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HomeMy WebLinkAboutD-1802 CERTIFICATE OF ACCEPTANCE BK05218PG 65 '. This is to certify that the interest in real property conveyed or transferred to the City of Arcadia, a municipal corporation, by the deed, grant, conveyance or instrument dated August 20. 1971 , from or executed by Rose Aviation. Inc. , is hereby accepted by the City of Arcadia by the order or authorization of the City Council of the City of Arcadia contained in Resolution No. 2963, adopted January 21, 1958, and recorded in the office of the Recorder of Los Angeles County on January 29, 1958, as instrument No. 3069 in Book 56448, Page 264, Official Records of Los Angeles County; and the City of Arcadia consents to the recordation thereof by its duly authorized officers. ."./ ..?-Jl/1/ / ~~<;1 ad- ~~ ,..- ief Manager City Engineer ~ CJl ,,. , The document thus described is hereby approved as to form. ~::,~- - /' ,'" ! I' ". '; - '., CITY OF ARCADIA I \:, ~Ht) _-"-" U~~ r" , - BKD5218PG 65 "ND WI1EN "I!:COJtDItO """II.. TO I Name City Clerk 5".., 60 Addr." P. O. Box City & Stat. L Arcadia, California MAIL TAX STATEMENTS TO r-:- Name City of Arcadia Sir..' Addrlllt City & Stal. L RECORDED IN OFFICIAL RECORDS OF 1..05 ANGELES COUNlY, CALIF. OR SECURITY TITLE INSURANCE CO. OCT 8 1971 AT ~:Ol A.M. Registrar.Recorder 'I .J 'I SPACE ABOVE THIS LINE FOR RECORDER'S USE I)OClJl,k",Ai,Y l""'.~'~lt TAX 'i....N.~..r.J.)(..,Du.!f..::..."':... o COMPUTED ON FI)LL VALUE OF PROPERTY CONVfY'ED. '&i o COMPUTED ON F\JLL VALUE LESS LIENS '& ENC:UMBAAN. CES REMAINING THEREON AT TIME OF SALE. ,~ j.k.J,-........,.f..f.!;HJ:il..,....LL:t!~,..lh$~r.dJ1.c:"..4. ~;;-d-;j.;J~ or agent delefmlnlng lax - firm name o Unlcorporaled Area IllI City of..Ilr.s:,ol.J..~...,hh.....'....hm... .J AFFIX $ I.R S. ABOVE Corporation Grant Deed THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY ,TO 406 CA (12.66) FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged. ,ROSE AVIATION, INC. I FREE;.J." .r:. 'I a corporation organized under the laws of the state of California herehy GRANTS 10 the CITY OF ARCADIA, a Municipal Corporation the following described real property in the County of Los Angeles City of Arcadia , State of California: The Westerly 10 feet of Lot 3 in Block 81 of Arcadia Santa,Anita Tract, in the City of Arcadia, as per map recorded in Book 15, Page 89 of Miscellaneous Records, in the office of the County Recorder. Free recOrding requested under Gov. Code 6103. Document necessary due to City acquiring title, ... In 'Vitness Whereof, said corporation has caused its corporate flame and seal to be affixed hereto and this instni. ment to be executed by it" President and Secretary thereunto duly authorized. Dated: ~'z~,197( ROSE AVIATION, mc. , . LOS ANGELES By \-<." . R."....... - c1< ...., -.--. C!.- rtZc-...--- President STATE OF CALIFORNIA '. . ~j N:~ ~I~ :>- :>- eLl <Il Z 0 uJ W >- '" >- U '" W 3 ~ z o >= "- it: u ',., ~ , :;,. Secretary '. " Title Order No, Escrow or Loan No. _....~...-............................~ \ ~. OFFICIAL S~AL"'", '.'.'.... . .'~'.,I'j '~. . , :. SELMA A. DI~VI$;.' "~"~. ~', : NOTAR' >'UtJLIC(C/,(lfOIlNiA':~',<" : COUNTY ~F,~O~'~NGELES',,:,,:, -::; .. : My Commission E.xpi~es:..Oc!Ober ~3. .~~?(. '.,:'. ,~, ~ ..,:..............!~~.~...~..~~.~.!~V::,~: . ; 1~ ;:'..;;:J=~,:::,;,-;~li~;~, ': (Thl~ .....Il. fOl"Om(,!:J.I',I}~~JD.l'~all. ,"\ ~:,,, ,..:.,~...... :-"'~, ,- . , . ";'".'v", .,........'......("~.:'~....: : " ..,.:'~..., .....':'1/;. ".'h V\', }.~\.,...~ _ _ _ ft,,,,....,'_., '(X ....] CJ1 . . I '- . .~, .. MAIL TAX STATEMENTS AS DIRECTED ABOVE Jl.A, 7 a-o 3?J'7 (2.-' .;. ~ECORDIN,G REQUESTED BY 874 ,BKf(jrbUhiIll ., CITY OF ARCADIA . " .' ,~ ,- AND WHEN RECORDED MAIL TO I I RECORDED IN DFFlCIAl RECORIl6 OF LOS ANGELES COUNTY. CAUF. NOIII. City of Arcadia, Engineerin OR SECURITY TITLE INSURANCE co. Division "- OCT 8 19n AT 8:01 A.M. $Ir'" 60, "" Addr... P. O. Box elly &. L Arcadia, Calif. 