HomeMy WebLinkAboutD-719 Police Station Site Recorded 04/26/1967-� '7'769
PLACE INTERNAL REVENUE STAMPS IN THIS SPACE
td
Grant Deed
(Individual)
Vi711432 PAC €P Irw
I. R. S. S-_ ! " ... 2—f-
--- idow,....: YaLLIAM_- -A. - -. NELSON. v ---- I,OH,ENCE --- Lx--- .N.ELSON I
his..wife -.. -- STANLEY- .H... ... NEL3.0..and... ALIOE ... A- .. ...KIEL 0., ... 1 1i.,q ... w „fe.t ...... .- ............ . .....
( - GRANTORS)
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
Do ---------------- Hereby Grant To ....... CITY OF -- -SAN -- LUIS- ,OBISPO,,. -.a.. municipal ...........:....... .. ......
corporation,-----------------------------------------------------------------------------------------------------------------------------..........-----------•------------
......... ..n
thereal property in the .......... ............................... ..... ... .......... -- ... -- ...... ......... .......----....-------------------------------------------------
.County of--. Sa? n ... Li li. s ... 0bl-s po----------------------------------------------------------- State of California, described as follows:
Lot 6 in Block 28 of 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 May 1,
1878 In Book A, at Page 168 of Maps, in the Office of the
County Recorder of said County.
Excepting therefrom that portion thereof conveyed
State of California,. by deed dated July 27, 1951
September 12, 1951 in Book 626, at Page, 134 of Of
Records. Vv
;1.
S
- „,r.” ,
Dated ---- April --- 1,3 th ....._ ...............19- --6-7.
.:5 . . t . .. a . n ...a ...... Hx:..1.:1- ..... -..
. Nelson
n
A ice 17. a so
STATE OF CALIFORNIA
COUNTY OF SS.
_San LUi. a--- 9hiap. o ........ ................ . . . . ..
on ..Apr -iL -1.. L
before me, DOris ICkhOUt
a Notary Public. in and for said County and State, person=
ally appeared.._F1oTS_Ne18o13,... 11 ax- _A.- ... - - -.
Nelson- _Florence-- _L., -_ Nelson ,----------- ---- ---- - --- - --
Stanel� H. Nelson and Alice D........ -. -
--- - - ---- --- - - --- - - -
Nelson
known to me to be the persons..... whose name&...BXe .......
subscribed to the within instrument and acknowledged that
— the _ _ executed the same.
WITNESS my hand and official seal.
(Seal) ..: !!.J... ----- .... ...............................
Notary Public in and for said Countyt and State.
D0115 MO S
MI _C49* 1011 Upims Jana Z 1970
My Commission Expires .... — ......... ........................... ...........-
to the
and recorded
ficial
WHEN RECORDED, PLEASE MAIL THIS INSTRUMENT TO
City of San Luis Obispo _
_- ._... ._... - _..._.... ...
. .... - - -•
City Hall
_San- Luis _Obil�o�. California _
.. .. _ _. y� —
ORDER No ---------- ESCROW
SPACE BELOW FOR RECORDER'S USE ONLY
;a
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io
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(e (G.S.) 4 -25 -56 (e pt> Mail Tax Statements to: City Clerk City of San Luis Obispo
(Rev. 11318) Y s Y 71 q
San Luis Obispo, California r/
DORIS M. EECKHOUT
M,,�3'•
NOTARY PUBLIC
SAN LUIS OBISPO COUNTY
CALIFORNIA
(�
(e (G.S.) 4 -25 -56 (e pt> Mail Tax Statements to: City Clerk City of San Luis Obispo
(Rev. 11318) Y s Y 71 q
San Luis Obispo, California r/
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VOL 1432 PAA73
CERTIFICATE OF ACCEPTANCE
THIS IS TO CERTIFY that the interest in real property conveyed
by the Deed dated April 13, 1967
19 from Flora Nelson, a widow William A. Nelson
and Florence L. Nelson, his wife, Stanely H. Nelson and Alice
D. Nelson, his wife
to the CITY OF SAN LUIS OBISPO, a Political Corporation, is
hereby accepted by the undersigned officer on behalf of the City
Council pursuant to authority conferred by Resolution No. 549
(1959 Series), recorded May 26, 1959, in Volume 1002, Official
Records, Page 292, San Luis Obispo County, California, and the
Grantee consents to recordation thereof by its duly authorized
officer or his agent.
Date; April 24, 1967
y7f
'? ; . ;r
CITY OF SAN LUIS OBISPO
11, 11 If
opop "OF
Document No .............
RECOMM AT REQUEST OF.
AT IN. PAST... M.
O /R. P..
... ..........
SAN L IS OBISPO CONII , CAL.
APR 2 61967
Co u R rder
By - -- ....... h+
F $ ...... .. ...... _Andexed or�D
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c�
III ESCROW INSTRUCTIONS
Escrow No. do
ID FI:SQ:IMIW Office
SECURITY TITLE Date ASH 3A 19167
- - - - - INSURANCE COMPANY
I L1= hand yon E~ W*00 enO Izeaae3 6zp=ted t7a UMe or t3*3waill with
C0019Wi LMlayi °s OMMI CUt" old . .Q."'Lfilip at UV*
t1W 0= ce V�MDsao, to c.avlGto a se vice CS #0001,10
which you are instructed to use when you are able to procure a standard form
0,- Policy. of Title.Insurance, issued by your'company
= in its usual Iorm containing the, printed exceptions -usual in such
policy, with liability not -less than-$ h`j1=4,09 on the following described property situate
in the ;;`al.. LLIS MjW County of Gm Laos tb£V0
State of California
Lot 6 im ffia:u 23 or tt* city or sm we aAsm a=ftucs to m* tjiw rw
_ : "reewa Vft �6 ?j$ in Boa As at VW MV30 icy the amee tit: the
6Z=VtjM .Q=Vf M tbft VWtAtxi t of =,yep tC► too of MUftn23e S
VW of offtel" ft=rft&
showing title• vested 'in :a ,;'
Subject to:
1. Taxes om for the fiscal year clndinglevies for any district such as- but not.limited
thereto, drainage, irrigation, road improvement, acquisition and improvement, fire protection, etc.
