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<br />First Am
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<br />Company
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<br />NO.15679.1 0
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<br />OWNER POLICY OF TITLE INSURANCE
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<br />. FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, hereinafter
<br />called the Company, for value does hereby guarantee to the Insured (as herein defined) that as of
<br />the date hereof, the Insured has good and indefeasible title to the estate or interest in the land des-
<br />cribed or referred to in this policy,
<br />
<br />. The Company shall not be liable in a greater amount than the actual monetary loss of the
<br />Insured, and in no event shall the Company be liable for more than the amount shown in Sched-
<br />ule A hereof, and shall, except as hereinafter stated, at its own cost defend the Insured in every
<br />action or proceeding on any claim against, or right to the estate or interest in the land, or any
<br />part thereof, adverse to the title to the estate or interest in the land as hereby guaranteed, but the
<br />Company shall not be required to defend against any claims based upon matters in any manner
<br />excepted under this policy by the exceptions in Schedule B hereof or excluded by Paragraph 2,
<br />"Exclusions from Coverage of this Policy," of the Conditions and Stipulations hereof. The par-
<br />ty or parties entitled to such defense shall within a reasonable time after the commencement of
<br />such action or proceeding, and in ample time for defense therein, give the Company written no-
<br />tice of the pendency of the action or proceeding, and authority to defend. The Company sha1.l
<br />not be liable until such adverse interest, claim, or right shall have been held valid by a court of
<br />last resort to which either litigant may apply, and if such adverse interest, claim, or right so
<br />established shall be for less than the whole of the estate or interest in the land, then the liability
<br />of ~he Company shall be only such part of the whole liability limited above as shall bear the same
<br />ratio to the whole liability that the adverse interest, claim, or right established may bear to the
<br />whole estate or interest in the land, such ratio to be based on respective values determinable as of
<br />the' date of this policy. In the absence of notice as aforesaid, the Company is relieved from all
<br />liability with respect to any such interest, claim or right; provided, however, that failure to notify
<br />shall not prejudice the rights of the Insured if such Insured shall not be a party to such action or
<br />proceeding, nor be served with process therein, nor have any knowledge thereof, nor in any case,
<br />unless the Company shall be actually prejudiced by such failure.
<br />
<br />"Upon sale of the estate or interest in the land, this policy automatically thereupon shall
<br />become a warrantor's policy and the Insured shall for a period of twenty-five years from the date
<br />hereof remain fully protected according to the terms hereof, by reason of the payment of any loss,
<br />he, .they or it may sustain on account of any warranty of title contained in the transfer or con-
<br />veyance executed by the Insured conveying the estate or interest in the land, The Company shall
<br />be liable under said warranty only by reason of defects, liens or encumbrance existing prior to or
<br />at the date hereof and not excluded either by the exceptions or by the Conditions and Stipulations
<br />hereof, such liability not to exceed the amount of this policy,"
<br />
<br />IN WITNESS HEREOF, the FIRST AMERICAN TITLE INSURANCE COMPANY has caused
<br />these presents to be signed and sealed with its Corporate seal, but this policy is to be valid only
<br />when it bears an authorized countersignature, as of the date set forth in Schedule A,
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<br />ATTEST
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<br />First American Title Insurance Company
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<br />Secretary
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<br />~.~_. ~;?/
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<br />PRESIDENT
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<br />Owner's Policy
<br />Form Prescribed by State Board of Insurance of Texes-Aevised 7/1/80 T.1
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