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HomeMy WebLinkAboutD-1805 On August 11, 1971 before me, the undersigned, a Notary Public in and for said State, personally appeared Peter Schade and Fred Bracht, known to me to be both of the partners of the partnership that executed the within instrument, and acknowledged to me that ,such partnership executed the same. WITNESS my hand and official seal, ","",m~A' )fe(J~<~ ~\r tf '." STATE OF CALIFORNIA .' SS COUNTY OF LOS ANGELES . "~ '.~ T , s OFFICIAL SEAL FLORENCE E, NEERGARD NOTARY PUBLIC, CALIFORNIA LOS ANGELES COUNTY MyCommission ExpiresMar.4,1972 p, O. Box 60, Arcadia, Calif. BK05226pc403 CERTIFICATE OF ACCEPTANCE .' ., ~- .... 1/ 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 11, 1971 , from or executed by P & F Motors, a partnership , 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 authorize officers. ~ -J ~/!~ City Engineer ., '. The is hereby approved as to form, ~~ C i t ey i r .\ .: ~!:~c:E AB~":)E i':-~!.~~~~~Ey~,\,..,~~lMe.uS.~, " o COMPUTED ON FULL VALUE OF PROPERTY CONVEYED, 0;' o COMPUTED ON FULL VALUE LESS LIENS & ENCUMBRAn. CES REMAINING THE.1lEON AT TIME OF SALE, .~.J/i;J. ~,~..~J.G.~.Id.l!.lr..'J.,:D.T.J..E.I.#.5."'~MK{; C (I, -sil;;;~;; of d:;:;:l;t or agent determining tax - firm name ~ AFFIx I.R,SQ,IJ.n.\e'!'J,!".at"11<Pnils Bff8\' 01...&.:,3..1/.1................ ........ .~v,,.RECORDING R.EQUE6!ED BY ~:,~.L~,--- "'CITY OF ARCADIA ~ /' AND WHltN R1!:CORDltD "'AIL TO I City Clerk Nom. S,....t P. O. Box 60 Addr." City & Arcadia, California Sial. L MAll TAX STATEMENTS TO I City of Arcadia Nom_ S'r..' Addrou City & SlaleL I -1 I 807 " BrrD5~2bPG402 " RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY, CALIF, OR SECURITY TITLE INSURANCE CO, OCT 18 1971 AT 8:01 A,M, Registrar.Recorder \ FREE d.-E \ Grant Deed THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY TO .cQS C FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, P & F MOTORS, a partnership Free reCOrding requested und ' Gov. Code 6103. Document necessary due to City acquiri g title, hereby GRANT(S) to the CITY OF ARCADIA, a Municipal Corporation the following described real property in the County of Los Ange les City of Arcadia , State of California: The Westerly 10 feet of Lot 34, Block 83, of Arcadia Santa Anita Tract, in the City of Arcadia, Book 15, Pages 89 and 90 of Miscellaneous Records, in the office of the County Recorder. '\ EXCEPTING the North 3.65 feet of said Lot. . , .. " Dated " ,. r I \,'" . known to me subscribed to the within executed the saml:'". "'7 , , " '-'" ( Name (Typed or Printed) , Signature , . Tille Order No, MAIL TAX STATEMENTS AS DIRECTED ABOVE ..... P & F MOTORs, a partnership /Ur',~~17b eter cae - - ""'~ ~ ;I ~'f'E! rac I~ >- OJ Cl I~ .:~ '~ J OFFICIAL SEAL FLORENCE E, NEERGARD NOTARY PUBLIC. CALIFORNIA LOS ANGELES COUNTY MyCommisslOn ExprresMar.4.1972 P. O. Box 60, Arcadia. Calif. (This u",a for omclal notulallleal) Escrow or Loan No, MARK H. BLOODGOOD AUOITOR-CONTROL.L.ER COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR,CONTROLLER 153 HALL OF ADMINISTRATION LOS ANGELES, CALIFORNIA 90012 625.3611 September 19, 1972 Cityof Arcadia 240 West HUntington Drive Arcadia, California 91006 Attention: Robert D. Ogle, City Attorney SUBJECT: First Avenue Parcel No. 12 Gentlemen: Pursuant to your lett~r dated November 17, 1971, taxes have been cancelled in accordance with SActio~ 4986 of the Reve~ue and Taxatio~ Ceode. This cancel- lation was eordered by the Honorable Beoard ~f Super- visors Feb. 18, 1972, by Authorization No. 26661. V"ry truly yours, MUL~ H. BL00DC-oOD, Auditcr-c~ntroller . '" .....;::-;...., / '/ ''',r"''. .'''''/__'/ "..'-", '1 ',,'\~r By Edward Gu!Orrero, Chief, Tax Division EG/MG/tc P 4-,J "'YruJ.~ Tax Div. ffc-11 8/72 ~Ta..-~~t; '?J..6t34, ~ ~3 JJ- /<2o~ ROBERT A. GJL.L. CHIEF DEPUTY E, GUERRERO CHIEF, TAX DIVISION RECEiVED s!:p 20 1972 .CITY OF ARCAOI,c\ CITY .o.rrORN!="Y _,.____..-u.- .._________. _,./, .,' ' - ,,", :~. ," -n.JJ vr'" J f 806 AND WHEN RECORDED MAIL. TO RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY, CALIF. FOR SECURITY TITLE INSURANCE CO. OCT 18 1971 AT 8;01 A,M, Registrar.Recorder Name 1" Street Address SECURl1Yl,l,l~~ \NS~RI'INCE COMPI'IN'i I (;ty State L Zip .J SPACE ABOVE THIS LINE FOR RECORDER'S U5E- 'nrtinl irrnnurynurr I FREE 1 E J ?