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HomeMy WebLinkAboutD-1145 1010 Nipomo Street Recorded 07/30/19821r1 RECORDING REQUESTED BY Title Insurance and Trust AND WHIEN RIECORDIED MAIL TO Name F City of San Luis Obispo ATTN -: ANNE M. - RUSSELL neeta■■ P.O. Box 321 city a San Luis Obispo, CA 93406 Stale I MAIL TAX STATEMENTS TO F Name sl`a't Addrea■ SAME AS ABOVE City a State L 9948 s000'8 DOC. NO. 312"72 OFFICIAL RECORDS SAN LUIS OBISPO CO., CAL JUL 3 01982 /WILLIAM E. ZIMARIK COUNTY RECORDER .TIME 8: 0-2 AM SPACE ABOVE THIS LINE FOR RECORDER'S USE Individual Grant Deed TO 1923 CA (12 -74) THIS FORM FURNISHED BY TICOR TITLE INSURERS A. P. N. 2- 1}21 —OZ -000 The undersigned grantor(s) declare(s) FDocumentary transfer tax is $ -0- a ( ) computed on full value of property conveyed, or ( ) computed on full value less value of liens and encumbrances remaining at time of sale. ( ) Unincorporated area: (X� City of San Luis Obispo , and f �O M FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, PAUL P. PIANTANIDA and EDNA L. PIANTANIDA, husband and wife hereby GRANT(S) to THE CITY OF SAN LUIS OBISPO, a Chartered Municipal Corporation of the State of California! the following described real property in the City of San Luis Obispo County of California , State of California: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF AS'EXHIBIT 'TALL Dated July. 29, 1982 Paul P. Piantanida STATE OF CALIFORNIA COUNTY OF San Luis Obism }SS. On July 30, 1982 before me, the under- signed, a Notary Public in and for said State, personally appeared Paul P. Piantanida and Edna L Piantanida known to. me to be the person A whose names anp subscribed to the within instrument and acknowledged that they executed the same. WITNESS my hand and official seal. OFFICIAL SEAL MARY L. SCHINBINE NOTARY PUBLIC-CALIFORNIA PRINCIPAL OFFICE IN_ p„. SAN LUIS OBISPO COUNTY My Commission Expires June 28, 1984 Signature (This- area for official notarial Bean Title Order No. Escrow or Loan No. 1.30)s 0-13J3 LI/ MAIL TAX STATEMENTS AS DIRECTED ABOVE ; vGLZ PAGE 552, Edna L. Piantanida OFFICIAL SEAL MARY L. SCHINBINE NOTARY PUBLIC-CALIFORNIA PRINCIPAL OFFICE IN_ p„. SAN LUIS OBISPO COUNTY My Commission Expires June 28, 1984 Signature (This- area for official notarial Bean Title Order No. Escrow or Loan No. 1.30)s 0-13J3 LI/ MAIL TAX STATEMENTS AS DIRECTED ABOVE ; vGLZ PAGE 552, Y o Z fit o ®N cme. < Z f1 m O s 3 M i m > -� >m = cn z� n Z e ®Z r n ==i YI LB ov r-- O e� >M m a Ln> rc �Zm m < A 1 , n m m o O K -o r D D m O D m b o m ® e ° z n vN ° m LN D Ul D < -1Z n m c CL CL (D C® PF CL 136870 —LP PAGE .3 DESCRIPTION PARCEL 1: THAT PORTION OF BLOCK 8 OF THE CITY OF SAN LUIS OBISPO, IN THE COUNTY OF SAN LUIS OUISPO, STATE OF CALIFORNIA, ACCORDING TO HARRIS AND WARD SURVEY OF SAID CITY, IN BOOK A, PAGE 5 OF NAPS, DESCRIBED AS FOLLOWS: 3EG.INNING AT THE INTER SECT Ii':`4 OF THE SOUTHEASTERLY LINE OF MONTEREY STREET b•;ITH THE NOPTHEASTERLY LINE OF NIPOM0 STREET; THENCE NORTH 530 07' EAST -ALONG SAID SOUTHEASTERLY LINE OF MONTEREY STREET, 54 FEET; THEt4CE AT RIGHT ANGLES SOUTH 360 53' EAST TO THE CENTER OF SAN LUIS OBISPO CREEK,; THENCE NORTH!, "ESTERLY ALONIG THE CENTER. OF SAID CREEK TO THE INTERSECTION THEREOF 111TH. THE NORTHEASTERLY LINE OF NIPOMO STREET; THENCE NOPTH 3u'° 53' WEST ALONG SAID STREET LINE, 7.5 FEET, MORE OR LESS, TO THE POINT OF BEGINNING. PARCEL 2: THAT PORTION OF - BLOCK B OF THE CITY OF SAN. LUIS _.OBISPO, IN THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO HARRIS AND WARDS SURVEY OF