2. Bond—assessmentp
with no delinquent payments, and with unpaid balance of principal not to exceed $
3. Covenants, conditions, restrictions, reservations; easements, and rights of way of record (if any),
l and t� to ar rXim cWtOMIS state M&MY M* =0
It i rE aB betwaM 0ea W end WUW hMIM tthM V0M=Wm wIU bo
.✓ .: - .. f_...t' '. Ue r_.. 1 ;t5' _ !l .. "7' ,'C ..3+ - `C i, i 1;...:i- _ ___ ° _
'!'f: i -°: �!_:. °V7 5: ',0 "(M 4.t •r_i( "!.' -
is S ,V1.:, !(J.r .. .,1 �l`l: If: 11 1!. •S
v r:, 1 J .• :�tii -,, :.�, F ;• -..: ;: ��: 'It .. •11:117: 7r 7 e:;`�•„ - -
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. t •.� , ^:I:: - .1 .1.',7: 1' -.. .1 ,., _.. ...a . 1. .1♦
E40 -L (T) (G.S.) -
and, when you can deliver to (me) —(lender) mc=_ shares of water stock of
Company, duly transferred to me (lender, as my pledgee) with
assessments and bills paid to . You will not concern yourself with
domestic water bills or other public utility matters.
After escrow is closed you will ("Close of Escrow" shall mean the day papers are filed for record).
1: Prorate CLX"Z'-= Taxes including all items appearing on tax bill, except personal property
not conveyed, to Zl=e Or eg `=Mj, if #&Wssed adpfiratalj' , based on the latest tax statement,
unless parties hereto furnish you with information regarding amount of current taxes.
2: Deliver to (me) —(lender) fire and other insurance for $ rAW as handed
you, with proper mortgagee clauses attached. Prorate to
3: Prorate interest on loan based on statement of holder of note or their Agent to Imm
Unpaid balance to be $
4: Prorate advance rents to ECRW, as per statement handed you.
All dissbburs e s are omwe tyo _be„�m� y check of SECURITY TITLE INSURANCE COMPANY.
You have days wit to which to comply with these instructions and additional time as
may be required provided written demand to cancel by any party who then shall have fully complied
with these instructions is not handed you after the initial period of days given to comply.
Your knowledge of matters affecting the property, provided such facts do not prevent compliance
with these instructions, does not create any liability or duty in addition to your responsibility under
these instructions. No notice, demand or change of instructions, except a demand for cancellation
made in accordance with the foregoing paragraph, shall be of any effect in this escrow unless given in
writing by all parties affected thereby.
If these instructions refer to a sale, the seller agrees to sell and the buyer agrees to buy the property herein
described upon the terms hereof.
I agree to pay
R .iAR23EKO ►. 7
Buyers Addresses Phone Numbers
The above instructions are approved. I will hand you papers required to vest title as above, excepting such papers,
if any, as are to be executed by other parties to this escrow. You are instructed to use the money and record in-
struments to comply with said instructions. At close of escrow disburse funds for my account as follows:
1. Reimburse_ yourself for advances chargeable to me and deduct your charges as hereafter specified.
2. Pay fl= a commission in the amount of
$ Broker's License No. . Mail check to him at
3. Pay demand of
Whose address is
4. Pay balance to f$SjaCVp '�;JU44M A. SelgatILO Md SUU3W as W&M
and mail check to (address) 1P♦Q. Sm ='ri$ ftz Z&jS fgqppy 00jjftV5j&
I agree to Pay re v= Istamsf wum of tit" :1muremaj, j Y'$QiTw ftif
Attach Internal Revenue Stamps to deed in the amount of $ WeW
Sellers Addresses Phone Numbers
�/ SECURITY TITLE
INSURANCE COMPANY,
B_ ECYRMY
San Luis Obispo OFFICE T'T`E
DATE Apr. 4, 1967
City of San Luis Obispo
% Mr. Fitzpatrick, City C3wk ESCROW 79345 de
City Hall - Palm Street
San Luis Cbispo, California
L
PROM Y
In accordance with instructions' in the above escrow; we enclose the following:
1.. Copy of escrow instructions for your file.
2. Original instructions to be signed and returned.
Please forward the certificate of acceptance to be attached
to the deed.
Ver truly yours,
Doris M. Eeckhout
Escrow Officer
de
111j
P -218 (G.S.) Rev. 1 -63
- 1
SECURITY TITLE INSURANCE COMPANY -
a California corporation, herein called the Company,
Insures the parties named as insured in Schedule A, the heirs, devisees, personal representatives of such insured,
or, if a corporation, its successors by dissolution, merger or consolidation, against loss or damage not exceeding the amount
stated in Schedule A, together with costs, attorneys' fees and expenses which the Company may become obligated to pay
as, provided in the Conditions and Stipulations hereof, which the insured shall sustain by reason of the matters numbered
1 to 4 in Part Three of Schedule B of this policy.
CLTA -1963 SCHEDULE A STANDARD COVERAGE
Insured:
CITY OF SAN LUIS OBISPO,
a municipal corporation.
Policy No: 79345 -SLO Consideration paid for this policy: 8 225.00 A -1
Effective date: April 2 , 1967 at :30 A. M. Amount of liability: 8 42;000.00
The estate or interest in the land described or referred to in this schedule covered by this policy is:
a fee
Title to the estate or interest covered by this policy at the date hereof is vested in:
CITY OF SAN LUIS OBISPO.,
a municipal corporation.
The land referred to in this policy is situated in the State of California, County of San Luis Obispo
and is described as follows:
Lot 6 in Block 28 of the City of San Luis Obispo, in the .City of San
Luis Obispo; according to Map filed for record May 1, 1878 in Book A,
at Page 168 of Maps in the Office of the County Recorder of said'County.
Excepting therefrom that portion,thereof conveyed to. the State of Cali-
fornia, by deed dated July 27, 1951 and recorded September 12,.1951 in
Book 626, at Page 134 of Official Records.
P -218 -B (G.S.) (Rev. 1 -63)
SCHEDULE B
This policy does not insure against loss or damage by reason of the matters shown in Parts One and Two of Schedule B.
PART ONE:
1. General and special taxes for the fiscal year 1967 -68, now a lien, but
not yet due and payable.
2. The fact that the ownership of said Land does not include any rights
of ingress and egress to or from California State Highway No.101, said
rights having been relinquished by deed from Albert H. Nelson,-et ux.,
to the State of California,.recorded September 12j, 1951 in Book 626, at
Page 134 of Official Records.'
P- 218 -BB (G.S.) (Rev. 1 -63)
SCHEDULE B (Continued)
PART TWO:
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.
2. Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by
an inspection of said land or by making inquiry of persons in possession thereof.
