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HomeMy WebLinkAbout1962-12-28 - Grant ROSE, BERTHA and CITIZENS NAT'L BANK ADM 19092 + BOOK 6444 �A,�,r' 80 RECORDED AT REQUE F , Recording Requested by CITY OF HUNTINGTON BEACH IN OFFICIAL RECORDS OF CITY OF HUNTINGTON BEACH ORANGE COUNTY, CALIF. JWhen Recorded Mail to RUBY MCFA4LAND County Recorder LAS-310,No Parcel .B-85, City Clerk, FREE PROPOSED PARK SITE, amity oL Huntington eac , Blocks A and B, , _ Tract No .392. i un t i rig;t o n Beach, C a l i f o r i a. Space above this line for Recorder's use CB.490 760 Association Grant Deed ` CITIZENS NATIONAL BAN K, a National Banking Association,.-_"___. __. -___. S ADMINISMTflR � ITH �� ANNE OFTHEESTATE_©FBA _ - -- - --_ __ II - in consideration of......TWO--HUNDRED-TL4IENTY--FIVE_AND-_NQ�100--------=---- --- _ ........._ .• — — — ------------- DOLLA to it in hand paid, the receipt of which is hereby acknowledged, does hereby Grant to_________________________________________________________________________________________________________ CITY OF HUNTINGTON BEACH, a municipal corporation, all the real property in the----C1�y... f-_HLiT1tlYlgtOn Beach County Oran e.......................................----------------------------- State of California, described as: AN UNDIVIDED ONE-HALF INTEREST IN AND TO: Lot 85. in block B of Tract 392, as per map recorded in book 16 page 5 of Miscellaneous Maps, in the office of the county recorder of said county. This conveyance is made pursuant to Order Confirming Sale of Real Property dated November 20 1962 and filed November 20 1962 in the Superior Court of the State of California, for the County of Los Angeles, in the Matter of the Estate of Bertha M. Hose, Deceased, Probate P424 993, a certified copy of which Order is filed for record concurrently herewith. IN WITNESS WHEREOF, said National Banking Association has caused its name and seal to be affixed hereto and this Deed to be executed by its Vice-President and ---___-Trpst Officer _ thereunto duly authorized. Dated:._...�CbeT._ �$... -'-r' _ BAN K ___._ `•-- �---x. ---- Vice-Presi ent STATE OF CAtWO IA ,r ; COUNTY on ' Trust fficer I^ SS. AS ADMINISTRATOR I-ITH WILL ANNEXED THE ESTATE _Los-Angeles .......... --------- OF BMTHA M. ROSE, DECEASED. On ____________� G---- 28 �-�2 ____________________ before me, the undersigned, a Notary Public in and for said State, ---- -- ---------- personally appeared________________________t__E:__1LaR5 known to me to be the Vice-President, and _---C-'-:..+Sa._NE}DIJG-----------------------------------------------------------------------------------------, known to me to be the _. ---- _.___ TTUst.p figmr--------------------------------------------------- of the CITIZENS NATIONAL BANK, the National Banking hss;,9c Afton that executed the foregoing instrument, and known to me to be the persons who executed the same on behalf of the Assilc Lion thorei'n named, and acknowledged to me that such Association executed the same. k WITNESS my hr >ind offi�.iak seal,.. (Seat) Margar J. Ha ri Notary Public-in nd for Los Angeles County, State of California. Y This is to certify that the interest in real property conveyed by this deed dated December 28, 1962, from the Citizens National Bank, a National C� Banking Association, as Administrator with Will Annexed of the Estate of Bertha M ' 'R'ose, Deceased, to the City of Huntington Beach, a municipal ;w ed ora' 'ion.® :1s hereby accepted by order of the City Council of the City 'of Huntington Beach on January 21, 1963, and the Grantee consents to `xec'ordatis th4keof.. CITY GF TINGT EACH • '.Y: `� r Dated; . January 22, 1963 By: City- er SYa „ - PROPOSI .o A" "Tract xoo City Of WY o y a� n � : vWA +t * a , a > = r' ► ` �+ ►' "` + mmrft a it i i. yyyy� gym 14 &ibto . ` Ut. h Spy A , - *z-* ;3ff tryYOUM t .t Lk � LAND ACQUISITION SERVICE, INC. 610 SOUTH BROADWAY, SANTA ANA , CALIFORNIA y A P P R A I S I N G A N D N E G o T I A T 1 o N 1218 SIXTH STREET, SANTA MONICA, CALIF. - EXbrook 3-5018 January 14th, 1963. Re: LAS-310, Parcel No.B-$5 PROPOSED PARK SITE, Blocks A and B, Tract No.392. City of Huntington Beach, AILI - City lull, Civic Center, Huntington Beach, California. Attention: Mr. Doyle Miller, City Administrator. Gentlemen: Transmitted h?rewith for acceptance by the City of Huntington Beach is Association Grant Deed, Parcel No.B-85, dated December 2$15h, 1962, executed by Citizens