SAID CITY, IN BOOK A, PAGE 6 OF MAPS, f)ESCR I BE.r) AS FOLLOWS: BEGINNING AT A POI;dT ON THE SOUTHEASTERLY LINE OF MONTEREY STREET, DISTA ";T THEREON NORTH 53° 07' EAST,_ 54 FEET FROM THE INTERSECTION OF SAID LINE OF MONTEREY STREET, WITH THE NORTHEASTERLY LICE OF NIPOMO STREET; THENCE CONTINUING NORTH 530 07'' EAST ALONG SAID L114E OF MONTEREY, STREET, 27 FEET; THENCE AT RIGHT ANGLES SOUTH 350 53'. EAST TO THE CENTER OF SAN LUIS OBISPO CREEK; THENCE NORTHWFSTERL.Y ALONG THE CENTER OF SAID CREEK, TO THE SOUTHEASTERLY COPNER OF THE LA "1D DESCRIBED I ^. THE DEED TO PAUL D. PIANTANIDA ET UX.,.RECORDED;MARCH 29, 1946 IN BOOK 402, PAGE 315 OF OFFICIAL RECORDS; THENCE NORTH 360 53' WEST ALONG THE NORTHEASTERLY LINE OF THE LAND DESCRIBED Ira THE SAID DEED TO THE POINT OF .BEGINNING. (END OF DESCRIPTION) , UOL ?4 ?-? PAGE 553 1 C E R T I F I C A,T E O F A C C E P T A N C E ., iC it iC .. �: x ... is :C i: 7C •. THIS IS TO CERTIFY that the interest in real property conveyed by the _Grant deed dated July 29 1982, from Paul P. Piantanida and Edna L.. Piantanida to the CITY OF S.MN 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. 549 (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 of his agent. Date: July 30, 1982 CTTY OF SAN LUIS OBISPO By-,. )-y, `Acting City''Attcrney Anne Russell ATTEST: Paul A:arispery, AtngCty Clerk .L - ` END OF DOCUMENT VOL2422 PACE 5I) CAT. NO. NNO0127 TO 528 CA (8 -81) : rim TITLE INSURANCE AND TRUST 1212 Marsh Street P.O. Box 810 San Luis Obispo, California 93406 805 543 2900 CITY OF SAN LUIS OBISPO IMPORTANT ATTN: ANN RUSSELL When replying refer to ASST. CITY ATTORNEY - Our No: 136870 –LP 990 PALM STREET . SAN LUIS OBISPO, CA 93401 Your No. PIANTANIDA In response to the above referenced application for a policy of title insurance, Title Insurance and Trust Company hereby reports that it is prepared. to issue, or cause to be issued, as of the date hereof, a. California Land Title Associa- tion Standard Coverage form Policy of Title Insurance describing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by.reason.of any defect, lien or encumbrance not shown or re- ferred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said policy form. NOTICE: If the real property covered by this- report is a residential condominium unit, a residential lot., or a residential lot improved with a structure containing one to four single family residential units, then the policy issued, to an owner in connection herewith, will not be the policy referred -to above, but. will be the American Land Title Association Residential Policy - 1979 Form. *This report (and any supplements or amendments thereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. If it is desired that liability be assumed prior to the issuance of a policy of title insurance, a Binder or Comiiutment,should be requested. 'Dated as of JUNE' 16 119 -9-2, at 7:30 a. m. LLOYD PETERSON Title Officer The estate or interest in the land hereinafter described -or referred to covered by this Report is a fee. - Title to said estate or interest at the date hereof is vested in: PAUL P. PIANTANIDA AND EDNA L. PIANTANIDA, HUSBAND AND WIFE, AS JOINT TENANTS At the Aate hereof exceptions to coverage in addition to the printed exceptions and exclusions contained in said policy form would be as follows: ATICOR COMPANY TO 1 867 (10 -74) 136870 -LP PAGE 2 1. FOR TAXES, BONDS AND ASSESSMENTS, CURRENT OR DELINQUENT, SEE EXHIBIT "I" ATTACHED. 