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Policy#: 5011400-1166403e CONDITIONS(Continued)
<br /> 9. LIMITATION OF LIABILITY
<br /> (a) If the Company establishes the Title,or removes the alleged Insurance Arbitration Rules of the American Land Title Association
<br /> ("Rules"). Except as provided in the Rules,there shall be no
<br /> defect,lien,or encumbrance,or cures the lack of a right of joinder or consolidation with claims or controversies of other persons.
<br /> access to or from the Land,or cures the claim of Arbitrable matters may include,but are not limited to,any controversy
<br /> Unmarketable Title,all as insured,in a reasonably diligent or claim between the Company and the Insured arising out of or relating
<br /> manner by any method,including litigation and the completion to this policy,any service in connection with its issuance or the breach
<br /> of any appeals,it shall have fully performed its obligations of a policy provision,or to any other controversy or claim arising out of
<br /> with respect to that matter and shall not be liable for any loss the transaction giving rise to this policy. All arbitrable matters when the
<br /> or damage caused to the Insured. Amount of Insurance is$2,000,000 or less shall be arbitrated at the
<br /> (b) In the event of any litigation,including litigation by the option of either the Company or the Insured. All arbitrable matters
<br /> Company or with the Company's consent,the Company shall when the Amount of Insurance is in excess of$2,000,000 shall be
<br /> have no liability for loss or damage until there has been a final arbitrated only when agreed to by both the Company and the Insured.
<br /> determination by a court of competent jurisdiction,and Arbitration pursuant to this policy and under the Rules shall be binding
<br /> disposition of all appeals,adverse to the Title,as insured. upon the parties. Judgment upon the award rendered by the
<br /> (c) The Company shall not be liable for loss or damage to the Arbitrator(s)may be entered in any court of competent jurisdiction.
<br /> Insured for liability voluntarily assumed by the Insured in 15. LIABILITY LIMITED TO THIS POLICY;POLICY ENTIRE CONTRACT
<br /> settling any claim or suit without the prior written consent of (a)This policy together with all endorsements,if any,attached to it by
<br /> the Company, the Company is the entire policy and contract between the Insured
<br /> 10. REDUCTION OF INSURANCE;REDUCTION OR TERMINATION and the Company. In interpreting any provision of this policy,this
<br /> OF LIABILITY policy shall be construed as a whole.
<br /> All payments under this policy,except payments made for costs, (b) Any claim of loss or damage that arises out of the status of the
<br /> attomeys'fees,and expenses,shall reduce the Amount of Title or by any action asserting such claim shall be restricted to
<br /> Insurance by the amount of the payment. this policy.
<br /> 11. LIABILITY NONCUMULATIVE (c) Any amendment of or endorsement to this policy must be in writing
<br /> The Amount of Insurance shall be reduced by any amount the and authenticated by an authorized person,or expressly
<br /> Company pays under any policy insuring a Mortgage to which incorporated by Schedule A of this policy.
<br /> exception is taken in Schedule B or to which the Insured has (d) Each endorsement to this policy issued at any time is made a part
<br /> agreed,assumed,or taken subject,or which is executed by an of this policy and is subject to all of its terms and provisions.
<br /> Insured after Date of Policy and which is a charge or lien on the Except as the endorsement expressly states,it does not(i)modify
<br /> Title,and the amount so paid shall be deemed a payment to the any of the terms and provisions of the policy,(ii)modify any prior
<br /> Insured under this policy. endorsement,(iii)extend the Date of Policy,or(iv)increase the
<br /> 12. PAYMENT OF LOSS Amount of Insurance.
<br /> When liability and the extent of loss or damage have been 16. SEVERABILITY
<br /> definitely fixed in accordance with these Conditions,the payment In the event any provision of this policy,in whole or in part,is held
<br /> shall be made within 30 days. invalid or unenforceable under applicable law,the policy shall be
<br /> 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT deemed not to include that provision or such part held to be invalid,but
<br /> (a) Whenever the Company shall have settled and paid a claim all other provisions shall remain in full force and effect.
<br /> under this policy,it shall be subrogated and entitled to the 17. CHOICE OF LAW;FORUM
<br /> rights of the Insured Claimant in the Title and all other rights (a) Choice of Law: The Insured acknowledges the Company has
<br /> and remedies in respect to the claim that the Insured underwritten the risks covered by this policy and determined the
<br /> Claimant has against any person or property,to the extent of premium charged therefor in reliance upon the law affecting
<br /> the amount of any loss,costs,attorneys'fees,and expenses interests in real property and applicable to the interpretation,
<br /> paid by the Company. If requested by the Company,the rights,remedies,or enforcement of policies of title insurance of the
<br /> Insured Claimant shall execute documents to evidence the jurisdiction where the Land is located.
<br /> transfer to the Company of these rights and remedies. The Therefore,the court or an arbitrator shall apply the law of the
<br /> Insured Claimant shall permit the Company to sue, jurisdiction where the Land is located to determine the validity of
<br /> compromise,or settle in the name of the Insured Claimant claims against the Title that are adverse to the Insured and to
<br /> and to use the name of the Insured Claimant in any interpret and enforce the terms of this policy. In neither case shall
<br /> transaction or litigation involving these rights and remedies. the court or arbitrator apply its conflicts of law principles to
<br /> If a payment on account of a claim does not fully cover the determine the applicable law.
<br /> loss of the Insured Claimant,the Company shall defer the (b) Choice of Forum: Any litigation or other proceeding brought by the
<br /> exercise of its right to recover until after the Insured Claimant Insured against the Company must be filed only in a state or
<br /> shall have recovered its loss. federal court within the United States of America or its territories
<br /> (b) The Company's right of subrogation includes the rights of the having appropriate jurisdiction.
<br /> Insured to indemnities,guaranties,other policies of 18. NOTICES,WHERE SENT
<br /> insurance,or bonds,notwithstanding any terms or conditions Any notice of claim and any other notice or statement in writing required
<br /> contained in those instruments that address subrogation to be given to the Company under this policy must be given to the
<br /> rights. Company at First American Title Insurance Company,Attn:Claims
<br /> 14. ARBITRATION National Intake Center,l First American Way,Santa Ana,CA
<br /> Either the Company or the Insured may demand that the claim or 92707. Phone:888-632.1642.
<br /> controversy shall be submitted to arbitration pursuant to the Title
<br /> Form 5011400(7-1-14) Page 5 of 5 ALTA Owner's Policy of Title Insurance(6-17-06)
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