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If you want information about coverage or need assistance to resolve complaints,please call our toll free number: 1-800-729-1902. If you make a claim under
your pplicy,you;must furaish written notice in ac 'ance with Section 3 of the Conditions and Stipulatic
• Visit our'World-Wide Web site at:http://www.stewort,com
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Y° OWNER'S POLICY OF TITLE INSURANCE ISSUED BY K
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0%3 SUBJECT TO THE EXCLUSIONS FROM COVERAGE,THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND ;I'.i ,'
THE CONDITIONS AND STIPULATIONS, STEWART TITLE GUARANTY COMPANY, a Texas corporation, herein called the Company,
r: -i) insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, if $
(i v,ii sustained or incurred by the insured by reason of: �f 0 E,
1. The to the estate or interest described in Schedule A being vested other than as stated therein;
(c i) 2. Any defect in or lien or encumbrance on the title;
(tr 3. Any statutory or constitutional mechanic's,contractor's,or materialman's lien for labor or material having its inception on or before
VDate of Policy; '+ �'-
EI d) 4. Lack of a right of access to and from the land. ,.�f
((c {:l)) 5. Lack of good and indefeasible title. F4y 1
The Company also will pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent ,\f ;1
(i tc,}f provided in the Conditions and Stipulations. -
t(I , IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused this policy to be signed and sealed by its duly authorized l''
0:;,' "i° officers as of the date of Policy shown in Schedule A. (' ''
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title sv company Pres' nt
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f ' l,N-TY ABSTRACT COMPANY
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�i�i) ry, EXCLUSIONS FROM COVERAGE
I V )) The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage,cogs,attorneys'fees or expenses which'{'n
�i `0 arise by reason of: %0�,.
1. (a)Any law, ordinance or governmental regulation(including but not limited to building and zoning laws, ordinances,or regulations) restricting, regulating
,` any improvement �
�(�', ;'b, prohibiting or relating to(i)the occupancy, use,or enjoyment of the land;(ii)the character,dimensions or location of now or hereafter erected
til ! on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv), ,i,
A,
environmental protection.or the effect of any violation of these laws,ordinances or governmental regulations,except to the extent that a notice of the enforcement 0,
�i� �}�i thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date i' 1)e
Policy. ),
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(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or
1f"' �`�) encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(4 4 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Polity,but not excluding from coverage any
'; taking that has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. ', V
', .. 3. Defects,liens,encumbrances,adverse claims or other matters:
-413 (a) created,suffered,assumed or agreed to by the insured claimant; �",
til �� (b} not known to the Company,not recorded in the public records at Date of Policy,but known to the insured claimant and not disclosed in writingto the
Company bythe insured claimantprior to the date the insured daimant became an insured under this policy; 0
'��`< P Y (i >i,
.‘':t, (c)(c) resulting in no loss or damage to the insured claimant;
(t' (d) attaching or created subsequent to Date of Policy;
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. r(i' .;�
!(I" ', 4. The refusal of any person to purchase, lease or lend money on the estate or interest covered hereby in the land described in Schedule A because of ,,
((;; .1 unmarketability of the title. ,
�t,, ,,3)i 5. Any claim,which arises out of the transaction vesting in the person named in paragraph 3 of Schedule A the estate or interest insured by this policy,by reason of (f
the operation of federal bankruptcy,state insolvency,or other state of federal creditors'rights laws,that is based on either(i)the transaction creating the estate or , ,
{ "�) interest Insured by this Policy being deemed a fraudulent conveyance or fraudulent transfer or a voidable distribution or voidable dividend,(ii)the subordination
4 ;o or recharacterization of the estate or interest insured by this Policy as a result of the application of the doctrine of equitable subcoordination,or(iii)the transaction 'i sj,
creating the estate or interest insured by this Policy being deemed a preferential transfer except where the preferential transfer results from the failure of the
,,\:i Company or its issuing agent to timely file for record the instrument of transfer to the insured after delivery or the failure of such recordation to impart notice to a I ,.