- I ~ WHEREAS, BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national bank. ing association, organized and existing under the laws of The United States of America, as Trustee under Deed of Trust dated ...June..14th"......."............, 1966"" made by ..P.&..F..Motors.,...a..ParlnEl-I'sllip..................................... ::::::::::::::~~.:~.::::::::::::::::::::..;~:::66.::..i~.~~'~~.:~~~t~:;~~302~:64i:.~;.O!f~;;,;:~~=:~:d.~e~~t~~~ in the ollice of the Recotder of the ............................ County of .............Los..Angeles............................, California, has received from Beneficiary thereunder a written request to reconvey, in accordance with the terms of s3id Deed of Trust, the estate now held by said Trustee under said Deed of Trust in and to the hereinafter described p,"openy, said Beneficiary having presented said Deed of Trust and note or notes secured thereby for endorsement; NOW THEREFORE, in accotdance with said request and the provisions of said Deed of Trust, BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, as Trustee, does hereby reconvey, without war, rancy, to THE PERSON OR PERSONS LEGALLY ENTITLED THERETO, the estate now held by it thereunder in and to that portion of the-property described in said Deed of Trust, situate in the __...____.............................................. County of ............ .....-:.....,.., ...............Las~.Angeles............:...........,......,............................, California, described as: The lfesterly 10 feet of Lot 34, Block 83, of Arcadia Santa Anita Tract, in the City of Arcadia, Book 15, Pages 89 and 90 of Miscellaneous Records, in the office of the, County Recorder. EXCEPTING the North 3.65 feet of said Lot. Free recording requested IZIIflIIe , Gov. Code 6103. Document necessary due to City acqu~ ~+l-e, Dated: ....September..27.......... ........" 19.11.... BANK OF AMERICA NATIONAL TRUST AND ::VINGS ASSOCIATION, as~,~., ~ --- STAT~.,~~.,~~.L~:~n~~:~ '~la.,Angel6S...n.".,.,.,.,...,.,J~". Trust Administrator ~g onSep.tember..2Z.........., 19-7.1...., before me, the undersigned, a NOtary Public in and for said.-Los.,J\ngeles....... County and State, personally appeared ........................................... .....,.............'.... .............9.Q~9:r.I:l'(..S.c:I:lI9[..WrlUAMES.............., ~~~:~ :~ :::~ t~ ~: t~e~1~~~~~ OF.,A1fiiRicANATi6NAi:TRusT.,~~E~viNGs.,AssoCi~Ti6N: the n3tion:l1 banking association that executed the within instrument as Trustee, and known to me to be the persons who exe- cuted (he same on behalf of the nation31 banking association therein named, and acknowledged co me that such national banking :;:~:: :;c:::: ~:: s:;:ia~s'::lustee,............~.......~........::...a~YX~>C,.,...... lid c: NOtary Public in and-for,;id ..;l.c:l.s...Mgeles... ... Count)' and St",e, My Commi.ssion expires _ . .-_ _ '" 19. No, ......,?69901..., OFFICIAL SEAL AIDA G, PAZ NOTAR'\' ~UBLlC-CAUFORNtA LOS ANGEl.ES COUNTY MyCommlsslQn E'(plresAug, 4,1975. Ttu.14H 7.139 DE~~RiPTIbN: u.....J-L.o....li .._-. - ..~ --; n o.!"...- -_""'--' ~~ < .. ..."-,, ~ I / LOT-SEC BLK-TWP TRACT-RNG BOOK PAGE MP. CO :' Arcadia Santa Anita Tr. Ptn. 34 83 ARC 15 89 4 'i " " " " ORDERED BY: CODE: A 141A TYPE OF ORDER: LIABILITY: S CITY OF ARCADIA, 240 1-1. HUNTINGTON DRIVE ARCADIA, CALIFORNIA ' TO INSURE: OWNER: P. & F. MOTORS (run from 5-10-70) <1lL ATTN: CHESTER N. HOWARD ~ S.CUArr'Y TITLE BUYER: r\ ..", ~ ""'1 "'if S~s;,~~lr'!vA!ITLE INSURANCE lS?Ro~EF:'O~E~R)W & /t LOS ANGELES. CALIFORNIA 90054 PANORAMA CITY, CALIF. 91409 CJ TELEPHONE 381.3111 TEL.EPHONE 181-3650 We acknowledge wi1h o'pprecio1ion your order tor title work on the property described above. It will receive OUf prompt o11ention. :;-!-I' , ,."'" ". ",\ ~ T.. "canley 4:> I F 7'P~b '; Q.IP-' . l~fc,~/:{, CLTA.1963 AMENDED 1969 STANDARD COVERAGE POLICY OF TITLE INSURANCE i"ued hy 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 ohligated 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 encumhrance on the title 10 Ihe estale or inlerest covered hereby in the land described or referred 10 in Sehedule A, exisling at the dale hereof. 