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C O P Y This Guarantee is issued upon the following conditions and stipulations: The liability of this Company shall in no case exceed in all the amount stated on the first page hereof and shall in all cases be limited to the actual loss of the persons and corporations for whose benefit and protection this Guarantee is issued as their respective interests may appear, provided, that each subsequent owner or pledgee of any indebtedness secured by mortgage.or deed of trust shown herein, shall be entitled to and shall have, all the protection, rights and remedies secured to the original owner thereof by the issuance of this Guarantee. This Guarantee does not include an examination of, or report on: 1. Exceptions and rights reserved in United States Patents, railroad rights of way granted by Act of Congress, existing canals, ditches, pipe lines, power lines and rights of way therefor, <gxisting roadsj water rights, water locations, mining claims, records o'f'“any"TocSi clistrict organized and existing within said County, or matters affecting title resulting therefrom. 2. Laws or ordinances enacted by any governmental or public agency for the purpose of regulating or restricting or controlling the occupancy or use of the land described herein or any building thereon. IN TESTIMONY WHEREOF, the Pioneer Title Insurance and Trust Company has caused these presents to. be duly signed by its____ ________ President, and attested by i t s ______Secretary, under its corporate seal, this_______________ ’_____________________ ______________ • PIONEER TITEE INSURANCE AND TRUST COMPANY By. President Attest: Secretary