HomeMy WebLinkAbout1968-09-20 - Grant FAR WEST FINANCIAL CORP �GORDIjdG REQUESTED BY
AND WHEN RECORDED MAIL TO
RECORDED AT REQUEST OF
SECURITY TITLE 1,3.Co.
IN 011111AL RECORDS OF
City of Huntington Beach FREE ORANGE COUNTY, CALIF.
Name 6"Yt t� �
Street c/o Miss Lou Ann Marshall 8:00 A OCT 2.9 196$
AdAddressrT
Ass It. City Attorney J. kYYi.I Ci11t:. �.E, l:oul.- ...a%01'der CiSta e P.O. Box 190 3
L Huntington Beach,Calif. 92648-1
SPACE ABOVE THIS LINE FOR RECORDER'S USE
MAIL TAX STATEMENTS TO
Nome �V411 D0CU'.'ENTARY TRANSFER TAX L0 TAX DUE
Street
Address "�
.( Beneficial Ser. Co.
City 3
SIC -..0 - PART x3t{ Arf 5 _ FI t1 4A i
State
—J AFFIX I.R.S. ; IN THIS SPACE
Y,
Corporation Grant Deed
`J TO 406 CA 8-65 - THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
FAR WEST FINANCIAL CORPORATION
j a corporation organized under the laws of the state Of Delaware
hereby GRANTS to
CITY OF HUNTINGTON BEACH, a Municipal Corporation
M
the following dgscribed real property in the
County of Orange , State of California:
Legal description more particularly described on
attached sheet, comprising of two (2) pages.
"THIS DOCUMENT IS SOLELY FOR THE OFFICIAL BUSINESS OF
THE CITY OF HUNTINGTON BEACH AS CONTEMPLATED BY
GOVERNMENT CODE SECTION 6103 AND SHOULD BE RECORDED
FREE OF CHARGES. "
SUBJECT TO:
All General and Special Taxes for the Fiscal Year 1968-69.
Covenants, conditions, restrictions, reservations, easements,
rights and rights-of-way now of record, if any.
In Witness Whereof, said corporation has caused its corporate name and seal to be affixed hereto and this instru-
ment to be executed by its President and A s s 't V i c'a P rp G sex
thereunto duly authorized.
i
R, —tmMb FAR T NANCIAL R 'SDated: ,
STATE OF CALIFORNIA By
COUNTY OF Los Angeles } SS. iesident
r
On September 20, 1968 before me, the under- B
signed, a Notary Public in and for said State, personally appeared ASS t t. V1 ct. Pre" @
John S. Griffith, Jr known t "' ......
*BARBARA
OFFICIALto me to be the President, and B. PAR'SHALL
Carl R. Munsey known to me to beNOTARYAUBLIC CAUFORNIAAss ' t.Vice Pr�9j&JP tle Corporation that executed the PRINCIPAL OFFICEIN
within Instrument, known to me to be the persons who executed the LOS ANGEL ES COUNTY
within Instrument on behalf of the Corporation therein named, and """"""""•'.•.•.......• .............. ,
acknowledged to me that such Corporation executed the within Instru
ment pursuant to its by-laws or a resolution of its board of directors.
WITNESS my hand and official seal. BARBARA B.PARSHALL-Notary RUbli -Cal.
( � COM.EXP.AUG.17,1971. LOS ANGELES CO.
Signature 626 Wilshire Blvd., Los Angeles, Calif. 90017
Name (Typed or Printed) (This area for official notarial seal)
Title Order No. Escrow or Loan No,_ 487
MAIL TAX STATEMENTS AS DIRECTED ABOVE
BOOK 8770 PACE 407
September 20, 1968
dee,6� da�ed
Far West Financial Corporation
bA
by vhe umdev,,itgned --e-
05 'n"n-e G.-Lty C'�" 'uncll oi' *"he City of p-:,-
sui;�nl -o etl a u t-h it-- :,onfe- `cd bjv j
un�t ,P,L: d
t y
�-h adopt(;,,
Ji*rc 7�; IT d n d t
October 28., 1968
ppopp",
BOOK 8770 Pact:408
Exhibit A
PARCEL 1: Lots 121 to 138, both inclusive, 140, 142, 146 to 150, both inclusive, 153
to 160, both inclusive, 163 to 182, both inclusive, 184 to 191, both inclusive, 198 to 210,
both inclusive, 212 to 235, both inclusive, 242 to 274, both inclusive, 276, 278 to 282,
both inclusive, 284 to 287, both inclusive, 290 to 295, both inclusive, 297 to 309, both
inclusive, 311 and 312, all in Tract No. 263, in he City of Huntington Beach, as shown
on a map thereof recorded in book 13, page 42, Miscellaneous Maps, records of said Orange
County.
