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
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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.
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*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