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<br />GUARATTEE COA'DITIONS A�.7 $TIPU�ATION�
<br />FOR C!SE u'I7'H FORDIS u'-i45 AT�D VP•352
<br />GUARANTEE CONDITIONS Ai�D STIPULATIONS
<br />7. DEFINITION OF 7'ERAiS
<br />The followinF �erms whrn used in this Gwnmee mean:
<br />(q "land": The hnd deuribrd, epccifitally or b�� rc(errn[e, in this
<br />Guaran�re and impm��ements affixed iherc�o w�hich by law• mo-
<br />�timte aal pmpap•;
<br />(b) "Public recards": Thnse rttords o�hith impam m�slmrti�•e nm
<br />hm o( manrrs rcluinF io said I�nd;
<br />(c) "dne": The eRcaive da�e;
<br />(d) "the Assured": The pu' or qnies named as �he Assured in
<br />Ihis Guuamce, ut in aupplemental w•ritinR czecuted by Ihe
<br />Compan�;
<br />(e) "mortF+ge": MnnRaRe, deed of trus�, tmst detd, ar mher xcur�
<br />iry instrvmen�.
<br />2. EXrLUSIOhS FRUDt COVERAGE OF THIS G�IARANTEE
<br />The Company auumo nn liab .y far loss or d"�m�gc by rcason n(
<br />the foilow�inR:
<br />p) Taxes nr asfessmr�ts w�hich arc not show•n as eaisting lirns b��
<br />�he records of any bxing au�Larip� �h�� Irvies uxes nr asuss�
<br />mrnts on « al pmpertp or by the publir «[ords.
<br />(b) Unpatented mininF claims; rcservi�inns or t:ceptions in pa�rnts
<br />or in Acts authorizing lhr issuanre Ihereo(; watcr nghts, claims
<br />or tille ro �•uer.
<br />�t) Tide to anp pmperry beyond �he lines of the land exprcsil�
<br />described in the descnption xi (onh in the Gwnmee,-or tiilc
<br />to suces, roads, acenun, hnes, vays or �'a�erv•ays on vhich
<br />such land a6ws, or Ihe �ight ro maintain thercin raults, tunnels,
<br />nmps or any olhet slmuurc or impmrement; or any riµhts or
<br />usemm�s therein unless wch pmperry, rights or easemcnu arc
<br />eYprcssly and specifically se� forth in said dexnp�ion.
<br />(d� Defects, lirns, mcum6nncet, ad��erx daims �gainn thr tide u
<br />puatamttd or ather mauen ( I) trcated, suRered, nsumed or
<br />�greed to by onc or morc o( the Assurcd; ot f 2) msultinF in nn
<br />loss to the Assurcd.
<br />3. PROSENTION OF ACfIUNS
<br />(�) 2he Companp sh�ll Aa�'e ihe �iph� a� its ow�n cnv to instiw�c
<br />and pmsecule any anian or pmreeding or do anp ather art which
<br />in its opinion may be nemssaq� or desinble m esrebLsh or tom
<br />firtr the mattars hercin Fuar�nieed: md the G�mpany may uke
<br />�ny apprnPri:�c aainn undcr �he mrms o! ihia Gu�ran�tt vhnher
<br />or not i� shall be liable �hrreunder md shall mt thercby conmde
<br />liabiliry or mai��e any provisim� hercof.
<br />(b) In dl nses where �he G�mpany does w invimle and pmucute
<br />any action or pmcecJ:nF• ihe Assured shail permi� th� Umpany
<br />ro use, al its nptinn, �h. n�me n( the Assurcd for suc+ purpou.
<br />Whme�rr rcqueileJ 6y il�r Gmpany, the Assured shall give Ih:
<br />Comp+�y dl rcasomble aid in pmxcminF surh �ction nr pm�
<br />rerdmg, and lhe Company ihdl rrimburu �he Assured for aqy
<br />eipensc sn incuned.
<br />4. NOTICE O� LO55—LIAfITATION OF ACTION
<br />A sutement in w�ritinF of any loss or doma}e (or which i� is chimed
<br />the Company is liable under ihis Guanmee etinll be fumishnl ta thc
<br />Camp+ny w•ithin sixty days a(�er such Inss or damage shall have 6een
<br />de�ermined, and no riRht o( aeinn sholl accrue �o �he Assured under this
<br />Guaran�ee miil thirty days drcr such suiemem chall h�re been fur
<br />nished, anJ no recnvery shall be had by thr Aisured uader this Guannta
<br />unless anion shdl be rommrnmd �herron wiihin twn ; nr: aher expin•
<br />tiou of uid �hirty day puiod. Failure �o fumish wch nuumcnt o( Inss
<br />or damoge m �u rommmre such actinn within the �in e hrrcinbeforc
<br />sperified, shall be a mndusive b�r against maintenantt b; the Assurcd
<br />of any ution under this Guann�ee.
