|
A;e xMRara
<br />FirsrtAS erican Owner's Policy of Title Insurance
<br />- California (WRE) - 2021 v. 01.00 (07-01-2021)
<br />,s
<br />L removes the alleged defect, lien, encumbrance, adverse claim, or other matter;
<br />ii. cures the lack of a right of access to and from the Land; or
<br />iii. cures the claim of Unmarketable Title,
<br />all as insured. The Company may do so by any method, including litigation and the completion of
<br />any appeals.
<br />b. The Company is not liable for loss or damage arising out of any litigation, including litigation by the
<br />Company or with the Company's consent, until a State or federal court having jurisdiction makes a
<br />final, non -appealable determination adverse to the Title.
<br />C. The Company is not liable for loss or damage to the Insured for liability voluntarily assumed by the
<br />Insured in settling any claim or suit without the prior written consent of the Company.
<br />d. The Company is not liable for the content of the Transaction Identification Data, if any.
<br />10. REDUCTION OR TERMINATION OF INSURANCE
<br />All payments under this policy, except payments made for costs, attorneys' fees, and expenses, reduce the
<br />Amount of Insurance by the amount of the payment.
<br />11. LIABILITY NONCUMULATIVE
<br />The Amount of Insurance will be reduced by any amount the Company pays under any policy insuring a
<br />Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken
<br />subject, or which is executed by an Insured after the Date of Policy and which is a charge or lien on the
<br />Title, and the amount so paid will be deemed a payment to the Insured under this policy.
<br />12. PAYMENT OF LOSS
<br />When liability and the extent of loss or damage are determined in accordance with the Conditions, the
<br />Company will pay the loss or damage within 30 days.
<br />13. COMPANY'S RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT
<br />a. If the Company settles and pays a claim under this policy, it is subrogated and entitled to the
<br />rights and remedies of the Insured Claimant in the Title and all other rights and remedies in
<br />respect to the claim that the Insured Claimant has against any person, entity, or property to the
<br />fullest extent permitted by law, but limited to the amount of any loss, costs, attorneys' fees, and
<br />expenses paid by the Company. If requested by the Company, the Insured Claimant must execute
<br />documents to transfer these rights and remedies to the Company. The Insured Claimant permits
<br />the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the
<br />name of the Insured Claimant in any transaction or litigation involving these rights and remedies.
<br />b. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the
<br />Company defers the exercise of its subrogation right until after the Insured Claimant fully recovers
<br />its loss.
<br />C. The Company's subrogation right includes the Insured's rights to indemnity, guaranty, warranty,
<br />insurance policy, or bond, despite any provision in those instruments that addresses recovery or
<br />subrogation rights.
<br />14. POLICY ENTIRE CONTRACT
<br />a. This policy together with all endorsements, if any, issued by the Company is the entire policy and
<br />contract between the Insured and the Company. In interpreting any provision of this policy, this
<br />policy will be construed as a whole. This policy and any endorsement to this policy may be
<br />evidenced by electronic means authorized by law.
<br />b. Any amendment of this policy must be by a written endorsement issued by the Company. To the
<br />extent any term or provision of an endorsement is inconsistent with any term or provision of this
<br />policy, the term or provision of the endorsement controls. Unless the endorsement expressly
<br />states, it does not:
<br />I. modify any prior endorsement,
<br />All information, data, and material created or compiled by or on behalf of First American Financial Corporation Is restricted and may not be copied
<br />The use of this Form (or any derivative thereof) Is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other
<br />uses are prohibited. Reprinted under license from the American Land Title Association.
<br />Form 50125406 (5-24-22) Page 31 of 33
<br />'".�_• �. ' y '
<br />02t,.? � 5 �$', RkPURCHASE AGREEMENT -ID y .? .-p y - -') a ,
<br />REV: 10-15-25 VR
<br />
|