HomeMy WebLinkAboutD-879 Street Widening Foothill-College Square Recorded 04/17/1972RECORDING'REQUESTED B"
\ Security Title Insurance Co.
AND WHEN RECORDED MAIL TO
I
NAME _City of San Luis Obispo
AconEas Attn: Mr. Shaw
c,r & city Hall
STATE San Luis Obispo, Ca--93401
NMI. TAX STAT=RPM TO
L -1
11
DOG. N0. 12507
.OFFICIAL RECORDS
SAN LUIS OBISPO CO., CALIF.
WILLIAM E. ZIMARIK,
COUNTY RECnRDER
APR 2 41972
JIIbE ��P/di
06340Q24P coOOOO,00 qRC
o5340a24r 000000.00ST
SPACE ABOVE THIS LINE FOR RECORDER'S USE
" - -Documentary *transfer "td3 ip!!w!!! ...pop TKgg1i;red
i Computed on full value of property conveyed, or
❑ Computed on full value less liens & encumbrances
re ning thereon at ti f sale. '
p
-- a- -- ---- --------------- -- ----
Signature of declarant or agent determining. tax - firm name
❑ Unincorporated area City of .... SW. ..- -.LuiS-.0bisp0
.. Grant Deed I
THIS FORM FURNISHED BY SECURITY TITLE INSURANCE COMPANY
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
PAUL S. DILLON and MARY EVELYN DILLON, husband and wife
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:
Description attached as per Exhibit "A" consisting of one page.
Dated December 3, 19T1
STATE OF CALIFORNIA
COUNTY OF San Luis- Obispo } SS.
On DenPmbPr 3 - 1971' before me, the under.
signed, a Notary Public in and for said County and State, personally
appeared_ patll S. Dillon and Mary Evelyn Dillon
known to me
to be -the persons whose name S are.ubscribed to the within
instrument and acknowledged that They executed the same.
Signature trAotary
Llovd H. Snyder_
Name (Typed or Printed) of Notary
Y
Paul S. Dillon
s
Dillon
FOR NOTARY SEAL OR STAMP
SAN LUIS 01V i L :'a't7Y
CAtI'rC?:I:
My commission expires June 11, 1973
Title Order No Escrow No 895OT —de
L -1 (G.S.) (Rev. 5 -67) 8 Pt. MAIL TAX STATEMENTS AS DIRECTED ABOVE voL1664 FacE 994 �DB"79
I
NAxE
see above
Acoeass
CrrT a
STATE
L
L -1
11
DOG. N0. 12507
.OFFICIAL RECORDS
SAN LUIS OBISPO CO., CALIF.
WILLIAM E. ZIMARIK,
COUNTY RECnRDER
APR 2 41972
JIIbE ��P/di
06340Q24P coOOOO,00 qRC
o5340a24r 000000.00ST
SPACE ABOVE THIS LINE FOR RECORDER'S USE
" - -Documentary *transfer "td3 ip!!w!!! ...pop TKgg1i;red
i Computed on full value of property conveyed, or
❑ Computed on full value less liens & encumbrances
re ning thereon at ti f sale. '
p
-- a- -- ---- --------------- -- ----
Signature of declarant or agent determining. tax - firm name
❑ Unincorporated area City of .... SW. ..- -.LuiS-.0bisp0
.. Grant Deed I
THIS FORM FURNISHED BY SECURITY TITLE INSURANCE COMPANY
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
PAUL S. DILLON and MARY EVELYN DILLON, husband and wife
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:
Description attached as per Exhibit "A" consisting of one page.
Dated December 3, 19T1
STATE OF CALIFORNIA
COUNTY OF San Luis- Obispo } SS.
On DenPmbPr 3 - 1971' before me, the under.
signed, a Notary Public in and for said County and State, personally
appeared_ patll S. Dillon and Mary Evelyn Dillon
known to me
to be -the persons whose name S are.ubscribed to the within
instrument and acknowledged that They executed the same.
Signature trAotary
Llovd H. Snyder_
Name (Typed or Printed) of Notary
Y
Paul S. Dillon
s
Dillon
FOR NOTARY SEAL OR STAMP
SAN LUIS 01V i L :'a't7Y
CAtI'rC?:I:
My commission expires June 11, 1973
Title Order No Escrow No 895OT —de
L -1 (G.S.) (Rev. 5 -67) 8 Pt. MAIL TAX STATEMENTS AS DIRECTED ABOVE voL1664 FacE 994 �DB"79
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A portion of the Southeast WArter of the Southeast. Qwrter of Section 22,
in Td=shIP 30 South.. Range 12 East, Mount Diablo Base and Meridian, in the
City of San Luis Obispo, County of San Luce Obispo, State of California,
according to the Official Flat or plats of survey of said ]ands returned
to the General Land Office by the Surveyor General, described as follow:
Beginning at the Southeast carver of the land lease to Maim Properties and
recorded in Volume 1188, Page 218 of Official Recards; thence North 00° 39'
45" East along the East line of said property, a distance of 20.68 feet to
a point; theme South 89° 301 West a distance of 63.24 feet to a point; thence
an a curve to the right with a radius of 134.00 feet through an angle of 2°
53' 32 "-for a Length of 6.76 feet to a point on the West line of said property
thence South 00° 39' 45" West along said West line, a distance of 20.59 feet
to a point;, Ue a North 89° 42' 45" East along the North property line of
Foothill ELvd. a distance of 70.00 feet to the point of beginning.
