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ENV-3214 (05-12)Page 2 of 2 <br />We will pay covered claim(s) or losses in excess of the applicable retention amount as follows: <br />The retention amount stated in the SCHEDULE above is applicable to each claim that results from a mold <br />condition. The retention amount applies once to each claim and can be applied either for defense expenses, <br />investigation, settlement, compromise, or indemnification. <br />We, at our sole election and option, may either: <br />1. Pay any part of the retention amount to effect settlement or expense of any claim, and upon notification <br />of the action taken, you shall promptly reimburse us for such part of the retention amount that has been <br />paid by us; or <br />2. Simultaneously upon receipt of notice of any claim or at any time thereafter, call upon you to pay or <br />deposit with us all or any part of the retention amount, to be held and applied by us at our sole discretion. <br />If a claim has not entered into litigation, and we and the Named Insured mutually agree to mediation as a <br />means to settle a claim made against the insured, and if such claim is settled as a direct result of and during the <br />mediation, the deductible stated in the Declarations or applicable endorsement(s) shall be waived up to a <br />maximum of $25,000. When this occurs, we will reimburse the Named Insured as soon as practical for any <br />qualifying deductible amount which was already paid by the Named Insured prior to the mediation. <br />All other terms and conditions remain the same.