Loan Policy No. 5011300-1677452e, Insured OC Public Facilities Company, for 4801 West Ten Rd., Efland, NC

Browse Search

Policy#: 5011300-1677452e CONDITIONS(Continued) (ii) If the Insured exercises a right provided in(b)(i),but has (b) Any claim of loss or damage that arises out of the status of the Knowledge of any claim adverse to the Title or the lien of the Title or lien of the Insured Mortgage or by any action asserting such Insured Mortgage insured against by this policy,the Company shall claim shall be restricted to this policy. be required to pay only that part of any losses insured against by (c) Any amendment of or endorsement to this policy must be in this policy that shall exceed the amount,if any,lost to the Company writing and authenticated by an authorized person,or expressly by reason of the impairment by the Insured Claimant of the incorporated by Schedule A of this policy. Company's right of subrogation. (d) Each endorsement to this policy issued at any time is made a (c) The Company's Rights Against Non-insured Obligors part of this policy and is subject to all of its terms and provisions. Except The Company's right of subrogation includes the Insured's rights as the endorsement expressly states,it does not(i)modify any of the against non-insured obligors including the rights of the Insured to terms and provisions of the policy,(ii)modify any prior endorsement,(iii) indemnities,guaranties,other policies of insurance,or bonds, extend the Date of Policy,or(iv)increase the Amount of Insurance. notwithstanding any terms or conditions contained in those instruments 15. SEVERABILITY that address subrogation rights. In the event any provision of this policy,in whole or in part,is held The Company's right of subrogation shall not be avoided by invalid or unenforceable under applicable law,the policy shall be acquisition of the Insured Mortgage by an obligor(except an obligor deemed not to include that provision or such part held to be invalid,but described in Section 1(e)(i)(F)of these Conditions)who acquires the all other provisions shall remain in full force and effect. Insured Mortgage as a result of an indemnity,guarantee,other policy of 16. CHOICE OF LAW;FORUM insurance,or bond,and the obligor will not be an Insured under this (a) Choice of Law: The Insured acknowledges the Company has policy. underwritten the risks covered by this policy and determined the 13. ARBITRATION premium charged therefore in reliance upon the law affecting interests in Either the Company or the Insured may demand that the claim or real property and applicable to the interpretation,rights,remedies,or controversy shall be submitted to arbitration pursuant to the Title enforcement of policies of title insurance of the jurisdiction where the Insurance Arbitration Rules of the American Land Title Association Land is located. ("Rules"). Except as provided in the Rules,there shall be no joinder or Therefore,the court or an arbitrator shall apply the law of the consolidation with claims or controversies of other persons. Arbitrable jurisdiction where the Land is located to determine the validity of claims matters may include,but are not limited to,any controversy or claim against the Title or the lien of the Insured Mortgage that are adverse to between the Company and the Insured arising out of or relating to this the Insured and to interpret and enforce the terms of this policy. In policy,any service in connection with its issuance or the breach of a neither case shall the court or arbitrator apply its conflicts of law policy provision,or to any other controversy or claim arising out of the principles to determine the applicable law. transaction giving rise to this policy.All arbitrable matters when the (b) Choice of Forum: Any litigation or other proceeding brought by Amount of Insurance is$2,000,000 or less shall be arbitrated at the the Insured against the Company must be filed only in a state or federal option of either the Company or the Insured.All arbitrable matters when court within the United States of America or its territories having the Amount of Insurance is in excess of$2,000,000 shall be arbitrated appropriate jurisdiction. only when agreed to by both the Company and the Insured. Arbitration 17. NOTICES,WHERE SENT pursuant to this policy and under the Rules shall be binding upon the Any notice of claim and any other notice or statement in writing parties. Judgment upon the award rendered by the Arbitrator(s)may be required to be given to the Company under this policy must be given to entered in any court of competent jurisdiction. the Company at First American Title Insurance Company,Attn: 14. LIABILITY LIMITED TO THIS POLICY;POLICY ENTIRE Claims National Intake Center,1 First American Way,Santa Ana, CONTRACT CA 92707. Phone:888.632.1642. (a) This policy together with all endorsements,if any,attached to it by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy,this policy shall be construed as a whole. Form 5011300(7-1-14) Page 6 of 6 ALTA Loan Policy of Title Insurance(6-17-06)