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CONDITIONS AND STIPULATIONS - continued
<br /> 7. DETERMINATION AND EXTENT OF LIABILITY, remedies whicii" the insured claimant would have had against any person
<br /> This policy is a contract of indemnity against actual monetary loss or or property in respect to the claim had this
<br /> policy not been issued . if
<br /> damage sustained or incurred by the insured claimant who has suffered requested by the Company, the insured claimant
<br /> shall transfer to the
<br /> loss or damage by reason of matters insured against by this policy and Company all rights and remedies against
<br /> any person or property
<br /> only to the extent herein described. necessary in order to perfect this right of subrogation. The insured
<br /> (a) The liability of the Company under this policy shall not exceed claimant shall permit the Company to sue , compromise
<br /> or settle in the
<br /> the least of: name of the insured claimant and to use the name of the insured claimant
<br /> (i) the Amount of Insurance stated in Schedule A; or, in any transaction or litigation involving these rights or remedies
<br />.
<br /> (ii) the difference between the value of the insured .estate or If a payment on account of a claim does not fully
<br /> cover the loss of the
<br /> interest as insured and the value of the insured estate or interest subject insured claimant, the Company shall be subrogated
<br /> to these rights and
<br /> to the defect, lien or encumbrance insured against by this policy. remedies in the proportion which the Company's payment
<br /> bears to the
<br /> (b) The Company will pay only those costs , attorneys' fees and whole amount of the loss.
<br /> expenses incurred in accordance with Section 4 of these Conditions and
<br /> Stipulations . IIf loss should result from any act of the insured claimant, as stated
<br /> above, that act shall not void this policy, but the Company, in that event,
<br /> 8. APPORTIONMENT, shall be required to pay only that part of any losses insured against by this
<br /> olicy. which shall exceedIf the land . described in Schedule A consists of two or more parcels teas
<br />n of the impairment bythe the insured claimant of he Company's amount, if. any, lost to theCompaby
<br /> sright of
<br /> which are not used as a single site, and a loss is established affecting one subrogation .
<br /> or more of the parcels but not all, the loss shall be computed and settled b
<br /> ) The Com 'son a pro rata basis as if the amount of insurance under this policy was
<br /> The Comp ny s nrightR'ghts of subrogation nstoagainst non-insu ed obligors
<br /> divided pro rata as to the value on Date of Policy of each separate parcel shall exist and shall include, without limitation ,
<br /> the rights of the insured to
<br /> to the whole , exclusive of any improvements made subsequent to Date of indemnities , guaranties, other policies of insurance or bonds
<br />,
<br /> Policy, unless a liability or value has otherwise been agreed upon as to notwithstanding any terms or conditions contained
<br /> in those instruments
<br /> each parcel by the Company and the insured at the time of the issuance of which provide for subrogation rights by reason of this policy.
<br /> this policy and shown by an express statement or by an endorsement
<br /> attached to this policy. 14. ARBITRATION,
<br /> 9. LIMITATION OF LIABILITY. Unless prohibited by applicable law, arbitration pursuant to the Title
<br /> Insurance Arbitration Rules of the American Arbitration Association may
<br /> (a) If the Company establishes the title , or removes the alleged be demanded if agreed to by both
<br /> the Company and the insured.
<br /> defect, lien or encumbrance, or cures the lack of a right of access to or Arbitrable matters may include, but are not
<br />limited to, any controversy or
<br /> from the land , or cures the claim of unmarketability of title, all as insured, claim between the Company and the insured arising
<br /> out of or relating to
<br /> in a reasonably diligent manner by any method, including litigation and the this policy, any service of the Company in connection with
<br /> its issuance or
<br /> completion of any appeals therefrom , it shall have fully performed its the breach of a policy provision or other obligation.
<br /> Arbitration pursuant to
<br /> obligations with respect to that matter and shall not be liable for any loss or this policy and under the Rules in effect
<br /> on the date the demand for
<br /> damage caused thereby, arbitration is made or, at the option of the insured ; the Rules in effect at
<br /> (b) In the event of any litigation, including litigation by the Company Date of Policy shall be binding upon the parties. The
<br /> award may include
<br /> or with the Company's consent, the Company shall have no liability for attorneys, fees only if the lawsof the state
<br />in which the land is located
<br /> loss or damage until there has been a final determination by a court of permit a court to award attorneys' fees to
<br /> a prevailing party. Judgment .
