HomeMy WebLinkAboutConway, George T MELISSA A. SPI~O
LA_ND PI~,ESERVATION COORDINATOR
Town Hall, 53095 State Route 25
P.O. Box 1179
Southold, New York 11971-0959
Telephone (631) 765-5711
Pax (631) 765-1366
DEPARTMENT OF LAND PRESERVATION
TOWN OF SOUTHOLD
To:
From.'
Date:
Re:
Elizabeth A. Neville
Town Clerk
Melanie Doroski
Administrative Assistant
August 17, 2004
GEORGE T. CONWAY to TOWN OF SOUTHOLD
SCTM #1000-63-1-1.5
Development Rights Easement
Closing: December 29, 1999
Betty:
In the process of preparing baseline documentations on properties that the Town
has acquired the development rights easement, I came across the original title insurance
policy for farmland owned by George T. Conway. Please keep the attached title policy
#RH70993175 issued by Commonwealth Land Title Insurance Company in the amount of
$102,984.00 with the original recorded deed that was )reviously forwarded to your office
for safekeeping on March 6, 2000.
Thank you.
Melanie
attachment
ISSUED Bg OWNER'S POLICY OF TITLE INSURANCE-
Commonwealth
SUBJECT TO THE EXCLUSIONS FROM COVERAGE. THE EXCEPTIONS FROM COVER~GE CONTAINED IN SCHEDULE B AND
THE CONDITIONS _~dqD STIPULATIONS, COMMONWE~kLTH LAND I[ELE INSURANCE COMPANY, a Pennsylvania corporation, herein
called the Company, insures, as of Date of Policy shoxwn in Schedule A, against los~ or damage, not exceeding the Amount of Insurance stated
in Schedule A, sustained or incurred by the insured by reason of:
1- Title to the e=late or interest de=cribed in Schedule A being ye=ted other than a~ stared therein;
2. Any defect in or lien or encumbrance on the thle:
3. Um~arketabliity of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fee~ and expenses incurred in defense of the title, as insured, but only to the extent provided
in the Conditions and Stipulations.
IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused iq corporate name and seal to be
herem~to affixed by its duly aiathorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
COMMONWEALTH LAND TITLE INSURANCE COMPANY
~ Secretarp Presidem
Attest:
EXCLUSIONS FROM COVERAGE
The following matters are expresslp excluded from the coverage of thks policy and the Company x~Sll nor pay loss or damage, costs, attorneyd
fces or expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (inchid[ng bur not limited ro building and zoning law>, ordinances, or regulations) restricting,
regulating, prolzibiting or relating to (i) the occupancy, u~e, or enjoyment of the land; (ii) the character, dimensions or location of any improve-
ment now or hereafter erected on the land; (iii) a separation ia. oxwaerthip or a change in the dimensions or area of the land or any parcel of
which the land i~ or was a part; or (iv) environmental protection, or the affect of any ~'iolarion of these hiws, ordinances or governmental regula-
tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a xiolation or
alleged violation affecting the land has been recorded in the public records at Dare of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of tlie exercise thereof or a notice of a defect,
lien or encumbrance resuinng from a violation or alleged violation affecting the land has been recorded th the public records at Date of PoIicy.
2. Righis of eminent domain unicos notice of the exercise thereof has been recorded in the public records at Dare of Po[icy, but not excluding
from coverage any tn'king which has occurred pr/or to Date of Policy which aodid be binding on the rights of a purchaser for value x~athour
knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed ro by the insured claimam:
(b) not known ro the Company. not recorded in the public records at Date of Policy, bur known to the insured claimant and not disclosed
in writing ro the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no Ios~ or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would nor have been sustahied if the insured claimant had paid value for the estate or interest in~ured
by this policy.
4. Any cIaim, which arises out of [he transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation
of federal bankruptcy, ~tate insolvency, or similar creditors' rights laws. that is based on:
(a) the transaction creating the estate or interest insured by thi~ policy being deemed a fraudulent conveyance or fraudulent transfer: or
(b) the tEar'suction creating the estate or interest insured by this policy being deemed a preferential trartsfer except where the preferential transfer
results from the faJhire:
(i) to timely record the instrument of transfer; or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
Va[id Only If Schedules A and B and Cover Are Attached
NM 1 PA10
ALTA Owner's Policy (10-17-92)
Form 1190-1 Face Page
ORIGINAL
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS.