2. SUCH R.IG.HTS AND EASEMENTS FOR NAVIGATION AND FISHERY WHICH MAY EXIST OVER THAT PORTION OF SAID LAND LYING BENEATH THE WATERS OF SAN LUIS OBISPO CREEK. DESCRI.PTION:. THE LAND REFERRED TO IN THIS REPORT .IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY-OF SAN LUIS OBISPO, AND IS DESCRIBED AS FOLLOWS: ATTACHED HERETO. LP: EM 6/28/82 1 TO 1 867 (10 -74) 136870 -LP PAGE 3 DESCRIPTION PARCEL 1: THAT PORTION OF BLOCK 8 OF THE CITY OF SAN LUIS OBISPO, IN THE COUNTY OF SAN LUIS OBI.SPO, .STATE OF CALIFORNIA, ACCORDING TO HARRIS AND WARD SURVEY OF SAID CITY, IN BOOK A, PAGE 6 OF MAPS, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE SOUTHEASTERLY LINE OF MONTEREY.STREET WITH THE NORTHEASTERLY LINE OF NIPOMO.STREET; THENCE NORTH -530 07' EAST ALONG SAID SOUTHEASTERLY LINE OF MONTEREY STREET, 54 FEET;, THENCE AT RIGHT ANGLES SOUTH 360 53' EAST TO THE 'CENTER OF SAN LUIS OBISPO CREEK; THENCE NORTHWESTERLY ALONG. THE CENTER OF SAID CREEK TO THE INTERSECTION THEREOF WITH. THE NORTHEASTERLY LINE OF NIPOMO STREET; THENCE NORTH 36 °.53' WEST ALONG SAID.STREET LINE, 75 FEET, . MORE OR LESS, TO: THE POINT OF BEGINNING. PARCEL. 2: THAT PORTION OF BLOCK 8 OF THE CITY OF SAN LUIS OBISPO, I.N THE COUNTY -OF SAN LUIS OBISPO, .STATE OF CALIFORNIA, ACCORDING TO HARRIS AND WARDS SURVEY OF SAID CITY, IN BOOK A, PAGE 6 OF MAPS, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE SOUTHEASTERLY LINE OF MONTEREY STREET,, DISTANT .THEREON NORTH 530 a7' EAST,.54 FEET FROM THE INTERSECTION OF SAID LINE OF MONTEREY STREET,, WITH THE NORTHEASTERLY LINE OF NIPOMO.S.TREET;. THENCE CONTINUING NORTH 539 07' EAST ALONG SAID LINE OF MONTEREY .STREET,. 27 FEET;. THENCE AT RIGHT ANGLES. SOUTH 36° 531-EAST TO THE CENTER OF SAN LUIS OBISPO CREEK; THENCE NORTHWESTERLY ALONG. THE CENTER OF SA.I.D CREEK, TO THE SOUTHEASTERLY CORNER OF THE LAND DESCRIBED IN THE DEED TO PAUL D. PIANTANIDA ET UX., RECORDED MARCH: 29,.1946 IN BOOK 402, PAGE 3.15 OF OFFICIAL RECORDS; THENCE NORTH 360 53' WEST ALONG. THE NORTHEASTERLY LINE OF THE LAND DESCRIBED IN THE SAID DEED TO THE POINT OF BEGINNING. LEND OF DESCRIPTION) TO 1867 (1 0.74) 136870 -LP PAGE 4 EXHIBIT "I" 1. GENERAL AND SPECIAL COUNTY TAXES AND CITY TAXES FOR THE FISCAL YEAR 1982- 1983, A LIEN NOT YET PAYABLE. 2. GENERAL AND SPECIAL TAXES FOR THE FISCAL YEAR 1981 = 1982, NOW PAYABLE, INCLUDING PERSONAL PROPERTY. TAX, IF ANY AMOUNTS. CURRENTLY ASSESSED $299.72 - ALL PAID FIRST . INSTALLLMENT 149..86 PERSONAL PROPERTY-OF NONE IN THE AMOUNT-OF NONE SECOND INSTALLMENT 149:.86 TOGETHER WITK SUCH ADDITIONAL AMOUNTS WHICH MAY BE ASSESSED BY REASON OF: (A) IMPROVEMENTS.ADDED SUBSEQUENT TO MARCH 1,.1975; (B) CHANGES OF OWNERSHIP OCCURRING SUBSEQUENT. -TO MARCH 1, 1975; CC) ANY. FINAL JUDGMENT DETERMINING. THAT CONSTI.:TUTIONAL ARTICLE XILI A HAS BEEN APPLIED IMPROPERLY; CD) REAPPRAISAL OF PROPERTY-VALUES AS OF MARCH 1,.1975, CODE AREA PARCEL NO. 003 -000 2- 4.21 -.01 -000. oadow h ' OL N O z ul 0. cP Q Q OS N L 0 h N 1 N M a W w N 1S ' Ix W zsue! 0 Q } 06 - BC lil Os OS to0e I y i 0 Um h-----N '( ,' h z N in 9. _J � - - TL-- -- ---- P1 n r f0 U) m n h m Ww Z.. N N ou u n h---- - -- N o ry ^O) 06 n _ N _In mo aQ Z } Q U s i - I I I r to n � Lai ^ cm vii j' z o u 06 OS I .L4'ODI OS 70`ov M N I N N IS a O a a. � W M W N • � U a m ID a M. N Q I N N3aaV9 0 n a' OD W W m OL r N I �-: Ico o �- CL Z N m.0 0 N Q Z .1 h o< m O z O a. Neu W j 0 } Z 1� Q v" L - OS ICE) ^ oaaoHa3, _ I y i 0 Um h-----N '( ,' h z Jwl N 73 - - TL-- -- ---- P1 n r f0 U) m M N I N N IS a O a a. � W M W N • � U a m ID a M. N Q I N N3aaV9 0 n a' OD W W m OL r N I �-: Ico o �- CL Z N m.0 0 N Q Z .1 h o< m O z O a. 