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HomeMy WebLinkAboutD-1108 955 Morro Street Recorded 03/27/1981RECORDING REQUESTED BY ' SAFECO• TITLE INSURANCE C&Y AND WHEN' RECORDED MAIL THIS DEED AND, UNLESS OTHER - WI §E SHOWN BELOW. MAIL TAX STATEMENTS TO: NAME F C%TY OF SAN LUIS OBISPO ADDRESS Attn: George C. Thacher CITY d P.O. Box 321 sTz�P L San Luis Obispo, Ca. 93406 Title Order No. Escrow No. 123726 =de e) 4 DOC. NO. 13259 OFFICIAL RECORDS SAN LUIS OBISPO CO., CAL MAR 2 7 1981 WILLIAM E. ZIMARIK COUNTY RECORDER TIME 8 -0-0 AM SPACE ABOVE THIS LINE FOR RECORDER'S USE .2- 1411.- ;Li 0 GRANT DEED Frw ow .2 -#11, - 2 L The undersigned declares that the documentary transfer tax is $. -------------------------------------- -------------- - - - - -- and is fJ% computed on the full value of the interest or property conveyed, or is ❑ computed on the full value less the value of liens or encumbrances remaining thereon at the time of sale. The land, tenements or realty is located in ❑ unincorporated area ] city of ..S�_- Luis__ Obis- p0------------------------------------------------ ------- - - - - -- and FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, JOHN A. FELICIANO, and:•DOROTHYC G':--FELICIANO, husband and wife, hereby GRANT (S) to CITY OF SAN LUIS OBISPO, a municipal corporation of California the following described real property in the City of San Luis Obispo county of San Luis Obispo state of California: SEE DESCRIPTION ATTACHED. EXMBIT "A" Dated NLarch 9, 1981 .i STATE OF CALIFORNIA COUNTY OF San Tjiis Obi gpo J} SS. On MArch 1 I Q1g1 before me, the under- signed, a Notary Public in and for said County and State, personally appeared John A Felidano known to me to be the person — —whose name 1 .1; — subscribed to the within instrument and acknowledged that 13P he same. Ignature of Notary A. Feliciano Dorothy iciano FOR NOTARY SEAL OR STAMP CINDY L. CASILLAS `D NOTARY PUBLIC - CALIFORNIA SAN LUIS OBISPO COUNTY My Commission Expires July 27, 1984, Assessor's Parcel No- --------------- ---- -- --- -- --- -- -- -- -- - - ----- MAIL TAX STATEMENTS TO PARTY SHOWN ON FOLLOWING LINE; IF NO PARTY SO SHOWN, MAIL AS DIRECTED ABOVE. Name Street Address City & State 1108 CAL -1 (Rev. 3-79) VOL 2_3HPAGE 588 :sa ` w } Z F- P: O O" W wQ LL. a: QCl) C/)Z w } JZ F- a �- O O" W Uc w a LL °C QD LU >- 0 v 0 v J Q a (3) a ' I Fri ®. V d O u' L w 0 z 0 '1 E� w U LL LL O w m w Q U UZ 0 0 wt wa LL a: = ° a Q cn �' o WK a a w } JZ F- a �- O O" W Uc w a LL °C QD } LU Cr rn o J a CD Q ' I Fri ®yy a _� �"' O w U w O Z O LL E� :U U O W LL O w O w , QU U Z o� wQ LL °C ° Q a Q �' �' z � z Qa w } JZ F- a �- O O" W Uc w a LL °C QD 123726 EXHIBIT "A" PARCEL 1: Lots 4 and 10 in Block 14 and that certain parcel of land designated as "alley" as shown on the map entitled "Map of the Subdivisions of Part of Blocks 14 and 16, in the City of San Luis Obispo, the property of Mrs. N. E. Call ", in the City of San Luis Obispo, County of San Luis Obispo, State of California, recorded October 9, lb95 in Book 1 at page 43 of Record of Surveys. PARCEL 2: The Northwesterly 5.5 feet of Lot 12 in Block 14 as shown on the map entitled "Map of the Subdivisions of Part of Block 14 and ld, in the City of San Luis Obispo, the property of Mrs. N. E. Call ", in the City of San Luis Obispo, County of San Luis Obispo, State of California, recorded October 9, 1595 in Book 1 at page 43 of Record of Surveys, measured at right.angles and adjacent to the Northwesterly line of said Lot. The side lines to be extended or shortened to terminate on the Northeasterly and Southwesterly lines of said Lot. vot 2314pAcE 59n 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 (copy attached) dated March 9, , 1981, from Jack Feliciano & Dorothy Feliciano 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: March 18, 1981 ATTEST Pa la Voge , Ac ng City Clerk a, END OF DOCUMENT CITY OF SAN LUIS OBISPO By on/ Dunin, ayor P ro -'T�em VOL 2314PAGE 591 III,. ►� i� IUIS OBISPO AR::1z _ter CITY CLERK /TREASURER Post Office Box 321 — San Luis Obispo, CA 93406 — 805/541 -1000 April 27, 1981 Honorable Board of Supervisors County of San Luis Obispo Courthouse Annex San Luis Obispo, CA 93401 Gentlemen: Having acquired the property located at 955 Morro Street, Assessor's Parcel No. 2- 416 -21 and portion of 2- 416 -22, the City of San Luis Obispo request that the taxes on the property for the period March 9, 1981, (date of acquisition) to the end of the fiscal year be cancelled as the property will be put to public use. The property was recorded in the name of the City of San Luis Obispo on March 27, 1981 and is recorded in Volume 2314, Pages 588 -591, including Document No. 