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HomeMy WebLinkAboutD-1867 1 , " 'J '- ~J CERTIFICATE OF ACCEPTANCE BKD5757pc439 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 January 26, 1973 , from or executed by Western Pacific Oil 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 21, 1958, and recorded in the office of the Recorder of Los Angeles County on January 29, 1958, as instrument No. 3069 in Book 56448, Page 264, Official Records of Los Angeles County; and the City of Arcadia consents to the recordation thereof by its duly authorized officers. The ~ c..J d.di7t~~ City Engineer is hereby approved as to form. ~~ , '_CORDING REQUESTED BY ; , c. . . C~TY OF ARCADIA ". 803 BK05757pci3f' AND WHEN IItltCOIltQItD "'AIL TO RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY, CALIF. OR SECURITY TITLE INSURANCE CO. FEB 9 1973 AT 8:01 A.M. I City Clerk No.... s"", P.O. Box 60 Add,"1 City & Arcadia, Ca. 91006 Slate L MAtl TAX. STATEJol,!NTS TO I No",. City of Arcadia Str..' Addr... CIty & Slale L "I "I Registrar.Recorder DOC~';:E~~A~~~~;NTS7~ ~~ ;<'~-t5.:0~:~~E :u;:j o COMPUTED ON FULL VALUE OF PROPERTY CONVEYED. on o COMPUTED ON FULL VALUE LESS LIENS & ENCUMBRA1l. C~SIEMAINING THEREO.N AT TIME OF SALE. '-1J;j/ZR...J ~!...~_ __.__a__(.)..~f.1(tJ__..________ S~nat~~ ~i'd';;;la';"nt or a en~ termi9i9g tax - ~~ ~~ o Unlcorpo,ated Area ft1 Ci f..."uL<<:!A..~. ...... O.T.T. S -.J -.J Corporation Grant Deed THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY TO 406 CA <7.68) FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, WESTERN PACIFIC OIL COMPANY, a corporation organized under the laws of the state of California, hereby GRANTS to the CITY OF ARCADIA,a Municipal Corporation, the following desctibed real property in the County of Los Angeles City of Arcadia, , State of California: That portion of Lot 20, Block 82 of Arcadia Santa Anita 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 Recorder of said County described as follows: Beginning at the northwest corner of said lot; thence southerly 6 feet along the westerly line of said lot; thence easterly parallel with the northerly line 126.69 feet to the beginning of a tangent curve concave to the southwest having a radius of 15 feet and being tangent at its southerly terminus to a line that is parallel with and 10 feet westerly of the easterly line of said lot; thence southeasterly along said curve to said point of tangency; thence northerly 6 feet along last said para11e line to the beginning of a tangent curve concave to the southwest having a radius of 15 feet and being tangent at its westerly terminus to the northerly line of said lot; thence northwesterly along last said curve to its point of tangency with said north- erly lot line; thence westerly along last said line to the point of beginning. Free recording requested under. Gov. Code 6103. Document necessary' due to 'City. acquiring ,title.' . } S5. 00 <:> c..J In \Vitness Whereof, said corporation has caused its corporate name and seal to be affixed hereto and this instru- ment to be execuLed by it" President and Secretary . "" thereunto qq.ly authorized. Dated: I~__ 1'1 (47?> (/ /' / ' ,L. STATE OF CALIFORNIA COUNTY OF LOS ANGELES On January 1 g, 1973 before me. the under. signed. n Notary Puhlic in Ilnd for said State. personally appeared HAROLD J. SMITH , known to me to he tll" President. and H. SPENCER ST. CLAIR known 10 me 10 be Pacific O-{j) i \ resident ~ ~I~ ~~ ,... fu CQ.. Z Q "' '" l- ><: l- U [2 ~_ ~ '->.1 Secretary of Ihe Corporation thai executed Ihe within Instrument. known to me to be the persons who executed the within Instrument on behalf of the Corporation Iherein named, and acknowledged to me Ihat !;uch Corporation executed the within Imtru ment pursuant its bY.Ia.ws,S:;:;solution of its board of directors. WITNESS m und nd1j.)~1. , Signature ~ ~ OFFICIAL SEAU WALTER G. DANIELSON .. II) :.' NOTARY PUBLIC-CALIFORNIA '. LOS ANGELES COUNTY MyCommission Expires Feb.l,1973 z o j ;:; c.