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..... "."';.: ~~~.~! . -. . - '" -~ ~ - .' N2 9~596 0 @ OWNER POLlCY Of TlTLE lNSURANCE First American Title Insurance Company " -' ~.. . FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, hereinafter called the Company, for value does hereby guarantee to the herein named Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its successors by dis- solution, merger or consolidation, that as of the date hereof, the insured has good and indefea- sible title to the estate or interest in the land described or referred to in this policy. The Company shall not be liable in a greater amount than the actual monetary losS of the Insured, and in nO event shall the Company be liable for more than the amount shown in Sched- ule A hereof, and shall, except as hereinafter stated, at its own cost defend the Insured in every action or proceeding on any claim against, or right to the estate or interest in the land, or any part thereof, adverse to the title to the estate or interest in the land as hereby guaranteed, but the Company shall not be required to defend against any claimS based upon matters in any manner excepted under this policy by the exceptions in Schedule B hereof or excluded by Paragraph 2, "Exclusions from Coverage of this Policy", of the Conditions and Stipulations hereof. The par- ty or parties entitled to such defense shall within a reasonable time after the commencement of such action or proceeding, and in ample time for defense therein, give the Company written no- tice of the pendency of the action or proceeding, and authority to defend. The Company shall not be liable until such adverse interest, claim, or right shall have been held valid by a court of last resort to which either litigant may apply. and i( such adverse interest, 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 Company shall be only such part of the whole liability limited above as shall bear the same ratio to the whole liability that the adverse interest, claim, or right established may bear to the whole estate or interest in the land, such ratio to be based on respective values detenoinable as of the date of this policy. In the absence of notice as aforesaid, the Company is relieved from all liability with respect to any such interest, claim or right; provided, however, that failure to notify shall pot prejudice the rights of the Insured if such Insured shall not be a party to such action or proceeding, nor be served with process therein, nor have any knowledge thereof, nor in any case, unless the Compaoy shall be actually prejudiced by such failure, Upon sale of the estate or interest in the land, this policy automatically thereupon shall be- come a warrantor's policy and the Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation. its successors by dissolution, merger or consolidation, shall for a period of twenty-five years from date hereof remain fullY protected accordi~g to the tenos here- of, by reason of the payment of any loss he, they or it may sustain on account of any warran- ty of title contained in the transfer or conveyance executed by the Insured conveying the es- tate or interest in the land,' The Company shall be liable under said warranty only by reason of defects, liens or encumbrances existing prior to or at the date hereof and not excluded either by exceptions or by the Conditions and Stipulations hereof, such liability not to exceed the amount of this policy. IN WITNESS HEREOF, the FIRST AMERICAN TITLE INSURANCE COMP ANY has caused these presents to .be signed and sealed with its Corporate seal, but this policY is to be valid only when it bears an authorized countersignature, as of the date set forth in Schedule A. First American Title Insurance Company ATTEST c#-4 J.- PRESIDENT Secretary Owner's PoliCV Form Prescribed by State Board of Inlllrance of Texas-Revised 6/70 T,'