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<br />CONDITIONS AND STIPULATIONS
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<br />1. Definitions
<br />The following terms when used in this policy mean:
<br />(a) "land": The land described, specifically or by reference, in Schedule A, and improvements affixed thereto which by law
<br />constitute real property,
<br />(b) "public records": Those records which impart constructive notice of matters relating to the land,
<br />(c) "knowledge": Actual knowledge, not constructive knowledge, or notice which may be imputed to the Insured by reason
<br />of any public records,
<br />(d) "date": The effective date, including hour if specified,
<br />
<br />2. Exclusions from the Coverage at this Policy
<br />This policy does not insure against loss or damage by reason of the following;
<br />(a) The refusal of any person to purchase, lease or lend money on the land,
<br />(b) Governmental rights of police power or eminent domain unless notice of the exercise of such rights appears in the pub-
<br />lic records at the date hereof: and the consequences of any law, ordinance or governmental regulation including, but not
<br />limited to, building and zoning ordinances,
<br />(c) Any titles or rights asserted by anyone including, but not limited to, persons, corporations, governments or other en-
<br />tities to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs
<br />or oceans, or to any land extending from the line of mean low tide to the line of vegetation, or to lands beyond the
<br />line of the harbor or bulkhead lines as established or changed by any government, or to filled-in lands, or artificial
<br />islands, or to riparian rights, or the rights or interests of the State of Texas or the public generally in the area extend-
<br />ing from the line of mean low tide to the line of vegetation or their right of access thereto, or right of easement along
<br />and across the same,
<br />(d) Defects, liens, encumbrances, adverse claims against the title as insured or other matters (1) created, suffered, as-
<br />sumed-or-ogreed' to. .by the Insur-ed. at the .date of this-.policy, or !-2) known to the Insured. at the' date...of-this.-policy
<br />unless disclosure thereof in writing by the Insured shall have been made to the Company prior to the date of this policy:
<br />01' loss or damage which would not have been sustained, if the Insured were a purchaser for value without knowledge;
<br />:-01' th,e homestead, or comm~l!i~y ')Jroperty or surv!vo~Sh,iP,. rights, if ,al)y, of ~n~ spou~..,!l!, any ,~~SUr!!d, ,
<br />
<br />3, Defense of Actions " ,',
<br />(a) In all cases ~here this policy provides for the ,defense of a~y 'action or pr~ceeding, th:e Insured shall 'secure 'to 'the'Com-
<br />, pany the, right to sa provide, defense in' such action ,or. 'proceeding, and all appea1s. therein, and' permit it to 'US~, at its
<br />,option, the name of tl)e InsL\red for such purp9se, Whenever req!lested by the' Com,pany, the Insured shall give the
<br />"Company all 'reaSonable aid in' ,any such action or proceeding" i!l effecting ,settlemel1t, securing evidence, obtaining wit-
<br />nesse~> or defending such. action or proceeding, , , ,
<br />(b) 'The Company shall have the'rigHt to select counsel of its own choice' whenever it is required to defend any action or
<br />proceeding, and such counsel shall have fuH control of said defense, . ..., ' ,
<br />(c) A":y action tllken, by the Company for' the defense, o~ the Insured or to establish the title as insured, or both, shall not be
<br />construed as ,an admission of liability;' ~nd the Company shall 'not thereby be helq '1'0 concede 'liability: ot walve.',any pro-
<br />vi~i!ln <!f th~~ pol.icY,
<br />
<br />4, Payment .of Loss ,
<br />(a) No claim 'shali'arise or' l1e..malntailiable under this policy for liability voluntarily assumed by,the Insured in settling
<br />, any claim or suit, without written consent o,f the Comp,lnY,
<br />(brAll payments. under this poliCY, excepi payments made' for' costs, attorney fees and expenses, shall reduce' the amount
<br />, of the insurance pro, 'tanto:' and the amount of this policy sl1all be reduCl:d by any amount the C9mpany may pay
<br />under any p9licy insuring th'e validity or priority of any lien excepted to herein or any instrument hereafter executed
<br />by the Insured which is a charge 01' lien on the land, and the amount so paid shall be deemed a payment to the In-
<br />sured under this policy,
<br />(c) The Company shall have the opti9n t9 pay 91' settle 91' compromise f9r or in the name of the Insured any claim in-
<br />sured against by this p9licy, and such payment or tender 9f payment, t9gether with all costs, attorney fees and expenses
<br />which the Company is obligated hereunder to pay, shall terminate all I(ability of the Company hereunder as to such
<br />claim, Further, the payment or tender of payment of the full amount of this poliCY by the Company shall terminate all
<br />liability of the Company under tl)is policy,
<br />(d) Whenever the Company shall .have settled a claim under 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 and be entitled to all rights and remedies of the
<br />Insured against any person or property in respect to such claim, The Insured, if requested by the Company, shall trans-
<br />fer to. the Company all rights and remedies against any person or property necessary in order to perfect such right of
<br />subrogation, and shall perm,it the Company to use the name of the Insured in, any' transaction or litigation involving
<br />such rights or remedies, ' . '
<br />
<br />5, Policy Entire Contract
<br />Any action, actions or rights of 'action that the Insured may have, or may bring, against the Company, arising out of
<br />the status of the title insured hereunder, must be based on the provisions of this pOlicy, and all notices required to be
<br />given ,the Compan-y, and any statement in writing required to be furnished the Company, shall be addressed to it at
<br />Southern Title Building, 14]5 Fannin, Houston, Texas 77002.
<br />
<br />6. This policy is not transferable,
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