|
CONDITIONS ( con 't)
<br /> 11 . LIABILITY NONCUMULATIVE 15 . LIABILITY LIMITED TO THIS POLICY, POLICY ENTIRE
<br /> The Amount of Insurance shall be reduced by any amount the Company CONTRACT
<br /> pays under any policy insuring a Mortgage to which exception is taken CCThis policy together with all endorsements, if any, attached to
<br /> it
<br /> in Schedule B or to which the Insured has agreed , assumed , or taken by the Company is the entire policy and contract between the
<br /> subject, or which is executed by an Insured after Date of Policy and Insured and the Company. In interpreting any provision of
<br /> this
<br /> which is a charge or lien on the Title, and the amount so paid shall be policy, this policy shall be construed as a whole
<br />.
<br /> deemed a payment to the Insured under this policy. ( b) Any claim of loss or damage that arises out of the status of the
<br /> Title or by any action asserting such claim whether or not based on
<br /> 12 . PAYMENT OF LOSS negligence shall be restricted to this policy.
<br /> When liability and the extent of loss or damage have been definitely (c) Any amendment of or endorsement to this policy must be
<br />in
<br /> fixed in accordance with these Conditions, the payment shall be made writing and authenticated by an authorized person , or expressly
<br /> within 30 days. incorporated by Schedule A of this policy.
<br /> 13 . RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT ( d ) Each endorsement to this policy issued at any time is made a
<br /> part of this policy and is subject to all of its terms and provisions.
<br /> (a) Whenever the Company shall have settled and paid a claim Except as the endorsement expressly states , it does not ( i ) modify
<br /> under this policy, it shall be subrogated and entitled to the rights of any of the terms and provisions of the policy, ( ii )
<br />modify any prior
<br /> the Insured Claimant in the Title and all other rights and remedies endorsement, ( iii ) extend the Date of Policy, or ( iv)
<br /> increase the
<br /> in respect to the claim that the Insured Claimant has against any Amount of Insurance,
<br /> person or property, to the extent of the amount of any loss, costs,
<br /> attorneys ' fees , and expenses paid by the Company. If requested 16 . SEVERABILITY
<br /> by the Company, the Insured Claimant shall execute documents to In the event any provision of this policy, in whole or in
<br />part, is held
<br /> evidence the transfer to the Company of these rights and remedies . invalid or unenforceable under applicable law, the policy shall
<br />be
<br /> The Insured Claimant shall permit the Company to sue, compromise, deemed not to include that provision or such part held to be invalid
<br />, but
<br /> or settle in the name of the Insured Claimant and to use the name all other provisions shall remain in full force and
<br />effect.
<br /> of the Insured Claimant in any transaction or litigation involving
<br /> these rights and remedies . 17 . CHOICE OF LAW, FORUM
<br /> If a payment on account of a claim does not fully cover the loss of ( a ) Choice of Law: The Insured acknowledges the Company
<br /> has
<br /> the Insured Claimant, the Company shall defer the exercise of its underwritten the risks covered by this policy and determined
<br />the
<br /> right to recover until after the Insured Claimant shall have recovered premium charged therefor in reliance upon the law affecting
<br /> interests
<br /> its loss. in real property and applicable to the interpretation, rights, remedies,
<br /> ( b) The Company's right of subrogation includes the rights of the or enforcement of policies of title insurance of the jurisdiction
<br /> Insured to indemnities, guaranties, other policies of insurance, or where the Land is located .
<br /> bonds , notwithstanding any terms or conditions contained in those Therefore, the court or an arbitrator shall apply the law of the
<br /> instruments that address subrogation rights . jurisdiction where the Land is located to determine the validity of
<br /> claims against the Title that are adverse to the Insured and to
<br /> 14. ARBITRATION interpret and enforce the terms of this policy. In neither case shall
<br /> Unless prohibited by applicable law, arbitration pursuant tothe Title the court or arbitrator apply its conflicts of law principles to
<br />deter
<br /> Insurance Arbitration Rules of the American Arbitration Association mine the applicable law.
<br /> may be demanded if agreed to by both the Company and the Insured at
<br /> ( b) Choice of Forum : Any litigation or other proceeding brought by
<br /> the time of a controversy or claim . Arbitrable matters may include, but the Insured against the Company must be filed only in a state
<br /> or
<br /> are not limited to, any controversy or claim between the Company and federal court within the United States of America or its territories
<br /> the Insured arising out of or relating to this policy, and service of the having appropriate jurisdiction.
<br /> Company in connection with its issuance or the breach of a policy
<br /> provision or other obligation . Arbitration pursuant to this policy and 18 . NOTICES, WHERE SENT
<br /> under the Rules in effect on the date the demand for arbitration is Any notice of claim and any other notice or statement in
<br />writing
<br /> made or, at the option of the Insured, the Rules in effect at Date of required to be given to the Company under this policy must
<br /> be given to
<br /> Policy shall be binding upon the parties . The award may include the Company at 400 Second Avenue South , Minneapolis ,
<br /> attorneys' fees only if the laws of the state in which the Land is Minnesota 55401 -2499, Phone : 612-371 - 1111 .
<br /> located permit a court to award attorneys' fees to a prevailing party.
<br /> Judgment upon the award rendered by the Arbitrator( s ) may be
<br /> entered in any court having jurisdiction thereof.
<br /> The law of the situs of the land shall apply to an arbitration under the
<br /> Title Insurance Arbitration Rules .
<br /> A copy of the Rules may be obtained from the Company upon request .
<br /> ORT Form 4309 FL
<br /> ALTA Owners Policy of Tito Insurance 6.17-06 (with Florida Modifications)
<br /> Page 5
<br />
|