3. Easements, claims of easement or encumbrances 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. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water
rights, claims or title to water.
PART THREE: Matters numbered 1 to 4 referred to on the first page of this Policy:
1. Any.defect in or lien or encumbrance on the title to the estate or interest covered hereby in the land described or
referred to in Schedule A, existing at the date hereof, not shown or referred to in Schedule B or excluded from
coverage in Schedule B or in the Conditions and Stipulations; or
2. Unmarketability of such title; or
3., Any defect in the execution of any mortgage shown in Schedule B securing an indebtedness, the owner of which is
named as an Insured in Schedule A, but only insofar as such defect affects the lien or charge of said mortgage upon
the estate or interest referred to in this'.policy; or
4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule
B, or excluded from coverage in Schedule B or in the Conditions and Stipulations, said mortgage being shown in
Schedule B in the order of its priority;
all subject, however, to the provisions of Schedules A and B and to the Conditions and Stipulations hereto annexed..
In witness whereof, Security Title Insurance Company has executed this policy by its authorized officers, as of the date
set forth in Schedule A, the effective date of this policy.
S
$
0���,pBPORATfao
�.MARCR, 0 �
ill
/An Authorized Signature
President
P- 218 -ST (G.S.) (Rev. 1 -63)
1. Definition of Terms
The following terms when used in this policy mean:
(a) "land ": the land described, specifically or
by reference, in Schedule A and improvements
affixed thereto which by law constitute real property;
(b) "public records": those records which im-
part constructive notice of matters relating to said
land;
(c) "knowledge ": actual knowledge, not con-
structive knowledge or notice which may be imputed
to the Insured by reason of any public records;
(d) "date ": the effective date;
(e) "mortgage ": mortgage, deed of trust, trust
deed, or other security instruments; and
(f) "insured ": the party or parties named as
Insured, and if the owner of the indebtedness se-
cured by a mortgage shown in Schedule B is
named as an Insured in Schedule A, the Insured
shall include (1) each successor in interest in
ownership of such indebtedness, (2) any such
owner who acquires the estate or interest to in
this policy by foreclosure, trustee's sale, or other
legal manner in satisfaction of said indebtedness,
and (3) any federal agency or instrumentality
which is an insurer or guarantor under an insurance
contract or guaranty nsuring or guaranteein said
indebtedness, or any part thereof, whether named
as an Insured herein or not, subject otherwise to
the provisions hereof.
2. Benefits after Acquisition of Title
If an, insured owner of the indebtedness secured
by a mortgage described in Schedule B acquires
said estate or interest, or any part thereof, by fore-
closure, trustee's sale, or other legal manner in sat-
isfaction of said indebtedness, or any part thereof,
or if a federal agency or instrumentality acquires
said estate or interest, or any part thereof, as a
consequence of an insurance contract or guaranty
insuring or guaranteeing the indebtedness secured
by a mortgage covered by this policy, or any part
thereof, this policy shall continue in force in favor
of such Insured, agency or instrumentality, subject
to all of the conditions and stipulations hereof.
0. Exclusions from the Coverage of this Policy
This policy does not insure against loss or damage
by reason of the following:
(a) Any law, ordinance or governmental regu-
lation (including but not limited to building and
zoning ordinances) restricting or regulating or pro-
hibiting the occupancy, use or enjoyment of the
land, or regulating the character, dimensions, or
location of any improvement now or hereafter
erected on said land, or prohibiting a separation in
ownership or a reduction in the dimensions or area
of any lot or parcel of land.
(b) Governmental rights of police power or emi-
nent domain unless notice of the exercise of such
rights appears in the public records at the date
hereof.
(c) Title to any property be and the lines of the
land expressly described in Schedule A. or title to
streets, roads, avenues, lanes, ways or waterways
on which such land abuts, or the right to maintain
therein vaults, tunnels, ramps or any other strue-
ture or improvement; or any rights or easements
therein unless this policy specifically provides that
such property, rights or easements are insured,
except that if the land abuts upon one or more
physically open streets or highways this policy in-
sures the ordinary rights of abutting owners for
access to one of such streets or highways, unless
otherwise excepted or excluded herein.
(d) Defects, liens, encumbrances, adverse claims
against the title as insured or other matters (1)
created, suffered, assumed or agreed to by the
Insured claiming loss or. damage; or (2) known to
the Insured Claimant either at the date of this
policy or at the date such Insured Claimant ac-
quired an estate or interest insured by this policy
and not shown by the public records, unless dia-
closure thereof in writing by the Insured shall
have been made to the Company prior to the date
of this policy; or (3) resulting in no lose to the
Insured Claimant; or (4) attaching or created sub-
sequent to the date hereof.
(e) Loss or damage which would not have been
sustained if the Insured were a purchaser or encum-
brancer for value without knowledge.
4. Defense and Prosecution of Actions - Notice of
Claim to be Given by the Insured
undue The at its own cost and without
u
ay shall provide (1) for the defense of the
Insured in all litigation consisting of actions or
proceedings commenced against the Insured, or de-
fenses, restraining orders, or in ) unctions interposed
against a foreclosure or sale of the mortgage and
indebtedness covered by this policy or a sale of
the estate or interest in said land; or (2) for such
action as may be appropriate to establish the
title of the estate or interest or the lien of the mort-
gage as insured, which litigation or action in anY of
such events is founded upon an alleged defect, lien
or encumbrance insured against by this policy, and
may c purse tan resorg�on to final determination in
the
CONDMONS AND STIPULATIONS
(b) In case any such action or proceeding shall
be begun, or defense interposed, or in case knowl-
edge shall come to the Insured of any claims of title
or interest which is adverse to the title of the estate
or interest or lien of the mortgage as insured, or
which might cause loss or damage for which the
Company shall or may be liable by virtue of this
policy, or if the Insured shall in good faith contract
to sell the indebtedness secured by a mortgage
covered by this policy, or, if an Insured in good
faith leases or contracts to sell, lease or mortgage
the same, or if the successful bidder at a fore-
closure sale under a mortgage covered by this
policy refuses to purchase and in any such event
the title to said estate or interest is rejected as un-
marketable, the Insured shall notify the Company
thereof in writing. If such notice shall not be given
to the Company within ten days of the receipt of
process or pleadings or if the Insured shall not, in
writing, promptly notify the Company of any defect,
lien or encumbrance insured against which shall
come to the knowledge of the Insured, or if the
Insured shall not, in writing, promptly notify the
Company of any such rejection by reason of claimed
unmarketability of title, then all liability of the
Company in regard to the subject matter of such
action, proceeding or matter shall cease and ter-
minate; provided, however, that failure to notify
shall in no case prejudice the claim of any Insured
unless the Company shall be actually 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 prosecute any action or pro-
ceeding or do any other act which in its opinion
may be necessary or desirable to establish the title
of the estate or interest or the lien of the mortgage
as insured; and the Company may take any appro-
priate action under the terms of this policy whether
or not it shall be liable thereunder and shall not
thereby concede liability or waive any provision
of this policy.
