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HomeMy WebLinkAboutD-1011 Santa Rosa Widening Recorded 04/05/1978RECORDING REQUESTED BY AND WNEN RECORDED MAIL TO FSTATE OF CALIFORNIA Nome DEPARTMENT OF TRANSPORTATION P' 0, BOX L Street SAN LUIS- OBISPO, CA 88408 Address City a I Stets L - - -- -- - -- - — MAIL TAX STATEMENTS TO STATE BUSINESS: FREE Name This document presented + for AdCre r reaord�r,,, purs�'a:lt to Ci:_ V 1 d Code Sactf_o.n 01,03. City 4 , T.,. r, . , State ORTATI%N� ar �- 03151< 5F 800000,001 71 DOC. NO. IL5738 OFFICIAL RECORDS SAN LUIS OBISPO CO•, =,CAL APR S 1978 COMPARED WILLIAM E. ZIMARIK COUNTY RECORDER SPACE ABOVE THIS LINE FOR RECORDER'S USE Doc-nnentary Transfer Ta=: Signod —Party or b ent Fir3 -t•Iane R/W 05 –SLO –Santa Rosa St. Parcel-180-6,-1 Grant Deed I AFFIX I.R.S. $------- -- ---- --- ------ ---- ----- - --- - -- ABOVE TO 465 C.(13-67) THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, EMILY Me KLUCHIN, a married woman, hereby GRANT(S) to the City of San Luis Obispo, a municipal corporation, the following described real property in the City of San Luis Obispo County of San Luis Obispo , State of California: as her sole and separate property: AS MORE PARTICULARLY DESCRIBED IN EXHIBIT A ATTACHED HERETO AND COMPRISED OF ONE PAGE. 0 Dated January 10, 1978 / ily M. Kluchin STATE OF CALIFORNIA }SS. COUNTY OF SAN LUIS OBI S PO JJ On Jan. 10; 1978 before me, the under- signed, a Notary Public in and for said State, personally appeared EMILY M KLUCHIN , known to me to be the person whose name lS subscribed to the within instrument and acknowledged that she executed the same. WITNESS my hand and official seal. Signature "&A d i GERALD W. SHIPS Name (Typed or Printed) GERALD W. SHIPS5Y NOTARY PUBLIC SAI ' LUIS 0300 COL'..:_' CALIFORNIA my Commission Expires March 27, 1981 (This area for official notarial seal) Title Order No. Escrow or Loan No. < " ` / / Y /Cg-- 1011 MAIL TAX STATEMENTS AS DIRECTED ABOVE /4)I/11 9•`lrn "l� U1 � o�rG _ n ° m � y 1 m � Z -1 M ^, 0 > ° D m ni r m r m r ni r m r m m z < CSI n m y y C�9 n O r r C x m m O a Z a M f ^, 0 >0 M r r ni r m r m m m n m :i f� That portion Luis Obispo, of the Count y PARCEL 180 -6 "EXHIBIT A" of Lot 1 in Block 31 of the City of San Luis Obispo, County of San State of California, according to map filed for record in the office Recorder of said County, described as follows: BEGINNING at the southeast corner of Palm and Santa Rosa Streets and running thence northeasterly along the southerly line of Palm Street a distance of 10.00 feet; thence southeasterly and parallel with the easterly line of Santa Rosa Street a. distance of 40.00 feet; thence southwesterly and parallel with the south line of Palm Street a distance of 10.00 feet to the easterly line of Santa Rosa Street; thence northwesterly along said easterly line of Santa Rosa Street a_ distance of 40.00 feet to the POINT OF BEGINNING. PARCEL 180 -6 -1 Temporary easement for construction purposes over and across the following described parcel of land. BEGINNING at the Northeasterly corner of parcel 180 -6 as described above, thence Northeasterly along the Southerly line of Palm. Street a distance of 5.00 feet, thence Southeasterly and.parallel with the Easterly line of Santa Rosa Street a distance of 40600 f t, thence Southwesterly and parallel with Palm Street a distance of 5,00 fe; thence Northwesterly parallel to Santa. Rosa Street to the POINT OF BEGINNING; Said temporary construction easement shall cease and terminate upon completion of construction, but in any event, shall cease and terminate not later than January 1, 1979. The grantor.further understands that the present intention of the grantee is to construct and maintain a public highway on the lands hereby conveyed in fee and the grantor, for himself; his-successors. and assigns, hereby waives any claims for any and all damages to grantor's remaining property contiguous to the property- hereby con - veyed by reason of the location, construction, landscaping or main - tenance of said highway. As used above, the term "grantor" shall include the plural as well as the singular number and the word "himself" and "his" shall include the feminine gender as the case may-be. The date of possession by grantee of the herein described property was March 22, 1977. LVOL "2060 PAGE 534 91 0 C E R T I F I C A T E O F A C C E P T A N C E THIS IS TO CERTIFY that the interest in real property conveyed by the Grant Deed dated January 10 19 78 , from Emily M. Kluchin, a married woman 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 or his agent. Date: February 23, 1978 CITY OE SAN LUIS OBISPO ATTEST: - W . itzpAiick, City Clerk By. th E. Schwa— Mayor i VOL 2060 PAGE 535 RESOLUTION NO. 3515 (1978 Series) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO APPROVING AN AGREEMENT BETWEEN THE CITY AND EMILY M. KLUCHIN FOR SANTA ROSA STREET WIDENING RIGHT -OF -WAY. BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: 1. That certain agreement, a copy of which is on file in the office of the City Clerk, between the City and Emily M. Kluchin for right -of -way acquisition for Santa Rosa Street widening is hereby approved and the Mayor is authorized to execute same. 2. The City Clerk shall furnish a copy of this Resolution together with a copy of the agreement approved by it to: Emily M. Kluchin and the City Engineer. On Motion of Councilman Settle , seconded by Councilman Dunin , and on the following roll call vote: AYES: Councilmen Dunin, Jorgensen, Petterson, Settle and Mayor Schwartz NOES: None ABSENT: None the foregoing Resolution was passed and adopted this of February , 1978. 1 ATTEST: Ci erJ. H. Fitzpatric Approved asz to' form: WENDT, MITCHELL, , INSHEIMER, de la MOTTE ' &, 'LI EY City Attorney 21st day Approved as to content: <!E9� City A inistrati Officer i.ty ngineer R 3515 n en rimes rKin nC nn iMM 'AQL2060 PAGE 536 FI�t: QRCU'LATE: STATE OF CALIFORNIA= BUSINESS AND TRANSPORTATION AGENCY EDMUND G. BROWN JR., Governor DEPARTMENT OF TRANSPORTATION P.O. BOX L, SAN LUIS OBISPO 93406 TELEPHONE (805) 5493111 J•' City of San Luis Obispo. P. O. Box 321 San Luis Obispo, CA 93406 Attention Mr. Wayne..Peterson- City Engineer Gentlemen_: April 25, , 19'78 R/W 05 -8LO -City of SLO Santa Rosa Street Parcel.180 -6, -1 (Kluchin) A.R-. #1 E.A. 130502 Returned for your files for the above- referenced parcel are the following documents: 1. Copy of State's Memorandum of Settlement 2. Original, fully executed. Right of Way-Contract 3. Certified copy of Seller's Closing Statement; Title Company receipt to State for funds for payment; and copy -of escrow -bill 4. Policy:of.Title Insurance 5.