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c o p y This Guarantee is issued upon the fo llo w in g conditions and stip u la tio n s; The l i a b i l i t y of th is Company s h a ll in no case exceed in a l l the amount stated on the f i r s t page hereof and s h a ll in a l l cases be lim ited to the actual lo ss of the persons and corporations fo r whose ben efit and protection th is Guarantee is issued as th e ir respective in terests may appear, provided, that each subsequent owner or pledgee of any indebted­ness secured by mortgage or deed of trust shown herein, s h a ll be en title d to and s h a ll have, a l l the p rotection , righ ts and remedies secured to the o rig in a l owner thereof by the issuance of this Guarantee, This Guarantee does not include an examination o f, or report on: 1, Exceptions and righ ts reserved in United States Patents, ra ilro a d rig h ts of way granted by Act of Congress, ex istin g canals, ditches, pipe lin e s , power lin e s and righ ts of way th erefor, ig ^ ^ t ln g ^roadg^ water rig h ts , water lo c a tio n s, mining claim s, records oF”any'','I'5caT d is t r ic t organised and existin g within said County, or matters a ffe c tin g t i t l e re su ltin g therefrom, 2, Laws or ordinances enacted by any governmental or pu blic agency fo r the purpose of regu latin g or re s tric tin g or co n tro llin g the occupancy or use o f the land described herein or any bu ild in g thereon, IN TESTIMONY WHEREOF, the Pioneer T it le Insurance and Trust Gompany has caused these presents to be duly signed by it s Presiden t. and attested by i t s _______________________ ^Secretary, under it s corporate s e a l, this_____ ___________ _____ ^ .. ...r. PIONEER TITEE INSURANCE AND TRUST COMPANY By .......... ........ President A ttest: Secretary