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NN00051 TO ( ,NOTICE OF RETURNED DOCUMENTS Our No. 136870 —BB City of San Luis Obispo • ATTN: ANNE M. RUSSELL Your No. Piantanida P.O. Box 321 San Luis Obispo, CA 93406 Date August..2, 1982. We are sending you the items checked below: ❑ Receipted tax bill which has served our purpose. Copy of covenants, conditions and restrictions ordered by you. Escrow Instructions dated ❑ Preliminary Title Report dated as of 0 Recorded instrument which you sent to us for examination. . ❑ Plat to be used with the drder number shown above. MC Policy. of Title Insurance per your instructions. Escrow -o Officer Beth Bevan tw County ATICOR COMPANY. TITLE INSURANCE AND TRUST P.O. Box 810 San Luis Obispo, CA 93406 Our No. 136870 —BB City of San Luis Obispo • ATTN: ANNE M. RUSSELL Your No. Piantanida P.O. Box 321 San Luis Obispo, CA 93406 Date August..2, 1982. We are sending you the items checked below: ❑ Receipted tax bill which has served our purpose. Copy of covenants, conditions and restrictions ordered by you. Escrow Instructions dated ❑ Preliminary Title Report dated as of 0 Recorded instrument which you sent to us for examination. . ❑ Plat to be used with the drder number shown above. MC Policy. of Title Insurance per your instructions. Escrow -o Officer Beth Bevan tw County ATICOR COMPANY. TITLE INSURANCE AND TRUST ATICOR COMPANY Policy of iFtle insurance SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, TITLE INSURANCE AND TRUST 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 an 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 assignment is shown in Schedule B. TO 1012 -TI (8 -79) California Land Title Association Standard Coverage Policy -1973 CAT: NO. NNO0240 Schedule B 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 C, 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 encumbrancer for value without knowledge. 10. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by making inquiry of the lessors in the lease or leases described or referred to in Schedule A. 11. The effect of any failure to comply with the terms, covenants and conditions of the lease or leases described or referred to in Schedule A. 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 repre- sentatives, next of kin, or corporate or fiduciary successors. The term "insured" also includes (i) the owner of the indebtedness secured by the insured mortgage and each successor in ownership of such indebtedness (reserving, however, all rights and defenses 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 insurer or guarantor under an insurance contract or guar- anty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not, and (iii) the parties des- Conditions and Stipulations ignated 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 specifically or by reference in Schedule C, and improvements affixed thereto which by law con- stitute 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 con- structive notice of matters relating to the land. (CONDITIONS AND STIPULATIONS Continued on the inside of the Last Page of This Policy) • • —nu iilie A55uciauon DCanaara,l- Overage roiicy-iu /J or Amerl Can Lana IitjO ASSOciation owners voncy Form 136870- LP —BB /EM Schedule A Amount of Insurance: Premium 395,000-00 is 1,01n.no 1. Nameof Insured:. THE CITY OF SAN LUIS OBISPO, A CHARTERED MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA 2. The estate or interest referred to herein is at hate of Policy vested in THE CITY.OF SAN LUIS OBISPO, A CHARTERED MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA 3. The estate or interest in the land described in Schedule C and which is covered by this policy is a fee. 0 v �aai o-r Iv- 1l,aInUrn la Lana III I ASbOC lip DLanoafo uovo,aae roiicy- ICJ /d . 