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' ~~~ ~ ~~ t I l~ ~ r ~ ~ ~~~. r i ~ ~' . ~ ~~ ~ ~~~iWASTEWATER SERVICE AGREEMENT ~° lc`k -~This document constitutes an agreement between the CITY o lermont, hereby referred to as • CITY, a municipality of the State of Florida, and L-esf-k: =L-G, a a#ten and its successors or assigns, hereby referred to as OWNER. ~' ~' lor~~c~ 1,~; SCI ~ ~'a b; i, ~-~ Coq h ~~ WITNESSETH Whereas, OWNER is proposing to develop Lost Lakes Center, which is located on real property (the "Property") described on Exhibit `A', attached hereto and by this reference made a part hereof; and Whereas, the Property is located in the unincorporated area of Lake County and the OWNER is requesting sewer service from the CITY; and Whereas, as a condition of CITY providing said water and sewer service to the Property, OWNER is to extend sewer lines to serve the Property and lines and appurtenances must be sized to meet the minimum requirements of CITY Land Development Regulations and to meet the flow demands for the subdivision; and Whereas, the CITY may, at the sole option of the CITY, elect to enlarge or oversize the sewer lines and appurtenances in order to provide additional capacity to other properties; and Whereas, as a condition of the provision of sewer service to the Property by the CITY, OWNER agrees that this Agreement shall constitute an unconditional application to annex the Property into the City of Clermont, if CITY chooses to do so; and • Whereas, OWNER and CITY are entering into this Agreement to set forth the terms and conditions under which sewer service shall be extended and sized. NOW THEREFORE, in consideration of the mutual promises and covenants hereinafter contained, the parties do hereby agree as follows: Section 1. OFF-SITE WATER/SEWER -Each and all of the foregoing premises are incorporated into and constitute a part of this Agreement. 1.1 CITY shall provide sewer service for the Property. 1.2 OWNER shall connect to the existing City system at connection point or points approved by CITY. 1.3 The route of any off site lines shall be according to engineering plans produced by OWNER and approved by the CITY. 1.4 The OWNER shall construct the facilities, lines and appurtenances necessary to serve the development and provide such documentation necessary for the CITY to ascertain that the lines shall meet the minimum line size requirements as specified by the CITY Land Development Regulations. 1.5 In the event the CITY chooses to oversize the lines or appurtenances, the CITY shall • provide to the OWNER the specifications regarding sizes to be included in the final improvement plans. Page 1 1.6 The OWNER shall be responsible for the construction of all on site and off site lines and appurtenances to serve the project. No building permits shall be issued until sewer is provided to the site or until a bond or letter of credit is in place to guarantee completion • of off-site improvements. No Certificate of Occupancy shall be issued until sewer extensions have been completed and accepted by the CITY. 1.7 The OWNER shall be responsible for all costs of on site and off site improvements, including but not limited to design, material, permitting and installation of sufficient size lines, lift stations and other appurtenances necessary to allow the CITY to serve the Property. 1.8 The CITY shall be responsible for the difference in cost of materials to oversize the line if the CITY chooses to oversize based on plans and cost estimates provided by OWNER to CITY, and approved in advance by the CITY. 1.9 The OWNER shall provide to the CITY a cost estimate for materials for the minimum size lines and appurtenances and a cost estimate for materials for the approved oversize. Cost estimate shall be contractors bid. The CITY shall review and either approve or reject the costs. 1.10 The OWNER and CITY shall agree on the cost difference, which will be the responsibility of the CITY, prior to commencement of construction. 1.11 The OWNER shall be responsible for all costs including design, permitting, materials and construction of the sewer lines and appurtenances, both on site and off site, required to serve the Property, with reimbursement for the difference in costs as • determined in Section 1.9 from the CITY in the form of Impact Fee Credits. 