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Home My WebLink AboutD-870 Lot 40, Yoakum Poultry Units Recorded 01/19/1971t P.ECORAING REQUESTED FY_" _1.Security Title Insurance mpany AND WHEN RECORDED MAIL TO NAME City of San Luis Obispo 990 Palm Street Aoostass San Luis Obispo, Calif. 93401 OTr & STAra L J r MAIL TAx arwTara m To I tiwra AmQa same as above � IML J D= NO6 - 1.1 o26854 4F A00000.00 AECR OFFICIAL RECORDS 3AN LUIS o91SP0 CO., Q4nL o26854 4r A00000.00S1 WILUAM E. ZIMARIN COUNTY RECORDER FEB 4 1971 IIME 2:10 Pt"- - COMPARED SPACE ABOVE THIS LINE FOR RECORDER'S USE Documentary transfer Lax $ ... one_- due---------------- - - - - -- W Computed on full value of property conveyed, or ❑ Computed on full value less liens & encumbrances emaining ereon at time of sale. Signature of declar t agent determining tax firm name ❑ Unincorporate ea City of._t►is??- _Luis- .Obispo Grant Deed THIS FORM FURNISHED BY SECURITY TITLE INSURANCE COMPANY FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, MADELIENE HOFFMAN, a widow hereby GRANT(S) to CITY OF SAN LUIS OBISPO, a municipal corporation, the following described real property in the City of San Luis Obispo county of San Luis Obispo , state of California: Portion of Lot 40 of Yoakum Poultry Units, in the City of San Luis. Obispo. The description is more particularly described in attached Exhibit A, consisting of one page. Dated January 14, 1971 STATE OF CALIFORNIA COUNTY OF San Luis Obispo SS. _-__ -- _on - January -15,. 1971 - before me,.the under. signed, a Notary Public in and for said County and State, personally . appeared Madeliene Hoffman known to me to be the person whose name is subscribed to the within instru nt and acknowledged that She executed the same. Signature of Notary Name (Typed or Printed) of Notary 1 FOR NOTARY SEAL OR r WANETA KURD NOTARY PUBLIC aw SAN LUIS OBISPO COUNTY CALIFORNIA My Commission Expires June 12, 1972 I Title Order No _scrow No. L -1 (G.S.) (Rev. 5-67)' 8 PL . MAIL TAX STATEMENTS AS DIRECTED ABOVE ,g�Q P♦��p.7 pW WN J> � Q F a 0 U �— w Q Q D Uco W? U W J> � Q IL 2 }- U �— w Q Q �¢ Un W? W m o 0 m 0 a m 00 m A J > Z a J> a a m om m m o0 m L a W= LL C L W W J Z W O W J � 2 K 4 o f 0 ` � U U _ U. � 0 m Y J 0 m 0 h W U U NSF F �w U o0o W U I �< U m Z 0 0 r x J W J W M M Q U m 0 a i w< v a o < ^^ �+ D U ° m f e z r^ 1J, w z < o J mm VJ UJ z < o J 6 W J> � Q IL 2 }- U �— w Q Q �¢ Un W? W m o 0 a m 00 J > Z a a a m o < m W Wr L a W= WZ W y 0 W`- J D z z e F 0 4 m J m 4 ]F mF O W W U U C x < U f m 7 o U J I_yT Q 0 ; J W M M U m a i w< v a o < ^^ �+ W ? 0 0 m m r^ 1J, z < o J L W J> � Q IL 2 }- U �— w Q Q �¢ Un W? OIL Exhibit "A" #87850 -wh That portion of Lot 40 of Yoakum Poultry Units in the City of San Luis Obispo, County of San Luis.Obispo, State of California, according to map recorded March U. 1927 in Book 39, at page 89 of Maps, described as follows: Beginning at a point on the Southwesterly line of said Lot distant thereon South 320 29' Bast 60 feet from the most Westerly corner of said Lot, said point being the most Westerly corner of the property conveyed to John Alfred Lorton, et ux., by deed dated September 24, 1948, and recorded October 25, 1948, in Book 462, at page 441 of Official Records; thence North 32° 29' West along the Southwesterly line of -said Lot, 50 feet; thence North 570 31' Bast parallel with the Northwesterly line of said Lot to the Southwesterly line of the right of way granted to the County of San Luis Obispo, by deed dated October 30, 1933 and recorded in Book 144, at page 84 of Official Records; thence Southeasterly along said