The following terms when used in this policy mean:
{a) "insured": the insured named in Schedule A, and. subject to ~ny
fights or defenses the Company would ha~e had against the named insured,
those who succeed to the interest of the named insured by operation of la~
as distingin~hed from purchase including, but not limited to, heirs,
distributees, devisees, survivors, personal representati~es~ next of kin. or
corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or damage.
(c) "knowledge** or "known": actual knowledge, not constructive
knowledge or notice which may be imputed to an insured by reason of the
public records as defined in this policy or an5' other records which impart
constructive notice of matters affecting the land.
(d) "land": the land described or referred to in Schedule A. and
improvements affixed thereto which by law constitute real property. The
term -land" does not include any property beyond the lines of the area
described or referred to in Schedule A, nor any tight . title, interest, estate
or easement in abutting streets~ roads, avenues, alleys, lanes, ways or
wate~'ays, but nothing herein shall modify 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 secant5
instrument.
(1) "public records**: records established under state statutes at Date of
Po[icy for the purpose of imparting constructixe notice of matters relating
to real property to purchasers for value and without knowledge. With
respect to Section l(a) dy) of the Excinsions From Coverage. **public
records" shall also include environmental protection lien~ filed in the
records of the clerk of the United States district court for the district in
which the land is located.
~g) **unmarketability of the title*': an alleged or apparent matter aborting
the title to the land. not excluded or excepted from coverage. ,shich would
entitle a purchaser of the estate or interest described in Schedule A to be
released from the obligation to purchase b) ~irtue of a contractual
condition requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE.
The coverage of this policy shall continue in Force as of Date of Polic3 in
faxor of an insured on13 so long as the insured retains an estate or interest
in the land. or holds an indebtednes~ secured b~, a purchase mone_~
mortgage gixen b> a purchaser From the insurea, or only so long as the
insured shall have liability by reason of coxenant~ of warranty made by the
insured in any transfer o-r c~hve3tince, of the esiate or interest. This polic3
shall not continue in force in favor or any purchaser from the insured of
either (il an estate or interest in the land, or Ii0 an indebtedness secured b3
a purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
Ihe insured shall n6tif~' the Compan~ promptl) in v. riting (ilin case of
an3 litigation as set forth in Section 4ia) belo~t, ti/} in case Icnowledg¢ shall .'
come to an insured hereunder of an> claim of title or interest which is
adterse to the title to the estate or intereat, as insured, and v. hich might
cause loss or damage for which Jhe Company ma3 be liable b3 ~irtue of
this policy, or (Jill if title to the estate or interest, as insured, is rejected as
unmarketable. If prompt notice shall not be gwen to the Company. then as
to lhe insured all liability of the Company' shall terminate with regard to
the matter or matters for which prompt notice is required: proxided,
howe~er, that failure to noti~ tbe Compan3 shall in no cam prejudice the
rights of an5 insured under this policy untess the Company shall be
prejudiced b_~ the Failure and then onl? to the exlent of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE.
(a'l Upon ~ritten request by the insured and subject to the options
contained in Section 6 of these Conditions and Stipulations. the Company',
at its own cost and without unreasonable delay, shall provide for the
defense of an insured in litigation in which an3 third party asserts a claim
ad~er~e to the title or interest as in~ured, but only as to those stated causes
of action alleging a defect, lien or encumbrance or other matter insured
against b5 this policy. ~be Compan) shall have the right to select counsel
of its choice (subject to the right of the insured to object for reasonable
cause) to represent the insured as to those stated causes of action and shall
not be liable for and will not pay the fees of an5 other counsel. The
Company will not pay any Fees. costs or expenses incurred by the insured
in the detbnse of those causes of action which allege matters not insured
against by this poficy.
(b) Th~ ~ornpany shall ha~ the right, at its o~n cost. m institute and
prosecute any action or proceedine or to do ant other act which in its
opinion may be necessar) or desirable to establish the title to the estate or
interest, as insured, or to prevent or reduce loss or damage to the insured.
The Company may take any appropriate action under the terms of this
policy, whether or not it shall be liable hereunder, and shall not thereby
concede liability or waive any provision of this policy. If the Compan3
shall exercise its rights under this paragraph, it shall do so diligently.
