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TIMES PUBLISHING COMPANY Hee. D.S. lnt, Tot. I :f:: . . . 88-137081 APR p INELLAS CO SK27io~~~S P 2 : 10PM ______1_11111I1 I111 1111111111 1111111111 11111 /111111111111 S 75 FLORIDA TITLE & GUARANTY COMPA'NY--------------------------- "',,. FILE NO. 99-73539SP THIS WARRANTY DEED, Made this day of llPFtI~~~~7~h ITF 04-?7-1QQq 13:35:03 01 DFD-r.IYR/TTMF~ PUBLISH RFr.ORIl Hm 1 nor. ~TA"P - DR?1Q ~ _co.. ....... a corporation existing under the laws of TOTAl! r.HFr.K A"T_TF~IlFRFIl! r.HAWr,F! $6.00 $1,598.10 -------- $1,604.10 il,604.10 $.00 AD.,19 99 by TIMES PUBLISHING COMPANY FLORIDA ~:':"-hereinafter called the Grantor, to j ::> <1~,}Owhose mailing address is CITY OF CLEARWATER, FWRIDA, A MUNICIPAL CORPORATION P.O. BOX 4748 CLEARWATER, FL 33758-4748 tJ-=~[)ereinafter called the Grantee. Social Security Number: I bOTJ. ~ WITNESSETH: That the said Grantor, for and in consideration of the sum of ten dollars '-..::/' ($10.00) and other valuable consideration~ to said Grantor in han.d paid, the receipt where~f is hereby acknowledged, has granted, bargamed, and sold unto the said Grantee, and the Grantee s heirs, or successors, and assigns forever, all that certain parcel of land situate in said State and C'..ounty legally described as follows, to wit: Property Appraiser's Parcel Identification Number: 15/29/15/54450/008/0010 The West 114.00 feet of Block 8, MAGNOLIA PARK SUBDIVISION, being more particularly described as all of Lots 1,2,9 and 10, and the West 4.0 feet of Lots 3 and 8, Block 8, MAGNOLIA PARK, according to plat thereof as recorded in Plat Book 3, Page(s) 43, of the Public Records of Pinellas County, Florida. '"'0 Subject to easement of record.. f" \!\..QJ\\~\'{ \.I' -, i-'.,.'~ ~~) </...H ~\ ." ,-~ ~.d (~,-c, _ \s1. [\'.N. i"\.., ?>37~3 Z'd~';'> . ~h\J{g, f np\pt~,M St. r 'oJ oJ I .S-9S=,.:. () -r ~_.t7. 1~ '~TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in anywise _wertairiiflg. - ~~;., ~--' AND theiard Grantor does hereby fully warrant the title to said land, and will defend the same against the lii'wrul -chrims!lf all persons whomsoever, except taxes for year 1999 and subsequent. 'i,' 1 ;"y ~<'-"""--, ("Gmntor~ Rlld ~Grantee"-arc 1I1'1cd hcrei'n for singular or plural, the singular shall include the plural, and any ~cnrl('r shall indudc all ~cnders, as cOllt.ext requires.) TIMES PUBLISHING COMPANY. A FTORTnA CORPORATE NAM~~ CORPORATION Signed, sealed and delivered in the presence of: ~--) . j)~ ~ rr ) Sandra J. Diem By ~tad CATHERINE KARL, VICE PRESIDENT ADDRESS OF FINANCE WITN~~~S NAM~; ~r!!!: 1L<f:~: l~~_ STATE OF FWFtIDA COU'NTY.OF .. - .PINELLAS The foregoing instrument was acknowledged before me this 16~ OFFICIAL NUrARY SEAL CONNIE 5 PRiCE NOTARY PUBLIC STATE OF FLORIDA COMMIS'3ION NO. CCS64326 MY COMM1SS!Oli.~P.l.ULY 24,2000 --, day of llPRIL 19 99 by CATHERINE KARL, VICE PRESIDENT OF FINANCE of TIMES PUBLISHING Ca-iPANY a FWRIDA corporation, on behalf of the produced as identification and THIS INSTRUM T PREPARED BY: (2 . THIS INSTP.UM'.NT W,^cS PR~Pt..H::U ,-"~ BARBARA MULLINiX,.. , FLORIDA TITLE & GUARANTY C\.j'\I!P"NY , AVENUE NORTH 81 PETERSBURG, FLORil:, 58 F~J A NECESSARCQNy' INCDIITD~J J&T~INEn FULFILLMENT OF A ITM!:""" IN A TITLE INSURANCE COMM ..,1' ISSUED BY \T corporation. &nli!,€I,;E is personally known to me or has A'J91(' '- take an oath. ~'/n~ Notary Public Name Connie S. Price ITG #23 ,/ ,/ /. { ., ... 'el lei ~ ,r [-.?853-01 AlI8l OMB No. 2502-0265 A. B. TYPE OF LOAN FLORIDA TITLE & GUARANTY COMPANY 1. D FHA 2. D FMHA 3. D CONV. UN INS. 2958 FIRST AVENUE NORTH 4.DvA 6,0 CONV, INS. ST. PETERSBURG, FLORIDA 33713 (813 ) 327-1000 6. F lie Number: 17. Loan Number: SP73539 SETTLEMENT STATEMENT 18. Mortgaga Insurance CBSe NumDer: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT C. NOTE: This form Is fur'llshed to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(p. o. C.)" were pbld outside the closing; they are shown here for Informational purposes and are not included In the totals. WARNING: It Is a crime to knowinglfs make false statements to the United States on this or any other similar form, Penalties upon conviction can include a fine and Imprisonment. For detai s see: Title 1BU. S. Code Section 1001 and Section 1010. PREVIOUS EDITION IS OBSOLETE. D. NAME OF BORROWER: C I TV OF CLEARWATER, A MUNICIPAL CORPORATION ADDRESS: P . O. BOX 4748 ('I rADW.