(d) In all cases where this policy permits or
requires the Company to prosecute or provide for
the defense of any action or proceeding, the Insured
shall secure to it the right to so prosecute or pro-
vide defense in such action or proceeding, and all
appeals therein, and permit it to use, at its option,
the name of the Insured for such purpose. When-
ever requested by the Company the Insured shall
give the Company all reasonable aid in any such
action or proceeding, in effecting settlement, se-
curing evidence, obtaining witnesses, or prosecuting
or defending such action or proceeding, and the
Company shall reimburse the Insured for any ex-
pense so incurred.
5. Notice of Loss - Limitation of Action
In addition to the notices required under para-
graph 4(b), a statement in writing of any loss or
damage for which it is claimed the Company is
liable under this policy shall be furnished to the
Company within sixty days after such loss or dam-
age shall have been determined and no right of
action shall accrue to the Insured under this policy
until thirty days after such statement shall have
been furnished, and no recovery shall be had by
the Insured under this policy unless action shall
be commenced thereon within live years after ex-
piration of said thirty day period. Failure to furnish
such statement of loss or damage, or to commence
such action within the time hereinbefore specified,
shall be a conclusive bar against maintenance by
the Insured of any action under this policy.
S. option to Pay. Settle or Compromise Claims
The Company shall have the option to pay or
settle or compromise for or in the name of the In-
sured any claim insured against or to pay the full
amount of this policy, or, in case loss is claimed
under this policy by the owner of the indebtedness
secured by a mortgage covered by this policy, the
Company shall have the option to purchase said
indebtedness; such purchase, payment or tender of
Zof the full amount of this policy, together
vnt all costs, attorneys' fees and expenses which
the Company is obligated hereunder to pay, shall
terminate all liability of the Company hereunder. In
the event, after notice of claim has been given to
the Company by the Insured, the Company offers to
purchase said indebtedness, the owner of such in-
debtedness shall transfer and assign said indebted-
ness and the mortgage securing the same to the
Company upon payment of the purchase price.
7. Payment of Loss
(a) The liability of the Company under this pol-
icy shall in no case exceed, in all, the actual loss
I f the Insured and costs and attorneys' fees which
the Company may be obligated hereunder to pay.
(b) The Company will pay, in addition to any
loss insured against by this policy, all costs imposed
upon the Insured in litigation carried on by the
Company for the Insured, and all costs and attor-
neys fees in litigation carried on by the Insured
with the written authorization of the Company.
(c) No claim for damages shall arise or be
maintainable under this policy (1) if the Company,
after having received notice of an alleged defect,
lien or encumbrance not excepted or excluded here-
in removes such defect, lien or encumbrance within
a • reasonable time after receipt of such notice, or
(2) for liability voluntarily assumed by the Insured
in settling any claim or suit without written consent
of the Company, or (3) in the event the title is re-
jected as unmarketable because of a defect, lien
or encumbrance not excepted or excluded in this
Euntil there has been a final determination
by a court of competent jurisdiction sustaining such
rejection.
(d) All payments under this policy, except pay-
ments made for costs, attorneys' fees and expenses,
shall reduce the amount of the insurance pro tanto
and no payment shall be made without.producing
this policy for endorsement of such payment unless
the policy be lost or destroyed, in which case proof
of such loss or destruction shall be furnished to the
satisfaction of the Company; provided, however, if
the owner of an indebtedness secured by a mort-
gage shown in Schedule B is an Insured herein then
such payments shall not reduce pro tanto the
amount of the insurance afforded hereunder as to
such Insured, except to the extent that such pay-
ments reduce the amount of the indebtedness se-
cured by such mortgage. Payment in full by any
Person or voluntary satisfaction or release by the
Insured of a mortgage covered by this policy shall
terminate all liability of the Company to the insured
owner of the indebtedness secured by such mort-
gage, except as provided in paragraph 2 hereof,
(e) When liability has been definitely fixed in
accordance with the conditions of this policy the
loss or damage shall be payable within thirty days
thereafter.
8. Liability Noncumulative
It is expressly understood that the amount of this
policy is reduced by any amount the Company may
pay under any policy insuring the validity or pri-
ority of any mortgage shown or referred to in
Schedule B .hereof or any mortgage hereafter ex-
ecuted by the 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 to the Insured under this policy.
The provisions of this paragraph numbered 8 shall
not apply to an Insured owner of an indebtedness
secured by a mortgage shown in Schedule B unless
such Insured acquires title to said estate or interest
in satisfaction of said indebtedness or any part
thereof.
9. Subrogation upon Payment or Settlement
Whenever the Company shall have settled a claim
under this policy, all right of subrogation shall vest
in the Company unaffected by any act of the In-
sured, and it shall be subrogated to and be en-
titled to all rights and remedies. which the Insured
would have had against any person or property in
respect to such claim had this policy not been
issued. If the payment does not cover the loss of the
Insured, the Company shall be subrogated to such
rights and remedies in the proportion which said
payment bears to the amount of said loss. If loss
should result from any act of the Insured, such act
shall not void this policy, but the Company, in that
event, shall 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.
The Insured, if requested by the Company, shall
transfer to the Company all rights and remedies
against any person or property necessary in order
to perfect such right of subrogation, and shall per-
mit the Company to use the name of the Insured in
any transaction or litigation involving such rights
or remedies.
If the Insured is the owner of the indebtedness
secured by a mortgage covered by this policy, such
Insured may release or substitute the personal
liability of any debtor or guarantor, or extend or
otherwise modify the terms . of payment, or release
a portion of the estate or interest from the lien of
the mortgage, or release any collateral security for
the indebtedness, provided such act does not result
in any loss of priority of the lien of the mortgage.
10. Policy Entire Contract
Any action or actions or rights of action that the
Insured may have or may bring against the Com-
pany arising out of the status of the lien of the
mortgage covered by this policy or the title of the
estate or interest insured herein must be based on
the provisions of this policy.
