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HomeMy WebLinkAboutD-1836 STATE OF CALIFORNIA I City and COU71ty of San Francisco S 55. ,'" On this Z'N')). day of #JAin the year One Thollsand Nine Hundred and seven~ before me, ROBT. ]. BUSHNER. a Notary ubUe in and for the City and County of Sau Francisco, Slate of Cali/omia, personally appeared (One Market St.) L. E. Hoyt and R. W. Humphrey, known to me to be the Vice President and Assistant Secre- tary. respectivel)'. of the corporation described in arId that executed the within instrument, arid also knowu to me to be the persOTls who executed it on behalf of the corporation therein named and they ack'lOwledged to me that such corporation executed the same. ," .' ,.'. ~ , ROB' J. BUlli'1N~R NOTARY L ~~A~,<I~;etu\II~~~.N,~A PR1NC~~:y AND COUNTY 0' !IAN FRANCISCO \1. \974 My commllllon tlp\r.. ~1l\" . e . \ ;, Corporation , ~ My COIHmi!>Sion ExpiJes July II. 1974 hereuntu set my hand and affixed my official seal Francis 0, Ole day and year in this certificate first , ~.:r Counly of San Francisco, State of California. ...j N CJ1 , , , CERTIFICATE OF ACCEPTANCE BK05-436pc549 This is to certify that the interest in real property conveyed or transferred i: to the City of Arcadia, a municipal corporation, by the deed, grant, conveyance or instrument dated March l5, 1972 , from or executed by Southern Pacific Transportation Company , 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 2l, 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 authori d.officers. , .', , {- ".~/!~ City Engineer is hereby approved as to form. ~~~ -.1 ~ ~ :_J-:~...r_"IA"Y TRAH::'rE\( TAX $....mN.!.~........O~lljt ~ COMPUTED ON FULL VALUE OF PROPERTY CONVEYED. OR o COMPUTED ON FULL VALUE LESS LIENS & ENCUMBRAN. g: CES REMAINING THEREON AT TIME OF SALE. CJ ,- (2~~~t~;~d:.~!:~-_t~~-~~ .~ o un~~:':a tilt.City Ot....J;t.'::_!,._Il:.d..I.A.............. ." C"'I receipt of which is hereby acknowledged, CJ1 ~ successor CO nnn - V~~ - JUVVV/J..-~ - J/~I I~ .. , . ..,. ,\ -. ' - , mmN P.ECCRtED !(.:I1 TO:, 725 City of Arcadia 240 w. Huntington Drive Arcadi" California Attn: Chester N. Howard FOR A VALUABLE CONSIDERATION, SOUTHERN PACIFIC TRANSPORTATION COMPANY, a Delaware corporation, by me~ger to SOUTHERN PACIFIC COMPANY~ formerly known. as PACIFIC ELECTRIC RAILWAY COMPANY, a corporation organized under the laws of the State of Delaware, hereby grants to the CITY OF ARCADIA, a Municipal Corporation, the following described real property in the City of Arcadia, County of I FREE d-...E I Los Angeles, State of California: That portion of Lot 1 in Block 81 of 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 office of the County Recorder of said County, described as follows: I Beginning at the southwesterly corner of said Lot 1; thence northerly along the westerly line of said lot, a distance of 50.00 feet to the northwesterly corner of said lot; thence easterly along the northerly line of said lot to a line that is parallel with and distant easterly, 10.00 feet, measured at ~~ght 'angles, from said westerly line of lot 1; thence southerly along said parallel line to the beginning of a tangent curve concave northeasterly and having a radius of 10.00 feet, said curve also being tangent at its easterly terminus to the southerly line of said lot 1; thence southeasterly along said curve to $aid easterly terminus; thence westerly along the southerly line of said lot to the point, of beginning. Excepting therefrom that portion of said property lying below a depth of five hundred (500) feet measured vertically from the contour of the surface thereof; provided, however, that $aid,grantor, its successors and assigns, shall not have the right for any and all purposes to enter upon, into or through the surface or the portion of said property lying above 500 feet, measured vertically from the contour of the surface of said property. ,. . ., . . '^, ) Subject to easements, covenants, conditions, 'reservations and restrictions of record. IN WITNESS WHEREOF, Grantor has caused these presents to be executed . this /571, '7ruJr-cP' , 1972. day of " /*'. , I ':," . RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY. CALIF. OR SECURITY TITLE INSURANCE co. APR 24 19n AT 8:01 A.M. By Registrar.Recorder '\. Attest AssJ.stant . ;w )~ >- t OJ Z :- w t: ~ " oc u i5: r u ';;': 0 ;::, "" a: u t1l U,/ <=l ., Free recording requested under Gov. Code 6103. Document necessary due to City acqUirinG ti tle. -.J N CJl 7r}'""c:3 7J>'? , " l!ay 11, 1972 ~;r. .~ri;. R. Dloo:1:sood, Au,dito!'-Controller 5eo ::oot Temple 8tr:lot, Roo;n 153 Loa Ar.~olc8, Califo:wic. 90012 Attention: Ta)~ C[~ncellatlon Section Subject: Request for Cc.ncellntion of' ';:'e1:OG Firot Avenue Pa~ccl ~o. 20 Pl~20c cancol ~c 0; th8 d~tc of 7cco~dinG all tcxoo on tho ~~o~crty ~eoc?~b~1 in the att3chau CO)Y ot daQu. ~1 Th~ry ~ro~Gr~y 13 ra~t of a lCZ'G3r n~~cel cc~uiro~ f.or. :;t.!"eet \1i,~enin.3 :rUi:')ocor:. 'I'1"!CZ'::l 18 not ou:!.lai~:; on it. Very tr~ly youro, HOlE!, T )). 0(,11.;-3 City Attol:"ncy 1~i;0: at Enclosure / cc: City Clerk'- Southern Pacific . ' ... MARK H. BLOODGOOD AUDITOR.CONTR01.LI[R COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR-CONTROLLER US3 HALL OF ADMINISTRATION LOS ANGELES. CALIFORNIA 90012 8215.3811 December 4, 1972 City of Arcadia p. O. Box 60 Arcadia, California 91006 Attention: Robert D. Ogle, City Attorney Re: First Avenue Parcel No. 20 Gentlemen: Pursuant to your letter dated May 11, 1972, taxes have been cancelled in accordance with SAction 4986 of the Revenue and Taxation Code. This cancel- lation was ordered by the Honorable Board "f Super- visors Nov. 30, 1972, by Authorization No. 29169. Very truly yours, MARK H. BLOODGOOD, Auditor-C"lntroller .