HomeMy WebLinkAboutD-1176 City Purchase 993-999 Monterey Recorded 05/21/1984RECORDING REQUESTED B"
� f)RS1 AMERICAH 111LE 111SLRANCOOMPANY 1 Q 71
AND WHEN RECORDED MAIL THIS DEED AND. UNLESS OTHER.
WISE SHOWN BELOW. MAIL TAX STATEMENTS TO:
NAME 17CI.TY OF SAN LUIS OBISPO
ADDRESS 990 Palm Street
CITY IN San Luis Obispo, California
STATE 93406 -0321
ZIP
L—Attn: Anne M-. Russell J
Title Order No. Escrow No.
DOC. NO. 25731
OFFICIAL RECORDS
SAN LUIS O$!SPJ CO.. CA
-MAY '2 11984
FRANCIS M. COONEY
Gounty Clerk- Reco-rder
TIME 8:00 AM
' SPACE ABOVE THIS LINE FOR RECORDER'S USE —
:r,. A.P.N. 02- 433 -02
Corporation Grant Deed
The undersigned declares that the documentary transfer tax is $.:...::Non =___: due 11922 RStTJ ..................... and is
Pq 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 [N city. of-- - - - - -- SAN - -- LUIS - ... OBI: , SPQ .................... ............................... and
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
MANN THEATRES CORPORATION OF CALIFORNIA
a corporation organized under the laws of the State of -CALIFORNIA
hereby GRANT(S) to
THE .CITY OF SAN LUIS OBISPO
the following described real property in the City of San. Luis Obispo
County of Sari Luis Obispo , state -of California:
That portion of Block 17 of the City'of San Luis Obispo,
according to the official Map filed May 1, 1878, in Book A,
Page 168 of Maps, in the Office of the County Recorder of
said County, described as follows:
Beginning at the Southwesterly corner of Monterey and Osos Streets;
then Southwesterly along the Southeasterly line of Monterey Street,
60 feet and 7 inches, more or less, to the line of the land of H.H.
Carpenter; then Southeasterly along the line of said land, 129 feet
5 inches, more or less, to the line of land of Clara J. Brooks; thence
Northeasterly along said line, 150 feet 7 inches, more or lessf to the
Westerly line of Osos Street; thence Northwesterly along said Westerly
line, 129 feet 5 inches, more or.less, to the point of beginning.
This conveyance is made subject to all matters of record.
Dated May 1984
STATE OF CALIFORNIA /1
1-�UNTY OF D ~� 4 �S SS. �, /l
On this the — y day of 19 �1'
before me, the undersigned, a Notary Public in and for said County and
State, personally appeared L A R Ry a l ea sC N
personally known to me or proved to me on the basis of satisfactory
evidence to be the President, and
)rEAln! a rµ A- [ r( iJ a personally known to me or
proved to me on the basis of satisfactory evidence to be
Secretary of the corporation that executed the within Instrument, per-
sonally known to me or proved to me on the basis of satisfactory
evidence to be the persons who executed the within Instrument on
behalf of the corporation therein named, and acknowledged to me that
such corporation executed the within instrument pursuant to its by -laws
or a resolution of its board of directors.
• ► •% ' • • RAWL •• r •
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FOR NOTARY SEAL OR STAMP
�r4 OF . CIAL SEAL
RUSSEL D JOJES
to NOTARY PUBLIC - CALIFORNIA I
1. C3 AidG^ « S`1NTY
' My comra.
� Signature tary
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MAIL TAX STATEMENTS TO PARTY SHOWN ON FOLLOWING LINE; IF NO PARTY SO SHOWN, MAIL AS DIRECTED ABOVE, f
ICA&
Name Street Address City & State-
CAL-2 (Rev. 9 -82) VOi 2-59"3 PAC1846
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• S�. AMERI
Form No. 1084 (10/73) C 9
California Land Title Association ti
Standard Coverage Policy Form . L
Copyright 1973
POLICY OF TITLE INSURANCE
ISSUED BY
First American Title Insurance Company
SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, FIRST AMERICAN 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 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.