(c) Whenever the Company shall ha'Ye brought an action or interposed a
defense as required or permitted b5 the provisions of this policy, the
Company may pursue any litigation to final determination by a court of
competent jurisdiction and expressly reserves the right, in its sole discretion.
to appeal from an5' adverse judgment or order.
(d) In ali cases where this po[icy permits or requires the Company lo
prosecute or provide for the defer~e of any action or proceeding, the
insured shall secure to the Compan) the right to so prosecute or provide
defense in the action or proceeding, and all appeals therein, and permit the
Company to use, at its option, the name of the insured for this purpose.
Whenever requested by the Company, the insured, at the Company's
expend, shall We the Company all reasonable aid Ii) in any action or
proceeding, securing e~idence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effecting settlement, and Iii) in any
other Lawful act ~hich in the opinion of the Company naa',' be necessary or
desirable to establish the title to the estate or interest as insured. If the
Comport3 is prejudiced by the failure of the insured to furnish the required
cooperation, the Company's obligations to the insured under the polic2,
shall terminate, including an2, [iability or obligation to defend, pro~ecute, or
continue an) litigation, with regard to the matter or matters requiting such
cooperation.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 o~ these
Conditions and Stipalarinns have been provided the Company. a proof of
loss or damage signed and ~orn to by the insured claimant shall be
furnished to the Company within 90 days after the insured claimant shall
ascertain the facts giving r/se to the loss or damage. The proof of loss or
damage shall describe the defect in. or ben or encumbrance on the title, or
other matter insured against by this polim, which constitutes the basis of
loss or damage and shall state, to the extent possible, the b~is of
calculating the amount of the loss or damage, if the Company is prejudiced
by the fadure of the insured claimant to provide the required proof or- loss
or damage, the Company's obligations to the insured under ~be polic) shall
terminate, including any liability or obligation to defend, prosecute, or
continue an) litigation ~ith regard to the matter or matters requiring such
proof of loss or damage.
In addition, the insured claimant may reasonabh' be required to ~ubmit
to examination under oath b3 an5 authorized' representative of the
Company and shali produce for cxandnadon, inspection and copying, at
such reasonable fimes and places as may be designated h3 an3 authorized
representatixe of the Company. all records, books, ledgers, checks.
correspondence and memoranda, whether bearing a date before or after
D~te of Policy, x~hich reasonabl3 pertain to the loss or damage. Further. ff
requested by any authorized representative of the Compan_~ , the insured
claimant shah grant its permission, in writing, [or any au[horized
representatke of the Companx to esmmine--, inspect' and copy all records.
books, ledgers, checks, correspondence and memoranda in the custod3 or
control of a third party, which reasonably pertain to the loss or damage.
All informanon designated as confidential b3 the insured claimant provided
to the Company pursuant to this Section shall nor be disclosed to others
unless, in the reasonable judgement of the Company. it is necessar3 in the
administration of the claim. Failure of the insured cIalmanb to sdbmit for
examination under oath. prodder other 'reasonabl3~ requested )nJ'ormation
or grant permission to secure reasonabl3 necessary information from third
parties as required in this paragraph shall terminate any liability, of the
Cotnpeny under this policy as to that claim.
6. OPTIONS TO PAY OR OTHERWISE SEI-I'LE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under this polic~,, the Compan3 shJll b~q~e the
follo,xing options:
iajTo Pa5 or Tender Payment of the Amount of Insurance.
To pa3 or tender payment of the amount of insurauce under
this polio3 together with an3 costs, auorneys' Fees and expenses incurred h3
the insured claimant, which were authorized by the Company, up to the
time of pa3mant or tender of pa~,ment and x~h{ch the Comport3 is obliga-
ted to pa5.
Upon the ekercise b3 the Compan? of this optiom all liability and
obligations to the insured under thi~ policy, other than to make the
payrnent required~ shall terminate, ineludin_,z an~ liabilitx or obli*-ation to
defend, prosecute, or continue any bfigai'ion.' and th~ policy-shall be
surrendered to the Company for cancellation.
(b) To Pay or OtherMse Settle With Parties Other than the Insured or
With the Insured Claimant.
