1990-05-15 Resolution 22 - Laserfiche WebLink

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Commitment For Title Insurance Commonwealth Land Title Insurance Company, a Pennsylvania corporation, herein called the company, for a valuable con- sideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of litr estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the prcmiunrs and charges tliercfur, all subject to the provisions of Sciicdulcs A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Conuuitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate 120 days after the effective date hereof or when the policy or policies committed for shall be issued, whichever first occurs, provided that the failure. to issue such policy or policies is not the fault of the conrpanY• IN WITNESS WI1I:REOP, the said Company has caused its Corporate Name and Seal to be hereunto affixed; this instrument, including Commitment, Condrtrons and Strpulations attached, to become valid when countersigned by an Authorized Officer or Agent of the Company. COMMONWEALTH LAND TITLE INSURANCE COMPANY r~ Attest: /~ By f ~ /~~~ Gam/' ~ lj 5ccretary President Conditions and Stipulations 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acyuues actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule 13 hereof, and shall fail to disclose such knowledge [o the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose. such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Courpany otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under tlus Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. in no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions, the Conditions and Stipulations, and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which arc hemby incorporated by reference and -arc made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or intcrest or the status of the mortgage thereon covered by this Conuniturent must be based on and arc subject to the provisions of this Commitment. American Land Title Association Commitment 1966 Cover Page Form 1 a04-8