1.12 The Impact Fee Credits shall be established subject to Sections 1.9 and 1.11, and at the time of issuance of each building permit by applying the then current impact fee, which shall be deducted from the Impact Fee Credit balance until credit is used. 1.13 Impact Fee Credits may not be transferred outside of the Property described on Exhibit `A' but should be assignable to any heirs, assigns or successors in interest or title to part or all of said Property. Section 2. DEVELOPMENT STANDARDS The project shall be developed according to the CITY Land Development Regulations unless otherwise stipulated in this Agreement or subsequent amendments to this Agreement. Section 3. ANNEXATION 3.1 Owner shall apply for annexation into the City of Clermont prior to the issuance of a Final Certificate of Occupancy and shall pay to the City upon completion of the annexation all current applicable City impact fees. All land transfers will contain a deed restriction or covenant noting the existence of this requirement to annex, such restriction to be recorded as a covenant to run with the land. • Page 2 ' ~ 3.2 ~ This agreement shall be recorded in the Public Records of Lake County, Florida at cost to OWNER, and this agreement, upon recording, shall constitute an irrevocable application by the undersigned owner to annex the property described on Exhibit 'A', attached hereto, into the City of Clermont, which right to annex the City may • exercise at any time in the future. Section 4. SEVERABILITY In the event that any provision of this agreement shalt be held invalid or unenforceable, the provision shall be deleted from this agreement without affecting in any respect whatsoever the validity of the remainder of this agreement. Section 5. NOTICES All notices, demands, or other writings required to be given or made or sent in this Agreement, or which may be given or made or sent, by either party to the other, shall be deemed to have been fully given or made or sent when in writing and addressed as follows: CITY ~ OWNER (~S~ ~ ~~ ~ ~~ City of Clermont ~~ Maurice Egozi City Manager 1111 Kane Concourse P.O. Box 120219 Suite 401 ~ Clermont, FI 34712-0219 Bay Harbor, FL 33154 Section 6. AMENDMENTS • Any amendment to this agreement is not effective unless the amendment is in writing and signed by all parties. Section 7. EFFECTIVE DATE The effective date of this agreement shall be the day of execution of the agreement required hereunder. IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on the date listed below. CITY through its City Manager, authorized to execute same by City Council action, and OWNER through ~`^ • ^ 1" ~° ~-~=- t4Lu-~ ~Y(~i~-~7 DATED this ~ day o , 2004 . CITY OF CLERMONT O)rb arol Turville, Mayor ATT ST: ~ ~ -'~~ )~ • Tracy Ac oyd, City Clerk ~~_ p,~ s Page 3 ~;, . • STATE OF FLORIDA COUNTY OF LAKE I HEREBY CERTIFY that on this day, before me, an officer duly authorized to administer oaths and take acknowledgments, personally appeared 14-ICj,Y~ S~C~~QI i "fZ~ as ~~ 1GlQ -'L~ of ~~ L.~C; who provided identification in the form of or who is persona ly kno to be the person described in and who executed the foregoing, and that he ac owe ged before me that he executed the same. Witness my hand and official seal this c ~~°~vP~~: Comtmisson ~ D231~874 _~.~,~Q Expires: Jul 13, 2007 :9jFOF~.oQO~ Bonded Tltru ~'"~~~`~~ Atlantic BondingCo., lnc. • Page 4 C6-. an=2005 03:4iam :,om-48EPA/Bf 305 653 2063 r-211 P 005/005 F-534 • The quality of this image is equivalent to the quality of the original document. EXHIBIT A TRACT 27, AS SHOWN ON TFJFS LARK HIG~ND COivII'AIV'Y, PLAT OF S'BCTION 32, 3'OWNS'FI~ 22 SOU'T'H, RANGE 2S LAST, PLAT BOOK 3, PAGB ?