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HomeMy WebLinkAboutD-1679 -~:=::-_/ '!! I. . CERTIFICATE OF ACCEPTANCE ~~D4061 rG~ "v/ 'i'" .--" ~!~ 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 17, 1968 , from or executed by John George Frickle, Jr. and Eileen L. M. Frickle , is hereby accepted by the City of Arcadia by the order or authorization of the City Council of the City of Arcadia contained in Resolution No. 2963, adopted January 21, 1958, and recorded in the office of the Recorder of Los Angeles County on January 29, 1958, as instrument No. 3069 in Book 56448, Page 264, Official Records of Los Angeles County; and the City of Arcadia consents to the recordation thereof by its duly authorize officers. -.p' / ~ ll. ~. . Ci ty Engineer City Man e The thus described is hereby approved as to form. :/~- Ci: urney ~ c...? N CJl f:; HE:CQROING REQUESTEO BY ,CIlY OF ARCADIA .G\J tl~ Uq.Ub In 00 J}-/(7y R'ECORDED IN OFFICIAL RH;U OF LOS ANGELES COUNTY. CALIF. FOR TITLE INSURANCE & TRUST CO. 1968 AT 8 A.M. " ~15//(c,;L -,4/0/"" AND WHEN RECORDED "'AIL TO I I JUL 11 RAY E. LEE,Coun~ Record<< '1;.-::- ,-~':" . Nome City Clerk P.O. Box 60 Arcadia, Calif. ~ .,' Strollt Addrell City & S'a'eL SPACE ABOVE THIS LINE FOR RECORDER'S USE MAil TAX STAUMENTS TO Nome I City of Arcadia 240 West Huntington Dr. Arcadia, California I As inshucted by ________ '_n" . ; DOCUMENTARY TITNSF TAX $.,g..A.Q....m. ~' ~ . Title Insurance and LA:- Trust Company SIGNED - pARTY OR AGENT FIRM NAME .~.. I FREE 'V 5 1 5treet Addren City & Slole L FREE RECORDING REQUESTED ESSENTIAL TO ACQUISITION BY THE CITY OF ARCADIA (See Gov Code 6103) -.J Grant Deed AFFIX I.R.S. S __,on ABOVE T0405C (4,671 'fHIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, JOHN GEORGE FRICKLE, JR. and EILEEN L. M. FRICKLE hereby GRANT(~ 10 the CIlY OF ARCADIA, a Municipal Corporation, in fee for public street and road purposes, to become a part of and to be known as Baldwin Avenue, in, on, upon and across the following described real property in the City of Arcadia, Counlyof Los Angeles , Stale of California: That'portion of the south half of Lot 383 of Tract No. 6561, in the City of Arcadia, County of Los Angeles, State of California, as per map recorded in Book 72, Pages 34 and 35 of Maps, in the office of the County Recorder of said County, included within the following described lines: Beginning at the southeast corner of said Lot 383; thence westerly along the southerly line of said Lot 383 to the beginning of a tangent curve, concave northwesterly having a radius of 15.00 feet, said curve being tangent northerly to the westerly line of the easterly 15.5 feet of said Lot 383; thence northeasterly along said curve to said westerly line; thence northerly along said westerly line a distance of 177.5 feet; thence northerly in a direct line to the point of intersection of the westerly line of the easterly 12.00 feet of Lot 386 of said Tract with a line drawn at right angles through a point in the northerly prolongation of the westerly line of said easterly 15.5 feet of said Lot 383 and distant northerly along said line and prolongation 300.00 feet from the northerly terminus of said curve; thence northerly along the westerly line of said easterly 12.00 feet to the northerly line of said Lot 386; thence easterly along said northerly line to the easterly line of said Lot 386; thence southerly along the easterly line of Lots 386, 385, 384 and 383 to the point of beginning. }ss. ~ ~ ,- c, .~ '.. Cl l.LJ L'J f- -~ f- U '" W :s :J: u. z / 0 r ;:; a. <2 , u </) w 0. , Dated ~j~ /:1 I 9&, ,</ . On before me, the under- signed, a Nota Public in and for said State, personally appearcd John George Frickle, Jr. ~nrl F.ilppn L. M. Frick1e to he the perso~whose nameS are instrument and acknowledged thaI they . known to me subscribed to the within executed the same. &:f'I'~~ ~,.....~ eX' I~" "~;d:,~ lec.......".-.>.~~ OFFICIAL SEAL FLORENCE E. NEERGARD /I.lnT~ov nIl.....". _.. .___ .. 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 COUNTY OF LOS ANGELES DEPARTMENT OF AUDITOR-CONTROLLER t 53 HALL OF ADMINISTRATION LOS ANGELES, CALIFORNIA 90012 625.3611 May 21, 1969 Ci ty of Arcadia 240 West Huntington Drive Arcadia, California 91006 Attention: Robert D. Ogle City Attorney Re : BALDWIN A VENllli PARCEL NO. 107 Gentlemen: Pursuant to your letter dated July 29, 1968, taxes have been cancelled in acc,_,rdance with Section 4986 ~f the Revenue and Taxati~n Code. This cancel- lation was ordered by the Honorable Board ~f Super- visors Nov. 19, 1968 by Auth"rization No. 06785. Very truly y'urs, Auditor-Controller ~ BID DGOOD, By J. R. Passarella, Chief Tax Division JRP/EI1P/ejrl J- - It 1/ ROBERT A, GILL CHIEF DEPUTY J. R. PASSARELLA, CHIEF. TAX DIVISION RECEiVED MAY 27 1969 CITY OF ARCADli\ CITY ATIORN!::Y CITY COUNCIL DON W. HAGE MAYOR City of Arcadia C. ROBERT ARTH MAYOR PRO TEM E.DWARD L. BUTTERWORTH ROBERT J. CONSIDINE JAMES R. HELMS, JR. -I 240 WEST HUNTINGTON DRIVE ARCADIA, CALIFORNIA LYMAN H. COZAD CITY MANAGER CHRISTINE VAN MAANEN CITY CLERK July 29. 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. 