IN WITNESS WHEREOF, First American Title Insurance Company has caused this policy to be signed and sealed by its
duly authorized officers as of Date of Policy shown in Schedule A.
���j1.E•Irys�����t
I PO
2 M ca
SEPTEM9ER 24, '70
d� 1968 �
+��ati�A1I F 0
B1 98541 5
First American Title Insurance Company
BY 4Q4L-� PRESIDENT
ATTEST V,t((raw.... C, �,��,�, SECRETARY
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 Com-
pany 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, de-
visees, survivors, personal representatives, next of
kin, or corporate or fiduciary successors. The term
"insured" also includes (i) the owner of the indebt-
edness secured by the insured mortgage and each
successor in ownership of such indebtedness (re-
serving, 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 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 in-
sured in Schedule A.
(e) "knowledge ": actual knowledge, not con-
structive knowledge or notice which may be im-
puted to an insured by reason of any public records.
(f) "land ": the land described, specifically or
by reference in Schedule C, and improvements af-
fixed thereto which bylaw constitute real property;
provided, however, the term "land" does not in-
clude 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 indebt-
edness 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 the
estate or interest in the land described in Schedule
C by foreclosure, trustee's sale, conveyance in lieu
of foreclosure, or other legal manner which dis-
charges 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 in-
sured; 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 insur-
ance or guaranty insuring or guaranteeing the in-
debtedness secured by the insured mortgage. After
any such acquisition the amount of insurance here-
under, exclusive of costs, attorneys' fees and ex-
penses 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 deter-
mined 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
CONDITIONS AND STIPULATIONS
(iii) the amount paid by any governmental
agency or instrumentality, if such agency or instru-
mentality is the insured claimant, in acquisition of
such estate or interest in satisfaction of its insur-
ance 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 pur-
chase 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 liti-
gation involves 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 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 termi-
nate 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 inter-
est or the lien of the insured mortgage, as insured;
and the Company may take any appropriate 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 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 discre-
tion, to appeal from any adverse judgment or order.
(e) In all cases where this policy permits or re-
quires the Company to prosecute or provide for
the defense of any action or proceeding, the in-
sured 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 re-
quested by the Company, such insured shall give
the Company, at the Company's expense, all reason-
able aid (1) in any such action or proceeding in
effecting settlement, securing evidence, obtaining
witnesses, or prosecuting 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 in-
sured, including but not limited to executing cor-
rective or other documents.
4. PROOF OF LOSS OR DAMAGE —
LIMITATION OF ACTION
In addition to the notices required under Para-
graph 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 Corry
pany within 90 days after the insured claimant
shall ascertain or determine 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 constitutes the basis of loss or dam-
age, 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 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.
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 termi-
nate 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. In case loss or damage 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 indebted-
ness 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 Com-
pany hereunder 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
60 the amount of insurance stated in
Schedule A, or, if applicable, the amount of in-
surance 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 claimant, the
amount of the unpaid principal of said indebted-
ness, plus interest thereon, provided such amount
shall not include any additional principal indebted-
ness 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
inn-
sed upon an insured in litigation carried on by
(Continued on inside hack cover)
(Continued from inside front cover)
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 con-
ditions 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 in-
sured against hereunder, by litigation or other-
wise, removes such defect, lien or encumbrance or
establishes the title, or the lien of the insured mort-
gage, 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 pro-
vided in paragraph 3 hereof; or (c) for liability
voluntarily admitted or assumed by an insured
without prior written consent of the Company.
