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<br />1. Definition of Terms
<br />The following terms when used in this policy mean:
<br />(a) "land": the land described, specifically or by reference, and improvements affixed thereto which by law constitute real
<br />property;
<br />(b) "public records": those records which impart constructive notice of matters relating to said land;
<br />(c) "knowledge": actual knowledge, not constructive knowledge or notice which may be imputed to the Assured by reason
<br />of any public records; and '
<br />(d) "date": the effective date, including hour if specified,
<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 regulatio'l including but not limited
<br />to building and zoning ordinances,
<br />(c) Any titles or rights asserted by anyone. including but not limited to persons. corporations, governments or other entities
<br />to tidelands, or Japds comprising the shores or beds of navigable or perennial rivers and streams, lakes"bays. gulfs. or oceans, or to
<br />any land extending from the line of mean low tide to the line of vegetation. or to lands beyond the line of the harbor or bulkhead
<br />lines as established or changed by any government, or to filled in lands. or artificial islands or to riparian rights. or the rights or
<br />interests of the State of Texas or the public generally in the area extending from the line of mean low tide to the line of vegetation
<br />or their right of access thereto or right of easement along and across the same,
<br />(d) Defects, liens, encumbrances. adverse claims against the title as insured or other matters (1) created. suffered. assumed
<br />or agreed to by the Assured at the date of this policy. or (2) known to the Assured at the date of this policy unless disclosure
<br />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
<br />would not have been sustained if the Assured were a purchaser for value without knowledge; or the homestead or community
<br />property or survivorship rights, if any, of any spouse of any Assured,
<br />3, Defense of Actions
<br />(a) In all cases where this pOlicy provides for the defense of any action or proceedings. the Assured shall secure to the
<br />Company the right to so provide defense in such action or proceedings. and all appeals therein. and permit it to use. at its option.
<br />the name of the Assured for such purpose, Whenever requested by the Company, the Assured shall give the Company all reasOnable
<br />aid in any such action or proceeding; in effecting settlement, securing evidence, obtaining witnesses or defending such action or
<br />proceeding,
<br />(b) The Company shall have the right to select counsel of its own choice whenever it is required to defend any suit or pro-
<br />ceeding and such counsel shall have full control of said defense,
<br />(c) Any action taken by the Company for the defense of the Assured or to establish the title as insured. or both. shall not
<br />be construed as an admission of liability and the Company shall not thereby be held to concede liability or waive any provision
<br />of this policy. :
<br />
<br />4, Payment of Loss
<br />(a) No claim shall arise or be maintainable under this policy for liability voluntarily assumed by the Assured in settling any
<br />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 amount of
<br />the insurance pro tanto; and the amount of this policy shall be reduced by any amount the Company may pay under any policy
<br />insuring the validity or priority of any lien excepted to herein or any instrument hereafter executed by the Assured which is a
<br />charge or lien on the land and the amount so paid shall be deemed a payment to the Assured under this policy,
<br />(c) The Company shall have the option to payor settle, or compromise for or in the name of the Assured any claim insured
<br />~gai.n'J, ~y.- tQis ..Roli.cy and. such paymen,t. or tenclet....QL,p-a.yme.nt., .tQgether. w.ith_alLcosts, ,attorneys',Jees_ and_expenses....which.-the_
<br />Company is obligated hereunder to pay, shall terminate all lia bility of the Company hereunder as to such claim, Further, the
<br />payment or tender of payment of the full amount of this policy by the Company shall terminate all liability of the Company under
<br />this policy,
<br />(d) Whenever the Company shall have settled a claim under this policy. all right of subrogation shall vest in the Company
<br />unaffected by.any act of the Assured and it shall be subrogated,t,o and be entitl~d.to all ,r,igbts and ,remedies of.tl\e ^ssu_~ed against
<br />any, person or property in -respe<< to such claim, The Assured. if requested by the Company, snaIl transfer to the Company all
<br />rights and remedies against any person or property necessary in order to perfect such right of subrogation. and shall permit the
<br />Company to use the name of -the Assured in any transaction or litigation involving such rights or remedies,
<br />
<br />5, Policy Entire Contract '
<br />Any action or actions or rights of action that the Assured may have or may bring against the Company arising out of the
<br />status of the title insured hereunder must be based on the provisions of this policy. and all notices required to be given the Com-
<br />pany and any statement in writing required to be furnished the Company shall be addressed to' it at its home office. Houston,
<br />Texas 77002,
<br />
<br />6, This policy is not transferable,
<br />
<br />GENERAL CONDITIONS AND STIPULATIONS
<br />
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