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HomeMy WebLinkAboutD-1139 Higuera Street Widening Recorded 05/24/1982r NP- orei ng Requested by 7 T,�oAMERICAN TITLE. INSURANrc- ;;Escrow No. SLO 821270 SF 0 Loan No.. WHEN RECORDED MAIL TO: City of San Luis Obispo P.O. Box 321 San Luis ObisDo, Ca. 93406 ATTN: Jerry Kenny COMPANY 4 .0 GiR Doc. pro. 21178 OFFICIAL RECORDS SAN LUIS OBISPO CO., CAL MAY 2 41982 WILLIAM E. ZIMARIK COUNTY RECORDER TIME 1110 0 AM SPACE ABOVE THIS LINE FOR RECORDER'S.USE MAIL TAX STATEMENTS TO: DOCUMENTARY TRANSFER TAX & .......: ... :.:............`............... ....... Computed on the consideration or value of property conveyed; OR ADDRESS AS ABOVE ... .... Computed on the consideration or value less liens or encumbrances re ing at time of sale. SigWture of Declarant / ent defermining tax —Firm Name APN #3- 711 -07 FIRST AMERICAN TITLE INSURANCE COMPANY SAN LUIS OBISPO GRANT DEED FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, PETER KAI SUM LEE, a Widower, as to an undivided one -half interest, and PAUL R. LEE and SUE E. LEE, husband and wife as joint tenants, as to an undivided one -half interest. hereby GRANT(S) to CITY OF SAN LUIS OBISPO, a Chartered Municipal Corporation the real property in the City of San Luis Obispo County of San Luis Obispo , State of California, described as The easterly 20 feet of Lots 8 and 9 of Block 147 of the Harford Addition to the City of San Luis Obispo as shown in Map Book A at page 123 in the Office of the San Luis Obispo County Recorder, as measured at right angles to the easterly line of said Lots 8 and 9. --Except the southerly 50 feet of said Lot 9 and except the northerly 128 feet of said Lot 8. December 9, 1981 STATE OF CALIFORNIA COUNTY OF ss. SAN LUIS OBISPO On December 9, 1981 before me, the undersigned, a Notary Public in and for said State, personally appeared PETER KAI SUM LEE, PAUL R. LEE, and SUE E. LEE known to me to be the persons whose names are subscribed to the within instrument and acknowledged that they executed the same. WITNESS my hand an d fficia al. Signature A. RC CA, . ETER SUM LEE. PAUL LEE SUE E. LEE Official Seal JO FN A. RONOA, JR. rpm NOTAcY PUBLIC - CALIFORN �• SAN LUIS 0315 °0 tOUPi•TY a My eomrnissio­ !gnires OCTOEER 14, 1983; (This area for official notarial seal)`• 1 MAIL TAX STATEMENTS AS DIRECTED ABOVE 1002 (10/69) VOL 2408 FACE84. 0 C First American Title Insurance Company 114 EAST FIFTH STREET, (P. 0. BOX 267) SANTA ANA, CALIFORNIA 92702 • (714) 558 -3211 A subsidiary of The First American Financial Corporation t y • C E R T I F I C A T E O F A C C E P T A N C.E .. JC iC :•C �: :: :E 7C iC �C :: �C :ti THIS IS TO CERTIFY that the interest in real property conveyed by the Grant Deed dated December 9 198, from Paul R. Lee and Sue E. Lee,, husband, and wife as joint tenants Peter Kai Sum Lee, a widower 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 of his agent. Date: May 4, 1982 ATTEST: CITY OF SAN LUIS OBISPO 425,4, - 11f- e� . - Pa ela Voges, City Clerk EN OF MUMEN"I VOL 2408 PAGE 844 1�S C AMER /C 9 4 '4 First American Title Insur;4ceoc;many 899 PACIFIC STREET, (P.O. BOX 1147) SAN LUIS OBISPO, CALIFORNIA 93401 • (AREA 805) 543 -8900 June 4, 1982 . City of San Luis Obispo J191 U 7 P. 0. Box 321 San Luis Obispo, CA 93406 Attn: JERRY KENNY Insurance Policy No. SLO 821270 ND NOTE: THIS CONTAINS IMPORTANT INFORMATION ABOUT THE REAL ESTATE TRANSACTION YOU HAVE JUST COMPLETED.' READ IT AND RETAIN IT WITH YOUR OTHER VALUABLE PAPERS PERTAINING TO THE PROPERTY. The new home or other real estate you have purchased is pro- tected with a policy of title insurance issued by First American Title Insurance Company, This is your guarantee of ownership. We have assigned the above number to your records to assure prompt processing of future title orders involving the property. If you sell or obtain a loan on this property within two years, FIRST AMERICAN TITLE WILL REDUCE THE USUAL POLICY RATE 20 per cent. To obtain this SAVINGS, it will be. necessary for you to inform the real estate agent and /or escrow holder handling further transactions that such policies of title insurance as are required should be issued by First American Title. We appreciate the opportunity of serving you and will be glad to assist you in any way, remembering that PROTECTION OF YOUR PROPERTY IS YOUR FIRST CONSIDERATION - -- AND OURS. Sincerely, 4 �� -� san Fox Escrow Officer Form No. 1084 (10/73) California Land Title Association Standard Coverage Policy Form Copyright 1973 • S.t AMER f ¢ c R POLICY OF TITLE INSURANCE ISSUED BY First American Title Insurance Company SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, FIRST AMERICAN 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. IN WITNESS WHEREOF, First American Title Insurance Company has caused this policy to be signed and sealed by its duly authorized officers as of Date of Policy shown in Schedule A. � • yob Rq�'. �, '. SEPTEMBER 24, d� 1963 +ok� % --q 11 f a BI 778159 First American Title Insurance Company BY PRESIDENT ATTEST /P,� G. SECRETARY 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 Com- pany 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, de- visees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. The term "insured" also includes (i) the owner of the indebt- edness secured by the insured mortgage and each successor in ownership of such indebtedness (re- serving, 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 I