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HomeMy WebLinkAboutKingsbury, Laverne & June Warranty Deed - 2002 05 22 I'~""""'""" ..... F ~ . Prepared By and Return to: Anthony ft.. Garganese, Esq. Brown, Ward, Salzman & Weiss, P.A. POBox 2873 Orlando, FL 32802-2873 WARRANTY DEED TillS WARRANTY DEED, executed this 18th day of December, 2001 by LAVERNE W. KINGSBURY and JUNE L. KINGSBURY, his wife, whose post office address is 150 Tuskawilla Road, Winter Springs, FL, (hereinafter called the grantor) to CITY OF WINTER SPRINGS, a Florida municipality, whose post office address is 1126 East S. R. 434, Winter Springs, FL 32708, (hereinafter called the grantee). (Wherever used herein the terms "grantor" and "grantee" include all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations.) WITNESSETH: That the grantor, for and in consideration of the sum of$IO.00 and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the grantee, all that certain land situate in Seminole County, Florida, viz: Attached hereto as Exhibit "A" and made a part hereof. Together with all tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HA VE AND TO HOLD the same in fee simple forever. And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land; that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent to 2001. [Intentionally left blank. Signatures on next page] IN WITNESS WHEREOF, the said grantor has signed and sealed these presents the day and year first above written. ~_ w.* LA VE~ W. KIN d~~~ /JUNf"L~ KINGSBURY. ... ST ATE OF FLORIDA COUNTY OF SEMINOLE I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgments, personally appeared LAVERNE W. KINGSBURY, ~ me known personally or 0 who produced as identification, to be the person described in and who executed the foregoing instrument and he acknowledged before me that he executed the same for the purposes set forth herein, and he did not swear an oath. WITNESS my hand and official seal in the State and County last aforesaid this 18th day of December 2001. .-".. Deborah L Gillespie ~ 'ri ~ . ;~~ ~ Commission CC920806 0 t.6\M < .9o~ '~.J' ExpiresMarch21,2004 NOTARYPUBLIC ^". _fA if ".... My Commission Expires: I'~\ 8-\ , a.co, STATE OF FLORIDA COUNTY OF SEMINOLE I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgments, personally appeared JUNE L. KINGSBURY,OLo me known personally or 0 who produced as identification, to be the person described in and who executed the foregoing instrument and she acknowledged before me that she executed the same for the purposes set forth herein, and she did not swear an oath. WITNESS my hand and official seal in the State and County last aforesaid this 18th day of December 2001. ~,.~ Deborah L Gillespie \ ~'iJ* ~ Commission CC920806 N T ARY PUBLIC ....".."..l Expires March 21, 2004 My Commission Expires: tfV\tl~ 6-.{ I ,').cO-! EXHffiIT "A" LEGAL DESCRIPTION That part of the Unnumbered Lot in Block "B", D.R. MITCHELL'S SURVEY OF THE LEVY GRANT ON LAKE JESSUP as recorded in Plat Book 1, Page 5 of the Public Records of Seminole County, Florida, more particularly described as follows: Commence at the Southeast corner ofLot30 Block "B", D.R. MITCHELL'S SURVEY OF THE LEVY GRANT ON LAKE JESSUP said point being the intersection of the West Right of Way line ofTuscawilla Road (formerly Brantley Avenue) and the North Right of Way line of First Street (a 30 foot unopened Right of Way); thence run S 30004'55" Wa distance of 30.61 feet to the intersection ofthe West Right of Way line ofTuscawilla Road and the South Right of Way line of First Street; said intersection being the POINT OF BEGINNING; thence continue S 30004'55" W along the West Right of Way line of Tu scawill a Road a distance of 80.89 feet to the point of cusp of a curve concave Northwesterly having a radius of 15.00 feet and a chord bearing ofN 11054'34" E; thence run Northeasterly along the arc of said curve through a central angle of36020'43" for an arc distance of9.52 feet to a point of tangency; thence N 060 15'47" W a distance of 59. 58 feet to the point of curvature ofa curve concave Southwesterly having a radius of 15.00 feet a chord bearing ofN 33029'40" W; thence run Northwesterly along the arc of said curve through a central angle of 54027'44" for an arc distance of 14.26 feet to a point of tangency; thence N 60043'32" W a distance of 40.41 feet to the South Right of Way line of the aforementioned First Street; thence S 71024'05" E along said South Right of Way line for a distance of 92. 