-,r �urchaser for value or a judgment or lien creditor.f. _ 'tl
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• Premium:'$14,701.60 1200, 0500 P-L
STEWART TITLE GUARANTY COMPANY
SCHEDULE A
File No.: 142953 Policy No.: 0-5841-231885
Issued With: M-5842-823626
POLICY AMOUNT: $2,533,014.00
POLICY DATE: October 13, 2005 at 04:08 PM
1. NAME OF INSURED:
TITAN VALLEY PARK, LIMITED PARTNERSHIP
2. WE INSURE YOUR INTEREST IN THE LAND COVERED BY THIS POLICY IS:
FEE SIMPLE
3. TITLE TO THE ESTATE OR INTEREST IN THE LAND IS VESTED IN:
TITAN VALLEY PARK, LIMITED PARTNERSHIP
4. LEGAL DESCRIPTION OF THE LAND:
All that certain tract or parcel of land lying and being situated in the J. E. SCOTT LEAGUE, A-50,
College Station, Brazos County, Texas and being all of the 2.00 acre tract conveyed from Por Nada
Joint Venture to Southcorp Holdings I, L.P., as recorded in Volume 4818, page 215 of the Official
Records of Brazos County, Texas (O.R.B.C.) and all of the remainder of the 11.635 acre tract
conveyed from Interstate Promotional Printing Company to Por Nada Joint Venture as recorded in
Volume 474, page 811 of the O.R.B.C. and being more particularly described as follows:
BEGINNING at a 5/8" iron rod set for the most westerly corner of this tract, also being the west
corner of the said Southcorp tract, also being the west corner of the said Por Nada tract, also being
the north corner of the Texas A&M University System 6.89 acre tract as recorded in Volume 1066,
page 602 of the O.R.B.C., also lying in the southeast line of the Twyla T. Benson 10.15 acre tract as
recorded in Volume 4136, pages 217, 221, 225, 229, 233, 237, 241 and 245, of the O.R.B.C., a
4"x4" concrete monument bears N 62° 26' 06" E - 0.45 feet;
THENCE following a fence along the northwest line of this tract N 44° 49' 58" E 425.44 feet to a 5/8"
iron rod set at a fence corner for the most northerly corner of this tract, also being the north corner of
the said Southcorp tract, also being the north corner of the said Por Nada tract, also being the east
corner of the said Benson tract, also lying in the southwest line of F.M. 2828;
THENCE following a fence along the northeast line of this tract and the southwest line of F.M. 2818
the following calls:
BRAZOS COUNTY ABSTRACT COMPANY
77 41111
'
rorized Signature
STEWART TITLE GUARANTY COMPANY
SCHEDULE A
File No. 142953 (Continued) Policy No.: 0-5841-231885
S 42° 25' 09" E, 187.17 feet to a TxDOT concrete ROW monument;
S 39° 50' 28" E, pass at 20.72 feet the east corner of the said Southcorp tract, a total distance of
399.77 feet to a TxDOT concrete ROW monument;
S 35° 43' 32" E, 401.44 feet to a TxDOT concrete ROW monument;
S 28° 21' 37" E, 552.01 feet to a TxDOT concrete ROW monument;
S 10° 44' 12" E, 255.39 feet to a 5/8" iron rod set for the most southerly corner of this tract, also
being the south corner of the said Por Nada tract, also being a northeast corner of the said TAMUS
tract, a 1/2" iron rod bears N 10° 00' 53" W, 3.90 feet, an old fence corner post bears N 20° 27' 53"
W, 3.70 feet;
THENCE along the southwest line of this tract N 45° 29' 00" W, pass at 1157 feet an 8" elm, pass at
1512.37 a 1/2" iron rod found at the south corner of the said Southcorp tract, a total distance of
1720.11 feet to the PLACE OF BEGINNING, containing 11.635 acres of land, more or less.
•
STEWART TITLE GUARANTY COMPANY
SCHEDULE B
File No. 142953 Policy No.: 0-5841-231885
EXCEPTIONS FROM COVERAGE
THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE (AND THE COMPANY WILL NOT PAY
COSTS, ATTORNEYS' FEES OR EXPENSES) THAT ARISE BY REASON OF THE TERMS AND
CONDITIONS OF THE LEASES OR EASEMENTS, IF ANY, SHOWN IN SCHEDULE A AND THE
FOLLOWING MATTERS:
1. THE FOLLOWING RESTRICTIVE COVENANTS OF RECORD ITEMIZED BELOW (THE
COMPANY MUST EITHER INSERT SPECIFIC RECORDING DATA OR DELETE THIS
EXCEPTION):
Terms, provisions, covenants, conditions, and restrictions, easements, charges, assessments and
liens provided in the Covenants, Conditions and Restrictions recorded in Volume 4818, page 198,
Official Records of Brazos County, Texas, but omitting any covenant, condition or restrictions, if any,
based on race, color, religion, sex, handicap, familial status or national origin unless and only to the
extent that the covenant, condition or restrictions (a) is exempt under Title 42 of the United States
Code, or (b) related to handicap, but does not discriminate against handicapped persons.
2. ANY SHORTAGES IN AREA.
3. HOMESTEAD OR COMMUNITY PROPERTY OR SURVIVORSHIP RIGHTS, IF ANY, OF ANY
SPOUSE OF ANY INSURED.
4. ANY TITLES OR RIGHTS ASSERTED BY ANYONE, INCLUDING, BUT NOT LIMITED TO,
PERSONS, THE PUBLIC, CORPORATIONS, GOVERNMENTS OR OTHER ENTITIES.
A. TO TIDELANDS, OR LANDS COMPRISING THE SHORES OR BEDS OF NAVIGABLE OR
PERENNIAL RIVERS AND STREAMS, LAKES, BAYS, GULFS OR OCEANS, OR
B. TO LANDS BEYOND THE LINE OF THE HARBOR OR BULKHEAD LINES AS ESTABLISHED
OR CHANGED BY ANY GOVERNMENT, OR
C. TO FILLED-IN LANDS, OR ARTIFICIAL ISLANDS, OR
D. TO STATUTORY WATER RIGHTS, INCLUDING RIPARIAN RIGHTS, OR
E. TO THE AREA EXTENDING FROM THE LINE OF MEAN LOW TIDE TO THE LINE OF
VEGETATION, OR THE RIGHTS OF ACCESS TO THAT AREA OR EASEMENT ALONG AND
ACROSS THAT AREA.
5. STANDBY FEES, TAXES AND ASSESSMENTS BY ANY TAXING AUTHORITY FOR THE YEAR
2005, AND SUBSEQUENT YEARS; AND SUBSEQUENT TAXES AND ASSESSMENTS BY ANY
TAXING AUTHORITY FOR PRIOR YEARS DUE TO CHANGE IN LAND USAGE OR OWNERSHIP,
BUT NOT THOSE TAXES OR ASSESSMENTS FOR PRIOR YEARS BECAUSE OF AN
EXEMPTION GRANTED TO A PREVIOUS OWNER OF THE PROPERTY UNDER SECTION
11.13, TEXAS TAX CODE, OR BECAUSE OF IMPROVEMENTS NOT ASSESSED FOR A
PREVIOUS TAX YEAR.
