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� ' • ' , CHICAGO TITLE INSURANCE COMPANY
<br /> ' OWNER'S POLICY (2006)
<br /> ON
<br /> (b) If the Company pursues its rights 13. RIGHTS OF RECOVERY UPON 15. LIABILIT'Y LIMTTED TO THIS
<br /> under Section 5 of these Conditions PAYMENT OR SETTLEMENT POLICY; POLICI' ENTIRE
<br /> and is unsuccessful in establishing the (a) Whenever the Company shall have CONTRACI'
<br /> Title,as insured, settled and paid a claim under this (a) This policy together with all
<br /> (i) the Amount of Insurance shall be policy, it shall be subrogated and endorsements,if any,attached to it by
<br /> increased by 10%,and entitled to the rights of the Insured the Company is the entire policy and
<br /> (ii) the Insured Claimant shall have Claimant in the Title and all other contract between the Insured and the
<br /> the right to have the loss or rights and remedies in respect to the Company. In interpreting any
<br /> damage determined either as of claim that the Insured Claimant has provision of this policy,this policy shall
<br /> the date the claim was made by against any person or property, to the be construed as a whole.
<br /> the Insured Claimant or as of the extent of the amount of any loss,costs, (b) Any claim of loss or damage that arises
<br /> date it is settled and paid. attorneys' fees, and e�cpenses paid by out of the status of the Title or by any
<br /> (c) In addition to the extent of liability the Company. If requested by the action asserting such claim shall be
<br /> under (a) and (b), the Company will Company, the Insured Claimant shall restricted to this policy.
<br /> also pay those costs, attorneys' fees, execute documents to evidence the (c) Any amendment of or endorsement to
<br /> and e�cpenses incuned in accordance transfer to the Company of these this policy must be in writing and
<br /> with Sections 5 and 7 of these rights and remedies. The Insured authenticated by an authorized person,
<br /> Conditions. Claimant shall permit the Company to ar expressly incorporated by Schedule
<br /> 9. LIMTTATTON OF LIABILTTY sue,compromise,or settle in the name A of this policy.
<br /> (a) If the Company establishes the Title, of the Insured Claimant and to use the (d) Each endorsement to this policy issued
<br /> or removes the alleged defect, lien or name of the Insured Claimant in any at any time is made a part of this policy
<br /> encumbrance, or cures the lack of a transaction or litigation involving these and is subject to all of its terms and
<br /> right of access to or from the Land,or rights and remedies. provisions. Except as the endorsement
<br /> cures the claim of Unmarketable Title, If a payment on account of a claim eacpressly states, it does not(i) modify
<br /> all as insured, in a reasonably diligent does not fully cover the loss of the any of the terms and provisions of the
<br /> manner by any method, including Insured Claimant, the Company shall policy, (ii) modify any prior
<br /> litigation and the completion of any defer the exercise of its right to recover endorsement, (iii) extend the Date of
<br /> appeals, it shall have fully performed until after the Insured Claimant shall Policy,or(iv)increase the Amount of
<br /> its obligations with respect to that have recovered its loss. Insurance.
<br /> matter and shall not be liable for any (b) The Company's right of subrogation 16. SEVERABILIT'Y
<br /> loss or damage caused to the Insured. includes the rights of the Insured to In the event any provision of this policy, in
<br /> (b) In the event of any litigation,including indemnities, guaranties, other policies whole or in part, is held invalid or
<br /> litigation by the Company or with the of insurance, or bonds, unenforceable under applicable law, the
<br /> Company's consent,the Company shall notwithstanding any terms or policy shall be deemed not to include that
<br /> have no liability for loss or damage conditions contained in those provision or such part held to be invalid,but
<br /> until there has been a final instruments that address subrogation all other provisions shali remain in full force
<br /> determination by a court of competent rights. and effect.
<br /> jurisdiction, and disposition of all 14. ARBITRATION 17. CHOICE OF LAW;FORUM
<br /> appeals, adverse to the Title, as Either the Company or the Insured may (a) Choice of Law: The Insured
<br /> insured. demand that the claim or controversy shall acknowledges the Company has
<br /> (c) The Company shall not be liable for be submitted to arbitration pursuant to the underwritten the risks covered by this
<br /> loss or damage to the Insured for Title Insurance Arbitration Rules of the policy and determined the premium
<br /> liability voluntarily assumed by the American Land Title Association("Rules"). charged therefor in reliance upon the
<br /> Insured in settling any claim or suit Except as provided in the Rules,there shall law affecting interests in real property
<br /> without the prior written consent of be no joinder or consolidation with claims and applicable to the interpretation,
<br /> the Company. or controversies of other persons. rights, remedies, or enforcement of
<br /> 10. REDUCTION OF INSURANCE; Arbitrable matters may include,but are not policies of title insurance of the
<br /> REDUCTION OR TERMINATION OF limited to,any controversy or claim between jurisdiction where the Land is located.
<br /> LIABILTTY the Company and the Insured arising out of Therefore, the court or an arbitrator
<br /> All payments under this policy, except or relating to this policy, any service in shall apply the law of the jurisdiction
<br /> payments made for costs, attorneys' fees, connection with its issuance or the breach of where the Land is located to determine
<br /> and e�cpenses, shall reduce the Amount of a policy provision, or to any other the validity of claims against the Title
<br /> Insurance by the amount of the payment. controversy or claim arising out of the that are adverse to the Insured and to
<br /> 11. LIABILTTY NONCUMULATIVE transaction giving rise to this policy. All interpret and enforce the terms of this
<br /> arbitrable matters when the Amount of policy. In neither case shall the court
<br /> The Amount of Insurance shall be reduced Insurance is $2,000,000 or less shall be or arbitrator apply its conflicts of law
<br /> by any amount the Company pays under any arbitrated at the option of either the principles to determine the applicable
<br /> policy insuring a Mortgage to which Company or the Insured. All arbitrable law.
<br /> exception is taken in Schedule B or to which matters when the Amount of Insurance is in (b) Choice of Porum: Any litigation or
<br /> the Insured has agreed, assumed, or taken excess of$2,000,000 shall be arbitrated only other proceeding brought by the
<br /> subject, or which is executed by an Insured when agreed to by both the Company and Insured against the Company must be
<br /> after Date of Policy and which is a charge or the Insured. Arbitration pursuant to this filed only in a state or federal court
<br /> lien on the Title, and the amount so paid policy and under the Rules shali be binding within the United States of America or
<br /> shall be deemed a payment to the Insured upon the parties. Judgment upon the award its territories having appropriate
<br /> under this policy. rendered by the Arbitrator(s) may be jurisdiction.
<br /> 12. PAYMENT OF LOSS entered in any court of competent 18. NOTICES,WHERE SENT
<br /> When liability and the extent of loss or jurisdiction. Any notice of claim and any other notice or
<br /> damage have been definitely fixed in statement in writing required to be given to the
<br /> accordance with these Conditions, the Company under this policy must be given to the
<br /> payment shall be made within 30 days. Company at:
<br /> CHICAGO TITLE INSURANCE COMPANY
<br /> ATTN:Claims Department
<br /> P.O.Box 45023
<br /> Jacksonville,FL 32232-5023
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