<br /> competent jurisdiction, and disposition of all appeals therefrom , adverse to upon the award rendered by the Arb
<br /> the title as insured. having jurisdiction thereof. itrators) may be entered in any court
<br /> (c) The Company shall not be liable for loss or damage to any The law of the situs of the land shall apply
<br /> to an arbitration under the
<br /> insured for liability voluntarily assumed by the insured in settling any claim Title Insurance Arbitration Rules.
<br /> or suit without the prior written consent of the Company. A copy of the Rules may be obtained from the. Company
<br /> upon
<br /> 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION request.
<br /> OF LIABILITY.
<br /> 159
<br /> All payments under this policy, except payments made for costs , CONT ACIT.TM LIMITED TO THIS POLICY; POLICY ENTIRE
<br /> attorneys, fees and expenses, shall reduce the amount of the i
<br /> pro tanto . insurance (a) This policy together with all endorsements , if any, attached
<br /> hereto by the Company is the entire policy and contract between the
<br /> 11 . LIABILITY NONCUMULATIVE, insured and the Company. In interpreting any provision of this policy, . this
<br /> It is expressly understood that the amount of insurance .under this p°lic(b)halAny la mru of ao s or damage, whether
<br /> or not based on
<br /> policy shall be reduced by any amount the Company may pay under any negligence, and which arises out of the status of the
<br />title to the estate or
<br /> policy insuring a mortgage to which exception is taken in Schedule B or to interest covered hereby or by any action asserting
<br /> such claim , shall be
<br /> which the insured has agreed, assumed, or taken subject, or which is restricted to this policy,
<br /> hereafter executed by an insured and which is a charge or lien on the
<br /> estate or interest described or referred to in Schedule A, and the amount except )by aowriting endorsed hereon or attached hamendment
<br /> of or endorsment to1ereto� scan be made
<br /> igned by either
<br /> so paid shall be deemed a payment under this policy to the insured owner. the President, a Vice President, the Secretary, an Assistant
<br /> Secretary, or
<br /> 12. PAYMENT OF LOSS, validating officer or authorized signatory of. the Company.
<br /> (a) No payment shall be made without producing this policy for 16. SEVERABILITY,
<br /> endorsement of the payment unless the policy has been lost or destroyed , In the event any provision of the
<br /> policy is held invalid or
<br /> in which case proof of loss or destruction shall be furnished to the unenforceable under applicable law,
<br /> the policy shall be deemed not to
<br /> satisfaction of the Company, I include that provision and all other provisions shall remain in full force and
<br /> (b) When liability and the extent of loss or damage has been effect.
<br /> definitely fixed in accordance with these Conditions and Stipulations, the
<br /> loss or damage shall be payable within 30 days thereafter.
<br /> 17. NOTICES WHERE SENT.
<br /> 13, SUBROGATION UPON PAYMENT OR SETTLEMENT. All notices required to be given the Company and any statement in
<br /> (a) The Company's Right of Subrogation.
<br /> writing required to be furnished the Company shall include the number of
<br /> this policy and shallbe addressed to: Consumer Affairs Department, P . O.
<br /> Whenever the Company shall have settled and paid a claim under Box 27567, Richmond, Virginia. 23261 -7567,
<br /> this. policy, all right of subrogation shall vest in the Company unaffected by
<br /> any act of the insured claimant. Inquiries regarding policy coverage and assistance in resolving
<br /> The Company shall be subrogated to and be entitled to all rights .and complaints, should be directed to the Company at
<br /> (407) 481 -8181 .
<br /> Claims
<br /> ALTA Owner's Policy ( 10/17/92) Cover Page Stipulationsst be reported in accordance with Conditions and
<br /> with Florida Modifications
<br /> FOCt71 11 90-22
<br /> ORIGINAL Valid only if Face Page and Schedules A and B are attached
<br />
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