Johnson-Loggins, Inc. General Warranty Deed

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Ow"-e.. Policy - Form prescribed by State Board at Insurance at Texas nesses, 0' defending such action or proceeding, (b) 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, (c) 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 (a) No claim shall a,ise or be maintainable under this policy for liability voluntarily assumed by the Insured . in sellling any claim or suit without wrillen consent of the Company. (b) All payments under this policy, except payments made far costs, allorney 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 Com- pany may pay under any policy insuring the validity or priority of any lien excepted to herein or any in- strument 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. ,(c) The Company sholl have the option to poy or sellle or compromise for or in the name of the Insured any claim insured against by this policy, and such pay- ment or tender of payment, together with 011 costs, allorney fees and expenses which the Company is obligated hereunder to pay, shall terminate 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. (d) Whenever the Company shall have sellled 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 subrogated 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 transfer to the Com- pany' all rights and remedies against aoy person or property necessary in order to perfect such right of subrogation, and shall permit the Company to use the name of the Insured in any transaction or litigation 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 writ.ing required to be furnished the Company, shall be addressed to it at its home office, 3800 Cutshaw Avenue, Richmond, Virginia 23230. 6. This policy is not transferable, 1. Definitions The fallowing terms when used in this policy mean: (a) "land": The land described, specifically or by reference, in Schedule A, and il'l!P~ovements affixed thereto which by law constitute real property. (b) "public records": Those records which impart construc- tive notice of matters relating to the land. (c) "knowledge": Actual knowledge, not constructive know- ledge, or notice which may be imputed to the Insured by reason of any public records. (d) "date": The eff~tive 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 fallowing: (a) The refusal of any person to purchase, lease or lend money on the land. lb) Governmental rights of police power or eminent do- main unless notice of the exercise of such rights ap- pears in the public records at the date hereo~ and the consequences of any law, ordinance or govern- mental regulation including, but not limited to, build- ing and zoning ordinances. (c) Any titles or rights asserted by anyone including, but not limited to, persons, corporations, governments or other entities to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, boys, gulfs or oceans, or to any land extending from the line of mean low tide to the line of vegetation, 0' to londs beyond the line of the har- bor or bulkhead lines as .established or changed by any government, or to filled-in lands, or artificial 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 line of vegetation or their right of access thereto, or right of easement along and across the same. (d) Defects, liens, encumbrances, adverse claims against the title as insured or other mailers III created, suffer- ed, assumed 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 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 homestead or community property or survivorship rights, if any, of any spouse of any Insured. 3. Defense of Actions (a) In all cases where this policy provides for the defense of any action or proceeding, the ,Insured shall secure to the Company the right to so provide defense in such action 0' proceeding, and all appeals therei!), and permit it to use, at its option, the name of the Insured for such purpose. Whenever requested by the Company, the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting selllement, securing evidence, obtaining wit- Policy 90 - Texas Farm T . 1 Rev. 1 - 76 035.0-090-4220 CONDITIONS AND STIPULATIONS :4.. ~w. l1tle Insur~nc~ (9rwation, . Home Office - Richmond .Virginia, ", ... ., .. 1,...