MORTGAGEE'S TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN
STEWART TITLE GUARANTY COMPANY
The Company commits to issue a Mortgagee Policy of Insurance to the Proposed Insured as of the Date and Time and in the Amount shown on SCHEDULE A hereof and insuring the Lien described in SCHEDULE A hereof, subject to the exceptions shown in SCHEDULE B hereof and pursuant to the requirements herein made and in the form then promulgated by the Commissioner of Insurance of the State of Texas.
Upon receipt of evidence showing compliance with and satisfaction of the requirements set forth under SCHEDULE C of this Binder, or in the event that said requirements are not complied with that proper exception is taken, and upon payment of the applicable premium therefore, the Company will issue its Mortgagee Policy in the face amount and as of the date and time set forth and covering the lien described in SCHEDULE A hereof.
Nothing herein contained shall be construed as insurance against the effect of zoning ordinances, if any, or the consequences of the exercise and enforcement or attempted enforcement of governmental "Police Power "over the property. No inspection of the premises has been made by this Company or its Agent, and this Binder is subject to any state of facts that a physical inspection would show.
This Binder is delivered and accepted upon the understanding that you have no personal knowledge or intimation of any defect, objection, lien or encumbrance affecting said premises other than those shown under SCHEDULE B hereof, and your failure to disclose any such personal information shall render this Binder and any policy issued based Thereon, null and void as to such defects, objections, liens and encumbrances.
This Binder shall not be binding until it shall have been countersigned by an Officer or Agent of the Company.
This Binder is preliminary to the issuance of the Mortgagee Policy referred to above, and in no event shall it be effective after one year from the date set forth in SCHEDULE A hereof unless extended in writing for a term or terms prescribed by the regulations of the Texas Department of Insurance and unless the premium of such extension is paid.
The Company's liability hereunder shall be determined by Exclusions from Coverage, and the terms, conditions and stipulations of the Mortgagee Policy referred to above; provided that the Company shall have no liability unless and until payment is made of the applicable premium for the above referred to Mortgagee Policy.
EXECUTED as of the date and hour shown in SCHEDULE A.
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