Deeds - Miscellaneous B - File 76, 1974 pt1

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OWNER'S iivrLATION PROTECTION INDG..., -ENT ATTACHED TO POLICY NO. OK— 2 3 5 07 7 ISSUED BY Title Insurance and Trust Company The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional monetary protection to the Insured Owner named in said Policy, hereby modifies said Policy, as follows: 1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to the extent hereinafter specified. 2. "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the first January I which occurs more than six months after the Date of Policy, as shown in Schedule A of the Policy to which this Indorsement is attached, and on each succeeding January 1. An upward adjustment will be made on each of the Adjustment Dates, as defined above, by increasing the maximum amount of insurance provided by said Policy (as said amount may have been increased theretofore under the terms of this Indorsement) by the same percentage. if any, by which the United States Department of Commerce Composite Construction Cost Index (base period 1967) for the month of September immediately preceding exceeds such Index for the month of September one year earlier; provided, however, that the maximum amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of said Policy, less the amount of any claim paid under said Policy which, under the terms of the Conditions and Stipulations, reduces the amount of insurance in force. There shall be no annual adjustment in the amount of insurance for years in which there is no increase in said Construction Cost Index. In the settlement of any claim against the Company under said Policy, the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of such claim, or as of the date of receipt by the Company of the first notice of such claim, whichever shall first occur. Nothing herein contained shall be construed as extending or changing the effective date of said Policy. This indorsement is made a part of said Policy and is subject to the schedules, conditions and stipulations therein, except as modified by the provisions hereof. Title Insurance and Trust Company ByCOPY Secretary DOTE: In connection with a future application for title insurance covering said land. reissue credit on premium chirgeq (if applicable at all ) u ill be allowed only upon the original face amount of insurance as stated in Schedule A of said Policy.