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HomeMy WebLinkAboutD-1876 B~05806pcMO 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 August 22, 1972 , from or executed by Lambert V. Morrison and Helen S. Morrison , 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 authori officers. .. \ . CJ1 ~ ~~~~ , --~ The is hereby approved as to fOnD. ~~ . y Attorney -' ,. J RECORDING REQUESTED BY 567' ]))~7b ((~v..~ '"CITY OF ARCADIA AND WHI!N IIltCOADI!O ...All. TO r- No",. City Clerk St,..t P.O. Box 60 Addreu City & Arcadia, Ca. 91006 Slole L MAIL 'AX STATEMENTS '0 r- No",. City of Arcadia Street A.dd,e.. City & Stot. L RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY, CAUF. OR SECURITY TITLE INSURANCE CO. MAR 26 1973 AT 8:01 A.M. Registrar.Recorder BKD58D6pC439 I ~ }Y;K :2--f:J SPACE ABOVE THIS LINE FOR RECORDER'S USE I -.J Grant Deed D.T.T. S. uNC:lN.E:.uu TO 405 CA 19.6B) THtS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, LAMBERT V. MORRISON and HELEN S. MORRISON hereby CRANT(S) 10 the CITY OF ARCADIA, a Municipal Corporation, the following described real properly in Ihe Counly of :Los Angeles City of Arcadia, 1 State of California: The southerly 6 feet of Lot 55 of the Haven Tract, in the City of Arcadia, County of Los Angeles, State of California, as per map recorded in Book 13, Pages 22 and 23 of Maps, in the office of the County Recorder of said County. lree recording requested under Gov. Code 6103. Document necessary' due to ~itI acguir~ ,title.' ,.,' . '~"".' " ....,... CJl OJ -J Dated eYe? / /f7~ / t/ 1"/r/v.~~ v:(~~. (, Morn son ~/~.f)- 7.-1 ~'Q' Helen S. 'Morrison . -, IJjll!.: ~~ VI' I >- ~ w -. c " l_. '- i. L' . ~ STATE OF CALIFORNIA } COUNTY OF LOS ANGELES 55. On before me, the under- signed. 11 Notary Public in and for said State. personally appeart:'d Lambert V. Morrison and Helen S. Morrison .. :..; L . . known to me to he the personJ!..-..-whose namp s are suhscrihed In the within instrument and acknowledged that they executed the same. WITNESS my hand and official seal. '..,"" ~ C-. ~ Name (Typed or Printed) OFFICIAL SEAL FLORENCE E. NEERGARD NO' Af~" PUBLIC-CALIFORNIA LOS ANGELES COUNTY MyCcmrmsslon Expires Mar. 4,1976 <5 ;: o- f] ", uJ o ... ..,.~....-=-v-v-~-\ P_ O. Box 60. Arcadia. CA. 91006 (Till~ all'8 for (lnldal notarial ~('all Tille Order No. Escrow or Loan No. MAIL TAX STATEMENTS AS DIRECTED ABOVE '7~/{) Jb-.yS (;) '" .. . ..... ...... . I, ., GRANT DEED 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 - '. MARK H. BLOODGOOD AUDITOR.CONTROLLER ----- ~ ~ .D- /8n COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR-CONTROLLER H53 HALL OF ADMINISTRATION LOS ANGELES, CALIFORNIA 90012 625.3611 ROBERT A. GILL CHIEF DEPUTY E. GUERRERO CHIEF, TAX DIVISION October 18, 1973 The City of Arcadia 240 West H1mt1ngton Drive Arcadia, California 91006 RECEIVED OCT 231973 CITY OF AHL,.......u,.. CITY ",TIORNEY Attention: Robert D. Ogle City Attorney SUBJECT: Colorado Boulevard Widening Portion of Lot 55 of Haven Tract acquired from Lambert V. and Helen S. Morrison Gentlemen: Pursuant t~ your letter dated April 3, 1973, taxes have been cancelled in aC0Qrdance with Section 4986 of thp. R13venue and Taxation Corle. This cancel- lation was orrlered by the Hon~rable Peard of Super- visors Oct. 17, 1973, by Auth'lrization Nt'. 33063. Very truly yours, MARK H. BLOODGOOD, Aurlitor-GcntroUp.r ~d/JtY l-:.,(,'/':!-.J/.,"/ ,-,,-:.f' 1~(7 By Erlwarrl Guerrero, Chief, Tax Division EG;MG/tc Tax Div. #C-11 3/'r3 D ,-I C ' _/. I AprU 3, 1973 ,Mr. Mark H. Bloodgood, Auditor-Controller 500 West Temple Street, Room 153 Los Angeles, Calitornia 90012 Attention: Tax Cancellation Section Subject: Request tor Cancellation ot Taxe8 Colorado Boulevard Widening Lambert V. and Helen S. Morrison Dear Mr. Bloodgood: Please cancel as ot the date ot recording all taxes on the property described in that attached copy of deed. This property 18 tor street widening purposes. There i8 no buUd1ng on it. Very truly yours, ROBERT D. OOLE City Attorney RDO:at Attachment cc: City Clerk V' ReCor~~~g Requested By . 