91006 .J Registrar.Recorder $Iot. \ "TITLE ORDER NO. TITL(OFFICER SPACE ABOVE THIS LINE FOR RECORDER'S USE TO,UI 1 C PARTIAL RECONVEYANCE TITLE INSURANCE AND TRUST COMPANY, a cor~ration, of Los Angeles, California, as duly appointed Trustee under the Deed of Trust hereinafter referred to'. having received from Beneficiary thereunder a written request to reconvey. in accordance with the terms of said Deed of Trust. all estate now held by said Trustee under said Deed of Trust in and to the hereinafter described property, said Beneficiary having presented said Deed of Trust and note or notes secured thereby for indorsement-said Deed of Trust having been executed ~ , ROSE AVIATION. INC. " ,Trustor, and recorded in the Official Records of Los An~eles County, Caljfornia;.~,follows: ''\ Date Oc tober 26. 1 q67 "olnstr, No. ':\4q'i ;n Boo~ T'i'i'i'i, Page 430 Now, Therefore, in accordance with said request and the provisions of said Deed of Trust, TITLE INSURANCE AND TRUST COMPANY, as Trustee, does hereby RECONVEY, without warranty, to THE PERSON OR PERSONS LEGALLY ENTITLED THERETO, all estote now held by it thereunder in and to that property situated in said county, state of California, described as follows: \ FEE E The westerly 10 feet of Lot 3 in Block 81 of Arcadia Santa Anita Tract, in the City of Arcadia, as per map recorded in Book 15, Page 89 of Miscellaneous Records, in the office of the County Recorder. Free recording requested under Gov. Code 6103. Document necessary due to City acquir1nt t1 Ue. The remaining property described in oaid Deed of Trust shall continue to be held by said Trustee ,un~er the terms thereof. As provided in said Deed of Trust, this Partial Reconveyance is made without afJe~thig the personal liability of any person for payment of the indebtedness secured by said Deed of Trust. :" In Witness Whereof, TITLE INSURANCE AND TRUST COMPANY, as Trustee. has caused its corporate name and seal to be hereto affixed by its Assistant Secretary, thereunto duly authorized. R-332636 By as Trustee, " Dated September 16. 1971 TITLE INSURANCE AND TRUS STATE OF CALIFORNIA, } COUNTY OF Los An(!:eles SS, Or September ] 6 J ] 971 before me, the undersigned, a Notary Public in and for said State, personally appeare..J . s. 11'; n P. . known to me to be an Assistant Secretary of TITLE INSURANCE AND TRUST COMPANY. the corporation that executed the foregoing instrument as such Trustee, and ~ known to'me to be the person who executed said instrument on behalf of the corporation therein named, and acknowledged to ~ me that such corporation executed the same 8S such Trustee. WITNESS my ~d official seal. Si_turo,~~-) g ~~..-J Name (Typed or Printed) @ OFFICIAL SEAL -'. BARBARA J, OTTeM -i!J ~.' NO;ARV PU9LI:'::-CALIFORNIA . '. PRINCIPAL OFFICE IN . LOS ANGELES COUNlY My Commission Expires Jan, 9. 1974 (Th" .r'.1;I for offiCial n"la'lal wall ? t>-O 37J"7 ([) MARK H, E1LOODGOOD AUDITOR.C:ONTR01..1..ER COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR,CONTROLLER lS3 HALL OF ADM1N1STRAT10N LOS ANGELES, CALIFORNIA 90012 625-36 t 1 September 12, 1972 City of Arcadia p. O. Box 60 Arcadia, California 91006 Attention: Robert D. Ogle, City Attorney SUBJECT: First Avenue Parcel No. 18. Gentlemen: Pursuant to ycur lett"r dated November 9, 1971, taxes have been cancelled in accordance with S~ction 4986 of the Revenue and Taxatior. CC'de. This cancel- lation was C'rdered by the Honorable Boarri I'f Super- visors Dec.8, 1971, by Authorization No. 25562. Very truly yours, MARK H. BLOODGOOD, Auditor-C'mtroller ""i:-'-,.'~'... // ',,-v/ ~......):" ,...' ~'. , ...