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HomeMy WebLinkAboutD-1146 692 Marsh Street Recorded 08/13/1982RECORDING REQUESTED BY µ LE 1NSURrIA10E COMrANC AND WHEN RECORDED MAIL THIS DEED AND, UNLESS OTHERWISE SHOWN BELOW, MAIL TAX STATEMENTSTO: Q CITY OF SAN LUIS OBISPO P.O..BOX 321 SAN LUIS OBISPO, CALIFORNIA 9340 L— ESCROW NO. - 1- 823421 -SF" TITLE ORDER NO. 823421 I The undersigned grantor(s) declare(s): 4 6e00 . 8/13/822163 6 6.00F AT DOC. No. 33539 OFFICIAL RECORDS SAN LUIS OBISPO CO., CAL AUG 13 1982 WILLIAM E. ZIMARIK COUNTY RECORDER TIME 4 ` 1 5 PM SPACE ABOVE THIS LINE FOR RECORDER'S USE GRANT DEED Documentary transfer tax is $ 156- - A.P.N. 02- 422 -18 ( X) computed on full value of property conveyed, or ( ) computed on full value less value of liens and encumbrances remaining at time of sale. ( ) Unincorporated area: ( X ) City of SAN LUIS OBISPO .,and By this instrument dated THIRD DAY OF AUGUST, 1982 ; for a valuable consideration WAYNE T. HESSELBARTH AND WILMA FAY HESSELBARTH, HUSBAND AND WIFE hereby GRANTS to CITY OF SAN LUIS OBISPO, A CHARTERED MUNICIPAL CORPORATION the following described real property in the CITY OF SAN LUIS OB I SPO County of SAN LUIS OBISPO , State of CALIFORNIA SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF AS EXHIBIT "A ". STATE OF CALIFORNIA, COUNTY OF Santa Barbara On August ,12., 19.82 - before .me the undersigned, a Notary Public in and for said County and State, ss personally appeared Wayne T. Hesselbarth and Wilma Fay Hesselbarth known to me to be the person(s) whose name(s) re subscribe to the within inst ument\ and acknowledged to me th e /she ey executed the same. WITNESS m hhand and o c //ial, seal� / T. HESSELBARTH W I LMA FAY HESSEWARTH OFFICIAL SEAL PEGGY BCOUGH m LNOTA RY PUBLIC - CALIFORNIA ANTA BARBARA COUNTY �• comm. expires JUL il, 1986 MAIL TAX STATEMENTS TO PARTY SHOWN ON FOLLOWING' LINE; IF NO PARTY IS SHOWN, MAIL AS DIRECTED ABOVE. Name Street Address City &State a r �, �• AP0730 Vol t"5 1P�r1,SI � ESCROW NO: 1- 823421 -SF DATE: AUGUST -3, 1982 "EXHIBIT A" LEGAL DESCRIPTION Lot 16 and that portion of Lot 15 in Block 7 of Murray and Church'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 map filed for record September 27, 1877, in Book A, at Page 144 of Maps, described as follows: Beginning at the Northwesterly corner of Broad and Marsh Streets, in the City of San Luis Obispo, as said streets exist and as said Marsh Street has been widened; thence Northwesterly along the Westerly line of Broad Street 80 feet more or less, to the Southeasterly corner of the Lot conveyed to Manuel Faustino Picano by deed recorded in Book 95 at Page 69 of Deeds; thence at right angles Southwesterly along the Southerly line of 'the aforesaid Lot of Manuel Faustino Picano 145 feet to. the Westerly line of said Lot 15; thence at right angles Southeasterly along the Westerly line of Lots 15 and 16, 80 feet more or less to the Northerly line of Marsh Street; thence Northeasterly along said Northerly, line of Marsh Street,145 feet to the point of beginning. 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 August 3, 1982 , from Wayne T. Hesselbarth and Wilma Fay'Hesselbarth. 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: August 12, 1982 CITY OF SAN LUIS OBISPO } .F l Y M la ie C. Bi fi7g, Mayor ATTEST: Pa ela Voges, City//Clerk OF DMMW i 4 r 4_ 7 First American We Insurance Company 899 PACIFIC STREET, (P.O. BOX 1147) SAN LUIS OBISPO, CALIFORNIA 93401 • (AREA 805) 533 -8900 June 17, 1982 1068 0170) Your No. Our Order No. SLO $22732 SF Form of Policy Coverage Requested:Liability $340,000.00; Fee $1,030.00; Monumental Survey Fee (bone) In response to the above referenced application for a policy of title insurance, this Company hereby reports that it is pre- pared to issue, or cause to be issued, as of the date hereof, a Policy of Title Insurance in the form specified above, describ- ing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said policy form. This report (and any supplements or amendments thereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. If it is desired that liability be assumed prior to the issuance of a policy of title insurance, a Binder or Commitment should be requested. Dated as of My 122 1982. at 7:30 a.m. Marcus Havimn Title to said estate or interest at the date hereof is vested in: WAYNE T. HESSELBARTH and WIWA FAY HESSELBARTH, husband and wife as joint tenants. The estate or interest in the land hereinafter described or referred to covered by this Report is: A FEE TITLE OFFICER At the date hereof exceptions to coverage in addition to the printed exceptions and exclusions contained in said policy form would be as follows: 'PAGE 2 40 1.' ,Taxes for the fiscal year 1982 -83, a lien not yet due or payable. SLO 822732 SF 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 Marchl, 1975. 