'CITY OF ARCADIA ^566 '..Y1n0 BKR4171 PG280 ~ City P.O. Arcad lerk ox 60 a, CA. RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY. CALIF. SECURITY TITLE INSURANCE CO. MAR 26 1973 AT 8:01 A.M. Registrar-Recorder \iffi ~ .When Recorded Hail To ~ 91006 F~ee reoording requested under Gov. Code 6103. Document necessary' due .to 'City. acquiring .U tle.J _-. . SPACE ABOVE THIS LINE FOR RECORDER'S USE DEED OF PARTIAL RECONVEYANCE Pursuant to a written request made by the Beneficiary, the undersigned, as Trustees -..:..n th~ Dcc:.:1 .....,f: n'.....l~ <':."' "- .......... ................--, ~.::t2~ J'.:lly 15 , ""'2 .......__........_.::1 '-.- T .....r......T:'lT"lITl ",T ..... J..!.....--, \::;J>..Cu...... ....t::u J,j:1 .LJl"1J,.'.u.J.I-i.l.\'.1. "'. MORRISON & HELEN S. HORRISON, husband & wife, as as Trustor, in which Joint Tenants TRUSTS GARRISON, D'AGOSTINO & YIM, INC. PENSION & PROFIT SHARING PLAN is named as .Beneficia~y and WILLIAM G. REID, JR. & H. BRADLEY JONES as Trustees, and July 27 , 19~, Book T 7701 , Page 705 . recorded Official Records of Los Angeles County, California, do hereby grant . and convey unto the person or persons legally entitled thereto, without warranty, .all the estate and interest derived to the Trustees, under said Deed of Trust, in .and to that portion of the property described in said Deed of Trust, located in .the County of Los Angeles ,California, described as follows: The southerly 6 feet of Lot 55 of the Haven Tract, in the City of Arcadia, County of I,os Angeles, State of California, as per map recorded in BoG\l< 13, Pages 22 and 23 of Maps, in the office of the County Recorder of said Cupnty~ Dated: N\;;:,,,...R S-. \'\\.~ \ at Los Angeles, California \ ~ a Notary Pu lie in and for said I knOlYn ~ to the within instrument and ~ ~. 'J ---- ~ JR. CJt ~ O? ~~. ~ l.J~ I 0 . - v'" ~ - -\ Q\! e;'~J ~ BBCURITV T1TLS CLTA.1963 AMENDED 1969 STANDARD COVERAGE POLICY OF TITLE INSURANCE issued by SECURITY TITLE INSURANCE COMPANY Security Title Insurance Company, a California corp<?ration, herein caned the Company, for a valuable consideration paid for this policy, the number, the effective date, and amoun.t 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 ~ith 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 her,eby in the land described or referred to in Schedule A, existing at the date hereof, not shown or referred to in Schedule B or excluded from coverage in Schedule B or in the Conditions and S~ipulations; ., 2. Unmarketability of such title; or 3. Any defect in the execution of any mortgage shown in Schedule H securing' an indebtedness, the owner of which is named as an Insured in Schedule A, but only insofar as such defect affects the lien or charge of said mortgage upon the estate or interest referred. to i~ this policy; or 4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule H, 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 . ..;;:o..~""\.'\\\\ ~~~SUR.4 \11 ;;-<- '\ ....... ~C\\II :~"... ....~ , ?i:::-... ...c.J1/. /j.,/ ~ !~A~~\\\\PORATED\~% ':J.} '....A ~;:: --- :""Q~ ~ ~ ~ . C\ .>~ ~~,\AfARGH < ,~'iJ.!:t!:1 President ~~.- ,.), .",--" I" "J".. .. ,,-.::: I.. ." .. .: fl .. ... .. \. . -.- _..__v_.. - .....--- 'III CALi;o~...\..",-E \\\~;..""..,. C)<C. ~,1yzAlI An Authorized Signature P.2IS (0.5.) .s...~O In......''.:. C""'palty of _'IC'. Aegllw-.d 1......... 0....... 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, ill Schedule A and improvements affixed th~reto which by law constitute real property; (h) "public records": those records which impart constructive notice of mat. ters relating to said land: (c) "knowledge": actu&l knowledge, not constructive knowledAe Or notice which mllY he imputed to the Insured hy reason of any public records; (d) "date": the effectiVe date; (e) "mortgage": mortgage, deed of trust, trust deed, or other security instru- ments: and (f) "insured": the party or parties named as Insured, and if the owner of the indehtedness secured by a JIlortgap;e shown in Schedule B is named as all 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 eslate or interest referred to in this policy by fore- closure, trustee's sale, or other legal man- ner in satisfaC'tion of said indehtedne~s, and (3) any federal agency or instrumen. tality which is an insurer or guaranlor under an insurance contraC:t or f!;uaranty insurin~ or ~uaranleeing said indebtedness, or any part thereof, whether named as an Insured herein or not, subject other. wise to the provisions hereof. 