1981-03-18 Joint Public Hearing and Regular Meeting

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-a.as _ -0 ~___~__' . f. ~ . ~ ~-2~ '` ~ ~ . 1. ~ 'lb's `Sew •~ vi • POLICY ~ • ~ ._T 403033 ~ ~~ .~ --, OWNER POLICY OF TITLE INSURANCE .~ ~~.~~ Form prasaibad by Stata Board of Inwnnca of T~xa - Rwisad, 1970 'fj~ t l ~~~,~ •-i ~Y ~ITLE INSURANCE OMPANY OF MINNESOTA , ~~ -U 111 ` a Stock Company, of Minneapolis, Minnesota F~ TITLE INSURANCE C011PANY OF hIINNESOT.A, a Minnesota corporation, hereinafter called the Company, for value does hereby guarantee to the herein named Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its successors by dissolution, merger or consolidation, that as of the date hereof, the Insured has good and indefeasible title to the estate or interest in the land described or referred to in this policy. The Company shall not be liable in a greater amount than the actual monetary loss of the Insured, and in no event shall the Company be liable for more than the amount shown in Schedule A hereof, and shall, except as herein- after stated, at its own cost defend the Insured in every action or proceeding on any claim against, or right to the estate or interest in the land, or any pazt thereof, adverse to the title to the estate or interest in the land as hereby guazanteed, but the Company shall not be required to defend against any claims based upon matters in any manner excepted under this policy by the exceptions in Schedule B hereof or excluded by Paragraph 2, "Exclusions from Coverage of this policy", of the Conditions and Stipulations hereof. The pazty or parties entitled to such defense shall within a reasonable time after the commencement of such action or proceeding, and in ample time for defense therein, give the Company written notice of the pendency of the action or proceeding, and authority to defend. The Company shall not be liable until such adverse interest, claim, or right shall have been held valid by a court of last resort to whic}r either litigant may apply, and if such adverse interest, claim, or right so established shall be for less than the whole of the estate or interest in the land, then.the liability of the Company shall be only such pazt of the whole liability limited above as shall bear the same ratio to the whole liability that the adverse interest, claim, or right established may beaz to the whole estate or interest in the land, such ratio to be based on respective values de- terminable as of the date of this policy. In the absence of notice as aforesaid, the Company is relieved from all liability with respect to any such interest, claim or right; provided, however, that failure to notify shall not prejudice the rights of the Insured if such Insured shall not be a party to such action or proceeding, nor be served with process therein, nor have any knowledge thereof, nor in any case, unless the Company shall be actually prejudiced by such failure. - Upon sale of the estate or interest in the land, this policy automatically thereupon shall become a warrantor's policy and the Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its suc- cessors by dissolution, merger or consolidation, shall for a period of twenty-five years from date hereof remain fully protected according to the terms hereof, by reason of the payment of any loss he, they or it may sustain on account of any warranty of title contained in the transfer or conveyance executed by the Insured conveying the estate or interest in the land. The Company shall be liable under said warranty only by reason of defects, liens or encum- brances existing prior to or at the date hereof and not excluded either by the exceptions or by the Conditions and Stipulations hereof, such liability not to exceed the amount of this policy. IN WITNESS HEREOF, the TITLE INSURANCE COMPANY OF MINNESOTA has caused this policy to be executed by its President under the seal u1 the Company, but this policy is to be valid only when it bears an authorized countersignature on Schedule A and B herein, as of the date set forth in said Schedule. .. ~~~'E,`~' ~ lei f'+~' /~, r1i~ ~yr ~"l fr. -~ i . ~_ . t~ ,~ . ~ ,. ~ ., ~ITLE INSURANCE COIaAPANY OF I~IINNESOTA '~ ~ ~ ~,_ G ~ ~ -t% lPresident v Secretary This policy valid only if Schedule A and B is attached and countersigned. Form T-1 Owner Policy -Revised 1970 I >~ .n ~~