3. A Memorandum of Lease by and between J. G. Jones and.Ida M. Jones,-his wife, called the Lessor and Shell Oil Company, a corporation, as called "Shell ", by lease dated January 15, 1953. Recorded on February 19, 1953 in Book 698, Page 355 of Official Records, San Luis Obispo County, California,'as to a portion of the herein described property. 4. A Deed of Trust to secure an indebtedness in the original principal sum of $60,000.00, and any other amounts and /or obligations secured thereby recorded March 18, 1971 as Instrument No. 6887, in Book 1609, Page 163 of Official Records; Dated: February 24, 1971. Trustor: Wayne T. Hesselbarth and Wilma F. Hesselbarth; husband and wife. Trustee: First American Title Insurance Company, a California corporation. Beneficiary: Estate of John G. Jones. DESCRIPTION: Lot 16 and that portion of Lot 15 in Block 7 of Murray and Church'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 map filed for record September 27, 1877, in Book A, at Page 144 of Maps, described as follows: Beginning at the Northwesterly corner of Broad and Marsh Streets, in the City of San Luis. Obispo, as said streets exist and as said Marsh Street has been widened; thence Northwesterly along the Westerly line of Broad Street 80 feet more or less, to the Southeasterly corner of the Lot conveyed to Manuel Faustino Picanco by deed recorded in`Book 95 at Page 69 of Deeds; thence at right angles Southwesterly along the Southerly line of the aforesaid:Lot of Manuel Faustino Pic5no 145 feet to the Westerly line of said Lot 15; thence at right angles Southeasterly along the Westerly line. of Lots 15 and 16, 80 feet more or less to the Northerly line of Marsh Street; thence Northeasterly along said Northerly line of Marsh Street 145 feet to the point of beginning. continued . . . s • PAGE 3 SLO 822732 SF INFORMATION NOTE: Taxes for the fiscal year 1981 -82 covering said land; 1st Installment $397.90, paid 2nd Installment $397.90, paid Code Area 003 -008 Bill No. 081674 2 0. Parcel No. 02- 422 -18 According to the public records, there have been no deeds conveying the property described in this Report recorded within a period of six months prior to the date of this Report, except as follows: NONE MH /hf Plat Map Attached A e V V S NIPOMO ST. 3 s 7f-s •c 70 N N Iti 4 n C 2 _ N O � m� V) _ O y Z O •�0• s0 40 w I40 f0 1 I OI 1 — Oi e W J e O O lae ea o N }- - - - -- J 1 161 ° o w gee) O v J u w %n�l N n ♦ 1 1 � aced 1 1 40 101 I 1 I m W IT 7Q 1,2 5) 109 f0 1 s O O _ � J 1 N A w gee) O v J u F -c lM s0 ♦ N � M _ N N ° O O J : o s n 00 O UI _Urel - -- - -- N a O m O ip u♦ 41 w •w — " ° z w' -- - L7re,-- - - - --1 as n _ — Wo _ 1 A o v JOf. 7.7,•5!•!. m BROAD ST. y M 1 1 I r z - z 0 T 1 rin \x 3 n, 200 N A to N 0 m ° GARDEN 2cR Z� ri w ae N y N A 2� 0 C „O z m b r Z C �. . y Om C y z o N 1 A N. N A �jk-CHORRO N N Mr O C m a ST N ;i �- JN O S z a0.0a SO 14057 50 so 1 a O 1 _ � A� 1 N A w 1 J N lM s0 ♦ N � M _ N N ° O O J : o s UI ti W 1 1 — " r Z m a a i� N m m a O - N 1 A� N w S T. N m m a W N i A N S 70 J 70 I •O.00,1 SO 50 it J8 w 70 » MORRO ST o r �A\ t0 :i SO E O T 0 N N S,t AMERI Form No. 1084 (10173) • C California Land Title Association ti 9 Standard Coverage Policy Form Copyright 1973 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. \\T l E I �Q� . • N U9gy'I +I P d,Pgf.' '.. SEPTEMBER 24, d 1968 2 S ME"0168 1,01,4014, First American Title Insurance Company BY PRESIDENT ATTEST �.w� C. 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 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. (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 C by foreclosure, trustee's sale, conveyance in lieu 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. 