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of any litigation for which the Company has exercised its 9. Reduction of Liability or Termination of Liability. when the Amount of Liability is$2,000,000 or less shall be options under Paragraph 4. All payments under this Guarantee,except payments made arbitrated at the option of either the Company or the Assured- 7. ssured7, Determination and Extent of Liability. for costs,attorneys'fees and expenses pursuant to Paragraph 4 All arbitrable matters when the amount of liability is in excess of This Guarantee is a contract of Indemnity against actual shall reduce the amount of liability pro tanto. $2,000,000 shall be arbitrated only when agreed to by both the monetary loss or damage sustained or incurred by the Assured 10. Payment of Loss. Company and the Assured. The Rules in effect at Date of claimant who has suffered loss or damage by reason ofreliance (a) No payment shall be made without producing this Guarantee shall be binding upon the parties.The award may upon the assurances set forth in this Guarantee and only to the Guarantee for endorsement ofthe payment unless the Guarantee include attorneys'fees only if the laws of the state in which the extent herein described,and subject to the Exclusions From has been lost or destroyed, in which case proof of loss or land is located permits a court to award attorneys'fees to a Coverage of This Guarantee. destruction shall be famished to the satisfaction ofthe Company. prevailing party.Judgment upon the award rendered by the The liability of the Company under this Guarantee to the (b) When liability and the extent of loss or damage has Arbitrators)may be entered in any court having jurisdiction Assured shall not exceed the least of: been definitely fixed in accordance with these Conditions and thereof. (a) the amount of liability stated in Schedule A or in Stipulations, the loss or damage shall be payable within The law ofthe situs ofthe land shall apply to an arbitration Part 2; thirty(30)days thereafter. under the Title Insurance Arbitration Rules. (b) the amount of the unpaid principal indebtedness 11. Subrogation Upon Payment or Settlement. A copy of the Rules may be obtained from the Company secured by the mortgage ofan Assured mortgagee,as limited or Whenever the Company shall have settled and paid a claim upon request. provided under Section 6 of these Conditions and Stipulations or under this Guarantee,all right of subrogation shall vest in the 13. Liability Limited to This Guarantee;Guarantee Entire as reduced under Section 9 of these Conditions and Stipulations. Company unaffected by any act of the Assured claimant. Contract. at the time the loss or damage assured against by this Guarantee The Company shall be subrogated to and be entitled to all (a) This Guarantee together with all endorsements,ifany, occurs,together with interest thereon;or rights and remedies which the Assured would have had against attached hereto by the Company is the entire Guarantee and (c) the difference between the value of the estate or any person or property in respect to the claim had this Guarantee contract between the Assured and the Company.In interpreting interest covered hereby as stated herein and the value of the not been issued.Ifrequested by the Company,the Assured shall any provision of this Guarantee, this Guarantee shall be estate or interest subject to any defect,lien or encumbrance transfer to the Company all rights and remedies against any construed as a whole. assured against by this Guarantee. person or property necessary in order to perfect this right of (b) Any claim of loss or damage,whether or not based on 8. Limitation of Liability. subrogation.The Assured shall permit the Company to sue, negligence,or any action asserting such claim,shall be restricted (a) If the Company establishes the title,or removes the compromise or settle in the name of the Assured and to use the to this Guarantee. alleged defect,lien or encumbrance,or cures any other matter name of the Assured in any transaction or litigation involving (c) No amendment of or endorsement to this Guarantee assured against by this Guarantee in a reasonably diligent these rights or remedies. can be made except by a writing endorsed hereon or attached manner by any method,including litigation and the completion Ifa payment on account of a claim does not fully cover the hereto signed by either the President,a Vice President,the of any appeals therefrom, it shall have fully performed its loss of the Assured the Company shall be subrogated to all Secretary, an Assistant Secretary, or validating officer or obligations with respect to that matter and shall not be liable for rights and remedies ofthe Assured after the Assured shall have authorized signatory of the Company. any loss or damage caused thereby. recovered its principal,interest,and costs of collection. 14. Notices,Where Sent. (b) In the event of any litigation by the Company or with 12. Arbitration. All notices required to be given the Company and any the Company's consent,the Company shall have no liability for Unless prohibited by applicable law,either the Company or statement in writing required to be furnished the Company shall loss or damage until there has been a final detennination by a the Assured may demand arbitration pursuant to the Title include the number of this Guarantee and shall be addressed to court of competent jurisdiction,and disposition of all appeals Insurance Arbitration Rules of the American Land Title the Company at: therefrom,adverse to the title,as stated herein. Association.Arbitrable matters may include,but are not limited (c) The Company shall not be liable for loss or damage to to,any controversy or claim between the Company and the Chicago Title Insurance Company any Assured for liability voluntarily assumed by the Assured in Assured arising out of or relating to this Guarantee,any service P.O.Box 45023 settling any claim orsuit without the priorwritten consent ofthe ofthe Company in connection with its issuance or the breach of Jacksonville,FL 32232-5023 Company, a Guarantee provision or other obligation.All arbitrable matters Attn: Claims Department I F E t i Lot Book Guarantee CLTA Guarantee Form No. 12(9/12/08)