-, . ... '~". ..-':::>.'( .. '7 '", ~ _'" ......<...1 .. ,,:/, "1. ....L( By EriwaJ.d Guerrero, Chi"f, Tax Division EG;MG/tc ~~ -.pCH~f<--'U 'j, (} t I, ~ ~ I, ~acLLCv -S<>-J:<>-.- ~Y-IX..- Tax Div. #C-11 8/72 /;-/JI(, ROBERT A. GILL CHIEP' DEPUTY E. GUERRERO CHIEP', TAX DIVISION RECEIVED DEe G i972 CITY '-11" J-\n:.....,...t.J.,..., c::rrt A'M'ORNE;Y, , . . Hay 9, 1972 Mr. L. l1. Brown District Maooger Real Estate Southern Pacific Lond Company 610 South MIlin Street Los Angeles, Calif. 90014 Dear Hr. Brown: Arcadia-Keys - 3 In cOlDpl1ance with your request of April 4, 1972 we have listed belOl1 the recordation data on your Grant Deed Dated March 15, 1972 to the City of Arcadia, on the following property: That portion of Lot 1 in Block 81 of Arcadia Santa Anita Tract, in the City of Arcadia, County of Lee Anieles, State of California, as show on map recorded in Book 15, pases 89 and 90 of Miscellaneous Records, in the office of the County Rocorder of said County. . \ \ Document No. 725 Book D5436 Page 548 Recordation date, Apdl 24, 1972 '1'h1s is in connection with prgpesed First Avenue Improvement Project, Santa Clara to Colorado Blvd., in the City of Arcadia. Very truly yours. CITle OF ARCADIA Christine Van Maanen City Clerk CVM:er CC-Mr. Chester N. H_rd Director of Public W~ks J",~;','r'r.;>"(: h u-.. ;'1""\'," " out ern'..-,.c~" ,,' >.'"~' ' ' ,. ' "" ',;;":,'," .."",'" . ..,' ,........ 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" , ~ SeCURITY TITLE! ~~~ CLTA-1963 AMENDED 1969 STANDARD COVERAGE POLICY OF TITLE INSURANCE is!:luecl 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, 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 ,,,,'hich 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 01' encumbrance on the title to the estate or interest covered hereby in lhe land described or referred to in Schedule A, exisling at the date heleof, nol shown or referred to in Schedule B or excluded from coverage in Schedule B or in the Conditions and Stipulations; or 2. UnmarketllbililY of such title; or 3. Any defeet in the exeeution of any mortJ!a~e shown ill Schedule B securing un indebtedness, lhe owner of which is named as an Insured in Schedule A, hUl only insofar as sllch defect affects the lien or charge of said morll!:al!:e upon the estale or interest referred to in thi$ policy; or 4. Priority over said 1lI0rt~age, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule H, or e,duded from coverage ill the Conditions and Stipulation~, said mortgage being shown in Schedule B in the order of its priority; -, all subject, however, to the pro\'isions 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. ~./W~L ~. Secretary -_................""',\.\\\\ ..?~SUR4 IIII :'- \........I\(C III :~"."".e -..~ '1 '::i:::-... -.C'IJ ;;. \\PORA .0'1. f.=:\~ri:U TEO\:;.~ ~_. . II. ~cx:. -.- .-g~ ~ . n .J:> i" 'I;.'3"''''AR"H 5 \O;,'il.:~? ~~... II,. ""5 I, 'J' .. .-.. _ IIII\~ c.liiiOv.i\\.~.ff ~~I\\'''', ,.-; 7/7' '- fhx.".._ An Authorized SignuLure 1I1!~ President P-218 (G.S.) ~ S.I.co (n.~..nce c""",.fty 01 ......,..c.. Aeglll.fed T'.d......k own", ) CONDITIONS AND STIPULATIONS 1. Definition of 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) "puhlic records."': those records which impart constru<;.tive notice of mat- ters relating to said land: (c) "knowledge": -tactual knowledge, not constructive knowledge or notice which ma)' be imputed to the Insured by rcason of /lny puhlic records: (d) '"dute": the effcetive date: (e) "mortgage"' : mortga~e, 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 a Illortgap;e shown in Schedule B is named as an Insured in Schedule A, the Insured shull include (1) each Sllccessor in interest III ownership of such indebtedness, (2) any sueh owner who acquires the estate or interest referred to in this Jlolit.:)' by fOle. closure, trustee's sale, or other legal man- ner in sutisfaf'tion of said indt~htedness, and (3) any federal agency or instrumen- tality which is an Illsurer or gllarantor under an insurance contract or guaranty insurinp; or p;uaranteeinp; said indehtedness, 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 ill~ured owner of the indehtedne...!: secured by a mortgage described 10 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 indebtedness, or any part thereof, or if u federal agency or instrumentality acquires said estate or interest. or any purt thereof, as a consequence of an in- suran{'e contract or t!uaranty insuring or guaranteeing the indehtedness secured hy a mortga~e covered by this policy, or any part thereof. this polky shall continue in force in favor of such Insured. a,:!eney or instrumentality, suhject to all of the con. ditions and stipulations hereof. 3. Exclusions from the Cm.erage 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 (includinp; but not lim" ited to huilding and zoning ordinances) restricting or rep;ulatint! 