HomeMy WebLinkAboutD-823 Santa Rosa Widening Recorded 06/24/1969Recording requested by
TITLE INSURANCE AND TRUSTOPANY
AND when recorded mail to DOCUMENTARY TRANSFER TAX $.3 s
City of San Luis Obispo --�rZ—Party T � ���
990 Palm Street D E E D
San Luis Obispo, California Si Si or gent Firm Name
C ,J-us Sari O P�,�s�o 1
For valuable consideration WILLIAM A. NELSON,
STANLEY H. NELSON and AUGUSTUS CASTRO, Executors of the
Will of ALBERT H. NELSON, deceased, hereinafter collec-
tively called "Grantor ", hereby grant to CITY OF SAN LUIS
OBISPO, a municipal corporation, hereinafter called
"Grantee ", for street purposes, all the right, title
and interest of said decedent at the time of his death,
`I and all the right, title and interest of said decedent
i
'V that his estate may have subsequently acquired by opera-
tion of law, or otherwise, in and to the following described
real property situated in the County of San Luis Obispo,
State of California:
Authorizing Conveyance of Real Property for Street Purposes,
which Order was made and filed by the Superior Court of the
State of California, in and for the County of San Luis
Obispo, on April 7, 1969, in that certain proceeding pending
Mail tax statements to
City of San Luis Obispo
990 Palm Street, San Luis Obispo, Calif.
EVOL15 PAGE504
That portion of Lot 3, Block 27 of the City of
San Luis Obispo, County of San Luis Obispo,
161*41 IZ.0
State of California, as per map recorded in
Book A. Page 168 of Maps in the office of the
D` 1 2
County Recorder of said County described as
OFFICIAL RECORDS
follows:
p C CA BISPO CO., A
ij SZLZo
Beginning at the southwester) corner of Walnut
Street (formerly Sycamore Street) and Santa
v UU
Rosa Street in said City; being the most nor-
therly corner of Block 27 in said City; thence
southerly along the westerly line of Santa
Rosa Street 100 feet more or less to the line
of a lot conveyed by William Thomas to Bridget
REO t
Curran by deed recorded in Volume X of Deeds,
�MpA
Page 67, San Luis Obispo County records; thence
-.. r
westerly a distance of 10 feet along the line
of said Curran lot to a point; thence northerly
parallel and 10 feet from the westerly line of
Santa Rosa Street to southerly line of Walnut
Street; thence easterly along said southerly
line of Walnut Street to the point of beginning.
This Deed is made pursuant to that certain Order
Authorizing Conveyance of Real Property for Street Purposes,
which Order was made and filed by the Superior Court of the
State of California, in and for the County of San Luis
Obispo, on April 7, 1969, in that certain proceeding pending
Mail tax statements to
City of San Luis Obispo
990 Palm Street, San Luis Obispo, Calif.
EVOL15 PAGE504
J
rA
N
a
u
in said Court entitled "In the Matter of the Estate of
ALBERT H. NELSON, also known as ALBERT NELSON and A. H.
NELSON, deceased ", and numbered 12123 in the files of
said Court.
M Ay
Dated: 4tme 1969.
-2-
9W;Ij L� SOLE
Executors of the Will of
ALBERT H. NELSON, deceased
LVOL1521 PAGENO5
1�
v
I
STATE OF CALIFORNIA )
CITY AND COUNTY OF SAN FRANCISCO)
On May 29, 1969, before me, a Notary Public
in and for the City and County of San Francisco, State
of California, personally appeared AUGUSTUS CASTRO, one
of the Executors of the Will of ALBERT H. NELSON, deceased,
known to me to be the person whose name is subscribed to
the within instrument and acknowledged that he executed
the same.
meeee7weecnevesvv7vweu^_ 7r csv73vc7 "- cve "- er.711e3vveenev p
071 A. { =YER
NOTAC .i I ?OR NIA 1973
Mycomrni s:o, Feb. 18,
®i11e786C338337CS:733833dSC 3831 7:8= %793I7079L'3836738CSee4i
STATE OF CALIFORNIA )
COUNTY OF SAN LUIS OBISPO)
9'6�L'� a
Notary Public
On June .,2� 1969, before me, a Notary Public in
and for the County of San Luis Obispo, State of California,
personally appeared STANLEY H. NELSON and WILLIAM A. NELSON,
two of the Executors of the Will of ALBERT H. NELSON,deceased,
known to me to be the persons whose names are subscribed to
the within instrument and acknowledged that they executed
the same.
