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HomeMy WebLinkAboutD-1019 Santa Rosa Widening Recorded 03/28/1978ACKNOWLEDGMENT OF SUBSCRIBING WITNESS E5T. 6999. 61136 -500 13 -63 3600 od'P FORM HR/W-5 (REV. 1.65) STATE OF CALIFORNIA,_ -- _—_- __-_--COUNTY OF— S— _ L— u — i S — Obispo : ss: 30 January_ — seventy-eight On this__— _— _ —____ —day of. - -_ ____, in the year one thousand nine hundred and— ______. before me, the undersigned, a Notary Public in and for said County and State, residing therein, duly commissioned and sworn, personally appeared R. H. Tarvin known to me to be the person whose name is subscribed to the within instrument as a subscribing witness thereto, who, being by me duly sworn deposed and said: that he resides in the San Luis. Obis O — - - -__ -- County of----_---- _---- ------- ------ �------ - - - - -, State of California; Stanley H. Nelson, William A. Nels n- ___azui�lQSa_rIslson_ -_ that he was present and saw -- — — - - - -- — -- -- - -- -- -- --- ---- --- -- --- --- — -- - - - -- -- — - - -- — — personally known to him to be the person -9 described in and whose name__S_______________— are — ------- subscribed to Ake within instrument, execute the same; that he, afant, subscribed his name as a witness thereto. WrrNEss my hand and official seal_ My commission EDNA L. SCHOPP NOTARY PUBLIC EDNA L -� CALIFORNIA 1 Name (Typed or Prii My Commission Expires January 13, 1980 ary Public in and for said ' f J_, PACE 120 :- EGORDING REQUESTED BY AND WHEN RECORDED MAIL TO Name Street STATE OF CALIFORNIA Wdrert DEPARTMENT OF TRANSPORTATION P. O. BOX L - City b State I - -SAN LUIS 0 SPO. CA 99406 MAIL TAX STATEMENTS TO F STATE BUSINESS: n. LE Name This uocumen l%-, for Street kddress recording purs—,.kn.,? t. ' o "c.vt . City a Code Section. 6105, Stare r•n ;; V11 By TO 405 C (8 -67) 2 o 1149g28F 800000.00 ST,cR 00C. NO. -14145 ��- OFFICIAL RECORDS SAN LUIS OBISPO CO.,.,CAL MAR 2 8 1978 COMPARED WILLIAM E. ZIMARIK COUNTY RECORDER TIME !! ® 1 SPACE ABOVE THIS LINE FOR RECO D R'S USE All 05 -SLO -Santa Rosa Street Parcel 180 -7, -1 IGrant Deed I AFFIX I.R.S. S------- ----------- ---------- ---- - - - - -- ABOVE THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Flora Nelson, William A. Nelson and Stanley H. Nelson, 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 MORE PARTICULARLY DESCRIBED IN EXHIBIT A ATTACHED HERETO AND COMPRISED OF ONE PAGE. Dated STATE OF CALIFORNIA }SS. COUNTY OF )J On before me, the under - signed, a Notary Public in and for said State, personally appeared known to me to be the person whose name subscribed to the within instrument and acknowledged that executed the same. WITNESS my hand and official seal. Signature Name (Typed or Printed) ... v (This area for official notarial seal) ITitle Order No. Escrow or Loan No. I MAIL TAX- STATEMENTS AS DIRECTED ABOVE 0 0 o 3 T P--3 1 m 1 m 0 mF r ^, L1 Fr 0 > m n r r r m r r m r 0 o n m s ri O ' V�? � <C ro n r r r r m r m 1�•! ^, ?++ m m < n m I� n a r - , fm D 0 mF r ^, L1 Fr r ° sm n r r r m r r m ►� m < <C ro n m "EXHIBIT A" PARCEL 180 -7 That portion of Lot 4 in Block 32 of the Town of San Luis Obispo, in the County of San Luis Obispo, according to the official map thereof, described as follows: BEGINNING at the point of intersection of the northerly line of Palm Street with the easterly line of Santa Rosa Street in said City; thence easterly along the northerly line of Palm Street a distance of 10.00 feet to a point; thence at right angles northerly and parallel with the easterly line of Santa Rosa Street a distance of 150.00 feet to a point; thence westerly, parallel with the northerly line of Palm Street a distance of 10.00 feet to a point on the easterly line of Santa Rosa Street; thence southerly along the easterly line of Santa Rosa Street to the point of beginning. PARCEL 180 -7 -1 A temporary easement for construction purposes over and across the following described parcel of land: Beginning at the southeasterly corner of Parcel 180 -7 as described above, thence northwesterly parallel to Santa Rosa Street, a distance of 150.00 feet, thence northeasterly parallel to Palm Street, a distance of 6040 feet, thence southeasterly parallel to Santa Rosa Street, a distance of 50.00 feet, thence southwesterly para- llel to Palm Street a distance of 55.00 feet, thence southeasterly parallel to Santa Rosa Street to the northerly line of Palm Street, thence southwesterly along the northerly line of Palm 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 date of possession by grantee of the herein described property was March 28, 1977. The grantor further understands that the present intention of the grantee is to construct and maintain a city street 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 maintenance.of.said city street. 