01-01-74 La Porte Land Company-Deed

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e e , I J TEXAS OWNEU POLICY OF TITLE INSURANCE POLICY NUMBER ISSUED BY 1400~057742 Louisville Title Illsura11ce COll1pany LOUISVILLE, KY. LOUISVILLE TITLE INSURANCE COMPANY, a Kentucky corporation, hereinafter cal1ed the Company, for value does hereby guarantee to the herein named Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its successors by dissolution, merger or consolidation, 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 policy. The Company shall not be liable in a greater amount t~an the actual monetary loss of the Insured, and in no event shal1 the Company be liable for more than the amount shown in Schedule A hereof, and shal1, except as hereinafter stated, at its 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 land as hereby guaranteed, but the Company shall not' be required to defend against any claims based upon matters in any manner excepted under this policy by the exceptions in Schedule B hereof or excluded by Paragraph 2, "Exclusions from Coverage of this Policy", of the Conditions and Stipulations hereof. The party or parties entitled to such defense shal1 within a re3sonable time after the commencement of such action or proceeding, anl;1 in ample time Cor deCense therein, give the Company written notice of dependency of the action or proceeding. and authority to defend. The Company shall not be liable until such adverse interest, claim, or right shal1 have been held valid by a court of last resort to which either litigant may apply, and if such adverse interest, claim, or right so established shall be for less than the whole of the est3te or interest in the land. then the li3bility of the Company shall be only such part of the whole li3bility limited above as shall bear the S3me ratio to the whole li3bility that the adverse interest. claim, or right established may bear to the whole estate or interest in the land. such ratio to be based on respective values determin- able as of the d3te of this policy. In the 3bsence of notice as aforesaid, the Company is relieved from al1 liability with respect to any such interest. claim or right; provided. however, that failure to notify shal1 not prejudice the rights of the Insured if such Insured shal1 not be a party to such action or proceeding, nor be served with process therein, nor have any knowledge thereof. nor in any case. unless the Company shall be actually prejudiced by such failure. Upon sale of the estate or interest in the land. this policy automatically thereupon shal1 become a warrantor's policy ~nd the Insured. the heirs. devisees. executors and administmtors of the Insured. or if a corporation, its successors by dissolution, merger or consolidation. shall for a period of twenty-five ye3rs from date hereof remain ful1y protected nccording to the terms hereof, by reason of the payment of any loss "he. they or it mny sustain on account of any'warranty of title cOnJained in the transfer or conveyance executed by the Insured conveying the estate or interest in the land. The Company shnll he li3ble under said warranty only bf reason of defects. licns or encumbranccs existing prior to or at the date hereof and not excluded either by the exceptions or by the Conditions and Stipulations hereof, such liahilit)' not to exceed the amount of this policy. .p' IN WITNESS HEREOF. the LOUISVILLE TITLE INSURANCE COMPANY has caused this policy to be executed by its President under the seal of the Company, but this policy is to be valid only when il ~:lrS an authorized countersignature on Schedule A, as of the date set forth in Schedule A. ,. I.f i,l Itl' :~ . ..! LOUISVILLE TITLE INSURANCE COMPANY #~~c:d' ~ Srrro'llIrJ' .7 ~*~ .'1 ,'I .:. ~ 0" ". '...