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Home My WebLink About0119 I) \. :ll :t, c <'3 ,.' r.:: "'I , co t- O' ,- !_'''' '~ ~,~ ~~co e\J r- fij ~;::!2 ~~ ') \) Q; ~~~ . ") ."" cl! \'vi ~ ~~ \ "j f- ~u !I.W , -I 0-1 ~c ..,U 3E-1C/) a .-<( O1:CI)3 c/) 01: C U I-I.W__ f-01: 1;:>-<(3 I.WI- I;:>c/)I.W "" I.W CU-U- UC> I.W >. ""2"" C> -<( \.U......I- ""f-2 U\.U G\.U::;: 2""'" ......""u \.U C> C> roUI;:> 78C!?OG04 I' :'\ .' ; n:'f I ',I t Recorded at.....................o.clock.l-g..[.},q \!...;;.#8........ Reception No............................ ..........lS13 }l"Ji. .. '( AM 9: 21 .....cuullfy'\l'feJefferson State of CC FILING STAMP ;-1 THIs DEED, Made this 2nd day of ~'arc'l 19 78 ,between GEORr:r: T. SPART\.:00D AND of the County of @ EDNp ANNA ,PAP'n'f;OD Jefferson and State of Colorado, o!the first part, and CITY OF "!EEA T P. IDrE 70n \.1. 38th pve., m,eat Pidge. Colo S003' of the County of Jefferson and State of Colorado, of the second part: WITNESSETH, That the said party of the first part. for and in consideration of the sum of Nine T!1ousand Five Hundred and no/100--------------------------------- DOLLARS, to the said party of the first part in hand paid by the said party of the second part, the receipt whereof is hereby confessed and acknowledged. has granted, bargained, sold and conveyed, and by these presents does grant, ba.rgain, sell, convey and confirm, unto the said party of the second part, his heirs and assigns forever, all the following descri.bed lot 0.1' parcel of land, situate, lying and being in the County of Jefferson and State of Colorado, to.wit: Tne North 250 feet cf the East If2 of the East 2/2 n. the E J/2 of the tIE 1/4 SF J/4 IW 1,1{, of Eectjor 21, TO''11shin ' South "anpe 6<1 Vest except the [pet 0 feet therf'cf n'-evicl'Q1" conve"ed C', deed recorded in Rool 71P3 at Pp'<'f' 77' County of Jefferson, State of Ce1nracn TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and all the estate, right, title, interest, claim and demand whatsoever of the said party of the first part, either in Jaw or equity, of, in &Ild to the above bargained premises, with the hereditaments and appurtenances. TO HAVE AND TO HOLD the said premises ab<>ve bargained and de.cribed, with the appurtenances. unto the said party of the second part, his heirs and assigns forever. And the said party of the first part, for himself, his heirs, executors, and administrators, does covenant, g-rant, bargain, and agree to and with the said party of the second part, his heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, as of good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee sMple, and has good right. full power and lawful authority to grant. bargain. sell and convey the same in manner and fonn "" aforesaid. and that the same are free and elesr from all former and other grants, bargains, sales, liens, taxes, assessments and encumbrances of whatever kind or nature soever excert taxes ;::or lCl7P fFpra1-1e ip. 1979 ane e8sements ap.e restrirt:!nt's cf recorn, if m'" and the above bargained premise8 in the quiet and pea~eable posse8Sion of the said party of the second part, his heirs and assigns against all and every person or per!Ons lawfully claiming or to claim the whole or any part thereof, the said party of the first part shall and will WARRANT AND FOREVER DEFEND. The smgular numher shall include the plursl, the plural the singular, and the use of any gender shall be applicable to all genders. IN WITNESS WHEREOF, the said party of the first part has hereunto set his hand and seal the day and year firat above written. k~~..L4~.~~~EAL) reorQe T. ~wart~nod , .Omnnnmnn....n......[SEAL) ~.cmt4~'-<rl0~.i~~[SEAL] Fen? .^nn.::l f..",:rElyt,..~occ .\~ ,::,~V' ,~> u....~,.........~~......- ,,':~~~' ~. i' f' COLORADO Jefferson The foregoing instrument was acknowledged before me this 7nr' day of varch 1971' Georre T. Svart,lCoc p,nd Ed" a 'nT''' S','artHnQr' , hy My commission expires 1uly 2'1 . 19 7'1 Witness my hand and official seal. ~~(l:.O"~u0~:.;;'P~:;,ii:..hU s- 932A W J\RRANT'i DEED -- l'or PhotographiC ReCOIl", ----....---..-.--... __o.__.~_____ <> ~ tti 21 ,,~ " ... \, ~o f ':.'- VI ".. Sl " "" ~ ill '" " ... :; ... '. ~ o! s' " ~ " "J " 1- >-3 ..: " S ::1- " " " ~, ~ !!' ,,' ... ;:;; , ~ 0' 0 ... t "- \ en :::: ~ (j ~ " [ '-> !<' ;;. ~ "" lir " ,~ a >,; e: g; ~ " " " oq [" 0;' - It r j= ~ S' ~ ~ ~ 0 " ~ ... ~ 'I " ~ Q. ~ \ Q. " ~ e. " ~ ... ~ '" ... " ~ t ~ ... '" " ~ il' " "Y , a. 0 , . : it ... .... ~ r' ~~ ~ '" " 0 ~ N Q. .... Q. r-: ~ \' ,"" ~ ....;;....