Ii) to pa3 or otherv, ise settle with other parties for or in the name
of an insured claimant any ctaim insured against under th~s policy, together
with an5 costs, attorneys' fees and expenses incurred b) the insured
claimant which ~ere autftorized b3 the Comport2. up to time of pa3ment
and which the Company is obligated to pay: or
0il to pay or otherwise settle v, ith the insured claimant the loss or
damage provided for under this policy, together ~ith an5 costs, attorneys'
fees and expense~ incurred by the insured claimant ,xhich were authorized
by the Company up to the time of payment and which the Company is
obligated to pa3.
Upon the exercise by the Company of either of the options provided for
in paragraphs (bi(i) or (ii). the Company*s obligations to the ~nsured under
this policy for the claimed lo~s or damage, other than the payments
required to be made. shall terminate, incinding any babdity or obligation to
defend, prosecute or continue any litigation.
Conditions and Stipulations Continued Inside Cover
CONTROL NO.
File No,: RHT0993J. 75
SCHEDULE A
Amount of Insurance: $102,984.00
Date of Policy: December 29, 1.999
Policy No,: RH70993175
Name of Insured:
TOWN OF SOUTHOLD
The estate or interest in the land which is covered by this policy is:
Development Rights
Title to the estate or interest in the land is vested in.'
TOWN OF SOUTHOLD
By deed made by GEORGE T. CONWAY to the INSURED dated December 29, 1.999 and recorded
3anuary I:L, 2000, in Liber 12012 page 752, in the Office of the C]erl</Register of SUFFOLK Count~,.
The land referred to in this policy is described on the annexed Schedule A - Description.
Countersigned:
Authorized Officer or Agent
Fee Policy Insert
File No.: RH7099517S
SCHEDULE B
Exceptions from Coverage
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys'
fees or expenses) which arise by reason of the following:
1. Rights of tenants or persons in possession.
2. Survey made by Anthony W. Lewandowski dated December 8, 1999 shows premises improved by (a)
plastic greenhouse, (b) barn, (c) three (3) wood buildings. No encroachments, shown.
3. Unpaid water charges to date, if any.
4. 1999/2000 Town and School taxes.
Fee Policy Insed~
File No.: RH70993175
SCHEDULE A - DESCRTPTTON
AMENDED ~.2/~.7/99
ALL that certain plot, piece or parcel of land, situate, lying and being at Southold, in the Town of Southold,
County of Suffolk and State of New York bounded and described as follows:
BEGTNNING at a point on the westerly side of Horton's Lane at the southeasterly corner of the premises herein
described and the northeasterly corner of land now or formerly of W. 3. Conway;
RUNNING THENCE South 59 degrees 43 minutes 00 seconds West along said land now or formerly of W. ].
Conway, 643.24 feet to land now or formerly of Donahue;
THENCE northerly along said land now or formerly of Donahue, the following two (2) courses and distances:
;L. North 38 degrees 41 minutes 00 seconds West, 524.28 feet; and
2. North 41 degrees 48 minutes 40 seconds West, 300.00 feet to the easterly side of Middle Road (C.R. 48)
THENCE North 55 degrees 41 minutes 50 seconds East along said easterly side of Middle Road (C.R. 48),
15.13 feet to [and now or formerly of Timothy Scott Gray;
THENCE South 4:1 degrees 48 minutes 40 seconds East along said land now or formerly of Timothy Scott Gray,
307.35 feet;
THENCE North 54 degrees 25 minutes 40 seconds East still along said land now or formerly of Timothy Scott
Gray and later along land now or formerly of ]ames Gray, Ir. and ]and now or formerly of Pudge Corp., 78!.33
feet to the westerly side of Horton's Lane;
THENCE South 23 degrees 00 minutes 00 seconds East along the westerly side of Horton's Lane, 410.23 feet
to land now or formerly of William Conway (Estate);
THENCE along said land now or formerly of William Conway (Estate) the following three (3) courses and
distances:
1. South 59 degrees 43 minutes 00 seconds West, 175.00 feet;
2. South 23 degrees 00 minutes 00 seconds East, 140.00 feet; and
3. North 59 degrees 43 minutes 00 seconds East, ~75.00 feet to the westerly side of Horton's Lane;
THENCE South 23 degrees 00 minutes 00 seconds East along said westerly side of Horton's Lane, 39.06 at the
point or place of BEGTNNING.