2. Benefits after Acquisition of Title If an insured owner of the indehtedness secured by a mort~age described in Sched. ule B acquires said estate or interest, or any part thereof, by foreclC)sure, trustee's sale or other legal manner in satisfaction of said indebtedness, or any part thereof, or if a fedelal agency or instrumentality acquires said estate or interest, or any part thereof, as a consequ~nce of an in. surance contract or guaranty insuring or ~lIaranteein~ the indehledn~ss secured by a mortgage covered by this policy, or any part thereof. this policy shall continue in force in favor of such InSUred, a~ency or instrumenlality, subject to 1111 of the con. ditions and stipulations her~of. 3. Exclusions from the Coverage of this Policy This policy does not insure against loss or damage by reason of the following: (a) Any law, ordinanC:e or govern. mental regulation (including hut not Iim. ited to building and zonin~ ordinances) restricting or regulating or prohibiling the occupancy, use or enjoymellt of the land, or regulating the character, dimensions, or location of any improvement now or here. after erected on said land, or prohibitill~ a separatIOn in ownership or a reduction in the dimensions or area of any lot or parcel of land. (b) Governmental rights of police power or eminent domain unles.. notice of the exercise of such rights appears in the public records at the date hereof. (c) Title to any property beyond the lines of the land expressly described in Schedule A, or title to streels, roads, :1venues, lanes, ways or waterways on which such land abuts, or Ihe right to maintain therein vaults, tunnels, ramp~ or any other structure or improvement: or any rights or easements therein unless this policy specifically provides that such property, rights or easements are insured, except that if the land abuts upon one or more physically open streets or highways this policy insures the ordinary ri~hts of ahutting owners for access to one of such stt eets or highways, unless otherwise ex. cepted or excluded herein. t d) Defects, liens, encumbrance.., ad. verse claims agalllst the title as insured or other matters (I) created, suffered, as. sumed or agreed to by the In~ured claim. ing loss or damage; or (2) known to the Insured Claimant either at the date of this policy or at the date such Insured Claim. ant acquired an estate or interest insured by this policy and not shown by the public records, unless disclosure thereof in writ. ing by the Insured shall have heen made to the Company prior to the date of this policy: or (3) resulting in no loss 10 the Insured Claimant: or (4) attaching or created subsequent to the date hereof. (e) Loss or damage which would not have been sustained if the Insured were a purchaser or encumhrancer for value without knowledge. (f) Any "consumer credit protection", "truth in lending" or similar law. 4. Defense and Prosecution of Ac. tions - Notice of Claim to be Gh'en by the Insured (a) The Company, at its own cost and without undue delay shall provide (I) for the defense of the Insured in all litigation consisting of actions or proceedings com. cenced against the Insured, or defenses, restraining orders, or injunctions inter. posed against a foreclosure or sale of Ihe mortgage and indebtedness cuvered by this policy or a sale of the estate or interest in said land; or (2) for such action as may be appropriate to establish the title of the estate or interest or the lien of the mortgaj!e a" insured, which litigation or action in allY of such events is founded upon an alleged defect, lien or encum. hrance insured against by this policy, and may pursue any litigation to final determ. ination in the court of last re:,ort. (b) In case any