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HomeMy WebLinkAboutD-1824 . , ... ~ 'BKD5304p,c3!1 ~. CERTIFICATE OF ACCEPTANCE 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 September 20, 1971 , from or executed by James C. Winslow and Alice M. Winslow , 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' ~;'!~ Ci ty Engineer ..... ..... CJ1 ~ is hereby approved as to form. ~~e~ RECORDING REQUESTED BY II CITY OF ARCADIA 1154 o'u.;.;u't' "v I V ..y D 0- /2;J-Y -/Y:?fL AND WHEN Rr;CORDII!:D MAIL TO RECOROED IN OFFICIAL RECOROS OF LOS ANGELES COUNTY. CALIF. FOR SECURITY TITLE INSURANCE CO. DEe 30 1971 AT 8:01 A.M. Registrar.RecQTder Name I City P.O, Clerk Box 60 I Str... Add,.1I City & Stole Arcadia, Calif. L _d'...__ I FREE.).. E I ~ -- SPACE ABOVE THIS LINE FOR RECORDER'S USE MAIL TAX S1AlEMfNTS TO I No.. City of Arcadia I Lr~'~.....n . .\.Y ii:MJ~: ~_:~ TAil. :; ':-zd/~.~.~--_.._.. . ... ..... 1S!..COMPUTEO ON FULL VALUE OF : ;;OPERTY CONVEYED. OR o COMPUTED ON FULL VALUE LESS LIENS & ENCUMBP.A: I. CES REMAINING THEREON AT TIME UF SALE. ~~i'd~~?;;d~l;~lf~:~:(~ !:l Urncorporated An:u ~ City Qf.....k.r...noctl..t1l:.................. Slreet Addrou CIty & StoteL ..J Grant Deed AFFIX I.R.S. $.. ................................... ABOVE TO 405 C (B.67) THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY Free recOrding requested Gov. Code 6103. Document der necessary due t title. 0 City acqui iog hereby GRANT~) to the CITY OF ARCADIA, a Municipal Corporation, FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, JAMES C. WINSLOW and ALICE M. WINSLOW the following described real property in the County of Los Angeles City of Arcadia, , State of California: Those portions of Lots 13, 14 and 15 in Block 80 of the Arcadia Santa Anita Tract, in the City of Arcadia, as shown on map recorded in Book 15, Pages 89 and 90 of Miscel- laneous Records in the office of the County Recorder of said County, described as a whole as follows: Beginning at the southeasterly corner of said Lot 13; thence northerly along the easterly lines of said Lots 13, 14 and 15, a distance of 160.00 feet to the northeast- erly corner of said Lot 15; thence westerly along the northerly line of said Lot 15, to a line that is parallel with and distant westerly 10.00 feet, measured at right angles from said easterly lines of Lots 13, 14 and 15; thence southerly. along said parallel line to the beginning of a tangent curve concave northwesterly, having a radius of 15.00 feet, said curve also being tangent at its westerly terminus to the southerly line of said Lot 13; thence southwesterly along said curve to said westerly terminus; thence easterly along said southerly line of Lot 13, to the point of beginning. Dated xiA'1~ , I ;;Lv) 19? / A....~~ , ~ /7 ..James C. Winslow 2 c.L.c.l.--e~ h? u.-i _~ J.-v- Alice M. Winslow t~ >- >- co co z a loJ loJ .... '" .... U 0: W ;:: :I: U '.1 STATE OF CALIFORNIA }ss COUNTY OF JJfI.t ~ s""niego . On Septembe~ 20, 1971 before me, the under- siO"ncd, a Notary Public in and for said Stale, personally appeared o James C. Winslow and Alice M. Winslow .. known to me to be the persorf_whose naml' S ar e subscribed to the within instrument and acknowledged that they uled !he same. WITNESS my hand and official seal. J 1/ Signature . THELMA F. PRATT NOT ARv PUBLIC CALIF. PRINCIPAL OffICE IN SAN DIEGO COUNTY My Commission ExplIU SePt. 27,1973 z o t:: a. 0: u UJ UJ ~ ~ c..n ~ . '-- . Name (Typed or Printed) (This &,'{'. tor omrlal nourlal 11('&1) Title Order No. Escrow or Loan No. MAIL TAX STATEMENTS AS DIRECTED ABOVE 7 Of) -3773 A ,~ llECORDING REQUESTED BY Recc:--O;d at th~ SECur:i n" ;' ., _ ..OJ. rGquesf 0' " - ....., r 1861 BKR38Z4pc305 ICIAL RECORDS RECORDED IN O~F COUNlY. CALIF. ... OF \.OS ANGELE A9 Min. 8 A.M. JAN 5 19"/2. :.,.. . pjiit Registrar.Recorder 1--/1 Z/ AND WHEN RECORDED MAIL TO Nom. ~ ty of Arcadia, P. O. Box 60, ~~:~.. Arcadia, Calif. Clty& L Slole I Engineering D'v. 91006 \ -1 ~ mo. ^~. ,",. "". '000.