<, ~i tJ). "" C\ .. WALTER G. DANIELSON Name (Typed or Printed) (Thj~ Klt'll. fm onldal notKrt;~1 ~~all .,' Title Order No. "7.;2./06 c/7- :s- Escrow or Loan No. . MAIL TAX STATEMENTS AS DIRECTED ABOVE " , . . ,', ~ - CORPORATION GRANT DEED CORPORATION GRANT DEED Title Insurance and Trust Company Title Insurance and Trust Company COMPLETE STATEWIDE TITLE SERVICE WITH ONE LOCAL CALL .. COMPLETE STATEWIDE TITLE SERVICE WITH ONE LOCAL CALL . . . ".. . '-.1.# i .- , J) ---I ~ ( COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR-CONTROLLER 153 HALL OF ADMINISTRATION LOS ANGELES. CALIFORNIA 90012 ROBERT A. GIL.L. CHIEF DEPUTY ~ E. GUERRERO CHIEF, TAX DIVISION MARK H. BLOODGOOD AUDITOR.CONTROL.L.ER July 20, 1973 City of Arcadia p. O. Box 60 Arcadia, California 91006 Attention: Robert D. Ogle City Attorney SUBJECT: Colorado Boulevard Parcel No. 19 Western Pacific 011 Company Gentlemen: Pursuant to your letter ctated February 23, 1973, taxes have been cancelled in accordance with Section 4986 of the Revenue and Taxation Code. This cancel- lation was ordered by the Honorable Board of Supar- visors March 21, 1973, by Authorization No. 32195. Very truly yours, MARK H. BLOODGOOD, Au,'.i. tor-Controller .:? / /.' '/ ' "..'" ~clj/q:/,~,... ~'''-.>/{.J,_'. v'.f /~. By Edward Guerrero, Chi af, Tax Division EG/MG/tc Tax Di v. #C-11 3/'(3 'fA &l-:La ~ ~ :L ~;/~t:2nao:.-J~a February 23, 1973 Mr. Mark. H. BloOdgoOd, Auditor-Controller 5~O West Temple Dtrect, Room 153 Los Angeles, California 90012 Attentionl Tax Cancellation Section Subject: Request tor Cancellation ot Taxes Colorado Boulevard Parcel No. 19 Western Paciric Oil Company Dear Mr. Bloodgood: Please cancel as ot the date ot recordinG all taxes on .the property described in the attached copy of deed. This property 1s for street widening purposes. There is no building on it. Very truly yours, ROBERT D. OGLE C1ty Attorney RDO:at . / Attachment / co: City Clerk Lot 20, Block 82, Arcadia Santa Anita Tract ~ 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, the effective date, and amount of which are shown in Schedule A, hereby insures the parties named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insured, or if a corporation, its successors by dissolution. merger or consolo idation, against loss or damage not exceeding the amount 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 described or referred to in Schedule A, existing at the date hereof, not shown or referred to in Schedule B or excluded from coverttge in Schedule B or in the Conditions and Stipulations; 0' 2. Unmarketability of such title: or 3. Any defect in the execution of any mortgage shown in Schedule B securing an indebtedness. the owner of which is named as an Insured in Schedule A, hut only insofar as such defect affects the lien or charge of said mortl!age upon the estate or interest referred to in this policy: or 4. Priority over said morq:;age, 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 in Schedule B in the order of its priority; all subject, however, to the provisions of Schedules A and B and to the Conditions and Stipulations hereto annexed. In Witness Whereof. Security Title Insurance Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A. ~~~.. ~. Secretary ~~......,'\.'\.,\\\\\ ..,.~~SURAA.'I\, :(. , ....... 'r,... 11/ -A..'-'''.. ...\.~ I 5~... ...~JII f:...":'\',,~\\\\PORATED"'~~ /1~/#~'..~~ ~!::: ~?~ - W j bDtt( ~~. -.- .""'tJ~ ~ . 0 .>~ ~::>\AfARG" 5 \~'i;'!~::: President 1.~.. ., ._::: III ;J".. .. ,,-,:;: I...... .....,5 ,'" '1 .... n ....... " - 1\11 "'A l/ f 0 \\ ~ \ _..,.-=- \\\\\,,',............'"~- . . .. ~ulhorize P.218 fG S.) es./uo 1ft........ Comp...y o......."u. Ro1!IOlor.d f.........n _or CONDITIONS AND STIPULATIONS 1. Oefinilion of Terms The following terms when used ill this policy mean: (a) "Iand": the land descrihed, spe- cifically or by reference, in Schedule A and improvements affixed thereto which by law constitute real properly: (II) "public records": those records which impart constructive notice of mut. ters relal1llJ! to said land: (c) "knowledge": actual knowledge, not COIlstTucti\'c knowled~e or notice which may be imputed to the Insured by reason of any public records; (d) "date": the effective date; (e) "mongage": mortgag:e, deed of trust, trust deed, or other security instru. ments; and (f) "insured": the party or partles named as Insured, and if the owner of the indehtedness secured hy a mortgnge shown in Sehedule B is named a!