Company. In
given by a purchaser from the insured, or only so long for the claimed loss or damage, other than the payments interpreting any provision of this policy, this policy
as the insured shall have liability by reason of covenants required to be made, shall terminate, including any shall be construed as a whole.
of warranty made by the insured in any transfer or liability or obligation 10 defend, prosecute or continue (b) Any claim of loss or damage, whether or not
conveyance of the estate or interest. This policy shall any lilIgation. based on negligence, and which arises out of the status
not continue in force in favor of any purchaser from the 7. DETERMINATION, EXTENT OF LIABILITY of the title to the estate or interest covered hereby or by
insured of either (i) an estate or interest in the land, or AND COINSURANCE. any action asserting such claim, ~hall be restricted to
(ii) an indebtedness secured by a purchase money This policy is a contract of indemnily against actual this policy.
mortgage given to the insured. monetary loss or damage sustained or incurred by the
3. NOTICE OF CIAIM TO BE GIVEN BY insured claimant who has suffered loss or damage by . (c) No amendment of or e~dorsement to this
INSURED CIAIMANT. . reason of matters insured against by this policy and only pohcy can be made .except by ~ wntIng end?rsed here~>n
T~e i~sl!red shall nolI~y. th~ Company pr<:>mplly. In to the extent herein described. or at.tached hereto Signed by eIther ~he PreSident, a VIce
wntmg (I) m c..~seof any hlJgalJon as set [ortn In SeclIon (a) The liability of the Company under this policy PreSIdent, the Secretary, an ASSIstant Secretary, or
~(a) l:ielow, (Ii) m case knowledg,e shall come to .an shaH not exceed the least of: validating officer or aulhorized signatory of the
msured he.reunde~ of any claim of t]~le or mtere.st whi~."' (i) the Amount of Insurance staled in Schedule AA Company.
,Is adverse .10 the IJlle to the estate or mterest, as Insure~r, ._'.' _
First .rican Title Insurance empany
COMMERCIAL x RESIDENTIAL NEW HOME SALE RESALE FORECLOSURE OTHER
SCHEDULE A
Agent File No, 33638.103553
Policy No. FA-35- 828332
Date of Policy: 09/18/2002 at 4:19 PM
Amount of Insurance: $553,212.00
1. Name of Insured:
City of Clearwater Florida, a municipal corporation
2. The estate or interest in the land which is covered by this policy is:
Fee Simple
3, Title to the estate or interest in the land is vested in:
City of Clearwater Florida, a municipal corporation
4. The land referred to in this policy is described as follows:
See Schedule A attached hereto and made a part hereof
Issuing Office File No: 1037~-1246
By:
E.
Page 1
File No,: 1037--1246
First .rican Titre Insurance empany
Schedule A (Continued)
Agent File No,: 33638.103553
Policy No.: FA-35-828332
Lot 9, CLEARWATER MALL, according to the plat thereof recorded in Plat Book 125, Pages 21-29, Public
Records of Pinellas County,
Together with the benefit of that certain Ingress/EgressjUtility Easement (Private) on a nan-exclusive
basis, as described in that certain Clearwater Mall Plat, as recarded in Plat Baak 125, Pages 21-29, Public
Recards of Pinellas Caunty, Flarida and as further described as fallaws:
A parcel .of land lying with the Sauthwest 1/4 .of Sectian 17, Tawnship 29 Sauth, Range 16 East, Pine lias
Caunty, Flarida, being mare particularly described as fallaws:
Commence at the West 1/4 corner .of Sectian 17, Tawnship 29 Sauth, Range 16 East, Pinellas Caunty,
Flarida; thence Narth 89 deg, 42'45" East along the East-West centerline .of said Sectian 17 (being the
basis .of bearings far this legal description), far 1,792.40 feet ta the paint of intersectian with the
Nartherly extensian .of the West line of Lot 1, A Resub of Baskin's Replat, as recarded in Plat Baak 24,
page 42 .of the Public Records .of Pinellas Caunty, Flarida; thence leaving said East-West centerline .of
Sectian 17, Sauth 00 deg, 19'58" West alang said Nartherly extensian .of the West line .of Lat 1 and the
West line .of said Lat 1, A Resub .of Baskin's Replat, respectively, far 60,00 feet to the Sauth right .of way
line .of Gulf ta Bay Baulevard (State Raad 60) as shawn an Flarida Department of Transpartatian Right .of
Way Map Sectian 15040-(2517)2522, dated February 1984; thence leaving said West line .of Lat 1, Narth
89 deg. 42'45" East alang a line being 60,00 .feet Sauth .of and parallel ta the said East-West centerline .of
Sectian 17, far 59,15 feet; thence leaving said line being 60.00 feet South .of and parallel ta the East~
West centerline .of Sectian 17, Sauth 00 deg, 15'28" East, far 327,26 feet; thence Narth 89 deg, 44'34"
East, for 68,54 feet; thence Sauth 00 deg, 15'26" East, far 60,00 feet; thence Narth 89 deg, 44'34" East,
for 254,27 feet the point .of intersection with the East line of said Lat 1, A Resub .of Baskin's Replat;
thence Sauth 00 deg. 15'26" East alang the said East line of Lat 1, far 0,63 feet to the Southeast corner
.of said Lat 1, A Resub .of Baskin's Replat, same alsa being the Sauthwest carner .of Lat 2, said A Resub .of
Baskin's Replat and the POINT OF BEGINNING; thence leaving the said East line .of Lat 1 and alang the
Sauth line .of said Lat 2,A Resub .of Baskin's Replat, Sauth 39 deg, 08'08" East, far 95.59 feet; thence
leaving the said Sauth line .of Lat 2, Sauth 00 deg, 15'26" East, for 341.34 feet; thence Sauth 39 deg.