1101 shown or referred to in Schedule B or excluded frolll ('overage in Schedule B or in the Conditions and Stipulations; or 2. Unmarkelabilil)' of stich title: or :-t Any defect in the execution of an)' morq:!:age shown ill Schedule B securing an indebtedness, the owner of which is named as an In:.ured ill Schedule A, but only insofar as suc:h defect sHects the lien or charge of said 1l1Ort~ap::e upon the estdte or interest referred 10 in Ihis policy: or 4. Priority o'oer said mortgage, at the date hereof, of an)" lien or encumhrance nol shown or referred to in Schedule R, or exeluded from coverage in Ihe Conditions and Stipulations, said mortgage being shown ill Schedule R III the'ol"der of its priorily; all subject, however, to the provisions of Schedules A ano R 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. tC: t:? ~"""'\.'\."\\\\ ..;:--=-~SUR-4 1111 3"\, \........"'C 11/ .::~... ...~ I'I ~;::::... ..~I t::... ...\\~\\\\PO RA TEO\O ~ :;......\ .~~ %-. . Z ~cr::. -.- .-,;:,~ ? . '\.'J>'" ~?~. "'ARCH 5 \~\) .::;: ~ ~~.. ., .-""' 'I -n.. .. '.::: I'" . . .. - I, .... .. T:- /1\\1 ciiiro'i.\\\':...-=-3" ~~~ c;;ra.A _';9n :r.1!~ ~~.. ~. Secretary President An Authorized Signature P-218 (OS.) ~s.,..orft'ur'ftc.C_t"''''''''....,A.gl.I...<lT',_'k_,. CONDITIONS AND STIPULATIONS 1. Definition of Terms The following terms when used ill this policy mean: (a) "land": the land described, spe- cifically or by reference, in Schedule A Ilnd 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; (e) "knowledge": actual knowledge, not constructj"'e knowledge or notice which may he imputed to the Insured by 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 Insured, and if the owner of the indehtedness secured by a mortgage shown in Schedule B is named as an Insured in Schedule A, the Insured shall include (1) 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 indehtedness, and (3) any federal agency or instrumen- tality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeinv; said indebtedness, or any part thereof, whether named as an Insured herein or not, suhject 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 indebledness, or any part thereof, or if a federal agency or instrumenlahly acquires said estate or interest, or any part thereof, as a consequence of an in- surance conlract or I!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, agency or instrumentality, subject to all of the con- ditions and stlPulalions hereof. 3, Exclusions from the Cm!erag:e 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 regulating 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 puhlic records at the date hereof. (c) Title to any property beyond the hnes of the land expressly descrihed 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 thig policy insures the ordinary rights of ahutting owners for access to one of such streets or hil!hways, unless otherwise ex- cepted or exdudcd 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 either 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 heen made to the Company prior to the date of this policy: or (,'n resultinj!: in 110 logs to the Insured Claimant: or (4) attaching: or created subsequent to the dale hereof. (e) Lo~s or damap:e which would not have heen sustained if the Insured were a purchaser or encumhrancer for value without knowledge. (f) Any "consumer credit protection", "truth in lending" or similar law. 4, Defense and Prosecution of Ac- tions ~ Notice of Claim to be Given by the 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 ag:ainst the Insured. or defenses, restraining orders, or injunctions inter- posed against a foreclosure or sale of the mortg:ap:e and indehtedness 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 establish the title of the estate or interest or the lien of the mortp:ap:e 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 delerm. ination in the court of last resorl. (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 insured. or which might cause loss or damage for which the Company shall or may lle liable by virtue oC this policy, or if the Insured shall in good failh contract to sell the indebtedness secured by a mort- gage co\ered by this policy, or, if an Insured in good faith leases or eontracts 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 writinp:. If such notice shall not he given to the Company within ten days of the receipt of process or pleadings or if the Insured shall not, in writing, prompt:y nOlify the Company of any defect, lien or encumbrance insured against which shall ('orne to the knowledge of the In- Silted, or If the Insured shall not. in writing:, promptly notify the Company of