1990-05-15 Resolution 22 - Laserfiche WebLink

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CONDITIONS ANn STIPULATIONS 1. The term "mortgage," when used herein, shall inclu(le decd of u'ust, trust (lccd, ur other security instrument. 2. If the proposed Insured has or acquires actual knowlc(1ge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interests or mortgage thereon covcrcd by this Conuniuntnt other than those shown in Schedule I3 hereof, and shall fail to disclose such knowledge to 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 InsurecJ shall disclose such knowledge to the Company, or if the Company 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 Condi- tions and Stipulations. 3. Liability of the Company under this 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 COmm1lIC(I lol' and only for actual loss incurred in reliance hereon in undertaking in good Caith (a) to comply with the requirements hereol•, or (b) to eliminate exceptions shown in Schedule Q, 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 states! in Sch(:dulc A for the policy or policies committed for and such liability is subject to the insuring provisions, the Exclusions from Coverngc and the Conditions and Stipulations of the form of policy or policies committed for in favor of the proposed lnsurcct which are hereby 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 interest or status of the mortgage thereon covcrcd by this Commitment must be based on and arc subject to the provisions of this Commitment. 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 insened in Schedule A hereof by the Company, Cllhel' al IhC llille O1 lhC iSSUanCC O1 lhls Commitment 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 six months after the effective (late hereof or when the policy or politics committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. IN WITNESS WHEREOF, Chicago Title Insurance Company has caused this Conuniuncnt to be signed and sealed as of the effective date of Commitment shown in Schedule A, the Commitment to become valid when countersigned by an authorized signatory. Issued by: THE ABSTRACT AND TITLE ,~'Jv~~" CORPORATION OF SOUTH BEND ,`~~; ~!!.SURgy`"'-L~ ~~ ••.~ , 135 South Lafayette Boulevard o:~~ORP~R~ iE`'•,o South Bend, Indiana 46601 '" (219) 233-8258 ~ y,;~' ~ ..... ~1 -, - / ~ -- ~ ~ ~~ ~~:, ~.- l~uthorized Signatory CHICAGO TI'I'L,I; INSURANCE CO)\4PAN'1' fay. ~~~~f ,~, 7 ~ Pre dent ATTEST: d-~u~ Secretary E 2290 ~ ~ :''.. ~;.`, a. i : ~iilr;{ ~ H C~~