such action or pro. ceedin~ shall be begun, or defense inter. posed, or in case knowledge shall cOllie to the Ihsured of any claims of title or in. terest which is adverse to the title of Ihe estate or interest or lien of the mortf:!;af:!;e as insured. or which might cause loss or damage for which the Company shall or llIay be liable by virtue of this policy, or if the Insured shall in good faith contract to sell the indehledness seemed hv a mort. ~a~e (;o\"ered hy this policy, o'r. if an Insured in good faith leases or eonlwrt" to sell, lea~e or morqmge the same, or if the sllC'ce"sful bidder at II forecloslllt~ sale under a mort~age covered by thi~ policy refuses to pUlchase and in any such event the title to said estate or ill' terest is rejected II" 1I111l1arketuhle, Ihe Insured shall notify the Company thereof in wnting". If such notice shall not llll ~iven to the Company within ten days or the receipt of process or pleadings or If the Insured shall not, in writing, prompt~y notify the Company of allY defect, lien or encumbrance insured against which shall come to the knowledge of the In. sured, or if the In,,uted shall nol, in writing. promptly notify Ihe Company of any such rejection by reason of rlaimed unmarketahility of title, then all liability of Ihe Company in rej!anl to the suhje{'t matter of such action. proceeding: 01 matter shall rease ilnd terminate: pi n- vided. however, that failure to notih shall in no case prejudice the claim (;f any Insured unless the Company shall be actually prejudiced hy such faillllc and then only to the extent of such plejudice. (c) The Company shall have the right at its own cost to inslitute and prosecute any action or proceedinp: or do uny other act which in its opinion may be necessary or desirable to estahlish the title of the estate or interest or the lien of the mOl t. gag:e as insured: and Ihe Company may take any appropriate action under the terms of this polic:y whether or not it shall he liable thereunder and shall not thereby C'oncede Iiahihty or wah'e any provision of this policy. (d) In all cases where this policy permits or requires the Company to pro,.;- ec)lte or provide 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 pro- ceeding. and all appeals therein, Dnd per. mit it to use. at its option, the name of the lnsured for sllch purpose. Whenever (Conditions and Stipulations Continued and Concluded on Last Page of This Policy) P.21S:A (G S.) Rev. Cahforma Land Title Association Standard Coveroge Policy Form Copyright l~ scm:DULE A Efit~di\'e Dalc: March Amount of Ii.lhility: S 26, 1973 at 8:01 2,000.00 A.M. Pulk)' i\'o: Premium S 7210636-45 50.00 INSURED THE CITY OF ARCADIA, a municipal corporation 1. The estate or intefe~l III Ihe land described Of rcfen cd to ill thi:.' ~chedllle co\'crct! hy this policy 18: a fee 2. Title 10 the estate or interest co\'ered hy this policy aL the daLe hcreof i~ \'c~ted ill: THE CITY OF ARCADIA, a municipal corporation ;{. The land referred to in this policy is situated in Ihe State of California, County of and is described as follows: Los Angeles The Southerly 6 feet of Lot 55 of the Haven Tract, in the City of Arcadia, as per map recorded in Book 13, Pages 22 and 23 of Maps, in the Office of the County Recorder of said Coun ty . . P.218.B (G S) Cahfornla Land Title AssOClatLon Standard Coverage Pohcy Fo'-m C;opYrlght 1963 SCHEDULE B Thi~ policy doei' nol in~llrc again.:-t )0:-;';: or damage hy n'a~oll of the following: PAIlT I 1. Tu:\e:-, or u:,sc:-,sment!' which urc not ~howlI ns c:\.i~till;': liell:' hy the rCl oHI~ of any IH'\ill;! authority lhal levic:, ta:\es or assessments 011 real property or hy the public IC('()I'(I:-:. 2. Any fads. ri;rhls: illlcre~ls. or claims "hidl arc not ~hO\\1l 11Y lhe public rccord~ hut \\hich could he :.l~("crtailled hy an inspection of said land or hy llIukill;r inquiry of I'CI~OIl~ ill po:o:,c:,sion Ihcreof. ;;. Easemellt~. daims of easement or encllmlHilllt'CS \\hich :.Ire nol :-:ho\\ n liy the puhlic records. l. DiscrepuIH;ies. ('onflicts in houndary lilies: ~horta!!e III :.Ilea. 1'11!'lo..w!JlIIcnl:o. or any other fi.ld~ whidl a ('orree! ~UrYC)' would di~c1()~e, and whkh ..1ft: 1101 ~howlJ by the puhlic' IcC'onl:--. 