|
<br />of the insurance pro tanto; and the amount
<br />of this policy shall be reduced by any
<br />amount the Company may pay under any
<br />policy insuring the validity or priority of
<br />any lien excepted to herein or any. instru-
<br />ment hereafter executed by the Insured
<br />which is a charge or lien on the land, and
<br />the amount so paid shall be deemed a
<br />payment to the Insured under this policy.
<br />( c), The Company shall have the option
<br />'to payor settle or compromise for or in
<br />the name of the Insured any claim insured
<br />against by this policy, and such payment
<br />or tender of payment, together with all
<br />costs, attorney fees and expenses which
<br />the Company is obligated hereunder to
<br />pay, shall terminate all liability of the
<br />Company hereunder as to such claim.
<br />Further, the payment or tender of pay-
<br />ment of the full amount of this policy by
<br />the Company shall tenninate all liability
<br />of the Company under this policy.
<br />( d) Whenever the Company shall have
<br />settled a claim under this policy, all right
<br />of subrogation shall vest in the Company
<br />unaffected by any act of the Insured, and
<br />it shall be subrogated to and be entitled
<br />to all rights and remedies of the Insured
<br />against any person or property in respect
<br />to such claim. The Insured, if requested
<br />by the Company, shall transfer to the
<br />Company all rights and remedies against
<br />any person or property necessary in order
<br />to perfect such right of subrogation, and
<br />shall permit the Company to use the name
<br />of the Insured in any transaction or litiga-
<br />tion involving such rights or remedies.
<br />
<br />. 5. POLICY ENTIRE CONTRACT
<br />Any action, actions or rights of action
<br />that the Insured may have, or may bring,
<br />against the Company, arising out of the
<br />status of the title insured hereunder, must
<br />be based on the provisions of this policy,
<br />and all notices required to be given the
<br />Company, and any statement in writing
<br />required to be furnished the Company,
<br />shall be addressed to it at its Home Office,
<br />Claims Deparbnent, 433 South Spring
<br />Street, Los Angeles, California. 90013.
<br />
<br />6. THIS POLICY IS NOT TRANSFERABLE
<br />
<br />.
<br />
<br />4. PAYMENT OF LOSS
<br />( a) No claim shall arise or be maintain-
<br />able under this policy for .liability volun-
<br />tarily assumed by the Insured in settling
<br />any claim or suit without written. consent
<br />of the Company.
<br />(b) All payments under this policy,
<br />except payments made for costs, attorney
<br />fees and expenses, shall reduce the amount
<br />
<br />3. DEFENSE OF ACTIONS
<br />
<br />( a) In all cases where this policy pro-
<br />vides for the defense of any action or pro-
<br />ceeding, the Insured shall secure to the
<br />Company the right to so provide defense
<br />in such action or proceeding, and all ap-
<br />peals therein, and permit it to use, at its
<br />option, the name of the Insured for such
<br />purpose. Whenever requested by the
<br />Company, the Insured shall give the Com-
<br />pany all reasonable aid in any such action
<br />or proceeding, in effecting settlement, se-
<br />curing evidence, obtaining witnesses, or
<br />defending such action or proceeding.
<br />( b) The Company shall have the right
<br />to select counsel of its own choice when-
<br />ever it is required to defend any action or
<br />proceeding, and such counsel shall have
<br />full control of said defense. .
<br />( c) Any action taken by the Company
<br />for the defense of the Insured or to estab-
<br />lish the title as insured, or both, shall not
<br />be construed as an admission of liability,
<br />and the Company shall not thereby be
<br />held to concede liability or waive any pro-
<br />vision of this policy.
<br />
<br />verse claims against the title as insured or
<br />other matters (1) created, suffered, as-
<br />sumed or agreed to by the Insured at the
<br />date of this policy, or (2) known to the
<br />Insured at the date of this policy unless
<br />disclosure thereof in writing by the In-
<br />sured shall have been made to the Com-
<br />pany prior to the date of this policy; or
<br />loss or damage which would not have
<br />been sustained if the Insured were a pur-
<br />chaser for value without knowledge; or
<br />the homestead or community property or .
<br />survivorship rights, if any, of any spouse
<br />of any Insured.
<br />
<br />.
<br />
<br />"c
<br />
<br />-'
<br />
<br />;
<br />
<br />( c) Any titles or rights asserted by
<br />anyone including, but not limited to, per-
<br />sons, corporations, governments or other
<br />entities to tidelands, or lands comprising
<br />the shores or beds of navigable or peren-
<br />nial rivers and streams, lakes, bays, gulfs
<br />or oceans, or to any land extending from
<br />the line of mean low tide to the line of
<br />vegetation, or to lands beyond the line: of
<br />the harbor or bulkhead lines as established
<br />or changed by any government, or to
<br />IDled-in lands, or artificial islands, or to
<br />riparian rights, or the rights or interests of
<br />the State of Texas or the public generally
<br />in the area extending from the line of
<br />mean low tide to the line of vegetation or
<br />their right of access thereto, or right of
<br />easement along and across the same.
<br />
<br />(d) Defects, liens, encumbrances, ad-
<br />
<br />2. EXCLUSIONS FROM THE COVERAGE OF
<br />THIS POLICY
<br />
<br />This policy does not insure agains~ loss
<br />or damage by reason of the following:
<br />
<br />( a) The refusal of any person to pur-
<br />chase, lease or lend money on the land.
<br />
<br />(b) Governmental rights of police
<br />power or eminent domain unless notice of
<br />the exercise of such rights appears in the
<br />public rec:ords at the date hereof; and the
<br />consequences of any law, ordinance or
<br />governmental regulation including, but
<br />not limited to, building and zoning ordi-
<br />nances.
<br />
<br />1. DEFINITIONS
<br />The following tenns when used in this
<br />policy mean:
<br />( a) "land": The land described, specif-
<br />ically or by reference, in Schedule A, and
<br />improvements affixed thereto which by
<br />law constitute real property.
<br />(b) "public records": Those records
<br />which impart constructive notice of mat-
<br />ters relating to the land.
<br />( c) ''knowledge'': Actual knowledge,
<br />not constructive knowledge, or notice
<br />which may be imputed te the Insured by
<br />reason of any public records.
<br />( d) "date": The effective date, includ-
<br />ing hour if specified.
<br />
<br />CONDITIONS AND STIPULATIONS
<br />
|