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,, ~ ,r., ~ ~,- . - ~.. Home Office ~- RichtTTOnd .Virginia . J., *• ' CONDITIONS AND STIPULATIONS 1. Definitions The following terms when used in this policy mean: (o) "land": The land described, specifically or by reference, in Schedule A, and improvements affixed thereto which by law constitute real property. (b) "public records":Those records which impart construc- tive notice of matters relating to the land. (c) "knowledge": Actual knowledge, not constructive know- ledge, or notice which may be imputed to the Insured by reason of any public records. (d) "dote": The effective date, including hour if specified. 2. Exclusions from the Coverage of this Policy This policy does not insure against loss or damage by reason of the following: (a) The refusal of any person to purchase, lease or lend money on the land. (b) Governmental rights of police power or eminent do- main unless notice of the exercise of such rights ap- pears in the public records at the date hereof; and the consequences of any law, ordinance or govern- mental regulation including, but not limited to, build- ing and zoning ordinances. (c) Any titles or rights asserted by anyone including, but not limited fo, persons, corporations, governments or other entities to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or to any land extending from the line of mean low tide to the line of vegetation, or fo lands beyond the line of the har- bor or bulkhead lines os established or changed by any government, or to filled-in lands, or artificial islands, or to riparian rights, or the rights or interests of the State of Texas or the public generally in the area extending from the line of mean low fide to the line of vegetation or their right of access thereto, or right of easement along and across the same. (d) Defects, liens, encumbrances, adverse claims against the title as insured or other matters (l l created, suffer- ed, assumed or agreed to by the Insured at the date of this policy, or (7) known to the Insured at the date of this policy unless disclosure thereof in writing by the Insured shall have been made to the Company prior to the date of this policy; or loss or damage which would not hove been sustained if the Insured were a purchaser for value without knowledge; or the homestead or community property or survivorship rights, if any, of any spouse of any Insured. 3. Defense of Actions (a) .In all cases where this policy provides for the defense of any action or proceeding, the Insured shall secure to the Company the right to so provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. Whenever requested by the Company, the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining wif- Policy 90 -Texas Form T • 1 Rev, 1 • 76 035-0-090.4220 nesses, or defending such action or proceeding. (b) The Company shall have the right to select counsel of ifs own choice whenever it is required fo defend any action or proceeding, and such counsel shall have full control of said defense. (c) Any action taken by the Company for the defense of the Insured or to establish the title as Insured, or both, shall not be construed as an admission of liability, and the Company shall not thereby be held to concede liability or waive any provision of this policy. 4. Payment of loss (a) No claim shall arise or be maintainable under this policy For liability voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company. (b) All payments under this policy, except payments made for costs, attorney fees and expenses, shall reduce the amount of the insurance pro Canto; and the amount of this policy shall be reduced by any amount the Com- pany may pay under any policy insuring the validity or priority of any lien excepted to herein or any in- strument hereafter executed by the Insured which is a charge or lien on the land, and the amount so paid shall be deemed a payment to the Insured under this policy. (c) . The Company shall have the option to pay or settle or compromise for or in the name of the Insured any claim insured against by this policy, and such pay- ment or tender of payment, together with all costs, attorney fees and expenses which the Company is obligated hereunder to pay, shall terminate all liability of the Company hereunder as to such claim. Further, the payment or fender of payment of the full amount of Ihis policy by the Company shall terminate all liability of the Company under this policy. (d) Whenever the Company shall have settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the Insured, and it shall be subrogated to and be entitled to all rights and remedies of the Insured against any person or property in respect to such claim. The Insured, if requested by the Company, shall transfer to the Com- pany all rights and remedies against any person or property necessary in order fo perfect such right of subrogation, and shall permit the Company to use the name of the Insured in any transaction or litigation involving such rights or remedies. 5. Policy Entire Contract Any action, actions or rights of action that the Insured may have, or may bring, against the Company, arising out of the status of the title insured hereunder, must be based on the provisions of this policy, and all notices required to be given the Company, and any statement in writing required to be furnished the Company, shall be addressed to it at its home office, 3800 Cutshaw Avenue, Richmond, Virginia 23230. 6. This policy is not transferable. Owners Policy • form prescribed by Srate Board of Insurance of Teaas