107 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- MA1L1NG ADDRESSES CITY HAL\... P. 0, BOX 60 91006 LIBRARY 20 w. DUARTE ROAD 91006 POLlCE 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 Fe (7-68) C~liforni" l"nd Title Auoci"tion StMd"rd Cover~ge Policy Form Copyright 1963 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 parries named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insured, or if a corporation, its successors by dissolution, 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 rhe 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 Stipulations; or 2. Unmarketability of such title; or .~. 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, but only insofar as such defect affects the lien or charge of said mortgage upon the estate or interest referred to in this policy; or 4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred co 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, howeYer'?'~i~))))i~ions of Schedules A, Band C and to the Conditions and Stipulations hereto annexea-::--:'~Cl ANO TR~'I\'\I ;' ~r 0000000 0'". I ;' ~ ooo~€. IS PRO~oo ,. I, '~Oo~O<(l.g*tl*, -"',On 0 I ::; ~ o~ .' t>tlllE1iln>W'ttnessCWhereoj, Title Insurance and Trust Company has caused its /JI1! ...... 0 "'(,~ * ,,5 '(<' Q ~ (I ~ L..J g J..:. >} coW<?rate'1name ana seal to be hereunto affixed by its duly authonzed offICers ~ ..../ oo~~~-,. o'hb;lth\\dafejh~~1in Schedule A. " I- AIl'l , ~~- ~ ~ ~_ON ~ Vi' OZ% ~ t- ~ :/~ _ _ 'II~ ~:g '"< ~ ~ 0 .A ;,\' ":. __ . ) .. Q~ J; ~J ~ o-S-~ --~'''''' '~'vo >} ~ 'I 0,- -~ - .. ~Vo '" III <'Ooo~~;~;~-I~-Gu~Ooo ~'f '1\ ;SO 4 00000000 ~~v..:- \\\, NGELES. .$' \\\\","~~ Title Insurance and Trust Company by )-4 ~ PRESIDENT Attest ~l!-~ 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 Jaw (Onstitute 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 I ecords; (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 as. an Insured in Schedule A, the Insured shall include (1) each successor in interest in 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 indebtedness, and (3) any federal agency or instrumentality which is an in- surer or guarantor under an insurance con- tract or guaranty insuring or guaranteeing said indebtedness, or any part 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 satisfaction 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 [his 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 Of damage by rcasons of the following: (a) Any law, ordinance or governmental regulation (including but not limited to twilding 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 hereafter erected on said land, ()r prohibiting a separation in ownership or a reduction in the dimensions or area of any lot Of parcel of land. (b) Governmental rights' of police power or eminent domain unless 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 C, or title to streets, roads, ave, nues, lanes, ways or waterways on which such land abuts, or the right to maintain therein vaults, runnels. ramp!> or any other structure or improvemem; or aoy rights or easements therein unless this policy specific- ally provides that such property. rights or easements are insured. except that if lhe land abuts upon one or more physically open streets or hi,l.ihways this policy insures the ordinary rights of abutting owners for access to one of such streets Of highways, unless otherwise excepted or excluded herein. (d) Defects, liens, encumbrances. adverse claims against the (itle as insured or olher matlers (1) created, suffered, assumed or agreed to by the Insured claiming loss or damage; or (2) known (0 thl' Insured Cloimam either at the date of this policy or at the date such Insured Claimant ac- quired an estate or interest insured by this policy and not shown by the puhl ic records, unless disclosure thereof in writing by the Insured shall have been made to the Com- pany prior to the date of this policy: or (3) 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 sustoined if the Insured were a purchaser 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 lirigation consisting of actions 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 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 mort- gage as insured, which litigation 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 tide or intecest which is adverse to the title of the eSlate or in- terest or lien of the mOf1gage as insured, or which might cause loss or damage for .....hich the Company shall or may be liable by virtue of this policy, or if the Insured shall in good faith contract to sell the in- debtedness securcd by a murtgage covered by this policy, or, if an Insured in good faith leases or contracts to sell, lease or mortgage the same. or if the successful bidder at a foreclosure sale under a mort- gage covered by this policy refuses to pur- chase and in any such event the ride to said estate or interesr is rejected as un- marketable, the Insured shall notify the Company thereof in .writing. If such notice shall not be given to the Company within ten days of the reccipt of process or plead- ings or if the Insurt::d shall not, in writing, promptly notify the Company of any de- fen. lien or cncumbrance insured against which shall come to the knowledge of the Insured. or if the Insured shall not. in writing, promptly notify the Company of any such rejection by reason of claimed un, marketabilitv of titk then all liability of tht: COll1pan}' in regard to the subject matter of such action. proceeding or malter sball Cease and terminatc: provided, however. that failure to notify shall in no case prejudice the claim of any lnsured unless rhe Company shall be actually prejudiced by such failure and thcn 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 title of the estate or interest or the lien of the mort- gage as insured; and the Com pan}' may lake any appropriate action under the terms of this policy whether or not it shall be li<Jble thereunder 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 proceeding. 