HomeMy WebLinkAboutD-220 Walter St. Recorded 07/02/1956VOL 856 PAGE317
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BERTIE J. JOHNSCN, a married woman, GRANTOR, FOR A VALUABLE CONSIDERATION,
receipt of which is hereby acknowledged, Does Hereby Grant To the CITY OF SAN
LUIS OBISPO, a Municipal corporation, the real property in the City of San Luis
Obispo, County of San Luis Obispo, State of California, described as follows:
PARCEL ONE: That portion of the South half of Section 36 in-Township 30 South,
Range 12 East, Mount Diablo Base and Meridian, according to the official plat
or plats of the survey of said lands returned to the General Land Office by
the Surveyor General, described as follows:
Beginning at a point on the Northwesterly line of County Road No. 324 as con-
veyed to the County of San Luis Obispo, by deed dated September 5, 1946 and
recorded in Book 424, at page 179 of Official Records of San Luis Obispo
County, which is South 300 41' West 1248.71 feet from the intersection of
said Northwesterly line with the Southerly line of County Road No. 257 as
shown on map of a portion of said Section 36, recorded in Book 3, at page 34,
of Records of Surveys; thence leaving said Northwesterly line North 72° Vilest
826 feet to the true point of beginning, said true point of beginning being
the Southwesterly corner of the property conveyed to Emily Ellen Baker, by
deed dated April 13, 1949 and recorded May 11, 1949 in Book 522, at page 134
of Official Records; thence from said true point of beginning North 30° 41'
East along the Northwesterly line of the property so conveyed and the continua-
tion thereof along the Northwesterly line of the property conveyed to Archie
C. Stinson, et ux, by deed dated May 9, 1949 and recorded May 11, 1949 in Book
522, at page 114 of Official Records, 615 feet to the most Northerly corner
of said Stinson property; thence North 72° west to the Northwesterly line of
the property conveyed to Bertie J. Beall, by deed dated June 18, 1936 and
recorded July 8, 1936 in Book 197, at page 258 of Official Records; thence
South 26° 16' West along said Northwesterly line to a point which bears North
72° West from the true point of beginning; thence South 72° East to the true
point of beginning.
PARCEL TWO: That portion of the South half of Section 36 in Township 30 South,
Range 12 East, Mount Diablo Ease and Meridian, according to the official plat
or plats of the survey of said lands returned to the General Land Office by
the Surveyor General, described as follows:
Beginning at a point on the Northwesterly line of County Road No. 324 as con-
veyed to the County of San Luis Obispo by deed dated September 5, 1946 and
recorded in Book 424, at page 179 of Official Records of San Luis Obispo
County, which is South 300 41' west 866.21 feet from the intersection of said
Northwesterly line with the Southerly line of County Road No. 257, as shown
on map of a portion of said Section 36 recorded in Book 3, at page 34 of
Records of Surveys; thence from said point of beginning, North 72° 'Nest 100
feet to the Southeasterly line of the property conveyed to Edward J. Rhyne,
et ux, by deed dated April 22, 1946 and recorded in Book 407, at page 294 of
Official Records; thence North 30° 41' East along the Southeasterly line of
said Rhyne property 232.50 feet to the most Easterly corner thereof; thence
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WOL 853 PAGE318
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South 72° East 100 feet to the Northwesterly line of said County Road No.
324; thence South 30° 41' West along said Northwesterly line 232.50 feet
to the point of beginning.
SUBJECT TO:
1. General and special taxes of the fiscal year 1956 -57.
"c. Conditions, restrictions, reservations and rights of way of record.
Dated: July 26, 1956
STATE OF CALIFCFNIA
t ss:
County of San Luis Obispo) /
On 19,54 , before me VIq N.G % i¢ 1-114 R D
A Zar7 blic in and for said County and State, personally appeared
!mown
to me to be the person whose name /6 subscribed to the within in-
strument and acknowledged that C5,4/6 executed the same.
WITNESSW hand and official seal.
Notary Public in and for said County and
State.