Fee Policy Insert
Commonwealth
File No.: RH70993175
STANDARD NEW YORK ENDORSEMENT
(OWNER'S POLTCY)
ATTACHED TO AND MADE A PART OF POLICY NO. RH70993175
ISSUED BY
COMMONWEALTH LAND TTTLE TNSURANCE COMPANY
The following is added to the insuring provisions on the face page of this policy:
"5. Any statutory lien for services, labor or materials furnished prior to the date hereof, and which
has now gained or which may hereafter gain priority over the estate or interest of the ~nsu~ed
as shown in Schedule A of this policy."
The following is added to Paragraph 7 of the Conditions and Stipulations of this policy:
"(d) Tf the recording date of the instruments creating the insured interest is later than the policy
date, such policy shall also cover intervening liens or encumbrances, except real estate taxes,
assessments, water charges and sewer rents."
Nothing herein contained shall be construed as extending or changing the effective date of the policy unless
otherwise expressly stated.
This endorsement, when countersigned below by a validating signatory, is made a par~ of the policy and is
subject to the Exclusions from Coverage, Schedules, Conditions and Stipulations therein, except as modified
by the provisions hereof.
Dated: December 29, 1999
Issued at:
Commonwealth Land Title Insurance Company
185 Old Country Road, PO Box 419
Suite 2
Riverhead, NY 11901
By
Authorized Officer
Standard New York Endorsement (9/1/93) For Use With ALTA Owner's Policy (10/17/92)
TQ10037NY (07/00)
· ,' - 'cONDITIONS AND STIPULATIONS .', · · ~ ": ~ -:~ ~---~-~'~.- :'
(Continued)
7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE.
This policy is a contract of indemnity against actual monetary loss or damage
sustained or incurred by the insured c!aim~nt who has suffered loss or damage by
reason of matters insured against by this policy and only to the extent herein
described.
(a) The liability of the Company under this policy shall not exceed the least
of:
(i) the Amount of Insurance stated in Schedule 4; or,
(ii) the d~ference between the value of the insured estate or interest
as insured and the value of the insured estate or interest subject to the defect, li~n
or encumbrance insured against by this policy.
(5) In the event the Amount of Insurance sta~ed in Schedule A at the Date
of Policy is less than 80 percent of the value of the insured estate or interest or the
full consideration paid for the land, whichever is less, or if subsequent to the Date
of Polic~ an improvement is erected on the land which increases the value of the
insured estate or interest by at least 20 percent over the Amount of Insurance
stated in Schedule A, then this Policy is subject to the following:
ti) where no subsequent improvement has been made, as to any
pertia~'loss, the Company shai~ only pay the loss pro rata in the probor~ion that lhe
amount of insurance at Date o~ Policy bears to the total value of the insured estate
or interest at Date of Policy; or
0i) where a. subsequent improvement has been made, as to a~y
partial loss, the Comply shall only pay the loss pro rata in the proportion that 120
percent of the Amount of Insurance stated in Schedule A bears to the sum ut Ihe
Amount of Insurance stated in Schedule A and the amount expended for the
improvement.
The provisions of this paragraph shall not apply to costs, attorneys' fees and
expenses for which the Company is liable under this policy, and shall only apply to
that portion of any loss which ~xceeds, in the aggregate. 10 pement of the Amount
of Insurance stated in Schedule A.
(c) The Company will pay only those costs, attorneys' fees and expenses
incurred in accordance with Section 4 of these Conditions and Sgpulations.
B. APPORTIONMENT.
[f the land described in Schedule A consists of two or more parcels which are
not used as a single site, and a loss is established affecting one or more of the
parcels but not all, the loss shall be computed and settled on a pro rata basis as if
the amount of insurance under this policy Was divided pro rata as to the value on
Date of Policy of each separate parcel to the whole, exclusive of any
improvements made subsequenl to Date of Policy, unless a liability or value has
otherwise been agreed upon as to each parcel by 1he Company and the insured at
the time of the issuance of this policy end shown by an express statement or by
an endorsement affached to this policy.
9. LIMITATION OF LIABILITY.
(a) If the Company establishes the lille, or removes the alleged defect, lien
or encumbrance, or cures the lack of a dght of access to or from the lend, or cures
the claim of unmarketability of title, all as insured, in a reasonably diligent manner
by any method, including litigation and the completion of any appeals therefrom, it
shall have fully performed its obligations with respect to that mat~er and shall not
be liable for any loss or damage caused thereby.