National Bank, as Administrator with will annexed of the Estate of Bertha M. Rose, deceased. This deed was executed in consideration of the sum of 225.00, as set forth in said deed, to be paid to Citizens National Bank, as Administrator with will annexed of the Estate of Bertha M. Rose, deceased, as payment for the undivided one-half interest in the parcel for park purposes to the City of Huntington Beach. Accordingly, it is recommended that the City of Huntington Beach accept said :association Grant Deed, and authorize payment of the amount as set forth therein; payment to be delayed pending receipt of notice from this office that payment may be made. It is suggested that the association Grant Deed be approved as to description. Enclosed is a stamped self-addressed envelope for the return of the deed to this office for recordation. Very truly yours, LAND ACQUISITION SERVICE, INC. , EWP/EMcA Edward W. Pape. P-218A (G S.) Rev. 1-61 �t SECURITY TITLE INSURANCE COMPANY a California corporation, herein called the Company, 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 the matters numbered 1 to 4 in Part Three of Schedule B of this policy. CLTA-1961 SCHEDULE A STANDARD COVERAGE Insured: CITY OF HUNTINGTON BEACH , Policy No: 220742 Consideration paid for this policy: $ 30.00 Effective date: March 19, 1963 at 7:30 o'clock A.M. Amount of liability: $ 1,000.00 The estate or interest in the land described or referred to in this schedule covered by this policy is: a fee Title to the estate or interest covered by this policy at the date hereof is vested in: CITY OF HUNTINGTON BEACH, a municipal corporation. The land referred to in this policy is in the State of California, County of Orange and is described as follows: An undivided one-half interest in and to: Lot Z in Block B of Tract No. 392, as per map thereof recorded in book 16, page"j, Miscellaneous Maps, records of said Orange County. P-218-$ (G.S.) (Rev. 1-61) • • SCHEDULE B This policy does not insure against loss or damage by reason of the matters shown in Parts One and Two of Schedule B. PART ONE: 1. Taxes for the fiscal year 1963-64, a lien, not yet payable. 2. The use and control of cienegas and natural streams of water, if any, naturally upon, flowing across, into or by said tract, and the right of way for and to construct irrigation or drainage ditches through said tract to irrigate or drain the adjacent land, as reserved in deeds of record. P-218-BB (G.S.) (Rev. 1-61) . SCHEDULE B (Continued) PART TWO: 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 easements 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 THREE: Matters numbered 1 to 4, referred to on the first page of this Policy: 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 Conditions and Stipulations hereto annexed which Conditions and Stipulations together with Sched- ules A and B are hereby made a part of this policy. In witness whereof, Security Title Insurance Company has executed this policy by its authorized officers, as of the date set forth in Schedule A, the effective date of this policy. 1 Secretary � President An Authorized Signature ���AC 1 No. .j �� • i i I j ► �I" --- — OS.h J'i Cd • 'C ,ll-.3 n4 ..¢ ir6 rl7 /d.'/9 :IC /1/ /IS 1 114 16 J55 111 /"/YI ,`, ,fC/!Y /ee N'Ne d ;4I N.I •6 6 u0�C9.]q tv , fv ,31 31 /-/IN .I/ I 6 ✓9 ,�I. Y9i99'9) f 9 7 J !^ ..i1 /3 , ) I 9 ! r.' :�. i 1 .v,j 90 Cy Ed n di i a �af ro16 raf ioJ� a9�n✓( I:�:(J I,i�;rs r•e a r e / �I<r QI tJ 'z4 /13 r�{ JY Atb �,• h .III i I- I I I ' : '.., ��� ♦ � ls• ee_6' 6e l:lv 70 )!`TI 73 r! 75 lei„i7d 1! DD d!{01�63 /cY�"Cf l/z71 .C.IJOJ�99 98�91j%�11a1V xfI97 vJ lD+f+ d6`9? 66 64 a) ,lft d/ A7 79 o t Se I.55)54 -fj 51 S: 0 49 Id /' 46 L` 44 4S�4J 'S so J]I S6 57 M 1f 60 16, 61 6Y 6I Qd 06167 9 60 76 1 7/ 74, 79 Y4 75 76 1.7 ID ♦ Jo II (I 'y` Ifs FrF, - I ( S7 213 31 II IA 37 )v 39 4p 4/ 31 S/ W of 1,71.7 46 45,1114Y 41 41 Al +Y fT ? X 35 '9T 9! aD tf 70 17 I II 19 I I I � "S J 92 II CUUNTY FLOOD CUN -f 0L n CHANNEL �ue�,7 :6l..Y 'C 113i" i, /16�;77i 1749117 0 Br tN �` Af IJ�I"�' •'�9:�9'19111i %�!7 ;S 9� 7 ,,.,a'J7 .,s I SOS:OI II.pf Jl �O/ 93 i6 'r 9e r 1 7; 76( 74 7! 77 1, .'D 6f:Al:. l0 •N d3181 d/ d� 77 7J 1 'S� v Ir I IIIII I V { i Z j) . < I ssr 1 I I - a4 5 I j I 11 I S' M; W --�—,se aY;>.-� '1�n�a (7� �K�r�76 f Ib`M a1 a � �, � i ls'1s61 6n�6. ar of At AS 6s 67 �` ,6 ^ 1 I L 66 as et ei�11�6.1 60 S9 -V f7 Sa !