\~(, By Edward Guerrero, Clrlef, Tax Division EG;MG/tc Tax Div. ffc-11 8/72 ,(j- /K t)K ROBERT A.. GILL CHIEF DEPUTY E. GUERRERO CHIEF, TAX DIVISION RECEiVED S:::P 14 1972 CITY OF ARCADIA CITY I'TTORNEY /Po~ I~ Rw-~a; " - CLTA-1963 AMENDED 1969 STANDARD COVERAGE POLICY OF TITLE INSURANCE iSbued by SECUR/J""Y 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 consolo idation, against loss or damage not exceeding the amount staled in Schedule A, together with costs, attorney.!)' fee:; 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 III the Conditions and Stipulations; ., 2. Unmarketability of such title: or 3. Any defect in the execution of any mort~a~e shown in Schedule B securing an indebtedness, the owner of which is named as un Insured in Schedule A, hut onl}" insofar as such defect affects the lien or charge of said mortjrujre upon the estate or interest referred to in this policy; or 4. Priority over said nlOrtjrage, at the dute hereof, of any lien or encumhrance not shown or referred to in Schedule R. or excluded from coverage in the Conditions and Stipulations, said mortgage being shown in Schedule R in the Older 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, ~~~L ~, Secretary --~"'''\"\.\\\\ ~""'~SUR4 IIII ;:-~ \........~C III ;'~~ .' '..<l' I, :::...."'-.- --""/. P".' PUR "O~ ~C:,~~~? ArEU\~~ %-- . % ~c.:- --- ..,,% :% . '\.-~~ P:'.AfARGH 5 ,~'(i ;....f 1:~.1. ., .-.;;;;,-. I,~... .. '"":,5 'I -. .. . - /11\~liiifO'i.i,':...~ff \\\\","'''',........s--- tC: c? ~Ji%,) An Authorized Signalure 1I1?'EJft- President P.218 (G,S,) "'S.f'~a In,",,,.,,, Call1p....y of Anootl~., A'f,at..... r.....""'k a......, CONDITIONS AND STIPULATIONS 1. Definilion of Terms The following lermg when used in this policy mean: (a) "land": the land descrihed, spe. cifically or by reference, in Schedule A and improvements affixed thereto which by law constitute real property; (b) "public records": those records which impart constructive notice of mat- ters relating to said land; (c) "knowledge": actual knowledge, not constructive knowled~e or notice which may be imputed to the Insured hy reason of any public records; (d) "date": the effective date; (e) "mortgage": mortgage, deed of trust, trust deed, or other security instru- ments; and (f) "insured": the party or parties named as In!>ured, and if the owner of the indehtedness secured by a mortgoge shown in Schedule B is named as an Insured in Schedule A, the Insured shall include (I) each successor in interest in ownership of such indebtedness, (2) any such owner who acquires the estate or interest referred to in this policy by fore- closure, trustee's sale, or other legal man- ner in satisfaction of said indebtedness, and (3) any federal agency or instrumen- tality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an Insured herein or not, subject other- wise to the provisions hereof. 2. Benefits after Acquisition of Title If an insured owner of the indebtedness secured by a mortgage described in Sched- ule B acquires said estate or interest, or any part thereof, by foreclosure, trustee's sale or other legal manner in satisfaction of said indebtedness, or any part thereof, or if a federal agency or instrumentality acquires said estate or interest, or any part thereof, as a consequence of an in- surance contract or J!uaranty insuring or guaranteeing the indebtedness secured by a mortgage covered by this policy, or any part thereof. this policy shall continue in force in favor of such Insured, aj:!:ency or instrumentality, subject to all of the con. ditions and stipulations hereof. 3. Exclusions from the Coverage of this Policy This policy does not insure against loss or damage by reason of the following: (a) Any law, ordinance or govern- mental regulation (including but not lim- ited to building and zoning ordinances) restricting or regulatinj:!; or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions, or location of any improvement now or here- after erected on said land, or prohibiting a separation in ownership or a reduction in the dimensions or area of any lot or parcel of land. (b) Governmental rights of police power or eminent domain unless notice of the exercise of such rights appears in the public records at the date hereof. (c) Title to any property beyond the lines of the land expressly described in Schedule A, or title to streets, roads, avenues, lanes, ways or waterways on which such land abuts, or the right to maintain therein vaults, tunnels, ramps or any other structure or improvement; or any rights or easements therein unless this policy specifically provides