PARCEL 2: Lot 139 of Tract 263, in the City of Huntington Beach, as shown.on a map thereof
recorded in book 13, page 42, Miscellaneous Maps, records of said Orange County;
EXCEPTING THEREFORM the right, title and interest, including rights of way for operating
upon said Lot 139
, in all oil, gas an y d other hydrocarbon substances as reserved in the deed
from Chris Nelson and Cora C. Nelson, his wife, recorded November 27, 1926 in book 688,
page 362, Deeds.
PARCEL 3: Lots 161 and 162 of Tract 263, in the City of Huntington Beach, as shown on a
map thereof recorded in book 13, page 42, Miscellaneous Maps, records of said Orange
County;
EXCEPTING THEREFROM the right, title and interest, including rights of way for operating
upon said lots 161 and 162, in all oil, gas and other hydrocarbon substances, as reserved
in the deed from Chris Nelson and Cora C. Nelson, his wife, recorded November 21, 1928
in book 216, page 439, Official Records.
PARCEL 4: Lots 183, 211 and 275 of Tract 263, in the City of Huntington Beach, as shown
on a map thereof recorded in book 13, page 42, Miscellaneous Maps, records of said Orange
County;
EXCEPTING AND RESERVING all oil, gas and mineral substances that may be within or under
said property, without, however, the right to dig, drill or mine through the surface or within
500 feet of the surface of said land.
PARCEL 5: Lots 145, 192, 241, 288, and 289, of Tract No. 263, in the City of Huntington
Beach,as shown on a map thereof recorded in book 13, page 42, Miscellaneous Maps, records
of said Orange County;
EXCEPTING FROM EACH of the above lots the Easterly 10 feet thereof.
PARCEL 6: Lots 121 to 137, both inclusive, 140, 143, 145, 146, 149 to 155, both inclusive,
153 to 168, both inclusive, 170 to 200, both inclusive, 204 and 205, 208 to 215, both
inclusive, 217, 219 to 224, both inclusive, 226 to 235, both inclusive, 241, 243 to 259, both
inclusive, 261 to 264, both inclusive, 266 to 288, both inclusive, 290 to 293, both inclusive,
295 to 307, both inclusive, and 309 to 312, both inclusive, all of Tract No. 265, as shown
on a map thereof recorded in book 13, page 46, Miscellaneous Maps, records of said Orange
County.
PARCEL 7: Lots 136, 139, 147, 148, 216, 218, 236 to 239, both inclusive, and 260 of Tract
No. 2651 as shown on a map recorded in book 13, page 46, Miscellaneous Maps, records�of
said Orange County;
EXCEPTING THEREFROM the right, title and interest including rights of way for operating
upon said lots, in all oil, gas and other hydrocarbon substances as reserved in deeds of record.
PARCEL 8: Lots 206, 207, 242 and 289 of Tract No. 265 in the City of Huntington Beach
as shown on a map recorded in book 13, page 46, Miscellaneous Maps, records of said Orange
County.
y
PPPP.7
Baal{8770 FA 409
PARCEL 9: Lots 144, 156, 203 and 308 of Tract No. 265 in the City of Huntington Beach,
as shown on a map recorded in book 13, page 46, Miscellaneous Maps, records of said
Orange County;
EXCEPTING THEREFROM all oil, gas and mineral substances that may be within or under
said land, without however, the right to dig, drill or mine through the surface or within
500 feet of the surface of said land.