> an Insured in Schedule A, the Insured shall include (1) each successor in interest in ownership of such indebtedness, (2) any sUI~h owner who acquires the estate or interest referred to in thiS policy lIy fOIC- closure, trustee's sale, or other legal man. ner in satisfaction of said indehtedne;;s. and (3J any federal agency or in~trumen- tality which is an insurer or p;uarantor under an insurance contract or guaranty insuring or /!uaranteeing said indebtedness, or any part thereof, whether named as an Insured herein or not, subject other. wise to the pro\"ision<: hereof. 2, Benefit!; after Acquisition of Tillc If an insured owner of the indebtedness secured by a mortg:ag:e described in Sched. ule B acquires said e;;tate or interest, or allY part thereof. by foreclosure, trustee's sale or other legal man tier in satisfaction of said indebtedness. or any part thereof. or if a federal ag:ency or instrumentality acquires said estate or interest, or allY part thereof, as a COnsequence of an in. sunmce COJllrnct or l!uara1lty jllsurin~ or p;uaranteeing the indebtedness secured hy a nlOrtp;age covered by tillS policy, or uny part thereof. this poli('y :,hall continne in fOlce in favor of such Insured. agency or instrumentality, suhject to all of the con- ditions [lnd stipulatioll.... hereof. 3, Exclllsion~ from the Cuveruge of this l'olicy This policy does not instllc ap:ainst loss or dal1la~e ]IY reason of the following: (a) Any law, on!inuncc or govern. mental regulation (incllldinl!: but not lim- ited to Imilding: and zoning: ordinalH't'sl restricting or reg:ulating: 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. (II) Cm'ernmentaI rights of police power or eminent domalll unless notice of the exercise of such ri~hts appears in the public records at the date hereof. (c) Title to any property beyond the lines of the land expressly described in Schedulc A, or title to streets. roads, avenues, lanes, ways or waterways on which such land abuts, or the rifl:ht to maintain therein vaults, tunnels, ramps or any other structure or improvement: or any rip;hts or easements therein unless this policy specifically provides that such property, ri~hts or easements are insured, except that if the land abuts upon one or more physically open streets or hi~hways this poticy insures the ordinary rip:hts of ahuttillJ!; owners for access to one of such streets or hil!hways, ullless otherwise ex- cepted 01. exdudell herein. (d) Dcfects, liens. t"1H'umbrances. ad- n:r~e claims ilp;ainst the title as insured or other matters (1) created, suffered, as- sumed or ap:reed to by the Insured claim- ill~ loss or damage: or (2) known to the Insllred Claimant either at the date of this policy or at the date such Insured Claim- ant al:CJllired lln' estate: or interest insured by this policy and not shown by the puhlic records, unless disclosure thereof III writ. jn~ hy the Insllred shall ha,.e heen made to the Company prior to the date of this polic)': or 1,1) re:,ultinl!: in 110 10<:<: to the Insured Claimant: or (4) attaching: or created suhsequcnt to the date hereof. (e) Los" or damage which would not have been sllstllllled if the Insured were a purchaser 01' encumbrancer for value without knowledge, (f) All}' .'con<::umer credit protection". "truth in lending" or "imilar law, 4, Ilcfen!>c and Prose(~lIlion of Al'- tions _ Noti(~e of Claim to be Gh'en by the [murcd (a) The Com pan)', at its own cost and without undue delay shall provide (I) for the defen"e of the InSllled in all htig:ation l'ollsistill,t:" of ,If'tions or prlJ{:eedlllgs com- ccnced <lJ,!:ainst the Insured. or defenses, re.<::traininp; order<:. or illjnlldions inter. po~ed against a fOleclosure or ;;ale of the lI1ortp;agc und indehtedness covered by this pol it.)' or a sale of the e.