HomeMy WebLinkAbout20- Certificate of City Attorney - Cheeky Monkey Development, LLC. - Final Plat of the Crossing 2 at Baxter Meadows Subdivision, Phases 4G and 4Hj-669
Timothy A. Cooper
P.O. Box 1230
Bozeman, MT 59771-1230
2683653
Eric Semerad3- Ga06atoinCounty,
212103:36:12 PM Fee: $5.00
1111111111111 I I 11111111111111111111111111111111111111111111111111111 I I 111111111111111 IN I I Q T C T F
CERTIFICATE OF CITY ATTORNEY
The undersigned Assistant City Attorney, in and for the City of Bozeman, County of
Gallatin, State of Montana, hereby certifies that the real property described in the proposed Final
Plat of The Crossing 2 at Baxter Meadows Subdivision, Phase 4G and 4H, more particularly
described in the attached Platting Certificate, incorporated herein by reference, is owned by:
Cheeky Monkey Development, LLC, a Montana Limited Liability Company
This certificate is based upon the attached Platting Certificate issued by American Land
Title Company of Gallatin County, Montana as of the 7t" day of February, 2020, at 12:00 o'clock
A.M., and is so certified subject to the restrictions contained therein.
CITY ATTORNEY
By:
Timothy A. �Assistant
Cooper, City Attorney
SUBSCRIBED AND SWORN TO before me this day of May, 2020.
"" BATHER BIENVENUE
���P Bl ��F' Notary Public
�pTARIq� Zm for the State of Montana
- * _ Residing at: fo�taryy Pu"for State of Montana
O- SEAL.�Q Bozeman, Montana
Z • P,,' My commission Expires:
% OF W"',, January 26, 2022
,(*)CHICAGO TITLE
INSURANCE COMPANY
Policy No.: 7170-1-1S-02061-2020.72156-218949576
CHICAGO TITLE INSURANCE COMPANY
GUARANTEE
CHICAGO TITLE INSURANCE COMPANY, a Florida Corporation, herein called the Company, guarantees the Assured against
actual loss not exceeding the liability amount stated in Schedule A which the Assured shall sustain by reason of any
incorrectness in the assurances set forth in Schedule A.
1. No guarantee is given nor liability assumed with respect to the identity of any party named or referred to in Schedule A
or with respect to the validity, legal effect or priority of any matter shown therein.
2. The Company's liability hereunder shall be limited to the amount of actual loss sustained by the Assured because of
reliance upon the assurance herein set forth, but in no event shall the Company's liability exceed the liability amount
set forth in Schedule A.
PLEASE NOTE CAREFULLY THE LIABILITY EXCLUSIONS AND LIMITATIONS AND THE SPECIFIC ASSURANCES AFFORDED BY
THIS GUARANTEE. IF YOU WISH ADDITIONAL LIABILITY, OR ASSURANCES OTHER THAN AS CONTAINED HEREIN, PLEASE
CONTACT THE COMPANY FOR FURTHER INFORMATION AS TO THE AVAILABILITY AND COST,
2=6
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72156 Miscellaneous Guarantee Face Page 00_156
Page 1 of 1
CHICAGO TITLE INSURANCE COMPANY
Countersigned:
WV zed ffic ' or . ,
endy Schlos e
n^^ �-� By:
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American La itle Company of Montana
o° Rar' °o
1800 W Koch St
Bozeman, MT 59715
Tel:406-587-5563
Fax:406-587-8038
0 SE AL•
President
J, .ice
Attest:
Secretary
Note: This endorsement shall not be valid or binding
until countersigned by an authorized signatory.
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72156 Miscellaneous Guarantee Face Page 00_156
Page 1 of 1
SCHEDULE A
Policy Number: 72156-218949576
)rder No.: 1S-02061
Liability: $200.00
Fee: $160.00
Dated: February 7, 2020 at 12:00 AM.
Assured: The County of Gallatin and in the City of Bozeman in Montana.