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. at its option, the name of rhe Insured fOf such purpose. Whenever requested by the Com- pany the Insured shall give the Company al! reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining wirnesses, or prosecu- ting or" defending such action or proceed- ing, and the Company shall reimburse the lnsured for any expense so incurred. 5. NOTICE OF LOSS - LlMITATlON 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 he furnished to the Company within sixty 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 shall be had by the Insured 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 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 setrle or compromise for or in the name of the Insured any claim insured against or [Q pay the full amount of this policy, or, in case loss is c1aim<:d under this policy by the ()wnec of the indebtednc.~s secured by a mortgage covered by this policy, the Company shall have the option to purchase said indebtedness; such pur. ch<ise, payment or tender of payment of (Conditions and Stipulations Continued and Concluded on Lost Page of This Policy) TO 1012.1 AB C CalifornIa land TItle AssocIation Stondord Coveraga Policy 1963 SCHEDULE A Premium $ /.fD. O~ Amount $ 2,000 .00 Effective Date July H, 1968 at 8 a';m. Policy No 678H62 INSUHED CITY OF ARCADIA, a Municipal Corporationi~ 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 in the land described or referred to ill 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 could 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 botwdary 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. 80 Tei 1012-18 COr1I. C California land Title Association Standord CoverOge 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'; c.ovenants, conditions and restrictions in of restrictions Executed By , Recorded ' the de clara t ion . . S~curity Trust & Savings Bank prior to February 15, 1950 in book 2679 page 48, Official Records . . Said covenants, conditions and restrictions have been incorporated by reference thereto in a deed Recorded prior to February 15, 1950 in book 3120 page 2, Offic ial Re cords 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 easement over the rear 4 feet, of said lot for pole lines, conduits and 1:ncldental purposes, as reserved 'by Security Trust & Savings Bank in ,the above mentioned declaration. 4. . Gerieral plan of other lots in Executed by Recorded covenants, conditions and restrictions in deeds said tract among them being a deed : Temple C.ity c.ompany - prior to February 15, 1950 in book- 18034 page 49, Official Records affecting the portion of said land and for the herein; and incidental purposes Southern 'California Telephone Company j: pole lines in book 19279 page 136, Official Records the rear 4 feet 5. An easement purposes stated In Favor Of For Re corded Affects 6. An easement purposes stated In Favor Of affecting the portion of said land and for the herein, and incidental purposes, ': Southern California Edison Company, a corporation :. poles : May 20, 1952 in book 38970 page 380 Official Records the rear 4 feet For' Recorded Affects 7.- A recital in the deed recorded July 11, 1968 that said land if for public street and road purposes to become part of and to be known as Baldwin Avenue; , . TO lQ12:)-IQ56-lC C American land Title AssociatIon Leon Policy Additional Coveroge-1962 0' California Land Title Assodation Stondord Covero~e Policy-1963 SCHEDULE C The land referred to in this policy is situated in the county of Los Angeles, state of California, and is described as follows: That portion of the south half of Lot 383 of'Tract No. 6561 in the city of Arcadia County of Los Angeles, State of California as per map recorded in Book 72, Pages 34 and 35 of Maps, in the office of the County Recorder of said county, included within the following described lines: Beginning at the southeast corner of said Lot 383, thence westerly along the southerly line of said lot 383 to the beginning ofa tangent curve, concave northwesterly having a radius of 15.00 feet, said curve being tangent northerly to the westerly line of the easterly 15'.5 feet of said Lot 383; thence north~ easterly along said curve to said westerly line; thence northerly along said westerly line a distance of 177.5 feet; thence northerly in a direct line to the point of intersection of the westerly line of the easterly 12.00 feet of Lot 386 of said Tract with a line dra~m at right angles through a point in the northerly prolongation of the westerly line of said east- erly 15.5 feet of said Lot 383 and distant northerly along said line and prolongation 300.00 feet from the northerly terminus of said curve; thence northerly along the westerly line' of said easterly 12.00 feet to the northerly line of said Lot 386, thence easterly along said northerly line to the easterly line of said Lot 386; thence southerly along the easterly line of Lots 386 385,384 and 383 to the point of beginning. " . TO 236 VC PORTICN Of' LOT 383 OF TRACT Ne. 6561 I 'Io~ .