-- Recorded Grant Deed with Certificate of Acceptance and Resolution attached On April.24, we requested. cancellation of taxes -.on this property.' This concludes the acquisition of tince ly, D. A. Friend District Right of Way Agent Acquisition•Branch Enclosures Parcel. No. 180 -6, -1. &K-M-01.1 AFF 1978 RECEIVED SAN LUIS OBIVO CITY ENGINEER /r n, F DISTRICT SIROVED APPRAISAL ReportNo..................................... 4-14-76 ............... Date ............................... L' 1 District [ Z1 Parcel No. 05 180 -6, -1 To: E. F. GREGORY From: R. H. TARV IN C PARCEL COUNT 1 STATE OF CALIFORNIA INTERSTATE TRANSPORTATION AGENCY DEPARTMENT OF Transportation. X DIVISION OF H.IGHWAYS ..:...................... .....................:......... YeS No MEMORANDUM OF SETTLEMENT ProjectNo. Expenditure r3� County (q] Rte. P.M. (sl Authorizotion- Date SLO City of SLO Santa 130509 130509 FEB 2 `7 1978 FAU M- Y395(1) District Director of Transportation [T] Right of Way Agent SUBJECT: Acquisition of property from _. ACQUISITION FOR CITY OF SAN LUIS OBISPO EMILY M. KLUCHIN- c/o Gerald W. Shipsey, Attorney 1.119 Palm Street San Luis Obispo, CA 93401 Date of transaction: 1 -10 -78 Address of property 940 Santa Rosa Street Rio] Occupant ____?_._.Absentee DOCUMENTS IN FILE (X ) R%W Contract X) Grant Deed ( ) Quitclaim Deed ( ) Easement Deed CX) Title Report (X) Ma P [_13-1 Cost Center 430 [ 9_) Acquired For: 1. Normal R/W 2. Chapt. 20 3. Hardship 4. Mat[ /Disp. 5. Other Sites 6. D.W.R. - - 7. D.G.S. -- 8. 0th. Agency [; -i] No. of Fee Interests _._._...1 _ l i 2'1 No. of Lease Interests ._ __.__.0._. { ) Register No. W Parcel Diary (X)Appraisal with photos (X)Appraisal Summary Statement (X)Memorandum of Adjustment (X)Appraisal Memorandum Supplement 1. TYPE OF HIGHWAY: [isl ( ) Freeway ( ) Expressway p y ( ) Conventional (X) City Street Proposed Advertising Date 5/78 Construction Project Santa Rosa Street between Walnut . and Monterey Streets in San Luis Obispo 2. ACCESS: (' Acquired in accordance with the appraisal. Frontage Road X .._._ ............... .................. ( ) None— Entire ,Acquisition Yes Na (X) Other: Explain Acquired for conventional street. widening purposes 3. DEED CLAUSES: (X) Description checked against area being acquired. Deed Form. No. RW— Title Company format Standard Clauses: DM -1, DM -9 Special Clauses: -- Do the subject exceptions and/or reservations have material effect on the market value of the property being acquired? X Yes No H- R /W -60 (REV. 2.68) ., osP o • Santa Dist. 05 Co. SLO RRosa P.M. Street 4. DESCRIPTION OF PROPERTY ACQUIRED: Parcel No. 180 -6, -1 LAND: ,a] Area Calculated by Acre Sq. Ft. X Lis Total Take Area Partial Take Area 4Q_0 s_._f, [i-] Remainder Area 3 240 S. f J Area in R/W 4Q0_S_..1_. [� Area in Excess None Other Area (Explain) 18076-1: Temp-Qr-ary— Construction Easement_=_2 -Q0—s. f . [] Region: Rural _ L21] Best Use: Agri. — zz Character: Improved IMPROVEMENTS: Zs All Urban X Special Comm. X Indust. . Resid. Purpose X _ Unimproved Multiple. Part X None Nonsalvable. (See Attached Sheet No. ... ............................... J 5. CONSTRUCTION CONTRACT OBLIGATIONS: ( ) None . Clause No .- Appraisal Settlement 9 Construct retaining wall = $ 519 $ 519 10 Reconnect basement drain = 0 .0* $ 519 $ 519 *See Explanation Page 5 - SPECIAL CLAUSES. This work is considered to be construction in the manner proposed and therefore no cost was allocated. (See Explanation – Beni 3 – for variation from appraisal) H -R/W 60 1 6. EXCHANGE OF LAND: za ( ) Yes (3 No ( ) See Explanation - Item 8 - and Map 0 Santa Dist. 05 Co. SLO Rte-Rosa P.M. Street Parcel No. 180 -6, -1 7. CONDEMNATION INFORMATION: ( ) None (x)Cityvs Emily M. KluchiigCC No. .47581 Date Filed 11- 22- 76par. 180 -6, -1 (x� O.P.* Eff... date 3 -22 -77 zs Independent Appraisers Employed? Yes ...- . -. -:- No .......... Grantor (has) (has not) withdrawn or made application for withdrawal of State's deposit. 8. SETTLEMENT: ze (X) by Contract ( ) Other z7 Settlement amount same as first approved COMPARISON WITH APPRAISAL: appraisal ( ) Yes V) No Item Appraisal Settlement 2 Land $ $ 180 -6: 400 s.f. @ $5.50 /s.f. _ .2,200.00 2,185.25 180 -6 -1: 200 s.f. x.$5.50 x 3 mos. x .09 = 0.00- 24.75 z9 Improvements Miscellaneous landscaping and flatwork = 3o Damages Cost —to —cure = 3z LESS Credit (if any) for. , , Tota I s Rounded: D33 Interest Payment D34 Cash to Grantor 3s Construction Contract Obligations 325.00 6,345.00 400.00 9,790.00 8,870.00 $ 0 $ - ......... 0.00 $ 519,00 $ 519.00 36 Total Consideration $>.- 419.00 $12,919.00 * 7 Fund* are being withheld in the amount of $ ..2••! 500 .00 p to cover - oreh and 3 stairway restoration work. EXPLANATION: Settlement in the amount of $12,400 is per the appraisal and in accordance with the attached memorandums from the Appraisals Branch dated,9 -20 -76 and 12- 12 -77. These memorandums cover a substantial increase in cost -to -cure damages. *The sum of .$2,500 is being withheld until such time as the property owner has cleared the City's right of way, preventing any interrup- tion in the street widening work. (See Attached Sheet No. ..._3A, et seq....) State of California Business and Transportation Agency Memorandum To Mr. J. F. I;cll), Date: September 20, 1976 Division of Itibht of Wad File 05 -SLO Attention Mr. Otto E. Kihm Santa.Rosa Street 05163 - 130502 From DEPARTMENT OF TRANSPORTATION District 5 �Subiect: Appraisal Pl]emorandum Supplement to Appraisal Report No. 1, April 14, 1976. Providing for Temporary Construction Easements During the course of negotiations oil the above noted local assistance project, it was determined that temporary cons -truc- tion easements were necessary on several parcels. Construction contract work calls for retaining walls on.the front portion of several parcels along with step and driveway construction. The original appraisal mentions that a temporary right of entry should be obtained where retaining walls were to be constructed. No definite area was spelled out. All terporary casements involve a 5- foot -wide strip adjacent to' the new right of way line. All will run for three months, which is the contract work periocl. An appropriate bare land interest rate is 9 Compensation' based on each ownership area with the 9% rate for 3 months coir:es to less than $100 for each parcel and as such each is considered in the nominal valuation category. In the interest of time and the current construction schedule, it was decided not to revise the entire appraisal, but because of the minor nature of the additional right of way requirements, to handle them by memorandum.' There are no major improvements which will be disturbed. Any affected.landscaping will be replaced by the, project contractor. The following are the ownerships, parcols, and dollar values comprising the additional temporary construction easement areas: 3R At :. , Mr. J. F. Kelly ,J Division of Right of Way September 20, 1976, Page 2. 