<:tate or interest in ;;aid land: or \21 for such action as lllll}' he appropriate to estahlish the title of the t'state or intere"t or the lien of the mort~age as insured, which liti~ation or action in all)' of such e\ellts is founded upon an alleged defect, lien or encum. brance IIlsurea against hy this policy, and tnay pursue an)' litigation to final determ. ination in the court of last resort. (b) In case any such action or pro- ceeding shall he hegun, or defense inter. posed, or in case knowledge shall come to the Insured of an\" claims of title or in- terest which is ad~'erse to the title of the estate or interest or lien of the mortgage as insured, or which might cause loss or damap:e for which the Company shall or may he liaLle by virtue of this policy, or if the Insured shall in good faith contract to sell the indehtedness secured hy a mort- gage covered by this policy, or, if an Insured in good faith leases or eon tracts to sell, lease or mortgage the same, or if the successful hidder at a foreclosure sale under u mortgllp;e covered by thi:, policy refuses to purchase and in any such event the title to said estate or in- terest i" rejected as unmarketable. the Insured shall notify the Company thereof in writill~. If such Ilotir:e shall no( IH: ~ivell to the Company within ten Jays of the receIpt of process or pleadings or if the Insured ..hall lIot, in writing. prompt:y notify the Compuny of ally defect, lien or encumhrance insured al!ainst whieh shaJJ rOllle to lhe kllOwle<h:e of lhe In. sured. or if the In,;ured shall not, in writing:, promptly notify the Company of an}' ..uch rejection by reason of claimed ullmarketabilit}' of title. thell all liuhility of the Company in regard to the subject matter of such action, proceeding or matter ;;hull cease Clnd terminate: pro. vided, however. that failure to notif\" shall in no case prejudice the claim o'f any Insured unless the Company shall he actually prejudiced hy snch failure and then only to the extent of sUt'h prejudice. (c) The Company shall have the rit::ht at its own cost to in:::titllte and prosecute any action or pro('eedin~ or do any other Bct which in its opinion muy be necessa,y or de~jrab'e to estil}'li~h the title of the estate or intere"t or the lien of the marl. gap:e as insul'ed: und the Company may take any appropriate action under the telll!;; of thi" poli('y whether or 1I0t it "hall be liahle thereunder and shall not therelly rOllf'ede jinbdity or WaJ}'t~ any provision of this policy, (d 1 III all cases where thi.. policy pellnits or requires the Company to prc~. ecute or provide for Ihe defense of an)' Ilction or ploreedinp:, the In~\lled shnlJ secure to it the ril!ht to Sf) prosecute or provide defense in ."IH'h llction or pl.O- ceedinp:, and all appeals therein. and pt"r- mit it to lIse. at its option. Ihe name of the Insured for such purpose. Whenever (Conditions and Stipulations Continued and Concluded on Last Page of This Policy) " i;~l~fo~;"i~ ~ ~~d' "Ti"t1e Assoclahon Standard Coverage Policy Form Copynght 1963 SCHEDULE A Effective Dale: Amount or liabilily: S 2,000.00 February 9, 1973 at 8:01 A.M. INSURED THE CITY OF ARCADIA, a Municipal Corporation Policy No: Premium $ 7210647-45 50.00 1. The estate or interest in the land described or referred Lo III thb schedule co\'ered by this policy is: a fee 2. Title to the estate or interest co\'ered by this policy at the dale hereof is \'ested in: THE CITY OF ARCADIA, a Municipal Corporation :\, The land referred lo in this policy is situated in the State of California, County of and is described as follows: SEE ATTACHED Los Angeles . February 9, 1973/jo DES C RIP T ION The land referred to herein is situated in the State of California, County of Los Angeles, and is described as follows: That portion of Lot 20, Block 82 of Arcadia Santa Anita 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 Recorder of said County described as follows: Beginning at the Northwest corner of said lot; thence Southerly 6 feet along the Westerly line of said lot; thence Easterly parallel with the Northerly line 126.69 feet to the beginning of a tangent curve concave to the Southwest having a radius of 15 feet and being tangent at its Southerly terminus to a line that is parallel with and 10 feet Westerly of the Easterly line of said lot; thence Southeasterly along said curve 'to said point of tangency; thence Northerly 6 feet along last said parallel line