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do any other act that in its opinion may be necessary or
<br />desirable to establish the Title, as insured, or to prevent or
<br />reduce loss or damage to the Insured. The Company may take
<br />any appropriate action under the terms of this policy, whether
<br />or not it shall be liable to the Insured. The exercise of these
<br />rights shall not be an admission of liability or waiver of any
<br />provision of this policy. If the Company exercises its rights
<br />under this subsection, it must do so diligently.
<br />(c) Whenever the Company brings an action or asserts a
<br />defense as required or permitted by this policy, the Company
<br />may pursue the litigation to a final determination by a court of
<br />competent jurisdiction, and it expressly reserves the right, in
<br />its sole discretion, to appeal any adverse judgment or order.
<br />6. DUTY OF INSURED CLAIMANT TO COOPERATE
<br />(a)In all cases where this policy permits or requires the
<br />Company to prosecute or provide for the defense of any action
<br />or proceeding and any appeals, the Insured shall secure to the
<br />Company the right to so prosecute or provide defense in the
<br />action or proceeding, including the right to use, at its option,
<br />the name of the Insured for this purpose. Whenever requested
<br />by the Company, the Insured, at the Company's expense, shall
<br />give the Company all reasonable aid (i) in securing evidence,
<br />obtaining witnesses, prosecuting or defending the action or
<br />proceeding, or effecting settlement, and (ii) in any other lawful
<br />act that in the opinion of the Company may be necessary or
<br />desirable to establish the Title, or any other matter as insured.
<br />If the Company is prejudiced by the failure of the Insured to
<br />furnish the required cooperation, the Company's obligations to
<br />the Insured under the policy shall terminate, including any
<br />liability or obligation to defend, prosecute, or continue any
<br />litigation, with regard to the matter or matters requiring such
<br />cooperation.
<br />(b)The Company may reasonably require the Insured
<br />Claimant to submit to examination under oath by any
<br />authorized representative of the Company and to produce for
<br />examination, inspection, and copying, at such reasonable times
<br />and places as may be designated by the authorized
<br />representative of the Company, all records, in whatever
<br />medium maintained, including books, ledgers, checks,
<br />memoranda, correspondence, reports, e-mails, disks, tapes,
<br />and videos whether bearing a date before or after Date of
<br />Policy, that reasonably pertain to the loss or damage. Further,
<br />if requested by any authorized representative of the Company,
<br />the Insured Claimant shall grant its permission, in writing, for
<br />any authorized representative of the Company to examine,
<br />inspect, and copy all of these records in the custody or control
<br />of a third party that reasonably pertain to the loss or damage.
<br />All information designated as confidential by the Insured
<br />Claimant provided to the Company pursuant to this Section
<br />shall not be disclosed to others unless, in the reasonable
<br />judgment of the Company, it is necessary in the administration
<br />of the claim. Failure of the Insured Claimant to submit for
<br />examination under oath, produce any reasonably requested
<br />information, or grant permission to secure reasonably
<br />necessary information from third parties as required in this
<br />subsection, unless prohibited by law or governmental
<br />regulation, shall terminate any liability of the Company under
<br />this policy as to that claim.
<br />7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
<br />TERMINATION OF LIABILITY
<br />In case of a claim under this policy, the Company shall have
<br />the following additional options:
<br />(a)To Pay or Tender Payment of the Amount of Insurance.
<br />To pay or tender payment of the Amount of Insurance
<br />under this policy together with any costs, attorneys' fees, and
<br />expenses incurred by the Insured Claimant that were
<br />authorized by the Company up to the time of payment or
<br />tender of payment and that the Company is obligated to pay.
<br />Upon the exercise by the Company of this option, all
<br />liability and obligations of the Company to the Insured under
<br />this policy, other than to make the payment required in this
<br />subsection, shall terminate, including any liability or obligation
<br />to defend, prosecute, or continue any litigation.
<br />(b) To Pay or Otherwise Settle With Parties Other Than the
<br />Insured or With the Insured Claimant.
<br />(i) To pay or otherwise settle with other parties for or in
<br />the name of an Insured Claimant any claim insured against
<br />under this policy. In addition, the Company will pay any costs,
<br />attorneys' fees, and expenses incurred by the Insured Claimant
<br />that were authorized by the Company up to the time of
<br />payment and that the Company is obligated to pay; or
<br />(ii)To pay or otherwise settle with the Insured Claimant
<br />the loss or damage provided for under this policy, together
<br />with any costs, attorneys' fees, and expenses incurred by the
<br />Insured Claimant that were authorized by the Company up to
<br />the time of payment and that the Company is obligated to pay.
<br />Upon the exercise by the Company of either of the options
<br />provided for in subsections (b)(i) or (ii), the Company's
<br />obligations to the Insured under this policy for the claimed loss
<br />or damage, other than the payments required to be made,
<br />shall terminate, including any liability or obligation to defend,
<br />prosecute, or continue any litigation.
<br />8. DETERMINATION AND EXTENT OF LIABILITY
<br />This policy is a contract of indemnity against actual
<br />monetary loss or damage sustained or incurred by the Insured
<br />Claimant who has suffered loss or damage by reason of
<br />matters insured against by this policy.
<br />(a)The extent of liability of the Company for loss or damage
<br />under this policy shall not exceed the lesser of
<br />(i) the Amount of Insurance; or
<br />(ii)the difference between the value of the Title as
<br />insured and the value of the Title subject to the risk insured
<br />against by this policy.
<br />(b)If the Company pursues its rights under Section 5 of
<br />these Conditions and is unsuccessful in establishing the Title,
<br />as insured,
<br />(i) the Amount of Insurance shall be increased by
<br />10%, and
<br />(ii)the Insured Claimant shall have the right to have the
<br />loss or damage determined either as of the date the claim was
<br />made by the Insured Claimant or as of the date it is settled and
<br />paid.
<br />(c) In addition to the extent of liability under (a) and (b),
<br />the Company will also pay those costs, attorneys' fees, and
<br />expenses incurred in accordance with Sections 5 and 7 of these
<br />Conditions.
<br />9. LIMITATION OF LIABILITY
<br />(a)If the Company establishes the Title, or removes the
<br />alleged defect, lien or encumbrance, or cures the lack of a right
<br />of access to or from the Land, or cures the claim of
<br />Unmarketable Title, all as insured, in a reasonably diligent
<br />manner by any method, including litigation and the completion
<br />of any appeals, it shall have fully performed its obligations with
<br />respect to that matter and shall not be liable for any loss or
<br />damage caused to the Insured.
<br />7230609 ALTA Owners Policy 06/17/06 w -FL Mod 306
<br />Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any
<br />derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use.
<br />All other uses are prohibited. Reprinted under license from the American Land Title Association.
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