The assurances referred to on the face page hereof are:
That, according to the public records which, under the recording laws, impart constructive notice of matters relative to the
following described real property:
Located in the Northeast'/ of Section 3 of Township 2 South, Range 5 East, P.M.M., City of Bozeman, Gallatin County,
Montana, more particularly described as follows:
Being Lots R-1 and R-2 of the Final Plat of The Crossing 2 at Baxter Meadows Subdivision, Phase 4F,
The above described tract of land is to be known and designated as Final Plat of The Crossings 2 at Baxter Meadows
Subdivision, Phase 4G and 4H, City of Bozeman, Gallatin County, Montana.
Title to said real property is vested in: Cheeky Monkey Development, LLC, a Montana limited liability company
Subject to the matters shown below under Exceptions, which Exceptions are not necessarily shown in the order of their
property.
_Aceptions:
1 • Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies
taxes or assessments on real property or by the public records.
2. Any right, title, or interest in minerals in or under said land including, but not limited to, metals, oil, gas, coal, other
hydrocarbons, sand gravel or other common variety materials, stone, mineral rights, mining rights, easement
rights, water rights, claims or title to water or other matters relating thereto, whether expressed or implied and
whether or not shown by the public records.
3. Taxes for the second half of the year 2019 and subsequent years. Taxes for the first half of the year 2019 are
paid. Taxes for the second half of the year 2019 are due and payable and will be delinquent if not paid on or
before May 31, 2020. Taxes for the year 2020 are a lien not yet due or payable. (Taxes for the year 2019 - first
half - $1,447.09, second half - $1,447.06. Parcel No. RGG58321.) [Affects Lot R-1]
4. Taxes for the second half of the year 2019 and subsequent years. Taxes for the first half of the year 2019 are
paid. Taxes for the second half of the year 2019 are due and payable and will be delinquent if not paid on or
before May 31, 2020. Taxes for the year 2020 are a lien not yet due or payable. (Taxes for the year 2019 - first
half -$910.00, second half - $910.00. Parcel No. RGG69627.) [Affects Lot R-2]
Platting Certificate
1S-02061
SCHEDULE A
Policy Number: 72156-218949576
�. Special assessments levied by the City of Bozeman for 2019-2020 under Account No. 191660: [Affects Lot R-1]
First Half:
Arterial & Collector.
District No. 8000 Street Maintenance.
District No. 8001 Tree Maintenance.
First Half Amount: $291.60. Installment is paid.
Second Half:
Arterial & Collector.
District No. 8000 Street Maintenance.
District No. 8001 Tree Maintenance.
Second Half Amount: $291.60. Installment is due and will be delinquent if not paid on or before May 31, 2020.
No liability is assumed for any special assessments, snow removal, sewer assessment or garbage assessment
not set forth in the Assessment Books of the City of Bozeman.
6. Special assessments levied by the City of Bozeman for 2019-2020 under Account No. 251670: [Affects Lot R-21
First Half:
Arterial & Collector.
District No. 8000 Street Maintenance.
District No. 8001 Tree Maintenance.
First Half Amount: $291.60. Installment is paid
Second Half:
Arterial & Collector.
District No. 8000 Street Maintenance.
District No. 8001 Tree Maintenance.
Second Half Amount: $291.60. Installment is due and will be delinquent if not paid on or before May 31, 2020.
No liability is assumed for any special assessments, snow removal, sewer assessment or garbage assessment
not set forth in the Assessment Books of the City of Bozeman.
Baxter Meadows Development, L.P Declaration of Protective Covenants as to Wetland Area appearing of record
September 20, 2002, as Document No. 2081800, Amendment recorded June 6, 2019, as Document No. 2646724,
records of Gallatin County, Montana, but omitting covenants or restrictions, if any, based on race, color, religion,
sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of
income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is
permitted by applicable law.
Platting Certificate
1S-02061
SCHEDULE A
Policy Number: 72156-218949576
Amended and Restated Declaration for The Crossing at Baxter Meadows appearing of record as Document No.
2460152, records of Gallatin County Montana. No liability is assumed for any failure to comply with or abide by
said covenants, restrictions, reservations, limitations, conditions, uses, agreements, easements, options, and
other provisions, including provision for payment of money and penalty for delinquency, records of Gallatin County,
Montana, including the terms and provisions therein.
Declaration of Covenants and Restrictions for the Crossing 2 recorded September 13, 2013, as Document No.