<br />S. OPTION TO PAY, SETTLE OIl COMPRODSISE CUIMS
<br />The Comp: ny shall h+��e the opiinn �o pay or uttle or romoroniu for
<br />m in the name of the Assured any d�im .�6ich muld mult in ;oss to
<br />the Assurcd within ihe m��euFe of this Guanmee, o� to pay the full
<br />FoemNo. W'•S53 7�U�Bt
<br />amnum n( this Gmramee u�, i( ihii Gmnntee is issued for �he benefit
<br />o( a hnlder of a monfaFq �hr Comp�n�� >hall h���c the oplion m putchafe
<br />thr indcbirdness securcd bp said mnnFaFe. Such pu•.h�u, p�ymenl or
<br />tendcr o( paymcm of thr full amoum of �he Guanmee shall tertnimte
<br />all liobd�ry• n( the Cc. npanp hercunder. In Ihc rrent aftet noti[t o( [laim
<br />has becn piren ta the Company by Ihe Assurcd Ihe Company oRers ro
<br />purch�se a�A indebtedness, the owncr of such indrbtednas shall tnns(er
<br />and assign said indcbiedness ond the mortFaRe searinR che s�me ro the
<br />Compmp u�n oapmcnt n( the purchau price.
<br />LIAtITAT10N OF LIABILI7l'— PAYTIEI�T OF LOSS
<br />�a) The liabiliry� vf the Company under �his Gmrmtee shall be lim•
<br />iied �o �hr am�mn� of aaual loss susuined M• the Assuted bKauu
<br />of rcliance upan ihe assurances herein set (onh, but in no evrnt
<br />shill such li�6iliry� exreed the amount n( �hc liabiliry suted on
<br />the fa[e pigc hucn(.
<br />(b) The Companp a�ill pa�� dl msts impoxd upnn the Assurcd in
<br />litiguinn arried on b}• Iht Company (ot ihe Assurcd, �nd all
<br />costs �nd uromep's (ees in li�igation carried on by the Afsmed
<br />wi�h �he rriuen awhoriza�ion o! �he Companr.
<br />�t) Nn claim fnr d�mages shall �rix or be mainnimble under this
<br />Guanmce (1) d the Company after haring rcteicrd notitt of
<br />�n alleged de(ca, lien ot rncumArance no� shown as �n Hscep•
<br />tion or c>c:uded F.rrcin umm�es suth defetl, lirn or mcumbnnce
<br />w�ithin a msomble time af�er rcceipt of such notice, ot (3) for
<br />liabiliq• roluntarilp �ssumed by the Assurtd in utding any cl�im
<br />or suit vithout w�riuem m�unt of ihe Compmy.
<br />rd� All papmems under �his Guar�ma, nmpt for atomeyi fees as
<br />pmciJed for in p+ngnph 6(b) hueof, shill rcduce �he tmount
<br />nf thc lubiliry• hcreundcr pro un�o, �nd no paymmt shall be
<br />m.�de wl�h�u� praiurinF �his Gu�nnme for indorsemrnt of auch
<br />pa��r. em unless ihe Gwramm bc los� nr darcoyed, in vhich
<br />nse �:�ef of such loss or deswc�ion shall be fumished ro the
<br />sa�is(aa on of �he Campany.
<br />(e) Vi'hen IuC�liry� has beci definilely fixed in umrduuc ^..'ith tht
<br />mndilio.is of this Guanmee, Ihe lass or dam�ge thdl be p�yable
<br />w�ithin thirtp Aays themfur.
<br />SUBROGATIOh UPGP1 PAYDfENT OR SE7TIFMENT
<br />Whrnerer the Companp sh.Jl h�re xtded � daim under this Guaruitre,
<br />dl tighl o( submgation sh�l: �eri in Ihe Company unaBected by �ny �a
<br />of �he Assured, and ie sholl be subrogned to ind be emidcd ro di nghts
<br />and t mediei w•hich the Assurc-: o•ould h��•e h�d ag�ins� �ny penon or
<br />prnperty in mpea to surh daim had �his Guinmee not betn is�ued.
<br />I( the pa��ment das no� mver �he loss of the Assurcd, �he Compmy �h�ll
<br />be submFated ro sucF +ighn and mmedies in the proponion which s�id
<br />paymmt bean m thc �moun� of said loss. T.rc Assurcd if tequated by
<br />thc Company, shall tnnskr lo the Company all righn �nd rtmedies
<br />tgainst any persnn or pMPert} ncttntary in order ro pedect such righl
<br />nf mbroFa�im�, �nd shall perm�� �Se Company ro us the name of the
<br />Assured in my innsaaion or litigation in.�oh•mg such rights or rcmedia.
<br />e. GUARAPlTEE ENTIAE CONTRACT
<br />My a�ion or aaions or riFh�s of anion tha� the Assured mry have or
<br />may brinF agaimt the Compan�• arising out o! the suhject matter heteof
<br />must be b�ud on �hc pro.•isions o! ihis Gwnn�ee.
<br />No provision or tondition of �his Guanntee c�n be vaived or clunged
<br />excep� by a w�riiinR endo�ud or anached herero signed by the Pasidrnt,
<br />a Vice Prcsidenq the Secretary, an Assistant Secrcary or other nlidadng
<br />o(ficcrof �he Company.
<br />9. NOTICES, VUHERE SEI�T
<br />All no�ices required m be given �he Company md any �memmt in
<br />wri�ing rcquircd �o be fumished the Company shdl be �ddmud ro i4
<br />at the office which issued �his Gummee.
<br />10. 71u fee s ecificd on tAe face of �his Gmnnlee is the roul ftt (or tide
<br />search +nSezamination md for this Gu�nn�ee.
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