Southwesterly line 50 feet, more or less, to the most Northerly corner of the property conveyed to John Alfred Lorton, et ua., as aforesaid; thence South 57° 31' West along the Northwesterly line of the property so conveyed to the point of beginning.. Except therefrom that portion conveyed to the City of San Luis Obispo by deed dated April 30, 1969 and recorded October 8, 1969 in Book 1535, at page 228 of Official Records. wnMM PACE 990 S 70 • n n / CERTIFICATE OF ACCEPTANCE rrrrr *�ierrrrrs THIS IS TO CERTIFY that the interest in real property conveyed by the grant deed dated January 14 , 19 L: , from Madeliene Hoffman, a widow 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 Nly 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: January 19, 1971 ATTEST: 71J,a. t r J� CITY OF SAN LUIS OBISPO END OF DOCUMENT �voL1603 PACE 991 I i 0 �'V /\ SECURITY TITLE INSURANCE COMPANY seeuwmr m`E P.O. Box 1145, San Luis Obispo.2 Calif. OFFICE DATE February 4, 1971 City of San 'Luis Obispo 990 Palm Street. ESCROW No. 87850 -wh San Wis Obispo, .California 93401 Madelien Hoffman PROPERTY We enclose the following: 1. Closing statement. 2. Policy of title insurance. All documents were recorded this date: Thank you, Very truly yours, Ateta. Hurd Escrow Officer MP enc. aaeuwrrr mLe CL-TA-1963 STANDARD COVERAGE AMENDED 1969 _ POLICY OF TITLE INSURANCE issued by SECURITY TITLE INSURANCE COMPANY Security Title Insurance 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 consol- idation, 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 A, existing at. the date hereof, not shown or referred to in Schedule B or excluded from coverage in Schedule B or in the Conditions and Stipulations; or 2. Unmarketability of such title; or 3. Any defect in the execution of any mortgage shown in Schedule B securing an indebtedness, the owner of which is named as an Insured in Schedule A, but only insofar as such defect affects the lien or charge of said mortgage upon the estate or interest referred to in this policy; or 4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule B. or excluded from coverage in the Conditions and Stipulations, said mortgage being shown in Schedule B in the order of its priority; all subject, however, to the provisions of Schedules A and B and to the Conditions and Stipulations hereto annexed. In Witness Whereof, Security Title Insurance Company has caused, its corporate name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A. V, A. SU ••/yC 1111 i7� ,L: >i y' i�.MABCH,5,196� lrilll r,•','A��f�R�� President \ \\ Qom. � An Authorized P -218 (G.S.) %Q (Aagod sl jo a8d 1seZ uo papnjouo� pull panu.Iuo� suoivindr7S pun suop1Puo3) .ianauagm •asodand vans iol paansul ay7 In ammu ay 'uondo sli In •asn of 7! ltw -Dad pun 'ul2aay7 sleaddu [[e pug 'Julpaao -oid ao uoii3c vans ut asuajap apinoad ao amaasoid os o1 iglu ay n of ainaas llrgs paansul ayi 'Julpaaaoid ao uolioe Sus jo asualap ay ioj api.toid ao ainaa -said o7 AurdwoD ay saambaa .to sl!waad Aagod stye aaagm saseD Ile ul (p) •ADllod sly jo uoislnoid Aug anlem ao AllptIvil apaauoa Agaaagl IOU pegs pug iapunaaagl olgeil aq l[eys It low ao aaglagm Aagod sly!, jo swaal ay aapun unpin ainudoaddr .Aug aiie7 Auw AuudwoD ay - pun :paansut se aJeJ -iaow ayi jo Ball ay to isaaalut io almsa ay jo alip agl ysgqulsa of a[geatsap ao AaessaDau ay Auw uomtdo sg ur gorynt lag aaylo Aug op io Juipaaaoad io uonon Aug ainDasoad pug ainl!lsm of 7s03 umo sit In igJla ay a.tuy hugs Auedwo:) ayy (a) •aatpnfaad vans jo lualxa ay] of iluo uayl pun aan[!uj yaps Ay paalpnfaad Al[unvu aq [Irys Aurdwo:.) ayi ssalun paansul Aug jo unula