=0"0" u.. I;~I TITLE ORDER NO. TITLE OFFICER T0431-IC PARTIAL RECONVEYANCE TITLE INSURANCE AND TRUST COMPANY, a corporation, of Los Angeles, California, as duly appointed Trustee under the Deed of Trust hereinafter referred to, having received {rom Beneficiary thereunder a written request 10 reconvey, in accordance wilh the te rills 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 by FINIS C. MYERS AND BETTY L. MYERS and recorded in the Official Records of Los Angeles I Trustor. County, California, as follows: Date February lq. 1960 'S Instr. No. 4?1 'n Book ,!,-1149 . Page ?R9; 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 LEG ALL Y ENTITLED THERETO, all estate now held by it thereunder in and to that property situated in said county, state of California, described as follows: Those portions of Lots 13, 14 and 15 in Block 80 of the Arcadia Santa nita Tract, in the City of Arcadia, as shown on map recorded in Book 15, Pages 89 and 90 of Miscellaneous Records in the office of the County Recorder of said County, described as a whole as follows: Beginning at the southeasterly corner of said Lot 13; thence northerly along the easterly lines of said Lots 13, 14 and 15, a distance of 160.00 feet to the northeasterly corner of said Lot 15; thence westerly along the northerly line of said Lot 15, to a line that is parallel with and distant westerly 10.00 feet, measured at right angles from said easterly lines of Lots 13, 14 and 15; thence southerly along said parallel line to the beginning of a tangent curve concave northwesterly, having a radius of 15.00 feet, said curve also being tangent at its westerly terminus to the southerly line of said Lot 13; thence southwesterly along said curve to said westerly terminus; thence easterly along said southerly line of t 13, to the point of beginning. Free recording requested under Gov. Code 6103. Document necessary. due to City acqUiring ti t1e. The remaining property described in said Deed of Trust shall continue to be held by said Trustee under the terms thereof. As provided in said Deed of Trust, this Partial Reconveyance is made without affecting 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. Dated December 30, 1971 R-337295 TITLE IN~;}AND By ~/ as Trustee. ~ CJ) ~ ,.... Assistant Secretary STATE OF CALIFORNIA, COUNTY OF Lo" Ane;p1 p" 0.. np(':pmhp1'" 3()... ' 97' before me, the undersigned, a Notary Public in and for said Stat~. personallyappeare..l 'R E _ Mey@r 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 as such Trustee. }ss. WITNESS mZd olliciol seal. e Signolllr' , 4 --) , ' t1~"') @ .,- OFFICIAL SEAL BARBARA J. OTTEM NOTARY PUBlI~.CAUFORNIA PRINC1PAL OFFICE IN LOS ANGELES COUNTY L . _\ Ex;llres Jan. 9, 1974 Name (Typed or Printed) (This ar~a In. nffi~ial ""tarial s"aJ) (i) 7003793 MARK H. BLOODGOOD AU DITOR.CONTROLLER COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR-CONTROLLER 153 HALL OF ADMINISTRATION LOS ANGELES, CALIFORNIA 90012 628.3611 September 25, 1972 The City of Arcadia 240 West Huntington Drive Arcadia, California 90116 Attention: Robert D. Ogle, City Attorney SUBJECT: First Avenue Parcel No. 3 Gentlemen. Pursuant to your lett~r dated January 20, 1972, taxes have been cancelled in accordance with SRctior. 4986 of the Rever.ue and Taxatior. Code. Tr~s cancel- lation was ordered by the Honorable Board ~f Super- visors May 23, 1972, by Authorization No. 28017. Very truly yours, MARK H. BL00IJG(10D, Auditor-Csmtroller ...,;f'-.,c.. ..:/ '..._r.'.~< ,,"~/:'J,':-" '< ""\_' By Edward Guerrero, CIl:!.ef, Tax Di visinn EG;MG/tc Tax Div. f!c-11 8/72 !J-/$:?~ ROBERT A. GILL CHIEF DEPUTY E, GUERRERO CHIEF, TAX DIVISION ~ t. ~ ~u'711, W~ ~cx.-~ -..:Aa.-c...-t (j, ~ I!" lLi-, IS ~k.- &'0 January 20, 1972 Mr. ~mrk H. Bloodgood, Auditor-Controller 500 l'!est Temple Street, Room 153 Loa AnGelos, California 90012 !tttent:lon: Tax Cancellation Section Deur ;1\-. Bloode:ood: Subject: Requeet for Cancellation of Taxes Firat ~venue Parcel No.3 Please cancel ~~ of the date or rocordin~ all taxes on the ~roycrty doocribod in tho cncloGed COyy of deed. This property is ~art of a lnr~er ,arccl nc~ui?od for ::; treet 11;l.deninG pur:l!osec. There :l.s no b'.liJ.ciinr: on it. Very truly yours, ROBSRT D. OGLE City Attorney RDO:at Enclosure cc: City Clerk / James C. and Alice M. Winslow . [J~v4-)lP3 - f~ ~)J.. CLTA-1963 AMENDED 1969 STANDARD COVERAGE POLICY OF TITLE INSURANCE issued by SECURITY TITLE INSURANCE COMPANY Security Title Insurance Company, a California corporation, herein called the Company, for a valuable consideration paid for this policy, the number, lhe 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 represenlalives of such Insured, or if a corporation, ils