78 feet; to the Point of Beginning. Containing 0.0471 acres more or less. '.. BROWN, WARD, SALZMAN & WEISS, P.A. ATTORNEYS AT LAW Usher L. Brown · Suzanne D' Agresta Anthony A. GarganeseO Gary S. Salzmano John H. Ward · Jeffrey S. Weiss Debra S. Babb Jeffrey P. Buak Alfred Truesdell Joseph E. Blitch Scott D. Danahy Brett A. Marlowe Cheyenne R. Young Two Landmark Center 225 East Robinson Street, Suite 660 Post Office Box 2873 Orlando, FL 32802-2873 (407) 425-9566 (407) 425-9596 FAX Email: agarganese@orlandolaw.net Website: www.orlandolaw.net Cocoa: 866-425-9566 · Board Certified Civil Trial Lawyer o Board Certified Business Litigation Lawyer o Board Certified City, County & Local Government Law May 22, 2002 Andrea Lorenzo-Luaces, City Clerk City of Winter Springs 1126 East State Road 434 Winter Springs, FL 32708 Re: Laverne and June Kingsbury to City of Winter Springs City of Winter Springs - General #1193 Dear Andrea: With respect to the aforementioned closing, please find enclosed the following: 1. An original Owner's Title Policy 2. A recorded copy of the Warranty Deed conveying the property from the Kingsburys to the City of Winter Springs 3. Non-Foreign Affidavit by the Kingsburys 4. Closing Statement - .. Andrea Lorenzo-Luaces, City Clerk City of Winter Springs May 22, 2002 Page 2 These original documents are being forwarded to you for safekeeping. Should you have any questions, please do not hesitate to contact my office. Anthony A. Garganese City Attorney AAG:jf Enclosures Kingsbury Closing Documents SCHEDULE A OWNER'S POLICY SCHEDULE A AGENT FILE NUMBER: POLICY NUMBER: SDC 419944 ORT FILE NUMBER: 01113288 AMOUNT: $ 9,200.00 Policy Date: January 11, 2002, at 3:46 p.m. 2. The Insured hereunder, in whom title to the fee simple estate is vested at the date hereof, is: The City of Winter Springs, Florida The land referred to in this Policy is situated in the County of Seminole, State of Florida, and described as follows: That part of the Unnumbered Lot in Block "B", D.R. MITCHELL'S SURVEY OF THE LEVY GRANT ON LAKE JESSUP as recorded in Plat Book 1, Page 5 of the Public Records of Seminole County, Florida, more particularly described as follows: Commence at the Southeast corner ofLot 30 Block "B", D.R. MITCHELL'S SURVEY OF THE LEVY GRANT ON LAKE JESSUP said point being the intersection of the West Right of Way line of Tuscawilla Road (formerly Brantley Avenue) and the North Right of Way line of First Street (a 30 foot unopened Right of Way); thence run S 30°04'55" W a distance of 30.61 feet to the intersection ofthe West Right of Way line of Tuscawilla Road and the South Right of Way line ofFirst Street; said intersection being the POINT OF BEGINNING; thence continue S 30°04'55" W along the West Right of Way line of Tuscawilla Road a distance of 80.89 feet to the point of cusp of a curve concave Northwesterly having a radius of 15.00 feet and a chord bearing of N 11 ° 54'34" E; thence run Northeasterly along the arc of said curve through a central angle of 36°20'43" for an arc distance of 9.52 feet to a point of tangency; thence N 06° 15'47" W a distance of 59.58 feet to the point of curvature of a curve concave Southwesterly having a radius of 15.00 feet a chord bearing of N 33°29'40" W; thence run Northwesterly along the arc of said curve through a central angle of 54°27'44" for an arc distance of 14.26 feet to a point of tangency; thence N 60°43'32" W a distance of 40.41 feet to the South Right of Way line of the aforementioned First Street; thence S 71°24'05" E along said South Right of Way line for a distance of 92.78 feet; to the Point of Beginning. Containing 0.0471 acres more or less. THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED. i , • . SCHEDULE B-PART I AGENT FILE NUMBER: POLICY NUMBER: SDC 419944 ORT FILE NUMBER: 01113288 This policy does not insure against loss or damage by reason of the following: 1. General or special taxes and/or assessments required to be paid in the year 2002 and subsequent years. 2. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder, including submerged, filled and artificially exposed lands and lands accreted to such lands. 3. State road reservations, if any. 4. Oil, gas and mineral right reservations, if any. 5. General or special taxes and assessments required to be paid in the year 2002 and subsequent years. No(s).:26-20-30-5AR-OB00-0000 6. Any lien provided by Chapter 159, Florida Statutes, in favor of any city, town, village or port authority for unpaid service charge for service by any water, sewer or gas system supplying the insured land. 7. Easements or claims of easements not shown by the public records. ~* ~ ~ ~ * ~ **~ Owner's Policy American Land Title Association Owner's Policy 10-17-92 with Florida modifications Policy Number SDC 419 9 4 4 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Minnesota corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, the said Old Republic National Title Insurance Company has caused its corporate name and seal to be hereunder affixed by its duly authorized officers as of the date shown in Schedule A, the policy to be valid when countersigned by an authorized officer or agent of the Company. Issued through the Office of: Brown, Ward, Salzman & Weiss, P.A. P. O. Box 2873 Orl do, Florida 32802 Authorized Signatory (407) 425-9566 OHT Form 331 ALTA Owner's Policy 10-17-92 with Florida modifications OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Siock Company 400 Second Avenue South, Minneapolis, Minnesota 55401 1617371-1111 ~-~ By v Attest r - 7~~ ~~ t$3a At Y1#iA President Secretary EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which may arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. Ib) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured. claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or creating subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: la) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer, or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment of lien creditor. CONDITIONS AND STIPULATIONS 1. Definition of Terms. The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured claimant": an insured claiming loss or damage. Ic1 "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 11a-liv) of the Exclusions from Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court far the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. Continuation of Insurance After Conveyance of Title. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. Notice of Claim to be Given by Insured Claimant. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 41a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. Defense and Prosecution of Actions; Duty of Insured Claimant to Cooperate. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall 4 . .1. not be liable ~#or and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid li- in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. Proof of Loss or Damage. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate. any liability of the Company under this policy as to that claim. 6. Options to Pay or Otherwise Settle Claims; Termination of Liability In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. Ib- To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b-li) or (ii-, the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. Determination, Extent of Liability. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A, or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. Ib- The company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of the Conditions and Stipulations. 8. Apportionment. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. Limitation of Liability. lad If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. lb- In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. Ic- The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. Reduction of Insurance; Reduction or Termination of Liability. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. Liability Non-cumulative. 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 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 insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. Payment of Loss. la) 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 proof of loss or destruction shall be furnished to the satisfaction of the Company. lb- 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 be payable within 30 days thereafter. 13. Subrogation Upon Payment or Settlement. (a) The Company's Right of Subrogation. 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 of the 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 policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect 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 of 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 be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by the 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 right of subrogation. Ib1 The Company's Rights Against Non-Insured 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 or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. Arbitration. Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association may be demanded if agreed to by both the Company and the insured. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, arty service of the Company in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys fees only if the 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 the Arbitratorls) may be entered in arty court having jurisdiction thereof. The law of the silos of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy ai the Rules may be obtained from the Company upon request. 15. Liabililty Limited to this Policy; Policy Entire Contract. la) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. Ib- 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 or by any action asserting such claim, shall be restricted to this policy. Ic- 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 Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. Severability 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 other provisions shall remain in full force and effect. 17. Notices, Where Sent. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at its home office, 400 Second Avenue South, Minneapolis, Minnesota 55401,1612) 371-1111.