2001-12-17_REPORT - M1983067 (13)

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Continued from Back of Front Cover S. OPTIONS TO PAY OR OTHERWISE SETTLE CLAUNS The Company shall have the option to pay or otherwise settle /or or in the name of an insured Geimant any claim in- sured against or to terminate all liability and obltgatiore of the Company hereunder by paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and ex nses incurred up to the lime of such payment or tender of payment, by the insured claim- ant and authorized by the Company. 6. DETERMINATION AND PAYMENT OF LOSS (a) The liability of the Company under this policy shall in no wse excetd the least of: (i) the actual loss of the insured elafmant; or (ii) the amount of insurance in Schedule A. (b) The Company will pay, in addition to any loss insured against by this policy, all costs imposed upon an insured in liti- gation varied on by the Company for such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written authorisation of the Company. (c) When liability has been definitely fixed in accordance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. 7. UMRATION OF LIABfLfrY No claim shall arise or be maintained under this policy (a) if the Company, after having received notice of an alleged defect, Ilan or encumbrance insured against hereunder, by IiUgation or otherwise. removes such de[eU, Ilea or eneum- brance or establishes the title, as insured, within a reasonable time after receipt of such notice; (b) in the event of IiUga~ion until there has been a final determimUon by a court of com- petent jurisdiction. and disposition of all appeals therefrom, adverse to the title as insured, as provided in paragraph 3 hereo(: or (c) for liability voluntarily assumed by an insured in settling any Gaim or suit without prior written consent of the Company. interest covered by this policy and the amount so paid shall be deemed a payment under this policy to said insured owner. 10. APPORTIONMENT If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is esub- lished affecting one or more of said parcels but not all, the loss shall be computed and settled on a Dro rata basis as if the amount of insurance under this polity was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exr~usive of any improvements made subsequent to Date of Policy, unless a liabtlily or value has otherwise been agreed upon as to each such parcel by the Company and the insured et the Ume of the issuance of this policy and shown by an express statement herein or by an endorsement attached hereto. 11. sUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the Company shall have settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any aM of the insured claimant The Company shalt be subrogated to and be entitled to all rights and reme- dies which such insured Uaimant would have had against any person or property in respect to such claim had this policy not been issued, and if requested by the Company, such insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect such right of subrogatton and shall permit the Company to use the name of such insured claimant in any transaction or litigation involving such rights or remedies. If the payment does not cover the loss of such insured claimant, the Company shall be subrogated to curb rights and remedies in the pro- portion which said paymant bears to the amount of said loss. If loss should result tram any sU of such insured claimant, such aU shall not void this policy, but the Company, in that event, shell be required to pay only that part of any losses insured against hereunder which shall exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation. B. REDUQION OF LIABILITY All payments under this policy, except pa ants made for costs, attorneys' tees and expenses, shall reduce the amount of the insurance pro Canto. No payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case Droof of such loss or destruction shall be furnished to the satisfaction of the Company. 9. LLABILITY NONCUMUlAT1VE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Com- pany may pay under polity insuring either (a) a mortgage shown or referred to in Schedule B hereof whrrh is s Tien on (the estate or interest covered by thLs policy, or (b) a mortgage hereafter executed by an insured whfeh is a charge or lien on the estate or interest described or referred to fn Schedule A, and the amount so paid shall be dcemed a payment under thLs policy. The Company shall have the option W apply to the psy- ment of any such mortgages any amount that o erwise would 6e payable hereunder to the Insured owner of the estate or 12. LIABILITY LIINIiED TO THIS POLICY This inSWment together with all endorsements end other instruments, if any, attached hereto by the Company is the entire polity and contract between the insured end the Company. Any Uaim 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 any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this policy. No amendment of or endorsement to this policy can be made except by wriUnq endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary. an Assistant Secretary, or validating officer or authoriu.l signatory of the Company. 17. NOTICES, WHERE SENT All notices required W be given the Company and any statement in writing required to be furnished the Company shall be addressed to Transemerita Title Insurance Company. P. O. Box 60.5, Denver, Colorado 80201.