to the beginning of a tangent curve concave to the Southwest having a radius of 15 feet and being tangent at its Westerly terminus to the Northerly line of said lot; thence Northwesterly along last said curve to its point of tangency with said Northerly lot line; thence Westerly along last said line to the point of beginning. c~"fdo~ni~ - L::uld TItle ASsoclahon Standard Coverage Pohc:y Form 90pyrtght 1963 SCHEDULE B This policy does not insure against 10"' or damage by re""1Il of the following: PArrl' I 1. Taxes or asseSSmenls which are not shown as eXlsllJl1l liell~ hy Ihe records of any la:\ing aUlhority that levies taxes or assessments on real property or by Ihe public records. 2. Any facts~ right~: interests~ or claims which are nol shown hy the l'uhli(' records but \\ hieh could be 3sf'ertained by an inspection of said land or by making inquiry of I'er::-olls in l'o:,sessioll thereof. :..L Easements~ claims of easement or encumbrances which are not ~howlI hy the public records. -I. Dis(;fepallcies~ (:onflicts in boundary lines: shortage ill area. cllt'l'()aChmelll~. or allY other fads wbi('h a ('orrect survey would disclose, and which are 110t :-.hown by the puhli(' record:". 5. Unpatented milling claims; reservations or eXl.:eption!'l ill palent:-- or in Ad:.- aUlhurizing the i:--::-lHlIl('e thereof; water rights: claims or title to water. PAHT II 1. Second installment general and special County and City taxes for the fiscal year 1972-1973, in the amount of $241.45. . 01' -- . . I C- O L- c:> R A D C> B 0 U L E V A R l? 0 ~ 50 so 50 so 50 50 50 50 50 so 50 \SLG~ \\/ll ~ 217 l!I eo { ~ 11l ~I 30 2~ 28 Z7 ZG; Z5 24 2~ '2.2 21 ~ ~ I~ ~ '" i>1I\ ll\ '" l1l L K U\ ~ B 0 c ~ 19 '" '" '" 11\ 50 "0 50 So 50 ];0 "0 ~o <0'" 50 50 11;1."'10> . 0 l'l '" B2. ~ ARCAC?/A <;'ANTA ANITA TRAC:k M. R. IS/89-90 (~ ..cU'''TY I \ T1T~ ,I '------./ . L "'" /0' ill :J Z ill > <i ~l GoO "Thi... plu( h fnr }Ollr ,lIll III 10"(11 Ilf! ~1'l\r I.llId ....nh r~h'r"'llll' 10 ~lft't''''' 11l1d olll('T p.!rl'f'I,;, It j.. not 11 "Ul\'{'\ \\ hil,. Ihi~ plut I.. 1..,11\:\, d 1\1 fl,. \ ur Tf'd. th" I III II I' 111\ .t"'lllllt':, IW 1i8(,ihl~ for ;lll} IO".~ {Wllllrit1~ Ilr ft'a..lIl1 !If rt.lial'll " I!lNt'lm:' SECURITY "TITLE INSURANCE COMPANY CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) requested by the Company the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or de. fending such action or proceeding, and the Company shaH 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 daimed the Company is liable under this policy shall be furnished to the Company within sixty days after such los!' or dam- aJ!e shall ha\'e been determined ond no right of action shall occrue to the Insured under this policy until thirty da)'s after stich statement shall have been furnished and no recovery shall be had by the In- sured under this policy unless action shall be commenced thereon within five years after expiration of said thirty day period. Failure to furnish such statement of loss or damage, or to commence such action within the time hereinbefore specified, shall he a conclusive bar against main. tenance hy the Insured of any action under this policy. 6. Option to Pay, Settle or Compro- mise Cluims The Company shall hove 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 indebted. ness sec;uren hy a mortgage covered hy this policy, the Company shall have the option to purchllse said indebtedness: such purchase, pa)'ment or tender of payment of the full amollnt of this policy, together with all 1'0;,ts. attorneys' fees and ex. penses which the Company is oblij!;ated hereunder to po)', shall terminate all liahility of the Company hereunder. In the event, after notice of claim has heen g"iven to the Company hy the Insured, the Company offers to purchase said indebt. edness. the owner of such indebtedness shall transfer and assign said indebtedness and the mortgage securing the same to the Company upon payment of the purc;hase price. 