Document 6BdMJz30yRe9B4aLMkQr00Ygm

AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY FORM A-1970 (Amended 10-17-70) 04 014 01 0'S0 2 8 CHICAGO TITLE INSURANCE COMPANY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein; 2. Any defect in or lien or encumbrance on such tide; or 3. Lack of aright of access to and from the land. In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of the date of policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. CHICAGO TITLE INSURANCE COMPANY By:. Issued by; LITTLE ROCK ABSTRACT COMPANY State Agent 214 Louisiana Street P. O. Box 3414 Little Rock, Arkansas 72201 (501) FR 5-4477 sW-MwlS attest: President. Secretary. IMPORTANT This policy necessarily relates solely to the title as of the date of die policy. In order that a purchaser of the real estate described herein may be insured against defects, liens or encumbrances, this policy should be reissued in the name of such purchaser. Copyright 1969 American Land Title Association NIBCO000995 EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy; 1. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances). restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordinance or governmental regulation. 2. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records at Date of Policy. 3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company and not shown by the public records but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy and not disclosed in writing by the insured claimant to the Company prior,to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (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. 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, - A > SCHEDULE B fwpim ao2S4' NIBCO000996 Policy Humber. 04 014 01 05028 Owners ----*=*-*-- SCHEDULE B ` FOH^^3623** This policy does not insure against loss or damage by reason of the following exceptions: General Exceptions: (1) Rights or claims of parties in possession not shown by the public records. (2) Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey and inspection of the premises. (3) Easements or claims of easements not shown by the public records. (4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. (5) Taxes or special assessments which are not shown as existing liens by the public records. Special Exceptions: The mortgage, if any, referred to in Item 4 of Schedule A. (6) Restrictions and conditions contained in Deed dated October 31, 1961, filed for record November 1, 1961 and recorded in Book AA-9 at page 80 of the records of Woodruff County, Arkansas, conveying an undivided 1/4 interest from Richard T. Conner and wife, Mary Conner, to Augusta Industrial Development Corporation; and also, in a Deed dated November 1, 1961 and recorded in Book AA-9 at page 93, filed for record November 8, 1961, conveying an undivided 3/4ths interest from E. Cornelius Conner and wife, DeIrena Conner; Laura Conner Massey; and Ara Pat Huchins to Augusta Industrial Development Corporation. (7) Right of Way Easement in fayor of City of Augusta dated April 17, 1963 recorded in Volume AA-11, page 216, for transmission line. (8) Apparent Easement not of record 'in favor of Woodruff Electric Cooperative Corporation for a service line to serve this plant. (9) Standby Agreement for electric service between Augusta Corporation and City of Augusta (NOTE: By its terms this Agreement expired 10 years after May 3, 1963- There is an option for a 10 year renewal. The records do not disclose whether such option has been exercised.) (10) Right of Way Easement from Augusta Corporation to the City of Augusta, dated July 23, 1962. (11) An Industrial TrackAgreement between Grinnell Corporation and Missouri Pacific Railroad Company dated March 24, 1965. Authorized Signatory Schedule B of HiU Policy consists of 1 pag^t. NIBCO000997 Number 04 014 01 05028 . .. , --..... Dote fll; Policy . April 29, 1974 at 2:35 F.. M. Amountof Insurance ' $2,000,000.00. .' 1. Name of Insured: NIBCO., INC., AN INDIANA CORPORATION 2. The estate or interest in the land described herein and which is covered by this policy is: Fee simple . 3. The estate or interest referred to herein is at Date of Policy vested in the insured. 4. The land herein described is encumbered by the following mortgage or trust deed, and assignments: . * , . and. the mortgages or trust deeds, if any, shown in Schedule B hereof. 5. The land referred to in this policy is described as follows: All that part of the East Half of Section 6, Township 7 North, Range 3 West, lying North of the right of way of the Missouri Pacific Railroad Company and South and West of Arkansas State Highway No. 33, Woodruff County, Arkansas. U !! | j j This policy valid only if Schedule B is attached. N1BCO000998 '<swr*<pvi'i<s<i's<a --yinrxnyfnor<>>~ 1. Definition of Terms The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any rights or defenses the Company may have had against the named insured, those who succeed to the interest of such insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured claimant": an insured claiming loss or damage here under. (c) "knowledge": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of any public records. (d) "land": the land described, specifically or by reference in Sched ule A, and improvements affixed thereto which by law constitute real property; provided, however, the term "land" does not include any property beyond the lines of the area specifically described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument (f) "public records": those records which by law impart constructive notice of matters relating to said land. 2. Continuation of Insurance after Conveyance of Title The coverage of this policy shall continue in force as of Date of Policy in favor of an insured so long as such insured retains-an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from such insured, or so long as such insured shall have liability by reason of covenants of warranty made by such insured in any transfer or conveyance of such estate or interest; provided, however, this policy shall not continue in force in favor of any purchaser from such insured of either said estate or interest or the indebtedness secured by a purchase money mortgage given to such insured. 