Page 301 - ALTA Endorsements Guide

ADDENDUM RETURN TO TABLE OF CONTENTS

Owner’s Policy of Title insurance
[2021 v. 01.00 (07-01-2021)]

When requested by the Company, the Insured, at the Company’s expense, must give the Company all reasonable aid in:
i. securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement; and
ii. any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter, as insured.
SAMPLE
If the Company is prejudiced by any failure of the Insured to furnish the required cooperation, the Company’s liability and obligations to the
Insured under this policy terminate, including any obligation to defend, prosecute, or continue any litigation, regarding the matter requiring such
cooperation.
b. The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the
Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized
representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence,
reports, e-mails, disks, tapes, and videos, whether bearing a date before or after the Date of Policy, that reasonably pertain to the loss or damage.
Further, if requested by any authorized representative of the Company, the Insured Claimant must grant its permission, in writing, for any
authorized representative of the Company to examine, inspect, and copy all the records in the custody or control of a third party that reasonably
pertain to the loss or damage. No information designated in writing as confidential by the Insured Claimant provided to the Company pursuant
to Condition 6 will be later disclosed to others unless, in the reasonable judgment of the Company, disclosure is necessary in the administration
of the claim or required by law. Any failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested
information, or grant permission to secure reasonably necessary information from third parties as required in Condition 6.b., unless prohibited by
law, terminates any liability of the Company under this policy as to that claim.

7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY
In case of a claim under this policy, the Company has the following additional options:
a. To Pay or Tender Payment of the Amount of Insurance
To pay or tender payment of the Amount of Insurance under this policy. In addition, the Company will pay any costs, attorneys’ fees, and expenses
incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is
obligated to pay.
Upon the exercise by the Company of this option provided for in Condition 7.a., the Company’s liability and obligations to the Insured under this
policy terminate, including any obligation to defend, prosecute, or continue any litigation.
b. To Pay or Otherwise Settle with Parties other than the Insured or with the Insured Claimant
i. To pay or otherwise settle with parties other than the Insured for or in the name of the Insured Claimant. In addition, the Company will pay
any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment
and that the Company is obligated to pay; or
ii. To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy. In addition, the Company will pay
any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment
and that the Company is obligated to pay.
Upon the exercise by the Company of either option provided for in Condition 7.b., the Company’s liability and obligations to the Insured under this
policy for the claimed loss or damage terminate, including any obligation to defend, prosecute, or continue any litigation.

8. CONTRACT OF INDEMNITY; DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by an Insured Claimant who has suffered loss or
damage by reason of matters insured against by this policy. This policy is not an abstract of the Title, report of the condition of the Title, legal opinion,
opinion of the Title, or other representation of the status of the Title. All claims asserted under this policy are based in contract and are restricted to
the terms and provisions of this policy. The Company is not liable for any claim alleging negligence or negligent misrepresentation arising from or in
connection with this policy or the determination of the insurability of the Title.
a. The extent of liability of the Company for loss or damage under this policy does not exceed the lesser of:
i. the Amount of Insurance; or
ii. the difference between the fair market value of the Title, as insured, and the fair market value of the Title subject to the matter insured
against by this policy.
b. Except as provided in Condition 8.c. or 8.d., the fair market value of the Title in Condition 8.a.ii. is calculated using the date the Insured discovers
the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy.
c. If, at the Date of Policy, the Title to all of the Land is void by reason of a matter insured against by this policy, then the Insured Claimant may, by
written notice given to the Company, elect to use the Date of Policy as the date for calculating the fair market value of the Title in Condition 8.a.ii.

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