HomeMy WebLinkAboutD-777 Broad Street Property Acquisition Recorded 02/08/1968"q "•;y .4tECORDING REQUESTED BY -
AND WHEN RECORDED MAIL TO
Nome rCity of San Luis Obispo
streat 990 Palm Street
Address San Luis Obispo, California
City 6
State I Attn: Harold Johnson - City
ttorney
MAIL TAX STATEMENTS TO
Names
straw Same as above
Address
City a
state I
L_ ,
IN THE CITY OF SAN
LUIS OBISPO
TO 405 C 14.611
2456
VUL1464 PAa.596
SPACE ABOVE-. THIS LINE FOR RECORDER'S USE --
$ 11.00 $2.75 Z $3 30
R�ju"r B U
�_ .
Grant Deed AFFIX I.R.S. $....... /_%0.�_... - - -- -
THIS FORM FURNISHED BY TITLE INSURANCE.ANO TRUST COMPANY
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
PATRICIA LEDSON
hereby GRANT(S) to
THE CITY OF SAN LUIS OBISPO, a municipal corporation
the following described real property in the
County of San Luis Obispo , State of California:
T Description Attached Hereto And Marked Exhibit "A"
consisting of one page.
1
Dated
January 18, 1968
STATE OF CALIFORNIA. - " �SS.
COUNTY OF San Luis Obispo JJJ
On_janua3Zz 240 196R before me, the under-
signed, a Notary Public in and for said State, personally appeared
PATRICIA LEDSON
known to me
to be the person -whose name s subscribed to the within
instrument and acknowledged that she executed the same.
WITNESS m and and official seal`. •'
Signature `^+
GERALD We SHIPSEY
Name (Typed or Printed)
Patricia Ledson
GERALD W. SHIPSEY
BOTABY PUB11C
SAN LUIS OBISPO COUNTY
C-7! 1 : a','. SH'PSEY
Ste`! Lii ?S His ?O COUPITY
CA
II: 0RNIIA
(This arcs for ot5clal wtarlal seal)
Title Order No Escrow or Loan No
MAIL TAX STATEMENTS AS DIRECTED ABOVE
ABOVE
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92508 -RCT
EXHIBIT "A"
DESCRIPTION:
PARCEL 1:-.
.VOL 464 PAGE.5197
i
THAT PORTION OF BLCCK 10 OF THE TOWN OF SAN LUIS OBISPO, IN THE CITY
OF SAN LUIS CBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA,
ACCORDING TO THE MAP THEREOF RECORDED MAY 10 1878 IN BOOK A AT PAGE
168 OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY,
DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST WESTERLY CORNER OF SAID BLOCK; THENCE NORTH 530
07' EAST ALONG THE-NCRTHWESTERLY LINE OF SAID BLOCK 85.83 FEET TO THE
SOUTHWESTERLY LINE OF THE LOT FORMERLY.OWNED BY W. MURRAY; THENCE
SOUTH 360 53' EAST ALONG SAID SOUTHWESTERLY LINE 100 FEET TO THE TRUE
POINT OF BEGINNING; THENCE FROM SAID TRUE POINT OF BEGINNING SOUTH 53'.
07' WEST AND PARALLEL WITH THE NORTHWESTERLY LINE_ OF SAID BLOCK 60.83
FEET MORE OR LESS, TO THE NORTHEASTERLY LINE OF THE PROPERTY CONVEYED
TO M. BOLL BY DEED DATED FEBRUARY 13, 1872 AND RECORDED IN BOOK D AT
PAGE 5 OF DEEDS; THENCE NORTHWESTERLY ALONG SAID.NORTHEASTERLY LINE'
4.50 FEET TO THE MOST EASTERLY CORNER OF THE LAND DESCRIBED IN THE DEED
TO RICHARD M. FEUERBACHER AND ODEANE L. FEUERBACHER, HUSBAND AND WIFE,
AS JOINT TENANTS, RECORDED FEBRUARY 27, 1953 IN BOOK 699 AT PAGE 212
OF OFFICIAL RECORDS; THENCE SOUTHWESTERLY ALONG THE SOUTHEASTERLY LINE
OF THE LAND DESCRIBED IN SAID LAST MENTIONED DEED, 25 FEET TO THE
SOUTHWESTERLY LINE OF SAID BLOCK;: THENCE SOUTH 360 53' EAST ALONG SAID
SOUTHWESTERLY LINE TO THE CENTER LINE OF SAN LUIS OBISPO CREEK AS SAID
CENTER LINE EXISTED FEBRUARY 130 1872; THENCE NORTHEASTERLY UP THE
CENTER OF SAID CREEK 85.83 FEET, MORE OR LESS, TO THE SOUTHWESTERLY
LINE OF THE LOT FORMERLY OWNED BY W. MURRAY; THENCE NORTH 360 53' WEST
ALONG THE SOUTHWESTERLY LINE OF SAID MURRAY LOT TO THE TRUE POINT OF
BEGINNING.