PARCEL
10: Lots 132 to 142, both inclusive, 144 to 151 both inclusive 153 to 157,
both inclusive, 180 to 185, both inclusive, 187 to 200, both inclusive, 202 to 205, both
inclusive, 220 to 236, both inclusive, 233 and 239, 241 to 261, both inclusive, 268 to
276, both inclusive, 278 to 3001 both inclusive, and 306 to 309, both inclusive, of Tract
No. 274, as shown on a map thereof recorded in book 13, page 52, Miscellaneous Maps,
records of said Orange County.
PARCEL 11: Lot 219 of Tract No. 274, as shown on a map thereof recorded in book 13,
page 52, Miscellaneous Maps, records of said Orange County;
EXCEPTING the West 8. 10 feet.
EXCEPTING THEREFROM the right, title and interest, including rights of way for operating
upon said Lot 219, in all oil, gas and other hydrocarbon substances, as reserved in the deed
from Chris Nelson and Cora C. Nelson, his wife, recorded September 23, 1922, in book 438,
page 25, Deeds.
PARCEL 12: Lots 131, 158, 179 and 206 of Tract No. 274, as shown on a map thereof
recorded in book 13, page 52, Miscellaneous Maps, records of said Orange County;
EXCEPTING FROM EACH of the above lots, the West 6.70 feet.
PARCEL 13: Lots 262, 267 and 310 of Tract No. 274, as shown on a map thereof recorded
in book 13, page 52, Miscellaneous Maps, records of said.Orange County;
EXCEPTING FROM EACH of the above lots, the West 8: 10 feet.
PARCEL 14: Lots 2371 277, 301, 302, 303, 304 and 305 of Tract No. 274, as shown on
a map thereof recorded in book 13, page 52, Miscellaneous Maps, records of said Orange
County.
f
P-218 (O.S.) Rev. 1-63 0
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-1963 SCHEDULE A STANDARD COVERAGE
Insured:
CITY OF HUNTINGTON BEACH, a municipal corporation
t
Policy No: 324200 Consideration paid for this policy: $ 300.50
Effective date: October 29, 1968 at 8:00 A.M. Amount of liability: $ 672300.00
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 situated in the State of California, County of Orange
and is described as follows:
PARCEL 1: Lots 121 to 138, both inclusive, 140, 142, 146 to 150,
both inclusive, 153 to 1602 both inclusive, 163 to 182, both inclusive,
184 to 191, both inclusive, 198 to 210, both inclusive, 212 to 235,
both inclusive, 242 to 274, both inclusive, 276, 278 to 282, both
inclusive, 284 to 287, both inclusive, 290 to 295, both inclusive,
297 to 309, both inclusive, 311 and 312, all in Tract No. 263, in
the City of Huntington Beach, as shown on a map thereof recorded in
book 13, page 42, Miscellaneous Maps, records of said Orange County.
PARCEL 2: Lot 139 of Tract 263, in the City of Huntington Beach,
as shown on a map thereof recorded in book 13, page 42, Miscellaneous
Maps, records of said Orange County;
(continued)
SCHEDULE A (continued)
EXCEPTING THEREFROM the right,, title and interest., including rights
of way for operating upon said Lot 139, in all oil, gas and other
hydrocarbon substances as reserved in the deed from Chris Nelson
and Cora C. Nelson, his wife, recorded November 27, 1926, in book
688, page 362, Deeds.
PARCEL 3* Lots 161 and 162 of Tract 263, in the City of Huntington
Beach, a; shown on a map thereof recorded in book 13, page 42,
Miscellaneous Maps, records of said Orange County;
EXCEPTING THEREFROM the right, title and interest, including rights
of way for operating upon said Lots 161 and 162, in all oil, gas and
other hydrocarbon substances, as reserved in the deed from Chris
Nelson and Cora C. Nelson, his wife, recorded November 21, 1928 in
book 216, page 439, Official Records.
PARCEL 4: Lots 183, 211 and 275 of Tract 263., in the City of
Huntington Beach,, as shown on a map thereof recorded in book 13.,
page 42, Miscellaneous Maps, records of said Orange County;
EXCEPTING AND RESERVING all oil., gas and mineral substances that may
be within or under said property, without, however, the right to dig.,
drill or mine through the surface or within 500 feet of the surface
of said land.
