|
<br />ii:
<br />
<br />--
<br />
<br />,
<br />
<br />.
<br />
<br />"'
<br />
<br />6. This policy is not transferable.
<br />
<br />5.' Policy Entire Contract ,
<br />Any action, actions or rights of action that the Insured may have, or may bring, against the Company, arising out of
<br />the status of the title insured hereunder, must be based' on the provisions of this policy, and all notices required to be given .
<br />the Company, and any statement in writing required to be furnished the Company, shall be addressed to it at P. O. Box
<br />2029, Houston, Texas 77001. ",
<br />
<br />4. Payment of Loss "
<br />(a) No claim shall arise or be maintainable under this policy for liability voluntarily assumed by the Insured in settling
<br />any claim or suit without written consent of the Company. ,
<br />(b) All payments under this policy, except payments made for costs, attorney fees and expenses, shall reduce the
<br />amount of the insurance pro tanto; and the amount of this policy shall be reduced by any amount the Company may pay
<br />under any policy insuring the validity or priority of any lien excepted to herein or any instrumen~ hereafter executed by
<br />the Insured which is a charge or lien on the land, and the amount so paid shall be deemed a payment to the ,Insured under
<br />this policy. " ,
<br />(c) The Company shall have the option to payor settle or compromise for or in, the name of the Insured any claim in-
<br />sured against by this policy, and such payment or tender of payment, together with: all costs, attorney 'fees and expenses
<br />which the Company is obligated hereunder to pay, shall terminate all Iicibility of. the Company hereunder as to such
<br />claim. Further, the payment or tender of payment of the full amount, of this policy by the 'Company shall terminate all
<br />liability of the Company under this policy. '
<br />(d) Whenever the Company shall have settled a claim under this policy, all right of subrogation shall vest in the Com-
<br />pany unaffected by any act of the Insured, and it shall be subrogated to and be entitled to all rights and remedies of the
<br />Insured against any person or property in respect to such claim. The Insured, If requested by the Company, shall transfer
<br />to the Company all rights and remedies against any person or property necessary in order to perfect such -right of subro-
<br />gation, and shall permit the Company to use the name of the Insured in any transaction or litigation involving sucb rights
<br />or remedies.
<br />
<br />3, Defense of Actions
<br />(a) In all cases where this policy provides for the defense of any action or proceeding, the Insured shall secure to the
<br />Company the right to so provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its
<br />option, the name of the Insured for such purpose. Whenever requested by the Company, the Insured shall give the Com-
<br />pany all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses,
<br />or defending such action or proceeding. ' .
<br />(b) The Company shall have the right to select counsel of its own choice whenever it is required to defend any action
<br />or proceeding, and such counsel shall have full control of said defense.
<br />(c) Any action taken by the 'Company for the defense of the Insured or to establish the title as insured, or both, shall not
<br />'be construed as an admission of liability, and the Compony shall not thereby be held to concede liability or waive any pro-
<br />vision of this policy, '
<br />
<br />2. Exclusions from the Coverage of this Policy
<br />This policy does not insure against loss or damage by reason 'of the following:
<br />(a) The refusal of any person to purchase, lease or lend money on the land.
<br />(b) Governmental rights of police power or eminent domain unless notice of the exercise of such rights appears in the
<br />public records at the date hereof; and the consequences of any law, ordinance or governmental regulation including, but
<br />not limited to, building and zoning ordinances. '
<br />(c) Any titles or rights asserted by anyone including, but not limited to, persons, corporations, governments or' other en-
<br />tities to tidelands, or lands comprising the shores or beds of navigable or perennial. rivers and streams. lakes, bays, gulfs
<br />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
<br />of the harbor or bulkhead lines as established or changed by any government, or to filled-in lands, or artificial islands, or
<br />to riparian rights, or the rights or interests of the State of Texas or the public genl1lrally in the area extending from the line
<br />of mean low tide to the line of vegetation or their right of access thereto, or right of easement along and across the same,
<br />,(d) Defects, liens, encumbrancesi adverse claims against, the title as insured or other matters (,1) created, suffered, as-
<br />sumed or agreed to by the Insured at the date of this policy, or .(2) known fo the Insured at the date of this policy unless
<br />disclosure thereof in writing by the Insured shall have been made to the Company,prior to ,the date of this policy; or loss
<br />or damage which would not have been sustained if the Insured were a purchaser for value' without knowledge; or the
<br />homestead or community property ,or survivorship rights, if any, 'of any spouse, of any Insured.
<br />
<br />1. Definitions r - ','-
<br />The following terms when used in this policy niean: .. "
<br />(a) "land": The land described, specifically or by reference, in Schedule A, and improvements affixed thereto which by
<br />law constitute real property, ., " '
<br />(b) "public records": Those records which impart constructive notice of matters relating to the land.
<br />(c) "knowledge": Actual knowledge, not constructive knowledge, or notice which may be imputed to the Insured by
<br />reason of any public records,
<br />(d) "date": The effective date, including hour if specified.
<br />
<br />GENERAL CONDITIONS AND STIPULATIONS
<br />
|