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t CONDITIONS AND STIPULATIONS Continued ( continued and concluded from reverse side of Policy Face ) (a ) The liability of the Company under this policy shall not exceed the least If a payment on account of a claim does not fully cover the loss of the of : insured claimant, the Company shall be subrogated to these rights and remedies (i ) the Amount of Insurance stated in Schedule A; or, in the proportion which the Company's payment bears to the whole amount of (ii ) the difference between the value of the insured estate or interest as the loss. insured and the value of the insured estate or interest subject to the defect, lien If loss should result from any act of the insured claimant, as stated above, or encumbrance insured against by this policy. that act shall not void this policy, but the Company, in that event, shall be ( b ) ( This paragraph removed in Florida policies. ) required to pay only that part of any losses insured against by this policy which ( c ) The Company will pay only those costs, attorneys' fees and expenses shall exceed the amount, if any, lost to the Company by reason of the impair- incurred in accordance with Section 4 of the Conditions and Stipulations. ment by the insured claimant of the Company's right of subrogation . 8 . APPORTIONMENT . (b) The Company's Rights Against Non- insured Obligors. If the land described in Schedule A consists of two or more parcels which are The Company's right of subrogation against non -insured obligors shall exist not used as a single site, and a loss is established affecting one or more of the and shall include , without limitation , the rights of the insured to indemnities, gua - parcels but not all, the loss shall be computed and settled on a pro rata basis as ranties, other policies of insurance or bonds, notwithstanding any terms or condi - if the amount of insurance under this policy was divided pro rata as to the value tions contained in those instruments which provide for subrogation rights by rea - on Date of Policy of each separate parcel to the whole, exclusive of any son of this policy. improvements made subsequent to Date of Policy, unless a liability or value has 14. ARBITRATION otherwise been agreed upon as to each parcel by the Company and the insured Unless prohibited by applicable law, arbitration pursuant to the Title Insur- at the time of the issuance of this policy and shown by an express statement or by ance Arbitration Rules of the American Arbitration Association may be demanded an endorsement attached to this policy. if agreed to by both the Company and the insured . Arbitrable matters may 9. LIMITATION OF LIABILITY. include, but are not limited to, any controversy or claim between the Company (a) If the Company establishes the title, or removes the alleged defect, lien and the insured arising out of or relating to this policy, any service of the or encumbrance , or cures the lack of a right of access to or from the land , or Company in connection with its issuance or the breach of a policy provision or cures the claim of unmorketability of title, all as insured , in a reasonably diligent other obligation . Arbitration pursuant to this policy and under the Rules in effect therefrom, it shall have fully performed its obligations with respectt to that matter manner by any method , including litigation and the completion any appeals on the date the demand for arbitration is made or, at the option of the insured , and shall not be liable for any loss or damage caused thereby . the Rules in effect at Date of Policy shall be binding upon the parties. The award (b) In the event of any litigation, including litigation by the Company or with may include attorneys' fees only if the laws of the state in which the land is the Company's consent, the Company shall have no liability for loss or damage located permit a court to award attorneys' fees to a prevailing party. Judgment until there has been a final determination by a court of competent jurisdiction , upon the award rendered by the Arbitrator ( s ) may be entered in any court and disposition of all appeals therefrom , adverse to the title as insured . having jurisdiction thereof . (c) The Company shall not be liable for loss or damage to any insured for The law of the situs of the land shall apply to an arbitration under the Title liability voluntarily assumed by the insured in settling any claim or suit without the Insurance Arbitration Rules . prior written consent of the Company. A copy of the Rules may be obtained from the Company upon request. 10. REDUCTION OF INSURANCE ; REDUCTION OR TERMINATION OF 15 . LIABILITY LIMITED TO THIS POLICY ; POLICY ENTIRE CONTRACT. LIABILITY. (a ) This policy together with all endorsements, if any, attached hereto by All Payments under this polity, except payments made for costs, attorneys the Company is the entire policy and contract between the insured and the Com - 11 . LIABILITY NONCUMULATIVE . fees and expenses, shall reduce the amount of the insurance pro tanto. a pang . In interpreting any provision of this policy, this policy shall be construed as we .hol It is expressly understood that the amount of insurance under this policy ( b ) Any claim of loss or damage, whether or not based on negligence, and shall be reduced by any amount the Company may pay under any policy insuring which arises out i the status d the title to the estate t interest covered hereby or a mortgage to which exception is taken o Schedule B or ft which the insured by any action asserting such claim , shall be restricted to this policy. has agreed , assumed , or taken subject, or which a hereafter executed by an (c) No amendment of or endorsement to this policy can be made except by insured and which is a charge or lien on the estate or interest described or a writing endorsed hereon or attached hereto signed by either the President, a referred to in Schedule in and the amount so paid shall be deemed a payment Vice President, the Secretary, an Assistant Secretary, or validating officer or under 'this policy to the insured owner . 12 . PAYMENT OF LOSS , authorized signatory of the Company . (a ) No payment shall be made without producing this policy for endorse- 16. SEVERABILITY , ment of the payment unless the policy has been lost or destroyed , in which case In the event any provision of the policy is held invalid or unenforceable under proof of loss or destruction shall be furnished to the satisfaction of the Company, applicable law, the policy shall be deemed not to include that provision and all (b) When liability and the extent of loss or damage has been definitely other �er provisions shall remain in full force and effect. fixed in accordance with these Conditions and Stipulations, the loss or damage NOTICES, WHERE SENT . shall be payable within 30 days thereafter. All notices required to be given the Company and any statement in writing s ha SUBROGATION UPON PAYMENT OR SETTLEMENT. required to be furnished the Company shall include the number of this policy (a) The Company's Right of Subrogation . and shall be addressed to the Company at P . O . Box 2029 , Houston , Texas Whenever the Company shall have settled and paid a claim under this pol- 77252-2029 . icy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and reme- dies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued . If requested by the Com- pany, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subro- gation . The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies . STENVALRT TITEE GUARANTY COMPANY