08'08" East, far 125,56 feet ta the intersectian with the Northwesterly line .of Sky Harbar Estates
Carparatian Condaminium, as recarded in Candaminium Plat Book 13, page 99 .of the Public Recards .of
Pinellas Caunty, Florida; thence Sauth SO deg. 54'52" West alang the said Narthwesterly line .of Sky
Harbar Estates Carparatian Candaminium for 165,34 feet; thence leaving said Narthwesterly line of Sky
Harbor Estates Carparatian Condaminium, Narth 00 deg, 15'28" West, far 474.36 feet; thence Sauth 89
deg, 44'34" West, far 10.00 feet; thence Narth 00 deg, 15'26" West, far 142,81 feet ta the POINT OF
BEGINNING,
Page 2
File Na,: 1037--1246
First .erican TiB-e Insurance 8mpany
SCHEDULE B
Agent File No, 33638.103553
Policy No,: FA-35- 828332
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees
or expenses) which 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 rights, interests, or claims affecting the land which a correct survey would disclose and which
are not shown by the public records.
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 prior owners.
7, Taxes and assessments for the year 2002 and subsequent years,
NOTE: Exception(s) numbered 1 - 6 above is/are hereby deleted.
8, Easement for Well, Watermains and Pipes, recorded in Book 4399, Page 1600,
Page 3
File No,: 1037--1246
First .erican Titre Insurance empany
Agent File No,: 33638,103553
Policy No. FA-35-828332
Note: All of the recording information contained herein refers to the Public Records of Pinellas County,
Florida, unless otherwise 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, 2075 Centre Pointe Boulevard, Tallahassee, Florida 32308-3752,
Service, Oualitv 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 serving you, A toll-free number is available for your convenience in obtaining 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.
Page 4
File No,: 1037--1246
. -. .
- and which might c.ause loss .or dama ~ for ,which (ii) Ihe difference between Ihe value of the insur 6. SEVERABILITY.
~o~pany may be lIabl~ by vIrtue .of tffls p~lIcy', or (I estale or interest as insured and the value of the insure In the event any provision of the policy is held
If titre to the estate or mtere~t, as IOsured, IS ~ejected as estate or interesl subject to the defect, lien or invalid or unenforceable under applicable law, the
unmarketable. If prompt nO~lce shall not!>e gl.ven to the encumbrance insured against by this policy. policy shall be deemed not to include that provision and
Con.pany, then as to the IOsured all lIability of the (ho' (Th' h d l' .. he' . II h . . h II .. f II & d f&
Company shall terminate with regard to the matter or ~ IS paragr~p e.a .mg Wit omsurance was a at er provIsIons s a remalO 10 u lorce an elect.
matters for which prompt notice IS required; provided, removed from Florida pol~cles.) 17. NOTI<;ES, WH.ERE SE~.
however, that failure to notify the Company sllall in no (c) The Company WIll pay only those costs, All notices reqUIred to be gIven the Company and
case prejudice the rights of any insured under this policy attorneys' fees and expenses incurred in accordance with any statement in writing required to be furnished the
unless the Company shall be preju~ice.d by the failure Section 4 of these Conditions and Stipulalions. Company shall include Ihe number of this policy and
and then only to the extent of tile preJudice. 8. APPORTIONMENT. shall be addressed t.o the Company, Attention: Claims
4. DEFENSE AND PROSECUTION OF ACTION~ If the land described in Schedule A consists of two or Department, 1 First American Way, Santa Ana,
DUTY OF INSURED CLAIMANT Tv more parcels which are not used as a single site, and a California 92707.