successors by dissolution. merger or consol. idation, against loss or damage Hal exceeding the amount slated in Schedule A, together wilh costs, attorneys' fees and expenses which the Company may become obligated to pay as provided in lhe Conditions and Stipulalions 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, e'{isting at the date hereof, not shown or referred to in Schedule B or excluded from coverage in Schedule R or in the Conditions and Stipulations; 0' 2. Unmarketlibilit)' of such title; or 3. Any derect in the execution of nllY mortgage shown in Schedule B securing an indebtedness. the owner of which is named as an Insured in Schedule A, hut only insofar as such defect affects the lien or charge of said mortgage upon the estate or interest I'ererred to in this policy; or 4. Priority over said mortgage, at the date hereof, of any lien or encumhrance not shown or referred to in Schedule B. or excluded from coverage in the Conditions and Stipulations, said mortgage being shown ill Schedule B in the order of its priority; 311 subject, howe\'er, 10 the provisions of Schedules A and B and to the Conditions and Stipulalions herelo annexed. In Witness Whereof, Security Title Insurance Company has caused its corporate name and seal to be hereunto affixed by its duly aulhorized officers on the date shown in Schedule A. ~~<.. ~. --~"'-"\.\\\\ ff\:\~~.Y!!~J\I~\\II, :~~... .....(f' 'I ;:;:::.... ..c IIJ :::. \lPORA 'O'/' :;::...:\\\~\\ TED~7~ ~::: ~7~ ~c.::. --- .""'CJ~ ;I, . (\ .):..~ P'o,AfARGH 5 \~'i:,"!""f Secretary ~u~. ., .~, I,V"".. .. ...;::' 'Iv.. . lo' ;- I .. .. .. T I .... {} ....... \\ E ~ 1\\\\\~lIF ,$" c..-?~ j/1!Uft- President An Authorized Signature P-218 (GS.) ~S"KOlftl"""""Com.....yof""""'CI."""llter.d fro_'" _.. CONDITIONS AND STIPULATIONS I. Definition oC Terms The following terms when used in this policy mean: (a) "land": the land described, 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 mut- ters relating to said land; (c) "knowledge": actual knowledge, not constructive knowledp;e or notice which may be imputed to the Insured by reason of any puhlic 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 indebtedness secured by II mortgage 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 poliey by fore- closure, trustee's sale, or other legal man. ner in satisfar:tion of said indebtedness, and (3) any federal agency or instrumen. tality which is an insurer or guarantor under an insurance contract or guaranly insurin~ or ~uaranteeing said indebledness, 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 indehtedness secured hy a mortp;age described in Sched- ule B acquires said e....tate or interest, or any part thereof, hy foreclosure, trustee's sale or other legal manner in satisfaction of said indehtedness, 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 guaranty insuring or guaranteeing the indehtedness secured hy a mort~age covered by this policy, or any part thereof, this policy shall continue in force in favor of such Insured, ap;ency or instrumentality, subject to all of the con. ditions and stipulalions hereof. 3. Exclusions from the Coverage of this Policy This policy does not insure against loss or damap:e by reason of the following: (a) Any law, onJinance 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 pol!ce power or eminent domain unless notIce of the exercise of such rights appears in the public records at the dale hereof. (c) Title to any property beyond the lines 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 ri~hts 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 rig.hts of abutting owners for nccess to one of such streets or hip:hways, unless otherwise ex. cepted or excluded herein, (d J Defects, liens, encumbrances, ad. verse claims against the title as insured or other matters (I) created, suffered, as- sumed or ag.reed to hy 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 polley and not shown by the public records, unless disclosure thereof in writ. ing by the Insured shall have been made to the Company prior 10 the date of this policy: or (,)) resulting: in no loss 10 the Insured Claimant: or (4) attaching or created subsequent to the date hereof. (e) Loss or damaj:!e which would not have been sustained if the Insured were a purchaser or enC'umbrancer for value without knowledge. (f) Any "consumer