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<br />CONDITIONS AND STIPULATIONS
<br />
<br />1. Dofinltlon.
<br />
<br />The following terma when used in this policy mean:
<br />
<br />(a) "land": The land deacribed, specifically or by
<br />reference. in Schedule A, and improvements affixed there-
<br />to which by law constitute real property.
<br />(b) "public records": Those records which impart
<br />constructive notice of matters relaling to the land.
<br />(c) "knowledge": Actual knowledge, not construc-
<br />tive knowledge, or notice which may be imputed to the
<br />Insured by reason of any public records.
<br />(d) "date": The effective date, including hour if
<br />apecified.
<br />
<br />2. Exclu.ions from thGl CovGlragGl of this Policy
<br />
<br />This policy does not insure against loss or damage
<br />by rea'son of the following:
<br />
<br />(a) The refusal of any person to purchase, lease or
<br />lend money on the land.
<br />(b) Governmental rights of police power or eminent
<br />domain unless notice of the exercise of such rights
<br />appears in the public records at the date hereof; and the
<br />consequences of any law, ordinance or governmental
<br />regulation including, but not limited to, building and
<br />zoning ordinances.
<br />(c) Any Iitles or rights asserled by anyone including,
<br />but not limited to, persons, corporalions, governments or
<br />other entities to tidelands, or lands comprising the shores
<br />or beds of navigable or perennial rivers and streams,
<br />'lakes, bays, gulfs or oceans, or to any land extending
<br />from the line of mean low Iide to the line of vegetation,
<br />or to lands beyond the line of the harbor or bulkhead lines
<br />as established or changed by any government, or to filled-
<br />in lands, or artificial islands, or to riparian rights, or the
<br />rights or interests of the State of Texas or the public
<br />generally in the area extending from the line of mean low
<br />tide to the line of vegetation or their right of access
<br />thereto, or right of easement along and across the same.
<br />(d) Defects, liens, encumbrances, adverse claims
<br />against the title as insured 01 other matters (1) created.
<br />suffered, assumed or agreed to by the Insured at the date
<br />of this policy, or (2) known to the Insured at the date of
<br />this policy unless disclosure thereof in writing by the
<br />Insured shall have been made to the Company prior to the
<br />date of this policy; or loss or damage which would not
<br />have been sustained if the Insured were a purchaser for
<br />value without knowledge; or the homestead or community
<br />property or survivorship lights, if any, of any spouse of
<br />any Insured.
<br />
<br />3. DGlfensGI of Actions
<br />
<br />(a) In all cases where this policy provides for the
<br />defense of eny action or proceeding, the Insured shall
<br />secure to the Company the right to so provide defense in
<br />such action or proceeding, and all appeals therein, and
<br />permit it to use, at its option, the name of the Insured for
<br />such purpose. Whenever requested by the Company, the
<br />Insured shall give the Company all reasonable lIid in any
<br />such action or proceeding, in effecting settlement, secure
<br />
<br />ing evidence, obtaining witnessea, or defending such
<br />action or proceeding.
<br />(b) The Company ahall have the right to select
<br />counsel of its own choice whenever it is required to
<br />defend any action or proceeding, and such counsel shall
<br />have full control of said defense.
<br />(c) Any action taken by the Company for the defp-nse
<br />of the Insured or to establish the title as insured, o! both,
<br />shall not be construed as an admission of liability, and
<br />the Company shall not thereby be held to concede liability
<br />or waive any provision of Uais policy.
<br />
<br />4. Payment of Loss
<br />
<br />(a) No claim shall arise or be maintainable under
<br />thilil policy for liability voluntarily assumed by the Insured
<br />in settling any claim or suit without written consent of
<br />the Company.
<br />(b) All payments under this policy, except payments
<br />made for costs, attorney fees and expenses, shall reduce
<br />the amount of the insurance pro tanto; and the amount of
<br />this policy shall be reduced by any amount the Company
<br />may pay under any policy insuring the validity or priority
<br />of any lien excepted to herein or IiIny instrument hereafter
<br />executed by the Insured which is a charge or lien on the
<br />land, and the amount so paid shall be deemed a payment
<br />to the Insured under this policy.
<br />(c) The Company shall have the option to payor
<br />settle or compromise for or in the name of Ihe Insured any
<br />claim insured against by this policy, and such payment or
<br />tender of payment, together with all costs, attorney fees
<br />and expenses which the Company is obligaled hereunder
<br />to pay. shall terminate all liability of the Company here-
<br />under as to such claim. Further, the payment or tender of
<br />payment of the full amount of this policy by the Company
<br />shall terminate all liability of the Company under this
<br />policy.
<br />(d) Whenever the Company shall have settled a claim
<br />under this policy, all right of subrogation shall vest in
<br />the Company unaffected by any acl of the Insured, and it
<br />shall be subrogated to and be entitled to all rights and
<br />remedies of the Insured against any person or properl)'
<br />in respect to such claim. The Insured, if requested by the
<br />Company, shall transfer to the Company ell rights and
<br />remedies against any person or property necessary in
<br />order to perfect such right of subrogation, and shall
<br />permit the Company to use the name of the Insured in any
<br />transaction or litigalion involving such rights or remedies.
<br />
<br />S. Policy Entire Contract
<br />
<br />Any action, aclions or rights of action that the
<br />Insured may have, or may bring. against Ihe Company,
<br />arising out of the status of the title insured hereunder,
<br />must be based on the provisions of this policy, and all
<br />nolices required to be given the Company, and any state.
<br />ment in writing required to be furnished the Company,
<br />shall be addressed to it at its Executive Offices P.O. Box
<br />01-5002, Miami, Florida 33101.
<br />
<br />6. This policy is not transferable.
<br />
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