O-1992-1830 - Laserfiche WebLink

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i' " ... 05 '92 11:37 AT1IIrAX 9020FX MAR 1. DEFINITIONS The following terms when used in this policy meen: (a) "land": The land described, specifically or by refet. ence, in Schedule A, and improvements affixed thereto which by law constitute real property. (b) "public records": Those records which impart con- structive notice of matters relating to the land. (c) "knowledge": Actual knowledge, not constructive knowledge, or notice which may be Imputed to the Insured by reason of any pUblic records. (d) "date"; The effective date, Including hour if specified. (e) Insured: the Insured named in Schedule A and, s'Jb. Ject to any rights or defenses the Company may have haoj against the named Insured or any person or entity wh~ succeeds to the interest of such named Insured by operation of law as distinguished from purchase, any person or ertlty who succeeds to the Interest ot such named Insured b,' operation of law as distinguished from purchase including but not limited to the tollowlng: (I) heirs, devisees, distributees, e)C,p.cutors and administrators; (ii) the successors In interest to a corporation resulting from merger or consolidation or the distribution of the assets of such corporation upon partial or complete li- quidation; (iii) the pertnership succeSSors In interest to a general or limited partnerShip which dis- solves but does not terminate: (iv) the succeSSors In interest to a general or limited partnership resulting from the dis- tribution of the assets of such general ,r limited partnership upon partial or completE.' liquidation: (v) the successors In interest to a Joint venture resulting from the distribution of the assets of such joint venture upon partial or com- plete liquidation; (vi) the successor or substitute trustee of a trustee named In a written trust Instrument; or (vii) the successots In interest to a trustee or trust resulting from the distribution of all or part of the Bssets ot such trust to the beneficiaries thereof. 2. EXCLUSIONS FROM THE COVERAGE OF THIS POLICY THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE BY REASON OF THE FOLLOWING: (A) LACK OF ADEQUATE TITLE IN THE INSURED PROPERTY TO ALLOW tt TO BE USED, SOLD, TRANS- FERRED. LEASED OR MORTGAQED FOR ANY PUR- POSE INTENDED 8Y THE INSURED NOR LOSS OF OPPORTUNITY OR ECONOMIC EXPECTATION. ContJIons and Stfpulations (b) Governmental rights of pollee power or eminent domain unless notice of the exercise of such rights appears in the public records at the date hereof; and the consequences of any law, ordinance or governmental regulation including, but not limited to, building and zoning ordinances. (c) Any titles or rights asserted by anyone including, but not limited to, persons, corporations, govemments 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 to lands beyond the line of the harbor or bulkhead lines a8 established or changed by any gO'iemment, or to filled-in lends, 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 trom the line of mean low tide t~ the lin. of vegelatIon or their right of access thereto, or right of easement along and across the same. (d) Defects, liens, encumbrances, adverse claims, or other matters (1) created, suffered, assumed or agreed to by the Insured' (2) not known to the Oompany and not shown by tJ-e public r~ords but known to the Insured either at the date of this policy or 8t the date the Insured acquired an estate or interest insured by this polley and not dJselosed In writing by the InSJred to the Company prior to the date such Insured became an Insured hereunder; (3) resulting In no ,loss or damage 10 the Insurecl: (4) attaChing or oreated SUbsequent to the date of this pOlicy; (6) resulting in loss or damage which would not have been sustained if the Insured had paid value for the estate or Interest insured by this policy; or (8) the homestead or community property or survivorShip rights, if any, of any spouse of any Insured. 3. DEFENSE AND PROSICUnONS OF ACTIONS (e) In all cases where this polley prOvides for the defense of any action or proceeding, the Insured shaD secure to the Company the rlght to so provide defense in such act/on or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. --, (b) The Company shan have the right to select counsel of its own choice whenever It Is required to defend any action or prcoceedlng; and such counsel shall have compl.te control of said defense. (c) The Oompany shall have the right at its own cost to institut.. and without undue delay prosecute any action or proceedJng or to do any other act which In Its opinion may be necessary or desirable to 8stabllsh the tiUe to the .state or interest as Insured, and the Company may take any ap- prOpriate action under the terms Of the polley,' whether or not It Shall be liable thereunder, and shall not thereby concede liability or waive any provision of this polley, When, after the date of the policy, the Insured nollftes the Company as required herein or a lien, encumbrance, adverse claim or other defect In title to the estete or Interest in the land insured by this policy which Is not excluded or excepted from the