5. Unpalented milling claims; rc~erYatioll~ or cXlcl'tion;' ill patent-. or ill Act:- authorizing thc L-o:oUilllt'(' thereof; water rights: daims or title to \,.aler. PA HT II 1. General and special taxes for the fiscal year 1973-1974, a lien not yet payable. 2. The right to lay pipelines for the conveyance of water over said land, together with the right to enter upon to examine and repair same, as provided in the deed from H. A. Unruh, recorded September 16, 1890 in'Book 666, Page 313 of Deeds. Said easement is blanket in nature. - - 1- I . . . III- J l ~ ~ /o~ ~ ~ ~ ~ ~ ~ /IJO i?tM ,-".~ ~ . -<' <:) 0> v/ << ~ NeWMAN \) '" -<' -'?.(' <!:'''k '<1J.- Ave ISO .50 " " ., " " " " Sc> 0 48 0 ~ !o ,~47 45 \ , 49 46 44 43 42 41 40 39~ , , 50 , I , 0 ~ 5/ <;) "l ISO V,53 54 55 56 j7 58 59 60 oil;, "- '" ~ "- \, 52 ~ -f'" ':.:~rr 13S- SO " " " " " ,. " sa ~ o ~ ~ IS-o ~ COLORADO 8LVD.-2 ,L./AVCN T.L?ACT Lci~ 33--1l1r<< 01 ,/l{.B. 13/22-?3 "Thi~ pint is fvr }Olll [lId HI JO('.JIIUg your lund ",jth rdCll"IICe to ;;tlcetil lllld ollll'r ptlrn~b. It is not II ~ul"cy. While thi5 1)I:1t is bdie','eJ. to Le ('orn'ct, the Company assumes 110 Habilit)' for an)' Joss OCCIlr! ing hy reason of reliun('(' lhereon." SECURIT'>'- TITLE l:-..,.UH.A:-'Cr: <..::O"H'^...." .4... .. . , CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) requested hy the Company the Insured shall give the Company all rea~onab.le aid in any such action or proceedmg, m effectin~ settlement, securing evidence, obtaininF; witnesses, or prosecuting or de. fendinv; such action or proceeding, and the Company shall reimburse the Insured for any expense so incurred, 5, Notice of Loss - Limitation of Action In addition to the notices required under paragraph 4(b), a statement in writinv; of any loss or damaf:!:e for which it !s claimed the Company is liable under thiS policy shall he furnished to the Company within sixty days after such loss or dam. af:!: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 heet1 furnished and no recovery shall he had by the In. sured under this policy unless l1ction shall be commenced thereon within fi\'e years after expiration of said thirty day period. Failure to furnish such statement of loss or damav;e, or to commence such action within the time hereinhefore 5pecified, shall he a conclusive har agoinst main. tenance by the Insured of" ilny action under this policy. 6. Option to Pay. Settle 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 by the owner of the indehted- ness secured hy a mortgage covered by this {loHey, the Company shall have the option to purchase said indebtedness: such purchase, payment or tender of payment of the full amount of this polic.y, together with all costs, attorneys' fees and ex- penses which the Compan)' ig obligated hereunder to pay, shall terminate all liahilit)' of the Company hereunder. In the event, after notice of claim has heen p:iven to the Company by the Insured, the Company offers to purchase sllid indeht- edness, the owner of such indebtedness shall transfer and assi!!n said irtdebtedness and the mortl!age securing the game to the Company upon payment of the purchase price. 7. Payment of Loss (a) The Liability of the Company under this polic)' shall in no cilse exceed. in all, the actual loss of the Insured and ('osts and attorneys' fees which the Com- pany may he obligated hereunder to pay. (b) The Company will pay, in addition to any loss insured against by this policy, aU costs imposed upon the Insured in litiJ!;ation carried on by the Company for the Insured, and all costs and attorneys' fees in litigation carried on by (he Insured P-218 (O.S,l with the written authorization of the Company. (c) No claim for damages shall arise or he maintainable under this policy (I) if the Company, after ha\'ing received notice of an alleged defect, lien or encum. brance not excepted or excluded here- in removes such defect. lien or encum. brance within a reasonable time after receipt of such notice, or (2) for