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HomeMy WebLinkAboutD-1536 Mount Diablo Base and Meridian - 070-301-002 Recorded 02/23/2001RECORDING 'REQUESTED BY: Cuesta Title Company Escrow No. 100121 -RM Title Order No. 00100121 When Recorded Mail Document and Tax Statement To: City of San Luis Obispo 900 Palm Street San Luis Obispo, CA 93401 GRANT DEED SPACE ABOVE THIS LINE FOR RECORDER'S USE S0 FEE PAID EXEMPT Doc No: 2001 - 010714 Rpt No: 00014039 Official Records ;RF -1 19.00, San Luis Obispo Co. ;UN 220.00 Julie L. Rodewald Recorder Feb 23, 2001 Time: 08:00 j L 5] ;TOTAL 239.00 GRANT DEED SPACE ABOVE THIS LINE FOR RECORDER'S USE S0 FEE PAID EXEMPT OUT OF STATE The undersigned grantor(s) declare(s) Documentary transfer tax is $ 220.00 1 L ( X ) computed on full value of property conveyed, or [ ) computed on full valueless value of liens or encumbrances remaining at time of sale,. [ X ) Unincorporated Area City of FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, . Nancy Hastings, as Administrator of the Estate of Francis M. Hastings, aka F. Hastings, aka F.M. Hastings, aka Frank Hastings; and Daniel J. Wright, Michael R. Right and Deborah Ann Wright, in equal shares, , by Judgement of Final Distribution, under Probate No. x.195251, in he County of Alameda, recorded December 10, 1974 in Book 1809, Page 360 of Official Records hereby GRANT(S) to City of San Luis Obispo, A California Charter Municipal Corporation 3 the following described real property in the City of , County of SAN LUIS OBISPO, State of California: SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF DATED: February 7, 2001 STATE OF CALIFORNIA COUNTY OF i L -4r"E7, ON FE8QuAPL. f 9j 2-op) before me, i= R 1 c C t+A µtq.N personally appeared a personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)are subscribed to the within instrument and acknow edged to me that he,(&/they executed the same in hi h� their authorized capacity(ies), and that by his Fie /their signature(s) on the instrument the . person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my ha a d official seal. Signature v Nancy H tings, Administr or -mm- . a ERIC CHAUHAN COMM. #1201690 NWARY weuc. cAt�A ALIWDA COUNTY It-Comm. Exp. NOV. 15, 2002 MAIL TAX STATEMENTS AS DIRECTED ABOVE FD -213 (Rev 7/96) GRANT DEED WASHINGTON SHOAT-FORM INDIVIDUAL ACKNOWLEDGMENT RM42asnoo State of Washington County of , �) z 4 AS ss. I certify that I know or have satisfactory evidence that /1/A nC N a_ k n g T� Name of Signer is the person who appeared before me, and said person acknowledged that she signed this instrument and acknowledged it to be er free and voluntary act for the uses and purposes mentioned in the instrument. Dated: ,Z C? 00/ onth/Da 'Near +� `L �. Sig lure of Notary Public (7e r �o t �'- <•�_ Title (S 4 as "Notary Public ") My appointment expires: a �- fps Place Notary Seal Above Month/DayNear of Appointment. Expiration W40fJff—IT4 Though the information in this section is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: V rad 02.p Document Date: cQ -9- 0 Number of Pages: S Signer(s) Other Than Named Above: CA r\ � Q_L 1, ac'. Q h PI,ch0QL iR Wr.9 OQ,bOrA Anr1 Wr�.q 01997'National Notary Association • 8236 Remmet Ave.. P.O. Box 7184 • Canoga Park, CA 91309 -7184 Prod. No. 5906 Reorder. Call Toll -Free 1- 800 - 876 -6827 State of California County of Alameda personally appeared ,A._ ALL -POSE ACKNOWLEDGMENT AO1,00/ before me, Jene M. Perry. Notary Public 06 personally known to me -OR- ( ) proved to me on the basis of satisfactory evidence to be the person(A whose name(gl is /fie subscribed to the within instrument and acknowledged to me that he /�ke/they executed the same in his/1fR/tbair authorized capacity, and that by his/jxr /their signature(g) on the instrument the person', or the entity upon behalf of which the personK acted, executed the instrument. WITNESS my hand and official seal. i L L Si ature f Not6y Public Description of Attached Document Title or Document: U t�� °• JENE M. PERRY °o Comm. #1133466 NOTARY PUBLIC- CALIFORNIA ALAMEDA COUNTY �FOp Comm. Exp. May 7. 2001 Optional Document Date: % D Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Individual Corporate Officer Title(s): Partner - _ Limited General Attorney -in -Fact Trustee Guardian or Conservator Other: CALIFOI,NIA ALL - PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA COUNTY OF r,� Lt4M�_- P-6 - ) On -Fes lo, before me, 6R kc C'0 A N4f4N, N b-(-P A-1 -pvc3e-« 9 DATE NAME, TITLE OF OFFICER - E.G., "JANE DOE, NOTARY PUBLIC" personally appeared, Y'7 I c FL_ R_ W R I G�4'r` personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s):b/are subscribed to the within instrument and acknowledged to me that he /they executed the same in Sher /their authorized capacity(ies), and that b hl her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. t­ 1. ERIC CHAUHAId , L7 COMM. # 1201690 wTAw PL MM • CAUFOOM AIAMEDA COUNTY Comm. Exp. NOV. 15, 2002 � (SEAL) N TARY PUBLIC SIGNATURE - 1 OPTIONAL INFORMATION TITLE OR TYPE OF DOCUMENT -DE C— 3) 2 I DATE OF DOCUMENT I NUMBER OF PAGES 1q_ SIGNER(S) OTHER THAN NAMED ABOVE bAN 1 -6 1r) ►vA N C-`j DC —ff o PR ti- AN r`' Escrow No. 100121 -RM Title Order No. 00100121 EXHIBIT ONE Parcel 1: APN 070 - 301 -002 All that certain real property situate to the County of San Luis Obispo, described as follows: Lot 4, the Southeast Quarter of the Southwest Quarter, and the Southwest Quarter of the Southeast Quarter of Section 30 in Township 30 South of Range 13 East of the Mount Diablo Base and Meridian, California, according to the Official Plat of the Survey of said land, on file in the General Land Office. EXCEPTING THEREFROM all the coal and other minerals_in the.lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the provisions and limitations so the Act