\TFR FI 33758-4755 E. NAME OF SELLER: TIMES PUBLISHING COMPANY ADDRESS: 490 1ST AVENUE SOUTH ST PE II- USHIIRG FL 33701 F. NAME OF LENDER: CASH ADDRESS: G. PROPERTY LOCATION:YACANT LAND H. SETTLEMENT AGENT: FLORIDA TITLE & GUARANTY COMPANY I. SETTLEMENT DATE: ADDRESS: 2958 FIRST AVENUE NORTH ~T PETF FLoRInA ~~713 APRIL 23, 1999 PLACE OF SETTLEMENT: FLORIDA T I TLE& GUARANTY COMPANY ADDRESS: 2958 FIRST AVENUE NORTH ~T PEH FIORInA ~371~ J. SUMMARY OF BORROWER'S TRANSACTION K. SUMMARY OF SELLER'S TRANSACTION 100. GROSS AMOUNT DUE FROM BORROWER 400. GROSS AMOUNT DUE TO SELLER: 101, Contract sales price 228,242.25 401, Conlract sales price 228,242.2~ 102. Personal property .~ 103. Settlement charges to borrower (line 1400) 6.00 403. 104, 404. 105. 405, Adjustments for Items paid by seller In advance Adjustments for Items paid by seller In advance 106. Cityltown taxes to 406. Cityltown laxes to 107. County taxes to 407. County laxes to 108. Assessments to 408. Assessments to 109. 409. 110. 410. 111. 411. 112, 412. 120. GROSS AMOUNT DUE FROM BORROWER 228,248.25 420. GROSS AMOUNT DUE TO SELLER ~~H,lij~OZ~ 200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER: 500. REDUCTIONS IN AMOUNT DUE TO SELLER: 201. Deposit or earnest money 501. Excess deposit (see instructions) 202, Principal amount of new loan(s) 502. Settlement charges 10 seller (line 1400) j,u,)~.OU 203, Existing loan(s) taken subject to 503, Existing loan(s) taken subjecl to 204, 504, Payoff of first mortgage loan 205. 505. Payoff of second mortgage loan 206. 506. 207, . 507. 208. 508, 209. 509. Adjustments for Items unpaid by seller Adjustments for Items unpaid by seller 210. Cityltown laxes to 510. Cityltown taxes to 211. County taxes to 511. County taxes to 212. Assessments to 512, Assessments 10 213. 513, 214, 514. 215, 515. 216. 5111998 PRORATION OF TAXES 1,436.11 217, 517. 218. 518. 219, 519. 220. TOTAL PAID BY/FOR BORROWER 520. TOTAL REDUCTIONS AMOUNT DUE SELLER 4,475.71 300. CASH AT SETTLEMENT FROMflO BORROWER 600. CASH AT SETTLEMENT TO/FROM SELLER 301. Gross amount due from borrower (line 120) 228,248.25 601. Gross amount due to seller (line 420) ~2H,~q~.~~ 302. Less amounts paid bylfor borrower (line 220) ( ) 602. Less reductions in amount due seller (line 520) ( ij,q/~./l) 303. CASH(~FROM) (0 TO) BORROWER 228,248.25 603. CASH (0 FROM) ~ TO) SELLER 'L.'L.,),/OO.:>q Page 1 TIllS form prOVIded by CHICAGO TITLE INSURANCE COMPANY HU[).l RESPA He 4305.2 , I L. SETTLEMENT C~ARGES . 700. TOTAL SALES/BROKER'S COMMISSION based on price $ @ %= PAID FROM PAID FROM Division of corhmission (line 700) as follows: BORROWER'S SELLER'S 701. $ i to FUNDS AT FUNDS AT 702. $ . to SETTLEMENT SETTLEMENT 703. Commission paid at Settlement (Money retained by broker applied to commission $ ) 704. . 800. ITEMS PAYABLE IN CONNECTION WITH LOAN 801. Loan Originatipn Fee % 802. Loan Discount % 803. Appraisal Fee. to 804. Credit Report i to 805. Lender's Insp~ction Fee 806, Mortgage Ins4rance Application Fee to Jill7 . AS5ump1ionE8.a....- - - - ~,-_. -.~ - 808. 809. I 810. ! 811. I 900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901. Interest from ! to @$ Iday 902. Mortgage Ins~rance Premium for months to 903. Hazard Insurance Premium for years to 904, years to 905. 1000. RESERVES DEPOSITED WITH LENDER 1001. Hazard insur~nce month @ $ per month 1002. Mortgage insurance month @ $ per month 1003. City property ,axes month @ $ per month 1004., County prope:rty taxes month @ $ per month , " 1005. Annual assesisments month @ $ per monlh .~. )f1 ~ 1006. , month @ $ per month .~ , 1007. i month @ $ per monlh '. ~t, .' 1008. month @ $ per month 1100. TITLE CHARGES 1101. Settlement or closing fee to nn.66S 1102, Abstract or title search to nfi fi6S 1103. Title examination to 66.67S 1104. Title insurance binder to 1105. Document pr~paration to 1106, Notary fees I to 1107. Attorney's fees to (includes above items numbers; ;ITj[ 1108. Title insurance to FLORIDA TI TLE & GUARANTY CO 1,416.50 (inc/udes above items numbers; 11 n1 11 n? 1103 1109. Lender's coverage $ iii 1110. Owner's coverage risk$1216.50 $ 1 416.50 ($228 242.25 ) 1111. AI TA 8 ., ---- .2223.:J I n R I nA..ffiRM_-9 1113. .""rM~MFNT ~FARrl-l 'FFF 25.00 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES -.-.---- .