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12 . Payment of Loss 14 . Arbitration (a) No payment shall be made without producing this policy for Unless prohibited by applicable law, arbitration pursuant to the Title endorsement of the payment unless the policy has been lost or destroyed , in Insurance Arbitration Rules of the American Arbitration Association which case proof of loss or destruction shall be furnished to the satisfaction may be demanded if agreed to by both the Company and the insured. of the Company. Arbitrable matters may include, but are not limited to, any controversy (b) When liability and the extent of loss or damage has been definitely or claim between the Company and the insured arising out of or fixed in accordance with these Conditions and Stipulations, the loss or relating to this policy, and service of the Company in connection with damage shall be payable within 30 days thereafter. its issuance or the breach of a policy provision or other obligation. 13 . Subrogation Upon Payment or Settlement Arbitration pursuant to this policy and under the Rules in effect on the (a) The Company 's Right of Subrogation . date the demand for arbitration is made or, at the option of the insured, Whenever the Company shall have settled and paid a claim under this the Rules in effect at Date of Policy shall be binding upon the parties. policy, all right of subrogation shall vest in the Company unaffected by any The award may include attorneys ' fees only if the laws of the state in act of the insured claimant. which the land is located permit a court to award attorneys ' fees to a The Company shall be subrogated to and be entitled to all rights and prevailing party. Judgment upon the award rendered by the remedies which the insured claimant would have had against any person or Arbitrator(s) may be entered in any court having jurisdiction thereof. property in respect to the claim had this policy not been issued . If requested The law of the situs of the land shall apply to an arbitration under the by the Company, the insured claimant shall transfer to the Company all Title Insurance Arbitration Rules. rights and remedies against any person or property necessary in order to A copy of the Rules may be obtained from the Company upon request. perfect this right of subrogation . The insured claimant shall permit the 15. Liability Limited to this Policy; Policy Entire Contract Company to sue, compromise or settle in the name of the insured claimant (a) This policy together with all endorsements, if any, attached hereto and to use the name of the insured claimant in any transaction or litigation by the Company is the entire policy and contract between the insured and involving these rights or remedies . the Company. In interpreting any provision of this policy, this policy shall If a payment on account of a claim does not fully cover the loss of the be construed as a whole . insured claimant, the Company shall be subrogated to these rights and (b) Any claim of loss or damage, whether or not based on remedies in the proportion which the Company's payment bears to the whole negligence, and which arises out of the status of the title to the estate or amount of the loss . interest covered hereby or by any action asserting such claim , shall be If loss should result from any act of the insured claimant, as stated above, restricted to this policy. that act shall not void this policy, but the Company, in that event, shall be (c) No amendment of or endorsement to this policy can be made required to pay only that part of any losses insured against by this policy except by a writing endorsed hereon or attached hereto signed by either which shall exceed the amount, if any, lost to the Company by reason of the the President, a Vice President, or Agent of the Company. impairment by the insured claimant of the Company's right of subrogation . 16. Severability (b) The Company ' s Rights Against Non-insured Obligors. In the event any provision of the policy is held invalid or unenforceable The Company's right of subrogation against non - insured obligors shall exist under applicable law, the policy shall be deemed not to include that and shall include, without limitation , the rights of the insured to indemnities , provision and all other provisions shall remain in full force and effect. guaranties, other policies of insurance or bonds, notwithstanding any terms 17 . Notices, Where Sent or conditions contained in those instruments which provide for subrogation All notices required to be given the Company and any statement in rights by reason of this policy. writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at its principal office at 400 Second Avenue South , Minneopolis, Minnesota 55401 , (612) 371 - 1111 . at V1 n t nor O I� FF�77 r '— — • � ,�,, .+ ,r.. -.•. t� www r ` O J r� W C O CJ ' j Q O )all � 1 1 r C ti (D C N Ed N 0