No provision or condition of this policy can be
waived or changed except by writing endorsed
hereon or attached hereto signed by the President,
a Vice President, the Secretary, an Assistant
Secretary or other validating officer of the Company.
11. Notices, Where Sent
All notices required to be given the Company
and any statement in writing required to be furn-
isheb the Company shall be addressed to it at the
office which issued this policy.
12. THE FEE SPECIFIED ON THE FACE OF THIS
POLICY IS THE TOTAL FEE FOR TITLE. SEARCH
AND EXAMINATION AND FOR TITLE - INSURANCE.
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This plat is for your aid in locating your land with reterence to streets and other parcels. It is not a survey. While this
plat is believed to be correct, the Company assumes no liability for any loss occurring by reason of reliance thereon."
B�CYiiTY
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SECURITY TITLE INSURANCE COMPANY
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This plat is for your aid in locating your land with reterence to streets and other parcels. It is not a survey. While this
plat is believed to be correct, the Company assumes no liability for any loss occurring by reason of reliance thereon."
B�CYiiTY
TRL!
SECURITY TITLE INSURANCE COMPANY
FRESNO COUNTY
Fresno
Phone: 266 -9721 (209)
Mariposa Street Office
1927 Mariposa Mall
Fresno Title Office
1234 L Street
IMPERIAL COUNTY
El Centro
654 Main Street
Phone: 352 -2011 (714)
BORN COUNTY
Bakersfield
1424 17th Street
Phone: 327 -5785 (805)
EINGS COUNTY
Hanford
208 West 7th Street
Phone: 584 -3381 (209)
LOS ANGELES COUNTY
Los Angeles
3444 Wilshire Boulevard
Phone: 381 -3111 (213)
MADERA COUNTY
Madera
129 South D Street
Phone: 673 -3553 (209)
MERCED COUNTY
Merced
1944 M Street
Phone: 722 -3911 (209)
rJ� %GC sTi9n�^�•v s�.r =- � /GCS >cJ.c/�
NAPA COUNTY
Napa
1370 Second Street
Phone: 226 -3727 (707)
ORANGE COUNTY
Santa Ana
825 North Broadway
Phone: 547 -7251 (714)
RIVERSIDE COUNTY
Riverside
3602 University Avenue
Phone: 684 -1400 (714)
SACRAMENTO COUNTY
Sacramento
2028 K Street
Phone: 441 -5341 (916)
SAN BERNARDINO COUNTY
San Bernardino
480 Court Street
Phone: 889 -3531 (714)
SAN DIEGO COUNTY
San Diego
1301 Third Avenue at "A"
Phone: 232 -4031 (714)
SAN JOAQUIN COUNTY
Stockton
San Joaquin County Abstract Office
217 North San Joaquin Street
Phone: 466 -5821 (209)
SAN LUIS OBISPO COUNTY
San Luis Obispo
1119 Chorro Street
Phone: 543 -8211 (805)
SAN MATEO COUNTY
Redwood City
749 Brewster Avenue
Phone: 369 -6771 (415)
SANTA BARBARA COUNTY
Santa Barbara
1014 State Street
Phone: 966 -6131 (805)
SOLANO COUNTY
Vallejo
840 Tuolumne Street
Phone: 643 -4521 (707)
STANISLAUS COUNTY
Modesto
920 12th Street
Phone: 5234521 (209)
TULARE COUNTY
Visalia
119 South Locust Street
Phone: 7324761 (209)
VENTURA COUNTY
Ventura
2660 E. Main Street
Phone: 648 -2864 (805)
Security Title Insurance Company policies are also written in the counties listed below and in the State of Hawaii.
ALAMEDA COUN'T'Y
MARIN COUNTY
SANTA CLARA COUNTY
Oakland
San Rafael
San Jose
Northwestern Title Company
Pacific Coast Title Company of Morin
Valley Title Company
1615 Webster Street
900 Mission Avenue
38 North First Street
Phone: 834 - 7665.(415)
Phone: 454 -6070 (415)
Phone: 292 -7150 (408)
AMADOR COUNTY
MARIPOSA COUNTY
SANTA CRUZ COUNTY
Jackson
Mariposa
Santa Cruz
Western Land Title Company
Mariposa County Title Co.
Penniman Title Co., Inc.
34 Summit Street
Box 218
1537 Pacific Avenue
Phone: 223 -0482 (209)
Phone: 966 -3818 (209)
Phone: 426 -1711 (408)
BUTTE COUNTY
Oroville
Northwestern Title Company of
Butte County
2622 Oro Dam Boulevard
Phone: 533 -1666 (916)
CALAVERAS COUNTY
San Andreas
Golden Chain Title Company
P. O. Box 1086
Phone: 754 -3851 (209)
CONTRA COSTA COUNTY
Walnut Creek
Financial Title Company
1555 felt. Diablo Blvd.
Phone: 932 -1555 (415)
HUMBOLDT COUNTY
Eureka
Humboldt Land Title Company
6th & "I" Streets
Phone: 443 -0837 (707)
MONTEREY COUNTY
Monterey
Coast Counties Land Title Company
439 Tyler Street
Phone: 375 -2262 (408)
PLACER COUNTY
Roseville
Fidelity Title Company
424 Vernon Street
Phone: 782 -3731 (916)
SHASTA COUNTY
Redding
Redding Title Company
1661 Pine Street
Phone: 241 -6363 (916)
SONOMA COUNTY
Santa Rosa
Northwestern Title Security Company
535 Fourth Street
Phone: 542 -5185 (707)
SAN FRANCISCO COUNTY
San Francisco
LAMA COUNTY
Northwestern Title Company
Red Bluff
Northern California Title Company
of San Francisco
3557 Geary Boulevard
349 Pine Street
Phone: 752 -4770 (415)
Phone: 527 -5421 (916)
SANTA BARBARA COUNTY
STATE OF HAWAII
Santa Barbara
Honolulu
Santa Barbara Title Company
Security Title Corporation
21 West Carillo St.
125 Merchant Street
Phone: 966 -3975 (805)
Phone: 562 -326 (808)
SECURITY TITLE POLICIES AND SERVICES ARE AVAILABLE IN THE COUNTIES SHOWN ABOVE
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ESCROW STATEMENT
Escrow No 021
SELLER • BORROWER
Property dddmis Prtn of Lot 5. Block 28. City of. San
BUYER • LENDER.