--- 1201. Recording fees: Deed !6.. nn ; Mortgage $ : Release $ 6.00 1202. City/county tax/stamps: Deed $ ; Mortgage $ 1203. Stale lax/stamps: Deed L "QR 1 n ; Mortgage $ 1,598.10 -.'. --....-....------- ~~--1liI.ANJi.l.B.LL..IAX. n N MIl Il .. r. A r. F 1205. I 1300. ADDITIONAL SETTLEMENT CHARGES ---.- .1~0_~:._~urvey to 1302. Pest inspection to 1303. W AI.E.R ESCROwLFINAL BILL _~~~~ I ENT FEE 1305. -----. 1306. -. . 1307. I 1400. TOTAL SETfLEMENT CHARGES (enter on lines 103, Section J and 502, Section K) 6.00 3,039.60 , I have carefully r~viewed the HUD-1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all receipts "d dl'b","""~Y "",'" I, Ihl, "a""lIo, I I'dh" ,,,my 'hal' lIa" ",,,,,,,, a copy 01 Ih, HUD-1 SoI",,,,oo'Slato"'oo' Bono.,,; ~~ S,"" I - To the best of ~ ow~~, the HUD-1 Sl'!ttlem~t~sem~ ich I have prepared is a true and accurate account of the funds which were received and have been 01 . ~~; ?r ""''''I "IiO ~ "tII,,,,oo' 0' 1111, """tIIlo' .- SJtt1ement Agent -J Date . . HUD.' " RESPA HB 4305 c ". t . i'F.~- '* !l~' " :,!\: 4i!!.' . ~fAb:~!;!', '!ii;:'."i\b:~!;l\' -!ji!~"'!C .@""i!W'.. ..-; .!!\H!!. {~< -I!ik' ,,- ..!i\Hli!." - ,. .~. .~.:.\. 'Iii! ;- '"l!ib~!.'. ' "'~J\"im. " "~b. '!ll,;,!~ . .~~ :~~. ,," ,,'- '. .!!~,: 'iii! .~' - I". .{lr '!)!V< ~r:' "~' . ~:, '~!" . -.. ''', .l;\r 'iii!' ii^, . .~l'i 1!,I.. -. !~ AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (10-17-92) (WITH FLORIDA MODIFICATIONS) 10 2926 106 00000083 CHICAGO TITLE IN SUR A N C E COMPANY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE INSURANCE COMPANY, a Missouri 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. Unmarketability 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. In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of the Date of Policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. yr,. i ~. ,,-\"i' ~. Issued by: FLORIDA TITLE & GUARANTY COMPANY A DIVISION OF TITLE ASSOCIATES L.L.C. 2958 FIRST AVENUE N ST. PETERSBURG, FL 33713-8635 (727) 3 1-1000 9 .~: CHICAGO TITLE INSURANCE COMPANY By: :, ~f'{- ;.~.;: .,If, 111 ,(~{ ,"" ;.'f.": ~ ,(~<. ~;~ By: i\?,.:qVJ ';j!!i"@l:~'.;W!--\:\:' . ~.;E:~ ':li,:I"p',,:W-\W,' ,"1:i.,if.o: ,,- ~ .;' 'iP...:~" ,:::h~.tj~:;~:; +..: .......:1:' il?...~'.;:w '\k:~~;:'.di!!, ;Uh:I;\iW;:W \~:o:q~', ':1!! .!!!i.:lt~W;:W)h:I.\i;l'.;:1!i--\\\:;:ti.\i-':'.;:1: ALTA Owner's Policy (10-17-92) (WITH FLORIDA MODIFICATIONS) ';':$ ~ ',:$ '.'.'-,. ~ ~ "''if :: !Ii. ~' ,tj;' !i+ .,~~ f~ it " "i'~~ c\.';" .";,, .;.f" ~ ~ Ii' .~_. ~ ":.'.z, ~. ~~:; '.Y./L ~ .~~~ '''':$ ~ 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 which arise by reason of: ,1. (a) Any law, ordinance or governmental regulation (including but 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 the 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 matters: (a) created, suffered, assumed or agreed to by the insured claimant; _c--~-~bT-non<nown to-the-Company, not recorded in tile 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 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 interest insured by this policy, by I' reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: I (i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (ii) 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: (a) to timely record the instrument of transfer; or (b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. ~' , I I '4 , I .. .' CHICAGJ TITLE. INSURANCE COkPANY OWNERS FORM SCHEDULE A OFFICE FILE NUMBER: 98-73539 SP POLICY NUMBER: 10 2926 106 00000083 DATE OF POLICY: APRIL 27, 1999 AMOUNT OF INSURANCE: $228,248.55 1. Name of Insured: CITY OF CLEARWATER, FLORIDA, A MUNICIPAL CORPORATION 2. The estate or interest in the land described herein and which is covered by this policy is: Fee Simple 3. The estate or interest referred to herein is at Date of Policy vested in the insured. 4. The land herein described is encumbered by the following mortgage or trust deed, and assignments: NONE 5. The land referred to in this policy is described as follows: The West 114.00 feet of Block 8, MAGNOLIA PARK SUBDIVISION, being more particularly described as all of Lots 1, 2. 