(b) In the even[ of any litigation, including litigation by the Company or with
the Company's consent, the Company shall have no riabilib/for loss or damage
until there has been a final determination by a court of competsnt jurisdiction, and
disposition of all appeals therefrom, adverse to the ittle as insured.
(c) The Company shall not b~ liable for loss or damage to any insured for
liability voluntarily assumed by the insured in settling any claim or sug without the
prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF
LIABILITY.
All payments under this policy, except payments made for cos[s, attorneys'
fees and expenses, shall reduce the amouR[ of the insurance pro lento.
11. 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 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 hereafter executed by an insured
and which is a charge or lien on the estate or interest described or referred to in
Schedule A, and the amount so paid shall be deemed a payment under this policy
to the insured owner.
12. PAYMENT OF LOSS.
(a) No payment shall be made without producing this policy for
endorsement of the payment unless the policy 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 of loss or damage has been definitely
fixed in accordance with these Conditions and Stipulations, the loss or damage
shall be payable within 30 days thereaffer.
13. SUBROGATION UPON PAYMENT OR SETrLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a claim under this
policy, all right of subrogation shall vest in the Company unaffected by any act of
the insured claimant.
The Corrrpany shall be subrogaled to and be entitled to all rights a~d
remedies which the insured claimant would have h~d against any person or
properly in respect to the claJrn had this policy not been issued. If requested by
the Company. the insured claimant shall transfer to the Company all rights and
remedies against a~y person or properly necessary in order to perfect this right of
subrogation. The insured claimant shall permit the Company to sue, compromise
or settle in the name of the insured claimant and to use the n~me of the insured
claimant in any transaction or litigation involving these dghts or remedies.
If a payment on account of a claim does not fully cover the loss of the
insured claimact, the Company shall be subrogated to these rights and remedies
in the proportion which the Company's pe?nent bears to the whole amount of the
loss.
If loss should result from any act of the insured claimant, as stated above.
that act shall not void this policy, but the Company, in that event, shall be required
to pay only that par[ of any losses insured against by this policy which shall
exceed the amount, if any, lost to the Company by reason of the impairment by
the insured claimant o[the Company's right of subrogation.
(b) The Company's Rights Against Non-insured Obligors.
The Company's right of subrogation against non-insured obligors shall exist
and shall include, without limitation, the dghts of the insured to indemnities,
guaranties, other policies of insurance or bonds, nntwithstanding any terms or
conditions contained in those instruments wi~ich provide for subrogation rig)~ts by
reason of this po]icy.
14. ARBITRATION.
Unless prohibited by appli~ble law, either the Company or the insured may
demand arbitration pursuant to the Tiite 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 insured arising
out of or relating to this policy, any service of the Company in connection with its
issuance or the breach of a po[icy proviaion or other obligation. All arbitrable
matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at
the option of either the Company or the insured. Al~ arbitrable matters wher~ the
Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when
agreed to by both the Company and the insured. Arbitration pursuant to this policy
and under the Rules in effect on the date the demand for arbitration is made or, at
[he option of the insured, the Rules in effect at Date of Policy 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 permit a court to award aitorneys' fees to a
prevailing party. Judgment upon the award rendered by the Arbitrator(s) may pe
entered in any court having iurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the Title
Insurance Arbitrazion Rules.
A copy of the Rules may be obtained from the Company upon request
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT.
(a) This policy together with all endorsements, if any, attached hereto by
the Company is the entire policy and contract between the insured and the
Company. tn interpreting any provision of this policy, this policy shall be
construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence, and
which aitses out of the status of the title to the estate or interest covered hereby or
by any action asserting such claim, shall be restricted to this policy.
(c) No amendment of or endorsement to this policy can be made except by
a writing endorsed hereon or ~ffached hereto signed by either the President, a
Vice President, the Secrezary, an Assistant Secretary, or validating officer or
authorized signatsry of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid or uneofomeable under
applicable law, the policy shall be deemed not to include that provision and all
other provisions shall remain in full force and effect.
17. NOTICES WHERE SENT.
All notices required lo be given lhe Company and any statement in writing
required to be furnished the Company shall include the number of this policy and
shall be addressed to: Consumer Affairs Department, P.O. Box 27567, Richmond.
Virginia 23261-7567.
NM 1 PA 10
ALTA Owner's Policy (10/17/92)
Form 11 90-3 Cover Page ORIGINAL Valid only if Face Page and Schedules A and B are attached