01-01-74 La Porte Land Company-Deed

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e , 'I e I 4 CONDITIONS AND STIPULA 110NS 1. Definitions The following terms when used in this policy mean: (a) "land":' The land described. specifically or by reference. in Schedule A, and improvements affixed Ihereto, which by law constitute real property. (b) "public'records": Those records which impart constructive notice of mailers rel:lIin&! to the land. (c) "knowledge": AClUal knowledge, not conslructive knowl- edge. or notice which may be imputed to Ihe Insured by reason of any public records. (d) "date": The effective dale, including hour if specified. 2, Exclusions from the Coverage of this Policy This policy does not insure against loss or damage by reason of Ihe following: (a) The refusal of any person to purchase, lease or lend money on the land. (b) Governmenlal righls of police power or eminent domain unless notice of the exercise of such ric.hts ,Ippears in the public records al the date hereof; and iile consequences of any law. ordinance or government:!1 regulation including, but not limited to. building and zoning ordinances, (c) Any lilies or righls asserled b)' :In)"one includin~, but not limiled 10. persons. corporations. governmenls or other entities to tidelands. or lands comprising Ihe shores or beds of navigable or perennial riwrs :lnd slre:lms. hikes. ba)'s. gulfs or oce:ms. or to :my land eXlending from the line of me:1n low tide 10 the line \.If ve~elalion. or 10 lands beyond Ihe line of Ihe harbor or bulkhead lines as eslab- lished or ch,mged by :my government. or 10 lilled-in lands. ~r arlilici:ll islands. or to rip:lri:1n righls, or the ri~hts or mteresls of the State of TeK:ls or Ihe puhlic gener:llly in the area eXh:nding from the line of me:1n low lide to the line of vcgelation or their right of :lccess thereto. or right of e:lscmenl :Itonl!- :tnd across the same. (d) Defects. liens, eneumbr:lnees, adverse claims ac.ainsl Ihe title as insured or other mailers (I) cre:lled: suffered. assumed or :I!=reed to b)' the Insured :It the date of this relicy. or (:!) known to the Insured :11 the dale of this policy unless \\isclosure thereof in writin~ b)' Ihe Insured shall have t>een made to the Company prior to the d:lle of this )l\llicy; or loss ur \Iamage whi.'h \\Iluld not have \leen sustaine\1 if Ihe Insured were a purchaser for value wilhout I.;nowlnlj!e; or the homesle:ld or communil)' properlY or sur\'ivor~hip rights. if :m)'. of any spouse of ,my Insured. 3. Defense of Actions (a) In all caSC's where Ihis plllky pf\wides for Ihe defense of any aClion llr proceeding, Ihe Insured shall secure (0 Ihe Comp:my Ihe ril!lu Iu so prm'idl' ddcn,e in such :lclion or prol'cedinj!. :1011 :III :lppeals therein, :lnd permil it III use, al ils optilln. Ihe name of thc In'lITcd fllr such purpose, Whenc\'&:r rl'llul:sled by (he Cump:my. Ihe Insured shall give the Cump:m)' :III re;lson;~ble aid in uny such action or , ". pr.o~eedin.g. in effecling set.llement, se~uring evidence, ob- tammg wJlnesses, or defendmg such aCllon or proceeding. (b) The Company !>hall have the righl 10 selecl counsel of its own chC?ice whenever it is required 10 defend any aClion or proceedmg, and such counsel shall have full control of said defense. (c) Any action taken by the Company for the defense of the Insured or 10 eSlablish the litle 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 volunlarily assum.:d by lhe Insured in settling any claim or suit wilhout written consent of the Company, (b) All payments under this policy. except paymenls made for costs. allorney fees and "expenses, shall reduce the amount of the insuranc.: pro tanlO; and Ihe amount of Ihis policy shall be reduccd by any amount Ihe Company may pay under any policy insuring the validity or priority of any lien excepled 10 herein or any instrumenl hereafter executed by the Insured which is a charge or lien on Ihe land. :md the amount so paid shall be deemed a payment to the Insured under Ihis rei icy. (c) The Company shall have lhe option 10 payor settle or compromise for or in the name of the Insured any claim insured againsl by Ihis policy. and such paymenl or tender of payment. together with all coslS. allorney fees and ex. penses which Ihe Compan)' is ohligated hereunder to pay, sh:11l ler!"in:lle all Ii:lbility of the Company hereunder as 10 such claim, Furlhcr. Ihe payment or lender of payment of the full :lmounl' of 'Ihispolicy b)' the Company - shall lerminale :111 Iiubilily of the Comp:my under this policy. (d) Whenever the Company shall have sellled a claim under tbis policy. all ri\:!hl of subrog:llion shall \'esl in Ihe Com pany unaffected by :Iny :lei of Ihe Insured, :md il shali ..: subrogalcd 10 and be enlilled to all ri~hls and remedies 01 the Insured against any person or property in rcspect to such cI:lim. The Insurcd, if requesled by the Contpany, shall lransfer 10 Ihe Company all rij!hls and remedies :.gainst any per!ooon or property nece~s.ary in order 10 perfecl such righl of suhrogalion. and shall permil Ihe Company to use Ihe n:lIlle of Ihe Insured in any Irans:\ction or liliga- tion involving such righls or remedies, S. Policy Entire Contract Any aclion. aelinn~ or rh:hts of acliun thai the Insured may have. or may t>rinj!. a\:!ainsl the Company. :Iri~ing out of the slatus of the lille in'IlTed hereunller. must he based on Ihe provisions of Ihis plllicy, :md all notices rcquired 10 he given Ihe Cllmpan)', ;md any slalemcnl in wriling requirell to he fur- nished Ihe Cllnlpan)'. shall be ad\lres'ed to its bome office. P. O. Box 11l6S, Luuisville. Kcntueky 411201. 6. This policy is not transferable, ..