13259 of the official records of the County of San Luis Obispo. The property acquired is a portion of Block 14 of the City of San Luis. Obispo, more completely described in Exhibit "A" attached. Sincerely, Pamela Voges Acting City erk PV Attachment I �I SAFECO F City of San Luis Obispo P.O. Box 321 San Luis Obispo, Ca. 93406 L• S #CO TITLE INSURANCE COMPANY OfficeP.O. Box 1145 San Luis Obispo, Ca.93406 DATE Ju'y 17, 1981 ESCROW NO. 123M6' -de POLICY NO. 125072 Feliciano In accordance with instructions in the above numbered escrow, we enclose herewith the Policy of Title Insurance. RECEIVED JUL 2 0 1981 CITY SAN LUIS OBISP C 1SP0, C4 bls. E -105 (G.S.) 8 -65 SAFECO TITLE INSURANCE COMPANY LVA ms Doris y M , EAec Lou , Escrow Officer f, llll� SAFECO POLICY OF TITLE INSURANCE • 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 obligate_ d 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. r � • ,,.....•,••rte �h s Ir ��'•�pBPnp�lf � �r }�r 'y A ;M?RCH. 5. '.9 �: }s CLTA STANDARD COVERAGE POLICY - 1973 CAP -218 (Rev. 4 -80) President 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 defense 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, heirs, dis- tributees, devisees, survivors, personal repre- sentatives, next of kin, or corporate 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 trans- feror), and further includes (ii) any govern- mental agency or instrumentality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing said in- debtedness, or any part thereof, whether named as an insured herein or not. and (iii) the parties designated in paragraph 2(a) of these Con- ditions 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, specifically 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 instrument.., (h) public records': those records which by law impart constructive notice of matters re- lating to the land. 2. (a) Continuation of Insurance after Acquisition of Title by Insured Lender If this policy insures the owner of the indebt- edness secured by the insured mortgage, this policy shall continue in force as of Date of Policy in favor of such insured who acquires all or any part of the estate or interest in the land described in Schedule A by foreclosure, trustee's sale, con- veyance 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 instrumentality which acquires all or any part of the estate or interest pursuant to a contract of insurance or CONDITIONS AND STIPULATIONS guaranty insuring or guaranteeing the indebt- edness secured by the insured mortgage. After any such acquisition the amount of insurance hereunder, exclusive of costs, attomeys' fees and expenses which the Company may be obli- gated to pay, shall not exceed the least of: (i) the amount of insurance stated in Schedule A: .(ii) the amount of the unpaid principal of the indebtedness plus interest thereon, as 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 acquisition of such estate or interest in the land; or (iii) the amount paid by any governmental agency or instrumentality, if such agency or instrumentality is the insured claimant in ac- quisition of such estate or interest in satisfaction of its insurance contract or guaranty. (b) Continuation of Insurance after Con- veyance 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 apurchase money mortgage given by a purchaser from such insured, or so long as such insured shall have liability by reason of covenants of warranty made by such insured in any transfer or conveyance of such estate or interest; provided, however, this policy shall not continue in force in favor of any purchaser from such insured of either said estate or interest or the indebtedness secured by a purchase money mortgage given to such insured. 3. Defense and Prosecution of Actions Notice of Claim to be Given by an Insured Claimant (a) The Company at its own cost and without undue delay, shall provide for the defense of an insured in litigation to the extent that such liti- gation involves an alleged defect, lien, encum- brance or other matter insured against by this policy. J (b) The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in (a) above, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest or the lien of the insured mortgage, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest or the lien of the insured mortgage. as insured, is rejected as unmarket- able. 