2462559 and First Supplemental recorded January 9, 2017, as Document No. 2568735. Declaration of Annexation
recorded February 3, 2020, as Document No. 2671971, records of Gallatin County, Montana, but omitting
covenants or restrictions, if any, based on race, color, religion, sexual orientation, familial status, marital status,
disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws,
except to the extent that said covenant or restriction is permitted by applicable law, records of Gallatin County,
Montana, including the terms and provisions therein.
10. Community Declaration and By Laws for Baxter Meadows Master Community, dated September 19, 2005 and
recorded September 22, 2005, as Document No. 2202825, Amendment recorded May 3, 2016, as Document No.
2544175, records of Gallatin County, Montana, but omitting covenants or restrictions, if any, based on race, color,
religion, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of
income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is
permitted by applicable law, records of Gallatin County, Montana, including the terms and provisions therein.
11. Baxter Meadows Master Community Association Fiscal Policy recorded April 14, 2008, as Document No.
2297089, records of Gallatin County, Montana, including the terms and provisions therein.
12. Memorandum of Homeowners Association Contract and Notice of Inclusion in Homeowners Assessments for
Mandatory Telecommunication Services, recorded July 26, 2006, as Document No. 2235980, records of Gallatin
County, Montana, including the terms and provisions therein.
13. Waiver of Right to Protest Creation of Park Maintenance District Baxter Meadows PUD Phase 4 Minor
Subdivision, recorded May 9, 2007, as Document No. 2265465, records of Gallatin County, Montana, including the
terms and provisions therein.
14. Notice of Building Permit Restrictions Baxter Meadows PUD Phase 4 Minor Subdivision recorded May 9, 2007, as
Document No. 2265466, records of Gallatin County, Montana, including the terms and provisions therein.
15. Baxter Meadows Master Community Association Violation of Covenants, Conditions, and Restrictions Policy,
recorded April 14, 2008, as Document No. 2297090, records of Gallatin County, Montana, including the terms and
provisions therein.
16. All easements, notations, certificates, conditions and disclosures as contained on the recorded plat for Baxter
Meadows Subdivision, Phase 4A, Plats Nos. J-485 and J -485A, records of Gallatin County, Montana, including the
terms and provisions therein.
17. All easements, notations, certificates, conditions and disclosures as contained on the recorded plat for Crossing 2
Subdivision, Plat No. J-511, including but not limited to a 10' wide utility easement, records of Gallatin County
Montana, including the terms and provisions therein. '
18. All easements, notations, certificates, conditions and disclosures as contained on the recorded plat for Crossing 2
at Baxter Meadows Subdivision, Phase 4F, Plat No. J-597, including but not limited to a 10' wide utility easement,
records of Gallatin County, Montana, including the terms and provisions therein.
Platting Certificate
1S-02061
SCHEDULE A
Policy Number: 72156-218949576
9. Design Review Guidelines and Regulations of Baxter Meadows Master Community Association recorded
September 22, 2005 as Document No. 2202826, records of Gallatin County, Montana, including the terms and
provisions therein.
20. Amended Design Review Guidelines and Regulations of Baxter Meadows Master Community Association
recorded June 5, 2014, as Document No. 2482647, records of Gallatin County, Montana, including the terms and
provisions therein.
21. Amended Design Review Guidelines and Regulations of Baxter Meadows Master Community Association
recorded August 19, 2015, as Document No. 2522063, records of Gallatin County, Montana, including the terms
and provisions therein.
22. Amended ByLaws of Baxter Meadows Master Community Association, Inc. recorded May 3, 2016, as Document
No. 2544176, records of Gallatin County, Montana, including the terms and provisions therein.
23. Baxter Meadows Master Community Association Board of Directors Resolution recorded May 25, 2016, as
Document No. 2546194, records of Gallatin County, Montana, including the terms and provisions therein.
24. Notice of Building Permit Restrictions, dated December 17, 2007 and recorded December 20, 2007, as Document
No. 2287478, records of Gallatin County, Montana, including the terms and provisions therein.
25. Conditions of Approval of a Conditional Use Permit, dated October 8, 2007 and recorded December 20, 2007, as
Document No. 2287479, records of Gallatin County, Montana, including the terms and provisions therein.