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 All matters- set forth in paragraphs numbered 1(one) to 11(eleven) inclusive on .the.inside. cover sheet of this policy under . the heading of Schedule B Part I. Part II I; FOR TAXES, BONDS AND ASSESSMENTS, CURRENT OR DELINQUENT, SEE EXHIBIT "I" ATTACHED 2. SUCH RIGHTS AND EASEMENTS FOR NAVIGATION AND FISHERY WHICH MAY EXIST OVER THAT PORTION OF SAID LAND LYING 'BENEATH. THE WATERS OF SAN LUIS OBISPO CREEK. I U ttf6tl G u - /bp American Lana i me Ass on Loan roiicy -ly /V WILn HL 1 M enoorSemeni ro .overage or tAmencan Lana I nie rusUc1auun Owner's Policy Form B -1970 or California itle Association Standard Coverage Policy -1973 Schedule C The land referred to herein is described as follows: PARCEL 1: THAT PORTION OF BLOCK 8 OF THE CITY OF SAN -LUIS OBISPO, IN THE COUNTY -OF SAN LUIS OBISPO.. .STATE OF CALIFORNIA, ACCORDING. TO HARRIS AND WARD SURVEY OF SAID CITY, IN BOOK A, PAGE 6 OF MAPS, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE SOUTHEASTERLY LINE OF MONTEREY .STREET WITH THE NORTHEASTERLY LINE OF NIPOMO STREET; THENCE NO.RTH:530 07' EAST ALONG SAID SOUTHEASTERLY LINE OF MONTEREY _STREET,. 54 FEET; THENCE AT RIGHT ANGLES SOUTH 360 53' EAST. TO THE CENTER OF SAN LUIS OBISPO CREEK; THENCE NORTHWESTERLY ALONG. THE CENTER OF SAID CREEK T0: THE INTERSECTION THEREOF WITH. THE NORTHEASTERLY LINE OF NIPOMO .STREET; THENCE NORTH 360:53' WEST ALONG SAID .STREET LINE, 75 FEET,, MORE OR LESS, TO THE POINT OF BEGINNING. PARCEL: 2 : THAT PORTION OF BLOCK 8 OF THE CITY OF SAN LUIS OBISPO, IN THE COUNTY OF SAN LUIS OBISPO, .STATE.OF CALIFORNIA, ACCORDING TO. HARRIS AND WARD SURVEY OF SAID CITY, IN BOOK A, PAGE 6 OF MAPS, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE SOUTHEASTERLY LINE OF MONTEREY STR'EET,. DISTANT .THEREON NORTH :530 0.7' EAST,; 54 FEET FROM THE INTERSECTION OF SAID LINE OF MONTEREY STREET WITH. THE NORTH- EASTERLY LINE OF NIPOMO . STREET; THENCE CONTINUING NORTH:530 07' EAST ALONG SAID LINE OF MONTEREY STREET,: 27 .FEET; THENCE AT RIGHT ANGLES SOUTH1.36. 0 .53' EAST. .TO THE:CENTER OF SAN LUIS OBISPO CREEK; THENCE NORTHWESTERLY ALONG THE 'CENTER OF SAID CREEK, T0: THE SOUTHEASTERLY CORNER OF THE LAND DESCRIBED IN THE DEED. TO PAUL D. PIANTANIDA, .ET UX., RECORDED MARCH:2.9,..1946 IN BOOK 4.02, PAGE 315 OF OFFICIAL RECORDS; THENCE NORTH.360'53' WEST ALONG. THE NORTHEASTERLY LINE OF THE LAND DESCRIBED IN THE SAID DEED, TO THE POINT OF BEGINNING. TO 1 867 (10 -74) _ EXHIBIT "1" • 1. GENERAL.AND SPECIAL COUNTY. TAXES FOR THE FISCAL YEAR 1.982 -1983, A LIEN NOT YET PAYABLE. CAT. NO. NN00568 , TO 1919.1 CA (7-81) INDORSEMENT FORM 41 1•REV.. OWNER'S INFLATION PROTECTION INDORSEMENT ATTACHED TO POLICY NO. 1 136870 ISSUED BY Title Insurance and Trust Company The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional monetary protection to the Insured Owner named in said Policy, hereby modifies said Policy, as follows: 1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to the extent hereinafter specified. 2. "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the first January 1 which occurs more than six months after the Date of Policy, as shown in Schedule A of the Policy to which this Indorsement is attached, and on each succeeding January 1. 