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Home My WebLink AboutD-1030 Yoakum Poultry Units Recorded 11/09/19789UESTA STATE OF CALIFORNIA l .TITLE : COUNTY OF -_ San Luis Obispo } SS. On October 23, 1978 111 before me, the undersigned, a Notary Public in and for said Cnunty and State, personally appeared — -- — ALAN F. THOMAS 4 , known to me -1 to be the person whose name 1S subscribed to the within instrument and ack a Fed that he executed the same. Signature a ELSIE BOUGH ca Name (Typed or Printed) Notary Public in and for said County and State IndividuPl A -1 11111 Will 11111111111 All 11111111111 1, 1111 MI I11111111111I I IIIiIIII I IIIIIIIII I 1111111"Ll a OFFICIAL SEAL =_ ELSIE BOUGH NOTARY PUBLIC CALIFORNIA PRINCIPAL OFFICE IN SAN LUIS OBISPO COUNTY =_ My Cenrniss ?an Expires Jan. 16, 1981 ............... FOR NOTARY SEAL OR STAMP y0,t3 -vo�2 1� CUESrA TITLE o a 0 N f� c co , C m 0. 0 V, N STATE OF CALIFORNIA COUNTY OF San Luis .Obispo SS. On October 23, 1978 before me, the undersigned. a Notary Public in and for said County and State. personally appeared ALAN F. THOMAS known known to me to be the person— whose name IS subscribed to the within instrument. as the Attorney— in fact of _ PATRICIA M. THOMAS and acknowleedged to e that M . at he subscribed the name — of A THOMAS thereto as principal— and h own name— as Attorney— in fact. Signature ELSIE BOUGHdf Name (Typed or Printed) Notary Public in and for said County and State FOR NOTARY SEAL OR STAMP mmllsttfl� nmolminlnnlEAL _ OFFr QFFtC1AL S SEAL ELSIE BOUGH NOTARY PUBLIC CALIFORNIA ' PRINCIPAL OFFICE IN _ o SAN LUIS OBISPO COUNTY My Commission Expires Jan. 16, 1981 7....I III III II IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIt1111111111111111111111111111111111111111111111I FOR NOTARY SEAL OR STAMP V i I �. RECORDING REQUESTED EU1 SAFECO TITLE INSURANCE COMPANY AND WHEN RECORDED MAIL THIS DEED AND, UNLESS OTHER. WISE SHOWN BELOW, MAIL TAX STATEMENTS TO: NAME F City of San Luis Obispo AooREss c/o Thomas P. Gingg CITY 6 P. 0. Box 321 sTzip San Luis Obispo, Ca. 93406 Title Order No. Escrow No. 117598 —mye 093560 9M1 L00100.00sr i 000. Ivo. 53197 OFFICIAL RECORDS SAN LUIS OBISPO CO., CAI; NOV 91978 WILLIAM E. ZIMARIK COUNTY RECORDER 8 ® ®3 Aff SPACE ABOVE THIS LINE FOR RECORDER'S USE GRANT DEED The undersigned declares that the documentary transfer tax is 8 .......... je E YT ................... ..... ..... .... ... ..... .. ....... and is ❑ computed on the full value of the interest or property conveyed, or is ❑ computed on the full value less the value of liens or encumbrances remaining thereon at the time of sale. The land, tenements or realty is located in ❑ unincorporated area city of -------------------------------------------------------------------- - - - - -- and FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, R.AYNE GANN and KATHLEEN GANN, husband and wife, and ALAN F. THOMAS and PATRICIA M. THOMAS, husband and wife hereby GRANT(S) to CITY OF SAN LUIS aBISPO the following described real property in the City of San Luis Obispo county of San Luis Obispo , state of California: That portion of Lot 25 of Yoakum Poultry Units, in the City of San Luis Obispo, County of,San Luis Obispo, state of California, according to map recorded March 11, 1927 in Book 3, at page 89 of Maps, described as follows: Beginning at a point on the Northerly line of said lot 25, said point of beginning being distant along the Northerly line of said Lot, North 52° 03' East, 416.89 feet from the most Westerly corner of said Lot and running thence from said point of beginning South 32° 29' East, 119.37 feet to a point; thence North 570 31' East 50 feet to a point; thence North 320 29' West, 124.15 feet to a point on the Northerly line of said Lot 25; thence along the Northerly line of said lot, South 520 03',,West, 50.23 feet to the point of beginning. October 4, 1978 STATE OF CALIFORNIA , COUNTY OF SAN T.iITS OBISPO )} SS. On October 19, 14Z2 I)efore me, the under- signed, a Notary Puhlic in and for said County and State, personally appeared R. WAYNE GANN and KATHLEEN GANN known to me to be the person - __whose nam(S B r"P subscribed to the within ins u ent and acknowledged that[ thevexecuted the same. Signature otary SHE E A. CARDOZ R. a rii 8 � omas V v vM FOR NOTARY SEAL OR STAMP OFFICIAL SEAL SHERYLE A. CARDOZA NOTARY PUBLIC CALIFORNIA PRINCIPAL OFFICE IN SAN LUIS OBISPO COUNTY My Commission Expires August 30, 1981 Assessor's Parcel No .............. ..... ......... ........ ......... MAIL TAX STATEMENTS. TO PARTY SHOWN ON FOLLOWING LINE; IF NO PARTY SO SHOWN, MAIL AS DIRECTED ABOVE. Name L -1 (G.S.) (Rev. 4 -75) 8 pt. Street Address City & State w } JZ �¢ a O Ow c) C) wQ .w QU) CZ w} Ja O " O w wQ wcr Q� �Z i } a o� Q W 0 r � l h� L LU w .0 U a. O Q J O m LL W 1 U OO LLJ W O a U OU lJJ Uz 0 0 a U LL 2 Oz US 0 v Q� LL o ° CO ? 0-4- Q O CL w} Ja O " O w wQ wcr Q� �Z i } 0 0 a 0 ® J Q Q J Q z O W 1 O o LL OU lJJ o W m W O a U V U Z 2 Oz US 0 v pppp Y� LL ° 0-4- Q Cl) O C/) z z a w} Ja O " O w wQ wcr Q� �Z i C E R T I F I C A T E O F A C C E P T A N C E THIS IS TO CERTIFY that the interest in real property conveyed by the Grant Deed dated October 4, 1978 , 19 from R. Wayne Gann and Kathleen Gann, husband and wife; and Alan F. Thomas and Patricia'M. Thomas, husband and wife, to the CITY OF SAN LUIS OBISPO, a Political Corporation, is hereby accepted by the undersigned officer on behalf of the City Council pursuant to authority conferred by Resolution No. 54.9 (1959 Series), recorded May 26, 1959, in Volume 1002, Official Records, Page 292, San Luis Obispo County, California, and the Grantee consents to recordation thereof by its duly authorized officer or his agent. Date: November 8, 1978 960 END OF DOCUMEi� vo�2� = ® SAFECO TITLE SAFECD INSURANCE COMPANY SAFECO TITLE INSURANCE COMPANY Office — 1043 MARSH SAN LUIS GE ?S ?O, CA? FORNHA 93406 F • City of San Luis Obispo c/o Thomas P. Gingg • P.O. Box 321 San Luis Obispo, Ca 93+06 L DATE: November 20, 197E NUMBER: 117598 —myc POLICY: 1i7598 In accordance with instructions in the above order number, we enclose herewith our Policy of Title Insurance as requested. Any Documents recorded in connection with this transaction will be forwarded to you direct from the County Recorder's office. It has been our pleasure to have handled this transaction for you. If, at any time in the future we may assist you, we shall be pleased to have you request "SAFECO SERVICE ". We appreciate your business. Sincerely, SAFECO TITLE INSURANCE COMPANY Maureen Y. Christe en, Escrow Officer E -161 (G.S.) 11-65 bj i • "NAS. CLTA - 1973 SMECO • POLICY OF TITLE INSURANCE STANDARD COVERAGE SAFECO TITLE INSURANCE COMRANY SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, SAFECO TITLE INSURANCE COMPANY, a California corporation, herein called the Company, insures the insured, 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 said insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on such title; 3. Unmarketability of such title; or 4. Any lack of the ordinary right of an abutting owner for access to at least one physically open street or highway if the land, in fact, abuts upon one or more such streets or highways; and in addition, as to the insured lender only: 5. Invalidity of the lien of the insured mortgage upon said estate or interest except to the extent that such invalidity, or claim thereof, arises out of the transaction evidenced by the insured mortgage and is based upon a. usury, or b. any consumer credit protection or truth in lending law; 6. Priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being shown in Schedule B in the order of its priority; or 7. Invalidity of any assignment of the insured mortgage, provided such assign- ment is shown in Schedule B. P -218 (Area 1) 12 -77 io \�*� Mnhrby% 14 # 4 President CONDITIONS AND STIPULATIONS 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 defense 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 in- cluding, but not limited to, heirs, distribu- tees, devisees, survivors, personal repre- sentatives, next of kin, or corporate or fidu- ciary successor. The term "insured" also in- cludes (i) the owner of the indebtedness secured by the insured mortgage and each successor in ownership of such indebted- ness (reserving, however, all rights and de- fenses as to any such successor who acquires the indebtedness by operation of law as described in the first sentence of this subparagraph (a) that the Company would have had against the successor's transferor), and further includes (ii) any governmental agency or instrumentality which is an in- surer or guarantor under an insurance con- tract or guaranty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not, and (iii) the parties designated in paragraph 2(a) of these Conditions and Stipulations. (b) "insured claimant ": an insured claiming loss or damage hereunder. (c) "insured lender ": the owner of an insured mortgage. (d) "insured mortgage ": a mortgage shown in Schedule B, the owner of which is named as an insured in Schedule A. (e) "knowledge ": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of any public records. (f) "land '': the land described, spe- cifically or by reference in Schedule A, and improvements affixed thereto which by law constitute real property; provided, however, the term "land'' does not include any area excluded by Paragraph No. 6 of Part I of Schedule B of this Policy. (g) "mortgage ": mortgage, deed of trust, trust deed, or other security instrument. (h) "public records '': those records which by law impart constructive notice of matters relating to the land. 2. (a) Continuation of Insurance after Acquisition of Title by- Insured Lender If this policy insures the owner of the in- debtedness secured by the insured mort- gage, this policy shall continue in force as of Date of Policy in favor of such insured who acquires all or any part of the estate or interest in the land described in Schedule A by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner which discharges the lien of the insured mortgage, and if such insured is a corpo- ration, its transferee of the estate or interest so acquired, provided the transferee is the parent or wholly owned subsidiary of such insured; and in favor of any governmental agency or instrumentality which acquires all or any part of the estate or interest pursuant to a contract of insurance or guaranty in- suring or guaranteeing the inbedtedness secured by the insured mortgage. After any such acquisition the amount of insurance hereunder, exclusive of costs, attorneys' fees and expenses which the Company may be obligated to pay, shall not exceed the least of: (i) the amount of insurance. stated in Schedule A; (ii) the amount of the unpaid principal of the indebtedness plus interest thereon, as determined under paragraph 6(a) (iii) here- of, expenses of foreclosure and amounts advanced to protect the lien of the insured mortgage and secured by said insured mort- gage at the time of acquisition of such estate or interest in the land; or (iii) the amount paid by any governmental agency or instrumentality, if such agency or instrumentality is the insured claimant in acquisition of such estate or interest in satisfaction of its insurance contract or guaranty. (b) 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 in- sured so long as such insured retains an estate or interest in the land, or owns an in- debtedness 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 war- ranty made by such insured in any transfer or conveyance of such estate or interest; provided, however, this policy shall not con- tinue 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 in- sured Claimant (a) The Company at its own cost and without undue delay, shall provide for the de- fense of an insured in litigation to the extent that such litigation involves an alleged de- fec'., lien, encumbrance or other matter in- sured against by this policy. (b) The insured shall notify the Company promptly in writing (i) in case of any liti- gation as set forth in (a) above, (ii) in case knowledge shall come to an insured here- under of any claim of title or interest which is adverse to the title to the estate or interest or the lien of the insured mortgage, as in- sured, and which might cause loss or dam- age for which the Company may be liable by virtue of this policy, or (iii) if title to the es- tate or interest or the lien of the insured mortgage, as insured, is rejected as un- marketable. 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 prompt notice is re- quired; provided, however, 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 or the lien of the insured mortgage, as insured; and the Company may take any appropriate action, whether or it shall be liable under the terms of this policy, and shall not thereby concede liability or waive any provision of this policy. (d) Whenever the Company shall have brought any action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final determination 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 pro- ceeding, the insured hereunder shall secure to the Company the right to so prosecute or provide defense in such action or pro- ceeding, and all appleals therein, and per- mit the Company to use, at its own option, the name of such insured for such purpose. Whenever requested by the Company, such insured shall give the Company, at the Com- pany's expense, all reasonable aid (1) in any such action or proceeding in effecting settlement, securing evidence, or prose- cuting or defending such action or pro- ceeding, and (2) in any other act which in the opinion of the Company may be neces- sary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured, including but not limited to executing corrective or other documents. 