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 prompt notice is required: provided, however, that failure to notify shall in no case prejudice the rights of any such insured under this policy unless the Company shall be prejudiced by such failure and then only to the extent of such prejudice. (c) The Company shall have the right at its own cost to institute and without undue delay prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured; and the Company may take any ap- propriate action, whether or not it shall be liable under the terms of this policy, and shall not thereby concede liability or waive any provision of this policy. (d) Whenever the Company shall have brought any action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any such liti- gation to final determination by a court of com- petent 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 permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured hereunder shall secure to the Company the right to so prosecute or provide defense in such action or proceeding, and all appeals and therein, and permit the Company to use, at its own option, the name of such insured for such purpose. Whenever requested by the Company, such insured shall give the Company, at the Companys expense, all reasonable aid (1) in any such action or proceeding ineffecting settle- ment, securing evidence, or prosecuting or de- fending such action or proceeding, and (2) in any other act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured, including but not limited to executing corrective or other documents. 4. Proof of Loss or Damage Limitation of Action In addition to the notices required under Paragraph 3(b) of these Conditions and Stipulations, a proof of loss or damage, signed and swom to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain or determine the fact giving rise to such loss or damage. Such proof of loss or damage shall describe the defect in, or lien or encumbrances on the title, or other matter insured against by this policy which constitutes the basis of loss or damage, and, when appropriate, state the basis of calculating the amount of such loss or damage. Should such proof of loss or damage fail to state facts sufficient to enable the Company to determine its liability hereunder, insured claimant, at the written request of the Company, shall furnish such additional information as may reasonably be necessary to make such deter- mination. No right of action shall accrue to insured claimant until 30 days after such proof of loss or damage shall have been furnished. Failure to furnish such proof of loss or damage shall terminate any liability of the Company under. this policy as to such loss or damage. (Conditions Stipulations Continued and Concluded on Last Page 0 s Policy) SCHEDULE A Policy No. 125072 Amount of Insurance: $ 455,000.00 1. Name of Insured: Premium: $ 1,21+$.50 (A -2 A) Date of Policy: March 27,- 1981 at 8:00. a.m. CITY OF SAN LUIS OBISPO, a municipal corporation of California. 2. The estate or interest in the land described herein and which is covered by this policy is: A fee. 3. The estate or interest referred to herein is at.Date of Policy vested in:_ CITY OF SAN LUIS OBISPO, a municipal corporation of California. 4. The land referred to in this policy is described as.follows: See description attached consisting of one page. pjc SCHEDULE A CLTA Standard Coverage Policy . 1973 �p� p CAP 218A (Rev. 6 -79) B/�il ECO i 125072 -de PARCEL 1: s Lots 4 and 10 in Block 14 and that certain parcel of land designated as "alley as shown on the map entitled "Map of the Subdivisions of Part of Blocks 14 and 18, in the City of San Luis Obispo, the property of Mrs. N. E. Call ", in the City of San Luis Obispo, County of San Luis Obispo, State of California, recorded October 9, 1895 in Book 1 at page 43 of Record of Surveys. PARCEL 2: The Northwesterly 5.5 feet of Lot 12 of the Subdivisions of Part of Block property of Mrs. N. E. Call ", in the Obispo, State of California, recorde, of Surveys, measured at right angles Lot. in Block 14 as shown on the map entitled "Map 14 and 18, in the City of San Luis Obispo, the City of San Luis Obispo, County of San Luis i October 9, 1895 in Book 1 at page 43 of Record and adjacent to the Northwesterly line of said The side lines to be extended or shortened to terminate on the Northeasterly and Southwesterly line of said Lot. 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. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water. 6. Any right, title, interest, estate or easement inland 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 acess 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 encumbrancer for value without knowledge. (Schedule B continued on next page of this Policy) SCHEDULE B -PART 1 California Land Title Association Standard Coverage Policy -1973 CAP -218 -6 (Rev. 9 -79) SAFECO PART II 1. General and special.taxes for the fiscal year 1981 -1982, now a lien, but not yet due and payable. 