COOPERATE. I ' bl' h d ff ' f h I
(a) Upon written request by the insured and subject to ass IS esta IS e a ectlOg one or more 0 t e parce s
the options contained in Section 6 of these Conditions but not all, the lo~s shall be compu.ted and settled on a
and Stipulations Ihe Company at its own cost and pro rata baSIS as If the amount of IOsurance under thIS
without unreas~nable delay, ;hall provide for the policy was divided pro rata as 10 the value on Date of
defense. of an ins~red in litigation in. which. any third Policy of each separate parcel to the whole, exclusive of
party asserts a claIm adverse to the title or mteresl. as any improvements made subsequent to Date of Policy,
IOsured, but only ,!S 10 those slaled causes of actIOn unless a liability or value has otherwise been agreed
alleglOg a ~efecl, Iwn or ~ncumbrance or other mailer upon as to each parcel by the Company and the insured
IOsured agalOst by thIS policy. The Company shall have . . .. h
the right to select counsel of its choice (subject to Ihe at the tIme of the Issuance of thIS policy and s own by
right of the insured to object for reasonable cause) to an. expr~ss statement or by an endorsement attached to
represent the insured as to those stated causes of aclion thIS polIcy.
and shall not be liable for and will not pay the fees of 9. LIMITATION OF LIABILITY.
any other counsel.. The Company.will not. pay any fees, (a) If the Company establishes Ihe title, or removes
costs or expenses mcurre.;d by th~ IOsured 10 the defense the alleged defect, lien or encumbrance, or cures the
of those c~uses of. action whIch allege matters nor lack of a right of access to or from the land, or cures the
IOsured agalOst by thIS polIcy. ., claim of unmarkelability of title all as insured in a
(b) The Company shall have the fight, at ItS own cost, ' , " ' .
to lOSt it ute and prosecute any action or proceeding or to r~~so~ably dIlIgent manner by any method, mcludlOg
do any other act which in its opinion may be necessary ~Itlgatlon and Ihe completIOn of any appeals therefrom,
or desirable to establish the title to the estate or interest II shall have fully performed ItS oblIgatIons wllh respect
as insured, or to prevent or reduce loss or damage to th~ to that matter and shall not be liable for any loss or
insured. The Compa!!y may take any appropriale action damage caused thereby.
under the terms.of thiS polIcy, whetller or .001 It shal,I be (b) In the event of any litigation, including liligation
liable .hereunder, an~ snail n<?t thereby cancede liabIlity by the Campany or with the Company's consent, the
or waIve a!!y prov.lslon of thIS polIcy. If the .Company Company shall have no liability for loss or damage until
shall exercIse ItS fights under tnls paragraph, It shall da th h be f' I d t . t' b rt f
so dili ently. ere as . en a . lOa e ermlOa Ion y a cou 0
(c) ~henever the Company shall have brought an competent jUnsdlctlon, and dIspoSItiOn of all appeals
action or interposed a defense as required or permitted Iherefrom, adverse to the tllle as IOsured.
by the proviSIOns of this policy, the Company may (c) The Company shall .001 be liable for loss or
pursue any ,litigatian ta final determination by a cour' of damage 10 any insured for liability voluntarily assumed
competent Jun~dlctlon and expressly reserves the fight, by the insured in settling any claim or suit without the
!n ItS sole dIscretIOn, to appeal from any adverse prior written consent of the Company,
.J u~1i)Inntallr g:~::'where this policy permits or requires 10. REDUITION OF INSURANCE; REDUCTION
the Company to prosecute or proVIde for the defense .of OR TERMINATION OF LIABILITY.
any action or proceeding, the IOsured shall secure to the All payments under thIS policy, except payments
Company the right to so prosecute or provide defense in made for costs, attorneys' fees and expenses, shall
the action or proceeding, and all appeals therein, and reduce the amount of the insurance pro tanto.
permit the Company to use, al its option, the name of 11. LIABILITY NONCUMULATIVE.