� t44a3�a:�4,�40 S:f !!! Y7 N IS V 33 A? .A' .9 Ip 1 ( i 0 7/• I , II P I� :ei :�izolrl-><I it 3s it If 16 57 to 7s '10r♦r Now I- W/tYTL,Q.gaA,JJPB 26 SECURITY TITLE INSURANCE COMPANY THIS PLAT IS INSERTED AS A MOM OF INFORMATION ONLY, AND WNKE THE SANE.IS commit �r FROM NiiBRMATNIN MNICN WE ORE" TO BE SOOBEiT. NO LIABILITY IS ASST►MW BY THIS 11: 6ONNNY AS THE CIIIIN OF MM NIFOONATION r P-218-ST (G_S.) (Rev. 1-61) • 1. Definition of Terms to the Company within ten days of the receipt of (e) When liability has been definitely fixed in The following terms when used in this policy mean: process or pleadings or if the Insured shall not, in accordance with the conditions of this policy the (a) "land':: the land described, specifically or writing, promptly notify the Company of any defect, loss or damage shall be payable within thirty days by reference, in Schedule A and improvements lien or encumbrance insured against which shall thereafter. affixed thereto which by law constitute real property; come to the knowledge of the Insured, or if the 8. Liability Noncumulative (b) "public records": those records which im- Insured shall not, in writing, promptly notify the It is expressly understood that the amount of this Fart constructive notice of matters relating to said Company of any such rejection by reason of claimed policy is reduced by any amount the Company may and; unmarketability of title, then all liability of the pay under any policy insuring the validity or pri- (c) "knowledge": actual knowledge, not con- Company in regard to the subject matter of such ority of any mortgage shown or referred to in structive knowledge or notice which may be imputed action, proceeding or matter shall cease and ter- Schedule B hereof or any mortgage hereafter ex- to the Insured by reason of any public records; minate; provided, however, that failure to notify ecuted by the Insured which is a charge or lien on (d) "date": the effective date; shall in no case prejudice the claim of any Insured the estate or interest described or referred to in (e) "mortgage'': mortgage, deed of trust, trust unless the Company shall be actually prejudiced Schedule A. The provisions of this paragraph num- deed, or other security instrument; and by such failure and then only to the extent of such bered 8 shall not apply to an Insured owner of an W "insured": the party or parties herein desig- prejudice. indebtedness secured by a mortgage shown in nated as Insured, and if the owner of the indebt- (c) The Company shall have the right at its own Schedule B unless such Insured acquires title to edness secured by a mortgage shown in Schedule cost to institute and prosecute any action or pro- said estate or interest in satisfaction of said indebt- B is named as an Insured in Schedule A, the In- ceeding or do any other act which in its opinion edness or any part thereof. sured shall include (1) each successor in interest in may be necessary or desirable to establish the title 9. Coinsurance and Apportionment ownership of such indebtedness, (2) any such owner of the estate or interest or the lien of the mortgage (a) In the event that a partial loss occurs after who acquires the estate or interest referred to in as insured; and the Company may take any appro- an alteration or improvement subsequent to the this policy by foreclosure, trustee's sale, or other priate action under the terms of this policy whether date of this policy, and only in that event, the In- legal manner in satisfaction of said indebtedness, or not it shall be liable thereunder and shall not sured becomes a coinsurer to the extent hereinafter and (3) any federal agency or instrumentality which thereby concede liability or waive any provision set forth. is an insurer or guarantor under an insurance con- of this policy. If the cost of the alteration or improvement ex- tract or guaranty insuring or guaranteeing said in- (d) In all cases where this policy permits or ceeds twenty per centum of the amount of this pol- debtedness, or any part thereof, whether named as requires the Company to prosecute or provide for icy, such proportion only of any partial loss estab- an Insured herein or not. the defense of any action or proceeding, the Insured lished shall be borne by the Company as one hun- 2. Benefits after Acquisition of Title shall secure to it the right to so prosecute or pro- dred twenty per centum of the amount of this policy If an insured owner of the