PARCEL 2:
THE SOUTHEASTERLY 1 FOOT OF THE - .NORTHWESTERLY 5.50 FEET OF THAT PORTION
OF BLOCK 10 OF THE TOWN OF SAN LUIS OBISPO, IN THE CITY OF SAN.LUIS
OBISPO, COUNTY OF SAN LUIS OBISPOP STATE OF CALIFORNIA, ACCORDING TO
THE MAP THEREOF RECORDED MAY 10 1878 IN BOOK A AT PAGE 168 OF MAPS
IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE SOUTHWESTERLY LINE OF SAID BLOCK 10 WHICH
IS SOUTH 360 53' EAST 90 FEET FROM THE MOST WESTERLY CORNER. OF THE PROPERTY
DESCRIBED IN THE DEED TO ARTHUR G. BERGMAN AND WIFE, RECORDED-DECEMBER
20, 1946 IN BOOK 433 AT PAGE 223 OF OFFICIAL RECORDS; THENCE NORTHEA.STERLYT
ALONG THE SOUTHEASTERLY LINE OF SAID PROPERTY 25 FEET;,THENCE SOUTH 'a
.a
360 53' EAST 10 FEET, MORE OR LESS TO THE NORTHWESTERLY LINE OF THE
PROPERTY DESCRIBED IN THE DEED TO GERTRU'DE_ LAWRENCE, RECORDED IN BOOK GC
279 AT PAGE 24 OF OFFICIAL RECORDS; THENCE SOUTHWESTERLY ALONG SAID_
NORTHWESTERLY LINE 25 FEET TO THE SOUTHWESTERLY LINE OF SAID BLOCK;
THENCE NORTH 360 53' WEST ALONG SAID SOUTHWESTERLY LINE 10 FEET MORE
OR LESS TO THE POINT OF BEGINNING.
C END OF DESCRIPTION i Ui
PAGE 1
N
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VOL1464 PACE598-
CERTIFICATE OF ACCEPTANCE
O tit itf 4 *4*** **t
THIS IS TO CERTIFY that the interest in real property conveyed
by the deed dated January 18, 196$
19 , from
Patricia Ledson
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: February 7, 1968
CITY OF SAN LUIS OBISPO
ATTEST:
YAYOT
Document No.
CWK ;Z
OF Rp
AT_. 7IN. PAST. M.
VOL
SAN LUM OBISPO COUNTY, CAL.
;-*1
=� ,�. ::
FEB 8 1968
`-
ecorder
&County
By. f r - !Deputy
4F"
co
..Indexed
N
Pik
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Title Insurance and Trust Company
10UNME0 leoa
1141 CHORRO STREET • P. O. BOX 610 • SAN LUIS OBISPO, CALIFORNIA 93401 • (805) 543 -2900
CHARLES F- DORSEY
ASSISTANT VICE PRESIDENT February 8, 1968
AND MANAGER
City of San Luis Obispo
990 Palm Street.
San Luis Obispo, California
Attention: Harold Johnson
City Attorney
Red Escrow No. 92508
edson
Gentlemen:
Your escrow has been closed.in accordance with
instructions, and we enclose the following:
1. Check in the amount of $23.19.
2. Statement showing receipts and disbursements.
3. Policy of Title Insurance.
Your deed will be mailed to you from the County
Recorder's office within a few days.
We appreciate the privilege of serving you in this
matter.
Very truly yours,
Eda A. Rittenhouse
Escrow Officer
EAR:lnf
Enc.
