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HomeMy WebLinkAboutD-1668 ... 'r' ~~~. .,1 , CERTIFICATE OF ACCEPTANCE ~ ~ 0402 4 ~ G 814 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 April 11, 1968 , from or executed by Evelyn Malkin , 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 0 icers. ., 01 -.} ~ {City Manage document thus described fZd;/1 ~ City Engineer The is hereby .""0'.' ..~ ~ G2- City Attor ''> CITY OF ARCADIA 574 DII U4UL4 i'Li d /j 10 d-., - /J- / t t g . AND WHEN RECORDED MAIL TO RECORDED IN OFFICIAL RECORDS OF LOS ANGELES COUNTY. CALIF. FOR TITLE INSURANCE & TRUST co. JUN 7 1968 AT 8 A.M. RAY E. LEE, County Recorder I I Nome City Clerk I P.O. Box 60 1 Arcadia, Calif. I 6781157 ANL H8 II City of Arcadia ~ SIr..' Addran City & Slole L SPACE ABOVE THIS LINE FOR RECORDER'S USE MAIL TAX STATEMENTS TO City & StataL .J I FREE RECORDING REQUESTED, ESSENTIAL TO ACQUISITION BY CITY OF ARCADIA, SEE 6103 Gov. Code. $3.30 J(jfl;. . -,' 'y. ,~s ~GO PUBLIC AGENCY NO TAX STATEMENT Nome SIn." Addren Grant Deed AFFIX LRS $ -3.30"..,.. ................ AnoVE I TO 405 C (4.67) THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY --'--'" I FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, I ~ EVELYN MALKIN hJebY GRANT(5:) 10 the CITY OF ARCADIA, a Municipal Corporation, iJ fee for public street and road purposes, to become a part of and to be known as BAldwin Avenue, in, on, upon and across Ihl following described real property in the City of Arcadia, Cohnty of Los Angeles , State of Californi~: That Iportion of Lot 61 of Tract No. 6641, in the City of Arcadia, County of Los Angeles, State of California, as per map recorded in Book 126, Page 67 of Maps, in the office of the County Reco~der of said County, included within the following described lines: Begirining at the intersection of the easterly line of the. westerly 20.5 feet of Lot 62 of said Itract ~ith the northerly line of the southerly 17.00 feet of said Lot 62; thence east- erly along said northerly line to the beginning of a tangent curve, concave northeasterly having a radius of 15.00 feet, said curve being tangent northerly to said easterly line, said ibeginning of tangent curve being the true point of beginning of this description; thence northwesterly along said curve to said easterly line; thence northerly along said east~rly line a distance of 177.5 feet; thence northerly in a direct line to the point of intetsection of the easterly line of the westerly 17.00 feet of Lot 59 of said tract with a lirie drawn at right angles through a point in the northerly prolongation of the easterly line lof said westerly 20.5 feet of said Lot 62 and distant northe~ly along said line and prolongation 300.00 feet from the northerly terminus of said curve; thence northerly along the ~asterly line of said westerly 17.00 feet of said Lot 59 to the northerly line of said Lot 5:9, thence westerly along said northerly line of said Lot 59 to the westerly line of said ~ot 59; thence southerly along the westerly line of Lots 59, 60, 61 and 62 to the I southwest corner of said Lot 62; thence easterly along the southerly line of said Lot 62 the p'rolongation of a radial line of said curve which passes through the true point of beginning; thence northerly along said radial line to the true point of beginning. I F R E E d- t'.. 1------- " }ss. JWI1<N.!'iMi'~iIiY~ JItu~ Evelyn Malkin f 1 to\~ ~ ,.. ,.. ro '" Z e:1 \.l. ~ 1= u u ~ u. Dated ~ I~ lye? to be the pt:rson~whose nameS are instrument and acknowledged that they , known to me subscribed to the within executed the' same. ~COi?j. fl~ ~~";1 OFFICIAL Sb:i\L ~L^~~~.N~,~",~;, ~~~,~:~~~,~ ;0 ( , " i: () () .J l <:.T1 '-.l ~ On bdore me, the under- signed, a olary Public in and for said Slate. personally appeared Vl1 H . Ha11..:- "'ad Evelvn Malkin / , tV GRANT DEED GRANT DEED' Title Insurance and Trust Company Title Insurance and Trust Company COMPLETE STATEWIDE TITLE SERVICE WITH ON E LOCAL CALL. COMPLETE STATEWIDE TtTLE SERVICE OJ WITH ONE LOCAL. CALL I .- ..' .. - \~ -~ ... . MARK H. BLOODGOOD AUDITOR.caNTRaI..I..ER COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR-CONTROLLER 153 HALL OF ADMINISTRATION LOS ANGELES. CALIFORNIA 90012 625-3611 March 19, 1969 City of Arcadia 240 West Huntington Drive Arcadia, California 91006 Attention: Robert D. Ogle City Attorney Re : Baldwin Avenue Parcel No. 102 Gentlemen: Pursuant to your letter daten June 24, 1968, taxes have been cancelled in acc.,.rdance with Section 4986 ~f the Revenue and Taxati~n C0de. This cancel- lation was ordered by the Honorable Board ~f Super- visors Oct. 29, 1968 by Auth...rizatim No. 06322. Very truly y<urs, HARK H. BLOODGOOD, Auditor-Contr011er '5f~ '/J (/ '_, j:-"--Z'--<_L_~_/t_L._L~ ~J J. R. Passarella, Chief Tax Division JRP/EMP/ejn RECEIVED MAR 2 5 1969 CITY OF ARCADIJ.