~, gUBLic ~scORns o~ ~ cOUrrrY, FTroRIDA. • LISS TF~E POLI.OWINQ: BR.CriN AT fiHE SOUTHWBST CORIIER OF TRACT 27 AS 3kIOWN ON THE LAIC COMPANY PLAT OP SBCTZON 32, TOWNSFIIP 22 SOUTS , R.Ai~ 26 BAST, RBCY3RD~ IN PLAT BOOR 3, PAGE 24, PUBLIC RBCORDS OF LASB COUN'T'Y, FLORIDA: 1~ENCB NORTH 00'31'46" EAST A.EANG TFI'E WEST I1N$ OF SATb TRACT 27, A i~TS"TANCE OF 638.50 FEET TO THB A1'ORTFiWBST CORNER OF SAID 'TRACT: T~NCE S'OUTTi 88'53'09" FAST ALONCr TFIE NORTS LIl~IB OF SAID -TRACT 27, A DISTANCE OF 3411 FERT; Tk3ENCE 50UT~T 00'3I'4fi" 'gVFST 637.45 FEET TO THE SOUTH LINE OF SAID TRACT Z?; THF.NCB NORTH 89'03'43" 'W$ST ALONG TAB SAID SOUTH LIl~iE OF SAIL? TRACT 27, A DLSTANCB OF 341.40 FEE'S' TO TSE POINT OF B~BG~II~iNING. LESS ROAD RIGHT O~ RTAYS. • (American Land Title Association Owner's Policy - 10-17-92) (With Florida Modifications) U 1~~:VER'S TITLE IN.SC~KI-INCE YvLICY r~ u Attorneys' Title Insurance Fund, Inc. OKl..-INDO, FLORIDA St"BJECT T(~ THE EYCLCSIONS FROM CO~T.RAGE, THE EYCEPTIO~S FROM COVER-AGE CO~T:~I\ED Iti SCHEDULE B.-~\D THE COtiDITIO~S:~~D STIPU- L.-~'I'IONS, .~TTOR~E~"S' TITLE I'~'SURA.tiCE FUND. I\C., a Florida corporation, herein called The Fund, insures, as ofDate of Policyshowu in Schedule ~3, against loss or damage, not exceeding the Amount of Insurance stated in Schedule ~, sustained or incurred h~~ the insured by reason of: 1. Title to the estate or interest described in Schedule ~ being vested other than as stated therein; 2. r~i~~ defect in or lien or encumbrance on the till: ; :i. Unniarketabilit~~ of the title; -I. La~~k of a right of access to and from the land. • The Fund ~~~ill also pa~~ the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipula- ttons. In jI'itness It7i~~r~of, ATTORNEYS' TITLE I~SL"R-~~iCE FLED, I\C. has caused this policy to be signed and Sealed as ofDate of Policy sho«~n in Schedule A, the policy to become valid when countersigned by an authorized signatory. Mr1~'jw ~~ ....., 1~ Z ~`~~. SEAT. f= „L.. n; t p ~"Nw~ ~M~~N. Attorneys' Title Insurance Fund, Inc. By Charles J. Kovaleski President SERIAL oPnn- ~ 2428148 -- - - -~ FUND FORM OPM (rev. 3198) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this polity and The Fund will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: • 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupanry, use, or enjoyment of the land; (ii) the character, dimensions or location • of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of emineriCdomain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Polity which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to The Fund, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to The Fund by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estau or inures[ insured by this policy, by reason of the operation of federal bankruptcy, elan insolvenry, or similar creditors' rights laws, that is based on: - ~ w (a) -the transaction creating the estau or inures[ insured by this polity being deemed a fraudulent convryance or fraudulent transfer, or (b)„ the transaction seating the estau or interest insured by this polity being deemed a preferential transfer except where the preferential transfer results from the failure: ~ ~ ~+ r .~" (i) to timely°reoord the instrument of transfer, or ' "` • ` : ~ '~" ~ ~w~~ = , .' (ii) of such recordation to impart notice to a purchaser for value or a judgmeni oz lien cr+editor.' .. ~. t,z~ ,, ,. CONDITIONS AND S"TIPUTATIONS~ ~:: ,~. - , ,,_. u1 ., ~ ' ~ - 1. Defioitioa of Terms ` `' from r k ~ or mterest in the land, or (ii) all . <. The following term's when used in this polity mean: ~ . ' - '' aide • f~ , .. ~asetinoneji mortgage given to the {a) 'insured": the insured named in Schedule A, and, subject to any uistu~ed;~ ' ~ghts or defenses The Fund would have had against the ~ ~ insured, 3 Notux ~ , p Be Given P Iced Claimant .;~ those who succeed to the inurest of the named insured lion of The ~ atu+ed' Fuad mmptly in writing (i) in case of any law as disdn heel from urchase indudin ,but not limiud to, heirs, `f hti aon''`as iin ~"(a) below, (ii) incase knowledge shall distribuues, devisees, surviwrs, personal representatives, next of king . oum~ to"~:_ "~' '` "did cf any claim of title or inurest which is or corporau or 5duciary successors .adverse to the all Ito the estate or inut cst, as insured, and which might (b) `insured claimant" an insured claiming loss or damage. cause lobs or damage for which Fund may be liable by virtue of this (c) 'knowledge"'or "knovra knowledge, not constructive `, poi~iry, oX~ur'~~~~the estauinterest, as insured, ss rejected as knowledge. or nonce which mar nnpuud to an insured by reason of urimarks'~~abb~ Vie.: rompE"notice "s~iall~notbe given to The)~nd, then as the public records as defined in this policy or arr. other records which co tht; insured allhability of'Ibe F<ina shall terminate with regard tie the impart constructive notice of mature affecting the land. mater or maters for which prompt notice urequired; provided, .. (d) `land": the land described- or referred to in Schedule A, and however, that failure'to'notifr The Fund shall ui no case prejudice the improvements aff'nted thereto which by law constituu real property rights of any insured "under this .policy. unless The Fund _ shall be The arm "land" does not include any property beyond the lines of the prejudiced by the failure and then only to the extent of the pr+ejtidice. area described or referred to in Schedule A, or any right, title, inures[, 4. Defeflae and Proseuitiion of Actions; Duly of Inatu+ed Claimant estau or easement in abutting streets, roads, avenues, allrys, lanes, ways To Cooperate or waurways, but nothing herein shall modify or limit the exunt to (a) Upon written request by the insured and subject to the options which a right of access to and from the land is insured by this polity. contained in Section 6of these Conditions and Stipulations, The Fund,. (e) `mortgage": mortgage, deed''af trust;' tnut deed. or"other ~ at its. own cost and without urireasonab~~~~l~eJ~ay, shall'pro~ide~foar the' security instrument _ -: :. ,"':: ''~ defense of an irisiire+tl~ati~`litigati~;ia - any~'thii~ ~ry°~~ a~.: (f) `public records": records established tinder,stau statutes at claimadversefothetide uiteres4 ~ ut ~- ~iose~d - ~'ii~rr~ed;b Q`~''~~iO dau of Polity for the purpose of imparaap(,constructive notice of caused of acao defori, hen~r ~~~~ lhh°e om~ttteirt.~ Hwy ;:... a.;-r . w, y_ ae~p ... ., n r ; y maters relating to real property to ptiiclrasers for°value and without insured ~ ey. The Fund a ngh z~ecta knowledge. With respect to Sewon:l(a~ (iv) ` of the Exclusions from counsel of i~ choice•aublec~ t~t> the right of the tnet~ed to ob~e~t for Coverage, "public records" shall also include environmental protection reasonable cause)~to represent the' insured as to the stand causes of liens filed in the records of the clerk of the Uniud States district court action and shall no[ be liable for and will not pay the fees of any other for the district in which the land is located. ~ counsel. The Fund will not pay any fees, costs or expenses incurred by (g) "unmarketability of the tide": an alleged or apparent mater the insured in the defense of those causes of action which allege maters affecting the title to the land, notexduded or excepted from coverage, not insured against by thia'poliry. `" which would entitle a purchaser of the estau or interest described in (b) The Fund shall have the right, at its own cost, to instituu and Schedule A to be released from the obligation to purchase by virtue of prosecuu any action or proceeding or to do any other act which in its contractual condition requiring the delivery of marketable title. opinion may be necessary or desirable to establish the title to the estau Continuation of Insurance Afoer Conveyance of Title or inures[, as insured, or to prevent or reduce loss or damage to the The coverage of this polity shall continue in force as of Dan of Polity insured. The Fund may take any appropriau action under the arms of in favor of an insured only so long as the insured retains an estau or this polity, whether or not it shall be liable hereunder, and shall not inures[ in the land, or holds an indebtedness secured by a purdiase thereby concede liability or waive any provision of this polity. If The monry mortgage given by a purchaser from the insured, or only so long Fund shall exercise its rights under this paragraph, it shall do so as the insured shall have liahliry by reason of covenants of warranty diligently. made by the insured in any transfer or conveyance of the estau or (c) WheneverThe Fund shall have broughtan action or interposed inures[ This policy shall not continue in force in favor of any purchaser a defense as required or permitted by the pmvisior~ of this polity, The ATTORNEYS' TITLE INSURANCE FUND, INC. OWNER'S POLICY Schedule A Policy No.: Effective Date: Agent's File Reference: OPM-2428148 July 13, 2004 @ 09:36 AM 13863 Amount of Insurance: $1,145,000.00 1. Name of Insured: POINTE AT LOST LAKE, LLC, a Florida Limited Liability Company 2. The estate or interest in the land described herein and which is covered by this policy is a fee simple (if other, specify same) and is at the effective date hereof vested in the named insured as shown by instrument recorded as Document No. CFN 2004093186 in Official Records Book 2613, Page 206, of the Public Records of Lake County, Florida. 