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cornputeo and settled on a pro rata basis as if the amount of If a payment on account of a claim does
<br /> not fully cover the loss
<br /> insurance under this policy was divided pro rata as to the value on. of the insured claimant, the Company shall be
<br /> subrogated to these
<br /> Date of Policy of each separate parcel to the whole, exclusive of any rights and remedies in the proportion which
<br /> the Company's payment
<br /> improvements made subsequent to Date of Policy, unless a liability or bears to the whole amount of the loss .
<br /> value has otherwise been agreed upon as to each parcel by the If loss should result from any act of the
<br /> insured claimant, as
<br /> Company and the insured at the time of the issuance of this policy stated above , that act shall not void this
<br /> policy, but the Company, in
<br /> and shown by an express statement or by an endorsement attached that event, shall be required to pay only that
<br /> part of any losses
<br /> to this policy. insured against by the policy which shall exceed the amount, if any,
<br /> 9. Limitation of Liability. lost to the Company by reason of the impairment by the insured
<br /> (a ) If the Company establishes the title, or removes the alleged claimant of the Company's right of subrogation .
<br /> defect, lien or encumbrance , or cures the lack of a right of access to ( b) The Company ' s Rights Against Non - Insured
<br /> Obligors
<br /> or from the land, or cures the claim of unmarketability of title, all as The Company's right of subrogation against non-insured
<br /> obligors
<br /> insured, in a reasonably diligent manner by any method, including shall exist and shall include, without limitation, the
<br /> rights of the insured
<br /> litigation and the completion of any appeals therefrom, it shall have to indemnities, guaranties, other policies of insurance
<br /> or bonds,
<br /> fully performed its obligations with respect to that matter and shall notwithstanding any terms or conditions contained in those
<br /> instruments
<br /> not be liable for any loss or damage caused thereby. I which provide for subrogation rights by reason of this policy.
<br /> (b ) In the event of any litigation, including litigation by the 14. Arbitration.
<br /> Company or with the Company's consent, the Company shall have no Unless prohibited by applicable law, arbitration pursuant to
<br /> liability for loss or damage until there has been a final determination the Title Insurance Arbitration Rules of the American
<br /> Arbitration
<br /> by a court of competent jurisdiction, and disposition of all appeals Association may be demanded if agreed to by both the
<br /> Company
<br /> therefrom, adverse to the title as insured . and the insured. Arbitrable matters may include, but are not
<br /> ( c) The Company shall not be liable for loss or damage to any limited to, any controversy or claim between the Company
<br /> and
<br /> insured for liability voluntarily assumed by the insured in settling any the insured arising out of or relating to this
<br /> policy, any service of
<br /> claim or suit without the prior written consent of the Company. the Company in connection with its issuance or the breach
<br /> of a
<br /> 10. Reduction of Insurance,' Reduction or Termination of Liability policy provision or other obligation. Arbitration pursuant to
<br />this
<br /> All payments under this policy, except payments made for costs , policy and under the Rules in effect on the date the
<br /> demand for
<br /> attorneys' fees and expenses, shall reduce the amount of the arbitration is made or, at the option of the insured, the
<br /> Rules in
<br /> insurance pro tanto . effect at Date of Policy shall be binding upon the parties. The
<br /> 11. Liability Non-cumulative. award may include attorneys fees only if the laws of the state in
<br /> It is expressly understood that the amount of insurance under which the land is located permit a court to award attorneys
<br /> fees
<br /> this policy shall be reduced by any amount the Company may pay to a prevailing party. Judgment upon the award rendered
<br /> by the
<br /> under any policy insuring a mortgage to which exception is taken in Arbitrator(s) may be entered in any court having
<br /> jurisdiction
<br /> Schedule B or to which the insured has agreed , assumed, or taken thereof.
<br /> subject, or which is hereafter executed by an insured and which is a The law of the situs of the land shall
<br />apply to an
<br /> charge or lien on the estate or interest described or referred to in arbitration under the Title Insurance Arbitration
<br /> Rules.
<br /> Schedule A, and the amount so paid shall be deemed a payment I A copy of the Rules may be obtained from
<br />the Company
<br /> under this policy to the insured owner. upon request.
<br /> 12. Payment of Loss. 15. Liabililty Limited to this Policy, Policy Entire Contract.
<br /> (a ) No payment shall be made without producing this policy (a ) This policy together with all endorsements, if any,
<br />attached
<br /> for endorsement of the payment unless the policy has been lost or hereto by the Company is the entire policy and
<br /> contract between the
<br /> destroyed , in which case proof of loss or destruction shall be insured and the Company. In interpreting any provision
<br /> of this policy,
<br /> furnished to the satisfaction of the Company. this policy shall be construed as a whole .
<br /> ( b ) When liability and the extent of loss or damage has been ( b ) Any claim of loss or damage, whether or
<br /> not based on
<br /> definitely fixed in accordance with these Conditions and Stipulations , negligence, and which arises out of the status of
<br /> the title to the
<br /> the loss or damage shall be payable within 30 days thereafter. estate or interest covered hereby or by any action
<br /> asserting such
<br /> 13. Subrogation Upon Payment or Settlement claim , shall be restricted to this policy.
<br /> (a ) The Company's Right of Subrogation ( c) No amendment of or endorsement to this policy can be made
<br /> Whenever the Company shall have settled and paid a claim except by a writing endorsed hereon or attached hereto signed
<br /> by either
<br /> the President, a Vice President, the Secretary, an Assistant Secretary, or
<br /> under this policy, all right of subrogation shall vest in the Company validating officer or authorized signatory of the
<br /> Company.
<br /> unaffected by any act of the insured claimant.
<br /> The Company shall be subrogated to and be entitled to all 16. Severability.
<br /> rights and remedies which the insured claimant would have had In the event any provision of the policy is held
<br /> invalid or
<br /> against any person or property in respect to the claim had this policy unenforceable under applicable law, the policy
<br /> shall be deemed not to
<br /> not been issued . If requested by the Company, the insured claimant include that provision and all other provisions
<br />shall remain in full
<br /> shall transfer to the Company all rights and remedies against any force and effect .
<br /> person or property necessary in order to perfect this right of 17. Notices, Where Sent.
<br /> subrogation . The insured claimant shall permit the Company to sue, All notices required to be given the Company and
<br /> any statement in
<br /> compromise or settle in the name of the insured claimant and to use writing required to be furnished the Company shall
<br /> include the number of
<br /> the name of the insured claimant in any transaction or litigation this policy and shall be addressed to the Company
<br /> at its home office ,
<br /> involving these rights or remedies . 400 Second Avenue South , Minneapolis , Minnesota 55401 , ( 612 ) 371 - 1111 .
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