6. THE FOLLOWING MATTERS AND ALL TERMS OF THE DOCUMENT CREATING OR OFFERING
EVIDENCE OF THE MATTERS (WE MUST INSERT MATTERS OR DELETE THIS EXCEPTION.):
a. Deed of Trust, Security Agreement and Financing Statement dated September 21, 2005,
executed by Titan Valley Park, Limited Partnership to Paul S. Moxley, Trustee, securing the
payment of one note of even date therewith payable to Texas State Bank, McAllen, in the
principal amount of $2,325,865.00, said deed of trust filed for record in the Office of the County
Clerk of Brazos County, Texas, on October 13, 2005, under Clerk's File No. 906936 and
STEWART TITLE GUARANTY COMPANY
SCHEDULE B
File No. 142953 (Continued) Policy No.: 0-5841-231885
recorded in Volume 6976, page 244, Official Records of Brazos County, Texas, and being
subject to all of the terms, conditions and stipulations contained in said note and deed of trust.
b. Rights of Parties in Possession.
c. 25' building line along F.M. 2818; 15' building line southwesterly lot line; 7.5' building line along
northwesterly lot line as per City Ordinance; 25' building line along most northerly portion of
southwesterly lot line; 15' building line along northwesterly lot line as set forth in "Restrictions"
recorded in Volume 4818, page 198, Official Records of Brazos County, Texas; as shown on
survey prepared July 15, 2005 by John E. Pledger, Ill, Registered Professional Land Surveyor,
State of Texas, No. 2183.
d. Those matters as depicted on survey plat prepared July 15, 2005 by John E. Pledger, Ill,
Registered Professional Land Surveyor, State of Texas, No. 2183, as follows:
1.) Discrepancies between the property fines of the subject tract and the existing fence.
2.) Service utilities and appurtenant facilities.
e. Avigation Easement from John D. Hoerner et ux to Texas A&M University, dated January 20,
1971, recorded in Volume 328, page 632, Deed Records of Brazos County, Texas and shown on
survey prepared July 15, 2005 by John E. Pledger, Ill, Registered Professional Land Surveyor,
State of Texas, No. 2183.
f. Terms, conditions and stipulations contained therein in Declaration of Covenants and
Restrictions dated August 2, 2002, by and between Por Nada Joint Venture and Southcorp
Holdings I, LP, recorded in Volume 4818, page 198, Official Records of Brazos County, Texas.
g. All oil, gas and other minerals in and under the herein described property, together with any
rights of ingress and egress, mining or drilling privileges heretofore reserved or conveyed by
predecessors in title. There is expressly excluded from coverage hereunder, and this Company
does not insure, title to oil, gas and other minerals of every kind and character, in, on and under
the property herein described.
h. The Tax Certificate furnished by the taxing authorities is issued on real estate only. It does not
include minerals and/or personal property, therefore, no liability is assumed herein for the
payment of said mineral and/or personal property tax.
BRAZOS COUNTY ABSTRACT COMPANY
PRIVACY POLICY NOTICE
PURPOSE OF THIS NOTICE
Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial
institution, directly or through its affiliates, from sharing nonpublic personal information
about you with a nonaffiliated third party unless the institution provides you with a notice
of its privacy policies and practices, such as the type of information that it collects about
you and the categories of persons or entities to whom it may be disclosed. In compliance
with the GLBA, we are providing you with this document, which notifies you of the
privacy policies and practices of Brazos County Abstract Company.
We may collect nonpublic personal information about you from the following sources:
• Information we receive from you,such as on applications or other forms.
• Information about your transactions we secure from our files, or from our
affiliates or others.
• Information we receive from a consumer reporting agency.
• Information that we receive from others involved in your transaction, such as the
real estate agent or lender.
Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no
additional nonpublic personal information will be collected about you.
We may disclose any of the above information that we collect about our customers or
former customers to our affiliates or to nonaffiliated third parties as permitted by law.
We also may disclose this information about our customers or former customers to the
following types of nonaffiliated companies that perform marketing services on our behalf
or with whom we have joint marketing agreements:
• Financial service providers such as companies engaged in banking, consumer
finance, securities and insurance.
• Non-financial companies such as envelope stuffers and other fulfillment service
providers
WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT
YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY
PERMITTED BY LAW.
We restrict access to nonpublic personal information about you to those employees who
need to know that information in order to provide products or services to you. We
maintain physical, electronic and procedural safeguards that comply with federal
regulations to guard your nonpublic personal information.
TOM GIESENSCHLAG,Attorney-at-Law
and
BRAZOS COUNTY ABSTRACT COMPANY
PRIVACY POLICY NOTICE
PURPOSE OF THIS NOTICE
Title V of the Granun-Leach-Bliley Act (GLBA) generally prohibits any financial
institution, directly or through its affiliates, from sharing nonpublic personal information
about you with a nonaffiliated third party unless the institution provides you with a notice
of its privacy policies and practices, such as the type of information that it collects about
you and the categories of persons or entities to whom it may be disclosed. In compliance
with the GLBA, we are providing you with this document, which notifies you of the
privacy policies and practices of Brazos County Abstract Company and Tom
Giesenschlag,Attorney-at-Law.
We may collect nonpublic personal information about you from the following sources:
• Information we receive from you, such as on applications or other forms.