1'rty Commission Expires
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VOL 856 MAD
I, J. H. Fitzpatrick, the duly elected, qualified
and acting City Clerk of the City of San Luis Obispo, do
hereby certify that the foregoing is a full, true and
correct copy of Resolution No. 100 (1956 Series), passed
and adopted by the Council of the City of San Luis Obispo
on the 2nd day of July, 1956•
WITNESS my hand and the seal of the City of San
Luis Obispo this 2nd day of July, 1956.,. ;,. :.
it.y Clerk
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`V01 056 PA6E320
PMOLUTIMI Noa 100 (1956 Series)
A R_ESCLUTi(1`'. AUT11ORT UNG THE AOQUISTTICN OE RUL F11.0FP.iti:L.?
FPO.M 0, R. JOIISON
BE T'P H SC -ice by the Council of the City of San Luis Cblspa as _'oUc-9!5;
SECT a� :e! i"3 Es�
herelxafter d- scribed be acquired and purchased by tie City of San Luis (.blspo
for the s°= of TYteave Thca,,sand Two Hundred Fifty D.-oUars and OQJ /1GO (1;12,250,00)
fmm Bartde J. and 0, R. Johnsen.
SIXOTION 20 The Director of Finance is hereby authorized to era—r,_h-sse safw
property for an" on behalf of said Cit; for T-z 71"=sa-id Tt;o T), irdred Fifty
Dollars and X /200 (*12,250,00) End ie further autharLkGd to open escrow for
said pumlm%ae with aaid sellers to fLsn:ish title policy to said City ind s;sth:
said City to pay the iwual purchaser ° s expenses,
SECTION 3a Said parcela of real property' -axre described as follow-'a-
That por't'ion of the Sot }t h lalf of Section 36 in Tounshlp 30 South,
Rangs 12, East No-ant Diablo Ease and Heridiar_, in the City of &un
Yaais Obispo, Camty of San Luis Obispo, State of California, accoreALVrU
to the official plat or plats of the sureuy of said land, described
as folly --dst
MCEL 1. Bejel ring at a point on the Nortiniesterly line of Oounnty
Road No, 324 as conveyed to the County of Sara Luis Obispo by deed
dated September 5, 1946 and recorded in Book 424 at page 2'?9 of
Official! Records of San Luis Obispo County,, shi_ch is South 30o 4a3°
best 86Go2i feet from the intersection of said Northwesterly lira
kth the Southerly line of County Road Noa �57a as shaun nna rtp of
a portion of said Section 36 recorded in Boon 3 at page 34 of Ps_•cords
of Survsys0 thence from said point of begisn-ing0 north '120 ast 1GO
feet to the Southeasterly line of the property conveyed to Z&mrd Ja
Rhyna, etc ux, by dead date,". April 220 1946 ?md recorded in Dook 407,
at page 294, of Official Records, thence North 3G* 411 East along
tm Southeasterly liter of said Rbyne property 232,50 feet to the
most Easterly corner thereof, thence South 720 Last 100 fee's to the
Northbesterly line of said County Road No. 324, thence South 3CP
ha 'cs'est along said Northraester3y Jim 232650 feet to the point of
beginnixWo
PAPM 2a Beginning at a point on the Northesterly lino of Coux y
Road No, 324 as conve�rzd to the County of San Luis Obispo by daed
dated September 5, 194e6 and rero"ded in Book 424 at page 179 of
Official Records of Same Luis Obispo County., wtdch is South 300 43.2
West 1248,71 feat from the intersection of said Northuesterly .>_d
'with the Southerly line of County Road No. 25? as shorts: an naap of a
portion of said Section 36, recorded in Book 3 at page 34, of
&_--cords of Says, thence leaving said NorVrmssterly lint: of North.