indebtedness secured vide defense in such action or proceeding, and all bears to the sum of the amount of this policy and by a mortgage described in Schedule B acquires appeals therein, and permit it to use, at its option, the amount expended for the alteration or improve- said estate or interest, or any part thereof, by fore- the name of the Insured for such purpose. When- ment. The foregoing provisions shall not apply to closure, trustee's sale, or other legal manner in sat- ever requested by the Company the Insured shall costs and attorneys' fees incurred by the Company isfaction of said indebtedness, or any part thereof, give the Company all assistance in any such action in prosecuting or providing for the defense of ac- or if a federal agency or instrumentality acquires or proceeding, in effecting settlement, securing tions or proceedings in behalf of the Insured pur- said estate or interest, or any part thereof, as a evidence, obtaining witnesses, or prosecuting or suant to the terms of this policy or to costs imposed consequence of an insurance contract or guaranty defending such action or proceeding, and the Com- on the Insured in such actions or proceedings, and insuring or guaranteeing the indebtedness secured pany shall reimburse the Insured for any expense shall not apply to losses which do not exceed, in by a mortgage covered by this policy, or any part so incurred. the aggregate, an amount equal to one per centum thereof, this policy shall continue in force in favor 5. Notice of Loss - Limitation of Action of the face amount of this policy. of such Insured, agency or instrumentality, subject In addition to the notices required under para- Provided, however, that the foregoing coinsurance to all of the conditions and stipulations hereof. graph 4(b), a statement in writing of any loss or provisions shall not apply to any loss if, at the time 3. Exclusions from the Coverage of this Policy damage for which it is claimed the Company is of the occurrence of such loss, the then value of the This policy does not insure against loss or damage liable under this policy shall be furnished to the premises, as so improved, does not exceed the by reason of the following: Company within sixty days after such loss or dam- amount of this policy, and provided further that the (a) Any law, ordinance or governmental regu- age shall have been determined and no right of foregoing coinsurance provisions shall not apply lation (including but not limited to building and action shall accrue to the Insured under this policy to an insured owner of an indebtedness secured by zoning ordinances) restricting or regulating or pro- until thirty days after such statement shall have a mortgage shown in Schedule B prior to acquisition hibiting the occupancy, use or enjoyment of the been furnished, and no recovery shall be had by of title to said estate or interest in satisfaction of land, or regulating the character, dimensions, or the Insured under this policy unless action shall said indebtedness or any part thereof. location of any improvement now or hereafter be commenced thereon within five years after ex- (b) If the land described or referred to in Sched- erected on said land, or prohibiting a separation in •piration of said thirty day period. Failure to furnish ule A is divisible into separate and noncontiguous ownership or a reduction in the dimensions or area such statement of loss or damage, or to commence parcels, or if contiguous and such parcels are not of any lot or parcel of land. such action within the time hereinbefore specified, used as one single site, and a loss is established (b) Governmental rights of police power or emi- shall be a conclusive bar against maintenance by affecting one or more of said parcels but not all, nent domain unless notice of judicial action to ex- the Insured of any action under this policy. the loss shall be computed and settled on a pro rota ercise such rights appears in the public records at 6. Option to Pay, Settle or Compromise Claims basis as if the face amount of the policy was di- the date hereof. The Company shall have the option to pay or vided pro rata as to the value on the date of this (c) Title to any property beyond the lines of the settle or compromise for or in the name of the In- policy of each separate independent parcel to the land expressly described in Schedule A, or title to sured any claim insured against or to