-A4.__' "'-'0'''' en ..., ;> ..., t'1 '" o~ 0 ;; ":l .Q" C) S Co :l:l ;> I:l o ~ ~~~ ~ [" Ad(~epf:irl' e ! { ::",;<~C)D;. .~Yl'J'-:..A GT~ Ap\L\ L 7~ i "'0.cI. '.. "'/ 0 . }.~{ ..~(..f '7.4~~ \..J,i~ ~ [;~'..:: l}io --:r; "',"-, .;i. _._..~~ ~." ~;za. ji', -, ....... ..,~ ..,.. :-.... , ~9~ver V Phillips At ~d~,.<~Y?~Z...._ . cc;~r' Hampf - z r i DIVISION OF INSURANCE DEPARTMENT OF REGULATORY AGENCIES 106 STATE OFFICE BUILDING. 201 E COLFAX AVE DENVER COLORADO 80203 STATE OF COLORADO RICHARD 0 LAMM GOVFRN"R J RICHARD BAFlNES ( L U May 1, 1977 ROBERT l BROWN Dl"UT C,.'.....'c5"'.'." Dear Real Estate Purchaser: Following this letter you will find a brief explanation of your title insurance commitment and policy. Title insurance companies are regulated by this Division, as are other types of insurance companies. This Division makes certain that com- panies issuing title insurance conmitments and title insurance policies are financially sound~ and that they operate in accordance with statutes and regulations. We also have a great interest in making certain that you, as the consumer, understand the purpose of title insurance and that you understand your rights under your insurance policy. In the event you are dissatisfied with responses given to your ques- tions or problems by your title insurance company, you are encouraged to send your questions concerning title insurance or any complaints that you may have against your tit1e insurer to this office. We are on hand to make certain that all your rights and remedies, both under your pol icy and under law, are avai lable to you at all times. Sin ce re 1 y , .~~ ~~ BARNES, C.L.U. Commissioner of Insurance JRB bl As a purchaser of a home or other real estate you may receive a 'Commltment for Title Insurance and a Policy of Tille Insurance Both of these documents. like many others In connection with your purchase are contracts creating legal rights which you should read carefully and which you may Wish to havf' f'xammf'n and explained by a lawyer or other adViser While the following deSCription of these documents cannot ohange the prf'CIS~ terms ot these documents. It IS hoped that this will help you to understand their purpose and effect and answer some of your QueSllons aboul them QUESTION: "WHAT IS TITLE INSURANCE?" ANSWER BaSically It IS a contract With the title msurance company In which the company agrees to defend and Indemnify you against losses which you may suffer hecause of lJnreported defects In the title to your property 35 of the date of the contract It is nut ca.sual!'! insurance and, there10re does not protect you against acts of theft or damage to your home by fire storm and the like Essentially, the' Insurance Insures that you have title to the property subject only to certain pxceptlons and exclusions listed In the Policy of TitlE? Insurance Title Insurance recognizes the possibility of loss but transfers lhe risk of lOSS from you as property owner to the company Issuing the pollOI For this reason title Insurance companies are required to maintain reserves to cover losses If you are financing your purchase your lender will ordinarily require that you obtain a separate Lender s Policy to insure that your property will in fact serve as sPcurlty for Its loan QUESTION: "WHAT DOES THE PREMIUM PAY FOR?" ANSWER. The unR time non~recurrlng premium pays for several things It helps to pay for the cost of coIIActln'J, maintaining. searching and examining real estate records and certain other publiC records which relate to your property so that the title insurance company l.an determine the Insurability of your title For example the title Insurance company will determine whether the puhllc records show that YOUI seller really owns the property what mortgages or liens la recorded legal claim! may exist. whether there are restrictive covenants on your CONTINUED ON REVERSE property Ul l dSPrlH'nls wtli(.:tl al/uw pcrSUrlS to cross yuur pruperty ur to pla<...:L' utllitH~S across your property The premium alsLl serves to ftnance Cf'rlalll 1,'g.ll costs which may arlSF' ,( y"lJl tJtI<> IS challf'llgp(j Additionally payment of the premium requires the title Insurance company to 1I1demlllly yc'u fur any IOSS8S yuu sutter as a result of the title cnmp,lny s failurf' to fulfill lis contractual obligations under your title polIcy QUESTION 'WHAT IS A COMMITMENT FOR TITLE INSURANCE?" ANSWER A COrlHll!tment