L VOL 1664 PAGE99 %
U
CERTIFICATE OF ACCEPTANCE
* * * * 0 i * * * * * * * * *
THIS IS TO CERTIFY that the interest in real property conveyed
by the deed dated December 3, 1971,
19 , from Paul S. Dillon and Mary Evelyn Dillon
to the CITY OF SAN LUIS OBISPO, a Political Corporation, is
hereby accepted by the undersigned officer on behalf of the City
Council pursuant to authority conferred by Resolution No. 549
(1959 Series), recorded MAy 26, 1959, in Volume 1002, Official
Records, Page 292, San Luis Obispo County, California, and the
Grantee consents to recordation thereof by its duly authorized
officer or his agent.
Date; April 17, 1972
CITY OF SAN LUIS OBISPO
BY
ATTEST:.
00-' ry,y
.mot .• i
�_N
TT
l ��
W,
END OF DOCUMENT `MIM 57,19
B6CYPrrY
SECURItY .TITLE
INSURANCE COMPANY
P.O. Box 1145 San Luis Obispo OFFICE
• City of San Luis Obispo
990 Palm street
San Luis Obispo, Ca. 93401
The above matter has now been completed and we enclose the following:
IM Escrow Statement
❑ Check. in the amount of $
❑ Copy of Letter of Transmittal on Fire Insurance
XX Policy of Title Insurance
❑ Trust Deed Note
,Date April 25, 19T2
Re: Escrow No.. 89507-de
Dillon
Any recorded papers to which you are entitled will be mailed to you from the County Recorders Office.
IF YOU ARE PURCHASING THE PROPERTY INVOLVED IN THIS TRANSACTION, AND THE PROPERTY
WAS. PURCHASED SUBJECT TO ANY TAXES, THEY SHOULD BE PAID PRIOR TO DELINQUENCY TO
AVOID ANY PENALTIES WHICH MIGHT ACCRUE.
We appreciate having been favored with'this business. We trust that we may again have the pleasure of serving you, and will be
pleased to have you indicate this office as your preference in future transactions of this nature.,
Very truly yours,
SECURITY TITLE
INSURANCE -COMPANY
.By
Doris M. Beckhout,
Certified Senior.rscrow Officer
blr.
E -77 (G.S.) 4 -66
4t
• i
SECURITY TITLE INSURANCE COMPANY
aecuwmr
TITLE
STATEMENT OF ESCROW NO. 89507 -de
TO CITY OF SAN LUIS OBISPO
OFFICE San Luis Obispo
DATE April 24, 1972
PROPERTY: N CHARGES A CREDITS
CONSIDERATION OR SALES PRICE DAD FOR DEED N $ 7,553.12 -11 $
MADE AS OF
AID TO
POLICY OF TIT]
Transfer Tax
FEE
our check is
TOTALS
E -312 (GS)
7,725.87 II $737
r -, aeeuwmr
TrrLee
M
CLTA -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 panties named as Insured in Schedule A, the heirs, devisees, personal
representatives of such Insured, or if a corporati on, 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 sea] to be
hereunto affixed by its duly authorized officers on the date shown in Schedule'A.
P -218 (G.S.) ®ad�c•1me�nc•eane•M •I Mrrw.•pi�t•w n.e.,�.. ...�...
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President
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An Au 'zed Signature
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Aq yoigm waaayJ p2x9jB s)uaucanoadun pun
V ainpayoS ui 'a3uaa2jai Aq ao A11939ta
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:ueaui logod
stye ur pasn uagm suual Eutmojjoj ayi,
900,01 j0 nonjugaa •l
SX011vifIdI,LS (INV SNOILIQNOD
P -216 -A (G.S.) Rev.
California land Title Association
Standard Coverage Policy Form
Copyright 1963
SCHEDULE A
Effective. Amount of liability: S 7, 553.12
Date: -April 24, 1972 at 1 :25 p -m-
1
Policy No.: 89507 —SLO
m
Premiu $92.75 (A -2 —a)
INSURED
CITY OF SAN LUIS OBISPO -
1 The estate orAnterest 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 OF ONE PAGE.
A portion of the Southeast Quarter of the Southeast Quarter of Section 22,
in Township 30 South, Range 12 East, Mount Diablo Base and Meridian, in the
City of San Luis Obispo, County of San Luis Obispo, State of California,
according to the Official Plat or plats of survey of said lands returned
to the General Land Office by the Surveyor General, described as follows:
Beginning at the Southeast corner of the land lease to Maino Properties and
recorded in Volume 1188, Page 218 of Official Records; thence North 000 39'
45" Bast along the Fast line of said property, a distance of 20.68 feet to
a point; thence South 89° 30' West a distance of 63.24 feet to a point; thence
on a curve to the right with a radius of 134.00 feet through an angle of 20
53' 32" for a length of 6.76 feet to a point on the West line of said property
thence South 000 39' 45" West along said West line, a distance of 20.59 feet
to a point; thence North 890 42' 45" East along the North property line of
Foothill Blvd. a distance of 70.00 feet to the point of begin.