2. The lien for general and special taxes for the fiscal year 1980 -81 securing: a. Amounts currently assessed; Second installment . $433.43 Parcel number : 2- 416 -21 Code area : 003 -008 Tax Bill No. : 062074 Affects : Parcel 1 3. An easement as conveyed in deed; $804.81 2- 416 -22 003 -008 062075 Parcel 2 herein described with other property Recorded : October 20, 1905 in Book 68 at page 37 of Deeds Conveyed to . Lena Spence, formerly Lena Call Affects . That portion of land herein described as the "Alley ", as shorn on map recorded in Book 1 at page 43 of Record of Surveys Purpose stated : Right of Navy 4. An unrecorded Lease affecting Lot 12, dated February 15, 1963, executed by Dorothy Taman, Trustee for the Johnson Trust, as Lessor and Pacific Gas and Electric Company, a California corporation, as Lessee, for the term and upon the conditions as therein set forth, disclosed by Agreement recorded February 26, 1963 in Book 1227 at page 488 of Official Records. ROTE: The Lessors interest in the above mentioned lease has been assigned to LUcksinger's Leasing Inc., a California corporation, by Assignment of Leases recorded March 18, 1969 in Book 1511 at page 126 of Official Records. O GSF - 25 r7 A CU I e7 1�r I 4 /SJ I to I tp i�7 Z4 5' I 07 t I I g� o. O ti r e7 1�r 1 u1d� f /SJ I to I tp i�7 Z4 5' I 07 t I I r �I it I � r✓ i „j W2 OR ti 1 , T x O m m r. v, CCICj C' C - �� U) c y �r - m 0 Y — C1 rj G. i °rn� m r- > O Z,-inT $, PALM ST. fJ 1 ..J. fJ 131 /SJ I to I tp i�7 Z4 5' I 07 t I I r �I it I � r✓ i ~ OR ti Ih Iv m O h�•Illi 1pat VV II Y /V�� � 1 23 \/ \ \ \/ r__L__� -�---- � ° I Ittt�lnar I - - -�.p COD I10I ti 1 arv�ll Jr.vJ I f4 ®I I ,x /4 I c+rY I Trams �re*fSId�S' f7.f G • MONTEREY L � S T. ., e T x O m m r. v, CCICj C' C - �� U) c y �r - m 0 Y — C1 rj G. i °rn� m r- > O Z,-inT O k jv fJ 1 n a ti a O OR ti O m 0 O ij y !o Nr- � I 1 ti O ij y !o Nr- ! • ,OWNER'S INFLATION PROTECTION INDORSEMENT Dated as of the date of. the policy to which this indorsement is attached March '27, 1981 Attached to Policy No. 125072 The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional monetary protection to.the Insured Owner named in said Policy, hereby modifies said Policy, as . follows: Notwithstanding anything contained in said Policy to the contrary, the amount of insurance pro- vided by. said Policy, as stated in Schedule.A thereof; is subject to cumulative annual upward ad- justments in the manner and to the extent hereinafter specified. 2 . "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the first January 1 which occurs more than six months after the Date of Policy, as shown in Schedule A of the Policy to which this Indorsement is attached and on each succeeding January 1. 3 . An upward adjustment will be made on each of the Adjustment Dates, as defined above, by in- creasing the maximum of insurance provided by said Policy (as said amount may have been in- creased theretofore under the terms of this Indorsement) by the same percentage, if any, by which the United States Department of Commerce Composite Construction Cost. Index (base period 1967) for the month of September immediately preceding exceeds such Index for the month of September one year earlier; provided, .however, that the maximum amount of insurance in force shall never exceed 175% of. the amount of insurance stated .in Schedule A of said Policy, less the amount of any claim paid under said Policy which under the terms of the Conditions and Stipula- tions,, reduces the amount of. insurance .in force. There shall be no annual adjustment in the amount of insurance for years in which there is no increase in said Construction Cost Index. 4 . In the settlement of any claim against the Company under said Policy; the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of such claim, or as of the date of receipt by the Company of the first notice of such claim, whichever shall first occur. Nothing herein contained shall be construed as extending or changing. the effective date of said Policy. This indorsement is made apart of said Policy and is subject to the schedules, conditions and stipulations therein, except as modified by the provisions hereof. p18`88P BBI / f� i ti a rIACB.i 5961:= OWNER'S INFLATION PROTECTION Special Indorsement No. 3 (10 -1 -74) CAP -283 (Rev. 3 -79) es SAFFJ= TITLE INSURANCE COMPANY B... ........... Authorized Signature SAC® CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) 5. Options to Pay or Otherwise Settle Claims and Options to Purchase Indebtedness The Company shall have the option to pay or otherwise settle for or in the name of an insured claimant any claim insured against, or to ter- minate 