for Title InsurZlncf; IS a standardized rfellminary document authorized by the CommIssIoner of Insulance Indlcdtmg that d title Insurance company will Issue a title Insurance pOlicy to you after certain steps have been taken, such as the payment of an I~utstand;nq rl'l<..Htljnqe or Ilt~n and the ISSUancE' of a deerl to you These steps are set uut In the commitment as requiremel1ts m Schedule B S"ctlon 1 ',n Schedule B. Section 2 Exceptions, the commitment also summarizes cert81n existing limitations on the use of your property the ddects In your title and liens against your ploperty Your policy Will not protect you agamst these matters. You will note that sump I \f thpse 1lr1l1lrltlons and defpcts may stdl exist even after all of thA requirements of the commltmp.nt have been met These other matters <'lre lJslkllly such thinqs as rt-~strlctlvP uwpnants or easements for utilities and the lIke You should carp-fully read both the requirements and the pxceptlons to Iltlp stated In the commitment so thdt you may f3ise objections If there are mattt'ns affecting the title to which you did not agree when you signed the CCintr act to rurch3se your property Some of the exceplluns arf' standard and Will not normally be covered by your title policy The firsf standard excf'ptlon IS any claim by part IPS In possessIon 0f the p!op~~rty whIch IS not shown by the public records. ThIs means, for example that someone may have been livmg on the property for a long p(;! lod of time and may claim that they own the property, even though they do not have a recorded deed: or may claim that they are som\:-'how otherWIse p.ntltleci to be on the property The title insurance company could not learn of such a claim by examining thf' puhllc real estate records You should InSpf'ct thp. property to makf' ,C<Jru that anyone living there will respect your ownership Exception 2 uf Schedulp. B SImilarly may mean thaf someone has used a portion of the property long enough to claim an easement. even though thpre IS no Instrument of record glvlflg that person the authOrity to do so Exception 3 uf Ihe standard commitment '" eSSencf' says that the title insurancf' pOlicy will not insure against prOblems coocerning the exact boundary lines of the property you are purchaSing, whIch means that you should make certain that there are no tences or other encro;lchrnents on yOIJr prnperty particularly If you do not haVf~ a survey Again, a title Insurance company cannot determlnB whether such problems l'XISt on YUL1~ property because employees of the trtle insurance company will not inspect the property unless they are speCially requested and paid tc do so ExceptIon 4 excludt:s hens which may be filed against your propp.rty by someone who may have done work on tht-; property and who has not been paid The title Insurance company Jues not have any way of determining whether such claims may eXist in the absence of some recorded docump,nt. You may Wish to verify that no such unsatisfied claims eXIst Tht: fifth standard exception is for matters which may arise following the Issuance of the commitment and before you complete your purchaSE: Many companies alsu exclude taxes and spRcial assessments whIch may be imposed against your property which are not recorded In the puhlic rpcorrls or thr: amount of which has not yet been determined If YUIJ alp. purchasing a Single family reslljence, you may Wish to check to see If you are entitled to obtain endorsement Form No 130 whIch removps sevpral of the standard exceptions and Will give you insurance for some of those matters. You Will spe Ihat Ihe commitment shows thf' amount of title Insurance to be issued, together with the amount of the premium charge Your seller should check With hiS broker and With the title insurance company iSSUing the commitment to make certain that he has paid the lowest premium 10 which hE: IS pntltled For instance if there has been a tItle msurance policy issued to your seller within the last two leal"S, he may be Rntltled to r~:CPlvP. some credit for the prior premium against the amount of premium which he will now pay QUESTION' "WHAT IS THE POLICY OF TITLE INSURANCE?" ANSWER The, PlIl,cy lIf Title Insurance IS a document which Will be Issued to you after your purchase transaction IS concluded. It, too IS a standardized document, the prmted portions of which have been approved by the CommiSSioner of Insurance Schedulf-' A of yuur poliCY will set forth, among other matters, the amount of insurance