1975 McKey Construction and Equipment Rentals Inc. Deed

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TO 1459 PNTI TX (3,75) T-l Owners Title Insurance POlicy-Form Prescribed by the Texas Board of Insurance-Rev. 10,70. ~ By Validatinfl Signatory Pioneer Nati~~al ,titlif'lnsurance Company by~~~.8~J0' Att~1 1I~ 9.~~:~~1 i() ." ,.1 Secretary AMERICAN TITLE COMPANY 301 Esperson Bldg., Houston, Texas 77002 Upon sale of the estate or interest in the land, this policy automatically thereupon shall become a warrantor's policy and the Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its successors by dis- solution, merger or consolidation, shall for a period of twenty-five years from date hereof remain fully protected according to the tenns hereof, by reason of the payment of any loss he, they or it may sustain on account' of any warranty of title contained in the transfer or conveyance executed by the Insured conveying the estate or interest in the land. The C.om- pany shall be liable under said warranty only be reason of defects, liens or encumbrances existing prior to or-at the date hereof and not excluded either by the exceptions or by the Conditions and Stipulations hereof, such liabi lity not to exceed the amount of this policy. This policy shall not be valid or binding until countersigned below by a validating officer of the Company. , The Company shall not be I iable in a greater amount than the actual monetary loss of the Insured, and in no event shall the Company be liable for more than the amount shown in Schedule A hereof, and shall, 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 fnterest in the land, or any part thereof, adverse to the title to the estate or interest in the lanti as hereby guaranteed, but the Com- pany shall' riot 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 Con- ditions and Stipulations hereof. The party or parties entitled to such defense shall within a reasonable time after the commencement of such action or proceeding. and in ample time for defense therein, give the Company written notice of the pendency of the action or proceeding, and authority to defend. The Company shall not be, liable until such adverse interest, claim, or right shall 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 estate or interest in the land, then the liability of the Company shall be only such part of the whole liability limited above as shall bear the same ratio to the whole liability 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 detenninable as of the date of this policy. In the absence of notice as aforesaid, the Company is relieved from all liability with respect to any such interest, claim or right; ,provided, however, that failure to notify shall not prejudice the rights of the Insured if such Insured shall 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 fai lure. ' PIONEER NATIONAL T1'fLE INSURANCE COMPANY. a California corporation. hereinafter called 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. Owners Policy of Title Insurance RJC/me GF # 211264 ~ A nCOR COMPANY 'II PIONEER NATIONAl TITlE INSURANCE .....: ~ /" h.-- ~"'. , ,,' /.2... , , -'