PARCEL 5: Lots 145, 192, 241, 288 and 289 of Tract No. 263, in the
City of Huntington Beach, as shown on a map thereof recorded in book
13, page 42, Miscellaneous Maps, records of said Orange County;
EXCEPTING FROM EACH of the above lots the Easterly 10 feet thereof.
PARCEL 6: Lots 121 to 137 both inclusive, 140s 143s 145, 146, 149
to 155, both inclusive, 156 to 168, both inclusive, 170 to 200., both
inclusive, 204 and 205, 208 to 215, both inclusive 2170 219 to 224,
both inclusive, 226 to 235, both inclusive 241 243 to 259, both
inclusive, 261 to 264, both inclusive, 2660to 2A8, both inclusive,
290 to 293, both inclusive, 295 to 307, both inclusive, and 309 to
312, both inclusive, all of Tract No. 265, as shown on a map thereof
recorded in book 13, page 46, Miscellaneous Maps, records of said
Orange county.
PARCEL 7: Lots 138, 139s 147, 148, 216, 2180 236 to 239, both
inclusive., and 260 of Tract No. 265., as shown on a map recorded in
book 13, page 46, Miscellaneous Maps, records of said Orange County;
EXCEPTING THEREFROM the right,, title and interest including rights of
way for operating upon said lots, in all oil, gas and other hydrocarbon
substances as reserved in deeds of record.
PARCEL 8: Lots 206$ 207, 242 and 289 of Tract No. 265, in the City
of Huntington Beach, as shown on a map recorded in book 13, page 46,
Miscellaneous Maps, records of said orange County.
(continued)
PARCEL 9: Lots 144, 1560 203 and 308 of Tract No. 265, in the City
of Huntington Beach, as shown on a map recorded in book 13, page 46,
Miscellaneous Maps, records of said Orange County;
EXCEPTING THEREFROM all oil, gas and mineral substances that may be
within or under said land, without however, the right to dig, drill
or mine through the surface or within 500 feet of the surface of said
land.
PARCEL 10: Lots 132 to 142, both inclusive, 144 to 151, both inclusive,
153 to 157, both inclusive, 180 to 185, both inclusive, 187 to 200,
both inclusive 202 to 205, both inclusive 220 to 236, both inclusive,
238 and 239, 2�41 to 261, both inclusive, 2�8 to 276, both inclusive,
278 to 300, both inclusive, and 306 to 309, both inclusive, of Tract
No. 274, as shown on a map thereof recorded in book 13, page 52,
Miscellaneous Maps, records of said Orange County.
PARCEL 11: Lot 219 of Tract No. 274, as shown on a map thereof recorded
in book 13, page 52, Miscellaneous Maps, records of said Orange County;
EXCEPTING the West 8.10 feet.
EXCEPTING THEREFROM the right, title and interest, including rights of
way for operating upon said Lot 219, in all oil, gas and other hydro-
carbon substances, as reserved in the deed from Chris Nelson and Cora
C. Nelson, his wife, recorded September 23, 1922, in book 438, page 25,
Deeds.
PARCEL 12: Lots 131, 158, 179 and 206 of Tract No. 274, as shown on a
map thereof recorded in book 13, page 52, Miscellaneous Maps, records of
said Orange County;
EXCEPTING FROM EACH of the above lots, the West 6.70 feet.
PARCEL 13: Lots 262, 267 and 310 of Tract No. 274, as shown on a map
thereof recorded in book 13, page 52, Miscellaneous Maps, records of
said Orange County;
EXCEPTING FROM EACH of the above lots, the West 8.10 feet.
PARCEL 14: Lots 237, 2772 301, 302, 303, 304 and 305 of Tract No. 274,
as shown on a map thereof recorded in book 13, page 52, Miscellaneous
Maps, records of said Orange County.
P-218=B (G.S.) (Rev. 1-63)
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 1968-69, a lien, riot yet payable.
2. An agreement dated October 21, 1968 entered into by and
between the City of Huntington beach, a municipal Corporation
and Far West Financial Corporation covering said land and
other land, which contains among other things the use: of
said land for city yard purposes and public street purposes.
3. The option of Far West Financcal Corporation to repurchase
said land in the event that said City of Huntington beach fails to
exercise the option granted in the agreement above shown:
For further particulars, reference is hereby made to the
record document.
