The company's liability under these latter forms of policies ceases upon the death of the life tenant, termination of the leasehold or discharge of the mortgage, respectively. Other interests or estates, such as rights of way, party walls, restrictions and the like are insurable and the form shown as Figure 278 can be used and fitted to meet these special requirements. Policy No. 19551. SCHEDULE B. This policy does not insure against such estates, interests, defects, objections to title, liens, charges, and incumbrances affecting sald premises, or the estate or interest insured, as are set forth below in this schedule. 1: Mortgage from A. D. Fraser and Mary A. Fraser, his wife, and John 2: The Taxes of 1906: The Treasurer's General Tax Duplicate shows $84.34 due. FIG. 279.-TITLE INSURANCE POLICY (Continued). Figure 279 shows Schedule "B" of the policy. Under this schedule all the defects, liens, incumbrances and objections against which the company does not guarantee or assume any liability are briefly enumerated; however, if the insured desires the objections to be spread in detail upon the schedule it can be done by the company, otherwise resort to the records, for particulars, will have to be made. The conditions under which the policy is issued are as follows: CONDITIONS OF THIS POLICY. 1. THE GUARANTEE TITLE AND TRUST COMPANY will, at its own cost, defend the insured in all actions or proceedings founded on a claim of title or incumbrance prior in date to this Policy and not excepted therein. 2. No claim shall arise under this Policy, except under section 1 of these conditions and except also in the following cases: (I) Where there has been a final determination in a court of competent jurisdiction, under which the insured may be dispossessed or evicted from the premises covered by this Policy, or from some part or undivided share or interest therein. (II) Where there has been a final determination, adverse to the title, as insured, in such a court, upon a lien or incumbrance not excepted in this Policy. (III) Where, in cases of guarantee of the interest of a mortgagee the mortgage has been finally adjudged, by such a court, to be invalid, or ineffectual to charge the premises described in this Policy, or a lien inferior to that designated in this Policy. (IV) Where the insured shall have transferred the title insured by an instrument containing covenants of title or warranty, and there has been a final judgment rendered in such a court against the insured, his heirs. executors, administrators, or successors on any such covenants or warranty and because of some defect of title or incumbrance not excepted in this Policy. (V) Where the insured shall have contracted in good faith in writing to sell the insured estate or interest, and the title has been rejected because of some defect or incumbrance not excepted in this Policy, and notice in writing of such rejection shall have been given to this Company within ten days thereafter. For thirty days after receiving such notice, this Company shall have the option of paying the loss, of which the insured must present proper proof, or of maintain ing or defending either in its own name or at its option in the name of the insured, some proper action or proceeding, begun or to be begun in a court of competent jurisdiction, for the purpose of determining the validity of the objection alleged by the vendee to the title, and only in case a final determination is made in such action or proceeding. sustaining the objection to the title, shall this Company be liable on this Policy. (VI) Where a purchaser at a sale under the judgment or order of a court of competent jurisdiction has been relieved by the court from a purchase of the insured estate or interest by reason of the existence of some lien, incumbrance or some defect of title not excepted in this Policy. (VID) Where the insured shall have negotiated a loan on the security of a mortgage on an estate or interest in land insured by this Policy, and the title shall have been rejected by the proposed lender, this Company, if there is no dispute as to the facts, will consent to the submission of the question of the validity of the title, as insured, to the Common Pleas Court for the County in which is situated the property affected by this Policy, and upon the judgment of such court shall then depend the liability of this Company. 3. In case any action or proceeding described in Section 1 of these conditions, is commenced, or in case of the service of any paper or pleading, the object or effect of which shall or may be to impugn, attack or call in question, the validity of the title hereby insured, as insured, or to raise any material question relating to a claim of incumbrance hereby insured against, or to cause any loss or damage for which this Company shall or may be liable under or by virtue of any of the terms of this Policy, or in case any action or proceeding is begun that may have such object or effect, it shall be the duty of the insured to at once notify the Company thereof in writing and secure to it the right to maintain or defend such action or proceeding, and to give all reasonable assistance therein, and permit it to use, at its option, the names of the insured. If such notice shall not be given to the Company within ten days after the service of summons or other process in such action or proceeding, then all liability of this Company in regard to the subject matter of such action or proceeding shall cease. Provided, however, that an assignee for value of the Policy, with the consent of this Company thereon endorsed, shall not be affected by such failure to notify, if such assignee through ignorance of the beginning of any such action or proceeding shall have been unable to give or cause to be given the notice required by these conditions. This Company will pay, in addition to the amount of the loss, all costs imposed on the insured in litigation carried on by it for such party under the requirements of this Policy, but it will in no case be liable for the fees or other charges of any counsel or attorney employed by the insured, and the costs and the loss paid shall not together exceed the amount of this Policy. 4. Whenever the Company shall have settled a claim under this Policy, it shall be entitled to all the rights and remedies which the insured would have had against any other person or property in respect to such claim, had this Policy not been made, and the insured will transfer or will cause to be transferred to the Company such rights, and to permit it to use the name of the insured for the recovery or defense thereof. If the payment does not cover the loss of the insured, the Company shall be subrogated to such proportion of said rights as the amount paid bears to the amount of loss not thereby covered. The insured warrants that such rights of subrogation shall vest in the Company unaffected by any act of the insured. 