that such property, rights or easements are insured, except that if the land abuts upon one or more physically open streets or highways this policy insures the ordinary rights of ahuttinl!; owners for access to one of such streets or hip:hways, unless otherwise ex. cepted or excluded herein. (d) Defects, liens, encumbrances, ad- verse claims against the title as insured or other matters (I) created, suffered, as- sumed or agreed to by the Insured claim. ing loss or damage; or (2) known to the Insured Claimant eilher at the date of this policy or at the date such Insured Claim- ant acquired an estate or interest insured by this policy and not shown by the public records, unless disclosure thereof in writ- ing by the Insured shall have been made to the Company prior to the date of this policy: or (3) resuhinj:!; in no los~ to the Insured Claimant: or (4) attaching or created subsequent to the date hereof. (e) Loss or damaj:!;e which would not have heen sustamed if the Insured were a purchaser or encumbrancer for value without knowledge. (f) Any "consumer credit protection", "truth in lending" or similar law. 4. Defense and Prosecution of Ac- lions - Notice of Claim to be Given by Ihe Insured (a) The Company, at its own cost and without undue delay shall provide (I) for the defense of the Insured in all litigation consisting of actions or proceedings com. cenced against the Insured, or defenses, restrainillj:!; orders, or injunctions mter- posed against a foreclosure or sale of the mortJ!age and indebtedness covered by this policy or a sale of the estate or interest in said land; or (2) for such action as may be appropriate to estllblish the title of the estate or interest or the lien of the mortgage as insured, which litigation or action in any of such events is founded upon an alleged defect, lien or encum. brance insured against by this policy, and may pursue any litigation to final determ. ination in the court of last resort. (b) In case any such action or pro- ceeding shall be begun, or defense inter. posed, or in case knowledge shall come to the Insured of any claims of title or in. terest which is adverse to the title of the estate or interest or lien of the mortgage as IIIsured, or which might cause loss or damage for which the Company shall or may he liahle by virtue of this policy, or if the Insured shall in good faith contract to sell the indebtedness secured by a mort. j:!;age covered hy this policy, or, if an Insured in good faith leases or contracts to sell, lease or mortgage the same, or if the successful bidder at a foreclosure sale under a mortgage covered by this policy refuses to purchase and in any such event the title to said estate or in. terest is rejected as unmarketahle, the Insured shall notify the Company thereof in writing, If such notice shall not he given to the Company within ten da)'s of the receipt of process or pleadings or if the Insured shall not, in writing, prompt:y notify the Company of any defect, lien or encumbrance insured aj:!;ainst whi('h shall come to the knowledge of the In. sured. or if the Insured shall not, in writing, promptly notify the Company of any such rejection by reason of claimed unmarketability of title, then all Ilability of the Company in rej:!;ard to the subject matter of such action, proceeding or matter shall cease and terminate; pro- vided, however, that failure to notif" shall in no case prejudice the claim o'f any Insured unless the Company shall he actually prejudiced hy such failure and then only to the extent of such prejudice. (c) The Company shall have the right at its own cost to institute and prosecute any action or proceeding or do any other act which in its opinion may he necessary or desirable to estahlish the title of the estate or interest or the lien of the morl- j:!;aj:!:e as insured; and the Company may take any appropriate action under the terms of this policy whether or not it shall he liable thereunder and shall not thereby concede liability or waive any provision of this policy, (d) In all cases where this policy