CITY SAN LOIS
OBIS SAN
Debits
Credils
ITEMS
Debits
Credits
PAID OUTSIDE OF ESCROW TO
DEPOSIT
_
-
- DEPOSIT
DEPOSIT
DEMAND FOR DEED
31.800.00
-
DEMAND FOR TRUST DEED NOTE - BALANCE
ADJUSTMENTS as of 9/19/66
TARES on$ 34,52 for 6 Months 7/1/66- 9/19166
1.4.96'
city 6.57 6 711166-9/19/66
2.
5
INT. on $ at Paid To
Ins, on $ Pmm. $ 3 ym. elR
RENTS
DISBURSEMENTS
_
PRINCIPAL OF NOTE - DEMAND FOR RECONVEYANCE OF TD
PLUS INT. on $ at %
BENEFICIARIES CHARGE FOR
COMMISSION TO
TER. REPORT -WORK
PAYMENT TO TITLE COMPANY and others.
TITLE POLICY
-
RECONVEYANCE FEE -
REVENUESTAMPS(ON DEED) -
TAX SERVICE -
RECORDING
INSURANCE ENDORSEMENT FEES
HANDLING of. BENEFICIARY'S PAPERS
ESCROW FEE _
58
75
DRAWING DOCUMENTS
-
NOTARY FEE
DUE THIS COMPANY -
"
BLANCE -CHECK HEREWITH
_
BALANCE -CHECK HEREWITH
TOTALS
pan _ SepTd tuber 19s 1966 7_2_e n-rt cL �a zA-Z v
B
yNOL'ma Walker Escrow
J'. WILLIAM SIBEL
PRESIDENT
J. F. MGCLELLAND
EXECUTIVE VICE PRESIDENT
i
CUESTA
TITLE
1
GUARANTY
CO.
795 HIGUERA STREET
BOX 1268
• SAN LUIS; OBISPO, CALIF.
93401
PHONE 544.1860
September 19, 1966
City of San Luis Obispo
990 Palm Street.
San Luis Obispo, California
Attention: Bernard S. Grossman, Acting City Attorney
Re: Escrow No. 021
Gentlemen:
In connection with the above numbered escrow, we enclose here-
with the following:
1. Escrow Statement
2. .Original and copy of Policy of Title Insurance No.
05 10 03 00066
We appreciate the opportunity of handling this transaction for
you. If we can be of further service to you, please do not
hesitate to call us.
Very truly yours,
Norma Walker
Escrow Officer
nw
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1
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aoia -o5 -10
POLICY OF TITLE INSURANCE
°
CHICAGO TITLE INSURANCE COMPANY
A STOCK COMPANY
0510 03 00066
BY this Policy of Title Insurance, CHICAGO TITLE INSURANCE COMPANY, a corporation
of Missouri, herein called the Company, does Hereby Insure those persons or parties named as IN-
SURED in Schedule A hereof, hereinafter called the Insured, the heirs, devisees, personal represen-
tatives of said Insured, or if a corporation, any person or corporation deriving an interest or estate in
said land by dissolution, merger or consolidation together with any other person or corporation in-
eluded in the term Insured as defined in this Policy against loss or damage not exceeding the amount
stated in Schedule A hereof together with costs, attorneys' fees and expenses which the Company
°
may become obligated to pay as provided in the Conditions and Stipulations hereof, which the In-
sured shall sustain by reason of:
c
any defect in or lien or encumbrance on the title to the estate or interest covered hereby in the
land described or referred to in Schedule A, existing at the date hereof, not shown or referred
to in Schedule B or exclued from coverage in Schedule B or in the Conditions and Stipulations;
e
or
unmarketability of such title; or
°
any defect in the execution of any mortgage or deed of trust, shown in Schedule B securing an
indebtedness, the owner of which is named as an Insured in this Policy, but only insofar as such
defect affects the lien or charge of such mortgage or deed of trust upon the estate or interest
°
covered hereby; or
priority, at the date hereof, over any such mortgage or deed of trust, of any encumbrance upon
such estate or interest, except as shown in Schedule B, such mortgage or deed of trust being
there shown in the order of its priority;
all subject, however, to the Conditions and Stipulations annexed hereto, which Conditions and Stip-
ulations, together with Schedules A and B are hereby made a part of this policy; all as of the time
°
and date shown in Schedule A, being the effective date of this policy.
In Witness Whereof, said Company has caused this policy to be signed, sealed and made effec-
tive by the countersignature of its duly authorized validating signatory, whose identity is sub-
joined hereto.
°
CHICAGO TITLE INSURANCE COMPANY
CUESTA TITLE GUARANTY
COMPANY `JC o CORPMITf''.o
°
795 Higuera Street President
'IW�wYV�f.l•
San Luis Obispo, California 93401
ATTEST:
` Secretary
2 Fla
V dating Signa -
aoia -o5 -10
Amount. $ 319800.00
Fee $ 181.00
SCHEDULE A
Policy Date
September 19, 1%6
2 :56 P.M.
INSURED
Policy No.'' 05 10. 03 00066
Order No. 1086
CITY OF SAN LUIS OBISPO,
a Municipal corporation.
1. The estate or interest in the land described or referred to in this schedule covered by this-policy-is:
A FEE
2. Titie to the Estate or interest covered by this policy at the date hereof -is vested in:
City of San Luis Obispo,
a Municipal corporation.
3. The, land referred to in this policy is situated in the County of San Luis Obispo State of California,
and is described as follows:
Lot 5 in Block 28 of the City of San Luis_ Obispo, according
to a map thereof recorded May 19 1878 in Book A, at page 168
of Maps.
Excepting therefrom.the Southwesterly 5 feet, as measured
along the Northerly line of Walnut Street.
Form 8235 -05 -1964
Policy No. 05 10 03 00066
SCHEDULE B
This policy does, not insure against loss or damage by reason of Part One and Part Two following:
PART- ONE: This of Schedule B refers to matters which, if any such exist, may affect- the title -to said -
land,'but which are not shown .in this policy:
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.
2. Any facts, rights, interests, or claims which are not shown by the public records but which could be
ascertained by an inspection of said land or by making inquiry of persons in possession thereof:
3: Easements; claims of easement or encumbrances 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.`
5. Unpatented mining claims;' reservations . or exceptions in patents or in Acts authorizing the issuance thereof;
- -- - - -water: rights; .� claims or title .to water.
Paxr Two: This part of'- Schedule B -shows liens, '.'encumbrances,, defects and other matters affecting the title-
'
to said land or to which said :title is subject:
1. General and. Special County and City taxes for the fiscal year 1 %6-
1967, a lien not yet payable.