011'r1C1AL SEAL otary Public
J 4p• PHYLUS PONOMAROFF --�'
m
NOTARY PUBLIC- CALIFORNIA My commission expires.
S *J LUIS OBISPO COUNTY
,. My Commission Expires Dec. 15,1972
Box 810, 1141 Chorro St., San Lu;s Obispo, Ca. 93401
-3-
UL1521 PAGE 16
0
0
CERTIFICATE OF ACCEPTANCE
0** i i* f# 4**** O i
THIS IS TO CERTIFY that the interest in real property conveyed
by the nod dated X2tV- ?o� - 1sw__9
19 , from
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: Jane 9, 1969
CITY OF SAN LUIS OBISPO
LEI
ATTEST:
END OF L�uZUMEHT
I& Vol 151 PACF;IU7
r
City of San Luis Obispo
990.Palm Street
San Luis Obispo, California
'Gentlemen:
Yl
may 1969
Re: Santa Rosa Street Widening Acquisition
The undersigned hereby agrees to sell to the City of San Luis Obispo,
hereinafter called "City," real property located in the City of San
Luis Obispo described as follows:.
That portion of Lot 3, Block 27 of the City of San Luis
Obispo, County of San Luis Obispo, State of California,
as per map recorded in Book A, Page 168 of Maps in the
office of the County Recorder of said County described
as follows:
Beginning at the southwesterly corner of Walnut Street
(formerly Sycamore Street) and Santa Rosa Street in said
City; being the most northerly corner of Block 27 in said
City; thence southerly along the westerly line of Santa
Rosa Street 100 feet more or less to the'line of a lot
conveyed by William Thomas to Bridget Curran by deed
recorded in Volume A of Deeds, Page 67, San Luis Obispo
County records; thence westerly a distance of 10 feet along
the line of said Curran lot to a point; thence northerly
parallel and 10 feet from the westerly line of Santa Rosa
Street to southerly line of Walnut Street; thence easterly
along said southerly line of Walnut Street to the point
of beginning.
upon the following terms and conditions:
A. PURCHASE PRICE: The purchase price is Three Thousand Four Hundred
Fifty Dollars ($3,450.00), which includes Three Thousand Dollars
($3,000.00) for the land, Four Hundred Twenty Dollars ($420.00) for
the loss of retaining walls in lieu of replacement; and Thirty Dollars
($30.00) for the loss of the tree.
The Three Thousand Four Hundred Fifty Dollars ($3,450.00) shall be due
and payable by City into escrow on the date the grant deed to said real
property is delivered to the escrow agent.
FLS�fV
-.:1 R L
City of San Luis ispo
Page 2
B. ESCROW: An escrow is to be opened in a title company in the City of
San Luis Obispo. The escrow instructions shall be in conformity with
the terms of this agreement. All escrow charges are to be paid for by
the City including the premium for any title insurance, and the under-
signed shall bear all expenses connected with securing the necessary
Court Order to authorize the sale.
C. STATE OF TITLE: The title to said real property as delivered to
City shall be free and clear of any and all encumbrances, except the
lien of property taxes not delinquent.
D. POSSESSION: Possession of said real property shall not be delivered
to your the escrow is closed in accordance with the terms of this
agreement.
E. TIM: Both City and the undersigned shall use their best efforts
to close the escrow within thirty (30) days from the date this agree-
ment is signed by both parties.
F. SIDEWALK. CURB. AND GUTTER IMPR0VEMENTS: City agrees to install
sidewalk, curb and gutter across the Santa Rosa Street frontage of
said property in accordance with City standards. The City agrees to
provide all necessary engineering in connection with the installation
of said improvements, which installation will include revising the
driveway in kind, slope the yard at 2:1 in back of the sidewalk, revise
the yard walk and construct new steps, relocate the water meter and
other utilities as necessary and pave out the street to the new gutter.
This obligation is to be of no concern to the escrow agent and shall be
handled outside of escrow.
Estate of Albert H. Nelson
By:
xi Ld.,,�n4
ACCEPTANCE
The above offer is hereby accepted and he terms and conditions set
forth above are agreed to this 2Z day of a "Y , 1969.