any such rejer.tion by reason of claimed unlTlarketahility of title, then all liability of the Company in regard to the subjeC't matter of such action, proceeding: or matter shaH <"ease and terminate; pro- vided, however, that failure to notifv shall in no case prejudice the claim o"f any Insured unless the Company shall be actually prejudiced by such failure and then only to the extent of such prejudice. (c) The Company shall have the ril!ht at its own cost to im:titute and prosecute any action or proceeding or do any other act which in it~ opinion may be necessary or desirahle to establish the title of the estate or interest or the lien of the mort- gage as insured: and the Company may take any appropriate action under the term~ of this policy whether or not it shall he liable thereunder and shall lIot thereby ('oncede liahility or waive any provision of this policy. (d) In all cases where this policy permits or requires the Company to prcs. ecute or provide for the defense of allY action or proceeding, the Insured sh.:J.1l secure to it the rig:ht to so prosecute or provide defense in such action or pro. ceeding:, 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.218.A (G,S.) Rev. California Land Title Association 'Standard 'Coverage Policy Form COPYright t963 .' SCHEDULE A Effective Date: , Amount of liability: S 2,000.00 October, 18, 1971 at 8:01 A,M. Policy No: Premium S 7003781 40.00 INSURED CITY OF ARCADIA, a Municipal Corporation 1. The estate or interest III the land described or referred 10 ill thi:-. ~chedule covered hy this policy IS: a fee 2. Title to the estate or interest covered by this policy al the daLe hereof is vested in: , CITY OF ARCADIA, a Municipal Corporation :;, The land referred 10 in thi,s policy is situated in Ihe State of California, County of Los Angeles and is described as follows:' The Westerly 10 feet of Lot 34, Block 83, of Arcadia Santa Anita Tract, in the City of Arcadia, Book 15, Pages 89 and 90 of Miscellaneous Records, in the Office of the County Recorder. EXCEPTING the,North 3.65 feet of said Lot. . j-'-":Ul-D 11...1;::' J California Land TIlle ASSOclolion Slandard Coverage Poltcy Forml' COPYright 1953 SCHEDULE II This I'oli(:y doe~ not in~ure again!'t lo!'" or damage by n~a~on or the following: PAllT I 1. Taxes or assessments ~\'hich are not ~hown a::l e:\.i~tin.;! liell~ hy the rCI'ord:- of uny t..,illt! authority that le\'ie... taxes or assessments or real property or hy the puhlic rCI'onl:" 2, Any fads. rights: inlere~(s. or claims \\hil'h are not :,howl1 II)" the Illlhlil' reconb hut \\hich ('ollld l,e a:,("erlained hy an inspection of said land or by making inquiry of pcr~ons in po......c~sion thereof. :-L Easements. c1aim::l of e'~sement or encumbran('es which ..lie not showll hy the puhlic record:,. .1,. Dis<:repancic::l. connicb"in houndary line:,: ::lhorta~c ill area. cllt'loachmcnb. or any other fad~ which a ('orrcct survey would rli5c1ose~ and ",hieh are not ...ho\\'1l hy the puldil' ICI'onl". 5. Unpatented mining claims; re::len'ation~ 01' e.v'cptioll!' ill patl'lIl:- or in Ad::- authorizing Ihe 1:-::-U<lII('(' thereof; water rights: claims or title to water, PAllT II 1, General and special taxes for the fiscal year 1971-1972, a lien n9t yet payable. . '''',J'S''"' .-J 60 " ~ ~ If) " <I) ~ ~ 6.t> ~, @ \ ..CU"~;., } ,TfTI.~ ~L.I\. 'Up./ tH!3 [ ~ 00 >- ""'Y....... << N \) '<l i " COLORAOO Ii 1/45' 136 I ...c-- ..p~ ~~ -q 8L v.o. ~ v ~ \) \0) ~ 33 '" V) " ~ r:.: T Ii, " ~I[' 34 '145 II Q B~ so () '" 1 r II> l'14$' 50 0 ~ I ~ ~V ,",' , '" i 3 ~ II II ~ ~ ~ i 2 ~ ~' 4- '" ~ I , ~45' 7& I I If!! ~ I 1, \) \ .., 7& tf!J S.t> I () I <::> '" , LA , PORTe STREET Ii Ii A PART OJ:" I ARCADIA i SANTA ANITA TRACT LofJ /-II~q...d $3- 36', B/ot;k 8.3' ,,11,/? /S/83-..90 "Thi:, plat i~ for your ,lid ill !ot:alllll! your land. \~'ilh rr~lert'n('l' to ,,11t'd" alld <1t1lt'r !'afcl.j..... II i~ not a ~ur\'('y. Wid!., 11 "Ial i... bclil.'