of December 29, 1916 (39 Stat. 862) as reserved by the United States of America in Patent recorded May 8, 1930 in Book K, Page 496 of Patents. Parcel 2: APN 070 -301 -003 All that certain real property situate to the County of San Luis Obispo, described as follows: Government Lot 1. and the Northwest Quarter of the Northeast Quarter, and the East half of the Northwest Quarter of Section 31 in Township 30 South of Range 13 East of the Mount Diablo Base and Meridian, California, according to the Official. Plat of the Survey of said land, on file in the General Land Office. EXCEPTING THEREFROM all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the provisions and limitations so the Act of December 29, 1916 (39 Stat. 862) as reserved by the United States of America in Patent recorded May 8, 1930 in Book K, Page 496 of Patents. ?' ` END OF DOCUMENT If you want information about coverage or need assistance to resolve complaints, please call our toll free number: 1- 800 - 729 -1902. If you make a claim under your policy, yot,,pust furnish written notice in accordance wit n 3 of the Conditions and Stipulations. • visit our World -Wide Web site at: http: / /www.ste POLICY OF TITLE INSURANCE ISSUED BY STEWART TITLE GUARANTY COMPANY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, STEWART TITLE GUARANTY COMPANY, a Texas corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule'A, sustained or incurred by the 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 the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land; - and in addition, as to an insured lender only: 5. The invalidity or unenforceability of theiien of the insured mortgage upon the title; 6. The 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; 7. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule B, or the failure of the assignment shown in Schedule 'B to vest title to the insured mortgage in the named insured assignee free and clear of all liens. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the insured mortgage, as.insured, but only to the extent provided in the Conditions and Stipulations. Signed under seal for the Company, but this Policy is to be valid only when it bears an authorized countersignature. San, iiip car (omn-WW 191 STEWART TITLE naul� , Chairman o the Boar Cou ntersi Authorized Signatory , CUESTA tnTLE COMPANY Company 151 (Rev. 1- 19 -91) GUARANTY COMPANY gfl,lii W r 1908 oct zy ...... X ASePP;y PagpI fCNJP- 1597 - 632841 President IL D 6u!6allo uo!pa to sasm pa4o4s asoyy4 o4 so Aluo 4nq ainsul so 4saia ;u! 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U014DIn6ai I04UawUJano6 Jo awpwpJO 'Mol Auy (D) • I :lo uosoei Aq asuo y)!ym sasuadxa Jo Baal sAauio ; ;D 's ;so) 'a6owop Jo ssol Aod ;ou ll!M Auodwo:) ay; puo blod 5144 to a6DJano) ay woil papnl)xa Alssaldxa aio sia44Dw 6u!mollol a41 39V33A00 WON SNOISf11 m SCHEDULE A Order Number- 100121 Policy No.: CNJP- 1597- 632841 Amount of Insurance: $ 200,000.00 Premium: $ 930.00 Date of Policy: February 23, 2001 at 08:00 a.m. 1. Name of Insured: City of San Luis Obispo, A California Charter Municipal Corporation 2. The estate or interest in the land described herein and which is covered by this policy is: A Fee 3. Title to the estate or interest in the land is vested in City of San Luis Obispo, A California Charter Municipal Corporation 4. The land referred to in this policy is situated in the unincorporated area, County of SAN LUIS OBISPO, State of California, and is described as follows: SEE EXHIBIT "ONE" ATTACHED HERETO AND MADE A PART HEREOF THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED 1 • CLTA Standard Policy - 1990 Form EXHIBIT "ONE-" Parcel 1: APN 070- 301 -002 Order No. 1001.21 Policy No. CNJP- 1597 - 632841 .All that certain real property situate to the County of San Luis Obispo, described as follows: Lot 4, the Southeast Quarter of the Southwest Quarter, and the Southwest Quarter of the Southeast Quarter of Section 30 in Township 30 South of Range 13 East of the Mount Diablo Base and Meridian, California, according to the Official Plat of the Survey of said land, on file in the General Land Office. EXCEPTING THEREFROM all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the provisions and limitations so the Act of December 29, 1916 (39 Stat. 862) as reserved by the United States of America in Patent recorded May 8, 1930 in Book K, Page 496 of Patents. Parcel 2: APN 070 - 301 -003 All that certain real property situate to the County of San Luis Obispo, described as follows: Government Lot 1 and the Northwest Quarter of the Northeast Quarter, and the East half of the Northwest Quarter of Section 31 in Township 30 South of Range 13 East of the Mount Diablo Base and Meridian, California, according to the Official Plat of the Survey of said land, on file in the General Land Office. EXCEPTING THEREFROM all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the provisions and limitations so the Act of December 29, 1916 (39 Stat. 862) as reserved by the United States of America in Patent recorded May 8, 1930 in Book K, Page 496 of Patents. 2 C7 CLTA Standard Policy 1990 Form SCHEDULE B EXCEPTIONS FROM COVERAGE • Order No. 100121 Policy No. CNJP- 1597 - 632841 This policy does not insure against loss or damage (and the Company will not pay costs, attorney's fees or expenses) which arise by reason of: PART I All matters set forth in paragraphs 1 through 5 inclusive on the cover of this policy under the caption Part I of Schedule B. PART 11 1. Reservations contained in the Patent from the United States of America, recorded May 8, 1930 in Book K, Page 496 of Patents; "Subject to any vested and accrued water rights for mining, agricultural , manufacturing or other purposes, and rights to ditches and reservoirs used in connection with such water rights as may be recognized and acknowledged by the local customs, laws and decisions of courts, and a right of way for ditches or canals constructed by authority of the a United States." 