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(b)In the event of any litigation, including litigation by the
<br />Company or with the Company's consent, the Company shall
<br />have no liability for loss or damage until there has been a final
<br />determination by a court of competent jurisdiction, and
<br />disposition of all appeals, adverse to the Title, as insured.
<br />(c)The Company shall not be liable for loss or damage to
<br />the Insured for liability voluntarily assumed by the Insured in
<br />settling any claim or suit without the prior written consent of
<br />the Company.
<br />10. REDUCTION OF INSURANCE; REDUCTION OR
<br />TERMINATION OF LIABILITY
<br />All payments under this policy, except payments made for
<br />costs, attorneys' fees, and expenses, shall reduce the Amount
<br />of Insurance by the amount of the payment.
<br />11. LIABILITY NONCUMULATIVE
<br />The Amount of Insurance shall be reduced by any amount
<br />the Company pays under any policy insuring a Mortgage to
<br />which exception is taken in Schedule B or to which the Insured
<br />has agreed, assumed, or taken subject, or which is executed
<br />by an Insured after Date of Policy and which is a charge or lien
<br />on the Title, and the amount so paid shall be deemed a
<br />payment to the Insured under this policy.
<br />12. PAYMENT OF LOSS
<br />When liability and the extent of loss or damage have been
<br />definitely fixed in accordance with these Conditions, the
<br />payment shall be 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
<br />claim under this policy, it shall be subrogated and entitled to
<br />the rights of the Insured Claimant in the Title and all other
<br />rights and remedies in respect to the claim that the Insured
<br />Claimant has against any person or property, to the extent of
<br />the amount of any loss, costs, attorneys' fees, and expenses
<br />paid by the Company. If requested by the Company, the
<br />Insured Claimant shall execute documents to evidence the
<br />transfer to the Company of these rights and remedies. The
<br />Insured Claimant shall permit the Company to sue,
<br />compromise, or settle in the name of the Insured Claimant and
<br />to use the name of the Insured Claimant in any transaction or
<br />litigation involving these rights and remedies.
<br />If a payment on account of a claim does not fully cover the
<br />loss of the Insured Claimant, the Company shall defer the
<br />exercise of its right to recover until after the Insured Claimant
<br />shall have recovered its loss.
<br />(b)The Company's right of subrogation includes the rights of
<br />the Insured to indemnities, guaranties, other policies of
<br />insurance, or bonds, notwithstanding any terms or conditions
<br />contained in those instruments that address subrogation rights.
<br />14. ARBITRATION
<br />Unless prohibited by applicable law, arbitration pursuant to
<br />the Title Insurance Arbitration Rules of the American
<br />Arbitration Association may be demanded if agreed to by both
<br />the Company and the Insured at the time of a controversy or
<br />claim. Arbitrable matters may include, but are not limited to,
<br />any controversy or claim between the Company and the
<br />Insured arising out of or relating to this policy, and service of
<br />the Company in connection with its issuance or the breach of a
<br />policy provision or other obligation. Arbitration pursuant to this
<br />policy and under the Rules in effect on the date the demand for
<br />arbitration is made or, at the option of the Insured, the Rules
<br />in effect at Date of Policy shall be binding upon the parties. The
<br />award may include attorneys' fees only if the laws of the state
<br />in which the Land is located permit a court to award attorneys'
<br />fees to a prevailing party. Judgment upon the award rendered
<br />by the Arbitrator(s) may be entered in any court having
<br />jurisdiction thereof.
<br />The law of the situs of the land shall apply to an arbitration
<br />under the Title Insurance Arbitration Rules. A copy of the Rules
<br />may be obtained from the Company upon request.
<br />15. LIABILITY LIMITED TO THIS POLICY; POLICY
<br />ENTIRE CONTRACT
<br />(a)This policy together with all endorsements, if any,
<br />attached to it by the Company is the entire policy and contract
<br />between the Insured and the Company. In interpreting any
<br />provision of this policy, this policy shall be construed as a
<br />whole.
<br />(b)Any claim of loss or damage that arises out of the status
<br />of the Title or by any action asserting such claim shall be
<br />restricted to this policy.
<br />(c)Any amendment of or endorsement to this policy must
<br />be in writing and authenticated by an authorized person, or
<br />expressly incorporated by Schedule A of this policy.
<br />(d)Each endorsement to this policy issued at any time is
<br />made a part of this policy and is subject to all of its terms and
<br />provisions. Except as the endorsement expressly states, it does
<br />not (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,
<br />is held invalid or unenforceable under applicable law, the policy
<br />shall be deemed not to include that provision or such part held
<br />to be invalid, but all other provisions shall remain in full force
<br />and effect.
<br />17. CHOICE OF LAW; FORUM
<br />(a)Choice of Law: The Insured acknowledges the Company
<br />has underwritten the risks covered by this policy and
<br />determined the premium charged therefor in reliance upon the
<br />law affecting interests in real property and applicable to the
<br />interpretation, rights, remedies, or enforcement of policies of
<br />title insurance of the jurisdiction where the Land is located.
<br />Therefore, the court or an arbitrator shall apply the law of
<br />the jurisdiction where the Land is located to determine the
<br />validity of claims against the Title that are adverse to the
<br />Insured and to interpret and enforce the terms of this policy. In
<br />neither case shall the court or arbitrator apply its conflicts of
<br />law principles to determine the applicable law.
<br />(b)Choice of Forum: Any litigation or other proceeding
<br />brought by the Insured against the Company must be filed only
<br />in a state or federal court within the United States of America
<br />or its territories having appropriate jurisdiction.
<br />18. NOTICES, WHERE SENT
<br />Any notice of claim and any other notice or statement in
<br />writing required to be given to the Company under this policy
<br />must be given to the Company at CHICAGO TITLE INSURANCE
<br />COMPANY, Attn: Claims Department, P.O. Box 45023,
<br />Jacksonville, FL 32232-5023.
<br />7230609 ALTA Owners Policy 06/17/06 w -FL Mod _306
<br />Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any
<br />derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use.
<br />All other uses are prohibited. Reprinted under license from the American Land Title Association.
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