\t'd t41!w .Ollr,,". till' 1.00111'a1lY a""Ullll',, 110 lialllhl) fl1l ,Ill) I"...... lH"'lllriul! j,~ rr"a",oll nf rchan,," 111,.,. jj SEr..UP'~v TITLE INSURANCe: COMPANY '0 . . CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) requested by the Company the Insured shall give the COn;'pany all rea~onab)e aid in any such actIOn or proceedmg, In effecting $culement, securing evidence, obtaining <<itnesses, or prosecuting or de- fending such action or proceeding, and the Company shall reimburse the Insured for any expense so incurred, 5, Notice of Loss - Limitation of Action In addition to the notices required under paragraph 4(b), a statement in writing of any loss or damage for which it is claimed the Company is liable under this policy shaH he furnished to the Company within sixty days after such loss Of 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 commellced thereon within five years after expirAtion of said thirty day period. Failure to furnish such statement of Joss or damagel or to commence such action within the time hereinbefore specified, shall he a conclusive har against main. tenance by" the Insured of any action under this policy. 6. Option to Pay, Settle or Compro- mise Claims The COlllpany shall have the option to payor 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 poHey hy 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 (osts, attorneys' fees and ex. penses whic.h the Company is obligated hereunder to pay, shall terminate all liability of the Company hereunder. In the event, after notice of claim has been ~i,'en to the Company by the Insured, the Compan)' offers to purchase said indebt- edness, the owner of such indebtedness shall trnnsfer and assign said indebtedness and the mortAaAe securing the same to the Company upon payment of the purchase prire, 7. Puyment 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 he obligated hereunder to pay. (b) The Company will pay, in addition to any Joss insured against by this policy, all costs imposed upon the Insured in litigation ctlrried on hy the Company for the Insured, and all costs and attorneys' fees in litigation carried on hy the Insured P.218 (G,S.l 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 ha,'ing 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 no~ice, or (2) for liabilit). 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 detennination by a court of competent jurisdiction sus- taining such rejection, (d) All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto and no payment shall he made without producin~ 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 he 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 lnsured herein then such payments shall not reduce pro tanto the amount of the insurance afforded hereunder as to such Insured, ex('ept to the extent that sllch payments reduce the amount of the in- debtedness secured hy such mort~age. Payment in full by any person or voluntary satisfaction or release by the Insured of a mort~age covered by this policy shall terminate all liability of the Com pony to the insured owner of the indebtedness secured by such mortgage, except as pro- vided in paragraph 2 hereof. (e) When liability has been definitel)' fixed in accordance with the conditions of this policy the loss or damage shall he payahle within thirty days thereafter. 8. Liability Noncumulative It is expressly understood that the amount of this policy is reduced by ony 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 mortga,::e shown in Schedule B unless such Insured acquires title to said estate or interest in satisfaction of said indeht. edness or any part thereof. 9. Subrogation upon Payment or Selllement Whenever the Company shaH 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 Co\er 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 perfert such right of subrogation, and shall 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 an)" dehtor or ~uarantor, 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 surh aet does not re3ult in an)" loss of priority of the lien of the mort,::ap:e. 10. Policy Entire Contract Any action or actions or rights of action that the Insured may have or may bring ap:ainst the Company arisinp: 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 he waived or changed except b). writinf:t 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, l3640 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, I- CERTIFICATE OF ACCEPTANCE BKD5226PG405 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 11, 1971 , from or executed by P & F Motors, a partnership , 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 CLJ 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 TthO~ officers. / - ~_./ dud;; JI, }tPd4- ,.f/ City, Man~fY City Engineer The document thus described is hereby approved as to form. ~eY'