ay7 aDtpnfaid asua ou m flags .Sjnou of ainptlj ivy 'aanamoq 'papnn -oad iajowtuial pun asnaa jinys aailgw ao Jutpaaooad 'uogau vans jo iallew laafgns. ay o1 piuJaa w .SuedwoD ayi jo All .I!grtl [lu uayl 'allil jo mil1qulalacwun palutela jo uosuaa Aq uotiaa. Bans Aug jo AuedwoD ay Ajnou Aildwoid 'Junum u! -IOU begs paansul ay j1 ao -pains .uI ay jo aJpalmouy ay of awoa llugs yaiym lsuiuJu paansut aaueagwnDua io Ball '13ajap Aug jo AuudwoD ay Apiou A;idwoid 'Juppm ut 'low thus paansul ay1 J! ao sJUtpna[d io ssaaoad jo idlaaai ayi jo sAup ual utylrm Auedwo:) ayl of uaAiJ aq low llrys aatlou vans jI •Jurlram ut joaaayl AuedwoD ayi Ajnou Iluys painsuj ay `alquia�aewun su palDafai st isaaai -u! ao alelsa ptrs of app ay lua.ta vans Aug ui pun asuyaind of sasnjai Aarlod sty? Aq paaanoo Dleliaow r aapun aces ainsoloaioj a in iapprq InjssaDons ay J! 10 'awes ay7 aJrJlaoua 10 aseal `Ills o] stoviwoo .io saseal g1!nj pool ui poinsuj ue j! vo 'Aoilod stye Aq paianoD aJeJ aaow g Aq paanaas ssaupalgaput ay I[as of lagalvoD yi!uj pool ur Heys peansuj ay j! ao 'ADtlod stye jo anutn Aq algeq aq Auw ao llnys AundwoD ay yolym aoj aluwnp ao ssol asneD 7y tim yDrym ao ' paansui se a8ellaow alp jo Bay ao 7s21alu1 ao aiu7sa alp jo alln ay7 01 asaanpe s1 gaigm lsaaal -u1 ao 211!7 jo swivID -Aug jo paansul ay of awoD ljrgs alpalmoual asuo u1 in ' pasod -aalul .asuajap -io 'u"aq aq Ilrys lulpax) -oad ]o uopon yans Aug aseD uI (q) • uosaa lsei jo linoa ay u! uotiuu! - waalap Iuulj of uolleJq!j Aug ansind Anw pun 'ADyod s!y1 Aq 7sutnJu paansut oauuaq .Umaua 12 nag 'iDajap palajlg ug uodn papunoj s1 sluana vans jo Aug ut uonDr ao uonelti![ yalym 'paansut se DJu2pow ayi jo -uail ay ao isaaalut ao aieisa ay jo aliu ay gsgquisa of aieudoiddu aq Auw se notion yons lop (Z) ao :puul ptns ut isaaalut io airlsa ay jo Dies g ao ADyod stye Aq pa.ianoa ssaupalgapui pug aJuJiaow ayi jo alus ao amsolDaioj a isutele pasod -aalui suoilaunfui io 'siapio Jwumilsaa 'sasuajap io 'painsuj ay isuiulfu paDuao -woo sJutpaaooid ao suol7Du jo JuilsisuoD uoriell7q Ile ut paansul a41 jo asuajap ayi aoj (l) apinoad drys Aelap onpun inogilm pun isoa umo sii in 'Auudwo:) aq,l, (u) paansul ayi Aq want f) aq 01 wtgj:) JO aalloAj • suoll -ay jo uotlnaaswd pug asuaja(I 't •mel iupwls ao ,Juipual w y1na1„ uotlaaload 1lpaao aawnsuoo„ Auy (j) ajpaimoul[ lnoyllm anlr.t aoj iaauetywnaua ao aaseyaand g aaam paansul ayi jl pautuisns uaaq axw[ IOU p[nom yDlym aJewep ao sso-I (a) ljoaiaq alep aql of luanbasyns palraia ao Jutyae7lu (!,) io :iuewtgl:) paansul ay of ssol ou w Junlnsaa (g) io :Aaijod s1g1 jo algp ayi of loud AuudwoD ayi of aprw uaag anuy buys paansul ay Aq Jut -1!am ul joaaayi oinsolaslp ssalun 'spaoaaa oggnd ayi Aq umoys ion pun Aoyod stye Aq paansut lsaaalm ao aleisa uu paimbau fur -wt°ID paansul vans aiap aq7 In ao ADltod s! III jo aiep ay 1r aayua iuuwte[D paansul ay 01 umoull (Z) ao :alnwep ao sso[ Jul -wtula paansul ay Aq of paaa3u ao pawns -se 'paiapns 'paleaio (l) siauuw aaylo ao paansu! su apti ay Isurelr swlnlD asaat -pr •saDUeagwnaua -snail 'siDaja(l (p) ,waaay papnlDxa ao paidaD -xa astmaay7o ssalun 'sAvmgJty .to slaaals vans jo auo of ssaaag aoj siaumo Juginyr jo sIgJu Aarmpao ay sainsut ADriod sryl sAemyliq ao slaaals uado AlluarsAyd aaow ao auo uodn singe pugj aq1 p lugs ldaoxa 'paansut aau sivawasra ao slyJu 'Alaadoad yans 3ey1 sapinoad .Slleayraads Aoyod sryi ,ssalun Malays sluawasra io sly fti Auu in :1BaBIDAOadwt io ainioniis aayio Aug io sdwna `s[auuni 'si[nrn utaaay7 Utg7utgw o1 igJla ayi in 'slnqu puul gDns yotym UO sABmialem 10 sium 'Sault 'sanBang 'spro.l 'slaaals 01 a11n in 'y alnpayDS