2001-12-17_REPORT - M1983067 (13)

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Continued from Back of Front Cover 5. OPTIONS i0 PAY OR OTHERWISE SETTtE ttAlINS The Company shall have the option to pay or otherwise settle for or in the name of an insured claimant any claim in- sured against or to terminate all liability and obligations 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 sea incurred up to the time of cuch 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 ease exceed the least of: (i) the actual loss of the insured claimant; or (ii) the amount of insurance in Schedule A. (b) The Company will pay, in addition to any loss insured against by this polity, all vests imposed upon an insured in IiU- gation carried on by the Company for sorb insured, and all ousts, attorneys' fees and expenses in litigation carried on by such insured with the written authoriralion of the Company. (c) When liability has been definitely fixed in accordance with the conditions of this policy, the Lou or damage shall be payable within 30 days thereafter. 7. LIMITATION OF LIABILRY No claim shall arise or be maintained under this polity (a) if the Company, after having received notice of an alleged defect, lien or encumbrance insured against hereunder, by litigation or otherwise, removes such defect, lien or enwm- btance or establishes the title, ss insured, within a reasonable time after receipt of such notitt; (b) in the event of IiU ation until there has been a final determination by a court o~mm- peten[ jurisdiction, and disposition of all appeals therefrom, adverx to the title. as insured, as provided in paraRraPh 3 berm(; or (c) for liability voluntarily assumed by an insured in settling any claim or suit without prior written consent of the Company. interest wvered by this purity 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 estab- lished affecting one or more of said parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this polity was divided pro tats 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 u to each such parcel by the Company and the insured at the time of the issuance of this polity and shown by an express statement herein or by an endorsement attached hereto. I1. SUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the Company shall have settled a claim under this ppoolicy, a!I right of subrogation shall vest in the Company unatfeMed by any act of the insured claimant The Company shall be subrogaled to and be entitled to all rights and reme- dies which such insured claimant 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 subrogation 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 Lou of such insured claimant, the Company shall be subrogated to such rights and remedies in the pro- portion which said payment bears to the amount of said loss. If loss should result from any act of such insured claimant, such act shall not void this policy, but the Company, in that event, shall be required to pay only that parr 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. REDUCTION OF LIABILITY All payments under this polity, exttpt pa manta made for costs, attorneys' fees 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 bat or destroyed, in whirl[ rase proof of cuch loss or destruction shall be furnished to the satisfaction of the Company. 9. LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Com- pany may pay under policy insuring either (a) a mortgage shown or referred to in Schedule B berm( which is a lien on the estate or interest covered by this polity, or (b) a mortgage hereafter executed by an insured 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 polity. The Company shall have the option [o apply to the pay- ment of any such mortgages any amount that otherwise would be payable hereunder to the insured owner of the estate or IZ. LABILITY LINKED TO THIS POLICY This instrument together with all endorsements and other instruments, i( any, attached hereto by the Company is the entire policy and contract between the insured and the Company. Any maim of Lou or damage, whether or not based on negligence, and which arises out of the autos of the title [o 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 writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary. an Assistant Secretary, or validating officer ar authorized signatory of the Company. 13. NOTICES, WHERE SENT All notices required W be given the Company and any statement in writing required to be famished the Company shall be addressed to Transamerica Title Insurance Company. P. O. Box 605, Denver, Colorado g0201.