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} CONDITIONS AND STIPULATIONS
<br /> (Continued)
<br /> �7. DETERMINATION AND EXTENT OF LIABILITY.
<br /> The Company shall be subrogated to and be entitled to all rights and
<br /> This policy is a contract of indemnity against actual monetary loss or remedies which the insured claimant would have had against any person
<br /> damage sustained or incurred by the insured claimant who has suffered or property in respect to the claim had this policy not been issued. If
<br /> loss or damage by reason of matters insured against by this policy and requested by the Company, the insured claimant shall transfer to the
<br /> only to the extent herein described. Company all rights and remedies against any person or property neces-
<br /> (a) The liability of the Company under this policy shall not exceed the sary in order to perfect this right of subrogation. The insured claimant
<br /> least of: shall permit the Company to sue,compromise or settle in the name of the
<br /> (i) the Amount of Insurance stated in Schedule A; or, insured claimant and to use the name of the insured claimant in any
<br /> (ii) the difference between the value of the insured estate or transaction or litigation involving these rights or remedies.
<br /> interest as insured and the value of the insured estate or interest subject If a payment on account of a claim does not fully cover the loss of the
<br /> to the defect,lien or encumbrance insured against by this policy. insured claimant,the Company shall be subrogated to these rights and
<br /> (b)The Company will pay only those costs, attorneys' fees and remedies in the proportion which the Company's payment bears to the
<br /> expenses incurred in accordance with Section 4 of these Conditions and Whole amount of the loss.
<br /> Stipulations. If loss should result from any act of the insured claimant, as stated
<br /> above,that act shall not void this policy,but the Company,in that event,
<br /> 8. APPORTIONMENT. shall be required to pay only that part of any losses insured against by this
<br /> If the land described in Schedule A consists of two or more parcels policy which shall exceed the amount, if any, lost to the Company by
<br /> which are not used as a single site,and a loss is established affecting one reason of the impairment by the insured claimant of the Company's right
<br /> or more of the parcels but not all,the loss shall be computed and settled of subrogation.
<br /> on a pro rata basis as if the amount of insurance under this policy was (b) The Company's Rights Against Non-insured Obligors.
<br /> divided pro rata as to the value on Date of Policy of each separate parcel The Company's right of subrogation against non-insured obligors
<br /> to the whole,exclusive of any improvements made subsequent to Date of shall exist and shall include,without limitation,the rights of the insured
<br /> Policy,unless a liability or value has otherwise been agreed upon as to to indemnities,guaranties,other policies of insurance or bonds,notwith-
<br /> each parcel by the Company and the insured at the time of the issuance standing any terms or conditions contained in those instruments which
<br /> of this policy and shown by an express statement or by an endorsement
<br /> attached to this policy. provide for subrogation rights by reason of this policy.
<br /> 9. LIMITATION OF LIABILITY. 14. ARBITRATION.
<br /> (a) If the Company establishes the title,or removes the alleged defect, Unless prohibited by applicable law,arbitration pursuant to the Title
<br /> lien or encumbrance,or cures the lack of a right of access to or from the Insurance Arbitration Rules of the American Arbitration Association
<br /> land, or cures the claim of unmarketability of title, all as insured, in a may be demanded if agreed to by both the Company and the insured.
<br /> reasonably diligent manner by any method,including litigation and the Arbitrable matters may include,but are not limited to,any controversy
<br /> completion of any appeals therefrom, it shall have fully performed its or claim between the Company and the insured arising out of or relating
<br /> obligations with respect to that matter and shall not be liable for any loss to this policy,any service of the Company in connection with its issuance
<br /> or damage caused thereby. or the breach of a policy provision or other obligation. Arbitration
<br /> (b) In the event of any litigation,including litigation by the Company pursuant to this policy and under the Rules in effect on the date the
<br /> or with the Company's consent,the Company shall have no liability for demand for arbitration is made or,at the option of the insured,the Rules
<br /> loss or damage until there has been a final determination by a court of in effect at Date of Policy shall be binding upon the parties.The award
<br /> competent jurisdiction,and disposition of all appeals therefrom,adverse may include attorneys'fees only if the laws of the state in which the land
<br /> to the title as insured. is located permit a court to award attorneys' fees to a prevailing party.
<br /> (c) The Company shall not be liable for loss or damage to any insured Judgment upon the award rendered by the Arbitrator(s)may be entered
<br /> in any court having jurisdiction thereof.
<br /> for liability voluntarily assumed by the insured in settling any claim or The law of the situs of the land shall apply to an arbitration under the
<br /> suit without the prior written consent of the Company. pp y
<br /> Title Insurance Arbitration Rules.
<br /> 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION A copy of the Rules may be obtained from the Company upon request.
<br /> OF LIABILITY.
<br /> All payments under this policy, except payments made for costs, 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
<br /> attorneys' fees and expenses,shall reduce the amount of the insurance CONTRACT.
<br /> pro tanto. (a) This policy together with all endorsements,if any,attached hereto
<br /> 11. LIABILITY NONCUMULATIVE. by the Company is the entire policy and contract between the insured and
<br /> the Company. In interpreting any provision of this policy, this policy
<br /> It is expressly understood that the amount of insurance under this shall be construed as a whole.
<br /> policy shall be reduced by any amount the Company may pay under any (b) Any claim of loss or damage,whether or not based on negligence,
<br /> policy insuring a mortgage to which exception is taken in Schedule B or and which arises out of the status of the title to the estate or interest
<br /> to which the insured has agreed,assumed,or taken subject,or which is covered hereby or by any action asserting such claim,shall be restricted
<br /> hereafter executed by an insured and which is a charge or lien on the to this policy.
<br /> estate or interest described or referred to in Schedule A,and the amount
<br /> so paid shall be deemed a payment under this policy to the insured owner. (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 /> 12. PAYMENT OF LOSS. the President,a Vice President,the Secretary,an Assistant Secretary,or
<br /> (a) No payment shall be made without producing this policy for validating officer or authorized signatory of the Company.
<br /> endorsement of the payment unless the policy has been lost or destroyed,
<br /> in which case proof of loss or destruction shall be furnished to the 16. SEVERABILITY.
<br /> satisfaction of the Company. In the event any provision of the policy is held invalid or unenforceable
<br /> (b) When liability and the extent of loss or damage has been definitely under applicable law, the policy shall be deemed not to include that
<br /> fixed in accordance with these Conditions and Stipulations,the loss or provision and all other provisions shall remain in full force and effect.
<br /> damage shall be payable within 30 days thereafter. 17. NOTICES WHERE SENT.
<br /> 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. All notices required to be given the Company and any statement in
<br /> (a) The Company's Right of Subrogation writing required to be furnished the Company shall include the number
<br /> Whenever the Company shall have settled and paid a claim under this of this policy and shall be addressed to: Consumer Affairs Department,
<br /> policy,all right of subrogation shall vest in the Company unaffected by P.O.Box 27567,Richmond,Virginia 23261-7567.
<br /> any act of the insured claimant. Inquires regarding policy coverage and assistance in resolving
<br /> complaints, should be directed to the Company at (407) 481-8181.
<br /> Claims must be reported in accordance with Conditions and
<br /> ALTA Owner's Policy(10-17-92)Cover Page Stipulations.
<br /> with Florida Modifications Valid only if Face Page and Schedules A and B are attached
<br /> Form 1190-22 ORIGINAL
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