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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 because <br />of reliance upon the assurances herein set forth, but in no event shall the liabiity 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 all costs <br />and attorney's 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 notice of <br />any alleged defect, lien or encumbrance not shown as an Exception or excluded herein removes such defect, lien or encumbrance <br />within a reasonable time after receipt of such notice, or (2) for liability voluntarily assumed by the Assured in settling any claim <br />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 amount <br />of the liability hereunder pro tanto, and no payment shall be made without producing this Binder or an acceptable copy thereof <br />for endorsement of the payment unless the Binder be lost or destroyed, in which case proof of the loss or destruction shall be <br />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 payable <br />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 unaffected by <br />any act of the Assured, and it shall be subrogated to and be entitled to all rights and remedies which the Assured would have had <br />against any person or property in respect to the claim had this Binder not been issued. If the payment does not cover the loss <br />of the Assured, the Company shall be subrogated to the rights and remedies in the proportion which the payment bears to <br />the amount of said loss. The Assured, if requested by the Company, shall transfer to the Company all rights and remedies against <br />any person or proprty necesary in order to perfect the right of subrogation, and shall permit the Company to use the name of the Assured <br />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 subject matter <br />hereof must be based on the provisions of this Binder. No provision or condition of this Binder can be waived or changed except by a <br />writing endorsed or attached hereto signed by the President, a Vice President, the Secretary, an Assistant Secretary or other <br />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 />Issued through the Office of: <br />LANG TITLE GUARANTEE COMPANY `Nkp?r?r •, o 1 <br />772 WHALERS WAY #100 ; c ? * * * *sGy% <br />FORT COLLINS, CO 80525 . 2 <br />970.282.3649 * m <br />-?-AA?d?bSY?uoA 1 P 11?.?//.a11? 070 <br />Authorized Signature <br />PIB.ORT Cover Page 2 of 2