\ . CITY ~TTORNEY ROBERT A, GILL CHIEF DEPUTY J. R. PASSARELLA, CHIEF. TAX DIVISION .CITY COUNCIL DON W. HAGE MAYOR City of Arcadia C. ROBERT ARTH MAYOR PRO TEM EDWARD L. BUTTERWORTH ROBERT J. CONSIDINE JAMES R. HELMS. JR. ~ 240 WEST HUNTINGTON DRIVE ARCADIA, CALIFORNIA LYMAN H. COZAD CITY MANAGER CHRISTINE VAN MAANEN CITY CLERK June 24, 1968 Mr. 500 Los John R. Passarella, West Temple Street, Angeles, California Auditor-Controller Room 153 90012 Attention: Eleanor Parker, Tax Cancellation Section Subject: Request for Cancellation of Taxes Baldwin Avenue Parcel No. 102 Dear Mr. Passarella: Please cancel as of the date of recording all taxes on the property described in the enclosed copy of deed. This prop- erty is part of a larger parcel acquired for street widening purposes. There is no building on it. Very truly yours, RDO: jh Ene. 1- MAILING ADDRESSES CITY HALL P. O. BOX 60 91006 LIBRARY 20 W. DUARTE: ROAD 91006 POLICE DEPARTMENT P. O. BOX 60 91006 FIRE DEPARTMENT 710 S. SANTA ANITA AVE. 91006 TELEPHONES 446_4471 . 681-0276 446.7111 447.2121 446.2128 ~~ TO 1012-1 Fe (10-67) ColHornio land Tille Association Standard Coveroge Polley Form Copyright 1963 lS93 POLICY OF TITLE INSURANCE ISSUED BY Title Insurance and Trust Company Tide Insurance and Trust 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 dissolucion, merger or consolidation, 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 C. 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 Stipulatiuns; or 2. Unmarketability of such title; or 3. Any defect in the execution of any mongage shown in Schedule B 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 in this poiicy; or .t. Priority over said mortgage, at the date hereof, of any lien or encumbrance 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 sub)" ect, however,~Th'th-e"'\:p)~~iSions of Schedules A, Band C and to the Conditions and Stipulations _- r" "\\ heretl) annex~<t::;>- ~C<- AND i~" \\1 ,.:;:- ~~ 000000000 V.$'... I, .-" 00",,1'. \5 PRO 00 r II .:;;r 0 oo~o .uI W~"o- ~W}', f j:f ~ oo~ Qo.....{I~'C1lE.'!}~.... t~ne.ss(..w(flereo, Title Insurance and Trust Company has caused its 'A ..... 0 ~ . I '-.. '" 0 -" h, I b h ff" b . d I h' d ff' :t ,.. 0" ~... c~fp'-orate;name.anu sea to e ereunto a lxeU y Its u y aut oflze 0 lCers 11 .... o(......--f~ ~?""7-/ \~'.. ,y.~, 0 .-n. ,.~ ~ -' 0,-----",- :::,.;~~._.,.jj o.n:the'da~e\shownl1n ScheduleA. . r. I- 0 ."" _.'-', I>~'-'-'O >-' ~ ~ _ 0-..,,,,,-. ,lJ,"~-~,.~",,')\\.. 0 2: % r~ \- 0 ';;0\,~ t"A', -l~- ~~ g '"'< ~ ~ o. -:<& '.",'h""~"', ""0 J:.! 'J ... 0.>. ;.\.~" .C ~,t'-r <.')0 ~ rJ .. 001-", ':i~:~i9fr."!'<.')~o >} j:: (I 0 ~. . ,,,, ~oo - "1 <"0 oO~r.4TE \S G\l~oO ~.:- ~t ~ 00000000 ~V ~ 1~\\\"'NGELES.v .#" \\\\\.\.,'~,~ Title Insurance and Trust Company by ~~~~NT Allest GLu lif-~ . . SECRETARY CONDITIONS AND STIPULATIONS 1, DEFINITION OF TERMS The following terms when used in this policy mean: (a) "land": the land described, specific- ally or by reference, in Schedule C and improvements affixed thereto which by law constitute real property; (b) "public records": those records which impart constructive notice of matters relating to said land; (c) "knowledge": actual knowledge, not constructive knowledge or notice which may be imputed to the Insured by reason of any public records; (d) "date": the effective date; (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument; and (f) "insured": the party or parties named as Insured, and if the owner of the in- debtedness secured by a mortgage shown in Schedule B is named <1S' an Insured in Schedule A, the Insured shall include (I) each successor in interest jn "Ownership of such indebtedness. (2) any such owner who acquires the estate or interest referred to in this policy by foreclosure, trustee's sale, or other legal manner in satisfaction of said i.ndebtedness, and (3) any federal agency or instrumemality which is an in- surer or guarantor under an insurance con- tract or guaranty insuring or guaranteeing said indebtedness, or any paft thereof, whether named as an insured herein or not, subject otherwise to the provisions hereof. 