180 -2 -1 Harold M. Wu, et ux (5' x 67' = 335 s.f.) $6.00 x 3 months x .09 x 335 s.f. .$45.23 180 -3 -1 ' Kenneth M. Humphreys (5' x 40' = 200 s.f.) $5.50 x 3 months x .09 x 200 s.f`. _ $24.75 180 -4 -1 Robert. H. Mott (5' x 41.67' = 2.08.35 s.f.) $5.50 x 3 months x .09 x 208.35 s.f. _ $25.78 180 -6 -1 Emily M. Kluchin (5'.x 40' = 200 s.f.) $5.50 x 3 months x .0.9 x 200 s.f. _ $24.75 180 -7 -.1 Stanley H. Nelson (5' x 1001= 500 s.f. Additional Area) $5.50 x 3 months x..09 x.500-s.f. _ $61.88 18.0 - 11 -1 Stanley H. Nelson (5 x 50' = 250 s.f.) $5.00 x 3 months x .09 x 250 s.f. _ $28.1.3 180 -12 -1 Sherman R. Porter (5' x 50' = 250 s.f.) $5.00 x 3.months x .09 x 250 s.f. _ $28.13 180 -13 -1 A. 0. Righetti (5' x 50' = 250 s.f.) $5.00 x 3 months x .09 x 250 s.f. _ $28.13 F. O. Monson District Right of Way Agent RECOMt4E MrD OR APPR g yam•,•, Appraisal Branch ✓ � C:�A JSP : j j H. L. Bcan1 zinger putt' strict Director 38 State of California Memorandum To D. A. Friend 0 F. 0. Monson From DEPARTMENT OF TRANSPORTATION Subject: Business and Transportation Agency Date: December 12, 1977 File : R /l9 05 -SLO -Santa Rosa St. Parcel 180 -6 (Kluchin) A.R. No. 1 (4- 14 -76) 05163 - 130509 The staff appraisal estimate for reconstructing the front porch on Parcel 180 -6 in the amount of $5,995 is based on information that is now two years old.. In view of the two year time lapse, the current estimate prepared by the City Engineer's office in the amount-of $7,500 and the Nielsen Construction Company's. current estimate of $10,334, the $7,793 bid submitted by Tara Construction is acceptable. The owners should also be allowed a contingency.to cover fees for permits and the owners' time, expense and risk for supervising the construction. Historically, we have also allowed a contingency of up to 10 percent of the bid for this type of project. It is my understanding that Nielsen Construction will not.for their own reasons.submit a written bid for State. right of way cost -to -cure projects. In regards to the wing wall and loss of 10.feet of side wall referred to in your memorandum, it appears that these small items could reasonably be adjusted to $100 for both. Further study indicates that the owners should be compensated for the reduction in the size of the porch area. The depreciated value in place for the porch area loss would be computed at $15.00 /s.f. or $600. It is in.order to install sound - proofing drapes in both the front bedroom and living room. A reinspection of the improvement indicates that it may be more appropriate to provide floor - length drapes rather than S -foot drapes. The current cost estimate from Brecher's Drapery for drapes, rods, and installation is $617. In summary the adjusted improvement and cost -to -cure damage item is as follows: Improvements: Damages: Reconstruct porch, bid + 100 Loss of front porch area Install drapes Total Improvements & Damages = $ 400 $8,572.30 600.00 617.00 9,789.30 Rounded 9,790 10,190 3c 9. TITLE EXCEPTIONS: TAKEN SUBJECT TO: T. R. Na. Cont. No. 2 (A) a Santa Dist. CO. 4 a P.M. 05 SLO Street. Parcel No. 180-6,--1 Description and explanation Taxes for 1977 -78 which will be paid and cleared in the manner required by Section 4986 of the Revenue and Taxation Code, if unpaid at..close of escrow. Do the subject exceptions have material effect on the market value of the property being acquired? X........ Yes No (See Attached Sheet No. ) NOT TAKEN SUBJECT TO: T. R. No. Cont. No. (if any) Description and Explanation 1 2(C) 1976 -77 taxes which have been paid. (See Attached Sheet No. ) camp r-✓r. , -71 :c -•,t, 10. UNRECORDED INTERESTS: X Investigation indicates none involved. Handled as follows: • r Santa Dist. 05 Co. SLO Rte. Rosa P.M. Street Parcel No. 180 -6, -1 11. SPECIAL CLAUSES IN CONTRACT: None Clause No. Explanation 8--Describes grantor's responsibility to perform the work of clearing the City's right of way on or before May 1, 1978. In the event grantor fails to comply, $2,500 has been withheld-as liquidated damages. 10 -- Describes City's plans to reconnect storm.or basement drains currently located within. the existing sidewalk area. City's pro- posed construction includes facility reconnection at no expense (See Attached Sheet No- ------------------------- ------ )to grantor. This clause was included at the insistence of the grantor. 12. POSSESSION AND OCCUPANCY: Property to be delivered: Present Occupancy: X Vacant on .... Effective___da-te___of___ Order for __ Owner Close of Escrow Possession 3 -22 -77 State 15 -day grace period Month -to -month Lease Lease quitclaimed ------- :-- ..--- - - - - -- -- ----------- - - - - - -- Vacant Yes No X city Rentable Land: X None Unimproved Grantor to Remove Improvements - --- ----- ---- -- - - - -- ------------ - ----.- - With Improvements Yes No Rental or Lease Provisions in Contract -------------- - - - - -- - - - - - -- - - - -- - - - -- Rate $ - Yes No Comments: 13. DATE OF VESTING IN GRANTOR: Acquisition data within 5 years: Date From Whom Acquired: Pertinent information re purchase: During last 5 years --- --------- -- - - - --- ----------- --X_._ Yes No Consideration $ Hii!W 6 5 14. ADVERTISING SIGNS:. Lease ---------- - - - - -- --------------- Yes No Cost of removal to be borne by: Santa Dist. 05 Co. SLO Rte. Rosa P.M. Street _X -_ None Parcel No.180-6, -1 Cancellation clause in lease __ ___ ____ _______ ----------------- Yes No Not yet determined __________ State __ Lessee Estimated cost — $ Comments: 15. MISCELLANEOUS INFORMATION: Complaint to Headquarters ------------ ------- X__._ -_ Yes No a. The attached right of way contract embodies all of the considerations agreed upon between the undersigned and the property owner. b.. The attached right of way contract was obtained without coercion, promises other than those shown in the contract, or threats of any kind whatsoever by or to either party.. c. I understand that the rights being secured may be used in connection with a Federal -aid highway project. d. I have no direct or indirect present or contemplated future personal interest in the property being acquired or in any benefit from the acquisition of subject property. 