26. Improvements Agreement dated December 17, 2007 and recorded December 20, 2007, as Document No.
2287480, records of Gallatin County, Montana, including the terms and provisions therein.
Fire Station Agreement dated October 29, 2007 and recorded December 20, 2007, as Document No. 2287481,
records of Gallatin County, Montana, including the terms and provisions therein.
28. Lift Station Agreement recorded December 20, 2007, as Document No. 2287482, records of Gallatin County,
Montana, including the terms and provisions therein.
29. Waiver of Right to Protest Creation of Special Improvement Districts, Waiver of for non-standard City streets,
dated November 5, 2007 and recorded December 20, 2007, as Document No. 2287483, records of Gallatin
County, Montana, including the terms and provisions therein.
30. Waiver of Right to Protest Creation of Park Maintenance District, dated October 8, 2007 and recorded December
20, 2007, as Document No. 2287484, records of Gallatin County, Montana, including the terms and provisions
therein.
31. By -Laws of The Crossing at Baxter Meadows recorded December 20, 2007, as Document No. 2287486, records
of Gallatin County, Montana, including the terms and provisions therein.
32. The Crossing at Baxter Meadows Property Owners Association Building and Landscape Design Regulations &
Guidelines, dated October 23, 2007 and recorded December 20, 2007, as Document No. 2287487, records of
Gallatin County, Montana, including the terms and provisions therein.
33. Articles of Incorporation for the Crossing at Baxter Meadows Property Owners Association, Inc. recorded
December 20, 2007, as Document No. 2287488, records of Gallatin County, Montana, including the terms and
provisions therein.
Platting Certificate
IS -02061
SCHEDULE A
Policy Number: 72156-218949576
Findings of Fact and Order recorded June 3, 2013, as Document No. 2451256, records of Gallatin County,
Montana, including the terms and provisions therein.
35. Waiver of Right to Protest Creation of Special Improvement Districts recorded August 8, 2013, as Document No.
2458701, records of Gallatin County, Montana, including the terms and provisions therein.
36. The Crossing at Baxter Meadows Property Owners Association Building and Landscape Design Regulations and
Guidelines recorded August 21, 2013, as Document No. 2460153, records of Gallatin County, Montana, including
the terms and provisions therein.
37. Improvements Agreement recorded September 13, 2013, as Document No. 2462553, records of Gallatin County,
Montana, including the terms and provisions therein.
38. Notice on Obligations Regarding Ownership of Common Spaces and Maintenance Responsibilities recorded
September 13, 2013, as Document No. 2462554, records of Gallatin County, Montana, including the terms and
provisions therein.
39. Notice on Obligations Regarding Parkland Maintenance Participation recorded September 13, 2013, as Document
No. 2462558, records of Gallatin County, Montana, including the terms and provisions therein.
40. Amended Community Declaration for Baxter Meadows Master Association recorded May 3, 2016, as Document
No. 2544175, records of Gallatin County, Montana, including the terms and provisions therein.
41. Memorandum of Homeowners Association Contract and Notice of inclusion in Homeowners Assessments for
Mandatory Telecommunication Services, dated November 29, 2007 and recorded December 20, 2007, as
Document No. 2287489, records of Gallatin County, Montana, including the terms and provisions therein.
Baxter Meadows Annexation Agreement, dated October 19, 2001 and recorded November 14, 2001, as
Document No. 2053095, records of Gallatin County, Montana, including the terms and provisions therein.
43. Deed of Trust from Cheeky Monkey Development, LLC, A Montana Limited Liability Company, to American Land
Title Company, as Trustee, and First Security Bank, Division of Glacier Bank, as Beneficiary, in the amount of
$1,185,700.75, dated August 24, 2018 and recorded August 30, 2018, as Document No. 2624921.
44. No search has been made for unpatented mining claims; reservations or exceptions in the United States Patents
or in acts authorizing the issuance thereof; water rights; claims or title to water. Any liability thereon is excluded
from coverage of this certificate.
