Page 302 - ALTA Endorsements Guide

ADDENDUM RETURN TO TABLE OF CONTENTS

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

d. If the Company pursues its rights under Condition 5.b. and is unsuccessful in establishing the Title, as insured:
i. the Amount of Insurance will be increased by 15%; and
ii. the Insured Claimant may, by written notice given to the Company, elect, as an alternative to the dates set forth in Condition 8.b. or, if it
SAMPLE
applies, 8.c., to use either the date the settlement, action, proceeding, or other act described in Condition 5.b. is concluded or the date the
notice of claim required by Condition 3 is received by the Company as the date for calculating the fair market value of the Title in Condition
8.a.ii.
e. In addition to the extent of liability for loss or damage under Conditions 8.a. and 8.d., the Company will also pay the costs, attorneys’ fees, and
expenses incurred in accordance with Conditions 5 and 7.

9. LIMITATION OF LIABILITY
a. The Company fully performs its obligations and is not liable for any loss or damage caused to the Insured if the Company accomplishes any of
the following in a reasonable manner:
i. removes the alleged defect, lien, encumbrance, adverse claim, or other matter;
ii. cures the lack of a right of access to and from the Land; or
iii. cures the claim of Unmarketable Title,
all as insured. The Company may do so by any method, including litigation and the completion of any appeals.
b. The Company is not liable for loss or damage arising out of any litigation, including litigation by the Company or with the Company’s consent, until
a State or federal court having jurisdiction makes a final, non-appealable determination adverse to the Title.
c. The Company is not liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without
the prior written consent of the Company.
d. The Company is not liable for the content of the Transaction Identification Data, if any.
10. REDUCTION OR TERMINATION OF INSURANCE
All payments under this policy, except payments made for costs, attorneys’ fees, and expenses, reduce the Amount of Insurance by the amount of the
payment.

11. LIABILITY NONCUMULATIVE
The Amount of Insurance will be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule
B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after the Date of Policy and which is a charge or lien
on the Title, and the amount so paid will be deemed a payment to the Insured under this policy.

12. PAYMENT OF LOSS
When liability and the extent of loss or damage are determined in accordance with the Conditions, the Company will pay the loss or damage within 30
days.

13. COMPANY’S RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT
a. If the Company settles and pays a claim under this policy, it is subrogated and entitled to the rights and remedies of the Insured Claimant in the
Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person, entity, or property to the fullest
extent permitted by law, but limited to the amount of any loss, costs, attorneys’ fees, and expenses paid by the Company. If requested by the
Company, the Insured Claimant must execute documents to transfer these rights and remedies to the Company. The Insured Claimant permits
the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or
litigation involving these rights and remedies.
b. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company defers the exercise of its subrogation right
until after the Insured Claimant fully recovers its loss.
c. The Company’s subrogation right includes the Insured’s rights to indemnity, guaranty, warranty, insurance policy, or bond, despite any
provision in those instruments that addresses recovery or subrogation rights.

14. POLICY ENTIRE CONTRACT
a. This policy together with all endorsements, if any, issued by the Company is the entire policy and contract between the Insured and the Company.

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