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 prohibitmg a separation in ownership or a reduction in the dimensions or area of any lot or parcel of land. (h) Governmental rights of pol!c;e power or eminent domain unless notIce of the exercise of such rights appears in the public reC'ords at the date hereof. (c) Title to any property heyond 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 rit!ht to maintain therein vauIts, tunnels, ramps or any other structure or improvement: or any rights or casements 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 almtting OWIH~rs for ac;ccss to one of such streets or highways, unless otherwise ex- cepted or excluded herein. (d) Defects, liens. encumhrances. ad. verse elaillls against the title as insured or other matters (I) created. suffered, as. sUllled or agreed to hy the Insured claim. iug 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 nC'quired an estate or interest insured by this policy and not shown by the public records, t1nle~s disclosure thereof in writ. ing by the Insured shall have been made to the Company prior to the date of this policy: or (:H re:'lIltin~ ill no los~ to the Insured Claimallt: or (4) /luaching or created l'ubsequellt to the date hereof. (e) Loss or damage which would not have heen sustained if the Insured were a purchaser or ellcumhrancer for value without knowledge. (f) Any "COI\~umer cledit protl.etion". '.truth in lending" or similar law. 4. Defense and Prosecution of Ac. tions . Notice of Claim to be Given by the Insured (n) The Company, at its own cost and without undue delay shall provide (l) for the rlefell."e of the Insured III all litigation consistinJ! of actions or proceedings com. celH'ed ap:ain~t the Insured, or defenses, restraining orders. or injunctions inter- posed against a foredosure or sale of the mortp:ap:e 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 estatc or intercl't or the lien of the mortp:age as insured, which litigation or action in any of such events is founded upon an alleged defect, lien or encum. hrance insured a~ainst by this policy, and may pursue any litigation to final determ. ination in the ('ourt of last resort. (b) In case any such action or pro" ceeding shall he begun, or defense inter. posed, or in case knowledge shall come to the Insllred of aTiY claims of titlc or in- terest which is adverse to the title of the estate or interest or lien of the mortp;age as insured. or which mip:ht 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 contract to sell the indehtedness secured by a mort. gage cO\ered 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 sllch t:vent 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 1I0t he given to the Company within ten days of the receipt of process or pleadings or if the Insurc:l shall not, in writing, prompt:y notify the Company of any defect, lien or en{'umhrance insured ap:ainst which ~hall {'orne to the knowledge of the In- sured, or if the Insured shall not. in writinf:!;. promptly notify the Company of any sllch reje('tioll hy reason of claimed lllllllurkctability of title. then all liability of the Company in regard to the subject matter of such action, proceedinf:!; or matter shall rease and terminate: pro- vided. however. that failure to notif\' shall in 110 case prejudice the claim o"f any Insured unless the Company shall he actually prejudiced hy such failure and then on]\, to the extent of such prejudice. " (c) The Company shall have the right at its own cost to institute and prosecute any action or pro('eeding or do any other uct whidl in its opinion may be necessary or desirable to establish the title of the c<;tatf: or interest or the lien of the morl- gage as insured: and the Company may take any appropriate action under the terms of thi." policy whether or not it shall he liable thereunder and shall not thereby C'oncede liahility or waive any pl'ovision of this policy. ( d) In all cases where this policy permits or requires the Company to prc."- ecute or provide for the defense of any aC'tion or plOC'cedillg. the In:.ured shnll secure to it the right to so prosecute or provide defense in su('h action or pro. {'ceding, 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) Cahlo-f~ia -~~d--Title Association Standard Coverage Policy Form Copynght 1963 SCHEDULE A Effective Date: Amount of liability: S 2, 000 . 00 April 24, 1972 at 8:0l A.M. Policy No: Premium S 7003789 40.00 INSURED CITY OF ARCADIA, a Municipal Corporation 1. The estate or interest in the land described or referred to III this schedule covered 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 :.t The land referred to in this policy is situated in the State of California, County of Los Angeles and is described as follows: That portion of Lot 1 in Block 8l of Arcadia Santa Anita Tract, in the City of Arcadia, as shown on Map recorded in Book l5, Pages 89 and 90 of Miscellaneous Records, in the Office of the County Recorder of said County, described as follows: Beginning at the Southwesterly corner of said Lot 1; thence Northerly along the Westerly line of said Lot, a distance of 50.00 feet to the Northwesterly corner of said Lot; thence Easterly along the Northerly line of said Lot to a line that is parallel with and distant Easterly, 10.00 feet, measured at right angles, from said Westerly line of Lot 1; thence Southerly along said parallel line to the beginning of a tangent curve concave Northeasterly and having a radius of lO.OO feet, said curve also being tangent at its Easterly terminus to the Southerly line of said Lot l; thence South- easterly along said curve to said Easterly terminus; thence . Westerly along the Southerly line of said Lot to the point of beginning. ~u,..u,'"u .............. .ll,t: """U""UIIUU Standard, Coverage Policy Form Copynght 1963 SCHEDULE R This policy doe:-; not insure again~l 10:'" or damH!!e hy rt'a~()n of IIlC following: PAnT I 1. Ta:-..es or assessments which are nol shown a~ exi~tin~ liell~ hy the rCl'onl:- of all\' ltl\ill~ authority that le\'ic~ tuxes or assessments on real property or by the puhlic rct'ord:-, 2. Any fads. righ!.s, interests, or daims which are 1I0t :-ho\\ II hy thc public records hut \\ hich ('ould he a~('ertaine(1 by un inspection of said land or hy making inquiry of I'cr:-OIIS in po...