38 Total number of personal calls: -------- _------- .8 ..... ....... .... F39-1 Months between first approved appraisal and right of way. certification date ___....___..__20 F4-51 Months between first approved at Months between assignment a2 Months between assignment appraisal and assignment.to and close: ___.____- .__..i9.......... and suit filing:..... _____5...._.... original agent­.._______...._. ... 1 ------------- I hereby recommend the approval of this transaction -- - - - - -- - --- ------------------- C R. H. TARVIN Recommended or i ri Approval: By FED 31978 -- -- ---- ---- -- - -- --- -- - - -- - - - - - -- --- - — -------------- - ----- Senior Right of Way Agent Date D. A. -FRIEND H.R /W 60 InEV. 7.67, 6w US, c/o G. Shipsey, 1119 Palm San Luis Obispo, January 10 EMILY M. KLUCHIN (Grantor) California 19 78 Dist. Co y P.M. R W E. A. 0.5 - 5L0 Cit o SL Yta Rosa = 130509 FAU M- Y394(1) RIGHT OF WAY CONTRACT- CITY STREET Document No. 180 -6, -1 in the form of a GRANT DEED covering the property particularly described therein has been executed and, delivered to R. H. TARVIN , Right of Way Agent for the State of California, acting on behalf of the City of San Luis Obispo. In consideration of which, and the other.considerations hereinafter set forth, it is mutually agreed as follows: 1. The parties have herein set forth the whole of their agreement. The performance of this agreement constitutes the entire consideration for said document and shall relieve the City of San Luis Obispo of all further obli- gation or claims on this account, or on account of the location, grade or construction of the proposed public improvement. 2. The City of San Luis Obispo shall:. (A) Pay the undersigned grantor(s) the sum of $ 12,400.00 . for the property or interest conveyed by above documents) when title to said property vests in the City of-San Luis Obispo free and clear of all liens, encumbrances, assessments, ease- ments and leases (recorded and /or unrecorded), and taxes, except: a. Taxes for the fiscal year in which this escrow closes which shall be cleared and paid in the manner required by Section 4986 of the Revenue and Taxation Code, if unpaid at the close of escrow. b. Covenants, conditions, restrictions and reservations of record, or contained in the above referenced document. c. Easements or rights of way over said land for public or quasi- public utility or public street purposes, if any. APPROVED BY DISTRICT b Dated ` ?a H. L. Benti(An�of Deputy, District Director Right of Way . N (B) Pay all escrow and recording fees incurred in this trans- action, and if title insurance is desired by the City of San Luis Obispo, the premium charged therefor. (C) Have the authority to deduct and pay from the amount.shown in Clause 2(A) above, any amount necessary to satisfy any delinquent taxes due in any fiscal year except the fiscal year in which this escrow closes, together with penalties and interest thereon, and /or delinquent or nondelinquent assessments or bonds except those which title is to be taken subject to in accordance with the terms of this contract. 3. Any or all moneys payable under this contract, up to and inclu- ding the total amount of unpaid principal and interest on note(s) secured by mortgage(s) or deed(s) of trust, if any, and all other amounts due and payable in accordance with the terms and conditions of said trust deed(s) or mortgage(s) shall, upon demand(s) be made payable to the mortgagees) or beneficiary(s) entitled thereunder; said mortgagee (s) or beneficiary (s) to furnish grantor(s) with .good and sufficient receipt showing said moneys credited against the indebtedness secured by said mortgage(s) or deed(s) of trust. 4. The grantor(s) shall retain possession of the property conveyed up to and including the date of recording of the deed conveying title to the City of San Luis Obispo upon compliance by the grantor(s) with the conditions of this contract. All rents collected by grantor(s) applicable to any period thereafter shall be paid to the City of San Luis Obispo. Either party hereto collecting rents to which the other party is entitled shall forthwith pay such amount to the other as is necessary to comply with.the provisions of this clause. 5. Grantor(s) warrant(s) that there are no oral or written leases on all or any portion of the property exceeding a period of one month, and the grantor(s) further agree(s) to hold the City of San Luis Obispo harmless.and reimburse the City of San Luis Obispo for any and all of its losses and expenses occasioned by reason of any lease of said. property held by any tenant of grantor(s) for a period exceeding one month. 6. The undersigned grantor(s) hereby agree(s) and consents) to the dismissal of any eminent domain action in the Superior Court wherein the herein described land is included and also waives any and all claims to any money that may now be on deposit in said action. - 2 - 7. It is understood and agreed by and between the parties hereto that included in the amount payable under Clause 2(A) herein is payment in full to compensate grantor for the expense in performing the following work: (A) Provide the necessary materials and labor to replace . or restore grantor's existing porch and stairway in a manner equal to or better than that shown on Exhibit A attached hereto and made a part hereof. i (B) Re- landscape front yard area, as required. (C) Install sound - reducing drapes or similar devices in front living room and bedroom areas. It is also agreed by and between the parties hereto that the above described work of restoring grantor's front porch shall be done in a manner consistent with the new city back -of- sidewalk elevation (Santa Rosa Street), which will be provided by the City upon request. 8. Grantor agrees to perform the work mentioned in Clause 7(A) within 80 working days of execution of this agreement by or on behalf of grantee. For purposes of this Paragraph. 8, "working days" are to include every day except Saturdays, Sundays, City of San Luis Obispo legal holidays, and days when construction work cannot be performed because of rain. The sum of $2,500.00 of the total payment provided for under Clause 2(A) herein shall be withheld by the City of San Luis Obispo until such work has been completed. If said reconstruction work is not completed at grantor's expense within said 80 working days, for any reason whatsoever., the City or its authorized agent is IIiereby granted the right to enter upon grantor's property for thE� purpose of severipg and removing any building improvements situated within the right of way area, and grantor.hereby agrees that the City may retain actual expenses incurred by the City, to the limit of $2,500.00, for removing said improvements. 