liability voluntarily assumed hy the Insured in settlin~ any claim or suit without written consent of the Company, or (3) in the event the title is rejected as unmarketable because of n defect, lien or encumbranl'e not excepted or excluded in this poli(:y, 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 prodllcinl! this policy for endorsement of such payment unless the policy he lost or destroyed, in which case proof of such loss or destruc- tion shall he furnished to the satisfaction of the Company: provided, however, if the owner of an indebtedness secured by a mortgage shown in Schedule B is an Insured herein then such payments shall not reduce pro tanto the amount of the insurance afforded hereunder as to s1ll'h Insured. except to the extent that such payments reduce the amollnt of the in. debtedness secured hy such mortl!a~e. Payment in full by any person or voluntary satisfaction or release hy the Insured of a mortgage covered hy this policy shall terminate all liahilit}. of the Company to the insured owner of the indebtedness secured by such mortgage, except as pro. vided in paragraph 2 hereof. (e) When liability has heen definitely fixed in accordance with the conditions of this policy the loss or damage shall he payable within thirty da}'s thereafter. 8. Liability Noncumulative It is expressly understood that the amount of this policy is reduced by any amount the Company may pay under any policy insurin(! the validity or priority of any mortp:age shown or referred to in Schedule B hereof or any mortgap:e here. after executed by the Insured which is a charp:e 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. hered 8 shall not apply to an Insured owner of an indebtedness secured by a mortp:llp;e shown in Schedule B unless such Insured acquires title to said estate or interest in satisfaction of said indeht. edness or any part thereof. 9. Subrogation upon Payment or Settlement Whene\'er the Company shall have settled II claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the Insured, and it shall he subrogated to and he 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 cover' the loss of the In- sured, the 'Company shall be 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 act of the Insured, such act shall not void this policy, but the Company, in that evcnt, shall be required to pay only that part of any losses insured against hereunder which shan exceed the amount, if any, lost to the Company by reason of the impairment of the ri~ht of subrogation. The Insured, if requested by the Company, shall transfer to the Company all rilthts and remedies against any person or prop' ert)' necessary in order to perfer:t such right of subrogation, and shall permit the Com pan)' 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 by this policy, such Insured may release or substitute the personal liability of any 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 indebted- ne,.s, provided such a('t does not result in any loss of priority of the lien of the mortl!ap:e. 10, Policy Entire Conlruct Any action or actions or rights of action that the Insured may have or may bring against the Company arising 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 he based on the prm'isions of this policy, No provision or condition of this policy can he wnived or changed 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 offirer of the Com. pany. II. NOlit'ell, \\'l1erc St:nt All notices required to he given t1H~ Com puny nnd any statcllll'nt in writillj! required to he furni~hcd lhe ComplltlY shall be llddres~t'd In it lit the otllCe which issued thi:-: policy or to ill' Home Ollit'e. 13640 Roseoe Boulevard, Punoruma Clly. Califnrniu 91409. 12. HIE PREMIUM SPECIFIED I'" SCHEDUI.E A IS TilE E"'TIIIE CHARGE FOR TITI.E SEARCH. TITLE I-:XAMINATION Ai'll) TITI.E INSUIlANCE. j 1 SECURITY TITLE INSURANCE COMPANY POLICY OF TITLE INSURANCE ~ ..CURITV TITLB SECURITY TITLE INSURANCE COMPANY HOME OFFICE 13640 ROSCOE BOULEVARD PANORAMA CITY, CALIFORNIA 91409 3444 WILSHIRE BOULEVARD LOS ANGELES. CALIFORNIA G0051 SECURITY TITLE INSURANCE COMPANY