coverage your name as the Insured, your mterest In Ihe property such as actuat ownership or a leasehold interest, and the legal deSCriptIon of the property Your litle insurancE' poliCY as any other Iflsurance pOlicy, has exceptions from coverage These will be set forth In Schedule B of your policy and In the Schp.dule ot ExclUSIons h om Coveragf' Matters which may limit coverage will be set torth In thf' Conditions and Stipulations section of the polICY In Schedule B at the policy, yuu Will find those items against which the title insurance company Joes not, or cannot. insure Many of these will be the same as thf' exceptions set out In Schedule B of the Title Commitment. The Schedule of Exclusions from Coveraqe excludes matters such as zoning ordinances which regulate how the property may be used, rights which may be possessed by 9. goverflmenta( body dnd whIch mIght be exerCIsed agalrlst the property, and any defects uf which you may be 3wore but havp. not IflformHd the title insurance curnpany You may desire to investigate the status of these matters before you complete your purchasp. Also excluded are defects or encumbrances whIch may be placed upon the property subsequent to the date of the poliCY You should lemember that a title poliCY IS not a promise of mdemnlty agamst some defect or claim agamst your title whIch may be created m the future It does prolect you agamst loss ur damage eXlslmg Jrom dejects In the title to real property eXisting pllor to and as of the date of the poliCY even though they may not be discovered until some future date The lanquagf cOlICprnlnQ Cundltlons and StipulatIons under which the title Insurance company Issues its poliCY contains an explanation of the terms ()f thp POliCY, a.nd also deals With how YOU should notify thp. title Insurance company In the event you may bellev(~ that YGU m8Y have a claim llndf-'r the POliCY It someOnE': should assert that they have a rrqht to use your property or that they own part of It. and you cannot find that right set forth In your poliCY as an exception or an exclusion you must notify the title insurance company in writing of the sItuatIon The address for thiS notitlcatlon will normally appear in your poliCY Prompt notification will f'nable you and thp. company to dp.al with the matter or prohlem that you ralsp. If It is covered by the policy, so that the dispute may be resolved In as timely a manner as possible You should know that If the prOblem IS covered by your title insurance policy, a title insurance company must usually bear the co~,ts If litigation either to defend your title in the event of an adverse claim against it or sometImes t.o bring aftir mative leyal action to clear up the problem In SO dOing thp title insurance company retains the rrght of settling the claim or purSUing the matter through thp COUlts. If It believes that the rights assprte(j by 3 third party against your property dre not legally justified If the title insurance company takes the posltlt)n th::J.t thr> matter which you raise IS not r:overed by the terms of the title insurance policy it must S0 notify yOU as soon as reasonably posslblf :I~: you prp.sent your claim QUESTION, "WHAT IF I STILL HAVE FURTHER QUESTIONS ABOUT THE COMMITMENT FOR TITLE INSURANCE OR POLICY OF TITLE INSURANCE?" ANSWER ynu should certainly ask them of your attorney. the seller the fender or the title insurance company It you do not recPIVp. a satisfactory answer to your questIons, you may contact the office of the Colorado Commissioner of Insurance J RIchard Barnes. CommIS~IOnF!r Department of Rp.glJlatory AgenCies. 106 Stale OttICP. Building. Denver Colorado 80203 F..rm Nrl ('-11~, l:~ ALl'A OWNER'S POLlCY ~ Amended 10/17/70 K.B. 3-15-78 SCHEDULE A Order No..W-61282 Policy NO.bc.NO. 3841 DateofPolicyMarch 8,1978 at 8:00 A.M. Amount of Insurance $9,500.00 1 Name of Insured. CITY OF WHEAT RIDGE 2. The estate or interest in the land described herein and which is covered by this policy is FEE SIMPLE 3. The estate or interest referred to herein is at Date of Policy vested in THE INSURED 4 The land referred to in this policy is described as follows. The North 250 feet of the East 1/2 of the East 2/3 of the East 1/2 of the NE1/4 SW1/4 NW1/4 of Section 21, Township 3 South, Range 69 West except the East 2 feet thereof previously conveyed by deed recorded in Book 2183 at Page 771. County of Jefferson, State of Colorado. Page 2 AI TA OWNE.R'S POLICY-Modified 10/73 SCHEDULE B Policy No :DC.NO.3841 This policy does not insure against loss or damage by reason of the following 1 Rights or claims of parties in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3 Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the publ ic records. 