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HomeMy WebLinkAboutARA D-160This page is part of your document DO NOT DISCARD 'orct14, \S- (5Y-2. `71-. IYOdia C' �t 116D(f C401727 1111111111 1111 I III E I 11 i fl hlIfl i u mi 1lIl u u 11 00000874991 In111111NI� 1 002209914 SEQ: 06 200 I�EN IIII111 07/16/09 AT 08:00AM 1 u DAR Title Company (Hard Copy) 11 Reco ded /FI ed in Offic al Records Recorder's Off ce, Los Angeles County, California Pa 0004 FEES: 0.00 TAXES: 0.00 OTHER: 0.00 PAID: 0.00 1 .1pIIINI11111111111111 IMUNIII IIIUI IMMINIMINEMMUIE THIS FORM IS NOT TO BE DUPLICATED R12 A.P.N. 5779 014 -006 RECORDING REQUESTED BY TCT 10-1212452 WHEN RECORDED MAIL TO TRANSCONTINENTAL TITLE COMPANY 3 MACARTHUR PLACE, SANTA ANA, CA 92707 GRANT DEED Niten SPACE ABOVE THIS LINE FOR RECORDER'S USE THE UNDERSIGNED GRANTOR(S) DECLAR (S): OLd DOCUMENTARY TRANSFER TAX is CITY TAX is 0.00 S„, computed on the full value of the property conveyed, or computed on full value less value of liens or encumbrances remaining at the time of sale, Realty not sold Unincorporated area City of ARCADIA, and FOR A VALUABLE CONSIDERATION 538,000.00 :receipt of which is hereby acknowledged, 20090618331 AURORA LOAN SERVICES, LLC, with a business address of 10350 Park Meadows Drive, 3 Floor, Littleton, Colorado 80124 hereby GRANT(S) to REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA, A PUBLIC BODY, CORPORATE AND POLITIC The following described real property in the city of ARCADIA ,County of LOS ANGELES, State of California: SEE EXHIBIT "A" FOR LEGAL DESCRIPTION Property more commonly known as: 15 -15 1/2 LUCILLE ST, ARCADIA, CA 91006 A. F N.: 5779 014 -006 AURORA LOAN SERVICES, LLC by First American REO Servicin• as eir Attor -y -in -Fact By Michael Hamden Portfolio Manager Printed Name STATE OF COUNTY OF On L 23 cmq personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of l that the foregoing paragraph is true and correct. WITNESS my hand and official seal. ,.s _)i1 it s SHARON GARCHA NOTARY PUBLIC T TE OF COLORADO Signature `k Dated //Pt Z609 Signed, se ed and delivered in our Presence: before me, G I t 1 1' my A Notary Public, Michael Hamden Portfolio Manager My CommissiOn Expires Jan. 16. 2013 Real property in the City of Arcadia, County of Los Angeles, State of California, described as follows: LOT 7 BLOCK 2 OF TRACT NO. 101 IN THE CITY OF ARCADIA, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA AS PER MAP RECORDED IN BOOK 13 PAGE(S) 52 OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF LOS ANGELES COUNTY. APN: 5779-014-006 Exhibit "A" LEGAL DESCRIPTION Transcontinental Title Company Order No.:1001212452TCT Escrow No.: Page Number:5 ALTA Owner's Policy (10/17/92) NAD -120 -000 REV. (2004 -04) Policy of Title Insurance ISSUED BY First American Title Insurance Company SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land; The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title as insured, but only to the extent provided in the Conditions and Stipulations. F1rstAmerican Title l'nsurance Company rnESIOC T $FCAi i AFi ALTA Owner's Policy (10/17/92) Schedule A Policy No.: 0 -65- 00016258 Amount of Insurance $538,000.00 Date of Policy: July 16, 2009 at 7:59 a.m. Policy Issued Simultaneously with Policy No.: M -65- 00016258 1. Name of Insured: REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA, A PUBLIC BODY, CORPORATE, AND POLITIC 2. The estate or interest in the land which is covered by this policy is: Fee Simple 3. Title to the estate or interest in the land is vested in: REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA, A PUBLIC BODY, CORPORATE, AND POLITIC First Ameri an Title Insurance Company Heidi Schwartz Authorized Signatory FIRST AMERICAN TITLE INSURANCE COMPANY SCHEDULE A Valid Only if Schedule B and Cover are Attached File No. 65- 00016258 ALTA Owner's Policy (10/17/92) Schedule A SCHEDULE A (Continued) 4. The land referred to in this policy is described as follows: Real property in the City of Arcadia, County of Los Angeles, State of California, described as follows: LOT 7 BLOCK 2 OF TRACT NO. 101 IN THE CITY OF ARCADIA, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA AS PER MAP RECORDED IN BOOK 13 PAGE(S) 52 OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF LOS ANGELES COUNTY. ALTA Owner's Policy (10/17/92) Schedule B Policy No.: 0 -65- 00016258 FIRST AMERICAN TITLE INSURANCE COMPANY SCHEDULE B File No. 65- 00016258 EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1. Rights or claims of parties in possession not shown by the public records. 2. 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 public records. 3. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not shown by the public records. 4. Easements or claims of easements not shown by the public record. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police p not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, Tien 2. Rights of eminent domain unless notice of the exerc se thereof the C has be recorded id the p records in at Date of Policy, but not of excluding om coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c lting in or dared lm attaching or created no loss subsequent mage to to the Date insu of Poclicy; ai or ant; (e resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. 1. DEFINITION OF TERMS. CONDITIONS AND STIPULATIONS The following terms when used in this policy mean: (a) "insured the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) Insured claimant an insured claiming loss or damage. (c) "knowledge" or "known actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term 'land' does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage mortgage, deed of trust, trust deed, or other security instrument. (f) "public records records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE, The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and in case which m gh cause loss or damage p prompt notice which hall not be Company to othe be liable Company, then as to theoinsured (iii) liabili of the Comp any shall is to the matter�o for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise Its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and ermit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination inspection and copying, at such reasonable times an places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third a All information designated as confidential by the insured claimant provided to which the Company an reasonably u Pursrstain uant tt F this Soi the loss t damage. shall unless, in the reasonable judgment of the Company, it is necessary fhe insured not ai dis t t o s b o m others examination under oath, produce other reasonably requested information or grant permission to claim. Failure ecureea reasonably necessa claimant m t u t for parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claimY ry information s on from third 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY. In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. (i) To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. (ii) Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. with any costs, pay settle with f fees, and expenses h Incu r red by the claimant which were a� thorized by the Company the time of payment and which the Company is obligated to pay; or fees, and expenses i otherwise incurred by the claimant which were authorized by the Comp ny up to the time of payment t and nd wh ch the C mp ny obligated to pay. Upon the exercise by the Company of either of the options provided for In paragraphs (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this policy is subject to the following: t has that the am amount of insurance at Da e Policy bears to the total value of th insured est to othe at Date of Poli loss pro rata in the proportion (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss or rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees, and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys fees, and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and tile completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused damag Company's e until there h of as been litigation, final determination by by a court Company of competent t or with the ju isdiction, an of the all appeals the adverse Ito for as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE, It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. icy be required to only that part or any losses �insured against above, by this policy wh that act ch shall exceed policy, the amount, if a t any, to he Company reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non Insured Obligors. indemnities, guaranti right s,other of against urance or bonds, notwithstanding any terms orccodndit without limitation, the conditions contained in those in st uments which provide for subrogation rights by reason of this policy. 14, ARBITRATION. (DOES NOT APPLY IN STATE OF MISSOURI) Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this polity and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which t(ie land is located permit a court to award attorneys fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. required any policy All notices and shall be addressed sed be t given Company the Company, Attention: n: Claims Department, 1 writing i First American Way, Santa Ana, California include a 92707, or to the office wh which issu this policy. To whom it may concern, Please find attached your Owner's Policy of Title Insurance and \or original Deed. Please keep these with your important documents as you may need them in the future. Sincerely, TransContinental Title Company Tran ntinental Title Company 2605 Enterprise Road East Suite 150 Clearwater, Fl 33759 Phone: 866- 782 -3163 Fax: 727 793 -6721 an tjnental Title Comp an