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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 T M I W ra C77 CO n 0 y y `G I S 0 r. ;Z /� i m M m i lV 11� Tr Pm3 >o D m i�� > . r r r r -4 nr m P n m Q' m M m m i �} Z i r -4 nr D m r rm Q' . m P n m (� 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 ez o- rM 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 ��� v � O 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 m� -- I . v C « o C C O y ro d a ^°•oc � CU 0 0 y y i � o � C a ro ° a r �C3 �Q 0 U o d a r a � o o '« -e C m ° d « v m m .0 m « d 3 d i o� O r w °U m ° C y �2 a m O 1�1 O Er—, O Y F+1 Vl C , Z = Y v C « o C C O y ro d a ^°•oc � CU 0 0 y y i � o � C a ro ° a r �C3 �Q 0 U o d a r a � o o '« -e C m ° d « v m m .0 m « d 3 d i o� O r w °U m ° C y �2 a m O 1�1 I Cz O Y A � C , = Y CD zt rl .� jam! a ro I