P-218-BB• (G.S.) (Rev. 1-63)
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 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 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 Schedule B or 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 executed this policy by its authorized officers, as of the date
set forth in Schedule A, the effective date of this policy.
ib-
Secretary �k5 � RCH 'PO_
it President
An Authorized Signature
P-218-ST (G.S.) (Rev. 1-63) 0
CONDITIONS AND STIPULATIONS
1. Definition of Terms (b) In case any such action or proceeding shall in removes such defect, lien or encumbrance within
The following terms when used in this policy mean: be begun, or defense interposed, or in case knowl- a reasonable time after receipt of such notice, or
(a) "land": the land described, specifically or edge shall come to the Insured of an claims of title (2) for liability voluntarily assumed by the Insured
by reference, in Schedule A and improvements or interest which is adverse to the title of the estate in settling any claim or suit without written consent
affixed thereto which by law constitute real property; or interest or lien of the mortgage as insured, or of the Company, or (3) in the event the title is re
which might cause loss or damage for which the jetted as unmarketable because of a defect, lien
(b) "public records": those records which im- Company shall or may be liable by virtue of this or encumbrance not excepted or excluded in this
part constructive notice of matters relating to said policy, or if the Insured shall in good faith contract policy, until there has been a final determination
land; to sell the indebtedness secured by a mortgage by a court of competent jurisdiction sustaining such
(c) "knowledge": actual knowledge, not con- covered by this policy, or, if an Insured in good rejection.
structive knowledge or notice which may be imputed faith leases or contracts to sell, lease or mortgage (d) All payments under this policy, except pay-
to the Insured by reason of any public records; the same, or if the successful bidder at a fore- ments made for costs, attorneys' fees and expenses,
(d) "date": the effective date; closure sale under a mortgage covered by this shall reduce the amount of the insurance pro tanto
policy refuses to purchase and in any such event and no payment shall be made without producing
(e) "mortgage": mortgage, deed of trust, trust the title to said estate or interest is rejected as un- this policy for endorsement of such payment unless
deed, or other security instruments; and marketable, the Insured shall notify the Company the policy be lost or destroyed, in which case proof
(f) "insured": the party or parties named as thereof in writing. If such notice shall not be given of such loss or destruction shall be furnished to the
Insured, and if the owner of the indebtedness se- to the Company within ten days of the receipt of satisfaction of the Company; provided, however, if
cured by a mortgage shown in Schedule B is process or pleadings or if the Insured shall not, in the owner of an indebtedness secured by a mort-
named as an Insured in Schedule A, the Insured writing, promptly notify the Company of any defect, gage shown in Schedule B is an Insured herein then
shall include (1) each successor in interest in lien or encumbrance insured against which shall such payments shall not reduce pro tanto the
ownership of such indebtedness, (2) any such come to the knowledge of the Insured, or if the amount of the insurance afforded hereunder as to
owner who acquires the estate or interest referred to Insured shall not, in writing, promptly notify the such Insured, except to the extent that such pay-
in this policy by foreclosure, trustee's sale, or other Company of any such rejection by reason of claimed ments reduce the amount of the indebtedness se-
legal manner in satisfaction of said indebtedness, unmarketability of title, then all liability of the cured by such mortgage. Payment in full by any
and (3) any federal agency or instrumentality Company in regard to the subject matter of such person or voluntary satisfaction or release by the
which is an insurer or guarantor under an insurance action, proceeding or matter shall cease and ter- Insured of a mortgage covered by this policy shall
contract or guaranty insuring or guaranteeing said urinate; provided, however, that failure to notify erminate all liability of the Company to the insured
indebtedness, or any part thereof, whether named shall in no case prejudice the claim of any Insured owner of the indebtedness secured by
g g m rah such mort-
is an Insured herein or not, subject otherwise to unless the Company shall be actually prejudiced gage, except as provided in pars 2 hereof.
the provisions hereof. by such failure and then only to the extent of such
prejudice. (e) When liability has been definitely fixed in
2. Benefits after Acquisition of Title (c) The Company shall have the right at its own accordance with the conditions of this policy the
loss or damage shall be payable within thirty days
If an insured owner of the indebtedness secured cost to institute and prosecute any action or pro- thereafter.