9. At no expense to grantor and at the time of performing the work of improving Santa Rosa Street between Monterey and Walnut Streets, the City of San Luis Obispo or its authorized ageftt shall construct a retaining wall on grantor's remaining property adjacent to the new right of way line. Said retaining wall will range in height from approximately 2'8" to 314" and will be constructed in the area shown shaded in red on Exhibit B attached hereto and made a part hereof. Said wall shall connect or conform to grantor's new porch structure as required. Grantee further agrees that it will not place a retaining wall on City property adjacent to grantor's porch structure. Permission is hereby granted the City of San, Luis Obispo or its authorized agent to enter upon grantor's land., where necessary, for purposes of constructing the above mentioned retaining wall. - 3 - • Grantor understands and agrees that upon completion of the work described in this clause, said retaining wall located upon grantor's land shall be- considered.as the sole property of the grantor, the maintenance and repair of said property to be that of the grantor. All work to be done under this agreement by the City of San Luis Obispo or its contractor shall conform to all applicable building, fire and sanitary laws, ordinances, and regulations relating to such work, and shall be done.in a good and workmanlike manner.- 10. It is understood and agreed that all utility services affected by City's proposed construction, which are not compensated for under the amount provided in Clause 2(A) above, and specifically designated as having been provided for by the terms of this con - tract, shall be reconnected by the City or its contractor at -no expense to the grantor. The City agrees to replace grantor's drainage pipe under the -Santa Rosa Street sidewalk with a drainage line 4 inches in diameter, and the City or its agent is hereby granted the right to enter upon the.remaining property of the grantor for the purpose of performing said work. 11. It is agreed and confirmed by the parties hereto that not - withstanding other provisions in this contract, the ,right of possession and use of the subject property by the City of San Luis Obispo, including the right to remove and dispose of improvements, commenced March 22, 1977, and that the amount shown in Clause 2(A) herein includes, but is not limited to, full payment for such possession and use, including damages, if any, and interest from said date. 12. This transaction will be handled through an escrow with SAFECO Title Insurance. Company, P. O. Box 1145, San Luis Obispo, CA;.their No. 93715. - 4 - 0 IN WITNESS WHEREOF, the parties have executed this agreement the day and year first above written. oe mily W. Klludhin Red Approval`s �fl 4AO N, , _,tj Dist i R t of Way Agent Acquisition Branch CI Y OF SAN LUIS OBISPO By � Kenneth E. Schwartz Mayor Lo 14� ;II jiil Wj I 1-7 I'm O O LU 2 -mm f91ylrv1 64 0 cr LAJ 0 .SECTION mi .r S O:.. Po 1' Cow. _...i L+l...,. UPD/ I y. H2 AlocQ k F 1/N n t ! f 4 I - S"'t"' 1 Q Ua�V� .� r .SECTION mi .r S O:.. Po 1' Cow. _...i L+l...,. UPD/ I y. H2 AlocQ k F 1/N n t ! f 4 I - S"'t"' 1 Q Ua�V� .� SI4FEC® *RECEIPT N2 6334 Company No. 19sal SLO Office DATE 415/ 1978 ESCROW NO. 106719 —de ORDER NO. OTHER r RECEIVED OF: SAID FUNDS TO BE CREDITED TO TIHE ACCOUNT OF Kluch?n I BANK NAME BRANCH ACCOUNT NO. CASH $ CHECK $ CHECK $ 9,900.00 Treasurer, 90-1342 TOTAL $ 9,900'00 SAFECO TF,TLE INSURANCE COMPANY Countersigned P �C -� By Jf E-270 r o_ 0 u ce w 0 N u L PROPERTY SAFECO TITLE INSURANCE COMPANY ---=--------------- San.Luis -- Obispo,--- Ca................... -- - - - - -- :Office �t DATE 1 8 • EMILY M KLUCHIN APr3.1 5, ;? I balance due you for which our check is enclosed herewith totals This is a true and correct copy of the Closing Stai grantor at the time we forwarded the check in the f the Closing Statement. M Doris M. Eec] SAVE FOR INCOME TAX INFORMATION gT� ECO E -62 ( G..S.) 4 -25 -56 Q SAFECO Insurance Company of America. rcgistered trademark owner. ESCROW 106719 -de IR/WO5 SLO Sta. Rosa St- La ce jk�1 180 -6,1 �ISRUMEN 5 11 RECEIPTS 9,°00.00 nt submitted to t e named nt of the balance shown on ,11 Escrow SCO Please Detach and Return This Portion With Your Remittance F—Department of Transportation P 0 .Sox L San Luis Obispo, CA 93406 LAT`tN : Mr, Bowden. Our Order No. 106719 -de J X05) 543.8211 DATE April 17, 1978 P. /W 05 -SLO -Santa Rosa Street Parcel 180 -6, -1 Amount Due $ 131 -!r5 Our Order No. 106719 -de Your Order No. Kluchin --Date 4-17-:1B _Title Officer. FPckhmI PROPERTY TYPE Imo. PTO'a LIAB. PREV. LIAR. CODE AMOUNT CIVOMRS LENDERS JP _. STANDARD POLICY ® ❑ ❑ SP 9,900.00 1.1 _ 104.75 ALTA POLICY ❑ ❑ f I ndorsement Binder General Guarantee - Type: Trustee Sale Guarantee Lot Book Guarantee_ Litigation Guarantee Escrow Fee Extra Work Charge h GG TG GG Report fee CREDIT for fee payment raa.de 6 -24 -76 Drawing Instruments. Sub - Escrow Fee Cancellation Fee Safeco Reconveyance Fee Sales Tax Tax Service ADVANCES Recording Deed Recording Trust Deed Recording Reconveyance Transfer 'Fax Tax Service Taxes Paid -- Tax Sale Bonds _ Reconveyance Fee 4311 4425 4222 4415 4411 4424 4412 2312 5927 1215 j 1215 1215 1215 1215 1215 1215 1215 1215 77.00 [50.001 i1 /c TOTAL 131.75 CREDIT PLEASE PAY THIS AMOUNT SAFECO TITLE INSURANCE COMPANY 1043 MARSH STREET SAN LUIS OBISPO, CA. 93406 OS-1 -B REV. 1-77 SAFECO dly- A s- .,.... CLTA -1973 STANDARD COVERAGE POLICY OF TITLE INSURANCE issued by SAFECO TITLE .INSURANCE COMPANY SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, SAFECO TITLE INSURANCE COMPANY, a .California corporation, herein called the Company, insures the insured, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by said insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on such title; 3. Unmarketability of such title; or 4. Any lack of the ordinary right of an abutting owner for access to at least one physically open - street or highway if the land, in fact, abuts upon one or more such streets or highways; and in addition, as to 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. �S RA,lll 1141W o��4 V,/� %A. Secretary