9 and 10. and the West 4.0 feet of Lots 3 and 8, Block 8, MAGNOLIA PARK. according to plat thereof as recorded in Plat Book 3, Page(s) 43, of the Public Records of Pinellas County, Florida. This policy valid only if Schedule B is attached. FORM 3849'()6 ,( CHICAGO'TITut.INSURANCE COJPANY "':'j POL I CY FORM SCHEDULE B Office File Number: 98-73539 SP This policy does not insure against loss or damage by reason of the following exceptions: General Exceptions: (1) Rights or claims of parties in possession not shown by the public records. (2) Encroachments. overlaps. boundary line disputes, and any other matters which would be disclosed by an accurate survey and inspection of the premises. (3) Easements or claims of easements not shown by the public records. (4) Any lien, or right to a lien. for services. labor. or material heretofore or hereafter furnished. imposed by law and not shown by the public records. (5) Taxes or special assessments which are not shown as existing liens by the public records. (6) Any claim that any portion of said lands are sovereign lands of the State of Florida. including submerged. filled or artificially exposed lands and lands accreted to such lands. NOTE: The following General Exceptions are hereby deleted from said Policy: Items (1) and (4). Special Exceptions: The mortgage. if any. referred to in Item 4 of Schedule A. if this schedule is attached to an Owner's Policy. 1. The lien of the General Taxes for the year 1999 and thereafter. 2. Easement reserved to FLORIDA POWER CORPORATION, as recorded in Official Records Book 4693. Page 293. Public Records of Pinellas County. Florida. 3. Subject to matters as shown on survey by OVERBECK & ELLIOTT. Job No. 99043. dated March 31. 1999. Note: This Policy consists of insert pages labeled Schedules A and B. This Policy is of no force and effect unless both pages are included along with any added pages incorporated by reference. FORM 3649-05 ~ I CONDITION~ A,Np :STIPULATIONS (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent juris- diction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prose- cute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the ins!Jred for this purpose, Whenever requested by the Company, the insured, atthe Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or pro- ceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest 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 obliga- tion to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. -. '. ," . 1. DEFINITION OF TI;RMS Thefollowing'terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors, (b) "insured claimant": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowl- edge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart construc- tive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improve- ments affixed thereto which by law constitute real property, The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but noth- ing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1 (a)(iv) of the Exclusions From Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. _.~- 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or dam- age for which the Company may be liable by virtue of this policy, or(iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice, 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE (a) Upon written request by the insured and subject to the options con- tained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to thelitle or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter 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 and 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 insured in the defense of those causes of action which allege matters not insured against by this policy, . (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, 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 hereunder, and shall not thereby concede liability or waive any provision of this policy, If the Company shall exercise its rights under this paragraph, it shall do so diligently. I 5. PROOF OF LOSS OR DAMAGE In addition to and after the notices required under Section 3 of these Condi- tions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encl)mbrance on the title, or other matter insured against by this policy which 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, If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obliga- tion to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage, In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reason- able times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bewing a date before or after Date of Policy, which reasonably pertain to the loss or damage, Further, if