by a mortgage described in Schedule B acquires ceeding or do any other act which in its opinion
said estate or interest, or any part thereof, by fore- may be necessary or desirable to establish the title
closure, trustee's sale, or other legal manner in sat- of the estate or interest or the lien of the mortgage 8. Liability Noncumulative
isfaction of said indebtedness, or any part thereof, as insured; and the Company may take any appro- It is expressly understood that the amount of this
or if a federal agency or instrumentality acquires priate action under the terms of this policy whether policy is reduced by any amount the Company may
said estate or interest, or any part thereof, as a or not it shall be liable thereunder and shall not pay under any policy insuring the validity or pri-
consequence of an insurance contract or guaranty thereby concede liability or waive any provision ority of any mortgage shown or referred to in
insuring or guaranteeing the indebtedness secured of this policy. Schedule B hereof or any mortgage hereafter ex-
by a mortgage covered by this policy, or any part (d) In all cases where this policy permits or ecuted by the Insured which is a charge or lien on
thereof, this policy shall continue in force in favor requires the Company to prosecute or provide for the estate or interest described or referred to in
of such Insured, agency or instrumentality, subject the defense of any action or proceeding, the Insured Schedule A, and the amount so paid shall be
to all of the conditions and stipulations hereof. shall secure to it the right to so prosecute or pro- deemed a payment to the Insured under this policy,
vide defense in such action or proceeding, and all The provisions of this paragraph numbered 8 shall
3. Exclusions from the Coverage of this Policy appeals therein, and permit it to use, at its action, not apply to an Insured owner of an indebtedness
This policy does not insure against loss or damage the name of the Insured for such purpose. When- secured by a mortgage shown in Schedule B unless
by reason of the following: ever requested by the Company the Insured shall such Insured acquires title to said estate or interest
give the Company all reasonable aid in any such in satisfaction of said indebtedness or any part
(a) Any law, ordinance or governmental regu- action or proceeding, in effecting settlement, se- thereof.
lation (including but not limited to building and curing evidence, obtaining witnesses, or prosecuting
zoning ordinances) restricting or regulating or pro- or defending such action or proceeding, and the 9. Subrogation upon Payment or Settlement
Qind, orthe regulati occupancy,
character,use or njoyment of di dimensions,fhe or Company shall reimburse the Insured for any ex- Whenever the Company shall have settled a claim
location of any improvement now or hereafter Pense so incurred. under this policy, all right of subrogation shall vest
erected on said land, or prohibiting a separation in S. Notice of Loss-Limitation of Action in the Company unaffected,by any act of the In-
ownership or a reduction in the dimensions or area sured, and it shall be subrogated to and be en-
of any lot or parcel of land. In addition to the notices required under para- titled to all rights and remedies which the Insured
(b) Governmental rights of police power or emi- graph 4(b), a statement in writing of any loss or would have had against any person or property in
notice of the exercise of such damage for which it is claimed the Company is respect to such claim had this policy not been
nent domain unless
rights appears the public records at the date liable under this policy shall be furnished to the issued. If the payment does not cover the loss of the
hereof. Company within sixty days after such loss or dam- Insured, the Company shall be subrogated to such
age shall have been determined and no right of rights and remedies in the proportion which said
(c) Title to any property beyond the lines of the action shall accrue to the Insured under this policy payment bears to the amount of said loss. If loss
land expressly described in Schedule A, or title to until thirty days after such statement shall have should result from any act of the Insured, such act
streets, roads, avenues, lanes, ways or waterways been furnished, and no recovery shall be had by shall not void this policy, but the Company, in that
on which such land abuts, or the right to maintain the Insured under this policy unless action shall event, shall be required to pay only that part of
therein vaults; tunnels, ramps or any other strut- be commenced thereon within five years after ex- any losses insured against hereunder which shall
ture or improvement; or any rights or easements piration of said thirty day period. Failure to furnish exceed the amount, if any, lost to the Company by
therein unless this policy specifically provides that such statement of loss or damage, or to commence reason of the impairment of the right of subrogation.
such property, rights or easements are insured, such action within the time hereinbefore specified, The Insured, if requested by the Company, shall
except that if the land abuts upon one or more shall be a conclusive bar against maintenance by transfer to the Company all rights and remedies
physically open streets or highways this policy in- the Insured of any action under this policy. against any person or property necessary in order
sures the ordinary rights of abutting owners for to perfect such right of subrogation, and shall per-
access to one of such streets or highways, unless G. Option to Pay. Settle or Compromise Claims mit the Company to use the name of the Insured in
otherwise excepted or excluded herein. any transaction or litigation involving such rights
The Company shall have the option to pay or
(d) Defects, liens, encumbrances, adverse claims or remedies.