• Information about your transactions we secure from our files, or from our
affiliates or others.
• Information we receive from a consumer reporting agency.
• Information that we receive from others involved in your transaction, such as the
real estate agent or lender.
Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no
additional nonpublic personal information will be collected about you.
We may disclose any of the above information that we collect about our customers or
former customers to our affiliates or to nonaffiliated third parties as permitted by law.
We also may disclose this information about our customers or former customers to the
following types of nonaffiliated companies that perform marketing services on our behalf
or with whom we have joint marketing agreements:
• Financial service providers such as companies engaged in banking, consumer
finance, securities and insurance.
• Non-financial companies such as envelope staffers and other fulfillment service
providers
WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT
YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY
PERMITTED BY LAW.
We restrict access to nonpublic personal information about you to those employees who
need to know that information in order to provide products or services to you. We
maintain physical, electronic and procedural safeguards that comply with federal
regulations to guard your nonpublic personal information.
CONDITIONS AND STIPULATIONS
I. DEFINITION OF TERMS. or defect is valid,the !pony shall take one of the following actions: (i) institute
The following terms when used in this policy me,.... the necessary proceeu;,,ys to clear the lien, encumbrance, adverse claim or defect
(a) "insured": the insured named in Schedule A,and,subject to any rights or from the title to the estate as insured;(ii)indemnify the insured as provided in this
defenses the Company would have had against the named insured, those who policy;(iii)upon payment of appropriate premium and charges therefor,issue to the
succeed to the interest of the named insured by operation of law as distinguished insured claimant or to a subsequent owner, mortgagee or holder of the estate or
from purchase including, but not limited to, heirs, distributees,devisees,survivors, interest in the land insured by this policy,a policy of title insurance without exception
personal representatives, next of kin, or corporate, partnership or fiduciary for the lien, encumbrance,adverse claim or defect,said policy to be in an amount
successors,and specifically,without limitations,the following: equal to the current value of the property or,if a mortgagee policy,the amount of
(i) the successors in interest to a corporation,limited habihty company or limited the loan; (iv) indemnify another title insurance company in connection with its
liability partnership resulting from merger or consolidation or conversion or the distribution of issuance of a olicy(ies) of title insurance without exception for the lien,
the assets of the corporation or limited liability company or limited liability partnership upon encumbrance, adverse claim or defect; (v) secure a release or other document
partial or complete iguidation;
(ii) the successors in interest to a general or limited partnership or limited liability discharging the lien, encumbrance, adverse claim or defect; or (vi) undertake a
company or limited liability partnership which dissolves but does not terminate; combination of(i)through(v)herein.
(iii) the successors in interest to a general or limited partnership resulting 4 DEFENSE AND PROSECUTION OF ACTIONS;DUTY OF INSURED CLAIMANT TO
from the distribution of the assets of the general or limited partnership upon partial COOPERATE.
or complete liquidation; (a) Upon written request by the insured and subject to the options contained in
(iv) the successors in interest to a joint venture resulting from the Section 6 of these Conditions and Stipulations, the Company, at its own cost and
distribution of the assets of the joint venture uponartial or complete liquidation; without unreasonable delay,shall provide for the defense of an insured in litigation
(v) the successor or substitute trustee(s) of a trustee named in a written in which any third party asserts a claim adverse to the title or interest as insured,but
trust instrument;or only as to those stated causes of action alleging a defect, lien or encumbrance or
(vi) the successors in interest to a trustee or trust resulting from the other matter insured against by this policy. The Company shall have the right to
distribution of all or part of the assets of the trust to the beneficiaries thereof. select counsel of its choice(subject to the right of the insured to object for reasonable
b) "insured claimant':an insured claiming loss or damage. cause)to represent the insured as to those stated causes of action and shall not be
c) "knowledge"or"known":actual knowledge,not constructive knowledge or liable for and will not pay the fees of any other counsel. The Company will not pay
notice that may be imputed to an insured by reason of the public records as defined any fees,costs or expenses incurred by the insured in the defense of those causes of
in this policy or any other records which impart constructive notice of matters action that allege matters not insured against by this policy.
affecting the land. (b) The Company shall have the right,at its own cost,to institute and prosecute
(d) "land":the land described or referred to in Schedule A,and improvements any action or proceeding or to do any other act that in its opinion may be necessary
affixed thereto that by law constitute real property. The term"land"does not include or desirable to establish the title to the estate or interest,as insured,or to prevent or
any property beyond the lines of the area described or referred to in Schedule A,nor reduce loss or damage to the insured. The Company may take any appropriate
any right, title, interest, estate or easement in abutting streets, roads, avenues, action under the terms of this policy,whether or not it shall be liable hereunder,and
alleys,lanes,ways or waterways,but nothing herein shall modify or limit the extent shall not thereby concede liability or waive any provision of this policy. If the
to which a right of access to and from the land is insured by this policy. Company shall exercise it rights under this pararaph,it shall do so diligently.
(e) "mortgage": mortgage, deed of trust, trust deed, or other security (c) Whenever the Company shall have brought an action or interposed a
instrument. defense as required or permitted by the provisions of this policy,the Company may
(f) "public records": records established under state statutes at Date of Policy pursue any litigation to final determination by a court of competent jurisdiction and
for the purpose of importing constructive notice of matters relating to real property to expressly reserves the right, in its sole discretion, to appeal from any adverse
purchasers for value and without knowledge. With respect to Section 1(a)(iv)of the judgment or order.