3. The land referred to in this policy is described as follows: See Exhibit "A" Attached LJ Issuing Agent: BROKERS' FLORIDLAN TITLE CORP. 951 N.E. 167th Street Suite 204 North Miami Beach, FL 33162 Form OPM-SCN. A (rev. 1 /98J DoubleTime® ATTORNEYS' TITLE INSURANCE FUND, INC. OWNER'S POLICY Schedule B Policy No.: OPM-2428148 This policy does not insure against loss or damage by reason of the following exceptions: Agent's File Reference: 13863 1. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder, including submerged, filled and artificially exposed lands, and lands accreted to such lands. 2. The lien of all taxes for the year 2004 and thereafter, which are not yet due and payable. 3. a) Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey and inspection of the premises. b) Easements, or Claims of Easements not shown by the Public Records. THE END Form OPM-SCH. B (rev. S/94) DoubleTime® EXffiBIT A 1'RAGT 27, AS SHOWN ON TAB LARK BIt~HI.AND C011~'ANY, PLAT OF SFCITC7N 32, Z2 SOUI'~3, RANC~B 26 BAST, PLAT BOOK 3, PAt~B ?h, Pt3BLIC ItBCORDS OF LAKB CO[t1+1TY, FLORIDA. L13SS TZ~B FOLLOWING: . BB(~T AT ~ SO[TCSWBST CORT~t OF TRACT 27 AS SHOWN ON TES I.A~3 ffiC1~A~TD OOMPAN'S~ PLAT OF SBGZ'ION 3?, T'0'4VNS~IIP 22 SOVI'S , RANCSB ZG $~iS'r, RBCO~RDEb IN PLAT BOOK 3, PAC~B 24, PUBLIC RECORDS OF LAKB COLIHTX, Px.011.IDA: TBI~iGB NORTH 00'31'4' EAST ALONG TAE WEST L1t~tII ~F SAID TRACT 27; A 13ISTANCB OF 638.50 FB$T TO TAB NOR~IiWBST C~b1t1`1BR OF SAID . TRACI`: TH$rICE SOUTH 88'53'09" BAST ALON4 T~ NORTIi LatB OF SAID ~ TRACT 27, A DI3TANC~B OF 34141 FBBT; T~1CB SOt3TH 00'32'46" WFST 637.45 FBET TO THB SOU1'H.LINS OF SAID TRACT 27; TSF.I~TCB NORTB 89'03'43" WBST ALONG THB SAID SC1U'TH ~ i.]NB OF 3AII} TRACT 2'I, A DYSTANCB OF 341,40 FBST TO THB POIIVT OF BBGII~iNIl~TC}. • LBSS ROAD RIC,I~1T OIL WAYS. Fund 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 any adverse judgment or order. (d) In all cases where this policy permits or requires The Fund to prosecute or provide for the defense of any action or proceeding, the ured shall seeurt to The Fund the right to so prosecute or provide fense in the action or proceeding, and all appeals therein, and emit The Fund to use, at its option, the name of the insured for this purpose. Whenever requested by The Fund, the insured, atThe Fund's expense, shall give The Fund all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of The Fund may be necessary or desirable to establish the tide to the estate or interest as insured. If The Fund is prejudiced by the failure of the insured to furnish the required cooperation, The Fund's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. Proof of Loss or Damage In addition to and after the notices required under Section S of these Conditions and Stipulations have been provided The Fund, a proof of loss or damage signed and sworn to by the insured claimant shall'be furnished to The Fund within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other mater insured againstby this polity tarhich constitutes the basis of loss or damage and shaIl state, to the extent possible, the basis of calculating the amount of the ]oss or damage. ff The Fund is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, The Fund's obligations to the insured under the polity shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or maters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required tosubmit to examination under oath by any authorized representative of The ~und and shall produce for examination, inspection and copying, at ~ch reasonable times and places as maybe designaud try any autho- rued representative of The Fund, all records, books, ledgers. checks, correspondence and memoranda. whether