P -218 -B (G.S.)
California Land Title Association -
Standard Coverage Policy Form
Copyright 1963
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.,enctoachments, 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 II
1.. General and special taxes for the.fiscal year 1972 -73, now a.
lien, but not yet due and payable.
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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.
S. 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
Lability 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 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 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 he
payable within thirty days thereafter.
E. 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-
hered 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=
edness or any part thereof.
9. Subrogation upon Payment or
Settlement
Whenever the Company shall have
settled a claim under this policy, all right
of subrogation shall vest in the Company
unaffected by any act of the Insured, and
it shall be subrogated to and be entitled
to all rights and remedies which the
Insured would have had against any person
or property in respect to such claim had
this policy not been issued. If the 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 Pres-
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 TITLE
'INSURANCE.
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CLTA -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.
P -218 (G.S.) Tn k..
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�DA P 0 RA rF0 .03 3 i i
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President
An Authorized Signature
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jo •lswafur jo omisa pres sannbae g alit
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3jI!j, jo aoll!s!ub3d Jalje slBauaB -Z
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aayfo 13ofgns you ao waaaq painsul us
sv paweu jagiagm 'joaiayf fled Auv .io
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full (Z) 'ssaupafgaput y3ns jo d!ysjaumo
ui isaiom m wm;Da3ns lava (1) apniour
Ileys pajnsul aqi 'V alnpayag ui painsul
up se paweu si g alnpay3S ut uAOys
a2v2ijow v Aq pa.Inaas ssaupafgapui all
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sarljsd jo Auad 'ayi :,,paansut„ (j)
pus !sfuaw
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JO paap 'asvElionr :µa8as)aow„ (D)
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spjoaaj ?soli :,spjoaaa alIgnd,, (q)
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SXOI1V'II1dI,LS UNV SNOI,LIQNOO
P -218 -A (G.S.) Rev.
California land Title Association
Standard Coverage Policy Form
Copyright 1963
W� Y
SCHEDULE A
Effective Amount of liability: $ 7053 +12
Date: APr11 24, 1972 at 1:25 p.m,
INSURED
4 .
Policy No: $9 T—SW
Premium $92,75 (A_2_a)
1. The estate or interest in the land described or referred to in this sc}se ule covered by this policy is:
A Pee.
2. Title to the estate or interest covered by this policyarthe date hereof is vested in:
CITY OF SAN LM GMFO,
a 4UuA"P" corporation.
3. The land referred to in tl;'�w OUCY is situated in the State of California, County of SM LUft (RJUVO
and is described as follow�e
SE MS `AWACMD CANSMM OF ONE PAGB*
A portion of the Southeast Quarter of the Southeast Quarter of Section 22,
in Township 30 South, Range 12 East, Mount Diablo Base and Meridian, in the
City of San Luis Obispo, County of San Luis Obispo, State of California,
according to the Official Plat or plats of survey of said lands returned
to the General Land Office by the Surveyor General, described as follows:
Beginning at the Southeast corner of the land lease to Maino Properties and
recorded in Volume 1188, Page 218 of Official Records; thence North 00° 39'
45" East along the East line of said property, a distance of 20.68 feet to
a point; thence South 89° 30' West a distance of 63.24 feet to a point; thence
on a curve to the right with a radius of 134.00 feet through an angle of 20
53' 32" for a length of 6.76 feet to a point on the West line of said property
thence South 000 39' 45" West along said West line, a distance of 20.59 feet
to a point; thence North 89° 42' 45" East along the North property line of
Foothill Blvd. a distance of 70.00 feet to the point of beginning.
P -218 -B (G.S.)
California load Title Association
Standard Coverage Policy Form
Copyright 1963
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.
PART 11
1, general and special taffies Por the Piscai year 1972 -73, now a
Mm. but not yet due and payable.
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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.
S. 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 be 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 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 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 payment,% 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-
edness or any part thereof.
9. Subrogation upon Payment or
Settlement
Whenever the Company shall have
settled a claim under this policy, all right
of subrogation shall vest in the Company
unaffected by any act of the Insured, and
it shall be subrogated to and be entitled
to all rights and remedies which the
Insured would have had against any person
or property in respect to such claim had
this policy not been issued. If the 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 re3ult
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 Pres-
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 he 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 TITLE
INSURANCE.
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