1975 McKey Construction and Equipment Rentals Inc. Deed

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Conditions and Stipulations / ." 1. DEFINITIONS The following tenns when used in this policy mean: la) "Iand": The land described. specifically or by reference, in Schedule A. and improvements affixed thereto which by law constit~te real property. Ib) "public records": Those records which impart constuc- tive notice of matters relating to the land. Ic) "knowledge": Actual knowledge. not constructive knowledge, or notice which may be imputed to the Insured by reason of any public records. Id) "date": The effective date. including hour if specified. 2. EXCLUSIONS FROM THE COVERAGE OF THIS POLICY This policy does not insure against loss or damage by reason of the following: la) The refusal of any person to purchase. lease or lend money on the land. Ib) Governmental 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. Icl Any titles or rights asserted by anyone including. but not I imited to, 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 extending from the I ine 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 government, or to filled-in lands. or artificia I islands, or to riparian, rights, or the rights or interests of the State of Texas or the public generally in the area extending from the line of mean low tide to the I ine of vegetation or their right of access thereto. or right of easement along and across the same. Idl Defects. liens. encumbrances, adverse claims against the title as insured or other matters 111 created. suffered. assumed or agreed to by the Insured at the date of this policy. or 121 known to the Insured at the date of this policy unless disclosure thereof in writing by the Insured 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 Insured were a purchaser for value without knowledge; or the home- stead or community property or survivorship rights, if any. of any spouse of any Insured. 3. DEFENSE OF ACTIONS lal In all cases where this policy provides for the defense of any action or proceeding. the Insured shall secure to the Company the right ~o so provide defense in such action or proceeding. and all appeals therein. and permit'it to use. at its option, the name of the Insured for such purpose. When- ever requested by the Company, the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement. securing evidence, obtaining wit- nesses. or defending such action or proceeding. , .;.. . Ibl The Company shall have the right to select counsel of its own choice whenever it is required to defend any action or proceeding. and such counsel shall have full control of said defense. Icl Any action taken by the Company for the defense of the Insured or to establish the title as insured. or both. shall not be construed as an admission of liability. and the Company shall not thereby be held to concede liability or waive any provision of this policy. 4. PAYMENT OF LOSS lal No claim shall arise or be maintainable under this pol icy for Iiabi Iity voluntari Iy assumed by the Insured in settling any claim or suit without written consent of the Company. (bl 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 validity or priority of any lien excepted to herein or any instrument hereafter executed by 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 this policy. Icl The Company shall have the option to payor settle or compromise for or in the name of the Insured any claim insured against by this policy, and such payment or tender of pay- ment. together with all costs. attorney fees and expenses which the Company is obligated hereunder to pay. shall ter- minate all liability of the Company hereunder as to such claim. Further. the payment or tender of payment of the full amount of this policy by the Company shall terminate all liability of the Company under this policy. Idl Whenever the Company shall have settled a claim under this policy. all right of subrogation shall vest in the Company unaffected by any act of the Insured. and it shall be subro- gated to and be entitled to all rights and remedies of the Insured against any person or property ,in respect to such claim. The Insured. if requested by the Company. shall trans- fer to the Company all rights and remedies against any person or property necessary in order to perfect such right of subro- gation. and shall permit the Company to u,se the name of the Insured in any transaction or I itigation involving such rights or remedies. 5. POLICY ENTIRE CONTRACT Any action. actions or rights of action that the Insured may have. or may bring. against the Company, arising out of the status of the title insured hereunder. must be based on the provisions of this policy. and all notices required to be given the Company. and any statement in writing required to be furnished the Company. shall be addressed to it at its Home Office. Claims Department, 433 South Spring Street. P,O. Box 54730. Los Angeles. California 90054. 6. THIS POLICY IS NOT TRANSFERABLE !-' . ..