|
<br />o
<br />
<br />o
<br />
<br />6. This policy is not transferable.
<br />
<br />5. Policy Entire Contract
<br />Any action, actions or right!. of action that the Insured may have, or may bring, against the Company. arising out of
<br />the status of the title insured hereunder, must be based on the provisions of this policy, and all notices required to be given
<br />the Company, and any statement in writing required to be furnished the Company, shall be addressed to it at P. O. Box 2029,
<br />Houston, Texas 77001,
<br />
<br />4. Payment of Loss
<br />(a) No claim shall arise or be maintainable under this policy for liability voluntarily assumed by the Insured in settling
<br />any 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
<br />amount of the insurance pro tanto; and the amount of this policy shall be reduced by any amount the Company may pay
<br />under any policy insuring the validity or priority of any lien excepted to herein or any instrument hereafter executed by
<br />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
<br />this policy.
<br />(c) The Company shall have the option to payor settle or compromise for or in the name of the Insured any claim in-
<br />sured against by this policy, and such payment or tender of payment, together with all costs, attorney fees and expenses
<br />which the Company is obligatt!d hereunder to pay, shall terminate all liability of the Company hereunder as to such
<br />claim. Further, the payment or tender of payment of the full amount of this policy by the Company shall terminate all liability
<br />of the Company under this policy.
<br />(d) Whenever the Company shall have settled a claim under this policy, all right of subrogation shall vest in the Com-
<br />pany unaffected by any act of the Insured, and it shall be subrogated to and be entitled to all rights and remedies of the
<br />Insured against any person or property in respect to such claim. The Insured, if requested by the Company, shall transfer
<br />to the Company all rights and remedies against any per~on or property necessary in order to perfect such right of subro'
<br />gation, and shall permit the Company to use the name of the Insured in any transaction or litigation involving such rights
<br />or remedies.
<br />
<br />3, Defense of Actions
<br />(a) In all cases where this policy provides for the defense of any action or proceeding, the Insured shall secure to the
<br />Company the right to so provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its
<br />option, the name of the Insured for such purpose. Whenever requested by the Company, the Insured shall give the Com,
<br />pany all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses,
<br />or defending such action or proceeding.
<br />(b) The Company shall have the right to select counsel of its own choice whenever it is required to defend any action
<br />or proceeding, and such counsel shall have full control of said defense.
<br />(c) Any action taken by the Company for the defense of the Insured 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 pro-
<br />vision of this policy.
<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 regulation including, but
<br />not limited to, building and zoning ordinances,
<br />(c) Any titles or rights asserted by anyone including, but not limited to, persons, corporations, governments or other en-
<br />tities to tidelands. or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or
<br />oceans, or to any land extending from the line of mean low tide to the line of vegetation, or to lands beyond the line of the
<br />harbor or bulkhead lines as established or changed by any government, or to filled-in lands, or artificial islands, or to riparian
<br />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
<br />tide to the line of vegetation 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, as,
<br />sumed or agreed to by the Insured at the date of this policy, or (2) known to the Insured at the date of this policy unless
<br />disclosure thereof in writing by the Insured shall have been made to the Company prior to the date of this policy; or loss
<br />or damage which would not have been sustained if the Insured were a purchaser for value without knowledge; or the
<br />homestead or community property or survivorship rights, if any, of any spouse of any Insured,
<br />
<br />1, DE:'f',..:.~lo"~
<br />The ~o!lowing terms when used in this policy mean:
<br />(al "Iand"~ The land described, specifically or by reference, in Schedule A, and improvements affixed thereto which by
<br />law constitutE- real property.
<br />(b) "public records": Those records which impart constructive notice of matters relating to the land,
<br />(c) "knowledge": Actual knowledge, not constructive knowledge, or notice which may be imputed to the Insured by
<br />reason of any public records,
<br />(d) "date": The effective date, including hour if specified.
<br />
<br />___..__._u._.
<br />
<br />
<br />CENERAL CONDITIONS AND STIPULATIONS
<br />
|