|
<br />the prior written consent of the Company.
<br />10. REDUCTION OF INSURANCE: REDUCTION OR TERMINATION OF LIABILITY
<br />All payments ,under this Policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto.
<br />11, LIABILITY NONCUMULATIVE. ,
<br />It is expressly understood that the Amount of Insurance under this Policy shall be reduced by any amount the Company may pay under any Policy insuring
<br />a mortgage to which exception is taken'in Schedule B or to which the Insured has agreed, assumed or taken subject, or which is hereafter executed by an
<br />Insured and which is a charge or lien on the eslale or Interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under
<br />this Policy to the insured owner.
<br />12. PAYMENT OF LOSS.
<br />(a) No payment shall be made without producing this Policy for endorsement of the payment unless the Policy has been lost or destroyed, in which case
<br />proof of loss or destruction shall be fumished to the satisfaction of the Company.
<br />(b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall
<br />be payable within 30 days thereafter.
<br />13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
<br />
<br />(a) The ComDanv's RiGht of Subroaation . ' ,
<br />Whenever the Company shall have settled and paid a claim under this Policy, all right of subrogation shall vest in the Company unaffected by any act
<br />of the Insured Claimant. The Company shall be subrogated to and be entitled to all rights and remedies that the Insured Claimant would have had against
<br />any person or property in respect to the claim had this policy not been issued. If requested by the Company, the Insured Claimant shall transfer to the
<br />Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The Insured Claimant shall permit
<br />the Company to sue,-compromise or settle in the name of the Insured Clail'flant and to use the name of the Insured Claimant in any transaction or litigation
<br />involving these rights or remedies. "
<br />If a payment on account of a claim doils not fully coyer the loss of the Insured Claimant, the Company shall, be subrogated to these rights and remedies
<br />in the proportion that the Company's payment bears to the whole amount of the loss.
<br />If loss should result from any act of the Insured Claimant, ljIs stated above, that act shall not void this Poliey, but the Company, in that event, shall be
<br />required to pay only that part of any losses insured against by this Policy that shall exceed the amount, if any, lost to the Company by reason of the
<br />impairment by the Insured Claimant of the Company's right of subrogation.
<br />(b) The Comoanv's Riahts AGainst Non-Insured Obliaors
<br />The Company's right of subrogation against non-insured obligors shall exist an~ shall include, without limitation, the rights of the !nsured to indemnities,
<br />guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments that provide,for subrogation
<br />rights by reason of this Policy. '
<br />14. ARBITRATION.
<br />Unless prohibited by applicable law or unless this arbitration section is deleted by specific provision in Schedule B of this Policy, either the Company or the
<br />Insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but
<br />are not limited to, any controversy or claim between the Company and th" Insured arising out of or relating to this Policy, and service of the Company in
<br />eonnection'with"its issuance"iIrthe'breach,of'a Policy provision or other obligation. All arbitrable matters l1Yhe!.lJhe Amount of Insl!rance is $1,000,000 or less
<br />SHALL BE arbitrated at the request of either the Company or the Insured, unless the Insured is an individual person (as distinguished from a corporation, trust,
<br />partnership, association or other legal entity). All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 SHALL BE arbitrated only when
<br />agreed to by both the Company and the Insured. Arbitration pursuant to the Policy and under the Rules in effect on the date the demand for arbitration is made,
<br />or at the option of the Insured, the Rules in effect at the Date of Policy shall be binding upon th" parties. The !IWlIrd may include attomeys' fees only if the
<br />laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by Arbitrator(s)
<br />may be entered in any court having jurisdiction thereof. , " , ,
<br />The law of the situs of the land shall apply to any arbitration under the Title Insurance Arbitration Rules.
<br />A copy of the Rules may be obtained from the Company upon request.
<br />15. LIABILITY LIMITED TO THIS POLICY: POLICY ENTIRE CONTRACT.
<br />(a) This Policy together with all endorsements, if any, attached hereto by the Company is the entire Policy ,and contract between the Insured and the
<br />, Company. In interpreting any provision of this Policy, this Policy shall be construed as a whole, ,
<br />(b) Any claim of loss or damage whether or not based on negligence and which arises out of the status of the title to the estate or interest covered hereby,
<br />or by any action asserting such claim shall be restricted to this Policy.
<br />(c) No amendment of or endorsement to this Policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a
<br />Vice President, the Secretary, an Assistant Secretary or validating officer or authorized signatory of the Company. '
<br />16. SEVERABILITY.
<br />In the event any provision of the Policy is held invalid or unenforceable under applicable law, the Policy shall be deemed not to include that provision and all
<br />other provisions shall remain in full force and effect.
<br />17. NOTICES WHERE SENT.
<br />All notices requil1!d to be given the Compa!1y and any statement in writing required to be fumished the Company shall include the number of this Policy and'
<br />shall be addressed to the Company at 1945 Walnut Hill Lane, Irving, Texas 75038.
<br />COMPLAINT NOTICE. '
<br />Should any dispute arise about your premium or about a claim ,that you have filed, contact the agent or write to the Company that Issued the Polley.
<br />If the problem Is not resolved, you also may write the Texas Department of Insurance, P.O. Box 149091, Austin, TX 78714-9091, Fax No. (512) 475-1771.
<br />,This notice of complaint, procedure Is for Information only and does not become a part or condition of this Policy.
<br />
<br />
<br /> CD r . . ... Q)
<br /> u Ii: u
<br /> c::
<br /> c:: 0 ~
<br /> CD l! w
<br />\~ ~=' U ~
<br />U U m_ iL c:: en
<br /> c:: -a.5 u. ftl
<br />.- 0 ~ >Co
<br />- l! .8'5 Q) ~N
<br />0 W - "
<br /> :J: ..... 0'"
<br />D. ::1 'C - .-
<br />~ U c:: t- f-4 ._N
<br />.... 0 fn _ CD ::c 0 ccn
<br />C) s2
<br />CD c:: ! E ;:) E
<br /> a.t: Co
<br />c:: - 0 t';$ lI(ap
<br /> ftS D:
<br />~ CD EQ; '< c-
<br /> ::c ftl
<br /> - o CD t- U)
<br />0 ~
<br /> .- u.C Q (t
<br /> I- _ W
<br /> ftS ;:)
<br /> >C en
<br /> ,~ !Q
<br />
<br />
<br />CONiJITIONSANDSTIPU~TIONS - Continued""
<br />
<br />
<br />
<br />
<br />. 1
<br />I
<br />I
<br />
<br />I
<br />
<br />i
<br />I
<br />
<br />
|