bearing a date before or after Date of polity, which reasonably pertafu to the loss or damage. Further, if requested by any authorized representative of The Fund, the insured claimant shall grant its permission, in writing, for any autho- rued representative of The Fur}d, to examine. inspect and copy all records, hooka, ledgers, checks, rnrTCSpondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to The Fund pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of The Fund, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination corder oath, produce other reasonably requested information or grant permission to secure rea- sonably necessary information from third parties as required in this paragraph shall terminate any liability of The Fund under this policy as to that claim. 6. Options To Pay or Otherwise Settle Claims; Terminafion of Liability In case of a claim under this polity, The Fund shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by The Fund, up to the time of payment or tender of payment and which The Fund is obligated to PaY• Upon the exercise by The Fund of this option, all liability and obliga- tions to the insured under this polity, other than to make the payment wired, shall terminate, including any liability or obligation to efend, prosecute, or continue any litigation, and the policy shall be surrendered to The Fund for cancellation. (b) To PayorOtha~wiseSettlewthPartiesOtherthantheIn.cured or With the bn~ Clainnamt. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant say daim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized b}• The Fund up to the time of payment and which The Fund is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by The Fund up to the time of payment and which The Fund is obligated to pay. Upon the exercise by'The Fund of either of the options provided for in paragraphs (b) (i) or (ii), The Fund's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obliga- tion to defend, prosecute or continue any litigation. ?. Determination; Extent of Liability and Coinswance This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimantwho 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 Fund under this policy shall not exceed the least of: (i} the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b1 (Thisp~aphdcal'bgwithCorxseaanaewaaren+or~edfinrnFTosida policies.) (c) The Fund will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipu- lations 8. Apportionment If 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 polity was divided pro rata as to the value on Date of Polity of each separate parcel to the whole, exclusive of arty improvements made subsequent to Date of Polity' , unless a liability or value has otherwise been agreed upon as to each parcel by The Fund and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. Limitation of Liability (a) If The Fund establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, 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 matter and shall not be liable for any loss or damage caused thereby. (b) In the went of any litigation, including litigation by The Fund or with The Fund's consent, The Fund shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, ad- verse to the tide as insured. (c) The Fund shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of The Fund. I0. Reduction of Iasrrrance; Reduction or Termination of Liabi&ty All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro canto. 11. Liability Noncumulative It is expressly understood that the amount of insurance under this policy shall be reduced by any amount The Fund may pay under any policy insuring a mortgage to which exception is taken in Schedule $ 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 do- strayed, in which case proof of loss or destruction shall be furnished co the satisfaction of'The Fund. (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 thereafter. demm~ded if agreed in by both T)u Fund mid the insured. Arbitrable matters , , 13: Subrogation Upon Payment or Settlement may include, but an rwt limited to, mey conboverry or claim 6tturten T he Fund (a) The Fund's Right of Subrogation. and the insured arisi»gout of or nlatirg to tMs polity, and savior of T he