?20 West 826 feti o to the t ue point of beginning, said true point
of beginning, being the Soutlh,esterlIj corner of the property* coax (rev*ed
to , i 1p Ellen Ba;mr0 by deed dated April 130 19 ? „9 and recarded
Ksy 1118 1949 Lin Book 522 at paae 13h of Official Records, Uence frcm
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IVOL 856 PA. CE321
420
said true poinlc of beginning Worth 3CP Ian East along the NomhmstaTly
lim. of propezty so conveyed and the oontinaxation thereof �0.arg `lia
Noeuhwi _ste-�ly lim of the property conveyed to Arehk- C, Stisaosi,,
at uy. by deed dated May 9p 1S49, and recorded Ma,%, 3i, 39",? i. ^. Hook 522
at ;age 13.E Of Official Racrrdae 61.5 *sot to t�a mat Ncr", eA— � comsr
of said Stinson propert-y,, thence N'o,^thh 720 Est to the i?orthuasterly
3.9.E of the pmr°"'ty =rjme'yed to Bern J. Beau„ by deed dated
Jum 1889 19306-and r`corded -July 8. 1936 in Bock. '197 at page 25£
.;)f �.�L Z]"..•. ..� 71acGrdL'o t jenea S:iutLl. 26' 6' as. :{ i onI o LG,'fl 1171
3.ir:3 to a po3r -t which bears North 72® Hest from the trua poi-Tit cf
bsgsrning, thence South 720 East to the trw poirit of beginnislea
S X oil ko The the Ci ty Clerk is hsreby authoria3d to receive -- record
or, bnzha1f of said City,* th•;- daed transferrLng the herair2:tSove real nxop 'ar.ty to tha
Cates f Sim DAs Gb spon
MSED M A13OPMU t"ILU 2� d�day of July x 19569 ire* t're
f'oilcw� ±g 5. 11 call vota:
MSs Nels Beck, Lowell E. Christie, Warren G. Edwards, Kenneth W. Jones,
Fred H. Lucksinger
NOs : None
.AB -39. -, None
ATIMSY:
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/s Fred H. Lucksinger
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Doca.ncsnt Ns • - - -- - p,.�
RECORDED AT r'EQ0 '-1''�161�9�Y
MN PAa3i I►—
V6i LU SOO cial COUNTY. CA,
SAN JUL 3 01956
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ESCROW RECEIPT
o ECURIT TITLE S ANCE
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.......... . ...........
COMPANY
....... OFFICE
'—.. .................
RECEIVED
.............. 47 .................. f .... j ..... 0 ..........
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1 14X
check for.. '—� �1/ "b� "'6') �C46e' - —
... ....................... . ............................................ . ..................... .................
................................ - --------------- - .. ....... . ......
....... . ................ .................................... .. . ..................... ....
in escrow, to be used in accordance with written instructions in connection with Escrow
No...
MU INSURANCE COMPANY
By ...... , r
..............................................................
Escrow Clerk.
E -5; (G.S.(
SECURITY TITLE INSURANCE COMPANY
San Luis Obispo OFFICE .
DATE 7/30/56
• City of San Luis Obispo EscRow 47581
• % J. H. Fitzpatrick, City Clerk
• 990 Palm Street
L San Luis Obispo, California _J
PROPERTY
n accordance %%ilh instructions in the above escrow, we enclose the following:
1, Policy of title insurance covering property purchased from
Bertie J. Johnson.
The deed will be sent to you from the Recorder's Office,
It has been a pleasure to serve you.