2. BENEFITS AFTER ACQUISITION OF TITLE If an insured owner of the indebtedness secured by a mortgage described in Sched- ule B acquires said estate or interest, or any part thereof, by foreclosure, trustee's sale, or other legal manner in satisfaccion of said indebtedness, 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 insurance contract or guaranty insuring or guarantee- ing the indebtedness secured by a mortgage covered by this policy, or any part thereof, this policy shall continue in force in favor of such Insured, agency or instrumentality, subject to all of the conditions and stipula- tions hereof. 3, EXCLUSIONS FROM THE COVERAGE OF THIS POLICY This policy does not insure against loss or damage by feasons of the following: (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions, or location of any improvement now or hereafrer erected on said land, or prohibiting a separation in ownership or a reduction in the dimensions or area of any loe or parcel of land. (b) Governmental rights of police power or eminent domain unless notice of the l'xercise of such rights appears in the public rerords at the date hereof. (c) Tide to any property beyond the lines of the land expressly described in Schedule C, or title to screets, roads, ave. nues, lanes, ways or waterways on which such land abuts, or the right to mainrain therein vaults, tunnels, ramp~ or any other structure or improvement; Of any rights or easements therein unless this policy specific- al1y provides that such property. rights or easements are insured, except that if the land abuts upon ooe or more physically open streets or highways this policy insures the ordinary rights of abuning owners fot access to one of such streetS or highways, unless otherwise excepted Of excluded herein. (d) Defects, liens, encumbrances, adverse claims against the title as insured or other matrers (1) created, suffered, assumed or agreed to by the Insured claiming loss or damage; or (2) known (0 the Insured Claimant either at the date of rhis policy or at the date such Insured Claimant ac- quired an esrate or interest insured by this policy and not shown by rhe public records, unless disclosure thereof in writing by the Insured shall have been made to rhe Com- pany prior to the date of this policy; or (?>) resulting in no loss to the Insured Claim- ant; 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 pUfchaser or encumbrancer for value with- out knowledge. 4. DEFENSE AND PROSECUTION OF ACTIONS -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 acrions or proceedings com- menced against the Insured, or defenses, restraining orders, or injunctions interposed against a foreclosure or sale of the mort- gage and indebtedness covered by this policy or a sale of the estate or interest in s<lid land; or (2) for such action as may be appropriate to establish the title of the esrate or interest or the lien of the mort- gage as insured, which litiA<ltion or action in any of such events is founded upon an alleged defect, lien or encumbrance in- sured against by this policy, and may pur- sue any litigation to final determination in the court of last resort. (b) In case any such action or proceed- ing shall be begun, or defense interposed, or in case knowledge shall come to the In- sured of any claim of title or interest which is adverse to the title of the esrate or in- terest 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 rhe in- debtedness secured by a mongage coyered by this policy, or, if an Insured in good faith leases or contracrs to sell, lease or mortgage the same, or if the successful bidder at a foreclosure sale under a mort- gage covered by this policy ccfuses to puc- chase and in any such event the tide to said estate or interest is rejected as un- marketable, the Insured shall notify rhe Company thereof in writing. If such notice shall not be given to the Company within ten days of the receipt of pmcess or plead- ings or if the Insured shal1 oot, in writing, promptly notify the Company of any de- fect. lien or encumbrance insured against which shall come to the knowledge of rhe Insured. or if rhe Insured shall nOt, in writing. promptly notify the Company of any such rejection by reason of claimed un- marketability of tide, then all liability of the Compilny in regard to rhe subject matter of such acrion. proceeding or marter shal I cease