permits or requires the Company to pres- ecute or provide for the defense of any action or proceedinj:!;, the Insured sholl secure to it the right to so prosecute or provide defense ill such action or pro. ceedinj:!:, and all appeals therein, and per- mit it to use, at its option, the name of the Insured for such purpose. Whenever (Conditions and Stipulations Continued and Concluded on Last Page of This Policy) . P-2IS-A (G S.) Rev. . Califorma Land Title Associalion Standard Coverage Policy Form Copyrtght 1963 45gw SCHEDULE A Effedive Date: October 8, 'Amount of liability: S 11971 at 8:01 A.M. 2,000.00 Policy No: Premium S 7003787 40.00 INSURED CITY OF ARCADIA, a municipal corporation , 1. The estate or interest In .the land described or referred to ill thi:-. :::chedulc covered hy this policy IS: A fee 2. Title to the estate or interest covered by thi~ policy at the date hereof is vested in: CITY OF ARCADIA, a municipal qorporation :1. The land referred to in this policy is situated in the State of California, County of and is described as follows: Los Angeles The Westerly 10 feet of Lot 3 in Block 81 of Arcadia Santa Anita Tract, in the City of Arcadia, as per map recorded in Book 15, Page! 89 of Miscellaneous Records, in the office of the County Re,corder of said County. . P-21B.B (G.S.) L"'1aU\,la.... 1'::1" Cahlorma land TItle ASSOCH)tlon I Standard Coverage Polley form I: Cop'ynghl 1963 SCHEDULE B This policy does not insure again:;<llo:;;..;; or darna~e by n'a~on of the following: PAIlT I 1. Taxe:; or a:;sessments ~'hi<;h are not shown as e:\i~(in;! lietl~ by the record:; of any ta:\in~ authority that Ic\'ie:; taxes or assessments on real property or by the publit, records. 2. AllY fads. rights. illtere~ts. or claims \,hich ure not ~ho\\n IIY the IlUhlit. rec()ld~ hut \\hich t"ould he uSt'ertaineo hy un inspection of said land or hy making inquiry of per~oll~ ill Ilo:-:;cssiol1 thereof. ,~L Easement~~ claims of easement or cllcumbrullces which are not ~ho\\'n hy the public rCl.;ord:-. .1. Discrepancies. l'onfiids I'in houndary line~. :-horlage ill area. clltTou(;hlllcnt~. or allY other fad~ \,'hi("h 1.1 t'orrect sun'ey would disdose~ und which are not shown hy the puhlit" rc("or<l:-. 5, Unpatented mining dai,rlls; re~er\'ation~ or eXl'cpliollf' ill p:lI(,I1I:- or in Ad:- uuthori/.ing the i:-:-II:1lln: thereof: water rights. claims or li~le to water. PAIlT II 1. General and special taxes for the fiscal year 1971-1972, a lien not yet payable. 2. An action commenced August 30, 1971 in the Los Angeles County Superior Court, Case No. NEC 11207, entitled City of Arcadia, a municipal corporation, Plaintiff vs. Joseph Earl Parker, et lal., Defendants, to condemn the fee simple title to said lana for the use of a public right-of-way. Notice of Pendency of said action was recorded August 31, 1971 as Instrument No. 4462, in Book M-3846, Page 527, of Official Records. . ) ~ J60 ~ "l:: ] J J,~ I B/oc ks 8/ and 83 AQCADIA .4l.io I! Book j5, Paqes ,8..!J and 90 of Mise, Rec. (SooK 3" PaJ~~ 4/ and 42 or "'lise, R~c..) '" '<> " '" L_ 60 l;~ ~~ ~ 8 l.J lr) 60 PHY. Ii THIS IS NOT A SURVEY OF THE LAND BUT IS COMPILED fOR INFORMATION ONL'r FROM DATA SHOWN BY OFFICIAL RECORDS, ,j :5 1/01 LorenaAve, COLORADO Un, of Sanla Amlo 110Sh) I fJLVD, , /:2 Ii If! 50 50 ,0 ,0 '0 50 SO 50 50 50 50 50 23:3 '.f~2 r,; '" '36 - '" p;~, ~'" 33 32 3/ 30 29 28 27 26 25 24 23 22 ~ '2/ Sl , F- . Iq:J~ \ - '" ,35 --", ~ ~ '" C) 20' (".) . . '" '" . '" " " 8 . , S ~3Q /45 ~ ~- '" , , 50 ~145 /9 ""'0 50 50 50 50 50 50 50 50 50 50 " r , ~!i /45 ~ 50 50 50 50 50 5(j" 50 50 50 50 50 50 '(d145/8 '(d :3 ,3 ~ .... :z Cl :;j .. ~<:J .jl7~Z ",Cl /7 ~ "'~ '" , , '" 4 5 6 7 8 9 /0 /I /2 /3 /4 /5 Q /45 /6 Q / :145 '" 50 <0 50 50 50 50 .00 50 50 50 50 50 !X -.. ' ~ LA PORTE: ST. " 36 145 S; 50 50 50 50 50 50 50 50 50 50 50 50 ~/45 2/ ~ 0'- " 33~ 32 31 30 29 28 27 26 25 24 23 22", 20 35 ..., ~ .... '" '" ",'" '<) < ::: ~4 145 ~ .... '!? 59-. 10 ~ ::::14519 :::; 50.... 