3. An upward adjustment will be made on each of the Adjustment Dates, as defined above, by increasing the maximum amount of insurance provided by said Policy (as said amount may have been . increased theretofore under the terms of this Indorsement) by the same percentage, if any, by which the United States Department of Commerce Composite Construction Cost Index (base period 1972) for the month of September immediately preceding exceeds the highest Index number for the month of September in any previous year which is subsequent to Date of Policy; provided, however, that the maximum amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of said Policy, less the amount of any claim paid under said Policy which, under the terms of the Conditions and Stipulations, reduces the amount of insurance in force. There shall be 'no annual adjustment in the amount of insurance for years in which there is no increase in said Construction Cost Index. 4. In the settlement of any claim against the Company under said Policy, the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of such claim, or as of the date of receipt by the Company of the first notice of such claim, whichever shall first occur. Nothing herein contained shall be construed as "extending or changing the effective date of said Policy. This Indorsement is made a part of said Policy and is subject to the schedules, conditions and stipulations therein, except as modified by the provisions hereof. rIF 4yU r: Title Insuran -de ?and- ;TFtrst'ComE i ? � 4. ,' LruPk.i •,: lam; d By ? ..:., z Secretary gyp'.,• "!I` �� `' ���_ S p� NOTE: In connection with a future application for title insurance covering said land, reissue credit on premium charges (if applicable at all) will be allowed only upon the original face amount of insurance as stated in Schedule A of said Policy. _ L N is oadoW ' n N Z OLU 'CO U W Q F: /1 \aJ OS to o� L n N CL N M Q W W rn in N v i N O_ a W W N Is sue- D Ix Wa } z 06 BE ;Jl OS Os Yo'Oo � ^ I o It c m a 4.0 _ W N rn i N IS N30aV9 0 - -- X. C O W• Mry m W _ _ _ x a n • IA n N m N N ------ -- o OD W n W „ in O - N o - 1 1 I I " - n = � o 06 OS LS 091 OS 10'09 Z O N $. 0ElH0HOlk: PI or N � � � i I I !� I I 1 I 1 I � _ m 4.0 W J W N rn i N IS N30aV9 0 - -- X. C O W• Mry m W _ _ _ x a W � ' 0 x ------ -- o OD W n W „ in -.- . ua :c Is OVOU13 '7.£S.v G "S 531% os sol (SS I ni. oc ool - r I 0 S'YL PI or 9ooY � � � i I I !� I I 1 I 1 I � _ N J y-----N o n r• W J W - L---- -_ - (eii ►--- N « r F Z Q - -- X. C O W• Mry m W _ _ _ ds ! :E N «„ • � � . ti ------ -- O OD O a I I O - N o " 091 oh o9 as to at tlU ? - - N „- -- --- - - - - -- _ ' (98) I pQ os sol (SS I ni. oc ool - r I 0 S'YL PI or 9ooY � � � i I I !� I I 1 I 1 I � _ N J y-----N o n r• W J r N n r N z_a ------ -- „ v N I I O - -- o 091 oh o9 as to at N f' rn O a Z m 0 O U) "O' Q =1 a Z J H °c 'm O z O Q N � U L O }z F- N V N N oL 3 Is OWOdIN 3 n 0 a L' o W J Um z_a w J li z 0� v W N Ir W ' } tlU ? z .IL mo pQ 0. U g I HV Lu O Z upio Q -�FfA.w W z W _ Q W � X W x cn a U Paz U) z h a 0fxa W J J z � � � t� H yam. W f) z Q y Z H =c I-a < ga. ;< U) 0: N N oL 3 Is OWOdIN 3 n 0 a 10 • . p . (CONDITIONS AND STIPULATIONS Continued From Reverse Side of Policy Face) 2. (a.) Continuation of Insurance after Acquisition of Title by Insured Lender If this policy insures the owner of the indebtedness secured by the insured mortgage, this policy shall continue in force as of Date of Policy in favor of such insured who acquires all or any part of said estate or interest