Form 3236 -1964 Chicago Title Incur rtm Company
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1. DEFINITIONIOFYEIIMS'
The following terms when used in this policy
mean:
(a) "land": the land described, specifically or
by reference, in Schedule A and improvements
affixed thereto which by law constitute real
property;
(b) "public records ": those records which im-
part constructive notice of matters relating to
said land;
(c) "knowledge ": actual knowledge, not con-
structive knowledge or notice which may be
imputed to the Insured by reason of any public
records;
(d) "date ": the effective date;
(e) "mortgage ": mortgage. deed of trust, trust
deed, or other security instrument; and
(£) "insured ": the party or parties named as
Insured, and if the owner of the indebtedness
secured by a mortgage shown in Schedule B is
named as Insured in Schedule A. the Insured
shall include (1) each successor in interest in
ownership of such indebtedness. (2) any such
owner who acquires the estate or interest re-
ferred to in this policy by foreclosure . trustee's
sale, or other legal manner in satisfaction of said
indebtedness, and (3) any federal agency or
instrumentality which is an insurer or guarantor
under an insurance contract or guaranty insur-
ing or guaranteeing said indebtedness. or any
part thereof, whether named as an insured here-
in or not, subject otherwise to the provisions
hereof.
2. BENEFITS AFTER ACQUISITION OF TITLE
If an insured owner of the indebtedness secured
by a mortgage described in Schedule B acquires
said estate or interest, or any part thereof, by
foreclosure, trustee's sale or other legal manner
in satisfaction of said indebtedness, or any part
thereof, or if a federal agency or instrumentality
acquires said estate or interest. or any part
thereof, as a consequence of an insurance con-
tract or guaranty insuring or guaranteeing the
indebtedness secured by a mortgage covered by
this policy. or any part thereof, this policy shall
continue in force in favor of such Insured.
agency or instrumentality, subject to all of the
conditions and stipulations hereof.
3. EXCLUSIONS FROM THE COVERAGE OF THIS
POLICY
This policy does not insure against loss or dam-
age by reason of the following:
(a) Any law, ordinance or governmental regu-
lation (including but not limited to building and
zoning ordinances) restricting or regulating or
prohibiting the occupancy, use or enjoyment of
the land, or regulating the character, dimen-
sions, or location of any improvement now or
hereafter erected on said land, or prohibiting a
separation in ownership or a reduction in the
dimensions or area of any lot or parcel of land.
(b) Governmental rights of police power or
eminent domain unless notice of the exercise of
such rights appears in the public records at the
date hereof.
(c) Title to any property beyond the lines of
the land expressly described in Schedule A. or
title to streets, roads, avenues, lanes, way or
waterways on which such land abuts. or the
right to maintain therein vaults. tunnels, ramps
or any other structure or improvement; or any
rights or easements therein unless this policy
specifically provides that such property, rights.
or easements are insured, except that if the land
abuts upon one or more physically open streets
or highways this policy insures the ordinary
rights of abutting owners for access to one of
such streets or highways, unless otherwise ex-
cepted or excluded herein.
(d) Defects, liens, encumbrances, adverse
claims against the title as insured or other
matters (1) created, suffered. assumed or agreed
to by the Insured claiming loss or damage: or
(2) known to the Insured Claimant either at the
date of this policy or at the date such Insured
Claimant acquired an estate or interest insured
by this policy and not shown by the public
records, unless disclosure thereof in writing by
the Insured shall have been made to the Com-
pany prior to the date of this policy; or (3) re-
sulting in no loss to the Insured Claimant: or
(4) attaching or created subsequent to the date
hereof.
(c) Loss or damage which would not have
been sustained if the Insured were a purchaser
or encumbrancer for value without knowledge.
4. DEFENSE AND PROSECUTION OF ACTIONS —
NOTICE OF CLAIM TO BE GIVEN BY THE
INSURED
(a) The Company, at its own cost and without
undue delay, shall provide (1) for the defense
of the Insured in all litigation consisting of
actions or proceedings commenced against the
Insured, or defenses, restraining orders, or in-
junctions interposed against a foreclosure or sale
of the mortgage and indebtedness covered by
this policy or a sale of the estate or interest in
said land; or (2) for such action as may be
appropriate to establish the title of the estate
or interest or the lien of the mortgage as in-
sured, which litigation or action in any of such
events is founded upon an alleged defect, lien
or encumbrance insured against by this policy.
CONDITIONS AND STIPULATIONS
And may pursue any litigation to final deter-
mination in the court of last resort.
(b) In case any such action or proceeding shall
be begun, or defense interposed, or in case
knowledge shall come to the Insured of any
claim of title or interest which is adverse to the
title of the estate or interest or lien of the
mortgage as insured. or which might cause loss
or damage for which the Company shall or may
be liable by virtue of this policy, or if the In-
sured shall in good faith contract to sell the
indebtedness secured by a mortgage covered by
this policy, or. if an Insured in good faith leases
or contracts to sell, lease or mortgage the same,
or if the successful bidder at a foreclosure sale
under a mortgage covered by this policy refuses
to purchase and in any such event the title to
said estate or interest is rejected as unmarket-
able, the Insured shall notify the Company
thereof in writing. -
If such notice shall not be given to the Company
within ten days of the receipt of process or
pleadings or if the Insured shall not, in writing,
promptly notify the Company of any defect, lien
or encumbrance insured against which shall
come to the knowledge of the Insured, or if the
Insured shall not, in writing, promptly notify
the Company of any such rejection by reason of
of the Company in regard to the subject matter
of such action, proceeding or matter shall cease
and terminate; provided, however, that failure
to notify shall in no case prejudice the claim of
any Insured unless the Company shall be actu-
ally 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 prosecute any action or
proceeding or do any other act which in its
opinion may be necessary or desirable to estab-
lish the title of the estate or interest or the
lien of the mortgage as insured; and the Com-
pany may take any appropriate action under the
terms of this policy whether or not it shall be
liable thereunder and shall not thereby concede
liability or waive any provision of this policy.
(d) In all cases where this policy permits or
requires the Company to prosecute or provide
for the defense of any action or proceeding. the
Insured shall secure to it the right to so prose-
cute or provide defense in such action or pro-
ceeding. and all appeals therein, and permit it
to use, at its option, the name of the Insured
for such purpose. Whenever requested by the
Company the Insured shall give the Company
all reasonable aid in any such action or pro-
ceeding, in effecting settlement, securing evi-
dence, obtaining witnesses, or prosecuting or
defending such action or proceeding, and the
Company shall reimburse the Insured for any
expense so Incurred.