ut paquasap A[ssaidxa puu[ ayi jo sauil ag1 puoAaq Auadoad Aug of alify (D) •joaaay alrp ay in spaoaaa atlgnd ay w sinaddu siyJta yans jo astoaaxi ay7 jo aanou ssalun ummop ivauiwa io aauod aDtlod jo siq�ti leluawuaanof) (q) 'pusi jo jaDaed ao lo[ Ann jo gain ao suotsuawtp a47 ur uorlonpaa a io dlysaoumo ur uotivaedas e Jutl!q!goad io 'pugj pps uo paioaia aaijg -away ao mou luawanoadwt Aug jo uot7eDOl ao 'suoisuawlp 'aaiDrargo ay Juliulnlaa ao 'purl ay jo ivauiAofua to asn 'Aouedn000 ay Jul ao Jurl lnlai ao 5u11Diaisai (saDuuutpao Juiuoz pug Jutpltnq of pall -wg low lnq JutpnlDui) uoilelnlai muaw - uaanol ao aaveulpao 'mil buy (g) :Juimotioj ayi jo uosuai Aq aJuwup ao ssol isutrlu aanom ion soup .iarlod slyy Aatjod stgl jo a8uaanoj aql ww j suotsnlaxd -S •joaaay suopuindus pun suomp -Boo ay jo lie of 73afyns ')Slynluawnaisut io AouaJn 'painsuj vans po aonej u1 aaaoj ur anulluoD Ileys Aatlod slgl joaiayl laud Aug ao 'ADtiod sryl Aq paaanoD alellaow r Aq paanaas ssaupalgaput ay Juiaaiueaenl ao Juunsm AluviunJ io IDuiluoa oaue.ins -ut uu jo aauanbasuoD u se 'joaaayi lied Aug io 'lsaaalul ao a7olsa plus saamban Alyuluawnilsm ao A3Ua3e luaapal g j! ao 'joaaayl lard bur ao ' ssaupalgapur plus jo uonaejsiirs ur aauuvw lelaj aaglo ao alas s.aalsn.il 'a.insolDaaoj Aq 'joaaayl land Ann io ysaialut io alelsa plus saalnbDu g aln -payDS ur paquasap aJuJlaow u Aq paanaas ssaupalgaput ay jo aaumo paansut un jj ait!Z 3o uoti!stnbay .1a1,ju slgauag •Z •joaaay suoist.toid ayi of aslm -laylo iaafgns you ao uraiay paansul un se paweu aayiaym 'joalayl land Aug ao 'ssaupaujapui plus JutaalueaenJ ao Juransul Aluriml io iDualuoD aDuransur uu aapun ioluuaunJ io iainsut ue sr gDtgm Aiyni - uaumilsut ao ADUale juiapaj Aug (g) pun •ssaupalgapul plus po Uonanpsnes ul aau -urw !alai aaylo ao -alus s aalsnai 'ainsolo -aaoj Aq Aoyod sly! ut of paaaajaa isaaalut io alelsa ay] saitnbDg oym aaumo vans Aug (Z) 'ssaupalgapui vans jo dulsiaumo ul lsaialul ul aossaDDns yoga (l) apn[Dut Ileqs pa.msul ay 'y ajnpayaS ui painsuj ug su paweu sr g alnpagDS ut umoys aJgllaow u Aq paanaas ssaupalgapm oqi jo aaumo ayi jl pun 'paansul se paweu sanand io Aloud ayl :,,paansut„ (j) pun :sluaw -nalsw Auanoas iaglo ao •paap isnai 'isnii jo paap 'alnluow alrhaow„ (a) :aiup amloajpa aqi :,.alup., (p) :spaoaaa Dygnd Aug jo uosuaa Aq painsuj -ay1 of palndwl aq Aew yDtgm amou io oJpa[mou) DAIIOnaisu03 IOU 'a8palmoull jrn73e aepalmouj,, (D) :purl p!es of Jullulaa seal -few jo aonou anllonilsuoD liudwl lID14m spaoaaa asoyl :,,spaoaaa oggnd„ (q) !Aliadoad lean alnlnsuoD mel Aq golym olaaayl paxyje sluawanoadwi pug V alnpagoS ui 'aovaiajaa Aq io AIIvay!D -ads 'pagtaasap `Puul ayi :..pug!„ (r) :uuaw Aayod stgl ur pasn uagm swaai Jutmolloj aqy SN011V IrldI,LS (INV SNOIIIQNOD sw.lal, to uon!UUD(j •j P•218 -A (G.S.f Rev. California land Title Association Standard Coverage Policy Form Copyright 1963 uUa W SCHEDULE A -I Effective Amount of. liability: 8 9,750.00 Policy No: 87850 -SLO Date: February 4, 1971 at 8:30 a.m. Premium $ 94.00 (A -2 -a) INSURED CITY OP SAN LUIS OBISPO, a municipal corporation, 1. The estate or interest .in the land described or referred to in this schedule covered by this policy is: A fee. 2. 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. 