City of San Luis Obispo
By:
MAYOR
2
5
EXHIBIT
.�- SCALE :. 40 /`0,
SE TBA CK LINE WIDENING
AREA =
/000 SG. FT.
.023 A CRE
SCALE: / "= 5'
G. R. R_ / E
DEG. X68
C er 'SA zLSPAC aer; rraa s[K;#V J1 AI i' jt:� Escrow No
9a
_ ESCROW INSTRUCTIONS
TIT'Idi: INSURANCE AND 11ti.i6, COMPANY: Date: VAY 200 1969
t)n or before close Of esczvw l will hnrul rou 03MO.00, plus funds to.
cover coasts and charges bareinafter authorised,
which you will deliver when you obtain Grant lid
and when ou, can issue your usual form `
Y. Yo �r � `CLU) policy of title'insurance
with Liability not exceeding $ 39450,00
on
See l description attadsed bpretm and made a part bmwf. as Rahibit Me
}
showing title vested in CITY, 9F go L= 031=0 a 1 Adatpal corporation
SUBJECT ONLY TO: (1) All taxes for the fiscal year 190 -19700 now a lien but
not yet, due and payable.
(2) Covenants;= conditions, restrictions and ptlie.rtiit3s easements of record; to�1e.v�i
a
1.,�4mz n ti g - .a i_ _ "'l iN II .:„ ei -said 14_a ORR th-. -r aAlil�d�4
1pe"of6ar 1.
The close of this escrow is .subject to seller obtaining order oo�af taiag
sate at seller's .expense.
As a matter of record only, with whith escrm holder is not to be corned,
opr idew: responsible f+Dr, the City of San Luis Obispo agrees to install
s curb and gutter across the Seats 8osa Stmt ftvntoge
said property in accordance with City standards. The CL sgto
provide all necessary engineering in Mien with the
of said improvements$ 'which install8tlan will include revise the
driveway in kind, slope the yank . at 2:1 Sae bank of the si , revise
the yard walk and construct now stepa, relocate the water motor and
outer Utilities as. ameessary and pan an the street, to the wear gutter.
- Page 1
as 63 (5•67)
The GENERAL PROVISIONS pr.. d on the reverse side of this page of .3e instructions are by reference
thereto incorporated herein and made a port hereof.
Time is of the essence of these instructions. If this escrow is not in condition to closo by
JUM 200 IM any party who then shall have fully complied with his instructions may, in writing,
demand the return of his money and/or property; but if none have complied, no demand for return thereof shall
Be recognized until five days after the escrow holder shall have mailed copies of. such demand to all other
pca-ties at their respective addresses shown in the escrow instructions. If no such demand is made, close this
escrow as soon as possible.
writing.
Any amendment of or supplements to any instructions must be in w t in
g.
Deliver title insurance policy to bGFW
Instruct Recorder to mcal dWW OD IN 10 0 1
Begin search of title at once. I pay Signaturn SAWA Address go VW" SON* Telephone
Signature ddress .... Telephone
Title Insurance and Trust Company- Date: M* 20s IM
I have read and approve the foregoing instructions. On or before
I gdU hand you QCM 9Md MU" &W M VW
which you will deliver when you can issue the policy of title insurance called,for and UbM y"
am aw amoomt 03649"I'Aas 3� 60fte Ma shows Wralsaftw inwWWAM66
The GENERAL PROVISIONS printed on the reverse side of this page of these instructions are by reference,
thereto incorporated herein and made a part hereof.
Pay all encumbrances of record necessary to place title in the condition called for. I will hand you any fun_ ds
and instruments required for such purpose.
Deliver title insurance policy to b=W
Instruct Recorder to mail amid to
Begin search of title at once. I pay a=
Signature Address Telephone
Signature Address Telephone
W
—Page TJZCU9M OF I= ce
53Z=V IMCRAMO I
EXHIBIT "A"
That portion of Lot 3, Block 27 of the City of San Luis
Obispo, County of San Luis Obispo, State of California,
as per map recorded in Book A, Page 168 of Maps in the
office of the County Recorder of said County described
as follows:
Beginning at the southwesterly corner of Walnut Street
(formerly Sycamore Street) and Santa Rosa Street in said
City; being the most northerly corner of Block 27 in said
City; thence southerly along the westerly line of Santa
Rosa Street 100 feet more or less to the line of a lot
conveyed by William Thomas to Bridget Curran by deed
recorded in Volume X of Deeds Page 67, San Luis Obispo
County records; thence westerly a distance of 10 feet
along the line of said Curran lot to a point; thence
northerly parallel and 10 feet from the westerly line
of Santa Rosa Street to southerly line of Walnut Street;
thence easterly along said southerly line of Walnut Street
to the point of beginning.
