Commonwealth Land Title Insurance Company, NCS

ALTA ENDORSEMENTS - 91 - SAMPLES AND DESCRIPTIONS COMMONWEALTH LAND TITLE INSURANCE COMPANY ENDORSEMENT 12 – AGGREGATION – LOAN POLICY This endorsement is issued as part of Policy Number __________ issued by 1. The following policies are issued in conjunction with one another: 2. The amount of insurance available to cover the Company’s liability for loss or damage under this policy at the time of payment of loss shall be the Aggregate Amount of Insurance defined in Section 3 of this endorsement. 3. Subject to the limits in Section 4 of this endorsement, the Aggregate Amount of Insurance under this policy is $ ______________________. 4. Condition 7.a. is restated in its entirety to read: 7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company has the following additional options: a. To Pay or Tender Payment of up to the Aggregate Amount of Insurance or to Purchase the Indebtedness i. To pay or tender payment of the lesser of the value of the Title as insured at the date the claim was made by the Insured Claimant, or the Aggregate Amount of Insurance applicable under this policy. In addition, the Company will pay any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay; or ii. To purchase the Indebtedness for the amount of the Indebtedness on the date of purchase. In addition, the Company will pay any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of purchase and that the Company is obligated to pay. If the Company purchases the Indebtedness, the Insured must transfer, assign, and convey to the Company the Indebtedness and the Insured Mortgage, together with any collateral security. Upon the exercise by the Company of either option provided for in Condition 7.a., the Company’s liability and obligations to the Insured under this policy terminate, including any obligation to defend, prosecute, or continue any litigation. Endorsement 12 – Aggregation – Loan Policy [2021 v. 01.00 (07-01-2021)]