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(b) In the event of any litigation, including litigation by the Com-
<br />pany or with the Company's consent, the Company shall have
<br />no liability for loss or damage until there has been a final deter-
<br />mination by a court of competent jurisdiction, and disposition
<br />of all appeals. adverse to the Title, as insured.
<br />(c) The Company shall not be liable for loss or damage to the
<br />Insured for liability voluntarily assumed by the Insured in set-
<br />tling any claim or suit without the prior written consent of the
<br />Company
<br />10. REDUCTION OF INSURANCE; REDUCTION OR
<br />TERMINATION OF LIABILITY
<br />All payments under this policy, except payments made for costs,
<br />attorneys' fees, and expenses, shall reduce the Amount of Insurance
<br />by the amount of the payment.
<br />11. LIABILITY NONCUMULATIVE
<br />TheAmount of Insurance shall be reduced by any amount the Com-
<br />pany pays under any policy insuring a Mortgage to which exception
<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
<br />Policy and which is a charge or lien on the Title, and the amount
<br />so paid shall be deemed a payment to the Insured under this policy.
<br />12. PAYMENT OF LOSS
<br />When liability and the extent of loss or damage have been definitely
<br />fixed in accordance with these Conditions, the payment shall be
<br />made within 30 days.
<br />13. RIGHTS OF RECOVERY UPON PAYMENT OR
<br />SETTLEMENT
<br />(a) Whenever the Company shall have settled and paid a claim
<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
<br />and remedies in respect to the claim that the Insured Claimant
<br />has against any person or property. to the extent of the amount
<br />of any loss, costs, attorneys' fees, and expenses paid by the
<br />Company. If requested by the Company, the Insured Claimant
<br />shall execute documents to evidence the transfer to the Com-
<br />pany of these rights and remedies. The Insured Claimant shall
<br />permit the Company to sue, compromise, or settle in the name
<br />of the Insured Claimant and to use the name of the Insured
<br />Claimant in any transaction or litigation involving these rights
<br />and remedies.
<br />If a payment on account of a claim does not fully cover the loss
<br />of the Insured Claimant, the Company shall defer the exercise
<br />of its right to recover until after the Insured Claimant shall
<br />have recovered its loss.
<br />(b) The Company's right of subrogation includes the rights of the
<br />Insured to indemnities, guaranties. other policies of insurance,
<br />or bonds, notwithstanding any terms or conditions contained
<br />in those instruments that address subrogation rights.
<br />14. ARBITRATION
<br />Unless prohibited by applicable law, arbitration pursuant to the
<br />Title Insurance Arbitration Rules of the American Arbitration As-
<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-
<br />ters may include, but are not limited to, any controversy or claim
<br />between the Company and the Insured arising out of or relating
<br />to this policy, and service of the Company in connection with its
<br />issuance or the breach of a policy provision or other obligation
<br />Arbitration pursuant to this policy and under the Rules in effect
<br />on the date the demand for arbitration is made or, at the option of
<br />the Insured, the Rules in effect at Date of Policy shall be binding
<br />upon the parties. The award may include attorneys' fees only if
<br />the laws of the state in which the Land is located permit a court
<br />to award attorneys' fees to a prevailing party Judgment upon the
<br />award rendered by the Arbitrator(s) may be entered in any court
<br />having jurisdiction thereof
<br />The law of the situs of the land shall apply to an arbitration under
<br />the Title Insurance Arbitration Rules.
<br />A copy of the Rules may be obtained from the Company upon
<br />request.
<br />15. LIABILITY LIMITED TO THIS POLICY; POLICY
<br />ENTIRE CONTRACT
<br />(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 />Insured and the Company In interpreting any provision of this
<br />policy, this policy shall be construed as a whole.
<br />(b) Any claim of loss or damage that arises out of the status of the
<br />Title or by any action asserting such claim whether or not based
<br />on negligence shall be restricted to this policy.
<br />(c) Any amendment of or endorsement to this policy must be in
<br />writing and authenticated by an authorized person, or expressly
<br />incorporated by Schedule A of this policy
<br />(d) Each endorsement to this policy issued at any time is made a
<br />part of this policy and is subject to all of its terms and provi-
<br />sions. Except as the endorsement expressly states, it does not
<br />(i) modify any of the terms and provisions of the policy, (ii)
<br />modify any prior endorsement, (iii) extend the Date of Policy,
<br />or (iv) increase the Amount of Insurance.
<br />16. SEVERABILITY
<br />In the event any provision of this policy, in whole or in part, is held
<br />invalid or unenforceable under applicable law, the policy shall be
<br />deemed not to include that provision or such part held to be invalid,
<br />but all other provisions shall remain in full force and effect.
<br />17. CHOICE OF LAW; FORUM
<br />(a) Choice of Law: The Insured acknowledges the Company has
<br />underwritten the risks covered by this policy and determined
<br />the premium charged therefor in reliance upon the law affecting
<br />interests in real property and applicable to the interpretation,
<br />rights, remedies, or enforcement of policies of title insurance
<br />of the jurisdiction where the Land is located.
<br />Therefore, the court or an arbitrator shall apply the law of the
<br />jurisdiction where the Land is located to determine the validity
<br />of claims against the Title that are adverse to the Insured and
<br />to interpret and enforce the terms of this policy. In neither case
<br />shall the court or arbitrator apply its conflicts of law principles
<br />to determine the applicable law
<br />(b) Choice of Forum Any litigation or other proceeding brought
<br />by the Insured against the Company must be filed only in a
<br />state or federal court within the United States of America or its
<br />territories having appropriate jurisdiction.
<br />18. NOTICES, WHERE SENT
<br />Any notice of claim and any other notice or statement in writing
<br />required to be given to the Company under this policy must be
<br />given to the Company at: 875 Concourse Parkway South, Suite
<br />200, Maitland, FL 32751
<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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