|
<br />•
<br />1. DEFtNtTIONS
<br />
<br />CONDITIONS AND STIPULATIONS
<br />The following terms when used in this policy mean:
<br />•
<br />(a) "land": The land described, specifically or
<br />by reference, in Schedule A, and improvements affixed
<br />thereto which by law constitute real property.
<br />(b) "public records": Those records which im-
<br />part constructive notice of matters relating to the land.
<br />(c) "knowledge": Actual knowledge, not con-
<br />structive knowledge, or notice which may be imputed
<br />to, the Insured by reason of any public records.
<br />(d) "date": The effective date, including hour
<br />if specified.
<br />2. EXCLUSIONS FROM THE COVERAGE OF THIS
<br />POLICY
<br />This policy does not insure against loss or damage
<br />by reason of the following:
<br />(a) The refusal of any person to purchase, lease
<br />or lend money on the land.
<br />(b) Governmental rights of police power or
<br />eminent domain unless notice of the exercise of such
<br />rights appears in the public records at the date hereof;
<br />and the consequences of any law, ordinance or govern-
<br />mental regulation including, but not limited to, building
<br />and zoning ordinances.
<br />(c) Any titles or rights asserted by anyone in-
<br />cluding, but not limited to, persons, corporations, govern-
<br />ments or other entities to tidelands, or lands compris-
<br />ing the shores or beds of navigable or perennial rivers
<br />and streams, lakes, bays, gulfs or oceans, or to any land,
<br />extending from the line. of mean low tide to the line of
<br />vegetation, or to lands beyond the line of the harbor or
<br />bulkhead lines as established or changed by any govern-
<br />ment, or to filled-in lands, or artificial islands, or to
<br />riparian rights, or the rights or interests of the State of
<br />Texas or the public generally in the area extending from
<br />the line of mean low tide to the line of vegetation or
<br />their right of access thereto, or right of easement along
<br />and across the same.
<br />(d) Defects, liens, encumbrances, adverse claims
<br />against the title as insured or other matters (1) created,
<br />suffered, aswmed 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 In-
<br />sured 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 com-
<br />munity property or survivorship rights, if any, of any
<br />spouse of any Insured.
<br />• 3. DEFENSE OF ACTIONS
<br />(a) In all cases where this policy provides for
<br />the defense of any action or proceeding, the Insured
<br />shall secure to the Company the right to so provide de-
<br />fense in such action or proceeding, and all appeals there-
<br />in, and permit it to use, at its option, the name of the
<br />Insured for this purpose. Whenever requested by the
<br />Company, the Inwred shall give the Company all reason-
<br />able aid in any such action or proceeding, in effecting
<br />settlement, securing evidence, obtaining witnesses, or
<br />defending such a~:tion or proceeding.
<br />U
<br />(b) The Company shall have the right to select
<br />counsel of its own choice whenever it is required to de•
<br />fend any action or proceeding, and wch counsel shall
<br />have full control of said defense.
<br />Ic) Any action taken by the Company for the
<br />defense of the Insured or to establish the title as insured,
<br />or both, shall not be construed as an admission of liabi-
<br />lity, and the Company shall not thereby be held to con-
<br />cede liability or waive any provision of this policy.
<br />4. PAYMENT OF LOSS
<br />(a) No claim shall arise or be maintainable under
<br />this policy for liability voluntarily assumed by the In-
<br />cared in settling any claim or suit without written con-
<br />sent of the Company.
<br />Ib) All payments under this policy, except pay-
<br />ments made for costs, attorney fees and expenses, shall
<br />reduce the amount of the insurance pro tanto; and the
<br />amount of this policy shall be reduced by any amount
<br />the Company may pay under any policy insuring the
<br />validity or priority of any lien excepted to herein or any
<br />instrument hereafter executed by the Insured which is a
<br />charge or lien on the land, and the amount so paid shall
<br />be deemed a payment to the Insured under this policy.
<br />(c) The Company shall have the option to pay or
<br />settle or compromise for or in the name of the Insured
<br />any claim insured against by this policy, and such pay-
<br />ment or tender of payment, together with all costs, at-
<br />torneyfees and expenses which the Company is obligated
<br />hereunder to pay, shall terminate all liability of the
<br />Company hereunder as to such claim. Further, the pay-.
<br />mentor tender of payment of the full amount of this po-
<br />licy by the Company shall terminate all liability of the
<br />Company under this policy.
<br />(d) Whenever the Company shall have settled a
<br />_ claim under this policy, all right of subrogation shall vest
<br />-in the Company unaffected by any act of the Insured,
<br />and it shall be subrogated to and be entitled to all rights
<br />and remedies of the Insured against any person or pro-
<br />perty in respect to such claim. The Insured, if requested
<br />by the Company, shall transfer to the Company all rights
<br />and remedies against any person or property necessary
<br />in order to perfect wch right of subrogation, and shall
<br />permit the Company to use the name of the Insured in
<br />any transaction or litigation involving such rights or
<br />remedies.
<br />5. POLICY ENTIRE CONTRACT
<br />Any action, actions or rights of action that the In•
<br />cared may have, or may bring, against the Company,
<br />arising out of the status of the title insured hereunder,
<br />must be base! on the provisions of this policy, and all
<br />noti+ es 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 400 Second Avenue South,
<br />Minneapolis, Minnesota 55401.
<br />6. THIS POLICY IS NOT TRANSFERABLE.
<br />
<br />NOTE: THIS POLICY VALID ONLY IF SCHEDULE A AND B !S ATTACHED AND COUNTERSIGNED.
<br />•
<br />
<br />
|