Recorded Deed - Blue Jay Land Co

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GUARANTEE CONDITIONS AND STIPULATIONS (To the extent terms included herein are applicable to this Guarantee) 1. DEF'INITION 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) ,.public records": records established under state statutes atDate of Guarantee for the purpose of imparting' ' constructive notice of matters relating to real properly to purchasers for value and without knowledge' (c) "date": theDateof Guarantee. 2. EXCLUSIONS: This Guarantee does not cover: Defects, liens, encumbrances, adverse claims against the title as guaranteed or other matters (l) created, suffered, urru."d or agreed to by one or more of the Assured; or (2) resulting in no loss to the Assured. 3. PROSECUTION OFACTIONS (a) The Company shall have the right at its own cost to institute and prosecute any action or proceeding or do any other act which in its opinion rriuy b" n"""ssary or desirable to establish or confirm the matters herein guaranteed; and the Co*puny -uy take any appropriate action under the terms of this Guarantee whether or not it shall be liable thereundeiand strall notihereby concede liability or waive any provision hereof. (b) In all cases where the Company does so institute and prosecute any action or proceeding, the Assured shall permit the Company to use, at its option, the name of t-he Assured for such purpose. Whenever requested by ih" Co11puny, theAssured r6utt gi'n" the iompany all reasonable aid in prosecuting such action or proceeding, and the Company shall reimburse the Assured for any expense so incurred. 4. NOTICE OF LOSS-LIMITATION OF ACTION A statement in writing of any loss or damage for which it is claimed the Company is liable-under this Guarantee shall be fumished to ihe Company within ri*ty duyr after such loss or damage shall have been determined, and no ,igfrt of action shall accrui to the Assured ,rnd". this Guarantee until thirly days after such statement shall haveieen furnished, and no recovery shall be had by the Assured under this Guarantee unless action shall be commenced thereon within two years after expiration of said thirty day period. F9r_!qe to furnish such statement of loss or damage or to commence such action with the time herein before specified, shall be a conclusive bar against maintenance by the assured ofany action under this Guarantee. 5. OPTIONTO PAY, SETTLE OR COMPROMISE CLAIMS 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 thi Assured within the "ove.ug-e or this Guarantee, or, if this Guarantee is issued for the benefit ofa holder ofa mortgage, the Company shall have the option to purchase the indebtedness secured by said mortgage. Such purchase, p-ayment or tenderbf paymentof the full amount of the Guarantee shall terminate all liabilif of tft" Coi"puny ttli"unae.. In the event afier notice of claim has been given to the Company by the Assured the Company offe.s to purchase said indebtedness, the owner of such indebtedness shall transfer and assign said indebiedness and the mortgage securing the same to the Company upon payment of the purchase price. 6. LIMITATION OF LIABILITY-PAYMENT OF LOSS (a) The liability of the Company under this Guarantee shall be limited to the amount of actual loss sustained by the ' Assured because ofreliance upon the assurances herein set forth, but in no event shall such liability exceed the amount of the liability stated on the face page hereof' (b) The Company will pay all costs imposed upol th9 Assured- in litigation carried 91 b-v the Company for the Assured, and all "oiri"a attomey's fees iniitigation carried on by the Assured with the written authorization ofthe Company.