credit protection"', "truth in lendin~" 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 dcluy shall provide (1) for the defense of the Insured in all litigation consisting: of actions or proceedings com- cenced against the Insured, or defenses, restrainin~ orders, or injunctions inter. posed against a foreclosure or sale of the mortgage and indehtedness covered hy this policy or a sale of the estate or interest in said land; or (2) for such action as may be appropriate to estahlish the title of the estate or interest or the lien of the mortp:u~e as insured, which litip:ation 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 insured, or which might cause loss or damage for which the Company shall or may be liable by virtue of this policy, or if the Insured shall in good faith contracl to sell the indebtedness secured by a mort- gage covered by 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 unmarketable, the Insured shall notify the Company thereof in writing. If such notice shall not be given to the Company within ten days of the receipt of process or pleadings or if the Insured shall not, in writing, prompt\ notify the Company of any defecl, lien or encumhranC'e insured against which shall come to the knowledge of the In- sured, or if the Insured shall nOI, in writing, promptly notify Ihe Company of any such rejection by reason of claimed ulllllarketahility of title, then all liability of the Company in n~~nl'd to the subject matter of such action, proceeding or matter shall cease and terminate; pro- vided, however, that failure to notify shall in no case prejudice the claim of 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 be necessary or desirable to eSlablish the title of the estate or interest or the lien of the mort- gage as insured: and the Company may take any appropriate ar:tion under the terms of this policy whether or not it shall he liable thereunder and shall not thereby concede liahility or waive any provision of this policy. td) In all cases where this poliry permits or requires the Company to pres- eCllte or provide for the defense of an)' aClion or proceedinp:, the Insured shall secure to it the ri~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 Stondbrd Coverage Poli-=y Form Copyright 1963 SCHEDULE A Effective Date: December 30, Amount of liability: S 2,000.00 1971 at 8:01 A.M. . Policy No: 7003793 Premium S 40.00 INSURED CITY OF ARCADIA, a Municipal Corporation. 1. The estate or interest in lhe land described or referred to in thi~ ::,chedule co\'ered by this policy is: A fee 2. Title to the estate or interest covered by this policy at the date hereof is vested in: CITY OF ARCADIA, a Municipal Corporation. 3. The land referred to in this policy is situated III the Slale of California. County of Los Angeles and is described as follows: See Attached . ~ .~ . ~~ No. "(003793 D. Mayer II 45/ml January 4, 1972 DES C RIP T ION Those portions of Lots 13, 14 and 15 in Block 80 or the Arcadia Santa Anita Tract, in the City of Arcadia, County of Los Angeles, State of California, as shown on map recorded in Book 15, Pages 89 and 90 of Miscellaneous Records in the orfice of the County Recorder pf said County, described as a whole as follows: Beginning at the Southeasterly corner of said Lot 13; thence Northerly along the Easterly lines of said Lots 13, 14 and 15, a distance of 160.00 feet to the Northeasterly corner of said Lot 15; thence Westerly along the Northerly line of said Lot 15, to a line that is parallel with and distant Westerly 10.00 feet, measured at right angles from said Easterly lines of Lots 13, 14 and 15; thence Southerly along said parallel line to the beginning of a tangent curve concave Northwesterly, having a radius of 15.00 feet, said curve also being tangent at its Westerly terminus to the Southerly line of said Lot 13; thence Southwesterly along said curve to said Westerly terminus; thence Easterly along said Southerly line of Lot 13, to the point of beginning. . ...o~u ,u.u., .Cahfornla Land Tille AssoclClIon StcmrJord Coverage Policy Form CopYrlght 1963 ~ . . SCHEDUI.F. B This policy docs nol in~urc again:-t 10:-" or damage hy n~a~on (If the following: PAIlT I L Taxes or assessments which are not shown a~ eXI::;tln~ lien:, hy the records of uny ta\:il1~ authority that levies laxes or assessments on real property or by the public records. 