Very truly yours,
'Faneta Hurd
Escrow Officer
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PARCEL lr That portion of the South half of Section 36, in Township 30 Souti„
Range 12, East tiount Diablo Base and Neridian, in the City of San LuisObispo,
County of San Luis Obispo, State of California, according to the official plat
or plats of the survey of said lands returned to the General Land Office by the
Surveyor General, described as follows:
Beginning at a point on the +orthwesterl^ line of County Road No. 324, as conveyed
to the County of San Lais O'oispo by deDd dated September 5, 1946 and recorded
in Book 424, at Waage 179 of Official Records of San Luis Obispo County, which is
South 300 41' oiest 1248.71 feet from the intersection of said Northwesterly line
with the Southerly line of County Road No. 257 as shown on map of a portion of
said Section 36, recorded in Book 3, at L)age 34, of Records of Surveys; thence
leaving said 1orthwesterly line North 72° .lest 326 feet to the true point of
beginning, said true point of beginning being the Southwesterly corner of the pro-
perty conveyed to Emily Ellen Baker, by deed dated April 13, 1949 and recorded
may ll.. 1949 in Book $22, at page 134 of Official Records; thence from said true
paint of b- ginning North 30' 411 East along the Northwesterly line of the property
so conveyed and the continuation thereof along the Northwesterly line of the
property conveyed to Archie C. Stinson et zx., by deed dated trap 9, 1949 and
recorded Uay U. 1949, in Book 522, at pa;-.e 114 of Official Records, 615 feet
to the most Northerly corner of said Stinson .3roperty; thence North 72' hest
to the Northwesterly line of the property conveyed to Bertie J. Beall, by deed
dated June 13, 1936 and recorddd July '?, 1936 in Book. 197, at page 258 of Official
Records; thence South 26° 16' --'est along; said Aorthwesterly line to a point which
bears North 720 :lest from the true point of beginning; thence South 72° last to
the true point of beginning.
PARCEL 2: That portion of the South half of Section 36, in Toenshin 30 South,
Ran;,e 12 ;cast, f=ount Diablo Base and Uorician, in the City of San Ltis Obispo,
County of San Luis Obispo, Stale of California, according to tae official plat
or plats of the survey of said lands returned to the General Land Office by the
Surveyor General, described as follows:
Beginning at a point on the ilorth7testerly line of County Road No. 324, as conveyed
to the County of San Luis Obispo by deed dated Septembor 5, 1946 are recorded
in Book 424, at rage 17i of Official =iccords of San Luis Obispo County, which
is South 30° 411 ioest 66.21 feet from the intersection of said Northwesterly
line with the Southerly lire of County Road Ho. 257, as shown on :zap of a portion
of said Section 36 recorded in Book 3, at :a;,e 34 of Records of Surveys; thence
from said point of beginninZ, North 72° +lest 100 feet to the Southeasterly line
of the property conveyed to Edgard J. Rhyne, et ux., by deed dated April 22,
1946 and recorded in Book 407, at page 294, of Official Records; thence North
300 411 Bast along the Southeasterly line of said Rhyne Property 232.50 feet to
the most :asterly corner thereof; thence South 72° East 100 feet to the I3orth-
westerly lino of said County :toad No. 324; thence South 30° 41' iiest along said
Northwesterly line 232.50 feet to the ;point of beginning.
ESCROW INSTRUCTIONS
Escrow No. 45a
S'73'1 L21D Obispo Once
Date J!Ay 30 '19 56
SECURITY TITLE INSURANCE COMPANY:
I VM hand you the = Of 1,�?'12,250*Wj a4. for Flo 2.Ccctt°1t, OA B£`s tle coo
dot►, ^��
which you are instructed to use when, after recording the necessary instruments, you are able to procure a standard form
omom Policy of Title Insurance, issued by your company
in its usual form containing the printed exceptions usual in such policy, with
liability not_less than S.. �'�y2aC' _ _ on the following described property situate in the
County of. San f+iA 'Aaopo
State of California
Sce attachoff &=r#tion
showing title vested in Cla'7 OF SAN L475 0C5PO, a timdclpA corporati=
Subject to:
1. Taxes aU for the fiscal year 2956 -57 including levies for any district such as, but not limited
thereto, drainage, irrigation, road improvement, acquisition and improvement, Cue protection, etc. (Personal property tax, if any, to be
paid outside of escrow by seller before delinquent.)
2. Bond — assessment EVOW
with no delinquent payments, and with unpaid balance of principal not to exceed S
3. Covenants, conditions, restrictions, reservations, easements, and rights of way of record (if any),
4.
E -40 -L (G.S.) 1 -12 -56 161A
(Rev. 1152)
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P -118 (G.S.) Rev. 8-56 1 -26-56 . ' . .