Y, ,,����� President P -218 (G.S.) Rev. 8 -73 as CONDITIONS AND STIPULATIONS 1. Definition of Terms The following terms when used in this policy mean: (a) "insured ": the insured named in Schedule A, and, subject to any rights or defenses the Company may have had against the named insured, those who succeed to the interest of such insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, per- sonal representatives, next of king or cor- porate or fiduciary successors. The term "insured" also includes (i) the owner of the indebtedness secured by the insured mortgage and each successor in ownership of such indebtedness (reserving, however, all rights and defenses as to any such successor who acquires the indebtedness by operation of law as described in the first sentence of this subparagraph (a) that the Company would have had against the successor's transferor), and further includes (ii) any governmental agency or instrumentality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not, and (iii) the parties designated in paragraph 2(a) of these Conditions and Stipulations. (b) "insured claimant ": an insured claiming loss or damage hereunder. (c) "insured lender ": the owner of an insured mortgage. (d) "insured mortgage ": a mortgage shown in Schedule B, the owner of which is named as an insured in Schedule A. (e) "knowledge ": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of any public records. (f) "land ": the land described, spe- cifically or by reference in Schedule A, and improvements affixed thereto which by law constitute real property; provided, however, the term "land" does not include any area excluded by . Paragraph No. 6 of Part I of Schedule. B of this Policy. (g) "mortgage ": mortgage, deed of trust, trust deed, or other security instru- ment. (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 indebtedness secured by the insured mort- gage, this policy shall continue in force as of Date of Policy in favor of such in- sured who acquires all or any part of the estate or interest in the land described in Schedule A by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner which discharges the lien of the insured mortgage, and if such insured is a corporation, its transferee of the estate or interest so acquired, provided the transferee is the parent or wholly owned subsidiary of such insured; and in favor of any governmental agency or in- strumentality which acquires all or any part of the estate or interest pursuant to a contract of insurance or guaranty in- suring or guaranteeing the indebtedness secured by the insured mortgage. After any such acquisition the amount of insur- ance hereunder, exclusive of costs, attor- neys' fees and expenses which the Company may be obligated to pay, shall not ex- ceed the least of: M the amount of insurance stated in Schedule A; (ii) the amount of the unpaid prin- cipal of the indebtedness plus interest thereon, as determined under paragraph 6(a) (iii) hereof, expenses of foreclosure and amounts advanced to protect the lien of the insured mortgage and secured by said insured mortgage at the time of ac- quisition of such estate or interest in the land; or (iii) the amount paid by any govern- mental agency or instrumentality, if suc'.i agency or instrumentality is the insured claimant, in acquisition of such estate or interest in satisfaction of its insurance contract or guaranty. (b) Continuation of Insurance after Conveyance of Title The coverage of this policy shall continue in force as of Date of Policy, in favor of an insured so long as such insured retains an estate or 'interest in the land, or owns an indebtedness secured by a purchase money mortgage given by a purchaser from such insured, or so long as such in- sured shall have liability by reason of covenants of warranty made by such in- sured 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 in- debtedness secured by a purchase money mortgage given to such insured. 3. Defense and Prosecution of Ac- tions- Notice of Claim to be Given by an Insured Claimant (a) The Company, at its own cost and without undue delay, shall provide for the defense of an insured in litigation to the extent that such litigation involves an alleged defect, lien, encumbrance or other matter insured against by this policy. (b) The insured shall notify the Com- pany promptly in writing 0) 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 in- terest or the lien of the insured mortgage, as insured, is rejected as unmarketable. If such prompt notice shall not be given to the Company, then as to such insured all liability of the Company shall cease and terminate in regard to the matter or matters for which such prompt notice is required: provided, however, that fail- ure to notify shall in no case prejudice the rights of any such insured under this policy unless the. Company shall be pre- judiced 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 pro- ceeding or to do any other act which in its opinion may be necessary or desir- able to establish the title to the estate or interest or the lien of the insured mort- gage, 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 con- cede liability or waive any provision of this policy. (d) Whenever the Company shall have brought any action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (e) In all cases where this policy per- mits or requires the Company to prose- cute or provide for the defense of any action or proceeding, the insured here- under shall secure to the Company the right to so prosecute or provide defense in such action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such insured for such purpose. Whenever requested by the Company, such insured shall give the Company, at the Company's expense, all reasonable aid (1) in any such action or proceeding in effecting settlement, secur- ing evidence, obtaining witnesses, or prose- cuting or defending such action or pro- ceeding, and (2) in any other act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured, in- cluding but not limited to executing cor- rective or other documents. 