5. Nothing contained in this Policy shall be construed as a guarantee against defects or incumbrances arising after the date hereof, or created or suffered by the party guaranteed; nor will this Company be liable in any event for loss or damage by reason of liquor taxes; nor by reason of taxes or special assessments which have not been entered upon the County Auditor's Duplicate; nor conveyances, agreements or mechanic's liens, not filed or of record at the date hereof; nor the rights or claims of parties in possession not shown of record. 6. In every case where the liability of this Company has been definitely fixed in accordance with these conditions, the loss or damage shall be payable within thirty days thereafter. Provided, however, that in every case this Company may demand a valuation of the estate or interest insured, to be made by three arbitrators or any two of them, one to be chosen by the insured, and one by this Company, and the two thus chosen selecting the third; whereupon no right of action shall accrue until thirty days after notice of such valuation shall have been served upon this Company, and the insured shall have tendered a conveyance or transfer of the estate or interest insured to a purchaser to be named by this Company, at such valuation, less the amount of any incumbrance on said estate or interest not hereby insured against, and this Company shall have failed within that time, during which said tender shall be kept good, to find a purchaser for the estate or interest upon such terms. And provided, also, that this Company shall always have the right to appeal from any adverse determination; but no appeal shall operate to delay the payment of the loss, if the insured shall give to this Company satisfactory security for the repayment to it of the amount of such loss in case there shall be ultimately a determination in favor of the Company. In every case this Company shall have the option of settling the claim or paying this Policy in full; and the payment or tender of payment to the full amount of this Policy shall determine all liability of the Company under it. 7. Any untrue statement made by the insured or his agent affecting the subject matter of this Policy, or any suppression of any material fact, or any untrue answer by the insured or his agent to material inquiries, before the issuing of the Policy, shall avoid the Policy: but an assignee for value to whom the Policy has been transferred with the consent of the Company endorsed there on, shall not be affected by any such untrue statements or answers, or by such suppressions or breach of warranty in the application, of which he was ignorant at the time the assent to the transfer to him was endorsed by the Company. 8. All payments under this Policy shall reduce the amount guaranteed pro tanto, and no payment can be demanded without producing the Policy for endorsement of such payment. If the Policy be lost or destroyed, indemnity must be furnished to the satisfaction of the Company. This Policy Necessarily Relates Solely to the Title Prior to and Including its Date. Assignments of this Policy must be with the assent of the Company endorsed hereon, and to protect subsequent purchasers against intermediate claims or losses, must be continued to date, In assenting to assignments no liability is assumed by the Company for defects or incumbrances created subsequent to the date of this Policy. Sometimes the applicant for insurance requests the company to issue the policy in the name of his grantee of record, instead of having the policy issued in his own name, which request is usually granted and also if the request be made by such grantee that the company eliminate from the form shown as Figure 277 the words "This policy is issued upon application by or on behalf of the insured numbered and agreed by all parties claiming hereunder to be a warranty of the facts therein stated," as well as paragraph 7 of the conditions of the policy above shown, such request can be granted. In the form shown as Figure 277 provision is made to insure the assignee provided the policy is transferred with the consent of the company, which consent must be testified to by the signature of the proper officers endorsed on the policy. The forms of the assignment of the policy are shown as Figure 280. THE Guarantee Title and Trust Company, OF OHIO. No.28615. (85.00 EXTENSION OF Policy of Title Insurance. THE GUARANTEE TITLE AND TRUST COMPANY, by this Extension Policy of Title Insurance, in consideration of the sum of Five 00/100 Dollars ) extends its obligations under Policy of Title Insurance No. 19551, to which this is attached, according to all the terms, exceptions, stipulations and conditions of said policy, but not as against the additional matters set forth below. 1: Judgment for $100.00 damages and $10.13 costs, with interest, against 2: The Taxes of 1907. Special Taxes and Assessments of any kind, if any. In Witness Whereof, THE GUARANTEE TITLE AND TRUST COMPANY hath caused its corporate seal to be hereto affixed and these presents to be signed by its President and attested by its Assistant Secretary, this Seventh in the year of our Lord one day of March In assenting to such assignments no liability is assumed for defects, liens or incumbrances created subsequent to the date of the policy. It very frequently happens that the owners of policies, other than that of a mortgage policy, desire that the original policy be extended to cover a subsequent date. This can be done by either of two methods: First-By attaching the form shown as Figure 281 to the original policy, if there has been no change in the ownership of the title, and Second-If there has been a change in the title, to cancel and surrender the original policy and substitute, in lieu thereof, a new policy in the name of the new owner with all the attending objections as would necessarily be shown in Schedule "B" the form of which is shown as Figure 279, provided, however, that in either of these two cases nothing has been done to avoid the original policy. A mortgage policy can not be extended for the reason that the guarantee or liability thereunder is limited, the company guaranteeing the mort Cleveland, Ohio, April Twentieth 1907. WHEREAS, Policy of Title Insurance No. 19551 and Extension thereof No. 28615, guaranteeing the title to Sublot No. 30 in V. C. Leslie's Subdivision NOW THEREFORE, in consideration of THE GUARANTEE TITLE AND TRUST 80 mis and gage to be a first lien on the premises secured by the mortgage at the date of record, except what might be spread upon Schedule "B" shown as Figure 279. It may be well to note that in the event of loss, destruction or mutilation of a policy, the company will, upon satisfactory proof thereof, issue a duplicate of the original policy provided the insured will waive or release all his or their right, title and claim in, to and under the original policy. For form of such release see Figure 282. Carbon copies of all policies, and their assignments, issued and assented to by the company, are preserved, and a record of all such policies |