J:
$123250-00 Charge for Title Examination and Insurance S 104.00 (A -1)No. 47581 -SLO
SECURITY TITLE INSURANCE COMPANY
a California corporation, herein called the Company, for a valuable
consideration paid for this Policy of Title Insurance
does hereby insure
CITY OF SAN LUIS OBISPO,
a municipal corporation,
together with the persons and corporations included in the definition of "the insured" as set forth in the stipulations
of this policy, against loss or damage not exceeding TWELVE THOUSAND TWO HUNDRED FIFTY AND
N01100 --------------------- - - - - -- dollars, which the insured shall sustain by reason of:
1. Title to the land described in Schedule A being vested, at the date hereof, otherwise than as herein stated;
or
2. Unmarketability, at the date hereof, of the title to said land of any vestee named herein, unless such unmarket-
ability exists because of defects, liens, encumbrances, or other matters shown or referred to in Schedule B;
or
3. Any defect in, or lien or encumbrance on, said title, existing at the date hereof, not shown or referred to
in Schedule B; or
4. Any defect in the execution of any mortgage or deed of trust shown in Schedule B securing an indebtedness,
the owner of which is insured by this policy, but only insofar as such defect affects the lien or charge of
such mortgage or deed of trust upon said land; or
5. Priority, at the date hereof, over any such mortgage or deed of trust, of any lien or encumbrance upon said
land, except as shown in Schedule B, such mortgage or deed of trust being shown in the order of its pri-
ority in Part Two of Schedule B;
all subject, however, to Schedule A, and B, and the Stipulations herein, all of which schedules and stipulations are
hereby made a part of this policy.
In witness whereof, Security Title Insurance Company has executed this policy by its authorized
officers as of the date set forth in Schedule A.
Secretary � President
An Authorized Signature
CLTA Standard Coverage
Copyright 1950
P -118 -A (G.S.) Rev. 8-M 1 -26-56 40M
1. On July 303 1956
SCHEDULE A
at 8: 05 o'clock a , m ., the title to said land is vested in
CITY OF SAN LUIS OBISPO,
a municipal corporation.
2. Description of the land in the County of J
which is insured by this policy:
PARCEL 1: That portion of the
30 South, Range 12 East, Mount
of San Luis Obispo, according
survey of said lands returned
Surveyor General, described as
an Luis uoispo
, State of California, title to
South half of Section 36, in Township
Diablo Base and Meridian, in the City
to the official plat or plats of the
to the General Land Office by the
follows:
Beginning at a point on the Northwesterly line of County Road
No. 324 as conveyed to the County of San Luis Obispo, by deed dated
September 5, 1946 and. recorded in Book 424, at page 179 of Official
Records of San Luis Obispo County, which is South 300 411 West
1248.71 feet from the intersection of said Northwesterly line with
the Southerly line of County Road No. 257 as shown on map of a portion
of said Section 36, recorded in Book 3, at page 34 of Record of
Surveys; thence leaving said Northwesterly line North 720 West 826
feet to the true point of beginning, said true point of beginning
being the Southwesterly corner of the property conveyed to Emily
Ellen Baker, by deed. dated April 13, 1949 and. recorded May 11, 1949
in Book 522, at page 134 of Official Records; thence from said true point
of beginning North 300 41' East along the Northwesterly line of the
property so conveyed. and the continuation thereof along the North-
westerly line of the property conveyed to Archie C. Stinson, et ux.,
by deed dated May 9, 1949 and recorded May 11, 1949, in Book 522, at
page 114 of Official Records, 615 feet to the most Northerly corner
of said Stinson property; thence North 720 West to the Northwesterly
line of the property conveyed to Bertie J. Beall, by deed dated June
18, 1936 and recorded July 8, 1936, in Book 197, at page 258 of
Official Records; thence South 26° 16' West along said Northwesterly
line to a point which bears North 72° West from the true point of
beginning; thence South 720 East to the true point of beginning.