Title Insurance and Trust Company
1141 CHORRO STREET - P. O. BOX 810 - SAN LUIS OBISPO, CALIFORNIA 93401 - (BOS) 543 -2900
CHARLES F- DORSEY
ASSISTANT VICE PRESIDENT
AND MANAGER
June 24, 1969
City of San Luis Obispo
990 Palm Street
San Luis Obispo, California 93401
Re: Escrow No. 95221 -PP
Gentlemen:
Your escrow has been closed in accordance with
instructions and we enclose escrow closing statement
showing receipts and disbursements in duplicate.
Your Grant Deed will be mai e o Si ou direct from
the County Recorder's Office.
We appreciate the privilege of serving you in this
matter.
Very truly yours,
Phylli Ponomaroff
Escrow Officer
PP: cc
Enclosures
ES 3 (e -88) -
O
-Title Insurance and Trust Company
1141 Chorro Street, Post Office Box 810, San Luis Obispo, California 93401
DATE 6- 24 -69, ORDER NO. 95221
ESCROW CLOSING STATEMENT
City of San Luis Obispo
990 Palm Street
San Luis Obispo, California 93401
L
ESCROW OFFICER Ponomaroff
Nelson, Castro
IT EMS -
DEBITS
CREDITS -
SALE/PURCHASE PRICE
39450.00
DEPOSITS
31570.85
DEPOSIT RETAINED
EXISTING LOAN
NEW LOAN
PRO - RATA - TAXES
-INSURANCE
- INTEREST
- RENTS
5 8 • 0 0
TITLE INSURANCE POLICY FORS
ESCROW FEE
59,00
RECONVEYANCE FEE
PREPARING DOCUMENTS
NOTARY FEE
TRANSFER TAX
3.85
RECORDING:
TAX COLLECTOR
COMMISSION
INSURANCE
CHECK HEREWITH
BALANCE DUE
TOTALS
39570.85
3,570.85
SAVE FOR INCOME TAX PURPOSES
ES 3 16 -68)'
O
Title Insurance and Trust Company
1141 Chorro Street, Post Office Sox 810, San Luis Obispo, California 93401
DATE 5 -24 -69 ORDER NO. 95221
ESCROW CLOSING STATEMENT
F
City of San Luis Obispo
990 Palm Street
San Luis Obispo, California 93401
L �
ESCROW OFFICER Ponomaroff
Nelson, Castro
ITEMS
DEBITS
CREDITS
SALE /PURCHASE PRICE
39450.00
DEPOSITS
39,570.85
DEPOSIT RETAINED
EXISTING LOAN
NEW LOAN
PRO - RATA - TAXES
-INSURANCE
- INTEREST
- RENTS
58100
TITLE INSURANCE POLICY FOR $
ESCROW FEE
59.00
RECONVEYANCE FEE
PREPARING DOCUMENTS
NOTARY FEE
TRANSFER TAX
3.85
RECORDING:
TAX COLLECTOR
COMMISSION
INSURANCE
CHECK HEREWITH
BALANCE DUE
TOTALS
39570.85
39570.85
SAVE FOR INCOME TAX PURPOSES
ronu►19.1 n04M O
NOTICE. OF RETURNED DOCUMENTS
Title Insurance and Test Company
433 SOUTH SPRING STREET • LOS ANGELES. CALIFORNIA 90084
TELEPHONE (213) 828 -2411
City of San Luis Obispo Our No. 95221
• 990 Palm Street
San Luis Obispo, California 93401 Your No.
We are sending you the items checked below:
❑ Receipted tax bill which has served our purpose.
❑ Copy of covenants, conditions and restrictions ordered by you.
❑ Escrow Instructions dated
❑ Preliminary Title Report dated as of
❑ Recorded instrument which you sent to us for examination.