3. The land referred to in this policy is situated in the State of California, County of San Luis Obispo and is described as follows: SEE DESCRIPTION ATTACHED CONSISTING CP ONE PAGE. M) Tbat portion of Lot 40 of Yoakum poultry Units in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded March 11, 1927 in Book 3, at page 89 of.Mapa, described as follows: Beginning at a point on the Southwester ly,line of said Lot distant thereon South 32- °'29' Bast 60 feet from the•most Westerly corner of said Lot, said " point being the most Westerly corner of the property conveyed to John Alfred Lorton, at as., by deed dated September 24, 19489 and recorded. October 25, 1948, in Book-462, at page 441 of Official Records; thence North 32° 29' West along the Southwesterly line of-said Lot, 50 feet; thence North 570 31' Bast parallel with the Northwesterly line of said Lot to the Southwesterly line of the right of way granted to the County of San Luis Obispo, by deed -dated October 30, 1933 and recorded in Book 144, at page 84 of Official Records; thence Southeasterly along said Southwesterly line 50 feet, more or less, to the most Northerly corner of the property conveyed to John. Alfred Lorton, at use, as aforesaid; thence South 57° 31' West along the Northwesterly line of the property so conveyed to the point of beginning. "-'E=ept therefrom that portion conveyed to the City of San Luis Obispo by deed dated April 30, 1969 and recorded October 8, 1969 in Book 1535, at page 228 of Official Records. .( -` W70 P -218 -B (G.S.) California Land Title Association Standard Coverage Policy Form Copyright 1983 _ 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.. -f. 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. S. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. PART If 1, An agreement dated May 7, 1942, executed by and between Southern Counties Gas Company of.California, a corporation, party of the first part, and Jesse Yoakum and Rmelie Yoakum, parties of the second part, pertaining to service pipe line installation and maintenance on said Lot 40 and other property. Recorded July 16, 1942 in Book 324 at page 228 of Official. Records, 2. Rights of way or easements for any existing telephone, telegraph or power lines as disclosed by deed dated December 8, 1941, executed by Jesse Yoakum and Emelie Yoakum, husband and wife, and recorded in Book 383 at page 461 of Official Records, Y7' ) SECURITY TITLE INSURANCE COMPANY. oaeuRrrr STATEMENT OF ESCROW NO. 87850 -wh OFFICE San Luis Obispo TO City of San Luis Obispo DATE February 4., 1971 PROPERTY: II CHARGES II CREDITS CONSIDERATION UH SALES PRICE $ 9.750.00 $ -- e AS OF TO POLICY OF I rrLE INSURANCE ' llaDlllzy - $9 "(5U. W . If 94. w II - E-312 (GS) Y7d O a O D X C u o;. CL zr O a \`\ 440\ \ �• ,' 0_ \\ - o�i �' ol m p 1 ;. A I Z Z T s Z O m �.i o n3wns;e Sv .� NOI1tlW80jNI GIVS 11 G3lIdW00 SI A1j118tli1. ON '1J321gOJ 3t7 'Ol 313 1=fl M H•'rIHM IUIUYJb, WO;lJ �� 1 3Wtl$.3A1 3lIHM iONbAlt`0 NOI1VW80iNl i(1 2i311VW V,S� Q I��`7SN1 SI 11f1d ?SIHl n f �, � 1 � 0 CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy;Face) requested by the Company the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or de- fending such action or proceeding, 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 dam- age shall have been determined and no right of action shall accrue to the Insured under this policy until thirty days after such statement shall have been furnished and no recovery shall be had by the In- sured 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 he a conclusive bar against main- tenance by the Insured 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 indebted- ness secured by a mortgage covered by this policy, the Company shall have the option to purchase said indebtedness; such purchase, payment or tender of payment of the full amount of this policy, together with all costs, attorneys' fees and ex- penses which the Company is obligated