~e~.-:i(Jll thereof. ;'~. Easements. claims of easement or eIH.:umhranl:es whkh MC nut :-huwlI hy the I'uhlie recoHI:-. .1. Di~c:repan<:ie~. ('onJliets in houndary linc:-: :-horta~c ill area. t:lll'l'oadllncnl:-. or any other ftlc(:- whidl U l'orrt'cl ;'Uf\'CY would disdose. and which arc not ~ho\\'n lIy the publil' rc{'ord:-. 5. Unpatented mining daims; re~el'\'atiull:- or exception:;. ill palt'llt:- or ill Ad:- authol'iling the i:-:-lJaIl('e thereor: water righb. claims or title to \\'uter. PAnT I[ l. General and special taxes for the fiscal year 1972-l973, a lien not yet payable. 2. A Lease of said land and other property dated November l4. 1962, executed by Pacific Electric Railway Company, as Lessor, and Marvin Pochter, as Lessee, for the term of 30 years from February l5, 1963, upon the terms, covenants and conditions therein provided, recorded February l4. 1963 as Instrument No. 3767 in Book M-1200, Page 655 of Official Records. An Assignment executed by Marvin Pochter to C. Richard Keys and Carolyn Ann Keys, husband and wife, as joint tenants, of all right, title and interest in and to the above lease, was recorded October l3, 1964 as Instrument No. 5642 in Book M-l644, Page 794 of Official Records. 3. A deed of trust to secure an indebtedness of $l8,000.00, and any other amounts as therein provided, recorded February l4, 1963 as Instrument No. 3769, in Book T-2848. Page 567 of Official Records Dated February l. 1963 Trustor Marvin Pochter, a married man Trustee Reliable Title Company, a corporation Beneficiary Lincoln Savings and Loan Association, a corporation - Continued - . F.25((T.s.j Affects said land and other property. Said deed of trust was modified to set forth with certainty the interest covered thereby, by a modification dated April 2, 1963, executed by Marvin Pochter, a married man, and Lincoln Savings and Loan Association, a corporation, recorded April l8, 1963 as Instrument No. 2540, in Book T-2963, Page 956 of Official Records. 4. A deed of trust to secure an indebtedness of $4,652.88, and any other amounts as therein provided, recorded September 29, 1969 as Instrument No. 674, in Book T-637l, Page 57 of Official Records. Dated September l5, 1969 Trustor C. Richard Keys and Carolyn Ann Keys, husband and wife Trustee Bank of America National Trust and Savings Association, a national banking association Beneficiary Iser Kelman and Ruth Kelman, husband and wife, as joint tenants. Affects said land and other property. . ~ ... ~ J60 ~ '" J ], ]~N ~ ~ 60 "I blocks 8/ and 83 AQCADIA book j5 Paqes .89 and 90 of Mise, Rec, A/so (BooK 34 paJGs 4/ and 42 or H,:sc, R<c.) ~ lio - Lorena Ave, COLORADO / f)LVD. / (i! " '0 '" '" I L_ ~ ~ \r) 60 P.E,RY. THIS IS NOT A SURVEY OF THE LAND BUT IS COMPILEO FOR INFORMATION ONLY FROM DATA SHOWN BY OFFICIAL RECORDS. L 1M of Sanla /Indo Wash " 6 If! "so ~Q 3 Q"i 33 ~- 3.f---~~ '" 34 ~8 lOl 145 ,., 50 " '" ~ 3 ~ 2 so 50 50 [30 so 50 50 50 50 32 31 30 29 28 27 26 25 24 , , " )I~ ...~ 50 ';0 50 50 50 50 50 ';0 50 7' 50 ';0 50 50 s'o' 5'0 ';0 50 ';0 50 ';0 50 ~6 39 '\~'I' (,f" 60 23 22 " , '" /4S \ ~- ~ Q 20\ ~ ", ~.,~ ~~ 1'0' ~ 50 ~14; v <fd'~'~~ , 50 '2 /45 /8 ~ ~Gi :;; :a <:l /7" '" '" 15 ';0 C), 145 /6 C), 11/5 ~ 50 1::)", '" a~ '<>, <:l 4 5 C), / 145 '<i SO <0 6 7 8 :9 /0 1/ 12 /3 /4 50 SO SO 50 "0 50 50 50 50 ~ LA PORTE: .5T. Sl 36 145 ~ 50 50 50 50 50 50 50 50 50 50 50 50 ,,/452 C), '<\ I ~ 35 ..., 331; 32 31 30 29 28 Z7 26 25 24 23 22 '~ 20 '<) '" '" "," '<) 34/45 ::; '" ::Q 59.- ~O '" ~/4519 :::: '" SO'" 50 50 50 50 '" 50 50 50 50 50 '" '" 3 145..., 50 50 50 5(1 50 I~ 50 50 50 50 50 ':}.,145/8 '<, '<) ..., '" 50 '<) " ::Q '~ '<) 2 :g 4 '..., 17 '<) '<) 5 6 7 8 9 10 /I 12 13 14 /5 '" '" ~ / '" 50 '50 50 I'~ 145 16 '" 145 '" 50 50 50 50 50 50 50 50 50 ..., '" '0 Sr. JOSePh Sr. CONDITIONS AND STIPULATIONS (Conlinued 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- fending such action or proceeding, and the Company sho.ll 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 shall be furnished 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 heen furnished and no recovery shall be had hy 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 damage, or to commence such ad ion within the time hereinbefore specified, shall he a conclusive har against main. tenance by the Insured of allY action under this policy. 6. Option to Pay, Seule or Compro- mise Claims The Company 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 policy hy the owner of the indehted- ness secured by a mortgage covered by this polic}', the Company shall have the option to purchnse said indebtedness; such purchnse. poyment or tender of payment of the full omount of this policy, together with nIl I':Ost5. attorneys' fees nnd ex- penses which the Company is obligated hereunder to pay, shall terminate nil linbility of the Company hereunder. In the event, after notice of claim has been j:!:iven to the Company by the Insured, the Company offers to purchase said indebt. edness, the owner of such indebtedness shall transfer and assip:n said indebtedness and the mortgage securing the snme to the Compnny upon payment of the purchase price. 