Fund Whenever The Fund shall have settled and paid a claim under this ~ ~ uFitlt ~ issumu~ or the bnade of a fwlicy provision or other policy, all right of subrogation shall vest in The Fund unaffected by any obligation. ~~ to thispolicy and under tlu Rules in effort on act of the insured claimant. the date the demand for arbidation is made ~, at tht option of the inseatid, The Fund shall be subrogated to and be entitled to all rights and the Rules in effect at Daze of Polity shall be binding upon the parties. ?Ile • remedies which the insured claimant would have had against any aurmd may include attorneys'fees only if tlu lmns of the statt in which the land person or property in respect to the claim hadrthis policy not been is located permit a court to auwrd atdornrys' fees to a p-•tvailing party. issued. If requested by The Fund, the insured claimant shall transfer to fudgnunt upon the aurmd rendered by thtAsbibnAvr(s) may be enQerrd in any The Fund all rights and remedies against any person or property court havingjurisdictiorrdrereof. necessary in order to perfect this right of subrogation. The insured The law of the silos of the land shall apply to an arbitration under the claimant shall permit The Fund to sue, compromise or settle in the Title Insurance Arbitration Rules. name of the insured claimant and to use the name of the insured A copy of the Rules may be obtained from The Fund upon request. claimant in any transaction or litigation involving these rights or 15. Liability Limited to this Polity; Polity Entire Contract remedies: (a) This polity together with all endorsements, if any, attached If a payment on account of a claim does not fully cover the loss of the hereto by The Fund is the entire polity and contract between the insured claimant, The Fund shalt be subrogated to these rights and insured and The Fund. In interpreting any provision of this policy, this remedies in the proportion which The Fund's payment bears to the polity shall be construed as a whole. whole amount of the loss. (b) Any claim of loss or damage, whether or not based on negli- If loss should result from any act of the insured claimant, as stated Bence, and which arises out of the status of the title to the estate or above, that act shall not void this polity, but The Fund, in that event, interest covered hereby or by any action asserting such claim, shall be shall be required to pay only that part of any losses insured against by restricted to this policy. this policy which shall exceed the amount, if arty, lost to The Fund by (c) No amendment of or endorsement to this policy can be made reason of the impairment by the insured claimant of The Fund's right except by a writing endorsed hereon or attached hereto signed by of subrogation. - either the President, a V ce President, or Agent df The Fund. (b) The Fund's Rights Against Noted Obligors. . 16. Sevaabrlily , . ;- - ' ~.4•: : 4~:~ ; _ ~ •; i ~ , •Lf. ~ , The Fund's right of subrogation against non-insured obligors shall ~ ~a ant any prorlsron oaf the polrry rs held invalid or unenforceable east and shall include, without limitation, the rights of the insured to ~~ a law, the policy shall be deemed no't W include. that indemnities, ties, other liciea of insurance or bonds, notwith- gtraran po " " '~°'" ~' ' pr+oyrsron and all other provisions shall remain in full force and effect. standing any terms or conditions contained in those instrumentswhich~ ~ 19 No '~ Where Sent ~~: ,, ; ` r ., , . , provide for subrogation rights by reason of this polity. ~ . _ ,~ notices required to be given The Fund and any statement in writing 14 Arbitration ~ ~ h Tl k I a ~ l i i ~; requrr~,lo be fiunished The Fund shall include the number of this + on puruem>t to t r na ard, mb fnat e e ilnless prvhr3ibcd by applicable ; polity an~ alrall lie addressed to The Fund at its principal office at Post awct Arbitratiow Rules of tht Arweriemt ArbitraatioR Atsodatiow .m% be ~ Offce Boric Orlando, Florida 32864.8600. k ;.~ X N • _, . .. i`r:in,1 Y3:..»c?'~ 'fit:. .. - ;'1..1-t~Y ~l4';, -ti n ., rrYr%~; ~ ,~ • - . 1r: ~ + ' ' ~~ ^ ~ ~ a O ~ ,+< ,° , ~2 r,+~,r t~: fir. :~r" - p k, a ~ t. , a. _ ~ r l L ` ~• ~ ~ 3 t . 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