8. REDUCTION OF INSURANCE; TERMINA-
TION OF LIABILITY
All payments under this policy, except pay-
ment made for costs, attorneys' fees and expenses,
shall reduce the amount of the insurance pro tanto;
provided, however, if the owner of the indebtedness
secured by the insured mortgage is an insured here-
under, then such payments, prior to the acquisition
of title to said estate or interest as provided in
paragraph 2 (a) of these Conditions and Stipula-
tions, shall not reduce pro tanto the amount of the
insurance afforded hereunder as to any such in-
sured, 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
mortgage, 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,
CONDITIONS AND STIPULATIONS*
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 cov-
ered 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 sub-
rogation 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 substitute the personal
liability of any debtor or guarantor, or extend or
otherwise modify the terms of payment, or re-
lease 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 priority
of the lien of the insured mortgage and does not
result in any loss of priority of the lien of the in-
sured 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 here-
by authorized and empowered to sue, compromise
or settle in its name or in the name of the insured
to the full extent of the loss sustained by the Com-
pany. 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 Com-
pany shall be subrogated to such rights and reme-
dies 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 Com-
pany, in that event, shall as to such insured
claimant 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.
11. LIABILITY LIMITED TO THIS POLICY
This instrument together with all endorse-
ments and other instruments, if any, attached here-
to by the Company is the entire policy and con-
tract 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 author-
ized signatory of the Company.
No payment shall be made without producing
this policy for endorsement of such payment un-
less 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 fur-
nished the Company shall be addressed to it at its
home office at 421 North Main Street, Santa Ana,
California, 92701, or to the office which issued
this policy.
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` ® Form No. 1084 -A
CLTA Standard Coverage Policy
Copyright - 1973
Ind. FA 11
SLO -83 0598 B I M
SCHEDULE A
Total Fee for Title Search, Examination
and Title Insurance, $_842.0-Q,__� =,
Amount of Insurance: $215,000.00
Date of Policy:. May.21, 1984 at 8:00 a.m.
1. Name of Insured:
THE CITY OF SAN LUIS OBISPO.
2. - The estate or interest referred to herein is at Date_ of
Policy vested in:
THE CITY OF SAN LUIS OBISPO.
3. The estate or- interest in said land described in Schedule
C and is covered by this policy is:
A FEE.
S,C A M1tER� • •
C
1� 9
� 2
r
SLO- 830598 BIM
Form No. 1084 -B
CLTA Standard Coverage Policy
Copyright - 1974
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 One:
1. Taxes or assessments wh'ic'h 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 public records of such agency or by
the public records.
2. Any facts, rights, interest 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 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 shal I 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.
S t A M E R •
C
1� 9
4 2
x SLO- 830598 B I M
Form No. 1084 -B
CLTA.Standard Coverage Policy
Copyright - 1974
SCHEDULE B (continued)
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 govern-
mental regulati.on. ,
8. Rights of eminent 'doma i n or governmental rights of pol ice
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.
Part Two:
1. Taxes for the fiscal year 1984 -85, a lien not yet due or
payable.
2. The lien of supplemental taxes assessed pursuant to Chapter
498, Statutes of 1983, of the State of California.
S C A M E R •
C
4 � 2
i
SLO- 830598 B I M
Form No. 1056 -4
All Policy Forms
SCHEDULE C
The land referred to in this policy is situated in the State
of Cal i forn i a, County of San Luis Obispo, and is described' as
follows:
That portion of Block 17 of the City of San Luis ObIspo,•in
the City of San Luis Obispo, County, of San Luis Obispo, State
of California, according to the official map f i I ed May 1, 1878,
in• Book A, Page 168 of Maps, -in the office of the County Recorder
of said County, described as follows:
Beginning at the Southwesterly corner of Monterey and Osos Streets;
thence Southwesterly along the Southeasterly line of Monterey
Street, 60 feet and 7 inches, more or less, to the line of the
land of H. H. Carpenter; thence Southeasterly along the line
of said land, 129 feet 5 inches, more or Less, to the line of
land of Clara J. Brooks; thence Northeasterly along said line,
60 feet 7 inches, more or less, to the Westerly line of Osos
Street; thence Northwesterly-along said Westerly line, 129 feet
5 inches, more or less, to the point of beginning.
INDORSEMENT
Attached to Policy No. SLO- 830598 BIM
Issued by
First American Title Insurance 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 Indorse-
ment 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 maxi-
mum 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 1967) for the month of September immediately preceding ex-
ceeds such Index for the month of September one year earlier; provided, however, that the maximum amount of
insurance in force shall nevei 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, re-
duces 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.
