1967 La Porte Land Company - Laserfiche WebLink

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II e " -. ..~ 1. Definition of Terms The following terlllS when used In this poliCy' mean', . '! " -: - ."- - - (a) "land". the land described, specifically or by reference, and Improvements aHlxed thereto which by low constitute real property, (b) "public recards", those records which impart constructive notice of matters relating to said land, (c) "knowledge", actual knowledge, not constructive knowledge or notice which may be Impufed to the Assured by reason of any public ~ orels, and (d) "date", the effective date, Including hour If specified. 2. Exclusions from the Coveroge 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) Governmenfal rights of police 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 fa 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 exfending from the line of mean low. tide to the line of vegetation, or to lands beyond the line of the harbor or bulkhead lines as established or changed by any goY- ernment, or fa filled in lands or artificial Islands or fo riparian rights, or the rights or interests of the State of Texas or the public generally In the area exfending from the line of mean low fide fa 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 (I) created, suffered, aSsumed or agreed to ,by the Assured at the date of this policy, or (2) known to fhe Assured at the date of this policy unless disclosure thereof in writing by the Assured shall have been made to the Company prior to the date of this policy, or loss or damage which would not have been sustained if the Assured were a purchaser for value without knowledge, or the homestead or cammunity property or survivorship rights, If any, of any spouse of any Assured. 3. Defense of Actions (a) In all cases where this policy provides for the defenSe of any action or proceedings, the Assured shall secure to the Company the right to . 10 provide defense In such action or proceedings, and all appeals therein, and permit it to use, at Its option, the name of the Assured for such purpose. Whenever requested by the Company;'t.Ii!l ASSu~d sh611 give the Company all reasonable aid in any such action or proceeding, In effecting settle- ment, securing evidence, obtaining witnesses, or defending such action or proceeding. (b) The Company shall have the right to select counsel of its own choice whenever It Is required to defend any suit or proceeding and such counsel shall have full control of said defense. (c) Any action token by fhe Company for the defense of fhe Assured or to establish the title as Insured, or both, shall not be construed as an admission of liability and fhe Company mall 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 malntolnable under this policy for lIabiiity voluntarily assumed by the Assured In settling any dalm or suit with- out written cansent 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 tanto, and the amount of this policy shall be reduced by any amount the Company may pay under any policy insuring the volidity or priority of any lien excepted to herein or any instrument' hereafter executed by fhe Assured which Is a charge or lien on the land and the amount so paid shall be deemed a 'payment to the Assured under tltls policy. ~ '. '.. '. .,.. ,-. ",': . ",-.'::' ';0," (c) The Company shall 'have the opf/on fo ~ay or ,settle or. co.'!'prolJll~ ~r or In tb!l. name of the. '~u~d any' claim Ins~re.d . against .by this policy and such payment'or tender of payrilent, togefher with an costs; attorney.' fees, and 'expenses which the Company'ls obligated hereunder. to pay, shall terminate..all liability .of, fhe, Company hereunder a, to .s!,ch'.c1aim. FlJrther, the payment or ,tender of, 'p'ayment of the' full amount' of.. this policybYfheCOmpany.shall'termlnateall liabilityofth,eC:o.,,!pan~unde~th}~,pc~.ricy. ,~ _','_ .' _n' ... _ 1 -.::o-.~' . , (d) Whenever( the Company shall. have isettleda claim' under fhls policy, ciJl,;rlght of subrogation-shall vest In ,the Company unaffected by any ad- of the Assured and it shall be subrogated to and be entitled to all rights and remedies of the Assured against any person or property In respect to such claim. The Assured, if requested by the Company, shall transfer to the Company all rights and remedies against any person or property neo- essary in oreler to perfect such right of subrogation, and shall permit the Company 'to use the name of the Assured In any transaction or litigation involving such rights or remedies. 5. Policy Entire Contract Any action or actions or rights of action that the Assured may have or may bring against the Company arising out of the status of the title In- sured hereunder must be based on the provisions of this policy, and all notices required to be given fhe Company and any llatement In writing re- quired to be furnished the Company mall be addressed to It at P. O. Box 2029, Houston, Texas 77001. 6. This policy Is not transferable. GENERAL .CONDITIONS AND STIPULATIONS ;), ,- "