in the land described in Schedule C by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal man- ner which discharges the lien of the insured mortgage, and if such insured is a corporation, 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 insuring or guaranteeing the indebtedness 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) hereof, expenses of foreclosure and amounts advanced to protect the lien of the insured mortgage and secured by said insured mortgage 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 insured so long as such insured retains an estate or interest in the land, or owns 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 litigation to the extent that such litigation involves an alleged defect, lien, encumbrance or other matter insured against by this policy. (b.) The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in (a) above, (ii) in case knowledge shall come to an insured hereunder 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 insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest or the lien of the insured mortgage, as insured, is rejected as unmarketable. 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, 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 appro- priate action, whether or not 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 inter- posed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final deter- mination 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 to 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 Company, such insured shall give the Company, at the Company's expense, all reasonable aid (1) in any such action or proceeding in effecting settlement, securing evidence, obtaining witnesses, or pros- s ecuting or defending such action or proceeding, and (2) in any other act which in the opinion of the Company may be necessary 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 claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain or deter- mine the facts giving rise to such loss or damage. Such proof of loss or damage shall describe the defect in, or lien or encumbrance on -the title, or other matter insured against by this policy which con- stitutes the basis of loss or damage, and, when appropriate, state the basis of calculating the amount of such loss or damage. Should such proof of loss or damage fail to state facts sufficient to enable the Company to determine its liability hereunder, insured claimant, at the written request of the Company, shall furnish such additional information 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. S. Options to Pay or Otherwise Settle Claims and Options to Purchase Indebtedness 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 incurred up to the time of such payment or tender of payment by the insured claimant and authorized by the Company. In case loss or damage is claimed under this policy by the owner of the indebted- ness secured by the insured mortgage, the Company shall have the further option to purchase such indebtedness 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 provided, the owner of such indebtedness shall transfer and assign said indebtedness and the mortgage and any collateral securing the same to the Company upon payment therefor as herein provided. Upon such offer being made by the Company, all liability and obligations of the Company here - under to the owner of the indebtedness secured by said insured mortgage, other than the obligation to purchase said indebtedness pursuant 