50 50 50 50 50 50 50 50 50 h,ll " ~ It) '" l' 145", 50 50 50 50 50 '5t 50 50 50 50 50 ':},145/8 3 50 ~ '" ..., '" ~ " 'Q ~ ,2 :::: 4 5 6 7 8 9 /0 // /2 /3 14 15 '" /7 :::: ..., ~ ~ '" ~ /45 /6 '" 0 145 '" 50 50 50 50 50 50 50 50 50 50 50 50 ..., '" '" Sr. JOSEPt1 ST. 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. fendinl; such action or proceeding, and the Company shall reimburse the Insured for any expense sO incurred. 5. Notice of J..o88 . 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 COmllany is li.able under this policy shall be ftlrnished 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 furnisl1 such statement of loss or damage, or to commence such action within the time hereinbefore specified, shall he a conclusi\'e bar against main. tenance by the Insured of any action under this policy, 6. Option to Pay, Seide or Compro- mise Claims The Company ~hall have the option to payor senle 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, tlttorneys' 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 ~iven to the ComlJany by the Insured, the Company offers to purchase said indeht- edness, the owner of such indebtedness shall transfer and assign said indebtedness and the mortgaA"e securing the same to the Company upon pilyment of the purchase price. 7. Payment of Loss (a) The Liahility 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, (h) 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 hy the Insured P-21S (G S) with the written authorizati.on or the Company. (c) No claim for damages shall arise or be maintainable under this policy (1) if the Company, nfter having received notice of an alleged defect, lien or encum. brance not excepted or excluded here- in removes such derect, lien or encum- brance within a reasonable time after receipt of such not,ice, 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 hecause of a defect, lien or encumbrance not excepted or excluded in this policy, until there has been a final determination liy a court of competent jurisdiction sus. taining such rejection. (d) All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto and no payment shaJl be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof or such loss or destruc- tion shall be furnished to the satisfaction of the Company: provided, howe\'er, if the owner or an indebtedness see.ured 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 indehtedness 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. 3. 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 descrihed 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 ri.ght of subrogation shall vest in the Company unaffected hy 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 a~ainst 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 he required t() 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 shaH permit the Company to use the name of the Insured in any transaction or litiftation involving such rights or remedies. If the Insured is the owner of the in- dehtedness secured by a mortgage covered by this policy, such Insured may release or substitute the personal liability of any dehtor or guarantor, or extend or other. wise modify the terms or payment, or release a portion of the estate or interest (rom the lien of the mortgage, or release any collateral security (or the indehted- ness, provided such 81"t does not re3ult in any loss of priority of the lien of the mortga~e. 10. Policy Entire Contract Any action or actions or rights of action that the Insured may have or may bring a~ainst 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 pro\'isions of this policy. No provision or condition of this policy can he waived or changed except b}' writin~ 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 he given the Company and Ilny statement in wfltlDg 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, -.r' , , SECURITY TITLE INSURANCE COMPANY. POLICY OF TITLE INSURANCE /' I~ SeCURITY TITLE SECURITY TITLE INSURANCE COMPANY HOME OFFICE 13640 ROSCOE BOULEVARD PANORAMA CITY, CALIFORNIA 91409 3444 WILSHIRE BOULEVARD LOS ANGELES, CALIFORNIA 900151 SECURITY TITLE INSURANCE COMPANY