7. Payment of Loss (a) The Linbility of the Company under this policy shall in no case exceed, in 011, the actual loss of the Insured nnd costs and attorneys' fees which the Com. pany may he obligated hereunder to pay. (h) The Company will pny, in addition to any loss insured against by this policy, all costs imposed upon the Insured in litigation carried on hy the Company for the Insured, and all costs and attorneys' fees in litigation carried on by the Insured P-218 IG,5,) with the written authorizntion of the Company. (e) No claim for damages shall arise or be maintainable under this policy (1) if the Compnny, nfter having received notice of an alleged defect, lien or encum. hrnnce not excepted or excluded here. in removes such defect, lien or encum. brnnce within a reasonable time after receipt of such notice, or (2) for liability \'o\untarily nssumed 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 determination 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 without producinj:l: 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 be furnished to the satisfaction of the Company; provided, howe\'er, if the owner of an indebtedness secured by a mortgage shown in Schedule B is an Insured herein then such payments shnll 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. Pa}'ment in full by any person or voluntary satisfaction or release by the Insured of a mortp:age covered by this policy shall terminate all liability of the Compnny to the insured owner of the indehtedness secured by such mortgage, except as pro. vided in paragraph 2 hereof. (e) When liability hns been definitely fixed in accordance with the conditions of this policy the loss or damage shall he payable within thirty days thereafter. 8. Liability Noncumulative It is expressly understood that the nmount of this policy is reduced by any amount the Company may pay under any policy insuring' the validity or priority of any mort~age shown or referred to in Schedule B hereof or any mortgap:e 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 II 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 Senlement Whenever the Company shall have settled a clnim under this policy, all right of subrogation shnll vest in the Compnny unaffected by any act of the Ins.ured, and it shall be suhrogated to and he entitled to all rights and remedies whIch the Insured would have had ap:3inst any person or property in respect to such claim had this policy not been issued. If the pa)'. ment does not co\'er the loss of the In- sured. the Company shall be subro~ated to such rights and remedies in the proportion which snld payment hears to the amount of said loss. If loss should result from any act of the Insured, such net 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 renson of the impnirment of the right of subrogation. The Insured, if requested by the Company, shall transfer to the Company 011 rights and remedies ng:ninst any person or prop- erty necessary in order to perfeet such ri~ht of subrogation. and shall permit the Company to use the name of the Insured in any transaction or Iitillation involving such rij:!:hts or remedies. If the Insured is the owner of the in- debtedness secured by n mortga~e covered by this policy, such Insured may release or suhstitute the personal liability of nny debtor 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 mortp:age, or release any collateral security for the indebted- ness, provided such al't does not re3uh in an)' loss of priority of the lien of the mortj!:n~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 arisinf.!; out of the status of the lien of the mortgage covered hy 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 chnnged except by 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. II. Noticel:l, Where Senl All notices required to he given the Compan}' and any statement in writing required to be furnished the Compnny 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. ~ BIlc;URITY TlTLIl Va ~ ~ 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 n 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 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 descrihed or referred to in Schedule A, existing at the date heleof, not shown or referred to in Schedule B or excluded from co,.erage in Schedule B or in the Conditions and Stipulations; or 2. Unmllrketability of such title: or 3. Any defect in the execution of any mortJ!aJ!e 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 mort~af:!;e upon the estate or interest referred to in this policy; or 4. Priority over said mortf:!;age. at the date hereof. of an)' lien or encumhrance not shown or referred to in Schedule B, or excluded from coverage in the Conditions and Stipulations, said mortgage heing shown in Schedule B in the order of its priority; nil 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 allixed by its duly authorized officers on the date shown in Schedule A, ~/W~.. ~. ~......,""'\\\\\ ..,.-o-~SUR4 I'll :\. '.........1\1,.. 't, :~ ,. ..~I' I, ?~... -..e/, ~~ l,\\'\,\\\\PORA TED~~~ ~::: ~7~ %:-- --- ...,,~ ~_. ~ .>~ ~:;)\"'ARGH 5 \~r,'1""'::: 1~. " .~:; '/......-1'\.. .- ,,-:;: 11J .. . .. - 'f, .. ..........." E IIII t',fllF0 \\\\'_..,-': \\\\\.,,""~ JlI.74fr President An Authorized Signature P.218 (G.5.) I8iS.r..oln......ItC.C.....