Exclusions From Coverage, "public records" also shall include environmental (d) In all cases where this policy permits or requires the Company to prosecute
protection liens filed in the records of the clerk of the United States district court for or provide for the defense of any action or proceeding,the insured shall secure to the
the district in which the land is located. Company the right to so prosecute or provide defense in the action or proceeding,
(g)"access" : legal right of access to the land and not the physical condition of and all appeals therein,and permit the Company to use,at its option,the name of
access. The coverage provided as to access does not assure the adequacy of access for the insured for this purpose. Whenever requested by the Company,the insured,at
the use intended. the Company's expense,shall give the Company all reasonable aid(i) in any action
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. or proceeding,securing evidence,obtaining witnesses,prosecuting or defending the
The coverage of this policy shall continue in force as of Date of Policy in favor of action or proceeding,or effecting settlement,and(ii)in any other lawful act that in
an insured only so long as the insured retains an estate or interest in the land,or the opinion of the Company may be necessary or desirable to establish the title to the
holds an indebtedness secured by a purchase money mortgage given by a purchaser estate or interest as insured. If the Company is prejudiced by the failure of the
from the insured, or only so long as the insured shall hove liability by reason of insured to furnish the required cooperation,the Company's obligations to the insured
covenants of warranty made by the insured in any transfer or conveyance of the under the policy shall terminate, including any liability or obligation to defend,
estate or interest. This policy shall not continue in force in favor of any purchaser prosecute,or continue any litigation,with regard to the matter or matters requiring
from the insured of either(i)an estate or interest in the land,or(ii)an indebtedness such cooperation.
secured by a purchase money mortgage given to the insured. 5. PROOF OF LOSS OR DAMAGE.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. In addition to and after the notices required under Section 3 of these Conditions
The insured shall notify the Company promptly in writing (i) in case of any and Stipulations have been provided the Company,a proof of loss or damage signed
litigation as set forth in Section 4(a) below or,(ii)in case knowledge shall come to and sworn to by the insured claimant shall be furnished to the Company within 91
an insured hereunder of any claim of title or interest that is adverse to the title to the days after the insured claimant shall ascertain the facts giving rise to the loss or
estate or interest, as insured, and that might cause loss or damage for which the damage. The proof of toss or damage shall describe the defect in, or lien or
Company may be liable by virtue of this policy.if prompt notice shall not be given to encumbrance on the title, or other matter insured against by this policy that
the Company,then as to the insured all liability of the Company shall terminate with constitutes the basis of loss or damage and shall state, to the extent possible, the
regard to the matter or matters for which prompt notice is required; provided, basis of calculating the amount of the loss or damage. if the Company is prejudiced
however,that failure to notify the Company shall in no case prejudice the rights of by the failure of the insured claimant to provide the required proof of loss or
any insured under this polity unless the Company shall be prejudiced by the failure damage,the Company's obligations to the insured under the policy shall terminate,
and then only to the extent of the prejudice. including any liability or obligation to defend,prosecute,or continue any litigation,
When, after the Date for the Policy, the insured notifies the Company as with regard to the matter or matters requiring such proof of loss or damage.
required herein of a lien,encumbrance,adverse claim or other defect in title to the In addition, the insured claimant may reasonably be required to submit to
estate or interest in the land insured by this policy that is not excluded or excepted examination under oath by any authorized representative of the Company and shall
from the coverage of this policy,the Company shall promptly investigate the charge produce for examination, inspection and copying, at such reasonable times and
to determine whether the lien,encumbrance,adverse claim or defect is valid and not places as may be designated by any authorized representative of the Company,all
barred by law or statute. The Company shall notify the insured in writing,within a records,books,ledgers,checks,correspondence and memoranda,whether bearing o
reasonable time,of its determination as to the validity or invalidity of the insured's date before or after Date of Policy,which reasonably pertain to the loss or damage.
claim or charge under 'the policy. If the Company concludes that the lien, Further,if requested by any authorized representative of the Compbny,the insured
encumbrance,adverse claim or defect is not covered by this policy,or was otherwise claimant shall grant its permission,in writing,for any authorized representative of
addressed in the dosing of the transaction in connection with which this policy was the Company to examine, ins ed and copy all records, books, ledgers, checks,
issued, the Comoanv shall saecifically advise the incurpri of the rpnu,nc rnr 7!r �
CONDITIONS AND STIPULATIONS Continued
• • • • ..ontinued and concluded from reverse side of Policy Face)
by the insured claimant provided to the Company pursuant to this Section shall not 8. APPORTIONMENT.
be disclosed to others unless, in the reasonable judgment of the Company, it is If the land described in Schedule A consists of two or more portels that are not
necessary in the administration of the claim. Failure of the insured claimant to used as o single site,and a loss is established affecting one or more of the parcels
submit for examination under oath,produce other reasonably requested information but not all, the loss shall be computed and settled on a pro rata basis as if the
or grant permission to secure reasonably necessary information from third parties as amount of insurance under this policy was divided pro rata as to the value on Date of
required in this paragraph shall terminate any liability of the Company under this Policy of each separate parcel to the whole, exclusive of any improvements made
policy cs to that claim. subsequent to Date of Policy,unless a liability or value has otherwise been agreed
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF upon as to each parcel by the Company and the insured at the time of the issuance of
LIABILITY. this policy and shown by an express statement or by an endorsement attached to this
In case of a claim under this policy, the Company shall have the following policy.
additional options: 9. LIMITATION OF LIABILITY.