the insured for ,this purpose. Whenever requested by the It is expressly understood Ihat the amount of
Company, the IOsured, at the Company ~ expense,. shall insurance under this policy shall be reduced by any
gIve the Company all reasonable aId (I) 10 any action or d I'
proceeding, securing evidence, obtaining witnesses, ~mo~nt the Company ma~ pay un. er any po ICY
prosecuting or defending the action or proceeding, or IOsuflng a mortgage to. which e~ceptlon IS taken m
effecting settlement, and (ii) in any other lawful act Schedule B or to whl~h the IOsured has agreed,
which in the opinion of the Company may be necessary assumed, or taken subject, or whIch IS hereafter
or ~esirable t.o establish the title to. th~ eslate or int~rest executed by an insured and which is a charge or lien on
as IOsu~ed. If the COlI)pany IS preJ,udlced by the.; faIlure the estate or interest described or referred to in Schedule
of the lO~ured .to ~urmsh the ~equlTed cooperatIOn, ~he A, and the amount so paid shall be deemed a payment
Company ~ oblIgatIons to the I,!sured under the polIcy under this pal icy to the insured .owner,
shall termmate, mcludlOg any liabIlity .or .obligatIOn to 12 PAYMENT OF LOSS
defend, prosecute, or contmue any lIt1galton, wllh . '..
regard to the matter or matters requiring such (a) No payment shall be made WIthout produclOg
cooperation. this policy for endorsemenl of the payment unless the
5. PROOF OF LOSS OR DAMAGE. policy has been lost or destroyed, in which case proof of
In addition to and after the notices required under loss .or destructian shall be furnished ta the satisfactian
Section 3. of these Condilions and Stipulations have of the Company.
b~en proVIded the Company, ~ proof of l!Jss or damage (b) When liability and the extent of loss or damage
slgn~d and sworn to by the I,!sured claImant shall be has been definilely fixed in accordance with these
furmshed to the Company wlthm 90 days after the . , ,.
insured claimant shall ascertain the facts giving rise to CondItIOns and Sltpulallons, the loss or damage shall be
the loss or damage. The proof of lass or damage shall payable within 30 days thereafter.
describe the defect in, or lien or encumbrance on Ihe 13. SUBROGATION UPON PAYMENT OR
title, or other matter insured against by this policy which SETTLEMENT.
constitutes the ~asis of loss ~r damage an.d shall state, to (a) The Comoanv's RiVht of Subrol!ation
the extent pOSSible, the baSIS of calcula!mg t~e '.Imount Whenever the Company shall have settled and paid a
of the loss or damage: If the Corppany IS prejud.lced by claim under this policy, all right of subrogation shall
the .fallure of the IOsured claImant to proVIde Ihe vest in the Company unaffected by any act of the
reqUITed proof of loss or damage, the Company's. ,
obligations to the insured under the policy shall IOsured clalmanl. ,
term mate, including any liability or obligation to The Company shall b~ subrogated to and be enlttled
defend, prosecute, or continue any litigalton, with to all fights and remedIes whIch the IOsured claImant
regard 10 the matter or mailers requiring such proof of would have had against any person or property in
loss or d~~age... respect to the claim had Ihis policy not been issued. If
In. addItIon, the.lOsured cl.almant may reasonably be requested by the Company, the insured claimant shall
requued to submIt to .examlOalton under oath by any transfer to the Company all rights and remedies against
authoflzed representaltve of the Company and shall 'rf .
produce for examination, inspection and copying, at a.ny person or pr<?perty nec~ssary 10 order 10 pe ect thiS
such reasonable times and places as may be designated fight of subrogation. The IOsured claImant ~hall permIt
by any authorized representative of Ihe Company all the Company to sue, compromise or settle 10 the name
records, books, ledgers, checks, correspondence 'and of the insured claimant and to use the name of the
memor~nda, w~ether bearing a date before or after Dale insured claimant in any transaction or litigation
of PolIcy, which re!lsonably pertalO to the los~ or involving Ihese rights or remedies.
damage. . Further, If requested by. any authoflzed If a payment on account of a claim does not fully
representalt.ve of t~e. CO'!lpany',. the IOsured claImant cover the loss of the insured claimanl the Company
shall grant ItS permISSIOn, 10 wnltng, for any authoflzed . " ..
representative of Ihe Company to examine, inspect and shall b~ subro~ated to these ng~ts and remedIes m the
CORY all records, books, ledgers, checks, correspondence proportIon which the Company s payment bears to the
and memoranda in the custody or control of a third whole am.ount .of the lass.
party, which reasonably pertain to the loss or damage.
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