4. Proof of Loss or Damage - Limitation of Action In addition to the notices required under Paragraph 3(b) of these Conditions and Stipulations, a proof of loss or damage, signed and sworn to by the insured claim- ant shall be furnished to the Company with- in 90 days after the insured claimant shall ascertain or determine the fact giving rise to such loss or damage. Such proof of loss or damage shall describe the defect in, or lien or encumbrances on the title, or other matter insured against by this policy which constitutes the basis of loss or damage, and, when appropriate, state the basis of calcu- lating the amount of such loss or damage. Should such proof of loss or damage fail to state fact sufficient to enable the Com- pany to determine its liability hereunder, in- sured claimant, at the written request of the Company, shall furnish such additional in- formation as may reasonably be necessary to make such determination. No right of action shall accrue to insured claimant until 30 days after such proof of loss or damage shall have been furnished. Failure to furnish such proof of loss or damage shall -terminate any liability of the Company under this policy as to such loss or damage. (Conditions and Stipulations Continued and Concluded on Last Page of this Policy) • • jg S No. SP 188843 SCHEDULE A Policy No: 117598 Premium $ .134.50 (A -2 -A) Amount of :Insurance $ '17,000.00 Date. of Policy: November 9,-1978. at 8:03 a.m. 1. Name of Insured CITY OF SAN LUIS OBISPO 2:. The estate or interest in the land- described herein dnd .which is covered by this policy is: 4 ;l. A Fee: 3. The estate or interest referred to herein is at Date of Policy vested in: CITY OF SAN LUIS OBISPO d. The land referred to in this policy is situated in the State of California, County of San Luis Obispo and described as follows: SEE DESCRIPTION ATTACHED P -218 -A (G.S.) Rev. 11 -75 California Land Title Association Standard Coverage Policy -1973 CRC Ow That portion of Lot 25 of Yoakum Poultry Units, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded March 11, 1927, in Book 3, at page 89 of Maps, described as follovs: Beginning at a point on the Northerly line of said Lot 25, said point of beginning being distant along the Northerly line of said Lot, North 520 03' East, 416.89 feet from the most Westerly corner of said Lot and running thence from said point of beginning, South 320 29' East, 119.37 feet to a point; thence North 57 0'31' East 50 feet to a point; thence North 32° 29' West 124.15 feet to a point on the Northerly line of said Lot 25; thence along the Northerly line of said Lot, South 520 03' West, 50.23 feet to the point of beginning. P -218 -B (G.S.) Rev. 8 -73' California Land Title Association Standard Coverage Policy -1973 SCHEDULE B This policy does not insure against loss or damage, nor against costs, attorneys' fees or expenses, any or all of which arise by reason of the following: PART I 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making inquiry of persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 6. Any right, title, interest, estate or easement in land beyond the lines of the area specifically described or referred to in Schedule A, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing in this paragraph shall modify or limit the extent to which the ordinary right of an abutting owner for access to a physically open street or highway is insured by this policy. 7. 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. 8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records. 9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage 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 or acquired the insured mortgage 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 been a purchaser or encum- brancer for value without knowledge. (Schedule B continued on next page of this Policy) F -25 (G. S.) ` M`IVOW4 1. General and special taxes for the fiscal year 1978 -79; First installment : $57.75 paid Second installment . $57.75 Parcel'.no. : 4- 582 -01 Code area. : 3 -00 Bill no. : 023592•. 