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<br /> (b) In the event of any litigation, including litigation by the Comm Arbitration pursuant to this policy and under the Rules
<br /> in effect
<br /> pany or with the Company 's consent, the Company shall have on the date the demand for arbitration is made or, at the option
<br /> of
<br /> no liability for loss or'damage until there has been a final deter- the Insured, the Rules in effect at Date of Policy shall be
<br /> binding
<br /> mination by a court of competent jurisdiction, and disposition upon the parties . The award may include attorneys ' fees only
<br /> if
<br /> of all appeals, adverse to the Title, as insured, the laws of the state in which the Land is located permit a
<br /> court
<br /> (c) The Company shall not be liable for loss or damage to the to award attorneys ' fees to a prevailing party. Judgment
<br /> upon the
<br /> Insured for liability voluntarily assumed by the Insured in set- award rendered by the Arbitrator(s) may be entered in any
<br />court
<br /> ding any claim or suit without the prior written consent of the having jurisdiction thereof.
<br /> Company. The law of the situs of the land shall apply to an arbitration under
<br /> the Title Insurance Arbitration Rules .
<br /> 10, REDUCTION OF INSURANCE ; REDUCTION OR
<br /> TERMINATION OF LIABILITY A copy of the Rules may be obtained from the Company upon
<br /> All payments under this policy, except payments made for costs, request,
<br /> attorneys ' fees, and expenses, shall reduce the Amount of Insurance 15. LIABILITY LIMITED TO THIS POLICY, POLICY
<br /> by the amount of the payment. ENTIRE CONTRACT
<br /> 11 , LIABILITY NONCUMULATIVE (a) This policy together with all endorsements, if any, attached to
<br /> it by the Company is the entire policy and contract between the
<br /> The Amount of Insurance shall be reduced by any amount the Comm Insured and the Company. In interpreting any provision of this
<br /> pany pays under any policy insuring a Mortgage to which exception policy, this policy shall be construed as a whole .
<br /> is taken in Schedule B or to which the Insured has agreed, assumed,
<br /> or taken subject, or which is executed by an Insured after Date of (b) Any claim of loss or damage that arises out of the status
<br /> of the
<br /> Policy and which is a charge or lien on the Title, and the amount Title or by any action asserting such claim whether or not based
<br /> so paid shall be deemed a payment to the Insured under this policy, on negligence shall be restricted to this policy.
<br /> 12, PAYMENT OF LOSS (c) Any amendment of or endorsement to this policy must be in
<br /> writing and authenticated by an authorized person, or expressly
<br /> When liability and the extent of loss or damage have been definitely incorporated by Schedule A of this policy.
<br /> fixed in accordance with these Conditions, the payment shall be (d) Each endorsement to this policy issued at any time is
<br /> made a
<br /> made within 30 days . part of this policy and is subject to all of its terms and provi-
<br /> 13, RIGHTS OF RECOVERY UPON PAYMENT OR sions. Except as the endorsement expressly states, it does not
<br /> SETTLEMENT (i) modify any of the terms and provisions of the policy, (ii)
<br /> (a) Whenever the Company shall have settledand paid a claim modify any prior endorsement, (iii) extend the Date of Policy,
<br /> " . or (iv) increase the Amount of Insurance .
<br /> under this policy, it shall be subrogated and entitled to the
<br /> rights of the Insured Claimant in the Title and all other rights 16. SEVERABILITY
<br /> and remedies in respect to the claim that the Insured Claimant In the event any provision of this policy, in whole or in part, is
<br /> held
<br /> has against any person or property, to the extent of the amount invalid or unenforceable under applicable law, the policy shall be
<br /> of any loss, costs, attorneys ' fees, and expenses paid by the deemed not to include that provision or such part held to be
<br /> invalid,
<br /> Company. If requested by the Company, the Insured Claimant but all other provisions shall remain in full force and effect,
<br /> shall execute documents to evidence the transfer to the Com-
<br /> pany of these rights and remedies . The Insured Claimant shall 17. CHOICE OF LAW; FORUM
<br /> pennit the Company to sue, compromise, or settle in the name (a) Choice of Law : The Insured acknowledges the Company has
<br /> of the Insured Claimant and to use the name of the Insured underwritten the risks covered by this policy and
<br />determined
<br /> Claimant in any transaction or litigation involving these rights the premium charged therefor in reliance upon the law affecting
<br /> and remedies . interests in real property and applicable to the interpretation,
<br /> If a payment on account of a claim does not fully cover the loss rights, remedies, or enforcement of policies of title insurance
<br /> of the Insured Claimant, the Company shall defer the exercise of the jurisdiction where the Land is located.
<br /> of its right to recover until after the Insured Claimant shall Therefore, the court or an arbitrator shall apply the
<br />law of the
<br /> have recovered its loss. jurisdiction where the Land is located to determine the validity
<br /> (b) The Company 's right of subrogation includes the rights of the of claims against the Title that are adverse to the Insured
<br /> and
<br /> Insured to indemnities, guaranties, other policies of insurance, to interpret and enforce the terms of this policy. In neither case
<br /> or bonds, notwithstanding any terms or conditions contained shall the court or arbitrator apply its conflicts of law principles
<br /> in those instruments that address subrogation rights. to determine the applicable law.
<br /> 14, ARBITRATION (b) Choice of Forum : Any litigation or other proceeding brought
<br /> by the Insured against the Company must be filed only in a
<br /> Unless prohibited by applicable law, arbitration pursuant to the state or federal court within the United States of America or
<br /> its
<br /> Title Insurance Arbitration Rules of the American Arbitration As- territories having appropriate jurisdiction .
<br /> sociation may be demanded if agreed to by both the Company and
<br /> the Insured at the time of a controversy or claim . Arbitrable mat- 18. NOTICES, WHERE SENT
<br /> ters may include, but are not limited to, any controversy or claim Any notice of claim and any other notice or statement in
<br /> writing
<br /> between the Company and the Insured arising out of or relating required to be given to the Company under this
<br />policy must be
<br /> to this policy, and service of the Company in connection with its given to the Company at: 201 N. New York Avenue,
<br /> Suite 200,
<br /> issuance or the breach of a policy provision or other obligation . Winter Park, Florida 32789, (866) 629-5842 .
<br /> OP-25 ALTA Owners Policy of Title Insurance 6- 17-06 (with FLORIDA Modifications) (WLTIC Edition 1 /26/ 11 ) Page 5
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