pay the full whole, exclusive of any improvements made sub- streets, roads, avenues, lanes, ways or waterways amount of this policy, or, in case loss is claimed sequent to the date of this policy, unless a liability on which such land abuts, or the right to maintain under this policy by the owner of the indebtedness or value has otherwise been agreed upon as to therein vaults, tunnels, ramps or any other struc- secured by a mortgage covered by this policy, the each such parcel by the Company and the Insured ture or improvement; or any rights or easements Company shall have the option to purchase said at the time of the issuance of this policy and shown therein unless this policy specifically provides that indebtedness; such purchase, payment or tender of by an express statement herein or by an endorse- such property, rights or easements are insured, payment of the full amount of this policy, together ment attached hereto. except that if the land abuts upon one or more with all costs, attorneys' fees and expenses which 10. Subrogation upon Payment or Settlement physically open streets or highways this policy in- the Company is obligated hereunder to pay, shall Whenever the Company shall have settled a claim sures the ordinary rights of abutting owners for terminate all liability of the Company hereunder. In under this po , all right of subrogation shall vest access to one of such streets or highways, unless the event, after notice of claim has been given to in the Companylicy unaffected by any act of the In- otherwise excepted or excluded herein. the Company by the Insured, the Company offers to sured, and it shall be subrogated to and be en- (d) Defects, liens, encumbrances, adverse claims purchase said indebtedness, the owner of such in- titled to all rights and remedies which the Insured against the title as insured or other matters (1) debtedness shall transfer and assign said indebted- would have had against any person or property in created, suffered, assumed or agreed to by the In- ness and the mortgage securing the same to the respect to such claim had this policy not been ured; or (2) known to the Insured either at the date Company upon payment of the purchase price. issued. If the payment does not cover the loss of the of this policy or at the date such Insured acquired 7. Payment of Loss Insured, the Company shall be subrogated to such an estate or interest insured by this policy and not (a) The Iiability of the Company under this pol- rights and remedies in the proportion which said shown by the public records, unless disclosure icy shall in no case exceed, in all, the actual loss payment bears to the amount of said loss, If loss thereof in writing by the Insured shall have been of the Insured and costs and attorneys' fees which should result from any act of the Insured, such act made to the Company prior to the date of this pol- the Company may be obligated hereunder to pay. shall not void this policy, but the Company, in that icy; or (3) resulting in no loss to the Insured; or (b) The Company will pay, in addition to any event, shall be required to pay only that part of (4) attaching or created subsequent to the date loss insured against by this policy, all costs imposed any losses insured against hereunder which shall hereof. upon the Insured in litigation carried on by the exceed the amount, if any, lost to the Company by (e) Loss or damage which would not have been Company for the Insured, and all costs and attor- reason of the impairment of the right of subrogation. sustained if the Insured were a purchaser or encum- neys' fees in litigation carried on by the Insured The Insured, if requested by the Company, shall brancer for value without knowledge. with the written authorization of the Company. transfer to the Company all rights and remedies 4. Defense and Prosecution of Actions - Notice of (c) No claim for damages shall arise or be against any person or property necessary in order Claim to be Given by the Insured maintainable under this policy (1) if the Company, to perfect such right of subrogation, and shall per- (a) The Company, at its own cost and without after having received notice of an alleged defect, mit the Company to use the name of the Insured in undue delay shall provide (1) for the defense of the lien or encumbrance not excepted or excluded here- any transaction or litigation involving such rights Insured in all litigation