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