ES 8 G (8.63)
Title Insurance and Trust Company
FOUNDED 1888
1141 Chorro Street - P.O. Box 810 - San Luis Obispo, California 93401
DATA -O -60 ESCROW �(C 50O ESCROW tCER se
ESCROW STATEMENT
F
The City of San Luis Obispo
990 Palm Street
San Luis Obispo, California Ledson
L I
I T E M S
DEBITS
CREDITS
SALE /PURCHASE PRICE
15, 500.00
DEPOSITS
15, 544.50
DEPOSIT RETAINED
EXISTING LOAN
NEW LOAN
23.19
PRO -RATA - TAXES 2nd installment 67 -68 taxes
-INSURANCE
- INTEREST
- RENTS
TITLE INSURANCE POLICY FOR $
ESCROW FEE
44.50
RECONVEYANCE FEE
PREPARING DOCUMENTS
NOTARY FEE
REVENUE STAMPS
RECORDING:
TAX COLLECTOR
COMMISSION
INSURANCE
CHECK HEREWITH
23.19
BALANCE DUE
TOTALS
15 567.69
15 567.69
SAVE FOR INCOME TAX PURPOSES
TI
TO .1012.1 f C FOUNDED IN [693
California land Title Association
Standard Coverage Policy form
Copyright 1963 .
POLICY OF TITLE INSURANCE
ISSUED BY
Title Insurance and' Trust Company
Title Insurance and Trust Company, a California corporation, herein called the Company, for a valuable
consideration paid for this policy, the number, the effective date, and amount of which are shown in
Schedule A, hereby 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, agomeys'
fees and expenses which the Company may become obligated to pay as provided in the Conditions and
Stipularions hereof, which the Insured shall sustain by reason of:
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 C, 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 rifle; 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 polity; 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 the Conditions and Stipulations, said mortgage .
being shown in Schedule B in the order of its priority;
\��� . .
all subject, howew��t�o�itt� proatsions of Schedules A, B and C and to the Conditions and Stipulations
hereto annexedi C,E AND
i V po MME IS P/r'C•?i�sTn�I' /,
�Z o-a��zln4 ess;W(bereof; Title Insurance and Trust Company has caused its
cof�orafe�na4 and seal to be hereunto affixed by its duly authorized officers
date °sh wti' Schedule A.
H • t °re n
V s $'
iQ,
r�� �` •e.� =__fr; R, =moo ®® �� Title Insurance and Trust Company
es T E IS
••....•• pv — b
_c
Y PRESIDENT
Attest GL441 11# 7A
SECRETARY
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS
The following terms when used in this
policy mean:
(a) "land ": the land described, specific-
ally or by reference, in Schedule C and
improvements affixed thereto which by
constitute real property;
(b) "public records ": those records
which impart constructive notice of matters
relating to said land;
(c) "knowledge ": actual knowledge, not
constructive 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
(f) "insured ": the parry or parties named
as Insured, and if the owner of the in-
debtedness secured 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 referred 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 in-
surer or guarantor under an insurance con-
tract or guaranty insuring or guaranteeing
said indebtedness, or 'at, 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 Sched-
ule 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
contract or . guaranty insuring or guarantee-
ing 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 stipula-
tions hereof.
3. EXCLUSIONS FROM THE .COVERAGE. OF
THIS POLICY -
This policy does not insure against loss
or damage by reasons of the following:
(a) Any law, ordinance or governmental
regulation (including but not limited to
building and zoning ordinances) restricting
or regulating or prohibiting the occupancy,
use or enjoyment of the land, or regulating
the character, dimensions, or location of
any improvement now or hereafter erected
on 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 C, or title to streets, roads, ave.
nues, lanes, ways 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 specific-
ally 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 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 showm 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)
resulting in no loss to the Insured Claim-
ant; or (4) attaching or created subsequent
to the date hereof.
(e) Loss or damage which would not
have been sustained if the Insured were.a
purchaser or encumbrancer for value with-
out 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 com-
menced against the Insured, or deFenses,
restraining orders, or injunctions interposed
against .a foreclosure or sale of the mort-
gage 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 in-
sured against by this policy, and may put-
sue. any liti gation to final determination in
the court of last resort.
(b) In case any such action or proceed -
- Ang-,shall be begun, or defense interposed,-t.
or in case knowledge shall come to the In-
sured of any claim of title or interest which
is adverse to the title of the estate or in-
terest 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 in-
debtedness 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 mort- .
gage.covered.by this policy refuses to pur-
chase 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 plead-
ings or if the Insured shall not, in writing,
promptly notify the Company of any de-
fect, 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 un-
marketability of title, then all liability 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 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 proceeding 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 mort-
gage as insured; and the Company 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 polity..
(d) In all cases where this.poliey per-
mits 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 provide de-
fense 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. Whenever requested by the Com-
pany the Insured shall give the Company
all reasonable aid in any such action or
proceeding, in effecting settlement, securing
evidence, obtaining witnesses, or prosecu-
ting or defending such action or proceed-
ing, and the Company shall reimburse the
Insured for any expense so incurred.
