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(b)In the event of any litigation,including litigation by the Com- Arbitration pursuant to this policy and under the Rules 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 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 binding
<br /> mination by a court of competent jurisdiction,and disposition upon the parties. The award may include attorneys' fees only if
<br /> of all appeals,adverse to the Title,as insured. the laws of the state in which the Land is located permit a court
<br /> (c)The Company shall not be liable for loss or damage to the to award attorneys'fees to a prevailing party. Judgment upon the
<br /> Insured for liability voluntarily assumed by the Insured in set- award rendered by the Arbitrator(s) may be entered in any court
<br /> fling 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 /> request.
<br /> All payments under this policy,except payments made for costs,
<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 Corn- 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, (b)Any claim of loss or damage that arises out of the status of the
<br /> or taken subject,or which is executed by an Insured after Date of Title or by any action asserting such claim whether or not based
<br /> Policy and which is a charge or lien on the Title,and the amount on negligence shall be restricted to this policy.
<br /> so paid shall be deemed a payment to the Insured under this policy.
<br /> (c)Any amendment of or endorsement to this policy must be in
<br /> 12.PAYMENT OF LOSS 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 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 cions.Except as the endorsement expressly states,it does not
<br /> SETTLEMENT (i) modify any of the terms and provisions of the policy, (ii)
<br /> modify any prior endorsement,(iii)extend the Date of Policy,
<br /> (a)Whenever the Company shall have settled and paid a claim 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 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 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 /> permit 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 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 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 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 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 writing
<br /> between the Company and the Insured arising out of or relating required to be given to the Company under this policy must be
<br /> to this policy,and service of the Company in connection with its given to the Company at: 875 Concourse Parkway South, Suite
<br /> issuance or the breach of a policy provision or other obligation. 200,Maitland,FL 32751.
<br /> OP-25 ALTA Owners Policy of Title insurance 6-17-06(with FLORIDA Modifications)(WLTIC Edition 12/1/17) Page 5
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