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111-'1' ~~ .~~ 11:~b HI&I FAX 9~~0FX P.2 . e , ~ e ~ , IIJ TICOR TITLE INSURANce Owner pOlicy of Title In8urance TICOR nTLE INSURANCE COMPANY OF CALIFORNIA, 8 Cel/fomia corporation, hereinafter called the Company, for value does hereby guarantee to the Insured (as herein deftned) that as of the date hereof, the Insured has good and Indefeasible title to the estate or interest in the land described or referred to in this pOlley. . The Company shall not be liable In /I greater amount than the actual monetary loss of the Insured, and In no event shall the Company be liable for more than the amount shown In Schedule A hereof, Bnd shall, except as hereinafter stated. at liS own cost defend the Insured in every action or proceeding on any claim against, or right to the estate or interest in the land, or any part thereof, adverse to the title to the estate or Interest in the lend as hereby guaranteed; but the Company shall not be required to defend against any claims based upor, matters in any manner excepted under this poliey by the exceptions in Schedule e hereof or excluded by Paragraph 2, "Exclusions from Coverage of this Poli:y", of the Conditions and Stipulations hereof, The party or parties entitled to such defense shall within a reasonable lime aftt the commencement of such action or proceeding, and in ample time for defense therein, give the Company written notice uf he pendency of the aetion or proceeding, and authority to defend. The Company shall not be liable until such ad'/erse interest, claim, or right shall have been held valid by 8 court of last resort to which elther litigant may apply, and if such adverse interest. Clt.lm, or right so established ahall be for less than the whole of the estate or interest in the land, then the liability Of the (:OfTIpany st,all be only such part of the whole liability limited above 8S shall bear the same ratio to the Whole liability that the adverse I lIerest, claim, or right established may bear to the whole estate or interest in the land, such ratio to be based on respective value~ : 'f, t 'rm/nable as of fhe date of this policy. In the absence of notice as aforesaid, the Company is relieved from all liability with respe,.f to any such Interest, claim or right; provided, however, that failure to notify shall not prejudice the rights of the Insured If such III lured shall not be a party to sueh action or proceeding, nor be served with process therein, nor have any knowledge thereof, nor .n JJ,y case, unless the Company shall be actually prejudiCed by such failure. Upon sale of the estate or interest in the land, this policy automatically there. pon shall become a warrantor's policy and the Insured shall fOr a period of twenty-five years from the date hereof remain fully p(?tected according to the terms hereof, by reason of the payment of any loss, he, they or it may sustain on account of any warranty of title contained In the transfer or conveyance eJ(eculed by the Insured conveying the estate or Interest in the I.r,d. The Company shall be liable under said warranty only by reason of defects, liens or encumbrances existing prior to or at th , date hereof and not excluded either by the exceptions or by the Conditions and Stipulations hereof, such liability not to exceed the arrount of this pOlicy. IN WITNESS HEREOF, TICOR TITLE INSURANCe COMPANY OF CALIFCANiA has caused this policy to be executed by lts President under the seal of the Company, but this pOlicy is to be valid only Whtn it bears an authorized countersignature. as of the date set forth in Schedule A. TICOR TITLE INSURANCE COMPANY ,OF CALIFORNIA TWO HOU6:ton Cen.teJL 909 Fannin, ste. 700 HOU6.tO 11., T exC%.4 77010 (713J 224-7631 ..J . TICOR TITLE:: INSURANCE COMPANY OF CALIFORNIA By President Atte.u Secretary Countersigned at HOUSTON , Texas By ~~~..J , Authorized Countersignature --...... ". -- ..... -II .A..... _. _ .. .. .. ..