In-
against the title as insured or other matters (1) settle or compromise for or in the name of the In- If the Insured is the owner of the indebtedness
sured any claim insured against or to pay the full
created, suffered, assumed or agreed to by the secured by a mortgage covered by this policy, such
Insured claiming loss or damage; or (2) known to amount of this policy, or, in case loss is claimed Insured may release or substitute the personal
the Insured Claimant either at the date of this under this policy by the owner of the indebtedness liability of any debtor or guarantor, or extend or
secured by a mortgage covered by this policy, the
policy or at the date such Insured Claimant ac- Company shall have the option to purchase said otherwise modify the terms of payment, or release
of
quired an estate or interest insured by this policy indebtedness; such purchase, ayment or tender of the mortgage,a fe, or release the estate anntecollatrest e ail security the n for
and not shown by the public records, unless dis- 4 g Y Y
pa ment of the full amount o this policy, together the indebtedness, provided such act does not result
closure thereof in writing by the Insured shall with all costs, attorneys' fees and expenses which
have been made to the Company prior to the date the Company is obligated hereunder to pay, shall in any loss of priority of the lien of the mortgage.
of this policy; or (3) resulting in no loss to the terminate all liability of the Company hereunder. In
Insured Claimant; or (4) attaching or created sub- the event, after notice of claim has been given to 10. Policy Entire Contract
Sequent to the date hereof. the Company by the Insured, the Company offers to
(e) Loss or damage which would not have been purchase said indebtedness, the owner of such in- Any action or actions or rights of action that the
om-
sustained if the Insured were a purchaser or encum- debtedness shall transfer and assign said indebted- Insured may have or may bring against the f the
brancer for value without knowledge. ness and the mortgage securing the same to the many arising out b the status of the lien of the
Company upon payment of the purchase price. mortgage covered by this policy or the title e the
4. Defense and Prosecution of Actions - Notice of estate of interest insured herein must be based on
Claim to be Given by the Insured 7. Payment of Loss thNo provision
siosions of this policy. policy can be
(a) The Company, at its own cost and without y provision or condition of this
(a) The Iiability of the Company under this pal- 'Waived or changed except by writing endorsed
undue delay shall provide (1) for the defense of the icy shall in no case exceed, in all, the actual loss hereon or attached hereto signed by the President,
Insured in all litigation consisting of actions or of the Insured and costs and attorneys' fees which a Vice President, the Secretary, an Assistant
Froceedings commenced against the Insured, or de- the Company may be obligated hereunder to pay. Secretary or other validating officer of the Company.
Tenses, restraining orders, or injunctions interposed
against a foreclosure or sale of the mortgage and (b) The Company will pay, in addition to any 11. Notices, Where Sent
indebtedness covered by this policy or a sale of loss insured against by this policy, all costs imposed
the estate or interest in said land; or (2) for such upon the Insured in litigation carried on by the All notices required to be given the Company
action as may be appropriate to establish the Company for the Insured, and all costs and attor- and any statement in writing required to be furn-
title of the estate or interest or the lien of the mort- neys fees in litigation carried on by the Insured ished the Company shall be addressed to it at the
gage as insured, which litigation or action in any f with the written authorization of the Company. office which issued this policy.
such events is founded upon an alleged defect, Tieon (c) No claim for damages shall arise or be
or encumbrance insured against by this policy, and maintainable under this policy (1) if the Company, 12. THE FEE SPECIFIED ON THE FACE OF THIS
may pursue any litigation to final determination in after having received notice of an alleged defect, POLICY IS THE TOTAL FEE FOR TITLE SEARCH
the court of last resort. lien or encumbrance not excepted or excluded here- AND EXAMINATION AND FOR TITLE INSURANCE.
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