governmental agency or instrumentality which isi 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 in- sured in Schedule A. (e) "knowledge ": actual knowledge, not con- structive knowledge or notice which may be im- puted to an insured by reason of any public records. (f) "land ": the land described, specifically or by reference in Schedule C, and improvements af- fixed thereto which by law constitute real property; provided, however, the term "land" does not in- clude 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 relating to the land. 2. la) 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 C by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner which dis- charges 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 in- sured; 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 insur- ance or guaranty insuring or guaranteeing the in- debtedness secured by the insured mortgage. After any such acquisition the amount of insurance here- under, exclusive of costs, attorneys' fees and ex- penses which the Company may be obligated 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 deter- mined 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 • CONDITIONS AND STIPULATIONS (iii) the amount paid by any governmental agency or instrumentality, if such agency or instru- mentality is the insured claimant, in acquisition of such estate or interest in satisfaction of its insur- ance 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 pur- chase 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. (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 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 termi- nate in regard to the matter or matters for which such 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 inter- est or the lien of the insured mortgage, 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 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 litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discre- tion, to appeal from any adverse judgment or order. (e) In all cases where this policy permits or re- quires the Company to prosecute or provide for the defense of any action or proceeding, the in- sured hereunder 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 re- quested by the Company, such insured shall give the Company, at the Company's expense, all reason- able aid (1) in any such action or proceeding in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or defending 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 • interest or the lien of the insured mortgage, as in- sured, including but not limited to executing cor- rective or other documents. 4. PROOF OF LOSS OR DAMAGE — LIMITATION OF ACTION In addition to the notices required under Para- graph 3 (b) of these Conditions and Stipulations, a proof of loss or damage, signed and sworn to by the insured claimant shall be furnished to the Com- pany within 90 days after the insured claimant shall ascertain or determine the facts giving rise to such loss or damage. Such proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or dam- age, 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 Company, shall furnish such additional information as may reasonably be necessary to make such determination. 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. 5. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS AND OPTIONS TO PURCHASE IN- DEBTEDNESS 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 termi- nate 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 irf curred 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 together 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 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 Com- pany hereunder to the owner of the indebtedness secured by said insured mortgage, 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 indebtedness secured by the insured mortgage, and provided said owner is the insured claimant, the amount of the unpaid principal of said indebted- ness, plus interest thereon, provided such amount shall not include any additional principal indebted- ness 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 (Continued on inside back cover) Form No. 1084 — A CLTA Standard Coverage Policy Copyright - 1973 1 SCHEDULE A Ind. FA 11 Total Fee for Title - Search, Examination 'and Title Insurance $ ' 169.50 Amount of Insurance: $ 25,000.00 Policy No. SLO- 821270 SF Date of Policy: May 24, 1982 at 8:00 a.m. 1. Name of Insured: CITY OF SAN LUIS OBISPO, a Chartered Municipal Corporation. 2. The estate or interest referred to herein is at Date of Policy vested in: CITY OF SAN LUIS OBISPO, a Chartered Municipal Corporation. 3. The estate or interest in the land described in Schedule C and which is covered by this policy is: A FEE Form St — B. . • CLTA Standard tlartl Coverage Policy Copyright —1974 SLO- 821270,SF 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 One: 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 in land beyond the lines of the area specifically described or referred to in Schedule C, 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 ordihary 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) restrict- ing 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 govern- mental 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 in- sured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to the : nsured 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. Part Two: 1. Taxes for.the fiscal year 1982 -83, a lien not "yet due or payable. 