1986 Elizabeth V. Weems-all lots block 1225, Golf course site

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e (d) Defects, liens, encumbrances, adverse claims, or other matters (1) created, suffered, assumed or agreed to by the Insured; (2) not known to the Company and not shown by the public records but known to the Insured either at the date, of this policy or at the date the Insured acquired an estate or interest insured by this policy and not disclosed in writing by the Insured to the Company prior to the date such Insured became an Insured hereunder; (3) resulting in no loss or damage to the Insured; (4) attaChing or created subsequent to, the date of this pOlicy; (5) resulting ii1loss or damage which would not have been sustained if the Insured had paid value for the estate or interest ,insured by this policy; or (6) the homestead or community property or survivorship rights, if any, of any spouse of any Insured. 3. DEFENSE AND PROSECUTIONS 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 or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. (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 complete control of said defense. (c) The Company shall have the right at its own cost to institute and without undue delay prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest as insured, and the Company may take any ap- propriate action under the terms of the policy, whether or not it shall be liable thereunder, and shall not thereby concede liability or waive any provision of this policy. When, after the date of the pOlicy, the Insured notifies the Company as required herein of a lien, encumbrance, adverse claim or other defect in title to the estate or interest in the land insured by this policy which is not excluded or excepted from the (b) Governmental rights of police power or eminent domain unless notice of the exer~ise of such rights appears in the public records at the date hereof; and the consequences of any law, ordinance or governmental regulation including, but not limited to, building 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, bays, gulfs or: oceans, or to any land extending from the line of mean low tide to the line of vegetation, or to lands beyond the line of the harbor 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, . ,i> ". ~l ....~ 2. EXCLUSIONS FROM THE COVERAGE OF THIS POLICY THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE BY REASON OF THE FOLLOWING: (A) LACK OF ADEQUATE TITLE IN THE INSURED PROPERTY TO ALLOW IT TO BE USED, SOLD, TRANS- FERRED, LEASED OR MORTGAGED FOR ANY PUR- POSE INTENDED BY THE INSURED NOR LOSS OF OPPORTUNITY OR ECONOMIC EXPECTATION. 1. DEFINITIONS The following terms when used in this policy mean: . (a) "land": The land described, specifically or by refer- en~e, in Schedule A, and improvements affixed thereto which by law constitute real property. (b) "public records": Those records which impart con- structive notice of matters relating to the land. (c) "knowledge": Actual knowledge, not constructive knowledge, or notice which may be imputed to the Insured by reason of any public records. (d) "date": The effective date, including hour if specified, (e) Insured: the Insured named in Schedule A and, sub- ject to any rights or defenses the Company may have had against the named Insured or any person or entity who succeeds to the interest of such named Insured by operation of law as distinguished from purchase, any person or entity who succeeds to the interest of such named Insured by operation of law as distinguished from purchase including but not limited to the following: (i) heirs, devisees, distributees, executors and administrators; (ii) the successors in interest to a corporation resulting from merger or consolidation or the distribution of the assets of such corporation upon partial or complete li- quidation; (iii) the partnership successors in interest to a general or limited partnership which dis- solves but does not terminate; (iv) the successors in interest to a general or limited partnership resulting from the dis- tribution of the assets of such general or limited partnership upon partial or complete liquidation; (v) the successors in interest to a joint venture resulting from the distribution of the assets of such joint venture upon partial or com- plete liquidation; (vi) the successor or sL!bstitute trustee of a trustee named in a written trust instrument; or (vii) the successors in interest to a trustee or trust resulting from the distribution of all or part of the assets of such trust to the beneficiaries thereof. \;Ondltlons ana ~llpUlallons