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 author- ized 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 indebtedness for the amount owing thereon together with all costs, attorneys' fees and expenses which the Company is ob- ligated hereunder to pay. If the Company offers to purchase said indebtedness as herein pro- vided, the owner of such indebtedness shall transfer and assign said indebtedness and the mortgage and any collateral securing the same to the Company upon payment therefor as herein provided. Upon such offer being made by the Company, all liability and obligations of the Company hereunder to the owner of the in- debtedness secured by said insured mort- gage, other than the obligation to purchase said indebtedness pursuant to this paragraph, are terminated. 6. Determination and Payment of Loss (a) The liability of the Company under this policy shall in no case exceed the least of: (i) the actual loss of the insured claimant; or (ii) the amount of insurance stated in Schedule A. or. if applicable, the amount of in- surance as defined in paragraph 2(a) hereof; or (iii) If this policy insures the owner of the in- debtedness secured by the insured mortgage, and provided said owner is the insured claimant, the amount of the unpaid principal of said in- debtedness. 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 addition to any loss insured against by this policy, all costs im- posed 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 authorization of the Company. (c) When the amount of loss or damage has been definitely fixed in accordance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. 7. Limitation of Liability No claim shall arise or be maintainable under this policy (a) if the Company, after having received notice of an alleged defect, lien or en- cumbrance insured against hereunder, by liti- gation or otherwise, removes such defect, lien or CAP -218 (Rev. 4 -80) encumbrance or establishes the title, or the lien of the insured mortgage, as insured, within a, reasonable time after receipt of such notice; (b) in the event of litigation until there has been a final determination by a court of competent jurisdic- tion, and disposition of all appeals therefrom, adverse to the title or to the lien of the insured mortgage, as insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily admitted or assumed by an insured without written consent of the Company. 8. Reduction of Insurance; Termination of Liability All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the in- surance pro tanto; provided, however, if the owner of the indebtedness secured by the insured mortgage is an insured 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 voluntary satisfaction or release of the insured mortgage shall terminate all liability of the Company to an insured owner of the indebtedness secured by the insured mortgage, except as provided in para- graph 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 or interest covered by this policy, shall be reduced by any amount the Company may pay under any policy in- suring (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 mortgage 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 satis- faction of said indebtedness or any part thereof. 10. Subrogation Upon Payment or Settle- ment Whenever the Company shall have paid or settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant, except that the owner of the indebtedness secured by the insured mortgage may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modify the terms of payment, or re- lease a portion of the estate or interest from the lien of the insured mortgage, or release any collateral security for the indebtedness, provided such act occurs prior to receipt by the 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 sub - rogated 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 the 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 endorsements 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 res- tricted to the provisions and conditions and sti- pulations of. this policy. No amendment of or endorsement to this policy can be made except by writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. No payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction of the Company. 12. Notices, Where Sent All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at the office which issued this policy or to: SAFECO Title Insurance Company Home Office Legal Department 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. caD m i1 DM n n m 0 n D r <m z 0 Z C/) w> Z > r o > M D � C/) �+ { o 0 ° m n o 70 8 — C� D o m � Z D m n 0 Zr ? ° "' m 0 Z 0n cn D m� Dm n C) m0 n O n r- zm