❑ Plat to be used with the order number shown above.
jX Policy of Title Insurance per your instructions.
Date June 24, 19 6 9
i
IR&row or Title Officer/
TI
TO 1012 FC (7 -68)
California Land Title Auociation
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, 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:
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 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 the Conditions and Stipulations, said mortgage
being shown in Schedule B in the order of its priority;
\ \ \ \��Z
all subject, hoasgvP ,� nhpD sidFul of Schedules A, B and C and to the Conditions and Stipulations
hereto annexe$' riC'
JQ'*a• EIS 2'1o"-'**.
.4,a °A4 yca �4n�. yiej,oVhereof, Title Insurance and Trust Company, has, caused its
c orate)tiane and seal to be hereunto affixed by its duly authorized officers
—t •. ; ojn'-Iheldatjshqwt�m Schedule A.
: Z
o; i Title Insurance and Trust Company
I •FS P •• ' by
0 1\ N PRESIDENT
Attest
�(/ 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 law
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 party 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 insuri ng or guaranteeing
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 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 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 )
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
to any of such events is founded upon an
alleged defect, lien or encumbrance in-
sured against by this policy, and may pur-
sue any litigation to final determination' in
the court, of last resort.
(b) In case any such action or proceed-
ing shall be begun, or defense interposed,
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-
feet, 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 on-
marketability of tide, 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 policy.
(d) In all cases where this policy 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 undei 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)
TO 1012 -1 AB C
Califomia Lam! T(tle Anodation
Standard Coverage Policy -1963
221195221— CFF /MM
SCHEDULE A
Premium $ 5 5. 0 0
Effective
Amount $ 30450.00 Date JUNE 24, 1969 AT 8:01 A.M. Policy No. 95221
I N S U R E D
CITY OF SAN LUIS OBISPO, A MUNICIPAL CORPORATION
1. 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.
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 101z_1e Cont. c
Callfo la Land Title Asmdaffao
Standard Cawme Policy -196
SCHEDULE B— (Continued)
PART II
•11 GENERAL AND SPECIAL COUNTY AND CITY TAXES
FOR THE FISCAL YEAR 1969 -1970, A LIEN NOT YET PAYABLE.
TO 1012 -1 -1056-1 C OC C
Ameriamn Land Title Aaaociation Loan- Policy
Addltional Coverage -1962 California Land Title Association
Standard Coverage Policy-1963
0
SCHEDULE C
The land referred to in this policy is described as follows:
THAT PORTION OF LOT 30 BLOCK 27 OF THE CITY OF SAN LUIS OBISPO,
IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE
OF CALIFORNIA, AS PER MAP RECORDED IN BOOK A, PAGE 168 OF MAPS
IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY DESCRIBED AS
FOLLOWS;
BEGINNING AT THE SOUTHWESTERLY CORNER OF WALNUT STREET (FORMERLY
SYCAMORE STREET) AND SANTA ROSA STREET IN SAID CITY; BEING THE
MOST NORTHERLY CORNER OF BLOCK 27 IN SAID CITY;
THENCE SOUTHERLY ALONG THE WESTERLY LINE OF SANTA ROSA STREET 100
FEET MORE OR LESS TO THE LINE OF A LOT CONVEYED BY WILLIAM THOMAS
TO BRIDIGET CURRAN BY DEED RECORDED IN VOLUME X OF DEEDS, PAGE 67,
SAN LUIS OBISPO COUNTY RECORDS;
THENCE WESTERLY A DISTANCE OF 10 FEET ALONG THE LINE OF SAID CURRAN
LOT TO A POINT;
THENCE NORTHERLY PARALLEL AND 10 FEET FROM THE WESTERLY .LINE OF
SANTA ROSA STREET TO SOUTHERLY LINE OF WALNUT STREET;
THENCE EASTERLY ALONG SAID SOUTHERLY LINE OF WALNUT STREET TO THE
POINT OF BEGINNING.
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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 terminate 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 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 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 (1) 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 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 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 -
videdin paragraph 2 hereof.
(e) When liability has been definitely
fixed in accordance with the conditions of
this policy the loss or damage shall be pay-
able 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 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
tide 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 polity, all right of sub-
rogation 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 hears to the amount of said loss. If
loss should result from :any act of the Jn-
sured, 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.,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