|
<br />.
<br />
<br />6. THIS POLICY IS NOT TRANSFERABLE
<br />
<br />5. POLICY ENTIRE CONTRACT
<br />Any action, actions or rights of action that the Insured may
<br />have, or may bring, against the Company, arising out of the status
<br />of the title insured hereunder, must be based on the provisions of
<br />this policy, and all notices required to be given the Company, and
<br />any statement in writing required to be furnished the Company,
<br />shall be addressed to it at its Home Office, Claims Department,
<br />6300 Wilshire Boulevard, P,O, Box 92792, Los Angeles, Califor-
<br />nia 90009,
<br />
<br />4. PAYMENT OF LOSS
<br />(a) No claim shall arise or be maintainable under this policy
<br />for liability voluntarily assumed by the Insured in settling any claim
<br />or suit without written consent of the Company,
<br />(b) All payments under this policy, except payments made
<br />for costs, attorney fees and expenses, shall reduce the amount of
<br />the insurance pro tanto; and the amount of this policy shall be
<br />reduced by any amount the Company may pay under any policy
<br />insuring the validity or priority of any lien excepted to herein or any
<br />instrument hereafter executed by the Insured which is a charge or
<br />lien on the land, and the amount so paid shall be deemed a
<br />payment to the Insured under this policy,
<br />(c) The Company shall have the option to payor settle or
<br />compromise for or in the name of the Insured any claim insured
<br />against by this policy, and such payment or tender of payment,
<br />together with all costs, attorney fees and. expenses which the
<br />Comp~ny is obligated hereunder to pay, shall terminate all liability
<br />ofthe Company hereunder as to such claim, Further, the payment
<br />or tender of payment of the full amount of this policy by the
<br />Company shall terminate all liability of the Company under this
<br />policy,
<br />(c!) Whenever the Company shall have settled aclaim under
<br />this policy, all right of subrogation shall vest in the Company
<br />unaffected by any act of the Insured, and it shall be subrogated to
<br />and be entitled to all rights and remedies of the Insured against
<br />any person or property in respect to such claim, The Insured, if
<br />requested by the Company, shall transfer to the Company all
<br />rights and remedies against any person or property necessary in
<br />order to perfect such right of subrogation, and shall permit the
<br />Company to use the name of the Insured in any transaction or
<br />litigation involving such rights or remedies,
<br />
<br />3. DEFENSE OF ACTIONS
<br />
<br />(a) In all cases where this policy provides for the defense of
<br />any action or proceeding, the Insured shall secure to the Com-
<br />pany the right to so provide defense in such action or proceeding,
<br />and all appeals therein, and permit it to use, at its option, the name
<br />of the Insured for such purpose, Whenever requested by the
<br />Company, the Insured shall give the Company all reasonable aid
<br />in any such action or proceeding, in effecting settlement, securing
<br />evidence, obtaining witnesses, or defending such action or pro-
<br />ceeding,
<br />(b) The Company shall have the right to select counsel of its
<br />own choice whenever it is required to defend any action or pro-
<br />ceeding, and such counsel shall have full control of said defense,
<br />(c) Any action taken by the Company for the defense of the
<br />Insured or to establish the title as insured, or both, shall not be
<br />construed as an admission of liability, and the Company shall not
<br />thereby be held to concede liability or waive any provision of this
<br />policy,
<br />
<br />would not have been sustained if the Insured were a purchaser for
<br />value without knowledge; or the homestead or community prop-
<br />erty or survivorship rights, if any, of any spouse of any Insured,
<br />
<br />.
<br />
<br />. .
<br />
<br />2. EXCLUSIONS FROM THE COVERAGE OF THIS POLICY
<br />This policy does not insure against loss or damage by reason of
<br />the following:
<br />(a) The refusal of any person to purchase, lease or lend
<br />money on the land,
<br />(b) Governmental rights of police power or eminent domain
<br />unless notice of the exercise of such rights appears in the public
<br />records at the date hereof; and the consequences of any law,
<br />ordinance or governmental regulation including, but not limited to,
<br />building and zoning ordinances,
<br />(c) Any titles or rights asserted by anyone including, but not
<br />limited to, persons, corporations, governments or other entities to
<br />tidelands, or lands comprising the shores or beds of navigable or
<br />perennial rivers and streams, lakes, bays, gulfs or oceans, or to
<br />any land extending from the line of mean low tide to the line of
<br />vegetation, or to lands beyond the line of the harbor or bulkhead
<br />lines as established or changed by any government, or to filled-in
<br />lands, or artifical islands, or to riparian rights, or the rights or
<br />interests of the State of Texas or the public generally in the area
<br />extending from the line of mean low tide to the line of vegetation or
<br />their right of access thereto, or right of easement along and
<br />across the same,
<br />(d) Defects, liens, encumbrances, adverse claims against
<br />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)
<br />known to the Insured at the date of this policy unless disclosure
<br />thereof in writing by the Insured shall have been made to the
<br />Company prior to the date of this policy; or loss or damage which
<br />
<br />1. DEFINITIONS
<br />The following terms when used in this policy mean:
<br />(a) "land": The land described, specifically or by reference,
<br />in Schedule A, and improvements affixed thereto which by law
<br />constitute real property,
<br />(b) "public records": Those records which impart construc-
<br />tive notice of matters relating to the land,
<br />(c) "knowledge": Actual knowledge, not constructive
<br />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 />(e) Insured: the Insured named in Schedule A and, subject
<br />to any rights or defenses the Company may have had against the
<br />named Insured or any person or entity who succeeds to the
<br />interest of such named Insured by operation of law as distin-
<br />guished from purchase, any person or entity who succeeds to the
<br />interest of such named Insured by operation of law as distin-
<br />guished from purchase including but not limited to the following:
<br />(i) heirs, devisees, distributees, executors and adminIS-
<br />trators;
<br />(ii) the successors in interest to a corporation resulting from
<br />merger or consolidation or the distribution of the assets of
<br />such corporation upon partial or complete I,iquidation;
<br />(iii) the partnership successors in interest to a general or lim-
<br />ited partnership which dissolves but does not terminate;
<br />(iv) the successors in interest to a general or limited partner-
<br />ship resulting from the distribution of the assets of such
<br />general or limited partnership upon partial or complete
<br />liquidation;
<br />(v) the successors in interest to a joint venture resulting from
<br />the distribution of the assets of such joint venture upon
<br />partial or complete liquidation;
<br />(vi) the successor or substitute trustee of a trustee named in a
<br />written trust instrument; or
<br />(vii) the successors in interest to a trustee or trust resulting from
<br />the distribution of all or part of the assets of such trust to the
<br />beneficiaries thereof,
<br />
<br />Conditions and Stipulations
<br />
|