PARCEL 2: That portion of the South half of _section 36 in Township
30 South, Range 12 East, Mount Diablo Base and Meridian, in the City
of San Luis Obispo, according to the official plat or plats of the
survey of said lands returned to the General Land Office by the
Surveyor General, described as follows:
Beginning at a point on the Northwesterly line of County Road No. 324,
CLTA Standard Coverage
Copyright 1950
SCHEDULE A, continued.
as conveyed to the County of San Luis Obispo, by deed dated
September 5, 1946 and recorded in Book 424, at page 179 of Official
Records of San Luis Obispo County, which is South 300 41, West.
866.21 feet from the intersection of said Northwesterly line with
the Southerly line of County Road No. 257, as shown on map of a
portion of said Section 36, recorded in Book 3, at page 34 of
Record. of Surveys; thence from said point of beginning North 72°
West 100 feet to the Southeasterly line of the property conveyed
to Edward J. Rhyne, et ux., by deed. dated April 22, 1946 and recorded
in Book 407, at page 294 of Official Records; thence North 300 41'
East along the Southeasterly line of said Rhyne property 232.50 feet
to the most Easterly corner thereof; thence South 72° East 100 feet
to the Northwesterly line of said County Road No. 324; thence South
300 41' West along said Northwesterly line 232.50 feet to the point
of beginning.
P -118 -a (G.S.) Rev. 8.54 1 -26-56 44M
SCHEDULE B
This policy does not insure against loss by reason of the matters shown or referred to in this Schedule except to
the extent that the owner of any mortgage or deed of trust shown in Part Two is expressly insured in Paragraphs
numbered 4 and 5 on Page 1 of this Policy.
PART ONE: This part of Schedule B refers to matters which, if any such exist, may affect the title to said land,
but which are not shown in this policy:
1. Taxes or assessments which are not shown as existing liens by the records of
any taxing agency or by the public records; and easements, liens, or encum.
brances which are not shown by the public records.
2. Rights or claims of persons in possession of said land which are not shown by
the public records.
3. Any facts, rights, interests, or claims which are not shown by the public records,
but which could be ascertained by an inspection of said land, or by making
inquiry of persons in possession thereof or by a correct survey.
4. Mining claims, reservations in patents, water rights, claims or title to water.
5. Any laws, governmental acts or regulations, including but not limited to zoning
ordinances, restricting, regulating or prohibiting the occupancy, use or enjoyment
of the land or any improvement thereon, or any zoning ordinances prohibiting a
reduction in the dimensions or area, or separation in ownership, of any lot or
parcel of land; or the effect of any violation of any such restrictions, regulations
or prohibitions.
PART TWO: This part of Schedule B shows liens, encumbrances, defects and other matters affecting the title to
said land or to which said title is subject:
1. General and special taxes of the fiscal year 1956 -57, now a lien,
but not yet due and payable.
2. Rights of way or easements for public or private roads or highways
across said property as the same now exist.
CLTA standard Coverage
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P- 116 -ST (G.S.) Rev. 654 1 -2656 35M
I. SCOPE OF COVERAGE
This policy does not insure against, and the
Company will not be liable for loss or dam-
age created by or arising out of any of the
following: (a) defects, liens, claims, encum-
brances, or other matters which result in no
pecuniary loss to the insured; (b) defects,
liens, encumbrances, or other matters created
or occurring subsequent to the date hereof;
(c) defects, liens, encumbrances, or other
matters created or suffered by the insured
chiming such loss or damage; (d) defects,
liens, claims, encumbrances, or other matters
existing at the dato of this policy and ]mown
to the insured claiming such loss or dam-
age, either at the date of this policy or at
the date such insured claimant acquired an
estate or interest insured by this policy, un-
less such defect, lien, claim, encumbrance
or other matter shall have been disclosed to
the Company in writing prior to the issuance
of this policy or appeared at the date of ibis
policy on the public records. Any rights or
defenses of the Company against a named
insurod shall be equally available against
any person or corporation who shall become
an Insured hereunder as successor of such
named insured.