(a) To Pay or Tender Payment of the Amount of Insurance. (a) If the Company establishes the title,or removes the alleged defect,lien or
To pay or tender payment of the amount of insurance under this policy, encumbrance,or cures the lock of a right of access to or from the land,all as insured,
together with any costs, attorneys' fees and expenses incurred by the insured or takes action in accordance with Section 3 or Section 6,in a reasonably diligent
claimant, which were authorized by the Company, up to the time of payment or manner by any method, induding litigation and the completion of any appeals
tender of payment and which the Company is obligated to pay. therefrom, it shall have fully performed its obligations with respect to that matter
Upon the exercise by the Company of this option,all liability and obligations to and shall not be liable for any loss or damage caused thereby.
the insured under this policy, other than to make the payment required, shall (b) In the event of any litigation,induding litigation by the Company or with
terminate,including any liability or obligation to defend,prosecute,or continue any the Company's consent,the Company shall have no liability for loss or damage until
litigation,and the policy shall be surrendered to the Company for cancellation. there has been a final determination by a court of competent jurisdiction, and
(b) To Pay or Otherwise Settle With Parties Other than the Insured or With disposition of all appeals therefrom,adverse to the title as insured.
the Insured Claimant. (c) The Company shall not be liable for loss or damage to any insured for
(i) to pay or otherwise settle with other parties for or in the name of liability voluntarily assumed by the insured in settling any claim or suit without the
an insured claimant any claim insured against under this policy, together with any prior written consent of the Company.
costs, attorneys' fees and expenses incurred by the insured claimant which were 10. REDUCTION OF INSURANCE:REDUCTION OR TERMINATION OF LIABILITY.
authorized by the Company up to the time of payment and which the Company is All payments under this policy,except payments mode for costs,attorneys'fees
obligated to pay;or and expenses,shall reduce the amount of insurance pro tante.
(ii) to pay or otherwise settle with the insured claimant the loss or 11. LIABILITY NONCUMULATIVE.
damage provided for under this policy,together with any costs,attorneys'fees and It is expressly understood that the amount of insurance under this policy shall
expenses incurred by the insured claimant,which were authorized by the Company be reduced by any amount the Company may pay under any policy insuring a
up to the time of payment and which the Company is obligated to pay. mortgage to which exception is taken in Schedule B or to which the insured has
Upon the exercise by the Company of either of the options provided for in agreed,assumed or taken subject,or which is hereafter executed by an insured and
paragraphs(b)(i)or(ii),the Company's obligations to the insured under this policy which is a charge or lien on the estate or interest described or referred to in Schedule
for the claimed loss or damage,other than the payments required to be made,shall A, and the amount so paid shall be deemed a payment under this policy to the
terminate,including any liability or obligation to defend,prosecute or continue any insured owner.
litigation. 12. PAYMENT OF LOSS.
(a) No payment shall be made without producing this policy for endorsement
7. DETERMINATION,EXTENT OF LIABILITY AND COINSURANCE. of the payment unless the policy has been lost or destroyed,in which case proof of
This policy is a contract of indemnity against actual monetary loss or damage loss or destruction shall be furnished to the satisfaction of the Company.
sustained or incurred by the insured claimant who has suffered loss or damage by (b) When liability and the extent of loss or damage has been definitely fixed
reason of matters insured against by this policy and only to the extent herein in accordance with these Conditions and Stipulations, the loss or damage shall be
described. payable within 30 days thereafter.
(a) The liability of the Company under this policy shall not exceed the least 13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
of: (a) The Company's Right of Subrogation.
i) the Amount of Insurance stated in Schedule A; Whenever the Company shall have settled and paid a claim under this policy,
ii) the difference between the value of the insured estate or interest as all right of subrogation shall vest in the Company unaffected by any act of the
insured and t e value of the insured estate or interest subject to the defect,lien or insured claimant.
encumbrance insured against by this policy at the date the insured claimant is The Company shall be subrogated to and be entitled to all rights and remedies
required to furnish to Company a proof of loss or damage in accordance with Section that the insured claimant would have had against any person or property in respect
5 of these Conditions and Stipulations. to the claim had this policy not been issued. If requested by the Company, the
(b) In the event the Amount of Insurance stated in Schedule A at the Date of insured claimant shall transfer to the Company all rights and remedies against any
Policy is less than 80 percent of the value of the insured estate or interest or the full person or property necessary in order to perfect this right of subrogation. The
consideration paid for the land, whichever is less,or if subsequent to the Dote of insured claimant shall permit the Company to sue,compromise or settle in the name
Policy and improvement is erected on the land which increases the value of the of the insured claimant and to use the name of the insured claimant in any
insured estate or interest by at least 20 percent over the Amount of Insurance stated transaction or litigation involving these rights or remedies.
in Schedule A,then this Policy is subject to the following: If a payment on account of a claim does not fully cover the loss of the insured
(i where no subsequent improvement has been made, as to any claimant, the Company shall be subrogated to these rights and remedies in the
partial loss,the Company shall only pay the loss pro rata in the proportion that the proportion which the Company's payment bears to the whole amount of the loss.
amount of insurance at Dote of Policy bears to the total value of the insured estate or If loss should result from any act of the insured claimant,as stated above,that
interest at Date of Policy;or act shall not void this policy,but the Company,in that event,shall be required to pay
(ii) where a subsequent improvement has been made,as to any partial only thatart of any losses insured against by this policy that shall exceed the
loss,the Company shall only pay the loss pro rata in the proportion that 120 percent amount, if any, lost to the Company by reason of the impairment by the insured
of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of claimant of the Company's right of subrogation.
