HomeMy WebLinkAbout; ROMAN CATHOLIC BISHOP OF SAN DIEGO; 76-331646; Property'q. 1 -.* 6 x* ., er No.
:* Exrow No. 550126 6 . IS
. LoanNo. 820
WHEN RECORDED MAIL TO:
City of Carl sbad
1200 Elm Avenue Carlsbad, CA 92008
ep"52J
76+33 FtLElPAGE NO*"".-HIII BOOK 1976
TITLE INSURANCE dr TRUST t RFXORDED REQUEST OF
OCT 8 &W AI
OFFICIAL RECORDS
HARLEY F. BLoo#I SAN DIEGO COUNTY, CAW
'# RfcORoER N{
I SPACE ABOVE THIS LINE FOR RECORDER'S USE I
MAIL TAX STATEMENTS TO:
Same as Above DOCUMENTARY TRANSFER TAX $ ............................... -A ...... Computed on the consideration or value of property cor ...... Computed on the consideration or value less liens or enc
X
remaining at time of sale.,
G-#)#dJ TI & T CO. 9&49-&@3 -.3S3 -C6,06 907 @gnatwe of Declarant or A ent determining tax - Firm City of CarlsSbad 9w-aa3 - 3s - ,A
CORPORATION GRANT DEED
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
THE ROMAN CATHOLIC BISHOP OF SAN DIEGO, a Corporation Sole
a corporation organized under the laws of the State of , do
GRp,NTto THE CI'TY OF CARLSBAD, a Municipal Corporation
the real property in the City of Carl sbad
Countyof San Diego , State of California, de
Portion of Blocks 57 and 66 in the Town of Carlsbad, in the City of Carlsbad, according to Map thereof No. 535, recorded March 3, 1961 as File No. 38238.
COMPLETE LEGAL DESCRIPTION ATTACHED HERETOYMARKED EXHIBIT A AND INCORPORATED HEREIN
* BY REFERENCE
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Dated July 10, 1975 ROMAN CATHOLIC BISHOP OF SAN DIEG A Corporation Sole
STATE OF CALIFORNIA 1 COUNTY OF 1 San Diego 1 ss- 1 BY *-Up
On March 24, 1976 Its Attorney in F&u
before me, the undersigned, a Notary Public in and for said
State, personally appeared I. BRENT EAGEN BY
!
k?torney in !%% ot the corpor&on so e own to me to Rm-4awy
XW"W -w&wa Xb&XX@&%iXZthat executed the within instrument, and known NOTART PU9LI2 . CALIFORNIA to me to be the person executed the within instrument on PRINCIPAL OFFICE IN
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First American Title Insurance ComDal
HOME OFFICE: 421 NORTH MAIN STREET, SANTA ANA, CALIFORNIA 92701 (AREA 714) 1- 5474
A subsidiary of The First American Financial Corporation
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EXHIBIT "A"
THE LAND REfEKRfO TO HER€XN IS SfTtlATfD tN THE STATE QF
CALIFORNIA? COUNTY OF SAN DIEGO, AIVU IS 3ESCR.IBEf.l AS F6JtlObaS~
PARCEL 1:
LOTS X THROUGH 8 INCLUSIVE XM BLOCK 65 OF THE TOWN Of CARLS8AOt IN THE CITY OF CARLSBADt IN THE COUNTY OF SAN OlEGOt STATE OF CALlFORNlA, ACCOROIMG TO MAP THEREOF NO- 535t FILED IN THE OFFICE OF COUNTY. RECBRC
' OF SAM DIEGO COUNTY, TOGETHER WITH THAT BORTZON Of OAK AVENUE AS Gi.0:
TO PUBLIC USE 8Y RESOLWTXON NO- 723s REC08UED MARCH 3, 1961 AS FZLE NC . 38238 OF OfFfCIAt 8ECOROSt DESCRIBED 4s FOLLOWS:
BfGfMNXNG AT THE SOUTWdESY CORHER tlF SAID LOT 1; THENCE NORTH 55O2.7' I tbQ,DD FEET; THENCE SOUTH 34"33'; EAST 10.00 FEET; 'THfiV(;E SOUTH 5T027'
QESr 138.03 FEET TO TME 8EGiMNfNG OF A 10100 FUGT RADIUS CURVE* CONGA\
NORTHEASTERLY AN0 HAVING A CENTRAL'. ANdGLf OF 9Q000'00"~ THEaCE
NORTHWESTERLY ACOMG SAID CURVE A DISTANCE OF 15"!1 FfET TO THE POlhJT C 8EGIMNfMG,
* ..
