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• •(Crirftintredyraminsiderove~l attitmeys' tees and expenses, shall reduce the amount of the insurance pro Canto. However, any payments made prior to the acquisition of title to the estate or interest as provided in Section 2(a) of these Conditions and Stipulations shall not reduce pro Canto die amount of the insurance afforded under this policy except to the extent that the payments reduce the amount of the indebtedness secured by the insured mortgage Ibl Payment in pan by any person of the principal of the indebtedness. or ~tny other obligation secured by the insured mortgage, or any wluntary partial satisfaction or release of the insured mortgage, to the extent of the payment. satisfaction or release, shall ruJuce the amount of insurance pro Canto. The ameunl of insurance may ihereaher be increased by accruing interest and advai¢es made to protect the lien of the insured mortgage and secured thereby. with interest thereon, provided in no event shall the amount of insurance be greater than the Amount of Insurance stated in Schedule A. Icl Payment in full by any person or the wluntary satisfaction or release of the insured mortgage shall terminate all liability of the Company except as pruvidetl in Section 21a1 of these Conditions and Stipulations. 10 (iabiliryNoncumulaove If the insured acnn~res title to the estate or interest in satisfaction of the indebtedness secured by dic wsumd ~nortgage. or any part thereof, d is expressly uniiersteod that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any polity insuring a mortgage to which exi:eption is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or vfiich is hereaher executed by an insured and which is a charge or lien on the estate or interest described er referred to in Schedule A. and the amount so paid shall be deemed a payment under this polity. I1 Paymento/toss. lal No payment shall be made without producing this polity for emlorsement of the payment unless the policy has been lost or destroyed, in which case proof el lass or destruction shall be furnished to the satisfaction of the Company Ib) When hah~hry and ;tic extern of loss or damage has been definitely fixed in accordance with these Condihons and Stipulations. the lass or damage sh;tll be payable within 30 days ihereaher. 17 Subrogation Upon Pa yment or Settlement. la) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this po icy, all right of subrogation shall vest in the Company unaffected by any act of [he insured claimant The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this Dolicy not been issued. If requested by ihn Company. the insured dormant shall transfer to the Company all rights and remedies against any person or property necessary in order to pedect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name o(the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall he subrogated to all rights and remedies of the insured claimant after the insured claimant shall have recovered its principal, interest. and costs of collection. lit) The Insured's Rights and timitalions. Notwithstanding the foregoing, the owner of the indebtedness secured by the insured mortgage, provided the priority of the lien of the insured mortgage or its enforceability is not affected, may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modiry the Terms of payment, or release a portion of the estate or interest from the lien of the in<..ured mortgage. or release any collateral security for the indebtedness. When the permitted acts of the insured claimant occur and the insured has knowledge of any claim of title or interest adverse to the title to the estate or interest or the priority or enforceability of the lien of the insured mortgage, as insured. the Company shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any.lost to the Company by reason of the impairment by the insured claimant of the Company's rig it of subrogation. Ic( The Company's Rights Against Noninsured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance ar bands, notwithstanding any terms or conditions Contained in those instruments which provide for subrogation rights by reason of this policy. The Company s right of subrogation shall not he awided by acquisition of the insured mortgage by an obligor (except an obligor do<rrihed in Sectron 11aNiif of these Conditions and Stipulations) who acgin~ ~., the insured mortgage as a result of an indemnity, guarantee. other policy of insurance, or bond and the obligor will not be an insured under this polity, notwithstanding Section 11aNil of these Conditions and Stipulations. 19. Arbitration Unless p«ilubited M applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of ibe Aincncan Arbitration Association. Arbihable masers may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this polity, any service e(the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amoum of msinanrc is $1 000.000 or less shit" n^ arbitrated at the option of either the Company or the insured. All arbitrable mailers when the Amount of Insurance is in excess of $1,000.000 shall be arbitrated only when agreed to by both the Company and the insured Arbitration pursuant to this policy and under the Aules in efleci on the date the demand for arhiuation is made ei, at the option o' the insured, the Rules ~~~ effect at Date of Polity shall be binding upon the parties The award may include attorneys' lees only it the laws of the stale in which the land is located permit a court to award attorneys' lees to a prevailing party. Judgment upon the award rendered by the Arhitratodsl may be entered in any court having turisdiction thereof. the law of the vtus of the land shall apply to an arbitration under the Tdle Insurance Arbitration Rules. A copy of the Rules may be obtained horn the Company upon request 14. LrabilityLrmnedroThisPolicy.PnLq•FnhreConhacr lal This poly tegethei with all endorsements. it any, attached he aio by the Company is the enlue policy and contract between the insured and the Company In interpreting any provision of this policy. this policy shall be construed as a whole Ibl Any claim of loss or damage, whether or sal based on negligence. and which arises out of the slaws of pie lien of die insured mortgage or of the title to the estate or interest covered hereby or by any action asserting such claim. shall be restricted to This policy Icl No amendment of or endorsement to [his policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary. an Assatant Secretary. or vahdaGng officer or authorized Signatory of the Company 15 Severabiliry. In the event anV Provision of Ih~s policy is held invalid or unenforceable under appl¢able law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect r6 Nonces, Where Sent Ali notices required to be ;:~. ~_~^ the Company and any stalemem m anhng requred to be furnished the Company shall include the number of this pol~cV and shall be addressed to its Honte Office 400 Second Avenue South. Minneapolis. Minnesota 55401. lOt 21371-t t t t