2. Any additions to General and Special Taxes which may be assessed by reason of: a) Improvements added subsequent to March 1, 1975. b) Changes in ownership occuring subsequent to March 1, 1975. c) Reappraisal—of property values as of March 1, 1975. 3, A lease dated February 27, 1929, executed by Tom Nakaji, Lessor, and S. Yamagishi, Lessee, for the term of 50 years from February 27, 1929, upon the terms, conditions and covenants therein contained, recorded March 4, 1929, in Book 56, Page 341 of Official Records, reference being hereby made to the record thereof for further particulars. NOTE: The lessees interest in the above mentioned lease has since passed to and is now vested in Jutaro Yamagishi by assignment dated October 29, 1932 and recorded October 31, 193.2 in Book.123, Page 429 of Official Records: SLO- 821270 SF 4. A Memorandum of.Lease affecting a portion of said land dated June 1, 1929, _ executed by S. Yamagishi. and Haru Yamagishi, his wife, as Lessor and.Shell Oil Company, a California corporation, as Lessee, recorded July'24, 1929 in Book 68, Page 325 of Official, Records, for the period and upon the terms, covenants and conditions contained in an unrecorded lease between the same parties herein referred to. NOTE: The lessees interest in the above mentioned lease has since passed to and is now vested in Jutaro Yama,gishi by assignment dated October 29, 1932.and- recorded October 31-, 1932, -in Book M, Page 429 of.Official Records. Form No. 1056 -4 All Policy Forms SCHEDULE C The land referred to in this policy is situated in the State of Cal i forni a County of San Luis Obispo SLO- 821270 SF and is described as follows: All that part of Lots 8 and 9 in Block 147 in Harford's Addition to the City of San Luis Obispo, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to the map of said Addition made by B.F. Hinchliffe in April 1876 on file in the office of the County'Recorder of said County, described as follows: Beginning at a point on the Westerly line of Higuera Street, distant thereon 50 feet Northerly from the Northwest corner of Higuera and South Streets, in said city, and running thence.Northerly along the Westerly line of Higuera Street, 100 feet; thence Westerly and parallel with the Northerly line of South Street, 150 feet; thence Southerly, and parallel.with the Westerly line of Higuera Street, 100, feet to'the Northerly line of the lot conveyed by J. W. Wilkinson and Lena Wilkinson, his wife, to A. S. 011iver, by deed dated September 6, 1928 and recorded in the office of the County Recorder of said County in Book 54, Page 412 of Official Records.; thence Easterly along said line, 150 feet to the Westerly line of Higuera Street and the point of beginning. 0 INDORSEMENT Attached to Policy No. Issued by SLO- 821270 SF First American Title Insurance Company 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: 1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments 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 Indorse- ment 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 increasing the maxi- mum amount of insurance provided by said Policy (as said amount may have been increased 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 ex- ceeds such Index for the month of September one year earlier; provided, however, that the maximum amount of insurance in force shall never exceed 150% 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 Stipulations, re- duces 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 a part of said Policy and is subject to the schedules, conditions and stipulations therein, except as modified by the provisions hereof. First American Title Insurance Company BY PRESIDENT BY ASSISTANT SECRETARY Marcus Harmon „��y111€ i`�sb9h�4 0 Y SEVEMB €R 24, d� 1968 + NOTE: In connection with a future application for title insurance covering said land, reissue credit on premium charges (if applicable at all) will be allowed only upon• the original face amount of insurance as stated in Schedule A of said Policy. FA — 11 (9- 30 -74) Owner Inflation S z 0 ti PI z D m y m ; O m to s 0 co vi fN m E sp C m 4 / CD'\-" \olA n C O a se re � o o n HI GUERA �m O N 2 Zoc any t 00 Cm 2 N -4 � O of - %s1 \m/ m x to S 'Wa Cl • CONDITIONS AND STIPULATIO0 (Continued from inside front cover) 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 con- ditions 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 encumbrance in- sured against hereunder, by litigation or other- wise, removes such defect, lien or encumbrance or establishes the title, or the lien of the insured mort- gage, 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 jurisdiction, and disposition of all appeals therefrom, adverse to the title or to the lien of the insured mortgage, as insured, as pro- vided 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; TERMINA- TION OF LIABILITY All payments under this policy, except pay- ment made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto; provided, however, if the owner of the indebtedness secured by the insured mortgage is an insured here- under, then such payments, prior to the acquisition of title to said estate or interest as provided in paragraph 2 (a) of these Conditions and Stipula- tions, shall not reduce pro tanto the amount of the insurance afforded hereunder as to any such in- sured, 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 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 mortgage any amount that otherwise would be payable hereunder to the insured owner of the estate or interest cov- ered 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 indebtedness 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 sub - rogation 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 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 in- sured 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 here- by 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 Com- pany. 