~ 1(\;1 ! 1;86\ ~. ~ .~ ~\ 1/90 L_J , II , I 78.5 \\ ~ I II ' . , I R ,90 I ~84 ~\Q ~\-~ ()~ . . . . " ~ , ,90 ~/"e ",dk' @ 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 Fram Reverse Side of Policy Face) the full amount of this policy. together with :111 coStS, attorneys' fees and expenses which the Company is obligated hereunder 10 pay. shall termin3tc 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, ,he owner of such indebtedness 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 costs and attorneys' fees which the Company Illay be obligated hereunder to pay. (b) The Company will p3y, in addition to any loss insured against by this policy, ;111 costs imposed upon the Insured in liti- gation carried on by the Company for the Insured, and all costs and attorneys' fees in litig3tion carried on by the Insured with the written authorization of the Company. (c) No claim foc damages shall arise or be maintainable under this policy (I) if the Company, after having received notice of an alleged defect, lien or encumbrance not excepted or exd uded herei n removes .such defect, lien or encumbrance wjthin 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 e\'ent the title is rejected as unm3rketable because o"f a defect, lien or encumbrance not excepted {)I" excluded in this policy, until there has been a final determination by a court of competent juris- diction sustaining such rejection. (d) All payments under this policy. ex- cept payments made for COStS, attorneys' fees and expenses, shall 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 oc destruction shall be furnished to the satisfaction of the Com- pany; provided, however, if the owner of an indebtedness serured by a mongage shown in Schedule B is an Insured herein then such payments shall not reduce flro tanto the amount of the insurance afforded hereunder as to such Insured, except [0 the extent that such payments reduce the amount of the indebtedness secured by such mort- gage, 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 liahility of the Company to the insured owner of the indebtedness secured by such mongage. except as pro- vided in paragraph 2 hereof. (e) When liability has been definitely fixed in accordance with the conditions of this policy the loss or damage shall he pay- able 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 any policy insuring the validity or priority of any mortgage shown oc 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 (() 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 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 of said indebtedness or any part thereof. 9. SUBROGATION UPON PAYMENT OR SETTLEMENT Whene"er the Company shall have settled a claim under this policy, all right uf sub- rogation shall vest in the Compaoy un- affected by any act of the Insured, and it shall be subrogated to and he 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 heen 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 hears to the amount of said loss. If @ loss should result from any an of the In- sured, such act shall not void this policy, but the Company. in that event, shall be required to pal' only that part of any losses insured against heceunder which shall ex- ceed the 'amount, if ;IIlY, lost to the Com- pany by re3son of thl' impairmem 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 nel.:essary in order to perfect such right of subrogation, and shall permit the Company to use the name of the Insured in any transactioo oc litig3tion involving such rights or remedies. If the Insured is the owner of the in, debtedness secured by a mortgage covered by this policy. such Insured may release or substitute the personal liability of any debtor 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 release any col- lateral security for the indebtedoess. pro- vided such act does not result in any loss of priority of the lien of the mortgage. 10. POLICY ENTIRE CONTRACT Any action or actions or rights of action [hat the Insured may have or may bring against the Company arising out (If the status of the lien of the mOrl,gage covered by this policy or the title of the estate or interest insured herein must be based un the provisions of this policy. No provision or condition of this policy can he waived or changed except by writing endorsed hereon or attached hereto signed by the President, a Vice President, the Secretary, an Assistant Secretary or other YJJidating officer of the Company. 11. NOTICES, WHERE SENT All notices required to be givcn the Com- pany and any statement in writing required to be furnished the Company shall he ad- dressed to it at the office which issued this, policy or ro its Home Office. 433 South Spring Slreet, 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 Providing directtWe services or referral services throughout the United States and the territory of Guam. POLICY OF TITLE INSURANCE Title Insurance and Trust Company