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 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 in- 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). S.t AbtER� � • C y� 7 •iii: _ ��1,`�-�` +- • First American Title Insurance Company 899 PACIFIC STREET, (P.O. BOX 1117) SAN LUIS OBISPO, CALIFORNIA 93401 • (AREA 805) 543 -8900 August 19, 1982 City of San Luis Obispo P.O. Box 321 San Luis Obispo, California 93406 Attn: Ann Russell Insurance Policy No. SLID 823421 SE 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, SAN FOX Escrow.Officer SF:hl Form No. 1084 — A CLTA Standard Coverage Policy Copyright — _1973 .. SCHEDULE A Ind. FA 11 Total Fee for Title Search, Examination and Title .insurance $ . 1,030.00 AmountofInsurance: $ 366,000.00 Policy No. SLO- 823421 SF Date of Policy: August 13, 1982 at 4:15 p.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.Municipa.l Corporation. 3. The estate or interest in the land described in Schedule C and which is covered by this policy is: A FEE Form No. 1084 — 8 CLTA standard coverage Policy Copyright — 1974 SCHEDULE B • SLO- 823421 SF 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 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) 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 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. Part Two: I. Taxes for the fiscal year 1982 -83, a 1-ien 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. • Form No. 1056 -4 All Policy Forms SCHEDULE C .SLO- 823421 SF The land referred to in this policy is situated in the State of Cali forni a County of San Luis Obispo and is described as follows: Lot 16 and that portion of Lot 15 in Block 7 of Murray and Church'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 map filed for, record September 27, 1877, in Book A, Page 144 of Maps, described as follows: Beginning at the_ Northwesterly corner of Broad and Marsh Streets, in the City of San Luis Obispo, as said streets exist and as said Marsh Street.has been widened; thence Northwesterly along the Westerly line of Broad Street 80 feet more or less, to the Southeasterly corner of the Lot conveyed to Manuel Faustino Picanco by deed recorded in Book 95 at Page 69 of Deeds.; thence at right angles Southwesterly along the Southerly line of the aforesaid Lot of Manuel Faustino Picano 145 feet to the Westerly line of said Lot 15; thence at right.angles Southeasterly along the Westerly line of Lots 15 and 16, 80 feet more or less to the Northerly line of Marsh Street; thence Northeasterly along said Northerly line of Marsh Street 145 feet to the point of beginning. INDORSEMENT Attached to Policy No. SLO- 823421 SF Issued by 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 1.50% 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 r- SEPTEMBER 24, a 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 e e 0 V V \m x $ NIPOMO ST. S S Si'S 'E. 70 N N I Z w 3 � C = N � N Z 0 3 y A m C4 _ O H zo s0 04 s0 40 ka ILO SO - r I O 1 � m D -4 b {M 90 r 'O 0 r OI 6 -- - - - - -- IA 1D " V/ N - - - - 140.04 o C4 O N 70 o w � - - -- 14004 W ° tT O A `� tM -- - - - - -° w 110 )I N i 1 C °~ to ! 1 � - 004 40 Lzi 34.5 a0 70 IIZ I s) 109 SO - r o co I d' I m D -4 b {M 90 r 'O I 1 � ti. N OI 6 -- - - - - -- IA 1D " V/ N o f ,^ -- - - - - -N W N - N N 70 co N tT O A `� tM N o r • I- - 1 C °~ to ! 1 � - a { j Oo ' ° m o A ze > p O 0 0 'i e m u TIOOT n V 30i SO � .e.ao n �•lss s.as -ea•c. Z m " BROAD S T. apN r H m z 'i 2 u W O- J, �PI z O' A T min \x C A N "'o a v v z ..i 0 C m .m a 11 'A o m GARDEN ST. 41CO Z Q 0 A A mO fn y ;, O Z ED A N r Z .0 H 0 m C y Z :� O j 70 to _; H _y O HORRO $ z r 94& N3i'S3'w 40.04 s0 N! SO 90 � - r A 1 I D -4 b {M 90 r Z { I 1 � ti. N OI 6 -- - - - - -- IA 1D " V/ N o f ,^ -- - - - - -N W N - N N 70 co N tT O ;, O Z ED A N r Z .0 H 0 m C y Z :� O j 70 to _; H _y O HORRO $ z r 94& N3i'S3'w 40.04 s0 140.37 I SO 90 � - r 1 I � b {M 90 r I 1 � ti. N OI 6 -- - - - - -- IA 1D " V/ N o f ,^ -- - - - - -N W N - N N 70 co N tT O A `� tM N o r • I- - 1 - 4u 1 � - r Z { a O �s ttll . a � N 1 N W eo °t s 50 Itl ]B S T. y m m 3 a (�1 V O N 1 N N So 0 70 L k s T D 2 MORRO ST o r N 70 MORRO ST o r *CONDITIONS AND STIPULATION* (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 should resultfrom 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. 0 0