and terminate; provided, however, that failure to notify shall in no case prejudice the claim of any Insured unless the Company shall be actually prejudiced by such failure and then only to the extent of such prejudice, (c) The Company shall have the right at its own cost to institute and prosecute any action or proceeding or do any Other act which in its opinion may be necessary or desirable to establish the tide of the estate or interest or the lien of the mort- gage as insured; and the Company may take any appropriate acrion under the terms of this policy whether or not it shall he liable thereundef and shall not thereby concede liability or waive any provision of this policy. (d) In all cases where this policy per- mits or requires the Company to prosecute or provide for the defense of any action or proceedin~, the Insured shall secure to it the right to so prosecute or provide de- fense in such action or proceeding, and all appeals therein, and permit it to use, ar it.~ option, the name of the Insured for such purp,>se. Whenever requested by the Com- pany the Insurer! shall give the Company all reasonable aiJ in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecu- ting or" defending such action or proceed- ing, and the Company shall reimburse the Insured fOf 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 sixry days after such loss or damage 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 shaH be had by the Insured under this policy unless action shaH be commenced thereon within five years after expiration of said thiny day period. Failurt' to furnish such statement of loss or damage, or to commence such aCtion within the time hereinbefore specified, shall be a con- clusive bar against maintenance by the In- sured of any aCtion under this policy, 6. OPTION TO PAY, SETTLE OR COMPRO- MISE CLAIMS The Company shall have the option to payor settle oc 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 indebtednt'.~s secured by a mortgage covefed by this policy, the Company shall have the option to purchase said indebtedness; such pur- chase, payment or tender of payment of (Conditions and Stipulations Continued and Cancluded on Last Page of This Policy) TO J012-1 "B C CalifornIa land Tltls Association S'andard CowralifS Policy 1963 SCHEDULE A Premium $ Amount $ 2,000,00 Effective Date June 7 , 1968 at 8 a,m, Policy No. 6781157 INSURED CITY OF ARCADIA'; a Municipal Corporation 1. Title to the estate or interest covered by this policy at the date hereof is vested in: CITY OF ARCADIA, a Municipal Corporation'~ 2, The estate or interest m the land described or referred to m Schedule C covered by this policy is a fee. SCHEDULE B This policy does not insure against loss or damage by reason of the.following: PART I 1. Taxes or assessments which are not shown as existing liens by the records of. any taxing, authority that levies taxes or assessments on real property or by the public records. 2. Any facts, rights, interests, or claims which are not shown by the public records but which cauld be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 3. Easements, claims of easement or encumbrances which are not shown by the public records. 4, Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a Correct survey would disclose, and which are not shown by the public records. 5. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. DO TO 1012-1B ConI. C . California Land Title Association Standard Coverage Policy-1963 S C H E D U L E B - (Continued) PART II 1. General and special county and city taxes for the fiscal year 1968-1969, a lien not yet payable. 2. Covenants, conditions and restrictions in the deed Executed By Arcadia Investment and Development Company Recorded Prior to February. 15, 1950 in book 11611 page 99, Official Records Which provide that a violation thereof shall not defeat or render invalid the lien of any Mortgage or ,deed of trust made in good faith and for value. . 