4 Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records 5. Taxes for the year 1977 and subsequent years. 6. Right of way for roads, highways, ditches, ditch and reservoir filings, utilities and other purposes, over, across, or under the within described property, if any. Page 3 Form No. 1402 (1170) AL T A -Owner s Policy Form B - 1970 IAmended 10,17 701 A 1\1 E N J (' (B/ POLICY OF TITLE INSURANCE ]."'T!F,[l BY Find A,npriran Title Insurance rOTnpany SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, FIRST AMERICAN TITLE I NSU RANCE COMPANY, a California corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of' title to the estate or interest described in Schedule A being vested otherwise than as stated therein, 2. any defect in or lien or encumbrance on such title; 3. lack of a right of access to and from the land, or 4 unmarketability of such title. IN WITNESS WHEREOF, First American Title Insurance Company has caused this policy to be signed and sealed by its duly authorized officers as of Date of Policy shown in Schedule A. """..............~l":'..J""ll,,'\_'\... .,,/", ~" 1.\ First American Title Insurance Company ., ", '. BY PRESIDENT -; ATTEST ~~ SECRET ARY ISSU ING AGENT: ,security Title Guaranty Company 1597 WADSWORTH BLVD. LAKEWOOD COLORADO 80215 (303) 232-1414 ~ ~ WITI1 ... (sI!CI.l"'Jlv] ~";i or Ng 3841 SCHEDULE OF EXCLUSIONS FROM COVERAGE THE FOLLOWING MATTERS ARE EXPRESSLY EXCLUDED FROM THE COVERAGE OF THIS POLICY ANY LAW, ORDINANCE OR GOVERNMENTAL REGULATION (INCLUDING BUT NOT LIMITED TO BUILDING AND ZONING ORDINANCES) RESTRICTING OR REGULATING OR PROHIBITING THE OCCUPANCY. USE OR ENJOYMENT OF THE LAND, OR REGULATING THE CHAR, ACTER, DIMENSIONS OR LOCATION OF ANY IMPROVEMENT NOW OR HEREAFTER ERECTED ON THE LAND, OR PROHIBITING A SEPARATION IN OWNERSHIP OR A REDUCTION IN THE DIMENSIONS OR AREA OF THE LAND. OR THE EFFECT OF ANY VIOLATION OF ANY SUCH LAW, ORDINANCE OR GOVERNMENTAL REGULATION. 2. RIGHTS OF EMINENT DOMAIN OR GOVERNMENTAL RIGHTS OF POLICE POWER UNLESS NOTICE OF THE EXERCISE OF SUCH RIGHTS APPEARS IN THE PUBLIC RECORDS AT DATE OF POLICY 3. DEFECTS. LIENS. ENCUMBRANCES, ADVERSE CLAIMS. OR OTHER MATTERS lal CREATED, SUFFERED. ASSUMED OR AGREED TO BY THE INSURED CLAIMANT. (b) NOT KNOWN TO THE COMPANY AND NOT SHOWN BY THE PUBLIC RECORDS BUT KNOWN TO THE INSURED CLAIMANT EITHER AT DATE OF POLICY OR AT THE DATE SUCH CLAIMANT ACQUIRED AN ESTATE OR INTEREST INSURED BY THIS POLICY AND NOT DISCLDSED IN WRITING BY THE INSURED CLAIMANT TO THE COMPANY PRIOR TO THE DATE SUCH INSURED CLAIMANT BECAME AN INSURED HEREUNDER. le) RESULTING IN NO LOSS OR DAMAGE TO THE INSURED CLAIMANT. Id) ATTACHING OR CREATED SUBSEQUENT TO DATE OF POLICY. OR Ie) RESULTING IN LOSS OR DAMAGE WHICH WOULD NOT HAVE BEEN SUSTAINED IF THE INSURED CLAIMANT HAD PAID VALUE FOR THE ESTATE OR INTEREST INSURED BY THIS POLICY DEFINITION OF TERMS The following terms when used in this policy mean. (a) "insured" the insured named In Schedule A, and, subject to any rights or defenses the Company may have had against the named in- sured, those who succeed to the interest of such insured by operation of law as distinguished from purchase including, but not limited to, heirs, distnbutees, devisees, survivors, personal representa tives, next of km, or corporate or fiduciary successors. (bl "insured claImant" an insured claiming loss or damage hereunder lcl 'knowledge actual knowledge, not constructive knowledge or notice whIch may be Imputed to an Insured by reason of any public records ldl "land" the land descnbed, Speci- fically or by reference in Schedule C, and improve- ments affixed thereto which by law constitute real property, provided, however, the term 'land" does not include any property beyond the lines of the area specifically described or referred to in Schedule C, nor any right, title, interest, estate or easement In abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modi fy or lImit the extent to which a right of access to and from the land IS Insured by this policy (e) "mortgage" mortgage, deed of trust, trust deed, or other security IflStrument. (f) "publiC records" those records which by law impart constructive notice of matters relating to said land. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE The coverage of this policy shall continue In force as of Date of Policy in favor of an insured so long as such Insured retains an estate or interest In the land or holds an indebtedness secured by a pur chase m'oney mortgage given by a purchaser from such insured, or so long as such insured shaH have liability by reason of covenants of warranty made by such insured in any transfer or conveyance of such estate or interest; provided, however, this policy shall not continue in force in favor of any purchaser from such insured of either said estate or interest or the indebtedness secured by a purchase money mortgage given to such insured. 3. DEFENSE AND PROSECUTION OF AC, TIONS - NOTICE OF CLAIM TO BE GIVEN BY AN INSURED CLAIMANT (al The Company, at its own cost and with- oU,t undue delay, shall provide for the defense of an CONDITIONS AND STIPULATIONS insured in all litigation consisting of actions or proceedings commenced against such insured, or a defense interposed against an insured in an action to enforce a contract for a sale of the estate or Interest in said land, to the extent that such liti- gation is fou nded upon an alleged defect, lien, encumbrance, or other matter insured against by this pOlicy (bl The Insured shall notify the Company promptly in writing (I) in case any action or pro- ceeding IS begun or defense IS interposed as set forth in (a) above, (Ill In case knowledge shall come to an insured hereunder of any claim of title or Interest which IS adverse to the title to the estate or interest, as Insured, and which might cause loss ur darn age for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest, as Insured, IS rejected as un- marketable. I f such prompt notice shall not be given to the Company, then as to such insured all liability of the Company shalt cease and terminate in regard to the matter or matters for which such prompt notice is required, provided, however, that failure to notify shall In no case prejudice the rights of any such Insured under this policy unless the Company shall be prejudiced by such failure and then only to the extent of such prejudice. (c) The Company shall have the fight at ItS uwn Lust tu Iflo.titute and without undue delay prosecute any action or proceeding or to do any other act whICh in its opinion may be necessary or desirable to establish the title to the estate or in terest as Insured, and the Cumpany may take any appropriate action under the terms of this policy, whether or not It shall be liable thereunder and shall not thereby concede liability or waive any proviSion of this policy (d) Whenever the Company shall have tJrought any action or interposed a defense as re- qUIred or permitted by the provisions of this polley, the Company may pursue any such litigation to final determination by a court of competent jUflS diction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order (e) In all cases where thiS policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the in- sured hereunder shall secure to the Company the right to so prosecute or provide defense in such ac- tion or proceeding, and all appeals therein, and per mit the Company to use, at its option, the name of such insured for such purpose. Whenever requested by the Company, such insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evi- dence, obtaining witnesses, or prosecuting or de- fending such action or proceeding, and the Company shall reimburse such insured for any expense so incurred. 4 NOTICE OF LOSS - LIMITATION OF ACTION In addition to the notices required under paragraph 3{b) of these Conditions and Stipu lations, a statement in writing of any toss or damage for which it is claimed the Company is lIable under thiS 1J0licy shall be furnished to the Company Within 90 days after such loss or damage shall have been determined and no right of action shall accrue to an insured claimant until 30 days after such statement shall have been furnished. Failure to furnish such statement of loss or damage shall tefminate any liability of the Company under this poliCY as to such toss or damage. 