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6.Limitation of Liability - Payment of Loss <br />(a) The liability of the Company under this Binder shall be limited to the amount of actual loss sustained by the Assured <br />because <br />of reliance upon the assurances herein set forth, but in no event shall the liability exceed the amount of the liability <br />stated on the face page hereof. <br />(b) The Company will pay all costs imposed upon the Assured in litigation carried on by the Company for the Assured, and <br />all costs and attorneys' fees in litigation carried on by the Assured with the written authorization of the Company. <br />(c) No claim for loss or damages shall arise or be maintainable under this Binder (1) if the Company after having received <br />notice of any alleged defect, lien or encumbrance not shown as an Exception or excluded herein removes such defect, lien <br />or encumbrance within a reasonable time after receipt of such notice, or (2) for liability voluntarily assumed by the Assured <br />in settling any claim or suit without written consent of the Company. <br />(d) All payments under this Binder, except for attorney's fees as provided for in paragraph 6(b) thereof, shall reduce the <br />amount of the liability hereunder pro tanto, and no payment shall be made without producing this Binder or an acceptable <br />copy thereof for endorsement of the payment unless the Binder be lost or destroyed, in which case proof of the loss or <br />destruction shall be furnished to the satisfaction of the Company. <br />(e) When liability has been definitely fixed in accordance with the conditions of this Binder, the loss or damage shall be <br />payable within thirty days thereafter. <br />7.Subrogation Upon Payment or Settlement <br />Whenever the Company shall have settled a claim under this Binder, all right of subrogation shall vest in the Company <br />unaffected by any act of the Assured, and it shall be subrogated to and be entitled to all rights and remedies which the <br />Assured would have had against any person or property in respect to the claim had this Binder not been issued. If the <br />payment does not cover the loss of the Assured, the Company shall be subrogated to the rights and remedies in the <br />proportion which the payment bears to the amount of said loss. The Assured, if requested by the Company, shall transfer to <br />the Company all rights and remedies against any person or property necessary in order to perfect the right of subrogation, <br />and shall permit the Company to use the name of the Assured in any transaction or litigation involving the rights or remedies. <br />8.Binder Entire Contract <br />Any action or actions or rights of action that the Assured may have or may bring against the Company arising out of the <br />subject matter hereof must be based on the provisions of this Binder. No provision or condition of this Binder can be waived <br />or changed except by a writing endorsed or attached hereto signed by the President, a Vice President, the Secretary, an <br />Assistant Secretary or other validating officer of the Company. <br />9.Notices. Where Sent <br />All notices required to be given the Company and any statement in writing required to be furnished the Company shall be <br />addressed to it at 400 Second Avenue South, Minneapolis, Minnesota 55401, (612) 371-1111. <br />10.Arbitration <br />Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title <br />Insurance Arbitration Rules of the American Arbitration Association. <br />ANTI-FRAUD STATEMENT: Pursuant to CRS 10-1-128(6)(a), it is unlawful to knowingly provide false, incomplete or misleading facts or information to <br />an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of <br />insurance and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading <br />facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a <br />settlement or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory <br />agencies. <br />This anti-fraud statement is affixed and made a part of this policy. <br />Mark Bilbrey, President <br />Rande Yeager, Secretary <br />OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY <br />a Stock Company <br />400 Second Avenue South <br />Minneapolis, Minnesota 55401 <br />612) 371-1111 <br />Issued through the Office of: <br />LAND TITLE GUARANTEE COMPANY <br />3033 E 1ST AVE #600 <br />DENVER, CO 80206 <br />303-850-4165 <br />ctib.cover.odt <br />John E. Freyer, President