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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 /> Toss
<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,
<br />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 /> 9. Limitation of Liability,
<br /> lost to the Company by reason of the impairment by the insured claimant( a ) If the Company establishes the
<br /> title , or removes the alleged of the Company 's right of Subrogation .
<br /> ( 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
<br /> insured , in a reasonably diligent manner by any method , including shall exist and shall include , without limitation , the rights of
<br />the insured
<br /> to indemnities , guaranties , other policies of insurance or bonds ,
<br /> litigation and the completion of any appeals therefrom , it shall have
<br /> fully performed its obligations with respect to that matter and shall notwithstanding any terms or conditions contained in those instruments
<br /> which provide for subrogation rights by reason of this policy .
<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 be 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 he 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 /> attorneys ' fees and expenses , shall reduce the amount of the effect at Date of Policy shall be binding upon the parties . 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 he 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 Toss 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 Paymentor 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 /> The Company shall be subrogated to and be entitled to all unenforceable under the applicable law, the policy shall be deemed
<br />not to
<br /> rights and remedies which the insured claimant would have had include that provision and all other provisions shall remain in
<br />full
<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 ,
<br />( 612 ) 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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