4. Proof of Loss or Damage - Limi- tation of Action In addition to the notices required un- der Paragraph 3(b) of these Conditions and Stipulations, a proof of loss or dam- age, signed and sworn to by the insured claimant shall be furnished to the Com- pany ,within 90 days after the insu:-ed claimant shall ascertain or determine the facts giving rise to such loss or damage. Such proof of loss or damage shall de- scribe the defect in, or lien or encum- brance on the title, or other matter in- sured against by this policy which con- stitutes the basis of loss or damage, and, when appropriate, state the basis of cal- culating the amount of such loss or dam- age. Should such proof of loss or damage fail to state facts sufficient to enable the Company to determine its liability here- under, insured claimant, at the written request of Company, shall furnish such additional information as may reasonably he necessary to make such determination. No right of action shall accrue to in- sured 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 Pur- chase Indebtedness The Company shall have the option to ((f ditions and Stipulations Continued and Concluded on Last Page of this Policy) 9 0 Policy No: 106719 Amount of Insurance S 99900.00 .1. Name of Insured: EJB SCHEDULE A CITY OF.SAN LUIS OBISPO* a mimicipal corporation.. Charge 8 101+.75 (A -2 -A) Date of Policy: April 5. 1978 at 8:00 a.m. 2.-: The estate or interest in the land described herein and which is covered by this policy is: A fee as to Parcel 180 -6; an easement as to Parcel 180 -6 -1 3. The estate or interest referred to herein is at Date of Policy vested in: CITY OF SAN LUIS OBISPO, a m>micipal corporation 4. The land referred to in this policy is situated in the State of California, County of ' San Luis Obispo and described as follows: SEE DESCRIPTION ATTACHED P -218 -A (G.S.) Rev. 11 -75 California Land Title Association Standard Coverage Policy -1973 CRC Q That portion of Lot 1 in Block 31 of the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map filed for record in the office of the County Recorder of said County, described as follows; PARCEL 180 -6 Beginning at the Southeast corner of Palm and Santa Rosa.Streets and running thence Northeasterly along the Southerly line of Palm Street a distance of 10.00 feet; thence Southeasterly and parallel with the Easterly line,.of Santa Rosa Street a distance of 40.00 feet; thence Southwesterly and parallel with the South line of Palm Street a distance of 10.00 feet to the Easterly line of Santa Rosa Street; thence Northwesterly along said Easterly line of Santa Rosa Street a distance of 40.00 feet to the point of beginning. PARCEL 180 -6 -1 Temporary easement for construction purposes over and across the following described parcel of land. Beginning at the Northeasterly corner of parcel 180 -6 as described above, thence Northeasterly along the Southerly line of Palm Street a distance of 5.00 feet, thence Southeasterly and parallel with the Easterly line of Santa Rosa Street a distance of 40.00 feet, thence Southwesterly and parallel with Palm Street . a distance of 5.00 feet, thence Northwesterly parallel to Santa Rosa Street to the Point of beginning. Said temporary construction easement shall cease and terminate upon completion of construction, but in any event, shall cease and terminate.not later than January 1, 1979. P -218 -B (G.S.) Rev. 8 -73 California Land Title Association Standard Coverage Policy -1973 SCHEDULE B This policy does not insure against loss or dama;e, nor against costs, attorneys' fees or expenses, any or all of which arise by reason of the following:- PART I 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making inquiry of persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records.. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records. S. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 6. Any right, title, interest, estate or easement in land beyond the lines of the area specifically described or referred to in Schedule A, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways; but nothing in this paragraph shall modify or limit the extent to which the ordinary right of an abutting owner for access to a physically open street of highway is insured by this policy.. 7. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordinance or governmental regulation. 8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records. 9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured claimant;. (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had been a purchaser or encum- brancer for value without knowledge. (Schedule B continued on next page of this Policy) CclifoBB (G. S.) Rev. soc Calilornia Land Title Association Standard Coverage Policy -1973 PART II 1. General and specialttaxes for the fiscal year 1978 -79, now a lien, but not yet due and payable. 2. General and special taxes for the fiscal year 1977 -78; First installment : $283.74 paid: Second installment : $283.74 Parcel number : 2- 326 -01 Code area 3-00 ExAwlption . $19750.00 Bill number : 120624 Affects . The herein described and other property 0 "This plat is for your aid in locating yo *d with reference to streets end other Parcels. While that Is believed to be correct, the Company assumes no liability for any loss occurring by reason of reliance thereon." I MORRO ST. e 9.ae`zzt. 7o 0 T I C H N m H A Q N A fn IA 2 O oa Q r1 P n.. m0 VI `y N n z -< c �1 N N � D T 0 z OA y r Z O c D N 0 z �+ 0 O x O 2 ..i m M m c OSOS 324 97 0 ca M m N � W 'v m N IN = 1 � CA I50 N N c OSOS r - ° SANTA ROSA 97 I 67 J I J N I p I � A u -- - -- - -- o o ro A N o '` A in 0 ------ - - -_ -� 05 16 t0 141.67 1 60 140 u J I 1 ID I 1 N ro I 1 n I � N � Isc a J N 161.0 - - -- - O� N w so_ 7Y l- 0 N OI .yl N -4 I I I LIsa Ic so 7 Go ° TORO ST. o r m N >< N � — o0 eo ISO Ise rw a° r ----- - - - - W O � N � N W m N ISO ISO r r N H C m to O Z t 7o C ii is A a S T. S ST. c IOo 1 DO J I O � lO1 h P e 0 ISO ot9 324 97 0 ro N o ° m � W N h = O � O I50 1 ae I So ' so I 1 41I I � �D I el I 1 V N i PI 1 I 1 I I I r - ° SANTA ROSA 97 I 67 J I J N I p I � A u -- - -- - -- o o ro A N o '` A in 0 ------ - - -_ -� 05 16 t0 141.67 1 60 140 u J I 1 ID I 1 N ro I 1 n I � N � Isc a J N 161.0 - - -- - O� N w so_ 7Y l- 0 N OI .yl N -4 I I I LIsa Ic so 7 Go ° TORO ST. o r m N >< N � — o0 eo ISO Ise rw a° r ----- - - - - W O � N � N W m N ISO ISO r r N H C m to O Z t 7o C ii is A a S T. S ST. c IOo 1 DO J I O � lO1 h P e 0 ISO ot9 ISO - ° o - ISO IN ro N o ° lT N-- ------i—�� W 61 I W I 1 I ❑ - I I I I50 1 ae I So ' so A x D �o to x rn N C m t7 L H o_ Z K ) I O R A T a O v m h N I w N , CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) pay or otherwise settle for or in the name of an insured claimant any claim insured against, or to terminate all liability and obligations of the Company hereunder by paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred up to the time of such payment or tender of payment by the