S. NOTICE OF LOSS — LIMITATION OF ACTION
In addition to the notices required under para-
graph 4(b), a statement in writing of any loss
or damage for which it Is claimed the Company
is liable under this policy shall be furnished to
the Company within sixty days after such loss
or damage shall have been determined and no
right of action shall accrue to the Insured under
this policy until thirty days after such statement
shall have been furnished, and no recovery shall
be had by the Insured under this policy unless
action shall be commenced thereon within five
years after expiration of said thirty -day period.
Failure to furnish such statement of loss or
damage. or to commence such action within the
time hereinbefore specified, shall be a conclusive
bar against maintenance by the Insured of any
action under this policy.
6. OPTION TO PAY, SETTLE OR COMPROMISE
CLAIMS
The Company shall have the option to pay or
settle or compromise for or in the name of the
Insured any claim insured against or to pay the
full amount of this policy, or, in case loss is
claimed under this policy by the owner of the
indebtedness secured by a mortgage covered by
this policy, the Company shall have the option
to purchase said indebtedness: such purchase,
payment or tender of payment of the full amount
of this policy, together with all costs, attorneys'
fees and expenses which the Company is obli-
gated hereunder to pay, shall terminate all
liability of the Company hereunder. In the
event, after notice of claim has been given to
the Company by the Insured. the Company
offers to purchase said indebtedness, the owner
of such indebtedness shall transfer and assign
said indebtedness and the mortgage securing the
same to the Company upon payment of the pur-
chase price.
7. PAYMENT OF LOSS
(a) The liability of the Company under this
policy shall in no case exceed, in all, the actual
loss of the Insured and costs and attorneys' fees
which the Company may be obligated hereunder
to pay.
(b) The Company will pay, in addition to any
loss insured against by this policy, all costs im-
posed upon the Insured in litigation carried on
by the Company for the Insured, and all costs
and attorneys' fees in litigation carried on by the
Insured with the written authorization of the
Company.
(c) No claim for damages shall arise or be
maintainable under this policy (1) if the Com-
pany, after having received notice of an alleged
/�cct, lien or encumbrance, not excepted or
excluded herein removes such defect, lien or
encumbrance within a reasonable time after re-
ceipt of such notice, or (2) for liability volun-
tarily assumed by the Insured in settling any
claim or suit without consent of the Company,
or (3) in the event the title is rejected as un-
marketable because of a defect. lien or encum-
brance not excepted or excluded in this policy.
until there has been a final determination by a
court of competent jurisdiction sustaining such
rejection.
(d) All payments under this policy, except
payments made for costs, attorneys' fees and ex-
penses, shall reduce the amount of the insur-
ance pro tanto and no payment shall be made
without producing this policy for endorsement
of such payment unless the policy be lost or
destroyed, in which case proof of such loss or
destruction shall be furnished to the satisfaction
of the Company; provided, however, if the
owner of an indebtedness secured by a mort-
gage shown in Schedule B is an Insured herein
then such payments shall not reduce pro tanto
the amount of the insurance afforded hereunder
as to such Insured, except to the extent that
such payments reduce the amount of the in-
debtedness secured by such mortgage. Payment
in full by any person or voluntary satisfaction
or release by the Insured of a mortgage covered
by this policy shall terminate all liability of the
Company to the insured owner of the indebted-
ness secured by such mortgage, except as pro-
vided in paragraph 2 hereof.
(e) When liability has been definitely fixed in
accordance with the conditions of this policy
the loss or damage shall be payable within thirty
days thereafter.
8. LIABILITY NONCUMULATIVE
It is expressly understood that the amount of
this policy is reduced by any amount the Com-
pany may pay under any policy insuring the
validity or priority of any mortgage shown or
referred to in Schedule B hereof or. any mort-
gage thereafter executed by the Insured which
is a charge or lien on the estate. or interest de-
scribed or referred to in 'Schedule A. and the
amount so paid shall be deemed a payment to
the Insured under the policy. The provisions of
this paragraph numbered 8 shall not apply to
an Insured owner of an • indebtedness secured
by a mortgage shown in Schedule B unless such
Insured acquires title to' said estate or interest
in satisfaction of said indebtedness or any part
thereof. .
9. SUBROGATION UPON PAYMENT OR SETTLEMENT
Whenever the Company shall have settled a
claim under this policy. all right. of subrogation
shall vest in the Company unaffected by any
act of the Insured, and it.shall be subrogated to
and be entitled to all rights and remedies which
the Insured would have had against any person
or property in respect to such claim had this
policy not been issued. If'the' payment does not
cover the loss of the Insured, the Company shall
be subrogated to such rights and remedies in the
proportion which said payment bears to the
amount of said loss. If loss should result from
any act of the Insured. such act shall not void
this policy, but the Company, in that event.
shall be required to pay only that part of an
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. The Insured, if requested by the
Company, shall transfer to the Company all
rights and remedies against any person or
property necessary in order /to perfect such
right of subrogation, and shall permit the Com-
pany to use the name of the Insured in any
transaction or litigation involving such rights
or remedies.
If the Insured is the owner of the indebtedness
secured by a mortgage covered by this policy.
such Insured may release or substitute the per-
sonal liability of any debtor or grantor. or ex-
tend or otherwise modify the terms of payment,
or release a portion of the estate or interest
from the lien of the mortgage, or release any
collateral security for the indebtedness. pro-
vided such act does not result in any loss of
priority of the lien of the mortgage.
10. POLICY. ENTIRE CONTRACT
Any action or actions or rights of action that the
Insured may have or may bring against the
Company arising out of the status of the lien
of the mortgage covered by this policy or the
title of the estate or interest insured herein
must be based on the provisions of this policy.
No provision or condition of this policy can be
waived or changed except by writing endorsed
hereon or attached hereto signed by the Presi-
dent, a Vice President, the Secretary. an Assist-
ant Secretary or other validating officer of the
Company.
11. NOTICES, WHERE SENT
All notices required to be given the Company
and any statement in writing required to be
furnished the Company shall be addressed to it
at Ill W. Washington Street, Chicago. Illinois
60602 or at any branch office of the Company
shown on the reverse side hereof.
12. FEE
The fee specified in Schedule A is the entire
charge- for title search, title examination and
title insurance.
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