consisting of actions or in removes such defect, lien or encumbrance within or remedies. proceedings commenced against the Insured, or de- a reasonable time after receipt of such notice, or If the Insured is the owner of the indebtedness fenses, restraining orders, or injunctions interposed (2) for liability voluntarily assumed by the Insured secured by a mortgage covered by this policy, such against a foreclosure or sale of the indebtedness se- in settling any claim or suit without written consent Insured may release or substitute the personal cured by a mortgage covered by this policy or a of the Company, or (3) in the event the title is re- liability of any debtor or guarantor, or extend or sale of the estate or interest in said land; or(2) for jected as unmarketable because of a defect, lien otherwise modify the terms of payment, or release such action as may be appropriate to establish the or encumbrance not excepted or excluded in this a portion of the estate or interest from the lien of title of the estate or interest or the lien of the mort- policy, until there has been a final determination the mortgage, or release any collateral security for gage as insured, which litigation or action in any of by a court of competent jurisdiction sustaining such the indebtedness, provided such act does not result such events is founded upon an alleged defect, lien rejection. in any loss of priority of the lien of the mortgage. or encumbrance insured against by this policy, and (d) All payments under this policy, except pay- 11. Policy Entire Contract may pursue any litigation to final determination in ments made for costs, attorneys' fees and expenses, Any action or actions or rights of action that the the court of last resort. shall reduce the amount of the insurance pro tanto Insured may have or may bring against the Com- (b) In case any such action or proceeding shall and no payment shall be made without producing pany arising out of the status of the lien of the be begun, or defense interposed, or in case knowl- this policy for endorsement of such payment unless mortgage covered by this policy or the title of the edge shall come to the Insured of any claim of title the policy be lost or destroyed, in which case proof estate or interest insured herein must be based on or interest which is adverse to the title of the estate of such loss or destruction shall be furnished to the the provisions of this policy. or interest or lien of the mortgage as insured, or satisfaction of the Company; provided, however, if No provision or condition of this policy can be which might cause loss or damage for which the the owner of an indebtedness secured by a mort- waived or changed except by writing endorsed Company shall or may be liable by virtue of this gage shown in Schedule B is an Insured herein then hereon or attached hereto signed by the President, policy, or if the Insured shall in good faith contract such payments shall not reduce pro tanto the a Vice President, the Secretary, an Assistant to sell the indebtedness secured by a mortgage amount of the insurance afforded hereunder as to Secretary or other validating officer of the Company. covered by this policy, or, if an Insured in good such Insured, except to the extent that such pay- 12. Notices, Where Sent faith leases or contracts to sell, lease or mortgage ments reduce the amount of the indebtedness se- All notices required to be given the Company the same, or if the successful bidder at a fore- cured by such mortgage. Payment in full by any and any statement in writing required to be furn- closure sale under a mortgage covered by this person or voluntary satisfaction or release by the ished the Company shall be addressed to it at the policy refuses to purchase and in any such event Insured of a mortgage covered by this policy shall office which issued this policy. the title to said estate or interest is rejected as un- terminate all liability of the Company to the insured 13. THE FEE SPECIFIED ON THE FACE OF THIS marketable, the Insured shall notify the Company owner of the indebtedness secured by such mort- POLICY IS THE TOTAL FEE FOR TITLE SEARCH thereof in writing. If such notice shall not be given gage, except as provided in paragraph 2 hereof. AND EXAMINATION AND FOR TITLE INSURANCE. CONDITIONS AND STIPULATIONS (Includes those in the American Title Association - Owner's Policy - Standard Form B-1960)