2. An easement for the purpose shown below and rights incidental thereto as set forth in a document Grant To: Midland Counties Public Service Corporation, a California Corporation Purpose: Public Utilities Recorded: July 18, 1932, Book 125, Page 367, of Official Records. Affects: A portion of said land 3. The fact that said land does not appear to have frontage on a dedicated street or highway. 3 1 �Z N of AN + M � N I I R� -1 I ID ICD �cao n� ir-L CL iv) �. CD �. E a iN I� a p o < o ci o CD CD 0 o� o KD CD CD .« r. I. I � ■a L i i I y t b r m � o uf a. 4 � o s. CONDITIONS AND STIPULATIONS Continued (continued from defect, lien or encumbrance or other matter insure against this policy. The Company shall ,have the right to select counsel of its choice (subby ject to the right of such insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The company will not pay any fees, costs or expenses incurred by an insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and 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, or to prevent or reduce loss or damage to an insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent juris- diction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prose- cute or provide for the defense of any action or proceeding, an insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such insured for this purpose. Whenever requested by the Company, an insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting set- tlement, and (ii) in any other lawful 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. If the Company is prejudiced by the failure of an insured to furnish the required cooperation, the Company s obligations to such insured under the policy shall terminate, including any liabil- ity or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE. In addition to and after the notices required under Section 3 of these Con- ditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by each insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The 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 damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of an insured claimant to provide the required proof of loss or damage, the Company's obligations to such insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage: In addition, an insured claimant may reasonably be required to submit an examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably per- tain to the loss or damage. Further, if requested by any authorized representa- tive of the Company, the insured claimant shall grant its' permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the cus- tody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by an insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of an insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph, unless prohibited by low or governmental regulation, shall termi- nate any liability of the Company under this policy as to that insured for that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY. In case of a claim under this policy, the Company shall hove the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance or to Pur- chase the Indebtedness. (i) to pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay; or reverse side of Policy Face) (ii) in case ass or damage is claimed under this policy by the owner of the indebtedness secured by the insured mortgage, to purchase the indebted- ness secured by the insured mortgage for the amount owing thereon together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of purchase and which the Company is obligated to pay. If the Company offers to purchase the indebtedness as herein provided, the owner of the indebtedness shall transfer, assign, and convey the indebted- ness and the insured mortgage, together with any collateral security, to the Company upon payment therefor. Upon the exercise by the Company of the option provided for in para- graph a(i), all liability and obligations to the insured under this policy, other than to make the payment required in that paragraph, shall terminate, includ- ing any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. Upon the exercise by the Company of the option provided for in paragraph a(ii) the Company's obligation to an insured Lender under this policy for the claimed loss or damage, other than the payment required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to Pay Upon the exercise by the Company of either of the options provided for in paragraphs b(i) or b(ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. DETERMINATION AND EXTENT OF LIABILITY. This policy is a contract of indemnity against actual monetary loss or dam- age sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy to an insured lender shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in Section 2 (c) of these Conditions and Stipulations; (ii) the amount of the unpaid principal indebtedness secured by the insured mortgage as limited or provided under Section 8 of these Conditions and Stipulations or as reduced under Section 9 of these Conditions and Stipula- tions, at the time the loss or damage insured against by this policy occurs, together with interest thereon; or (iii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the insured lender has acquired the estate or interest in the manner described in Section 2(a) of these Conditions and Stipulations or has conveyed the title, then the liability of the Company shall continue as set forth in Section 7(0) of these Conditions and Stipulations. (c) The liability of the Company under this policy to an insured owner of the estate or interest in the