~vof........,u.RegI.,....., l,._~_ CONDITIONS AND STIPULA.TIONS of Terms terms when used in 1. Definition The following policy mean: (a) "land": the land described, spe- cifically or. by reference, ill Schedule A and improvements affixed thr:reto which hy law constiWle real property; (b) "public records": those records. which impart constructive TlOtice of mal- ters relating to said land; .. (c) "knowledge": -actua.l knowledge, not constructive knowledge Or notice which may he imputed to the Insured by reason of any public records: (d) "date": the effectiVe date; (e) "mortgage": mortga.ge. deed of trust, trust ,deed, or other security instru- ments; and (f) "insured": the party or purtles named as Insured, and If 'the owner of the indehtedness secured by a mortgage shown in Schedule R is named as an Insured in Schedule A, the Insured shull include (1) each successor in interest ill ownership of slJch indebtedness, (2) all)' such owner who acquires the estate or interest referred to in thiS flOlicy by fore- closure, trustee's sale, or other le~al man- ner in satisfaction of said indehtedness, and (3) any. federal agency or instrumen- tality which is an insurer or gu.arantor under an insurance contract or guaranty insurin~ or ~uaranteeing said indehtedness, or any part thereof, whether named as an Insured herem or not, suhject other- wise to the provisions hereof. 2. Benefits after Acquisition of Title If an insured owner of the indehtedness secured by a mortgage described in Sched- ule B acquires said estate or interest, or any part thereof, by foreclQsure, trustee's sale or other legal manner in satisfaction of said lIldehtedness, 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 lIuaranty insuring or guaranteeing the indehtedness secured by a mortgage covered hy this policy, or any part thereof, this policy sha.ll continue in force ill favor of such Insured. agency or instrumentality, subject to a.1I of tne con- ditions and stipulations hereof. - 3, Exclusions from the Coverage of this Policy This policy does not insure against loss or damage hy reason of the following: (a) Any law, ordinance or govern- mental regulation (includinl:!; but not lim- ited to ImiIding and zoning ordinances) restricting, ~r re{!:ulatinl! or llrohibiting the occupancy, u~~ or enjoymen~ of the Jand, this or_ regulating the chara~ter, 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 polit.c power or eminent domain unless notice of the exercise of such riglits appears ill the public rec:ords 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 sllch 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 casements are insured, ex/'ept that if the land abuts upon one or more physically open streets or highways thi.. policy insures the ordmary rip:hts of ahuuinp: owners for access to one of such streets or hil!hways, unless otherwise ex- cepted or excluded herein, td) Defects, liens, encumhrances, ad- verse claims against the title as insured or other matters (I) created, suffered, as. sumed or ap: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 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 I.,) resulting in no los,;; to the Insured Claimant: or (4) attaching or created suhsequent to the date hereof. (e) Loss or damap:e which would not have been sustained if the Insured were a purchaser or encumbrancer for value without knowledge. (0 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 (1) for the defense of the Insured in all litigation consisting of actions or proceedings com- cenced ap:ainst the Insured, or defenses, restraining orders, or injunctions lIlter- posed against a foredosure or sale of the mortgap:e and indehtedness covered by this policy or a sale of the estate or intelest 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 mortgage us insured, which Iitip:ation or al':tion in. any of SUell e\'ents IS founded upon an alleged defect, ,lien or encum- hrance insured a~ainst by this policy, and . may pursue any li~igation to final determ. ination in the cour.t of last resorl. (b)' In case llny such action or pro- ceedinp: shall he begun, or defense inter. posed, or in case knowledge shaJJ come 10 the Insured of ar.y claims of title or in- terest which is adverse to th'e 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 contract to sell the indebtedness secured by a mort. gage co\-ered by this policy, or, if an Insured in good faith leases or contracts to sell,' lease or mortgage the same, or if the su'ccessful 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 be given to the Company within ten days 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 ap:ainst which shull come to the knowledge of the In. sured, or if the Insured shall not, in writing, promptly notify the Company of any ,;;uch rejection by reason of claimed ulllllurketahility of title, then all liability of the Company in regard to the subje('t matter of such action, proceeding or matter shall cease and terminate: pro- vided, however, that failure to notiCv shall in no case prejudice the claim o'f any Insured unless the Company shall he actually prejudiced hy such failure and then on I\' to the extent of such prejudice. ' (c) The Company shall ha\'e the right at its own cost to institute and prosecute allY action or proceedinp: or do any other act .....hich in its opinion may he necessary or desirable to estahlish the title of the estate or interest or the lien of the morl- /!age as insured: and the Company may take any appropriate action under the terms of this pohcy .....hether or not it shall he liahle thereunder and shall not therehy concede liahility or .....ai\'e any provision of this policy, (d) In all cases where this policy permits or requires the Company to prcs- eellte or pro\'ide for the defense of any action or proceeding. the Insured shall secure to it the right to so prosecute or provide defense in such action or plO- ceedinp:, and all appeals therein, and pf"r- mit it to use, at its option, the name of the In...ured [or such purpose, Whenever ".. - -. ".I'''!,': ...1~:\~;. (Conditions and Stipulations Continued and Concluded on Last Page of This Policy) Califorma Land TItle Association Standard COY8rage Policy form _ oF Copyright 1963 SCHEDULE A Effective Date: Amount of liability: S 2,,000.00 April 24. 