requested by any author- ized representative of the Company, the insured claimant shall grant its per- mission, in writing, for any authorized representative of the Company to exam- ine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Com- pany, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company shall have the following additional options: (a) To Payor Tender Payment of the Amount of Insurance. To payor tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or con- tinue any litigation, and the policy shall be surrendered to the Company for cancellation, (b) To Payor Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to payor otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to payor otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Compahy is obligated to pay. Upon the exercisE! by the Company of either of the options provided for in paragraphs (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, prose- cute or continue an~ litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE This policy is a col,tract of indemnity against actual monetary loss or dam- age sustained or inqurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: . (i) the Amount of. Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy, (b) This paragrap~ removed in Florida policies. (c) The Company Will pay only those costs, attorneys' fees and expenses incurred in accorda~ce with Section 4 of these Conditions and Stipulations. 8. APPORTIONME",T If the land descri~ed in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not 1'111, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this pOlicy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an ~ndorsement attached to this policy. 9. 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 ~nmarketability of title, all as insured, in a reasonably diligent manner by ahy method, including litIgation and the completion of any appeals therefrom, i~shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's cons'ent, the Company shall have no liability for loss or dam- age until there has been a final determination by a court of competent jurisdic- tion, and dispositionlof all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY : All payments und~r this policy, except payments made for costs, attorneys' fees and expenses, ~hall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced b~ any amount the Company may pay under any policy insuring a mortgage ~o which exception is taken in Schedule B or to which the insured has agreed ,I assumed, or taken subject, or which is hereafter exe- cuted by an insuredj and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS (a) No payment s~all be made without producing this policy for endorse- ment of the payment unless the policy has been lost or destroyed, in which case proof of loss o~ destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with ~hese Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this .... ... -. I Reorder Form No. 8218 (Ri!V. 10-17-92) :. .. policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued, If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to pertect this right of subrogation. 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 or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and reme- dies in the proportion which the Company's payment bears to the whole amount of the loss, If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impair- ment by the insured claimant of the Company's right of subrogation, (b) The Company's Rights Against Non-insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indem- nities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subroga- tion rights by reason of this policy. 14. 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. Arbitra- ble matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to the 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. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Com- pany, In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy, (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company, 16. SEVERABILITY In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. 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 at the issuing office or to: Chicago Title Insurance Company. Claims Department 171 North Clark Street. Chicago, IIIlnlos 60601-3294 In Florida Call 1-800-883-2020 ..... -- .~. l