3. Defense and Prosecution of Actions--Notice of Claim to be given by an Insured Claimant , (a) The Company, at its own cost and without undue delay, shall provide for the defense of an insured in all litigation consisting of actions or proceedings commenced against such insured to the extent that such litigation is founded upon an alleged, defect, lien, encum brance, or other matter insured against by this policy. (b) The insured shall notify the Company promptly in writing (i) in case any action or proceeding is begun as set forth in (a) above, (ii) in case knowledge shall come to an insured hereunder of any drum of title or interest which is adverse to the title to the estate or interest as insured, and which might cause loss or damage for which the Com pany may be liable by virtue of this policy. If such prompt notice shall not be given to the Company, then as to such insured all liability of the Company shall cease and terminate in regard to the matter or matters for which such prompt notice is required; provided, how ever, that failure to notify shall in no case prejudice the rights of any such insured under this policy unless the Company shall be prejudiced by such failure and then only to the extent of such prejudice. (c) The Company shall have the right at its own cost to institute and without undue delay prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest as insured, and the Company may take any appropriate action under the terms of this policy, whether or not it shall be liable thereunder, and shall not thereby concede liability or waive any provision of this policy. (d) Whenever the Company shall have brought any action or inter posed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final determi nation by a court' of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (e) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured hereunder shall secure to the Company the right t6 so prosecute or provide defense in such action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such insured for such purpose. Whenever requested by the Com pany, such insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or defending such action or pro ceeding, and the Company shall reimburse such insured for any expense so incurred. . 4. Notice of Loss---Limitation of Action In addition to the notices required under paragraph 3(b) of these Conditions and Stipulations, a statement in writing of any loss or damage for which it is claimed the Company is liable under this policy shall be furnished to the Company within 90 days after such loss or damage shall have been determined and no right of action shall accrue to an insured claimant until 30 days after such statement shall have been furnished. Failure to furnish such statement of loss or damage shall terminate any liability of the Company under this policy as to such loss or damage. 3. Options to Pay or Otherwise Settle Claims The Company shall have the option to pay or otherwise settle for or in the name of an insured claimant any claim insured against or to terminate all liability and obligations of the Company hereunder by paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses in curred up to the time of such payment or tender of payment, by the insured claimant and authorized by the Company. 6. Determination and Payment of Loss (a) The liability of the Company under this policy shall in no case exceed the least of: (i) the actual loss of the insured claimant; or (ii) the amount of insurance stated in Schedule A. (b) .The Company will pay, in addition to any loss insured against by this policy, all costs imposed upon an insured in litigation carried on by the Company for such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written authorization of the Company. (c) When liability has been definitely fixed in accordance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. 7. Limitation of Liability No claim shall arise or be maintainable under this policy (a) if the Company, after having received notice of an alleged defect, lien or encumbrance insured against hereunder, by litigation or otherwise, removes such defect, lien or encumbrance or establishes the title, as insured, within a reasonable time after receipt of such notice; (b) in the event of litigation until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals there from, adverse to the title, as insured, as provided in paragraph 3 hereof; dr (c) for liability voluntarily assumed by an insured in settling any claim or suit without prior written consent of the Company. 8. Reduction of Liability All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. No payment shall be Made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof of srach loss or- destruction shall be furnished to the satisfaction of the Company. 9. Liability Noncumulafive It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring either (a) a mortgage shown or referred to in Schedule B hereof which is a lien on the estate or interest covered by this policy, or (b) a mortgage hereafter executed by an insured which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed CONDITIONS AND STIPULATIONS (Continued on Reverse Side) NIBCO000999 CONDITIONS AND STIPULATIONS (Continued) a payment under this policy. The Company shall have the option to apply to the payment of any such mortgages any amount that other wise would be payable hereunder to the insured owner of the estate or interest covered by this policy and the amount so paid shall be deemed a payment nnder this policy to said insured owner. 10. Apportionment If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of said parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance nnder this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each such parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement herein or by an endorsement attached hereto. 11. Subrogation Upon Payment or Settlement Whenever the Company shall have settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which such insured claimant would have had against any person or property in respect to such claim had this policy not been issued, and if requested by the Com pany, such insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect such right of subrogation and shall permit the Company to use the name of such insured claimant in any transaction or litigation involving such rights or remedies. If the payment does not cover the loss of such insured claimant, the Company shall be subrogated to such rights and remedies in the proportion which said payment bears to the amount of said loss. If loss should result from any act of such insured claimant, such act shall not void this policy, but the Company, to that event, shall be required to pay only that part of any losses insured against hereunder which shall exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation. 12. liability Limited to This Policy This instrument together with all endorsements and other instru ments, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. ' Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this policy. No amendment of or endorsement to this policy can be made except by writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, x>r validating officer or authorized signatory of the Company. 13. Notices, Where Sent All notices required to be given the Company and any statement to writing required to be furnished the Company shall be addressed to its principal office at 111 West Washington Street, Chicago, Illinois 60602, or at any branch office of the Company. NIBCO001000