1972 at 8:01 A.M. Policy No: Premium S 7003789 40.00 INSURED CITY OV AaCADIA. . Municipal Corporation /,/,.... /{ , 1. The estate or interest in the land described or referred to in this schC9ule covered by this policy is: ,/ ,~ ,~~, , '^'\ /' a foe // ~ " d: ~/ \\ \ 2. Title to the estate or intere~t covered by this poIiCK~a~the d'8.~e hereof is vested in: ~~Ii CITY 017 ARCADIA. a Hnniclpal Corporation ~) ':" k 1/ ';,,;, , " '\,~, "\ ", 3. Tbe land referred to in thi.~olicy is situaled-;~'lbe Slate of California, County of Loa Angal.a 17#~r~ and is described as follo,.~,,( That portiop~of Lot; 1 in Block 81 of Arcadia Santa Anita Tract" In the Cit:"~l.. A~~l1dla. a8 shown OU Hap recordad In Book 15. Pagaa 89 and '-9..Q- 9Y HlacellenaoulI Recorda. in the Offica of tbe Connty Recorder of said County. deserihed all follovSl Beginning at the Southweaterly earner of aaid Lot I; thence Rortherly along the Westerly line of said Lot. a distance of 50.00 feet to the Northwesterly corner of said Lot; thence Basterl, along the Northerly line of aai4 Lot to a lino that is parallel with and diatant Baaterly. 10.00 feet. meaaurad at right angles. from aald Weaterly line of Lot I. thence Southerly along said parallel lin. to the beginning of a tBBgent curwe concava Horthea.terly and having a radine of 10.00 f.et. saId curve a1ao beIng tangent at its Kaaterly ter.inua to the Southerly line of aald Lot 1; thence South- easterly aloug sa1d curve to aaid Baeterly terainus. thanee Westerly .long tbe Southerly line of aald Lot to the point of beglnulng. . ........H............ ........,... .l.l~ l1.~:'U(;,iJ~ StandarlJl COV,[lfogo Policy form , COPYright 1963 -:.......-,...-1 '. SCHEDULE Il This poliey does not insure against los<; or damage hy reason of tlte following: PAnT I 1. Taxes. or assessmenb which are not s.howJl as eXI~t!n~ lien:, hy tilt: recurd~ of uny tu\.ill;.! authority that levies laxes or assessments on real property or hy the public re~ord,::.. 2. Any fads, rights, interests. or claims ",hich I.1re 1I0t ~ho\\1l by the publit' re('ord~ hul \\hich could hc us('crtained hy an in~pedion of said land or hy making inquiry of pcr~olls in pos~e:-sioll thereof. ;-t Easements. claims of casement or cncumhrances whi~h arc lIot :-ho\\'1I hy the public record~. I. Discrepancies. conflids in hOlllldury line~. :-horta~e ill areu. CIll'IO<lchmCllb, or UlIY other fu('t:- ",hid. 1.1 ('orn~ct survey would disclose, and which are 1I0t ~ho\\'1l hy lhe puhlit. record.., 5. Unpatented mining dl.1ims; re::.ervation:- or e:\<:eption~ ill patcnb or ill Act:. authorizill:r the 1:-~lIUIll'e thereof; waler Tights, claim'5 or title \{} waler. PAIrI' II 1. General and epaclal taxes for the iiecal yaar 1972-1973. a l~en not yet p.yabla. 2. A Lea.a of aald land and ether proparty dated Moveaber 14. 1962. axecoted by Pacific Electric nailvay Company. aa Le..or. and HarYla Pochter. 88 Leea.a. for tbe tara of 30 yeere frOB ~ebr.ery IS. 1963. upoa the tera.. covenants and cendltlona therein preYlded. recorded February 14. 1963 as Xoatrua.nt Ho. 3767 In Book M-1200. Pase 655 of Official aecorda. An Aaalsnaeat executad by Marvin ~ochter cO C. Richard ~ey. end Carolyn Ann Xeya. buaband and vtfe. a. joiat teaa.ta. of all riSht. title aad lntereat In and to che abova leaee. vas racorded October 13. 1964 a. Ia.trameDt Ko. 5642 in look X-1644. Pa.e 794 of Official aecords~ ' 3. A d.a4 of trUDt co aacura an Indebtaduea. of $18.000,00. and anJ ether aacenta .. therein proY!ded. recorded ' . Pabruary 14. 1963 as Inatruaaat No. '769. in look T-2848. Page 567 of Official aacorda . Data. I Wabruary 1. 1963 Trustor I Harv!. ~ochtar. a aarrled .an Truat.a I a.llabl. Title Coapany. a corporation Benaficlary . Ll.col. Savlass and Loan Aa.ocla~lon. a corporation - Continued - . . F-25(G.S.) Affeet8 8ald laud and othey ~roperty. Said dead of trust vas .041f1ed to set forth with certainty tbe intereat covered thareby. by a _odification dated Apr1l 2. 1963. execnted by Harv1n Pochter. a ..rr1ed man. and Lincoln Savina_ a.d LoaD Aaeoclatlon. a corporation. recorded Apr1l 18. 1965 as Instruw.ent Ho. 2540. In Book '1'-2963. 'age 956 of Official llecorele. 4. A 4aed of truat to a.cuye an Indebtadness of $4.652.88. and any other asounta ae therein proYlded. recorded Septa.bar 29. 1969 as Inatruacnt Ho. 674. In Book '1'-6371. pase 57 of Official Recorda. Dated I Septcabar IS. 1969 'fro. tor I C. Richard ~.Y8 and Carolyn Ann Xeye. husband and vife 'i'rustee I Bank of Aaerlca Batlonal Truat anel SaviDge Association. a naclonal bank1ng association Beneficiary I leer Xel.an and Ruth Kel.an. busbanel and Wife. a8 joint tauaute. Affec~8 .aid land and otber property. - -- . 