Common use of Circumstances under which XXXX assumes responsibilities Clause in Contracts

Circumstances under which XXXX assumes responsibilities. (a) If between the last successful Title Activity Check and lodgement of a Covered Dealing, a third party lodges any instrument or notice which prevents the Covered Dealing being registered or which does not prevent registration of the Covered Dealing but the instrument or notice is lodged before the Covered Dealing and takes priority, XXXX will be responsible for: (i) the difference between the value of the Land unaffected by the substance of the instrument or notice and the value of the Land affected by the substance of the instrument or notice; (ii) at XXXX’x option, defending the validity or priority of the Covered Dealing on behalf of the Subscriber’s client. XXXX may elect to settle any litigation at any time in its discretion; (iii) if clause 6 applies, the legal fees or expenses incurred in defending the validity or priority of the Covered Dealing including compensation for the payment of a settlement amount, but in any event only to the extent XXXX considers the amounts were necessarily and reasonably incurred; (iv) amounts paid by the Subscriber’s client to a third party to: (A) remove or release an intervening lodgement, notice, submission or registration; or (B) establish the priority of the Covered Dealing; and (v) compensating the Subscriber’s client for rental accommodation expenses, removal or relocation expenses and other related expenses, fees or charges incurred by the Subscriber’s client, up to a maximum of $5,000.00.

Circumstances under which XXXX assumes responsibilities. (a) If between the last successful Title Activity Check and lodgement of a Covered Dealing, a third party lodges any instrument or notice which prevents the Covered Dealing being registered or which does not prevent registration of the Covered Dealing but the instrument or notice is lodged before the Covered Dealing and takes priority, XXXX will be responsible for: (i) the difference between the value of the Land unaffected by the substance of the instrument or notice and the value of the Land affected by the substance of the instrument or notice; (ii) at XXXX’x option, defending the validity or priority of the Covered Dealing on behalf of the Subscriber’s client. XXXX PEXA may elect to settle any litigation at any time in its discretion; (iii) if clause 6 applies, the legal fees or expenses incurred in defending the validity or priority of the Covered Dealing including compensation for the payment of a settlement amount, but in any event only to the extent XXXX considers the amounts were necessarily and reasonably incurred; (iv) amounts paid by the Subscriber’s client to a third party to: (A) remove or release an intervening lodgement, notice, submission or registration; or (B) establish the priority of the Covered Dealing; and (v) compensating the Subscriber’s client for rental accommodation expenses, removal or relocation expenses and other related expenses, fees or charges incurred by the Subscriber’s client, up to a maximum of $5,000.00.