2. Any facts, rights, interests, or claims which arc not sho\\ II hy the public records hut \\ hich .'ould he as('ertained by an inspection of said land or by making inquiry of per~olls in pos~essioll thereof. :{. Ea~cmenls, claims of easement or encumhrances which are nol shown hy lhe puhlic records. ,I. Diserepandes, conflicts ill boundary lines, :,hortagc in urea. ell( roachmcllb. or allY other facl:- whidl a corred survey would disdose, and which are not ~hown hy Ihc puhlic record:--. 5. Unpatenled mining claims; resen'atiolls or exceptions ill p.ltCllb or ill Ad~ authorizing Ihc b:--uallt'C thereof; water rights, claims or title to water. PAHT II 1. Second installment general and special County and City taxes for the fiscal year 1971-1972 in the amount of $901. 48 Affects Lots 13 and 14. 2. Second installment general and special County and City taxes for the fiscal year 1971-1972 in the amount of $304.55. Affects Lot 15. 3. An action commenced August 31, 1971, in the Los Angeles County Superior Court, Case No. NEC 11207, entitled City of Arcadia, a municipal corporation vs. James C. Winslow, Alice M. Winslow, et al, to condemn the fee simple title to said property for the use of a public right-of-way. Notice of Pendency of said action was recorded August 31 1971 as Instrument No. 4462. . . . . . 100 L ~ L/1 po/?r~ ..rT-9~.E"r 0 'll 140 40 7/30 50 50 50 50 50 50 (' /5/.69 0 60 -P....s 18 ~ '" "-/Q , m ~ , Q 25~ ~ 24 Z3 2Z 21 20 l!l ~ ~ ~ ~ 17 ~ ~ , ~ "- 1)1 '" ~ 16 so So 50 So ~ 140 50 SO So 50 \.. ~ '" ~'jllll 6.. ~ ~ '" 3 ~ oS' N IS' ~ ~ Q , ~ ~ ~ ~~ ~ 8 <O~9 10 II 12. C I., 14- ~ 2 "'~4 ' , ~ "i ~ ~ I ~ ~ 13 ~ ~ " -0 6 ozz 50 so 0 So /5'/- 6 $.,P /i? r.? 0 ~ ";>T.' ./()/~PH J"T.' " eP ~ I I "' ~c '-....... -~ .g~0C'A::' BO 1"9/i;>C'~O/~ ./ANT~ AIVI"TI"9 n;;>~C T ,l.OT./ /-.30 ,vA? /S-S9 THI$ 1$ NOT A $U.VIY Of THI LAND IUT 1$ COM"LlD FO. INFO......T10N ONLY F.O.. DATA $HOWN IY OfFICIAL .ICO.O$ CONDITIONS AND STIPULATIONS t Continued and Concluded From Reverse Side 01 Policy Face) requested by the Company the Insured shall give the Company all reasonable aid in s.ny such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or de- fending such action or proceeding, and the Company shall reimburse tbe Insured for any ~xpense so incurred. 5. Notice of Loss - Limitotion 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 daimed the Company is liable under this policy shall be furnished to the Company within sixty days aiter such loss or dam- a~e shaH have been determined and no right of action shall accrue to the Insured under tbis 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 he commenced thereon within five years after expiration of said thirty day period. Failure to furnish such statement of loss or damap:e, or to commence such action within the time hereinbefore specified, shall he a conc:lush'e har against main- tennnce hy the Insured of any action under this policy. 6. Option 10 Pay, Seule or Compro- mise Guims The Company shall have the option to payor settle or compromise for or in the name or the InsUTed any claim insured agninst or to pay Ihe full amount of this policy, or, in case loss is claimed under this policy hy the owner of the indebted- ness secured hy a mortgage covered by Ihis policy, Ihe Company shaH have the oplion to purchase said indebtedness; such purchase, pnyment or tender of payment of Ihe hill amount of this policy, together with all rosls. attorneys' fees and ex- penses which the Company is obligated hereunder to pay. shall terminate all liability of the Company hereunder. In the event. after notice of claim has been g'i\'en to thtl Com pan}' by the Insured, the Company offers to purchase said indebt. edness the owner of such indebtedness shall i~allsfer and assiJ!;n said indebtedness and the mortJ!;age securing the same to the Company upon payment of the purchase price. 