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 effectin~ settlement, securing evidence, ohtaining witnesses, or prosecuting or de- fendin~ 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 para~raph 4(b), a statement in writing of any loss or damage for which it is claimed the Company is liable under this policy shllll be furnished to the Company within sixty days after such loss or dam- a~e 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 he 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 or loss or dama~e, or to commence such action within the time hereinbefore specified, shall he 11 conclusive har against main- tenanee by the Insured of any action under this policy_ 6. Option to Pay, Settle or Compro- mi~e Claims The Company shall have the option to payor settle or compromise for or in the name or the Insured any claim insured against or to pay the full amount of this policy, or, in case loss is e1aimed under this policy hy the owner of the indebted. ness secured by a mortgage covered by this policy, the Company shall have the option to Jlurchase said indebtedness; such purchase. payment or tender of payment of the full amount of this policy, to~ether with all cosl.s. attorneys' fees and ex- penses which the Company is obligated hereunder to pay, shall terminate all liability or the Company hereunder. In the event, afler notice of claim has been ~iven to the Company by the Insured, the Company offers to purchase said indeht- edness. the owner of such indebtedness shall transfer and assign said indebtedness and the mortf:!;age securing the same to the Company upon payment of the purchase price. 7. Payment of Loss (8) The Liability or the Company under this policy shall in no case exceed, in all, the actual loss or the Insured and costs and attorneys' fees which the Com. pany may he ohligated hereunder to pay. (b) The Company will pay, in addition to any loss insured against by this policy, all <,osts imposed upon the Insured in litigation carried on by the Company for the Insured, and all costs and attorneys' fees in litigation carried on by the Insured P-218 (G.S,l with the written authorization of the Company. (c) No claim for damages shall arise or he maintainable under this policy (1) ir the Company, after having received notice or an alleged defect. lien or encum- brance not excepted or excluded here- in removes such defect, lien or encum., brance within a reasonable time alter receipt or such novce, or (2) for liability voluntarily assumed by the Insured in seuling 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 determination by a court of competent jurisdiction sus. taining such rejection. (d) All payments under this poliC}', except payments made for costs, allorneys' fees and expenses, shall reduce the amount of the insurance pro tanto and no payment shall he made without producing this policy for endorsement or such payment unless the policy be lost or destroyed, in which case proor of such loss or destruc- tion shall be 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 Insured herein then such payments shall not reduce pro tanto the amollnt of the insuranee afforded hereunder as to such Insured, except to the extent that such payments reduce the alllount of the in- debtedness secured by such mortAage. Payment in full by any person or voluntary satisfaction or release by the Insured or a mort~age covered by this policy shaJl terminate all liability of the Company to the insured owner or 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 1055 or damage shall be payable within thirty days thereafter. 8. Liability Noncumulative It is expressly understood that the amount of this policy is reduced by any amount the Company may pay under an}' policy insuring the validity or priority of any mortgage shown or referred to in Schedule B hereof or any mortgage here. alter 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. hered 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 or said indeht- edness or any part thereof. 9. Subrogation upon Payment or Settlement Whenever the Company shall have sellled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the Insured, and - it shall he suhrogated 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 he subrogated to such rights and remedies in the proportion which said payment hears to the amount of said loss. If loss should result from any aet 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 ne<'essary in order to perfect such right oC subrogation. and shall permit the Company to use the name of the Insured in any transaction or Iitip:ation involving such rights or remedies. If the Insured is the owner or the in- dehtedness secured by a mortgage <'overed by this policy, such Insured may release or substitute the personal liability or an}' dehtor or guarantor, or extend or other- wise modify the tenns of payment, or release a portion of the estate or interest from the lien of the mortgage, or release any collateral security for the indehted. ness, provided su<,h act does not re.mll in any loss or priority of the lien or the mortJ!;age. 10. Policy Entire Contract Any action or actions or rights of action that the Insured may have or may bring against the Company arisin~ out of the status or 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 by writing 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. pan)". II. Notices, Where Senl All notices required to be given the Company and any statement in writing required to he furnished the Company shall he 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.