END OF SCHEDULE A
Platting Certificate
1S-02061
Guarantee Conditions and Stipulations (12/15/95)
SCHEDULE OF EXCLUSIONS FROM COVERAGE OF THIS GUARANTEE
1. Except to the extent that specific assurances are provided in Schedule A of this Guarantee, the Company
assumes no liability for loss or damage by reason of the following:
a. Defects, liens, encumbrances, adverse claims or other matters against the title, whether or not shown by
the public records.
b. (1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2)
Proceedings by a public agency which may result in taxes or assessments, or notices of such
proceedings, whether or not the matters excluded under (1) or (2) are shown by the records of the taxing
authority or by the public records.
c. (1) Unpatented mining claims; (2) reservations or exceptions in patents or in Acts authorizing the issuance
thereof; (3) water rights, claims or title to water, whether or not the matters excluded under (1), (2) or (3)
are shown by the public records.
2. Notwithstanding any specific assurances which are provided in Schedule A of this Guarantee, the Company
assumes no liability for loss or damage by reason of the following:
a. Defects, liens, encumbrances, adverse claims or other matters affecting the title to any property beyond
the lines of the land expressly described in the description set forth in Schedule (A), (C) or in Part 2 of this
Guarantee, or title to streets, roads, avenues, lanes, ways or waterways to which such land abuts, or the
right to maintain therein vaults, tunnels, ramps or any structure or improvements; or any rights or
easements therein, unless such property, rights or easements are expressly and specifically set forth in
said description.
b. Defects, liens, encumbrances, adverse claims or other matters, whether or not shown by the public
records; (1) which are created, suffered, assumed or agreed to by one or more of the Assureds; (2) which
result in no loss to the Assured; or (3) which do not result in the invalidity or potential invalidity of any
judicial or non judicial proceeding which is within the scope and purpose of the assurances provided.
c. The identity of any party shown or referred to in Schedule A.
d. The validity, legal effect or priority of any matter shown or referred to in this Guarantee.
(Continued)
Platting Certificate
IS -02061
GUARANTEE CONDITIONS AND STIPULATIONS
1. Definition of Terms.
The following terms when used in the Guarantee mean:
a. the "Assured": the party or parties named as the Assured in this Guarantee, or on a supplemental writing
executed by the Company.
b. "land": the land described or referred to in Schedule (A)(C) or in Part 2, and improvements affixed thereto
which by law constitute real property. The term "land" does not include any property beyond the lines of
the area described or referred to in Schedule (A)(C) or in Part 2, nor any right, title, interest, estate or
easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways.
c. "mortgage": mortgage, deed of trust, trust deed, or other security instrument.
d. "public records": records established understate statutes at Date of Guarantee for the purpose of
imparting constructive notice of matters relating to real property to purchasers for value and without
knowledge.
e. "date": the effective date.
2. Notice of Claim to be Given by Assured Claimant.
An Assured shall notify the Company promptly in writing in case knowledge shall come to an Assured hereunder of
any claim of title or interest which is adverse to the title to the estate or interest, as stated herein, and which might
cause loss or damage for which the Company may be liable by virtue of this Guarantee. If prompt notice shall not
be given to the Company, then all liability of the Company shall terminate with regard to the matter or matters for
which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice
the rights of any Assured under this Guarantee unless the Company shall be prejudiced by the failure and then
only to the extent of the prejudice.
3. No Duty to Defend or Prosecute.
The Company shall have no duty to defend or prosecute any action or proceeding to which the Assured is a party,
notwithstanding the nature of any allegation in such action or proceeding.
4. Company's Option to Defend or Prosecute Actions; Duty of Assured Claimant to Cooperate.
Even though the Company has no duty to defend or prosecute as set forth in Paragraph 3 above:
a. The Company shall have the right, at its sole option and cost, to institute and prosecute any action or
proceeding, interpose a defense, as limited in (b), or to do any other act which in its opinion may be
necessary or desirable to establish the title to the estate or interest as stated herein, or to establish the lien
rights of the Assured, or to prevent or reduce loss or damage to the Assured. The Company may take any
appropriate action under the terms of this Guarantee, whether or not it shall be liable hereunder, and shall
not thereby concede liability or waive any provision of this Guarantee. If the Company shall exercise its
rights under this paragraph, it shall do so diligently.
b. If the Company elects to exercise its options as stated in Paragraph 4(a) the Company shall have the right
to select counsel of its choice (subject to the right of such Assured to object for reasonable cause) to
represent the Assured and shall not be liable for and will not pay the fees of any other counsel, nor will the
Company pay any fees, costs or expenses incurred by an Assured in the defense of those causes of
action which allege matters not covered by this Guarantee.