insured claimant and authorized by the Company. In case loss or damage is claimed under this policy by the owner of the indebtedness secured by the insured mortgage, the Company shall have the further option to purchase such indebted- ness for the amount owing thereon to- gether 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 se- curing 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 in- debtedness secured by said insured mort- gage, other than the obligation to pur- chase 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: 0) the actual loss of the insured claimant; or 00 the amount of insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in parr - graph 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 un- paid principal of said indebtedness, plus interest thereon, provided such amount shall not include any additional principal indebtedness created subsequent to Date of Policy, except as to amounts advanced to protect the lien of the insured mortgage and secured thereby. (b) The Company will pay, in ad- dition to any loss insured against by this policy, all costs imposed upon an insured in litigation carried on by the Company for such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written author- ization of the Company. (c) When the amount of loss or dam- age has been definitely fixed in accor- dance with the conditions of this policy, the loss or damage shall be payable with- in 30 days thereafter. 7. Limitation of Liability No claim shall arise or be maintainable under this policy (a) if the Company, after having received notice of an alleged defect, lien or encumbrance insured against hereunder, by litigation or other- wise, removes such defect, lien or encum- brance or establishes the title, or the lien of the insured mortgage, as insured, with- in a reasonable time after receipt of such P -7.18 (G.S.) Rev. B -73 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, ad- verse to the title or to the lien of the in- sured mortgage, as insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily admitted or assumed by an insured without prior written consent of the Company. 8. Reduction of Insurance; Termin- ation of Liability All payments under this policy, except payment made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto; provided, how- ever, if the owner of the indebtedness secured by the insured mortgage is an in- sured hereunder, then such payments, prior to the acquisition of title to said estate or interest as provided in paragraph 2(a) of these Conditions and Stipulations, shall not' reduce pro canto the amount of the insurance afforded hereunder as to any such insured, except to the extent that such payments reduce the amount of the indebtedness secured by such mortgage. Payment in full by any person or vol- untary satisfaction or release of the in- sured mortgage shall terminate all liabil- ity 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", 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 mort- gage any amount that otherwise would be payable hereunder to the insured owner of the estate or interest covered by this policy and the amount so paid shall be deemed a payment under this policy to said insured owner. The provisions of this paragraph 9 shall not apply to an owner of the indebtedness secured by the insured mortgage, unless such insured acquires title to said estate or interest in satisfaction of said indebt- edness or any part thereof. 10. Subrogation Upon Payment or Settlement Whenever the Company shall have paid or settled a claim under this policy, all right of subrogation shall vest in the Com- pany unaffected by any act of the insured claimant, except that the owner of the in- debtedness secured by the insured mort- gage may release or substitute the per- sonal liability of any debtor or guarantor, or extend or otherwise modify the terms of payment, or release a portion of the estate or interest from the lien of the insured mortgage, or release any collateral security for the indebtedness, provided such act occurs prior to receipt by such insured of notice of any claim of title or interest adverse to the title to the estate or interest or the priority of the lien of the insured mortgage and does not result in any loss of priority of the lien of the insured mortgage. The Company shall be subrogated to and be entitled to all rights and remedies which such insured claimant would have had against any person or property in respect to such claim had this policy not been issued, and the Company is hereby authorized and empowered to sue; compromise or settle in its name or in the name of the insured to the full extent of the loss sustained by the Company. If requested by-the Company, the insured shall execute any and all documents to evidence the within subrogation. If the payment does not cover the loss of such insured claimant, the Company shall be subrogated to such rights and remedies in the proportion which said payment bears to the amount of said loss, but such subrogation shall be in subordination to an insured mortgage. If loss should result from any act of such insured claimant, such act shall not void this policy; but the Company, in that event, shall as to such insured claimant be required to pay only that part of any losses insured against 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 en- dorsements and other instruments, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the lien of the insured mortgage or of the title to the estate or interest covered hereby, or any action asserting such claim, shall be re- stricted to the provisions and conditions and stipulations of this policy. No amendment of or endorsement to this policy can be made except by writing en- dorsed hereon or attached hereto signed by either the President, a Vice 'President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. No payment shall be made without pro- ducing this policy for endorsement of such payment unless the policy be lost or de- stroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction of the Company. 12. Notices, Where Sent All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at the office which issued this policy or to its Home Office, 13640 Roscoe Boulevard, Panorama City, California 91409. 13. THE CHARGE SPECIFIED IN SCHEDULE A IS THE ENTIRE CHARGE FOR TITLE SEARCH, TITLE EXAMINATION AND TITLE INSURANCE. Z cn D c -n >M D ^ 0 m O n O o r <M D o K J (DD z Dm A c -n Dm c� mm m O MO ■� 0c � m n �rn� Z D A m r v -0 D r O (D Z V/ co D c -n m D M 0n m O 0 0 D r zrn