First American Title Insurance Company
BY
BY
Alane Strand
SEPTEMBER 24,
d� 1968
�ilk %%!'411 f 0
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.
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STATE OF CALIFORNIA )ss.
COUNTY OF Los Angeles
On May 14, 1984 before me, the undersigned, a Notary Public in and for
said State, personally appeared Larry Gleason and
Kenneth A. Crowe , personally known to me (or proved to me on the
basis of satisfactory evidence) to be the persons who executed the within instrument as
President and Secretary, on behalf of
MANN THEATRES CORPORATION OF AT TFQRNjA
the corporation therein named, and acknowledged to me that
h corporation executed thewithin instrument pursuant to its OFFICIAL QA
aws or a resolution of its board of directors. HOURY PUBLfc
NESS my hand and official seal. LOS ANGEi..E4 Mfr oomrtr. exo1res
nature
(This area.for official notarial seal)
su c
by -I
WI T
Sig
May 30, 1984
MEMORANDUM
TO: PAD4ELA VOGES, City Clerk A
��V
FROM: ANN RUSSELL, Assistant City Attorney
RE: Property Acquisition /Purchase of 993 -999 Monterey
Street (Obispo Theatre'Site) from Yann Theatres
Corporation
Attached are the following original documents:
1. Corporation Grant Deed from Mann Theatres dated
may 15, 1984, with attachedments, including
original Certificate of Acceptance and certified
copy of Resolution No. 5342;
2. Title Insurance Policy from First American Title
Insurance Company.
I assume you have the original agreement between the parties.
.
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 corporation grant deed
dated May 15 , 1984, from Mann Theatres Corporation,
a California Corporation,
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. 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: May 15, 1984
AT7 �T:
Cit leiriq'Pam -VAU
CITY OF SAN LUIS OBISPO
B
Y f
ALLEN K. SETTLE, Vice -Mayor
V 01 259,5 PAGE 848
RESOLUTION NO. 5342 (1984 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS
OBISPO APPROVING AN AGREEMENT BETWEEN THE CITY AND
MANN THEATRES CORPORATION OF CALIFORNIA FOR THE PURCHASE
OF 999 MONTEREY STREET
WHEREAS, Mann Theatres Corporation wishes to sell to the City the
7,829.91 square foot parcel at the corner of Monterey and Osos Street,
Assessors Parcel No. 02- 433 -02, and
WHEREAS, acquisition of this land is in the public interest in that
,it-will allow the City the potential for increased parking on site or other
appropriate downtown development; and
WHEREAS, Mann Theatres Corporation and the City of San Luis Obispo
have agreed upon.a purchase price of $215,000; and
WHEREAS, the Council previously approved an agreement between the
Mann Theatres Corporation and the City for the purchase of, the parcel; and.
WHEREAS, the attorneys for Mann Theatres Corporation and the.City Attorney
have agreed upon certain changes in the language of the previously approved
agreement.
NOW, THEREFORE., BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. That certain agreement, attached hereto as Exhibit "1"
and incorporated herein by reference, between the City of San Luis Obispo and
Mann Theatres Corporation of California is hereby approved and the Mayor is
authorized to execute the same.
SECTION 2. The City Clerk shall furnish a copy of this Resolution and
a copy of the executed agreement approved by it to: The Mann Theatres Corporation
of California; the City Finance Director.
On motion of Councilman Settle ,seconded by Councilman Dunin ,
and on the following roll call vote:
VOL 593 nu 849
R 5342
Io
Resolution No. 5342 (1984 Series)
(WES: Councilmembers Settle, Dunin, Dovey, Griffin and Mayor Billig
r10ES None
ABSENT: None
the foregoing Resolution was passed and adopted this 17th day of April ,
1984.
ATTEST:
APPROVED:
� a
City Administrative fic
Ci Atto ey
City Finance Directo
END OF DOCUMENT
I. certify that the fort
a Resolution passed by
Obispo. California. on,.
-2-
id corr®pt;�,r��
ie Cif an luilf
VOL 21'95 PACE 850