(Continued)
Platting Certificate 1S-02061
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
c. Whenever the Company shall have brought an action or interposed a defense as permitted by the
provisions of this Guarantee, the Company 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 an adverse
judgment or order.
d. In all cases where this Guarantee permits the Company to prosecute or provide for the defense of any
action or proceeding, an Assured shall secure to the Company the right to so prosecute or provide for the
defense of any action or proceeding, and all appeals therein, and permit the Company to use, at its option,
the name of such Assured for this purpose. Whenever requested by the Company, an Assured, at the
Company's expense, shall give the Company all reasonable aid in any action or proceeding, securing
evidence, obtaining witnesses, prosecuting or defending the action or lawful act which in the opinion of the
Company may be necessary or desirable to establish the title to the estate or interest as stated herein, or
to establish the lien rights of the Assured. If the Company is prejudiced by the failure of the Assured to
furnish the required cooperation, the Company's obligations to the Assured under the Guarantee shall
terminate.
5. Proof of Loss or Damage.
In addition to and after the notices required under Section 2 of these Conditions and Stipulations have been
provided to the Company, a proof of loss or damage signed and sworn to by the Assured shall be furnished to the
Company within ninety (90) days after the Assured shall ascertain the facts giving rise to the loss or damage. The
proof of loss or damage shall describe the matters covered by this Guarantee which constitute the basis of loss or
damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the
Company is prejudiced by the failure of the Assured to provide the required proof of loss or damage, the
Company's obligation to such assured under the Guarantee shall terminate. In addition, the Assured may
reasonably be required to submit to examination under oath by any authorized representative of the Company and
shall produce for examination, inspection and copying, at such reasonable times and places as may be designated
by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and
memoranda, whether bearing a date before or after Date of Guarantee, which reasonably pertain to the loss or
damage. Further, if requested by any authorized representative of the Company, the Assured shall grant its
permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records,
books, ledgers, checks, correspondence 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 Assured provided to the
Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the
Company, it is necessary in the administration of the claim. Failure of the Assured to submit for examination under
oath, produce other reasonably requested information or grant permission to secure reasonably necessary
information from third parties as required in the above paragraph, unless prohibited by law or governmental
regulation, shall terminate any liability of the Company under this Guarantee to the Assured for that claim.
(Continued)
Platting Certificate
1S-02061
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
6. Options to Pay or Otherwise Settle Claims: Termination of Liability.
In case of a claim under this Guarantee, the Company shall have the following additional options:
a. To Pay or Tender Payment of the Amount of Liability or to Purchase the Indebtedness.
The Company shall have the option to pay or settle or compromise for or in the name of the Assured any
claim which could result in loss to the Assured within the coverage of this Guarantee, or to pay the full
amount of this Guarantee or, if this Guarantee is issued for the benefit of a holder of a mortgage or a
lienholder, the Company shall have the option to purchase the indebtedness secured by said mortgage or
said lien for the amount owing thereon, together with any costs, reasonable attorneys' fees and expenses
incurred by the Assured claimant which were authorized by the Company up to the time of purchase.
Such purchase, payment or tender of payment of the full amount of the Guarantee shall terminate all
liability of the Company hereunder. In the event after notice of claim has been given to the Company by
the Assured the Company offers to purchase said indebtedness, the owner of such indebtedness shall
transfer and assign said indebtedness, together with any collateral security, to the Company upon
payment of the purchase price.
Upon the exercise by the Company of the option provided for in Paragraph (a) the Company's obligation to
the Assured under this Guarantee for the claimed loss or damage, other than to make the payment
required in that paragraph, shall terminate, including any obligation to continue the defense or prosecution
of any litigation for which the Company has exercised its options under Paragraph 4, and the Guarantee
shall be surrendered to the Company for cancellation.
b. To Pay or Otherwise Settle With Parties Other Than the Assured or With the Assured Claimant.
To pay or otherwise settle with other parties for or in the name of an Assured claimant any claim assured
against under this Guarantee, together with any costs, attorneys' fees and expenses incurred by the
Assured claimant which were authorized by the Company up to the time of payment and which the
Company is obligated to pay.