5. NOTICE OF LOSS — LIMITATION OF
ACTION
In addition to the notices required under
paragraph 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 con.
clusive bar against maintenance by the In-
sured of any action under this policy.
6. OPTION TO PAY, SETTLE OR COMPRO-
MISE 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 pur-
chase, payment or tender of payment of
(Conditions and Stipulations Continued and Concluded on Last Page of This Policy)
1
. 92508 —RCT -EAR BY JWW /MM
TO I012-1 AB c -
CalKamla tad Me Amdmbn
Srmidmd Covsmps PoRcy 1%3
SCHEDULE A
Premium $ 126.50
Effective
Amount $ 15o500e00 Date FEBRUARY 8o 1968 AT 8201 A,M. Policy No. 92508
I N S U R E D
THE CITY OF SAN LUIS OBISPOO A MUNICIPAL CORPORATION,
1. Title to the estate or interest covered by this policy at the date hereof is vested in:
THE CITY OF SAN LUIS OBISPOfl A MUNICIPAL CORPORATION,
2. The estate or interest in the land described or referred to in Schedule C covered by this policy is
a fee.
SCHEDULE B
This policy does not insure against loss or damage by reason of the following:
PART I
1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that
levies taxes or assessments on real property or by the public records.
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.
TO 1012 -18 Cont. C
California Land Title Aa lation
Standard Coverage Policy -1463
92508 -RCT
SCHEDULE B — (Continued)
PART 11
1, GENERAL AND SPECIAL COUNTY TAXES
FOR THE FISCAL YEAR 1967 -1968
SECOND INSTALLMENT $95.56.
2. GENERAL AND SPECIAL CITY TAXES
FOR THE FISCAL YEAR 1967 -1968
SECOND INSTALLMENT 517.25•
92508 -RCT . =
To I012-1 -105&1 c oC C
Anwrican AdMand�Ca age- 19�62atlon Loan Policy
California � Tnle Association SCHEDULE C
Standard Coverage Policy —IM
The land referred to in this policy is described as follows:
PARCEL 1:
THAT PORTION OF BLOCK 10 OF THE TOWN OF SAN LUIS OBISPOO IN THE CITY
OF SAN LUIS OBISPOO COUNTY OF SAN LUIS OBISPOO STATE OF CALIFORNIAP
ACCORDING TO THE MAP THEREOF RECORDED MAY 10 1878 IN BOOK A AT PAGE
168 OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTYO
DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST WESTERLY CORNER OF SAID BLOCK; THENCE NORTH 530
07' EAST ALONG THE NORTHWESTERLY LINE OF SAID BLOCK 85,83 FEET TO THE
SOUTHWESTERLY LINE OF THE LOT FORMERLY OWNED BY We MURRAY; THENCE
SOUTH 360 53' EAST ALONG SAID SOUTHWESTERLY LINE 100 FEET TO THE TRUE
POINT OF BEGINNING; THENCE FROM SAID TRUE POINT OF BEGINNING SOUTH 530
07' WEST AND PARALLEL WITH THE NORTHWESTERLY LINE OF SAID "BLOCK 60483
FEET MORE OR LESSO TO THE NORTHEASTERLY LINE OF THE PROPERTY CONVEYED
TO Me BOLL BY DEED DATED FEBRUARY 130 1872 AND RECORDED IN BOOK D AT
PAGE 5 OF DEEDS; THENCE NORTHWESTERLY ALONG SAID NORTHEASTERLY LINE
4,50 FEET TO THE MOST EASTERLY CORNER OF THE LAND DESCRIBED IN THE DEED
TO RICHARD Me FEUERBACHER AND ODEANE Le FEUERBACHERX HUSBAND AND WIFEO
AS JOINT TENANTSO RECORDED FEBRUARY 27, 1953 IN BOOK 699 AT PAGE 212
OF OFFICIAL RECORDS; THENCE SOUTHWESTERLY ALONG THE SOUTHEASTERLY LINE
OF THE LAND DESCRIBED IN SAID LAST MENTIONED DEEDO 25 FEET TO THE
SOUTHWESTERLY LINE OF SAID BLOCK; THENCE SOUTH 360 53' EAST ALONG SAID
SOUTHWESTERLY LINE TO THE CENTER LINE OF SAN LUIS OBISPO CREEK AS SAID
CENTER LINE EXISTED FEBRUARY 130 1872; THENCE NORTHEASTERLY UP THE
CENTER OF SAID CREEK 85,83 FEET, MORE OR LESS, TO THE SOUTHWESTERLY
LINE OF THE LOT FORMERLY OWNED BY We MURRAY; THENCE NORTH '•_360 53' WEST
ALONG THE SOUTHWESTERLY LINE OF SAID MURRAY LOT TO THE TRUE POINT OF
BEGINNING.