7. Puyl11enl of Loss (a) The Liabilily of the Company under this policy shall in no case exceed, in all, tlte actllal losl' of the Insured and costs antI attorneys' fees which the Com. pany may be obligaled hereunder to pay. (I>) The Company will pay. in addition to any loss insured a~ainst by this policy, all rosts imposed upon the Insured in litiJ;a1ion cl1nied on by the Company fOT the Insured, and all costs and attorneys' fees in lHigation carried on by the Insured P-218 (G S,) with the written authorization of the Company. (c) No claim for damages shall arise or be maintainable under this policy (1) if the Company, after having received notice of an alleged defect, lien or encum. brance not excepted or excluded here- in removes such defect, lien or encum. brance within a reasonable time after receipt of such no~ice, or (2) for liability volunlarily 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 delermination hy 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 wilhout producinJ! this policy for endorsement of such paymenl unless the policy be lost or destroyed, in which case proof of such loss or destruc- lion shall be furnished to the satisfaction of Ihe Company; provided, however, if the owner of nn indebtedness secured by a mortgage shown in Schedule B is an Insured herein then such payments shall not reduce pro tanto the amount of the insurance afforded hereunder as to such Insured, except to the extenl that such payments reduce the amount of the in- debledness secured by such mort~age. Payment in {un by any person 01" voluntary satisfaclion or release by the Insured of a mortgage covered by this policy shall lerminate all liabilily of the Company 10 the insured owner of the indebtedness secured by such mortgage, except as pro- vided in paragraph 2 hereof. (e) When liability has been definitely fixed in accordance with the conditions of this policy the loss or damage shall he payahle wilhin thirty days thereafter. D. Liability Noncumulative It is expressly underSlood 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 mortp:age shown or referred to in Schedule B hereof or any mortgap:e here. after execuled by the Insured which is a charge or lien on the estale or inlerest described or referred to in Schedule A, and Ihe amount so paid shall be deemed a payment to the Insured under this polic}'. The provisions of this paragraph num. bered B shall not apply to an Inl'ured owner of an indebledness secured by a mortgag'e shown in Schedule B unless such Insured acquires title to said estale or interest in salisfaction of said indeht. edness or any part thereof. 9. Subrogation upon Payment or Settlement Whenever the Company shall have settled a claim under this policy, all righl of subrogation shall vest in the Company unaffected by any act of the Insured, and it shall he subrogated to and be entitled to all rights and remedies which the Insured would have had against any person or propel'ty in Tespect 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 he subrogated to such rights and remedies in the proportion which said payment hears 10 the amount of said loss. If loss should result from any act of the Insured, such act shaH not void this policy, hut the Company, in that event, shall be required to pay only thai 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 perfett such right of suhrogation, and shall permit Ihe Company to use the name of the Insured in any transaction or litiitation involving such riJ!:hts or remedies. If the Insured is the owner of the in. dehtedness secured by a mortgage rovered by this policy, such Insured may release or substitute the personal liability of an}' debtor or guaranlor, or eXlend or other- wise modify the tenns of payment, or relense a portion of the estate or inlerest from the lien of the mortgage, or release any collateral security for the indebted. ness. provided such a{'t does nOI re.:mlt in any loss of priority of the lien of the morlgaf!e. 10. Policy Entire Contract Any action or aClions or righls of action that the Insured may have or may hring against the Company arising out of the status of Ihe lien of the mortgage covered by this policy or the title of the estale or interest insured herein must be hased. on the provisions of this policy. No provision or condition of this policy can he waived or changed except by wriling 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. II. Notices, Where Sent All notices requiTed 10 be given the Company and any slatement in wrltmg required to he furnished Ihe Company shall he addressed to it at the office which issued this policy or 10 its Home Office, 13640 Roscoe Boulevard, Panorama Cily. California 91409. 12. THE PREMIUM SPECIFIED IN SCHEDULE A IS THE ENTIRE CHARGE FOR TITLE SEARCH, TITLE EXAMINATION AND TITLE INSURANCE.