land described in Schedule A shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (d) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmorketability of title, or otherwise establishes the lien of the insured mortgage, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. ions and. stipulotions continued and concluded 40 (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title, or, if applicable, to the lien of the insured mortgage, as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. (d) The Company shall not be liable to an insured lender for: (i) any indebtedness created subsequent to Date of Policy except for advances made to protect the lien of the insured mortgage and secured thereby and reasonable amounts expended to prevent deterioration of improvements; or (ii) construction loan advances made subsequent to Date of Policy, except construction loan advances made subsequent to Date of Policy for the purpose of financing in whole or in part the construction of an improvement to the land which at Date of Policy were secured by the insured mortgage and which the insured was and continued to be obligated to advance at and after Date of Policy. 9. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. (a) All payments under this policy, except payments made for costs, attor- neys' fees and expenses, shall reduce the amount of insurance pro tanto. How- ever, as to an insured lender, any payments made prior to the acquisition of title to the estate or interest as provided in Section 2(a) of these Conditions and Stipulations shall not reduce pro tanto the amount of insurance afforded under this policy as to any such insured, except to the extent that the payments reduce the amount of the indebtedness secured by the insured mortgage. (b) Payment in part by any person of the principal of the indebtedness, or any other obligation secured by the insured mortgage, or any voluntary partial satisfaction or release of the insured mortgage, to the extent of the payment, satisfaction or release, shall reduce the amount of insurance pro tanto. The amount of insurance' may thereafter be increased by accruing interest and advances made to protect the lien of the insured mortgage and secured there- by, with interest thereon, provided in no event shall the amount of insurance be greater than the Amount of Insurance stated in Schedule A. (c) Payment in full by any person or the voluntary satisfaction or release of the insured mortgage shall terminate all liability of the Company to an insured lender except as provided in Section 2(a) of these Conditions and Stipulations. 10. LIABILITY NONCUMULATIVE. It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insur- ing a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and 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 to the insured owner. The provisions of this Section shall not apply to an insured lender, unless such insured acquires title to said estate or interest in satisfaction of the indebtedness secured by an insured mortgage. 11. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorse- ment of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 12. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to.the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or propert y necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, com- promise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated (i) as to an insured owner, to all rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss; and (ii) as to an insured lender, to all rights and remedies of the insured claimant after the insured claimant shall have re- covered its principal, interest, and costs of collection. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to Pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impair- ment by the insured claimant of the Company's right of subrogation. (b) The Insured's Rights and Limitations. Notwithstanding the foregoing, the owner of the indebtedness secured by an insured mortgage, provided the priority of the lien of the insured mortgage or its enforceability is not affected, may release or substitute the personal lia- bility 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. When the permitted acts of the insured claimant occur and the insured has knowledge of any claim of title or interest adverse to the title to the estate or interest or the priority or enforceability of the lien of an insured mortgage, as insured, the Company shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (c) The Company's Rights Against Non - insured Obligors. The Company's right of subrogation against non - insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. The Company's right of subrogation shall not be avoided by acquisition of an insured mortgage by an obligor (except an obligor described in Section 1(a)(ii) of these Conditions and Stipulations) who acquires the insured mortgage as a result of an indemnity, guarantee, other policy of insurance, or bond and the obligor will not be an insured under this policy, notwithstanding Section 1(a)(i) of these Conditions and Stipulations. 13. ARBITRATION. Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured aris- ing out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbi- trated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 14. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) 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 by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signotory of the Company. 15. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 16. NOTICES, WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at P.O. Box 2029, Houston, Texas 77252 -2029, and identify this policy by its printed policy serial number which appears on the bottom of the front of the first page of this policy.