3. An action in Commenced Entitled the Superior Court March 22, 1968 City of Arcadia, a municipal corporation vs. Elizabeth Rowse Wilson, et al. 929015 use of public right of way Condemn the fee simple title Case No. Nature of Action Affects Notice of the Reqorded pendency of said action was : March 22, 1968 in book M-2807 page 805, Official Records 4. A recital in the deed from Evelyn Malkin to City of Arca- dia, a municipal corporation, recorded June 7, 1968 as that said land is for public street and road.purposes, to become a part of and to be known as Baldwin Avenue. TO 1012-1-10S6.1C C American land Title Association loan Polity Additional Coverage-1962 0' California land Title Association Slondard Coverage Poficy-1963 SCHEDULE C The land referred to jn thjs poHcy'js shuated ill the county of Los Angeles, state of CaHfornia, and js described as follows: That portion of Lot 61 of Tract No. 6641, in the City of Arcadia, County of Los Angeles, State of. California, as per map recorded in Book 126, Page 67 of Maps, in the office of the County Recorder of said County, inc'luded within the following described lines: Beginning at the rnte~section of the easterly line of the westerly 20.5 feet of Lot 62 of said tract with the northerly line of the southerly 17.00 feet of said Lot 62; thence easterly along said n northerly line to the beginning of a tangent curve, concave ~' northeasterly having a radius of 15.00 feet, said curve being ta!y ,.1 gent northerly to said easterly line, said beginning of tangent '1","')',' curve being the true:point of beginning of this description; thence northwesterly along said curve to said easterly line; thence northerly along said easterly line a distance of 177.5 feet; thence northerly in a direct line to,the point of intersection of the' easterly line of the westerly 17.00 feet of lot 59 of said tract with a 'line drawn at right angles through a point in the northerly prolongation of the' easterly line of said westerly 20.5 feet of said Lot 62 and distant northerly along said line and prolonga- tion 300.00 feet from the northerly terminus of said curve; thence northerly along the easterly line of said westerly 17.00 feet of said Lot 59 to the northerly line of said Lot 59, thence westerly along said northerly line of said Lot 59 to the westerly line of said Lot 59; thence southerly along the westerly line of Lot 59, 60,61, and 62 to the southwest corner of said lot 62; thence east- erly along the southerly line of said Lot 62 to the prolongation of a radial line of said curve which passes through the true point of beginning; thence northerly along said radia 1 line to the true point of. beginning. Title acquired by deed from Evelyn Malkin, recorded June 7, 1968. . TO.23~~' . J I fFL.O,eENCE .RVE. 66 ~ ~ WOOO,eUFF Na5ss;"..E. .fiVE. /6a-l6 100 75 7$ 75 75 75 7$ 75 55~~ /46 11-1OQ-Jllmra~~'8. . ~ '0 ~ 0) 75 7$ ~ISO SO ~ 'I.j, 'I\,j I I 19 18 17 1& IS C> '" 7& ::I '0,. ~ ltii\l~ ..v~ , 75 75 I I I I 75 ~150 SOI:U 7S 7& :I"~il-'; .B'!"" "- ~ .~ ,." ~ ::Z .:..~-::.!:~. ..t- flVE.~" ~ " '" OC " 55 ~ ><) i7./.31 ;; '" LIVE '" '" 8.".~-~ 0.111< _ .>_.,;tJo5!J'i5 -j TRACT NQ 1.1.8.126 664/ - PS. 67 @ This is not a survey of the land but is compiled for information by the Title Insurance and Trust Company from data shown by the official records. . CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) the full amount of this policy, togt:ther \\' ith all cOStS, attorneys' fees and expenses which the Company is obligated hereunder In pay, shall terminate all liability of the Company hereunder. In the event, after notice of claim has been given to the Com- pany by the Insured, the Company offers to purchase said indebtedness, the owner of such inuebtedness shall transfer and assign said indebtedness and the mortgage securing the same to the Company upon payment of the purchase price. 7. PAYMENT OF LOSS (a) 'The liability of the Company under this policy shall in no case exceed, in all, the actual loss of the Insured and COSIS and attorneys' fees which the Company may be obligated hereunder to pay. (b) ihe Company will pay, in addition to any loss insured against by this policy, all COSts impos'ed upon the Insured in I iti- gation carried on by the Company for the J nsured, and all costs and attorneys' fees in litigation carried on by the Insured with the written authorization of the Company. (c) No claim for damages shall arise or he maintainable under this policy (1) if the Company, after having received notice of an alleged defect, lien or encumbrance not excepted or excluded herein removes such dt'fect, lien or encumbrance within a reasonable time after receipt of such notice. or '(2) for liability voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company, or (3) in the event the title is rejected as unmarketable because of a defect lien or encumbrance nO[ excepted or exduded in this policy, umil there has been a final determination