Upon the exercise by the Company of the option provided for in Paragraph (b) the Company's obligation to
the Assured under this Guarantee for the claimed loss or damage, other than to make the payment
required in that paragraph, shall terminate, including any obligation to continue the defense or prosecution
of any litigation for which the Company has exercised its options under Paragraph 4.
7. Determination and Extent of Liability.
This Guarantee is a contract of Indemnity against actual monetary loss or damage sustained or incurred by the
Assured claimant who has suffered loss or damage by reason of reliance upon the assurances set forth in this
Guarantee and only to the extent herein described, and subject to the Exclusions From Coverage of This
Guarantee.
The liability of the Company under this Guarantee to the Assured shall not exceed the least of:
a. the amount of liability stated in Schedule A or in Part 2;
b. the amount of the unpaid principal indebtedness secured by the mortgage of an Assured mortgagee, as
limited or provided under Section 6 of these Conditions and Stipulations or as reduced under Section 9 of
these Conditions and Stipulations, at the time the loss or damage assured against by this Guarantee
occurs, together with interest thereon; or
C. the difference between the value of the estate or interest covered hereby as stated herein and the value of
the estate or interest subject to any defect, lien or encumbrance assured against by this Guarantee.
(Continued)
Platting Certificate
1S-02061
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
8. Limitation of Liability.
a. If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures any
other matter assured against by this Guarantee 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 event of any litigation by the Company or with the Company's consent, the Company 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, adverse to the title, as stated herein.
C. The Company shall not be liable for loss or damage to any Assured for liability voluntarily assumed by the
Assured in settling any claim or suit without the prior written consent of the Company.
9. Reduction of Liability or Termination of Liability.
All payments under this Guarantee, except payments made for costs, attorneys' fees and expenses pursuant to
Paragraph 4 shall reduce the amount of liability pro tanto.
10. Payment of Loss.
a. No payment shall be made without producing this Guarantee for endorsement of the payment unless the
Guarantee has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the
satisfaction of the Company.
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 thirty (30) days thereafter.
11. Subrogation Upon Payment or Settlement.
Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shall
vest in the Company unaffected by any act of the Assured claimant.
The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have had
against any person or property in respect to the claim had this Guarantee not been issued. If requested by the
Company, the Assured shall transfer to the Company all rights and remedies against any person or property
necessary in order to perfect this right of subrogation. The Assured shall permit the Company to sue, compromise
or settle in the name of the Assured and to use the name of the Assured in any transaction or litigation involving
these rights or remedies.
If a payment on account of a claim does not fully cover the loss of the Assured the Company shall be subrogated
to all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and costs of
collection.
(Continued)
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1S-02061
12. Arbitration. GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
Unless prohibited by applicable law, either the Company or the Assured may demand arbitration pursuant to the
Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are
not limited to, any controversy or claim between the Company and the Assured arising out of or relating to this
Guarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision or
other obligation. All arbitrable matters when the Amount of Liability is $1,000,000 or less shall be arbitrated at the
option of either the Company or the Assured. All arbitrable matters when the amount of liability is in excess of
$1,000,000 shall be arbitrated only when agreed to by both the Company and the Assured. The Rules in effect at
Date of Guarantee shall be binding upon the parties. The award may include attorneys' fees only if the laws of the
state in which the land is located permits a court to award attorneys' fees to a prevailing party. Judgment upon the
award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request.
13. Liability Limited to This Guarantee; Guarantee Entire Contract.
a. This Guarantee together with all endorsements, if any, attached hereto by the Company is the entire
Guarantee and contract between the Assured and the Company. In interpreting any provision of this
Guarantee, this Guarantee shall be construed as a whole.
b. Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim,
shall be restricted to this Guarantee.
c. No amendment of or endorsement to this Guarantee can be made except by a writing endorsed hereon or
attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the Company.
14. Notices, Where Sent.
All notices required to be given to the Company and any statement in writing required to be furnished to the
Company shall include the number of this Guarantee and shall be addressed to CHICAGO TITLE INSURANCE
COMPANY, Attn: Claims Department, P.O. Box 45023, Jacksonville, FL 32232-5023.
Platting Certificate
1S-02061