PARCEL 2:
THE SOUTHEASTERLY 1 FOOT OF THE NORTHWESTERLY 5.50 FEET OF THAT PORTION
OF BLOCK 10 OF THE TOWN OF SAN LUIS OBISPOO IN THE CITY OF SAN LUIS
OBISPOo COUNTY OF SAN LUIS OBISPOO STATE OF CALIFORNIAO ACCORDING TO
THE MAP THEREOF RECORDED MAY 10 1878 IN BOOK A AT PAGE 168 OF MAPS
IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE SOUTHWESTERLY LINE OF SAID BLOCK 10 WHICH
IS SOUTH 360 53' EAST 90 FEET FROM THE MOST WESTERLY CORNER OF THE PROPERTY
DESCRIBED IN THE DEED TO ARTHUR Ge BERGMAN AND WIFEO RECORDED DECEMBER
200 1946 IN BOOK 433 AT PAGE 223 OF OFFICIAL RECORDS; THENCE NORTHEASTERLY
ALONG THE SOUTHEASTERLY LINE OF SAID PROPERTY 25 FEET; THENCE SOUTH
360 53' EAST 10 FEETO MORE OR LESS TO THE NORTHWESTERLY LINE OF THE
PROPERTY DESCRIBED IN THE DEED TO GERTRUDE LAWRENCEO RECORDED IN BOOK
279 AT PAGE 24 OF OFFICIAL RECORDS; THENCE SOUTHWESTERLY ALONG SAID
NORTHWESTERLY LINE 25 FEET TO THE SOUTHWESTERLY LINE OF SAID BLOCK;
THENCE NORTH 360 53' WEST ALONG SAID SOUTHWESTERLY LINE 10 FEET MORE
dR LESS TO THE POINT OF BEGINNING. _,
TO 236 VC
----- -- -- ---
J�
loilo
5�
OThis is not a survey of the land but is compiled for information by the
Title Insurance and Trust Company from data sh6" by the official records.
4 p .
CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face)
the full amount of this policy, together
with all costs, attorneys' fees and expenses
which the Company is obligated, hereunder
to pay, shall termina0, all liability of the
Company hereunder. In the event, after
notice of claim has been given to the Com-
pany 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 purchase price.
7. PAYMENT OF LOSS
(a) The liability of the Company under
this policy shall to 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 imposed upon the Insured in liti-
gation 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 (I ) if
the Company, after having received notice
of an alleged defect, lien or encumbrance
not excepted or excluded herein 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 rejected as
unmarketable because of a'-defect, lien or
encumbrance not excepted or excluded in
this .policy, 'until there has been a final
determination, by a court of competent juris-
diction- sustaining such rejection.
(d) All payments under, this policy, ex-
cept payments made for costs, attorneys'
fees and expenses, shall reduce the amount
of the insurance. pro Canto 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 Com-
pany; provided, however, if the owner of
an indebtedness secured by a mortgage
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 indebtedness secured by such mort-
gage. Payment in full by any person or
voluntary satisfaction or release by the In-
sured of a mortgage covered by this policy
shall terminate all liability of the Company
to the insured owner of the indebtedness
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 polity the loss or damage shall be pay.
able within thirty days thereafter.
S. 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 priority of
any mortgage shown or referred to in
Schedule B hereof or any mortgage here.
after executed 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 pay.
ment 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 sub-
rogation I shall vest in the Company un-
affected 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 prop-
erty 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 pay-
ment bears to the amount of said loss. If
loss should result from any act of theln-
sured, such act shall not void this policy.
but the Company. in that event, shall be
required to pay only that parr of any losses
insured against hereunder which shall ex-
ceed the amount, if any, lost to the Com-
pany by reason of the impairment of the
right of subrogation. The Insured, if re•
quested 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 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 in-
debtedness 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 col-
lateral 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 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 Com-
pany and any statement in writing required
to be furnished the Company shall be ad-
dressed to it at the office which issued this
policy or to its Home Office, 433 South
Spring Street, Los Angeles 54, California.
12. THE PREMIUM .SPECIFIED IN SCHEDULE
A IS THE ENTIRE CHARGE FOR TITLE SEARCH,
TITLE EXAMINATION AND TITLE INSURANCE.
O
Title Insurance and Trust Company
vouWG¢D IN 1803
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