7. Pu}'ment of Loss (a) The Liability of the Company under this policy shall in no case exceed, in 011, the actual loss of the Insured and costs and attorneys' fees which the Com. pony may be obligated 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 ottorneys' fees in litigation carried on by the Insured P-218 (C,S.) with the written authorization of the Company. (c) No claim for dama~es shall arise or he 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 n reasonable time after receipt of such not,ice, or (2) for liability voluntarily assumed by the Insured in settling any claim or suit without wrinen consent of the Company, or (3) in the event the title is rejected as unmarketable because of a defect, lien or enc;umbrance not excepted or excluded in this policy, until there hos 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 be made without producinJ!,: this polic;y for endorsement of such payment unless the policy he lost or destroyed, in which case proof of such loss or de3truc. tion shall be furnished to the satisfaction of the Company: provided, however, if the owner of an indebtedness secured hy n mortgage shown in Schedule B is an Insured herein then such payments shall not reduce pro tanto the amount of the insurance afforded hereunder as to such Insured, except to the extent that such pnyments reduce the nmount of the in. debtedness secured hy such mortgage. Payment 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 Company to the insured owner of the indebtedness secured by such mortgage, except os pro- vided in pnragraph 2 hereof. (e) When liability has been definitely 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 amollnt of this policy is reduced by any amount the Company may pay under any policy insuring the validity or priority of ony mortgage shown or referred to in Schedule B hereof or any mortgage here- after executed by the Insured which is a charge or lien on the estate or interest descrihed or referred to in Schedule A, and the amount so paid shall he 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 indehtedness secured by a mortJ!a~e shown in Schedule B unless such Insured acquires title to said estate or interest in ~atisfac;tion 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 right of subrogation shall vest in the Company unaffected by any act of the Insured, and it sholl be suhrogated to and be entitled to all rights and remedies which the Insured would have had ap:ainst any person or property in respect to such claim had this policy not been issued. If the pa)' ment does not cover the loss of the In. sured, the Company shall be suhrogated 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 sholl not void this policy, but the Company, in that e\'ent, shall be required to po)' 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 Com pan)', shall transfer to the Company all rights and remedies against any person or prop" ert). necessar)' in order to perfect such right of subrogation, and shall permit the Company to use the name of the Insured in any transaction or litigation involving such rights or remedies. If the Insured is the owner of the in- dehtedness secured by a mortgage covered hy this policy, such Insured may release or suhstitute the personal liability of on)" debtor or guarantor, 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 such ad does not re,mll in any loss of priority of the lien of the mortp:ap:e. 10. Policy Entire Contract Any action or actions or rights of action that the Insured may have or may bring against the Company arisinp: 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 basoo on the provisions 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- pany. II. Notices, Where ~ent All notices required to be given the Company and any statement in writing required to he furnished the Company shall be addressed to it at the office which issued this policy or to its Home Office, 13640 Roscoe Boulevard, Panorama Cit)', California 91409. 12. THE PREMIUM SPECIFIED IN SCHEDULE A IS THE ENTIRE CHARGE FOR TITLE SEARCH, TITLE EXAMINATION AND TITLE INSURANCE. SECURITY TITLE INSURANCE COMPANY POLICY OF TITLE INSURANCE / ~ SECURITY TITL.B SECURITY TITLE INSURANCE COMPANY HOME OFFICE 13840 ROSCOE BOULEVARD PANORAM" CITY. CALIFORNIA 81409 3444 WILSHIRE BOULEVARD LOS ANGELES, CALIFORNIA 900S1 SECURITY TITLE INSURANCE COMPANY