ARCHIVED REPORTS XR0012973 - Laserfiche WebLink

Home Browse Search

i� J extent herein described, and subject to the Fxclusions From Coverage of This Guarantee. The liability of the Company under this Guarantee to the Assured shall not exceed the least of Cby (a) the amount of liability stated in Schedule A or in Part 2; (h) the amount ofthe unpaid principal indebtednes secured the mortgage of an Assured mortgagee, as limited or provided under Sectioh 6 of these Conditions and Stipulations or as reduced under Section 9 of these Conditions and Stipulations, at the time the =loss or damage assured against by this Guarantee occurs, together with interest thereon; or (c) the difference between the value of the estate or interest covered hereby as stated herein and the value of the estate or interest subject to any defect, lien or encumbrance assured against by this Guarantee. S. Limitation of Liability. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures any other matter assured against by this Guarantee in a reasonably diligent mariner by any method, including litigation and the completion of any appeals therefrom, it 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 by the Company or withthe Company's consent, the Company shall have no liability for loss or damage until there has been a final dererminatinn by a court of competent jurisdiction, and disposition of all appeals therefrom adverse to the title, as stated herein. (c) The;Cempany shall not he liable for loss or damage to any Assured for liability voluntarily assumed by the Assured in settling any claire or suit without the prior written consent of the Company. 41 l 9. Reaucuan of Liabllily ur Terminalion of lAability. All payments under this Guarantee, except payments made for costs, aaomeys' fees and expenses pursuant to Paragraph 4 shall reduce the amount of liability pro tanto. 14. Payment or Loss. (a) No payment shall be made without producing this Guarantee for endorsement of the payment unless the Guarantee has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent o£loss or damage has been definitely fixed m accordance with these Conditions and Stipulations, the loss or damage shall be payable withinthirty (30) days thereafter. 11. Subrogation Upon Payment or Settlement. Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shall vest in the Company unaffected by any act of the Assured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have had against any person or property in respect to the claim had this Guarantee not been issued. If requested by the Company, the .Assured shall transfer to the Company all rights and remedies against arrypersort or property necessary in order to perfect this right of subrogation. The Assured shall permit the Company to sue, compromise or settle in the name of the Assured and to use the name of the Assured 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 Assured the Company shall be subrogated to all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and 0nsts of collection. 12. Arbitration. Unless prohibited by applicable law, either the Company or the Assured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Assured arising out of or relating to this Guarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision or other obligation. All arbitrable matters when the Amount of Liability is $1,000,000 or leas shall be arbitrated at the option of either the Company or the Assured All arbitrable matters when the amount of liability is in excess of 51,000,000 shall be arbitrated only when agreed to by both the Company and the Assured_ The Rules in effect at Date of Guarantee 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 permits 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. 13. Liability Limited to This Guarantee; Guarantee 'Entire Contract. (a) This Guarantee together with all endorsements, if any, attached hereto by the Company is the entire Guarantee and contract between the Assured and the Company. In interpreting any provision of this Guarantee, this Guarantee shall be aumoued as a whole. (b) Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim, shall be restricted to this Guarantee. (c) No amendment of or endorsement to this Guarantee 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. 14. Notices, Where Sent. All notices required to be given the Company and any statement in writing required to be famished the Company shall include the number of this Guarantee and shall be addressed to the company at: FNF - Southwest Claims Center 17911 Von Katman AvenueSuite 300 Irvine, CA 92614 Attn: Claims Administration Chain of Title Guarantee CLTA Guarantee Form No. 6 (12115195)