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 Com- pany shall be subrogated to such rights and reme- dies 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 shouldresultfrom any act of such insured claimant, such act shall not void this policy, but the Com- pany, 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 endorse- ments and other instruments, if any, attached here- to by the Company is the entire policy and con- tract 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 restricted to the provisions and conditions and stipulations 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 author- ized signatory of the Company. No payment shall be made without producing this policy for endorsement of such payment un- less 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 fur- nished the Company shall be addressed to it at its home office at 421 North Main Street, Santa Ana, California, 92701, or to the office which issued this policy. Z D ' D D cn -� � ...n � ►°tea D Z C D ifs. PO Ln Ln n` OD 1!� W j 1111111 ill ITITMMIII 111111 I Im 111111111111111111 ek AGREEMENT THIS AGREEMENT made and entered into this _ 17th day of _'November_ 1981, by and between PETER K. LEE and PAUL LEE (hereinafter called "Grantors "), and the CITY OF SAN LUIS OBISPO, a Municipal Corporation (hereinafter called "City "). WITNESSETH: In consideration of the mutual''benefits, promises and agreements set forth herein, the parties hereto agree as follows: 1. Grantors shall convey to the City 2000 square feet (0.046 acres), more or less, lying along Higuera Street as described on the attached Exhibit A. 2. City agrees to remove existing curb, gutter, and sidewalk and to install.new curb, gutter, and sidewalk to the new street alignment created by the conveyance. Driveway ramps shall be provided to accommodate the subject property to satisfaction of Grantors and�in accordance with City standards. 3. City agrees to pay Grantors seventeen i:bhousarn.d, l.d6.11ars ($17,000) for the'above conveyance. In addition, City agrees to pay Grantors $8,000 as total compensation relating to severance damages, upon delivering an executed deed and any required reconveyances. The compensation is limited to the'2000.square foot acquisition only. City agrees`to "relocate existing sign (or new sign supplied by Grantors) within acquisition area to location desired by Grantors, in accordance with.the sign permit to be acquired by Grantors. 5: City-will provide all necessary engineering, relocate utilities and' drainage 'improvements -as.necessary, and pave out the street to the new gutter'. 6. City will.require provisions in its contract for reasonable access to Grantors' property at all times during construction and to provide for coordination between the contractor, the City, and Grantors to minimize disruption of Grantors' business operations. 7. City-will re- landscape,within the front 20 feet (after widening) of Grantors' property in a manner similar to that which exists; said landscaping to-be installed within 45 days after completion of the street widening project. 8. City will pay all title 'and escrow fees. 9. By virtue of taking, and minimized setback of existing building, City agrees and covenants with present and future owners of this property that no future remodel, improvement, modification or replacement of existing or new buildings shall be denied by reason of existing or future setbacks regardless of valuation of work.without just compensation to.owner of record. IN WITNESS WHEREOF, the parties hereto have executed this agreement on the day and year first above written. ATTEST: GRANTORS: PEKING PALACE OF SAN LUIS OBISPO (Ait2d Partnership) Peter I . Lee Paul Lee CITY OF SAN LUIS OBISPO A Municipal Corporation City Clerk Pamela oges ay elanie C. APPROVED: City Admin strativ Officer City Attorney City` gi er � r Cq Y �r L OC e vtn r i t RESOLUTION NO. 4670 (1981 Series) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO APPROVING AN AGREEMENT BETWEEN THE CITY AND PETER LEE AND PAUL LEE BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. That certain agreement, attached hereto marked Exhibit "A" and incorporated herein by reference, between the City of San Luis Obispo and Peter Lee and Paul Lee.is hereby approved and the Mayor is authorized to execute the same. SECTION 2. The City Clerk shall furnish a copy of this resolution and a copy of the executed agreement approved by it to Peter Lee and Paul Lee located at 214 Higuera Street, San Luis Obispo, California 93401. On motion of Councilman.'Settle seconded by Councilwoman Dovev , and on the following roll call vote: . AYES: Councilmembers Settle., Dovey, Dunin, Griffin and Mayor Billig NOES: None . ABSENT: None the foregoing Resolution was passed and adopted this 17th day of November , 1981. �-T2 . BILLIG ATTEST: / CIT CLERK PAMELA 1 0 ES APPROV D: (/ City Administrativ /Officer City At r'inanc-t- Dir 'dct3f Cit n2ineer R 4670