2001-12-17_REPORT - M1983067 ‎(13)‎

• Permit No: M1983067
• IBM Index Class Name: Report
• Doc Date: 12/17/2001
• Doc Name: PUBLIC HEARING NOTIFICATION
• Media Type: D
• Archive: No

The following matters are expressly excluded from the coverage of this policy:
li. Any law, orclinance or govemmental regulation (including but not limited to building and zoning ordinances) re-
stricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character,
dhnensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in
ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordi-
rrarlce or govemmental regulation.
Z Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears
in the public records at Date of Policy.
3. Defects, (lens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the
insured claimant; (b) not known to the Company and not shown by the public records but known to the insured
claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy
and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became
>m insured hereunder: (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subse-
quent to Date of Policy: or (e) resulting in loss or damage which would not have been sustained if the insured claim-
ant had paid value for the estate or interest insured by this policy.
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) °insured": the insured named in Schedule A, and,
subject to any rights or defenses the Company may have
agstns[ the named insured. those who succeed to the mtetest
of such insured by operation of law as distinguished from
purchase including, but not limited to, heirs, distributees,
devisees, survivors, personal tepresentatlves, next of kin, or
corporate or fiduciary successors.
(b) `insured claimant": an insured claiming loss ar dam-
age hereunder.
(c) "knowledge": actual knowledge, Trot oonstrvMive
knowledga or notice which may be imputed to an insured by
reason of any public records.
(d) "land": the land described, speafially or by reference
in Schedule A, and improvements affixed thereto which by law
constitute real property: provided, however, the term °land"
does not include any property beyond the lines o[ the area
apecifitblly described or referred to in Schedule A, nor any
nght, title, interest, estate or easement in abuUing streets,
rords, avenues, alleys, lanes, ways or waterways, but nothing
herein shall modify or limit the extent to whirl a right of
access to and from the land is insured by this policy.
(e) "mortgage": mortgage, deed of [nut, trust deed, or
other security instrument
(f) °public records": those records whirl[ by law impart
constructive notice of matters relating to said land.
Z CONTINUATION OF INSURANCE AFTER CONVEYANCE OF
TRIE
The covers&e of this policy shall wntinue in force as of
Date of Policy m favor of an insured so long es such insured
retains an estate or interest in the land, or holds an indebted-
ness severed by a purchase money mortgage groan by a pur-
chaser from such ensured, or so long as such insured shall
love liability by reason of covenants of warranty ~mede by
such insured in any transfer or conveyance of such elute or
interes4 provided, however, this polity shall not continue in
force in favor of any purchaser from such insured of either
said estate or interest or the indebtedneu secured by s pur-
rhase money mortgage given to such insured.
(b) The insured shall notify the Company promptly in
writing (i) in case any action or proceeding is begun or de-
fense is interposed as set forth in (a) above, (ii) in case knowl-
edge shell come to an insured hereunder of any Gaim o! title
or interest which is adverse to the title to the elute or interest,
as insured, and which might cease loss or damage far which
the Company may be liable by virtue of this policy, or (iii) if
title to the estate or interest, as insured, is releeted as un-
marketable. If such prompt notice shall not be Riven to the
Company. then as to such insured all liability of the Company
shall cease and terminate in reganl fo the matter or matters
for which such prompt notice is required; provided, however,
that failure to notify shall in no rase prejudice the rights of any
ouch iruured under this policy unless the Company shall be
preiudieed by such failure and then only to the extent of
such prejudice.
(c) The Company shall have the right at its own mat to
institute and without undue delay prosecute any action or
proceeding or to do any other set whrrh in its opinion may be
necessary or desirable to establish the title to the estate or
interest as insured. and the Company may take any appro-
priate action under the [eons of this policy, whether or not
it shall be liable thereunder, and shall not thereby concede
liability or waive any provision of this policy.
(d) Whenever the Company shall have brought any action
or interposed s defense as required or permitted by the pro-
visions of this policy, the Company may pursue any such
litigation to final determimtion by a court of competent juris-
diction and expressly reserves the right, in its sole discretion,
to appeal from any adverse judgment or order.
(e) In ell eases where this policy permits or requires the
Company to prosecute or provide for the defense of any action
or proceeding, the insured hereunder shall secure to the
Company the right to so prose~vte or provide defense in such
aUion or proceeding, and all appeals therein, and permit the
Company to use, at its option, the name of such insured for
such purpose. Whenever requested by the Company, such
insured shall give the Company all reuonable aid in any such
action or proceeding, in effecting settlement, securing evidence,
obtaining wltnares, or prosecuting or defending such action
or proceeding, and the Company shall reimburse such insured
for any expense so incurred.
9. DEFENSE AND PROSECUTION OF ACTIONS -NOTICE OF
CLAIM TO 8E GIVEN BY AN INSURED CLAIMANT
(a) The Company, at its own cos[ and without undue
dNay. shall provide for the defense of an insured in all litiga-
tion consisting of actions or proceedings commenced against
such insured, or a defense interposed against an insured in an
action to enlorce a contract for a sale of the estate or interest
in said land. to the extent that such litigation is founded upon
an alleged defect, lien, encumbrance, or other matter insured
against by this policy.
4. NOTICE OF LOSS - LIMRATION OF ACTION
In addition to the notices required under paragraph 3(b)
of these Conditions and Stipulations, a statement in writing
of any loss or damage for which it is'claimed the Company
is liable under this policy shall be tarnished to the Company
within St0 desys after such loss or damage shall have been de-
termined and no right of action shall accrue to an insured
claimant until 30 days after such statement shall have been
furnished. Failure ro furnish such statement of loss or damage
shall terminate any liability of the Company under this policy
as to such loss or damage.
Continued on Front of ITatk Cover