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. �V0L2058 PAG,c•121 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 18 , 1978 , from Flora Nelson, William A. Nelson and Stanley H. Nelson 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 CIZ By ATTEST: Fitzpatrick, City Clerk OF SAN LUIS OBISPO LVOL2050 PACE 122 RESOLUTION NO. 3516 (1968 Series) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO APPROVING AN AGREEMENT BETWEEN THE CITY AND STANLEY H. NELSON, WILLIAM A. NELSON, AND FLORA NELSON 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 Stanley H. Nelson, William A. Nelson and Flora Nelson 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: Stanley H. Nelson, William A. Nelson & Flora Nelson for right -of -way ac- quisition for Santa Rosa Street widening. 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 , 19 78 . 1 ATTEST: 9 G. CDt er J. H. Fitzpatric Approved as.. to form: WENDT , MITCHEI de la MOTTE &- City Attorney 21st day Approved as to content: S INSHE IMER, LEY City minis rat e 0 icer by Allen Grimes DOCUMENT j� City Engineer /80 - 7- i o 5- 3 4 0 _ .P.¢ 4/7'.9- Koss sr SAFECO CLT.A -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. Secretary President �t# �14411FOWN P -218 (G.S.) Rev. 8 -73 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 kin, 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: (i) 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 (i) in case of any litigation as set forth in (a) above, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest or the lien of the insured mortgage, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or ( iii) if title to the estate or 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 lam- a ge. 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 be necessary to make such determinaJon. 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 (Conditions and Stipulations Continued and Concluded on Last Page of this Policy) 10, 0 . � ejb Policy No: 106718 Amount of Insurance $ 329586.50 .1. Name of Insured: SCHEDULE A CITY OF SAN LUIS OBISPO, a municipal corporation Charge $199.50 (A -2 -A) Date of Policy: March 28, 1978 at 8:01 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 -7; an easement as to Parcel 180 -7 -1 3. The estate or interest referred to herein is at Date of Policy vested in: CITY OF SAN LUIS OBISPO, a municipal 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 PARCEL 180-7 That portion of Lot 4 in Block 32 of the Town of San Luis Obispo, in the County of San Luis Obispo, State of California, according to the official map thereof., described as follows: Beginning at the point of intersection of the Northerly line of Palm Street with the Easterly line of Santa Rosa Street in said City; thence Easterly along the Northerly line of Palm Street a distance of 10.00 feet to a point; thence at right angles Northerly and parallel with the Easterly line of Santa Rosa Street a distance of 150.00 feet to a point; thence Westerly, parallel with the Northerly line of Palm Street a distance of 10.00 feet to a point on the Easterly line of Santa Rosa Street; thence Southerly along the Easterly line of Santa Rosa Street to the point of beginning. PARCEL 180 -7 -1 A temporary easement for construction purposes over and across the following described parcel of land: Beginning at the Southeasterly corner of Parcel 180-7 as described above, thence North- westerly parallel to Santa Rosa Street, a distance of 150-00 feet, thence Northeasterly Parallel to Palm Street, a distance of 60.00 feet, thence Southeasterly parallel to Santa Rosa Street, a distance of 50.00 feet, thence Southwesterly parallel to Palm Street a distance of 55.00 feet, thence Southeasterly parallel to Santa Rosa Street to the Northerly.line of Palm Street, thence Southwesterly along the Northerly line of Palm Street to the point of beginning. Said temporary construction easement shall cease and terminate upon completion of construction, but in anyevent,,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 damage, 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 or highway is insured by this policy. 7. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordinance or governmental regulation. 8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records. 9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had been a purchaser or encum- brancer for value without knowledge. (Schedule B continued on next page of this Policy) P- 218 -13B (G.S.) Rev. 8 -73 California Land Title Association Standard Coverage Policy -1973 PART II 1. General and special taxes 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 : $609.70 paid Second installment $609.70 Parcel number : 2- 325-12 Code area : 3-00 Bill number : 107987 Affects : The herein described and other property 0 "This plat I's for your aid In locating yo r land with reference to streets and other parcels. While this plat is believed to be correct, the Company assumes no liability for any loss occurring by reason of reliance thereon." i 1*(D L I L $ MORRO ST. S � s.3s`zzt. O A za w G H N A 0 H b 2 to Om �O Z n � n� NO pY 1 >r C O� H A Z -mac C � r1H-y � D it 0 Z 0 CD A N r Z 'a C 5.0 y 0 ° c m z° 0 0 Z -t m f0 a r 3 Iso ISO m W N m ---- - - - - -Y, LO I m O 3_ + �W ISO N ± t 10 W --- N N f0 a r 3 Iso ISO m W - P V ---- - - - - -Y, LO I m O 0 � + N V m V ISO 150 f0 r W N $ OSOS ST. 1 3G•tt'[. 70 334 ST O � , " tam o 0 4 N u I m O CD c OI W + N c N h ± t'J 10 Oln to N ut N --- -�- 1- --T-�-r-- C u C t 1 wl I e m U I p1 1 I 1 1 1 O I I 1 1 I r 70 w '� .1;;20 4S so As � , " tam o 0 4 N u I m O I W I G c OI W + N c (� 1 1 ae ' w ' so t'J 10 Oln to N ut N = �' u C u C N ' m -13- N r_ - D r p NN O N r N W N WOZ N �' A N � N N N � mN�� m M O C C !N m ° < o o 140 < 0)w 0 2 N Z N {M O 140 VI 1+1 I ww X15_ 70 -A-'° 20 • GS" "SD- 0 SANTA ROSA ST. 5.36'tY'E. ST i 67 U1 u 1 O U A O � Q o in ° to iS m N c m co N v 1S4 16 16 40 144.671 40 1 40 w to d I I u m 1 I 1 _ I N C ro - �wN u tli 510��/, 72 "T - - J 1 O0 H I I o 1 1 SO 72 v 0 C s r r (A CA C ID .J y GO o ' My h A v 0 m ISO o 0 ISO u N � , " tam o 0 4 N u I m O I W I G c OI 1 1 1so 1 1 ae ' w ' so N s m a n v Ph 'l O S3G'Y2'i. 16 ! TORO ST. o f` ro I r � Vt ^' " o 1 \_J • s 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 GO the amount of insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in pare 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 -218 (G.S.) Rev. 8 -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. a. 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 tanto the amount of the insurance afforded hereunder as to any such insured, except to the extent that such payments, reduce the amount of the indebtedness secured by such mortgage. Payment in full by any person or 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. /� Vr V^ , > D M n m0 n O D� zm 0 1 cn> z K ? o = T Dm C � �r C-) m mm O m0 �y ` J 0 z OC n c m m m J 0 e /� �d z PR D :� A D v Zr � m O cD -z c/) cn C T m '1 Dm C-) m0 0 0� D r Z 'e b'' El I? o, > , 0 y V •y . a' m Ch m �N STATE OF CAJ4FORNIV - COUNT 0 d% } SS. I before me, the un rsigne a Notary Public in and for said County and State, personally appeared known to me to be the person. whose name subscribed to the lkthin ii.Atrument and acknowledged tha t executed the B SaFECCI FOR NOTARY SEAL OR STAMP NANCY J. WYLDER NOTARY PUBLIC SAN LUIS OBISPO COUNTY CALIFORNIA My Commisson Expires March 10, 1980 STATE OF CAL ORNIA COUNTY OF . 7 SS,. • O ^ ! before me, r the undersigned, a Notar ubli i and for ai ounty and State, Personally appeared m 0 a b wT ai 0 �; m. known to me SAFECO FOR NOTARY SEAL OR STAMP NANCY J. WYLDER NOTARY PUBLIC ro SAN LUIS OBISPO COtINTY CALIFORNIA i My Commisson Expires Much 16, 198o l EVOL208 f. PAGE 552