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 claimant; or (ii) the amount of insurance stated in Schedule A, or, if applicable, the amount 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 the insured claim- ant, the amount of the unpaid principal of said indebtedness, plus interest thereon, provided such amount shall not include any addi- tional 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 hereunder, by litigation or otherwise, removes such defect, lien or encumbrance or establishes 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 juris- diction, 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 prior written consent of the Company. (CONDITIONS AND STIPULATIONS Continued and Concluded on Reverse Side of This Page) (CONDITIONS AND STIPULATIONS Continued and Concluded From Reverse Side of This Page) S. 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 insur- ance 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 extent that such payments reduce the amount of the indebtedness secured by such mortgage. Payment in full by any person or voluntary satisfaction or release of the insured mortgage shall terminate all liability of the Company to an insured owner of the indebtedness secured by the insured mort- gage, except 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 insured owner of the estate or interest covered by this policy, shall be reduced 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 payment under this policy. The Company shall have the option to apply to the payment of any such mortgage any amount that otherwise 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 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 indebtedness or any part thereof. 10. Subrogation Upon Payment or Settlement Whenever the Company shall have paid or settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant, except that the owner of the indebtedness secured by the insured mortgage may release or substi- tute the personal liability of any debtor or guarantor, or extend or otherwise 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, provided 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 m z LA C ZLL D Z Pt m D Z O M C U1 1 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 respect to such claim had this policy not been issued, and the Company is hereby authorized and empowered to sue, com- promise or settle in its name or in the name of the insured to the full extent of the loss sustained by the Company. If requested by the Company, the insured shall execute any and all documents to evidence the within subrogation. 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, 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 Company, in that event, shall as to such insured claimant be required to pay only that part of any losses insured against here- under 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 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 lien of the insured mortgage or 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, or validating officer or authorized signatory of the Company. 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 such loss or destruction shall be furnished to the satisfaction of the Company. 12. Notices, Where Sent All notices required to be given the Company 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, 6300 Wilshire Boulevard, P.O. Box-92792, Los Angeles, California 90009. 13. THE PREMIUM SPECIFIED IN SCHEDULE A IS THE ENTIRE CHARGE FOR TITLE SEARCH, TITLE EXAMINATION AND TITLE INSURANCE.