Insurance stated in Schedule A and the amount expended for the improvement. (b) The Company's Rights Against Non-insured Obligors.
The provisions of this paragraph shall not apply to costs, attorney's fees and The Company's right of subrogation against non-insured obligors shall exist
expenses for which the Company is liable under this policy,and shall only apply to and shall include, without limitation, the rights of the insured to indemnities,
that portion of any loss which exceeds,in the aggregate,10 percent of the Amount of guaranties, other policies of insurance or bonds, notwithstanding any terms or
Insurance stated in Schedule A. conditions contained in those instruments that provide for subrogation rights by
(c) The Company will pay only those costs, attorney's fees and expenses reason of this policy.
incurred in accordance with Section 4 of these Conditions and Stipulations.
CONDITIONS AND STIPULATIONS Continued
• (continued and concluded from reverse side of Policy Face)
by the insured claimant provided to the Company pursuant to this Section shall not 8. APPORTIONMENT.
be disclosed to others unless, in the reasonable judgment of the Company, it is If the land described in Schedule A consists of two or more panels that are not
necessary in the administration of the claim. Failure of the insured claimant to used as a single site,and a loss is established affecting one or more of the parcels
submit for examination under oath,produce other reasonably requested information but not all, the loss shall be computed and settled on a pro rata basis as if the
or grant permission to secure reasonably necessary information from third parties as amount of insurance under this policy was divided pro rata as to the value on Date of
required in this paragraph shall terminate any liability of the Company under this Policy of each separate parcel to the whole, exclusive of any improvements made
policy Gs to that claim. subsequent to Date of Policy, unless a liability or value has otherwise been agreed
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF upon as to each parcel by the Company and the insured at the time of the issuance of
LIABILITY this policy and shown by an express statement or by an endorsement attached to this
In case of a claim under this policy, the Company shall have the following policy.
additional options: 9. LIMITATION OF LIABILITY.
(a) To Pay or Tender Payment of the Amount of Insurance. (a) If the Company establishes the title,or removes the alleged defect,lien or
To pay or tender payment of the amount of insurance under this policy, encumbrance,or cures the lack of a right of access to or from the land,all as insured,
together with any costs, attorneys' fees and expenses incurred by the insured or takes action in accordance with Section 3 or Section 6, in a reasonably diligent
claimant, which were authorized by the Company, up to the time of payment or manner by any method, including litigation and the completion of any appeals
tender of payment and which the Company is obligated to pay. therefrom, it shall have fully performed its obligations with respect to that matter
Upon the exercise by the Company of this option,all liability and obligations to and shall not be liable far any loss or damage caused thereby.
the insured under this policy, other than to make the payment required, shall (b) In the event of any litigation,including litigation by the Company or with
terminate,including any liability or obligation to defend,prosecute,or continue any the Company's consent,the Company shall have no liability for loss or damage until
litigation,and the policy shall be surrendered to the Company for cancellation. there has been a final determination by a court of competent jurisdiction, and
(b) To Pay or Otherwise Settle With Parties Other than the Insured or With disposition of all appeals therefrom,adverse to the title as insured.
the Insured Claimant. (c) The Company shall not be liable for loss or damage to any insured for
(i) to pay or otherwise settle with other parties for or in the name of liability voluntarily assumed by the insured in settling any claim or suit without the
an insured claimant any claim insured against under this policy, together with any prior written consent of the Company.
costs, attorneys' fees and expenses incurred by the insured claimant which were 10. REDUCTION OF INSURANCE:REDUCTION OR TERMINATION OF LIABILITY.
authorized by the Company up to the time of payment and which the Company is All payments under this policy,except payments made for costs,attorneys'fees
obligated to pay;or and expenses,shall reduce the amount of insurance pro tanto.
(ii) to pay or otherwise settle with the insured claimant the loss or 11. LIABILITY NONCUMULATIVE.
damage provided for under this policy, together with any costs,attorneys' fees and It is expressly understood that the amount of insurance under this policy shall
expenses incurred by the insured claimant,which were authorized by the Company be reduced by any amount the Company may pay under any policy insuring a
up to the time of payment and which the Company is obligated to pay. mortgage to which exception is taken in Schedule B or to which the insured has
Upon the exercise by the Company of either of the options provided for in agreed,assumed or taken subject,or which is hereafter executed by an insured and
paragraphs(b)(i)or(ii),the Company's obligations to the insured under this policy which is a charge or lien on the estate or interest described or referred to in Schedule
for the claimed loss or damage,other than the payments required to be made,shall A, and the amount so paid shall be deemed a payment under this policy to the
terminate, including any liability or obligation to defend,prosecute or continue any insured owner.
litigation. 12. PAYMENT OF LOSS.
(a) No payment shall be made without producing this policy for endorsement
7. DETERMINATION,EXTENT OF LIABILITY AND COINSURANCE. of the payment unless the policy has been lost or destroyed,in which case proof of
This policy is a contract of indemnity against actual monetary loss or damage loss or destruction shall be furnished to the satisfaction of the Company.
sustained or incurred by the insured claimant who has suffered loss or damage by (b) When liability and the extent of loss or damage has been definitely fixed
reason of matters insured against by this policy and only to the extent herein in accordance with these Conditions and Stipulations, the loss or damage shall be
described. payable within 30 days thereafter.
(a) The liability of the Company under this policy shall not exceed the least 13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
of: (a) The Company's Right of Subrogation.