2. A special assessment for the project hereafter stated, amounts thereunder being collected.with the County taxes; Project Yoakum Tract Assessment District No. 2. 3. Any rights of others, including the public, in and to that portion of said land lying within any street or road as shown on the recorded map of said subdivision. 4. An-easement as conveyed:in deed; Recorded. February 13, 1964 in Book 1283, page 636 of Official Records Conveyed'to The City of San Luis Obispo Affects Southeasterly 10 feet -of said Lot Purpose stated. Sewer'repair and maintenance.' s u to ► (SWEENEY ALLEY) � '`°J 430 61 v p i 6 p v O� D N m N1• N Ir IV OIO `-j`JII •e� RO i y •.,'Oyu' • S•1 So: (�-/jl O I 10 � i � � W u u o o n v � j v 4 w I► 1� {D yly 120 u . lu NIO 1 E w A •r, 0 GO I sa fO - _ - _�_ _ ;zl o 40 1 A � D a N v j oC — 440 s u to ► (SWEENEY ALLEY) � '`°J 430 61 v p N O z 6 p v ~ .o N m N1• N Ir IV OIO `-j`JII vi RO i tt '1 • 1 1 1 1 � I ) p v I u a c W u u o o n v � j i 1 A3 of OI Op s . O A•. JS _ o T L :7 O 1 iJ.s m N1• N Ir IV OIO `-j`JII c � 'SOT tO � at SO � iG• i Owf ►� 0. i JI 1 1 A3 of OI Op s . O A•. JS _ o T L :7 O 1 iJ.s m N1• N Ir IV OIO `-j`JII c � H H i tt '1 • 1 1 1 1 � I ) p 94 — 4B 1 14,6 I O c 31 E. �� v u '160 n O to I v 4 w S.57•3I'N. Soo {D yly 120 �. _ _5.3�'li•n. N 0 f' 0 w A u i ox CO. RD. r a z rn A O v z O N NO. 271 L z r" =• O Mwi 1 m O — S z r INrr�� 5Le!iasR ==� I A co u 1�q .Ge 1 n f. S7.71'w. 1 T L :7 c � H H _ n O z ) c r O N -� U t ••• �� '160 n O C zyz O to isIM NO. 271 L z r" =• O Mwi 1 m O — S z r INrr�� 5Le!iasR ==� I A co T L :7 U t ••• �� '160 Ci 5.:� �i %7tty: isIM N 0 f' 0 �o ox ;zl o C 1 NO. 271 L z r" =• O Mwi 1 m O — S z r INrr�� 5Le!iasR ==� I A co • • CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) 5. Options to Pay or Otherwise Settle Claims and Options to Purchase In- debtedness 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 obli- gations of the Company hereunder by paying or tendering payment of the amount of in- surance under this policy together with any costs, attorneys' fees and expenses incurred up to the time of such payment or tender of payment by the insured claimant and author- ized by the Company. In case loss or dam- age is claimed under this policy by the owner of the indebtedness secured by the insured mortgage, the Company shall have the further option to purchase such in- debtedness for the amount owing thereon together with all costs, attorneys' fees and expenses which the Company is obligated hereunder to pay. If the Company offers to purchase said indebtedness as herein pro- vided, the owner of such indebtedness shal! transfer and assign said indebtedness and the mortgage and any collateral securing the same to the Company upon payment there- for as herein provided. Upon such offer being made by the Company, all liability and obligations of the Company hereunder to the owner of the indebtedness secured by said insured mortgage, other than the obli- gation to purchase said indebtedness pur- suant to this paragraph, are terminated. 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 claim- ant; or (ii) the amount of insurance stated in Schedule A, or, if applicable, the amonut of insurance as defined in paragraph 2(a) hereof; or (iii) If this policy insures the owner of the indebtedness secured by the insured mortgage, and provided said owner is tht insured claimant, the amount of the unpaid principal of said indebtedness, plus interest thereon, provided such amount shall not in- clude any additional principal indebtedness created subsequent to Date of Policy, except as to amounts advanced to protect the lien of the insured mortgage and secured thereby. (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 the amount of loss or damage 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 here- under, by litigation or otherwise, removes P -218 (Area 1) 1 -78 such defect, lien or encumbrance or es- tablishes the title, or the lien of the insured mortgage, 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 therefrom, adverse to the title or to the lien of the insured mortgage, as insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily admitted or assumed by an insured without written consent of the Company. 