Page 91 - ALTA Endorsements Guide

ALTA ENDORSEMENT RETURN TO TABLE OF CONTENTS

Endorsement 12.1
Aggregation - State Limits - Loan Policy
[2021 v. 01.01 (07-01-2021 TC 08-30-2021)]

ALTA 12.1 AGGREGATION — STATE LIMITS — LOAN POLICY ENDORSEMENT
This endorsement is issued as part of
Policy Number __________
issued by
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

SAMPLE
1. The following policies are issued in conjunction with one another:

POLICY NUMBER: STATE: AMOUNT OF INSURANCE:
$
$
$

2. The amount of insurance available to cover the Company’s liability for loss or damage under this policy at the time of payment of loss shall be the
Aggregate Amount of Insurance defined in Section 3 of this endorsement.

3. Subject to the limits in Section 4 of this endorsement, the Aggregate Amount of Insurance under this policy is either:
a. $ ______________________; or
b. If the Land is located in one of the states identified in this subsection, then the Aggregate Amount of Insurance is restricted to the amount shown below:

STATE: AGGREGATE AMOUNT OF INSURANCE:
$
$

4. Condition 7.a. is restated in its entirety to read:
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 up to the Aggregate Amount of Insurance or to Purchase the Indebtedness
i. To pay or tender payment of the lesser of the value of the Title as insured at the date the claim was made by the Insured Claimant, or the
Aggregate Amount of Insurance applicable 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; or
ii. To purchase the Indebtedness for the amount of the Indebtedness on the date of purchase. 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 purchase and that
the Company is obligated to pay.
If the Company purchases the Indebtedness, the Insured must transfer, assign, and convey to the Company the Indebtedness and the
Insured Mortgage, together with any collateral security.
Upon the exercise by the Company of either 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.

5. Condition 8 is restated in its entirety to read:
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.

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