(ii) the Amount of Insurance stated in Schedule A; Whenever the Company shall have settled and paid a claim under this policy,
i) the difference between the value of the insured estate or interest as all right of subrogation shall vest in the Company unaffected by any act of the
insured and the value of the insured estate or interest subject to the defect, lien or insured claimant.
encumbrance insured against by this policy at the date the insured claimant is The Company shall be subrogated to and be entitled to all rights and remedies
required to furnish to Company a proof of loss or damage in accordance with Section that the insured claimant would have hod against any person or property in respect
5 of these Conditions and Stipulations. to the claim had this policy not been issued. If requested by the Company, the
(b) In the event the Amount of Insurance stated in Schedule A at the Date of insured claimant shall transfer to the Company all rights and remedies against any
Policy is less than 80 percent of the value of the insured estote or interest or the full person or property necessary in order to perfect this right of subrogation. The
consideration paid for the land, whichever is less, or if subsequent to the Date of insured claimant shall permit the Company to sue,compromise or settle in the name
Policy and improvement is erected on the land which increases the value of the of the insured claimant and to use the name of the insured claimant in any
insured estate or interest by at least 20 percent over the Amount of insurance stated transaction ar litigation involving these rights or remedies.
in Schedule A,then this Policy is subject to the following: if a payment on account of a claim does not fully cover the loss of the insured
(i) where no subsequent improvement has been made, as to any claimant, the Company shall be subrogated to these rights and remedies in the
partial loss,the Company shall only pay the loss pro rata in the proportion that the proportion which the Company's payment bears to the whole amount of the loss.
amount of insurance at Date of Policy bears to the total value of the insured estate or If loss should result from any act of the insured claimant,as stated above,that
interest at Date of Policy;or act shall not void this policy,but the Company,in that event,shall be required to pay
(ii) where a subsequent improvement has been made,as to any partial only that part of any losses insured against by this policy that shall exceed the
loss,the Company shall only pay the loss pro rata in the proportion that 120 percent amount, if any, lost to the Company by reason of the impairment by the insured
of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of claimant of the Company's right of subrogation.
Insurance stated in Schedule A and the amount expended for the improvement. (b) The Company's Rights Against Non-insured Obligors.
The provisions of this paragraph shall not apply to costs, attorney's fees and The Company's right of subrogation against non-insured obligors shall exist
expenses for which the Company is liable under this policy,and shall only apply to and shall include, without limitation, the rights of the insured to indemnities,
that portion of any loss which exceeds,in the aggregate,10 percent of the Amount of guarant' s, other policies of insurance or bonds, notwithstanding any terms or
Insurance stated in Schedule A. conditions contained in those instruments that provide for subrogation rights by
(c) The Company will pay only those costs, attorneys fees and expenses reason of this policy.
incurred in accordance with Section 4 of these Conditions and Stipulations.
14. ARBITRATION. Company is the entire pa ad contract between the insured acid the Company, In.
Unlessrohibited byapplicable low or unless this arbitration section is deleted interpreting any provision orchis policy,this policy shall be construed as a whole.
by specific provision in Schedule B of this policy, either the Company or the insured (b) Any claim of loss or damage, whether or not based on negligence, and
may demand arbitration pursuant to the Title Insurance Arbitration Rules of the which arises out of the status of the title to the estate or interest covered hereby or By
American Arbitration Association. Arbitrable matters may include, but are not any action asserting such claim,shall be restricted to this policy.
limited to,any controversy or claim between the Company and the Insured arising (c) No amendment of or endorsement to this policy can be made except by a
out of or relating to this policy, any service of the Company in connection with its writing endorsement hereon or attached hereto signed by either the President,a Vice
issuance or the breach of a policy provision or other obligation. All arbitrable President, the Secretary, an Assistant Secretary, or validating officer or authorized
matters when the Amount of Insurance is$1,000,000 or less SHALL BE arbitrated at signatory of the Company.
the request of either the Company or the insured,unless the insured is an individual 16. SEVERABILITY.
person (as distinguished from a corporation,trust,partnership,association or other In the event any provision of the policy is held invalid or unenforceable under
legal entity). All arbitrable matters when the Amount of Insurance is in excess of applicable law,the policy shall be deemed not to include that provision and all other
$1,000,000 shall be arbitrated only when agreed to by both the Company and the provisions shall remain in full force and effect.
Insured. Arbitration pursuant to this policy and under the Rules in effect on the date 17. NOTICES,WHERE SENT.
the demand for arbitration is made or, at the option of the insured,the Rules in All notices required to be given the Company and any statement in writing
effect at Date of Policy shall be binding upon the parties. The award may include required to be furnished the Company shall include the number of this policy and
attorney's fees only if the laws of the state in which the land is located permit a court shall be addressed to the Company at P.O.Box 2029,Houston,Texas 77252-2029.
to award attorneys fees to a prevailing party. Judgment upon the award rendered COMPLAINT NOTICE.
by the Arbitrator(s)may be entered in any court having jurisdiction thereof. Should any dispute arise about your premium or about a claim that you have
The law of the situs of the land shall apply to an arbitration under the Title filed,contact the agent or write to the Company that issued the policy. if the problem
insurance Arbitration Rules. is not resolved,you also may write the Texas Department of insurance, P.O. Box
A copy of the Rules may be obtained from the Company upon request. 149091,Austin,TX 78714-9091,Fax No. (512)475-1771. This notice of complaint
15. LIABILITY LIMITED TO THIS POLICY;POLICY ENTIRE CONTRACT. procedure is for information only and does not become a part or condition of this
(a) This policy together with all endorsements,if any,attached hereto by the policy.
-Stew ®
title guaranty company
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