8. Reduction of Insurance; Termination of Liability All payments under this policy, except payment made for costs, attorneys' fees and expenses, shall reduce the amount of the in- surance pro tanto; provided, however, if the owner of the indebtedness secured by the insured mortgage is an insured hereunder, then such payments, prior to the acquisition of title to said estate or interest as provided in paragraph 2(a) of these Conditions and Stipulations, shall not reduce pro tanto the amount of the insurance afforded hereunder as to any such insured, except to the ex- tent that such payments reduce the amount of the indebtedness secured by such mort- gage, Payment in full by any person or voluntary satisfaction or release of the insured mort- gage shall terminate all liability of the Com- pany to an insured owner of the indebted- ness secured by the insured mortgage, ex- cept as provided in paragraph 2(a) hereof. 9. Liability Noncumulative It is expressly understood that the amount of insurance under this policy, as to the in- sured owner of the estate or interest or in- terest covered by this policy, shall be re- duced by any amount the Company may pay under any policy insuring (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 a pay- ment under this policy. The Company shall have the option to apply to the payment of any such mortgage any amount that other- wise would be payable hereunder to the in- sured owner of the estate or interest covered by this policy and the amount so paid shall be deemed a payment under this policy to said insured owner. The provisions of this paragraph 9 shall not apply to an owner of the indebtedness secured by the insured mortgage, unless such insured acquires title to said estate or interest in satisfaction of said indebted- ness or any part thereof. 10. Subrogation Upon Payment or Settle- ment . Whenever the Company shall have paid or settled a claim under this policy, all right of subrogation shall vest in the Company un- affected by any act of the insured claimant, except that the owner of the indebtedness secured by the insured mortgage may re- lease or substitute the personal liability of any debtor or guarantor, or extend or other- wise modify the terms of payment, or release a portion of the estate or interest from the lien of the insured mortgage, or release any collateral security for the indebtedness, pro- vided such act occurs prior to receipt by such insured of notice of any claim of title or interest adverse to the title to the estate or interest or the priority of the lien of the insured mortgage and does not result in any loss of priority of the lien of the insured mortgage. 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 re- spect to such claim had this policy not been issued, and the Company is hereby author- ized and empowered to sue, compromise or settle in its name or in the name of the in- sured to the full extent of the loss sustained by the Company. If requested by the Com- pany, the insured shall execute any and all documents to evidence the within subro- gation. 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 pay- ment bears to the amount of said loss, but such subrogation shall be in subordination to an insured mortgage. If loss should result from any act of such insured claimant, such act shall not void this policy, but the Com- pany, in that event, .shall as to such insured claimant be required to pay only that part of the 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. 11. Liability Limited to this Policy This instrument together with all endorse- ments and other instruments, 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 lien of the insured mortgage or of the title to the estate or in- terest covered hereby, or any action as- serting 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 en- dorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or vali- dating officer or authorized signatory of the Company. No payment shall be made without pro- ducing this policy for endorsement of such payment unless the policy be lost or de- stroyed, in which case proof of such loss or destruction shall be furnished to the satis- faction of the Company. 12. Notices, Where Sent All notices required to be given the Com- and any statement in writing required to be furnished the Company shall be addressed to it at the office which issued this policy or to its Home Office, 13640 Roscoe Blvd., Panorama City, California 91409. 13. THE CHARGE SPECIFIED IN SCHED- ULE A IS THE ENTIRE CHARGE FOR TITLE SEARCH, TITLE EXAMINATION AND TITLE INSURANCE. 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