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