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<br />T-l Owner Policy-Form Prescribed by State Board of Insurance of Texas-Revised 1970
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<br />STEWART
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<br />TITLE
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<br />GUA.RANTY COMPA.NY
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<br />STEWART TITLE GUARANTY COMPANY, a Texas corporation, hereinafter called the Company, for value does hereby guar-
<br />antee to the herein hamed Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its
<br />successors by dissolution, merger or consolidation, that as of the date hereof, the Insured has good and indefeasible title to
<br />the estate or interest in the land described or referred to in this policy.
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<br />The Company shall not be liable in a greater amount than the actual monetary loss of the Insured, and in no event shall
<br />the Company be liable for more than the amount shown in Schedule A hereof, and shall, except as hereinafter stated, at its
<br />own cost defend the'lnsured in every action or proceeding on any claim against, or right to the estate C)r interest in the land,
<br />or any part thereof, adverse to the title to the estate or interest in the land as hereby guaranteed, but the Company shall
<br />not be required to defend against any claims based upon matters in any manner excepted under this policy by the excep-
<br />tions in Schedule B hereof or excluded by Paragraph 2, "Exclusions from Coverage of this Policy", of the Conditions and
<br />Stipulations hereof, The party or parties entitled to such defense shall within a reasonable tim,e after the commencement
<br />of such action or proceeding, and in ample time for defense therein, give the Company written notice of the pendency of
<br />the action or proceeding, and authority to defend. The Company shall not'be liable until such adverse interest, claim, or
<br />right shall have been held valid by a court of last resort to which either litigant may apply, and if such adverse interest,
<br />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
<br />Company shall be only such part of the whole liability limited above as shall bear the same ratio to the whole liability that
<br />the adverse interest, claim, or rigbt established may bear to the whol~ estate or interest in the land, such ratio to be based
<br />on respective values determinable as of the date of this policy, In the absence of notice as aforesaid, the Company is re-
<br />lieved from all liability with respect to any such interest, claim or right; provided, however, that failure to notify shall not
<br />prejudice the rights of the Insured if such Insured shall not be a party to such action or proceeding, nor be served with pro-
<br />cess therein, nor have any knowledge thereof, nor in any case, unless the Company shall be actually prejudiced by such
<br />failure. .
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<br />Upon sale of the estate or interest in the land, this policy automatically thereupon shall become a warrantor's policy
<br />and the Insured, the heirs, devisees; executors ond administrators of the Insured, or if a corporation, its successors by dis.
<br />solution, merger or consolidation, shall for a period of twenty-five years from date hereof remain fully protected according
<br />to the terms hereof, by reason of the payment of any loss he, they or it may sustain on account of any warranty of title
<br />contained in the transfer or conveyance executed by the Insured conveying the estate or interest in the land. The Com-
<br />pany shall be liable under said warranty only by reason of defects, liens or encumbrances existing prior to or at the date
<br />hereof and not excluded either by the exceptions or by the Conditions and Stipulations hereof, such liability not to exceed
<br />the amount of this policy.
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<br />IN WITNESS HEREOF, the STEWART TITLE GUARANTY COMPANY has caused this policy to be executed by its President
<br />under the seal of the Company, but this policy is to be valid only when it bears an authorized countersignature, as of the
<br />date set forth in Schedule A.
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<br />STE'\-VART TITLE
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<br />GUARA.NTY OOMPA.NY
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<br />President
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