|
<br />i'~. .i
<br />
<br />OWNERS POLICY OF TInE INSURANCE
<br />ISSUED BY
<br />
<br />Pioneer, National Title Insurance Company
<br />
<br />a California corporation, hereinafter called the Company, for value does hereby guarantee to the herein
<br />named Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its
<br />successors by dissolution, merger or consolidation, that as of the date hereof, the Insured has good arid
<br />indefeasible title to the estate or interest in the land described or referred to in this policy,
<br />
<br />The Company shall not be liable in a greater amount than the actual monetary loss of the Insured, and in no event shall the
<br />Company be liable for more than the amount shown in Schedule A hereof, and shall, except as hereinafter stated, at its own cost
<br />defend the Insured in every action or proceeding on any claim. against, or right to the estnte or interest in the land, or any 12art
<br />thereof, adverse to the title to the estate or interest in the land ns hereby ltUaranteed, but the Company shall not be required to
<br />defend against any claims based upon matters in any manner excepted under this policy by the exceptions in Schedule B hereof
<br />or excluded b)' Paragraph 2, "Exclusions from Coverage of this Policy", of the Conditions and Stipulations hereof. The party or
<br />parties entitled to such defense shall within a reasonable time after the commencement of such action or proceeding, and in
<br />ample time for defense therein, give the Company written notice of the pendency of the action or proceeding, and authority to
<br />defend. The Company shall not be liable until such adverse interest, claim, or right shall have been held valid by a court of last
<br />resort to which either litigant may apply; and if' such adverse interest, claim, or right so established shall be for less than the
<br />whole of the estate or interest in the land, then the liability of the Company shall be only such part of the whole liability limited
<br />above as shall bear the same ratio to the whole liability that the adverse interest, claim, or right established may bear to the
<br />whole, estate or interest in the land, such ratio to be based on respective values determinable as of the date of this policy, In the
<br />absence of notice as aforesaid, the Company is relieved from all liability with respect to any such interest, claim or right; pro-
<br />vided; however, that failure to notify shall not prejudice the rights of the Insured if such Insured shall not be a party to such
<br />action or proceeding, nor be served with process therein, nor have any knowledge thereof, nor in any case, unless the Company
<br />shall be actually prejudiced by such failure.
<br />
<br />Upon sale of the estate or interest in the land, this policy automatically thereupon shall become a warrantor's policy and the
<br />Insured, the heirs, devisees, executors and administrators of the Insured, or if a corporation, its successors by dissolution, merger
<br />or consolidation, shall for a period of twenty-five years from date hereof rcmain fully protected according to the terms hereof,
<br />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
<br />conveyance executed by the Insured conveying the estate or interest in the land, The Company shall be liable under said war-
<br />ranty only by reason of defects, liens or encumbrances existing prior to or at the date hereof and not excluded either by the
<br />exceptions or by the Conditions and Stipulations hereof, such liability not to ex(:eed the amount of this policy,
<br />
<br />In Witness Hereof, the PIONEER NATIONAL TITLE INSURANCE COMPANY has caused this policy
<br />to be executed by its President under the seal of the Company, but this policy is to be valid only when it bears
<br />an authorized countersignature, as of the date set forth in Schedule A,
<br />
<br />Countersigned:
<br />AMERICAN TITLE COMPA,NY
<br />301 Esp s n Bldg" Houston, Texas 77002
<br />
<br />~_:.;' :=~,,,:, ~";..:-.~ ~..' :~. . .
<br />
<br />;.'-~~~', ~pioneer: Nat,ional Title Insurance Company
<br />
<br />/.8. ~J-~
<br />
<br />PRESIDENT
<br />
<br />
<br />'''.~' 9l7-
<br />
<br />SECRETARY
<br />
<br />Validating Signatory
<br />
<br />T-1 OWNERS TITLE INSURANCE POLICY-FORM PRESCRIBED BY THE TEXAS BOARD OF INSURANCE-REV, 10-70
<br />
|