5. OPTIONS TO PAY OR OTHERWISE SET. TLE CLAIMS The Company shall have the option to payor otherWise settle for or in the name of an Insured claimant any clallTl Insured against or to tefminate all liability and obllgatluns of the Company here- under by paying ur tenrlering !layment of the amount of insurance under this poliCY together V'lith any costs, attorneys' fees and expenses in currpd up to the time of such payment or tenrler of payment by the insured claimant and authOrized by the Company 6 DETERMINATION AND PAYMENT OF LOSS lal The liability of the Company under this fJollcy shall in no Cdse exceed the least of (i) the actui-tl loss of the Insured claimant or ("I Schedule A the amount of Insurance stated In (h) The Company will pay, in addition to any loss Insured against by this polICY, all costs Im- posed upon an Insured in litigatIOn carried on by the Company for such Insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written authorization of the Company (c) When liability has been defInitely fixed In accordance With the conditions of this POliCY, the loss or damage shall be payable within 30 days thereafter (Continued on inside back cover) . 7 LIMIT A nON OF L1ABI L1TY No claim shall arise or be maintainable under this policy (a) if the Company, after having received notice of an alleged defect, lien or encumbrance in- sured against hereunder by litigation or otherwise, removes such defect, I ien or encumbrance or es- tablishes the tItle, as Insured, within a reasonable time after receipt of such notice, (b) in the event of litigation until there has been a final determina- tion by a court of competent jurisdiction, and dis- position of all appeals therefrom, adverse to the title, as insured, as provided In paragraph 3 hereof, or (c) for liability voluntarily assumed by an in- sured In settling any claim or suit without prior written consent of the Company 8. REDUCTION OF LIABILITY All payments under this POliCY, except pay- ments made for costs, attorneys' fees and ex penses, shall reduce the amount of the insurance pro tanto. No payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof of such 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 Company may pay under any policy insunng either (a) a mortgage shown or referred to in Schedule B hereof which is a lien on the estate or interest covered by this POliCY, or (b) a mortgage hereafter executed by an Insured whIch is a charge or lien on the estate or interest described or re- ferred to in Schedule A, and the amount so paid shall be deemed a payment under this poliCY The Company shall have the option to apply to the pay- ment of any such mortgages any amount that otherWise would be payable hereunder to the in- sured owner of the estate or Interest covered by this poliCY and the amount so paid shall be deemed a payment under this policy to said insured owner CONDITIONS AND STIPULATIONS (Contmued from inside front cover) 10. APPORTIONMENT If the land described In Schedule C con- sists of two ur more parcels which are not used as a Single Site, ilnd a loss IS established affecting une Of more of said parcels but flot all, the 105S shall be compufed and settled on a pro rata baSIS as If the amount of Insurance under this pullcy iIIIdS UI- vided pro rata 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 !tllbility or value has otherWIse been agreed upon as to each such parcel by the Company and the msured at the time of the issuance of thiS policy and shown by an express statement herein or by an endorsement attached hereto. 11 SUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the Company shall have settled a claim under this policy, all rIght of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall he subro- gated to and be entitled to all rIghts and remedies 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. I f the payment does not cover the loss of such insured claimant, the Company shall be subrogated to such fights 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 part 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. 12. LIABILITY LIMITED TO THIS POLICY ThIS Instrument together With all endorse- ments and other Instruments, if any attached hereto by the Company is the entire policy and CQntrdct tJetweerl the insured and the Company Any claim of loss or damage whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or any action asserting such claim, shall be restflr red to the provisions and conditions and stipulations of thIS poliCY No amendment of or endorsement to thiS poliCY can be made except by wfltlng endorsed hereon or attached hereto signed by either the PresI- dent, a Vice President, the Secretary an Assistant Secretary, or validating officer or authorized signa- tory of the Company 13. NOTICES. 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