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We will pay covered claim(s) or losses in excess of the applicable retention amount as follows: The retention amount stated in the SCHEDULE above is applicable to each claim that results from a mold condition. The retention amount applies once to each claim and can be applied either for defense expenses, investigation, settlement, compromise, or indemnification. We, at our sole election and option, may either: Pay any part of the retention amount to effect settlement or expense of any claim, and upon notification of the action taken, you shall promptly reimburse us for such part of the retention amount that has been paid by us; or Simultaneously upon receipt of notice of any claim or at any time thereafter, call upon you to pay or deposit with us all or any part of the retention amount, to be held and applied by us at our sole discretion. If a claim has not entered into litigation, and we and the Named Insured mutually agree to mediation as a means to settle a claim made against the insured, and if such claim is settled as a direct result of and during the mediation, the deductible stated in the Declarations or applicable endorsement(s) shall be waived up to a maximum of $25,000. When this occurs, we will reimburse the Named Insured as soon as practical for any qualifying deductible amount which was already paid by the Named Insured prior to the mediation. All other terms and conditions remain the same. ENV-3214 (05-12) Risk ManaganadDl isian r. REVIEWED & APPROVED BY.- Risk Management Specialist