2. DEFENSE OF ACTIONS. NOTICE OF AC-
TIONS OR CLADS TO BE GIVEN BY
THE INSURED
The Company at its own cost shall defend
the insured in all litigation consisting of ac-
tiona or proceedings against the Insured, or
defenses, restraining orders, or injunctions
interposed against a foreclosure or sale of
said land in satisfaction of any indebtedness,
the owner of which is insured by this policy,
which litigation is founded upon a defect,
lien, encumbrance, or other matter insured
against by this policy, and may pursue such
litigation to final determination in the court
of last resort. In case any such litigation
shall become known to any insured, or in
case knowledge shall come to any insured
of any claim of title or interest which is ad-
verse to the title as insured or which might
cmice loss or damage for which the Com-
pany shall or may be liable by virtue of this
policy, such insured shall notify the Company
thereof in writing. If such notice shall not be
given to the Company at least two days be-
fore the appearance day in any such litiga-
tion, or if such insured shall not in writing,
prcmptly notify the Company of any defect,
lien, encumbrance, or other matter insured
against, or of any such adverse claim which
shall come to the knowledge of such in-
sured, in respect to which loss or damage is
apprehended, then all liability of the Com-
pany as to each insured having such knowl-
edge shall cease and terminate; provided,
however, that failure to so notify the Com-
pany shall in no case prejudice the claim of
any insured unless the Company shall be
actually prejudiced by such failure. The Com-
pany shall have the right to institute and
prosecute any action or proceeding or do any
other act which, in its opinion, may be neces-
sary or desirable to establish the title, or any
insured lien or charge, as insured. In all cases
where this policy permits or requires the
Company to prosecute or defend any action
or proceeding, the insured shall secure to it
in writing the right to so prosecute or defend
such action or proceeding, and all appeals
therein, and permit it to use, at its option,
the name of the insured for such purpose.
Whenever requested by the Company the
insured shall assist the Company in any
such action or proceeding, in effecting settle-
ment, securing evidence, obtaining witnesses,
prosecuting or defending such action or pro-
ceeding, to such extent and in such manner
as is deemed desirable by the Company, and
the Company shall reimburao the insured for
any expense so incurred. The Company
shall be subrogated to and be entitled to
all costs and attorneys' fees incurred or ex-
pended by the Company, which may be re-
coverable by the insured in any litigation
carried on by the Company on behalf of the
CLTA Standard Coverage
Copyright 1950
STIPULATIONS
insured. The word "knowledge" in this
paragraph means actual knowledge, and
does not refer to constructive knowledge or
notice which may be imputed by the public
records.
3. NOTICE OF LOSS. LIMITATION OF AC-
TION
A statement in writing of any loss or damage
for which it is claimed the Company is Liable
under this policy shall he furnished to the
Company within sixty days after such loss
or damage shall havo been ascertained.
No action or proceeding for the recovery of
any such loss or damage shall he instituted
or maintained against the Company until
after full compliance by the insured with all
the conditions imposed on the insured by this
policy, nor unless commenced within twelve
months after receipt by the Company of such
written statement.
4. OPTION TO PAY, SETTLE, • OR COM-
PROMISE CLAM
The Company reserves the option to pay,
settle, or compromise for, or In the name of,
the insured, any claim insured against or to
pay this policy in full at any time, and pay-
ment or tender of payment of the full amount
of this policy, together with all accrued costs
which the Company is obligated hereunder to
pay, shall terminate all liability of the Com-
pany hereunder, including all obligations of
the Company with respect to any litigation
pending and subsequent costs thereof.
5. SUBROGATION UPON PAYMENT OR
SETTLEMENT
Whenever the Company shall have settled
a claim under this policy, it shall be subroga-
Ind to and be entitled to all rights, securi-
ties, and remedies which the insured would
have had against any person or property
in respect to such claim, had this policy not
been issued. If the payment does not cover
the loss of the Insured, the Company shall
be subrogated to such rights, securities, and
remedies In the proportion which said pay-
ment bears to the amount of said loss. In
either event the insured shall transfer, or
cause to be transferred, to the Company such
rights, securities, and remedies, and shall
permit the Company to use the name of the
insured in any transaction or litigation in-
volving such rights, securities, or remedies.