hereunder to pay, shall terminate all liability of the Company hereunder. In the event, after notice of claim has been given to the Company by the Insured, the Company offers to purchase said indebt- edness- 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 Com- pany may be obligated hereunder to _pay. (b) The Company will pay, in' addition to any loss insured against by this policy, all costs imposed upon the Insured in litigation carried on by the Company for the Insured, and all costs and attorneys' fees in litigation carried on by the Insured P -218 (G.S.) 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 encum- brance not excepted or excluded here- in removes such defect, lien or encum brance 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 jurisdiction sus taining such rejection. - (d) All payments under this policy, except 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 destruc- tion shall be furnished to the satisfaction . of the Company; 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 in- debtedness secured by such mortgage. Payment in full by any person or voluntary satisfaction or release by the Insured of a mortgage covered by this policy shall terminate all liability of the Company to the insured owner of the 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 policy the loss or damage shall be payable within thirty days. thereafter. B. 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 payment to the Insured under this policy. -The provisions of this paragraph num. bered 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 indebt eduess or any part thereof. 9. Subrogation upon Payment or Settlement Whenever the Company shall have settled -a claim under this policy; all right of subrogation shall vest in the Company unaffected by any act of the Insured, and it shall be subrogated to and he entitled to'. all .rights - and remedies which the Insured. would have had against any person or property in respect to such claim had this policy not been issued. If the pay- ment does not cover the loss of the In- sured, the Company shall be subrogated to such rights and remedies in the proportion which said payment bears to the amount of said loss. If loss should result from any; act of the Insured, such act shall not void. this policy, but the Company, in that event, shall be required to pay only that. part of any losses insured against hereunder which shall exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation. The Insured, if requested by the Company, shall transfer to the Company all rights and remedies against any person or prop- erty 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 other- wise modify the terms of payment, or release a portion of the estate or interest from the lien of the mortgage, or release =any collateral security for the indebted- ness, provided such act does not result in 'any. loss of priority of the lien of the mortgage. 10. Policy Entire Contract Any action or actions or rights of action that the Insured `may have or may bring against the 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 here. to signed by the President, a Vice Pies ident, the Secretary, an Assistant Secre. tary or other validating officer of the Com- pany. 11. Notices, Where Sent All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at the office which issued this . policy or to its Home Office, 13640 Roscoe Boulevard, Panorama City, California 91409: 12. THE PREMIUM SPECIFIED IN SCHEDULE A IS THE ENTIRE CHARGE. FOR TITLE SEARCH, TITLE EXAMINATION AND. 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