by a coun: of (ompetent juris. diction sustaining such rejection. (d) AU payments under this policy. ex- cept payments made for COSts, atrorneys' fees and expenses, shaH reduce the amoum of the insurance pro tanto and no payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaCtion of the Com- pany; provided, however, if the owner of an indebtedness secured by a mortgage shown in Schedule B is an Insured herein thcn such payments shall not reduce pro tanto the amount of the insumnce afforded hereunder as to such Insured, cxcept to the extent (hat such payments reduce the amount of (he indebtedness secured by such mort, gap,e, Payment in full by any person or voluntary satisfaction or release by the In- sured of a mortgage covered by this policy shall terminate all liability 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 been definitely fixed in accordance with the conditions of this policy the loss or damage shall be pay- able within thirty days thereafter. 8. L1A81L1TY NONCUMULATIVE It is expressly understood that the amoum of this policy is reduced by any amoum the Company may pay under any policy insuring the validity or priority of any mortgage shown or referred to in Schedule B hereof or any mortgage here, after executed by the Insured which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a pay- ment to the Insured under this policy. The provisions of this paragraph numbered 8 shal1 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 of said indebtedness or any part thereof. 9. SUBROGATION UPON PAYMENT OR SEnlEMENT Wh<-never the Cnmpany shall have settled a claim under this policy, all right of sub- rogation shall vest in the Company un- a{(ected by any act of the Insured, and it shall be subrogated to and be entitled to all rights and remedies which the Insured would have had against any person or prop- erty in respect to such claim had this policy not been issued. If the payment does not cover the loss of the Insured, the Company shall be subrogated to such rights and remedies in the proportion which said pay- ment bears to the amoum of said loss, If loss should result fCllm an)' act of the In~ sllred, such act shaff 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 ex- ceed the 'amount, if any. lost to the Com- pany by reason of the impairment of the right of subrogation. The Insured, if re- quested by the Company, shall transfer to the Company all rights and remedies against any person or property necessary in ordEr to p(:rfecr such right of subrogation, and shall permit the Company ({) 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- debtedness secured by a mnrtgage covered by this policy, such Insured may release or substitute the personal liability of any dehtor or guarantor, or extend or otherwise modify the terms of payment. or release a portion of the estate or interest from the lien of the mortgage, or re/ease any col- lateral security for the indebtedness, pro- vided such act does not resuh in any loss of priority of the lien of the mongage. 10. POLICY ENTIRE CONTRACT Any action or actions or rights of action that the Insured may have or lllay bring against the Company arising out of the status of the lien of the mongage covered by this policy or the (ide of the estate or interest insured herein must be hased on the provisions of this policy. No provision or condition of this policy (;In be waived or changed except by writing endorsed hereon or attached hereto signed by the President, a Vice President, tht. Secretary. an Assistant Secretary or other validating officer of the Company. 11. NOTICES, WHERE SENT All notices required to be givw the Com. pany and any statement in writing: required to be furnished the Com puny shall be ad- dressed to it at the office which issued this policy or to its Home OffiCe, 433 South Spring Street, Los Angeles 54, California. 12. THE PREMIUM SPECIFIED IN SCHEDULE A IS THE ENTIRE CHARGE FOR TITlE SEARCH. TITlE EXAMINATION AND TITlE INSURANCE, @ Title Insurance and Trust Company FOUNDED IN '8"'3 POLICY OF TITLE INSURANCE Offering complete title services throughout the state of California with just one local call. Complete title services also available in the states of Alaska, Nevada, Oregon and Washington through subsidiary Companies. Title Insurance and Trust Company 433 South Spring Street Los Angeles, California 90054 I ~ _. v . '.'~ , ". _. . ...,'" ......, 1',""";'- ',"- --.~>,~' ".","- --,~