9. OPTION TO PAY INSURED OWNER OF
INDEBTEDNESS AND BECOME OWNER OF
SECURITY
The Company has the right and option, in
ease any .loss is claimed under this policy
by an insured owner of an indebtedness se-
cured by mortgage or deed of trust, to pay
such insured the indebtedness of the mort-
gagor or truster under said mortgage m
deed of trust, together with all costs which
the Company is obligated hereunder to pay,
in which case the Company shall become
the owner of, and such insured shall at
once assign and transfer to the Company,
said mortgage or deed of trust and the in-
debtedness thereby secured, and such pay-
ment shall terminate all liability under this
policy to such insured.
7. PAYMENT OF LOSS AND COSTS OF
LITIGATION. INDORSEMENT OF PAYMENT
ON POLICY
The Company will pay, in addition to any
loss insured against by this policy, all costs
imposed upon the insured in litigation car-
ried on by the Company for the insured, and
in litigation carried on by the insured with
the written authorization of the Company,
but not otherwise. The liability of the Com-
pany under this policy shall in no case ex-
V-
seed, in all, the actual loss of the Insured
and costs which the Company is ob-
ligated hereunder to pay, and in no case
shall such total liability exceed the amount
of this policy and said costs. All payments
under this policy shall reduce the amount of
the insurance pro tanto, and payment of loss
or damage to an insured owner of indebted-
ness shall reduce, to that extent, the liabil-
ity of the Company to the insured owner of
acid land. No payment may be demanded by
any insured without producing this policy
for indorsement of suchpayment.
S. MANNER OF PAYMENT OF LOSS TO IN-
SURED
Loss under this policy shall be payable,
first, to any insured owner of indebtedness
secured by mortgage or deed of trust
shown in Schedule B In order of priority
therein shown, and if such ownership vests III
more than one, payment shall be made rat-
ably as their respective interests may appear,
and thereafter any loss shall be payable to
the other insured, and if more than one, then
to such insured ratably as their respective
interests may appear. If there be no such in-
sured owner of indebtedness, any loss shall
be payable to the insured, and if more than
one, to such insured ratably as their rezpoo-
tive interests may appear.
9. DEFINITION OF TEEMS
The following terms when used in this
policy mean:
(a) "named insured ": the persons and
corporations named as insured on first page
of this policy;
(b) "the insured ": such named insured
together with (1) each successor in owner-
ship of any indebtedness secured by any
mortgage or deed of trust shown in Schedule
B, the owner of which indebtedness Is
named herein as an insured, (2) any such
owner or successor in ownership of any such
indebtedness who acquires the land de-
scribed in Schedule A or any part thereof,
by lawful means in satisfaction of said in-
debtedness or any part thereof, (3) any
governmental agency or instrumentality
acquiring said land under an insurance con-
tract or guarantee insuring or guaranteeing
said indebtedness or any part thereof, and
(4) any person or corporation deriving an
estate or interest in said land as an heir
or devisee of a named insured or by reason
of the dissolution, merger, or consolidation
of a corporate named insured;
(c) "land ": the land described specifi-
cally or by reference in Schedule A and im-
provements affixed thereto which by law
constitute real property;
(d) "date": the exact day, hour and
minute specified in the first line of Schedule
A (unless the context clearly requires a
different meaning);
(e) "taring agency": the State and each
county, city and county, city and district In
which said land or some part thereof is situ-
ated that levies taxes or assessments on real
property;
(f) "public records ": those public reo-
ords which, under the recording laws, im-
port constructive notice of matters relating to
said land.
10. WRITTEN INDORSEMENT REQUIRED TO
CHANGE POLICY
No provision or condition of this policy can
be waived or changed except by writing in-
dorsed hereon or attached hereto signed by
the President, a Vice President, the Secretary,
or an Assistant Secretory of the Company.
11. 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 its home office at 530 West Sixth
Street, Los Angeles 14, California.