QARCfL 2:
LOTS nl 28, 29 ARU T~E wmw HALF OF THE LOT 313 IN BLOCK 57 w THE TC
OF CALIFORNIA, ACCORWNG TO Map T'HEREQF NO, T-PS? FILED IN THE wwx c CouNrY RECORDER OF SAN 01~~5 COUNTY.
rSF CARLSBBDI IN .THE CITY c3F CARLSBADt fN THE COUNTY OF SAN DPEGB? STAT
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(-* L +< 'L.1 2.1 I' 2 m 7 ,- " - ?7 I- - " - *. I 2 Lf " "l I_ >__ ;; =' :"A. .':c s - -"" ,m T;:; i -5 -< s t ,> <; 2 Z' 2 j f j- i. A;j 3 t " .
2- L.::2 L.;;,-erest j,T
real property cclzver;-.;:
' gra;It dated July 19, 1$?5 fioman Ca-f;holic Bishop of Sari Dieggfos
the dezd 0.c
6l~~~~a~t~n~.~s~~~.~,.~~c', Ca.ZLr''.: r,;j,? ,
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governcental agency, is hereby acce2ted
by the undersigned officer or,agenk
on behalf of the city co.qj&:i-i:lof the
City of Carlsbad, ca1i,<~..>,p$a ,.'>ur's;:ant
to authority conferre';!~~.isS'...B~so,lL.t:~On
" - -.LL ccrporation azd/g-
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~ #I537 of the City o~',.ca:lrjb~~.~,~.d.d6r~ed
.' O.R July 2, 1958, and.~'.~M~....,~r~nZ.e~~ .. * . ::.'.:
, .. consents to the re&&dai?i,~.i- thGq&$f by
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1. MA G ET E . . . ,. ,''<~~'~~jjB:~v~-& , .. -9 r$,...cl e
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! ',f!;:!;:, ;I ,,,,!'.\.'> DATED: October 7, 1976
983108-Ak?D PAGE 4
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rg TITLE INSURANCE AND TRUST
ATICOR COMPANY
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Policy of Tile lnsura
SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, TITLE INSURANCE AND
TRUST COMPANY, a California corporation, herein called the Company, insures the insured, as of Date of Policy
shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and
costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or
incurred by said 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 such title;
3. Unmarketability of such title; or
4. Any lack of the ordinary right of an abutting owner for access to at least one physically open street or highway
the land, in fact, abuts upon one or more such streets or highways;
and in addition, as toan insured lender only;
5. Invalidity of the lien of the insured mortgage upon said estate or interest except to the extent that such invalid;
or claim thereof, arises out of the transaction evidenced by the insured mortgage and is based upon
a. usury, or
b. any consumer credit protection or truth in lending law;
6. Priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being shown in
Schedule B in the order of its priority: or
7. Invalidity of any assignment of the insured mortgage, provided such assignment is shown in Schedule B.
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acT, 18 1976
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TO 1012 TI (10-75) California Land Title Association Standard Coverage Policy-1973
3CIlIGUUIG u
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1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority thai taxes or assessments on real property or by the public records.
Proceedings by a public agency which may result in taxes or assessments, or notices of such proceeding:
2. Any facts, rights, interests or claims which are not shown by the public records but which could t ascertained by an inspection of the land or by making inquiry of persons in possession thereof.
3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records.
4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which ~ survey would disclose, and which are not shown by the public records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issua thereof; (c) water rights, claims or title to water.
6. Any right, title, interest, estate or easement in land beyond the lines of the area specifically described or to in Schedule C, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing ir paragraph shall modify or limit the extent to which the ordinary right of an abutting owner for access to a p open street or highway is insured by this policy.
7. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinan reslricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the chal
dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separatic
ownership or a redu~tion in the dimensions or area of the land, or the effect of any violation of any such la ordinance or governmental regulation.
8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such r appears in the public records.
9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but k the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insu this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant to the Cc prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage tc insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage I would not have been sustained if the insured claimant had been a purchaser or encumbrancer for value wi knowledge.
10. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by making inquiry of the lessors in the lease or leases described or referred to in Schedule A
Or not Shown by the records of such agency or by the public records.
11. The effect of any failure to comply with the terms, cwenants and conditions of the lease or leases desc referred to in Schedule A.
Conditions and Stipulai
~~~ ~ ~~
1. Definition of Terms The following terms when used in this policy mean:
any rights or defenses the Company may have had against the (a,) “insured”: the insured named in Schedule A, and, subject to
named insured, those who succeed to the interest of such insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal repre- sentatives, next of kin, or corporate or fiduciary successors. The term “insured” also includes (i) the owner of the indebtedness secured by the insured mortgage and each successor in ownership of such indebtedness (reserving, however, all rights and defenses as to any such successor who acquires the indebtedness by operation of
the Company would have had against the successor’s transferor), law as described in the first sentence of this subparagraph (a) that
and further includes (ii) any governmental agency or instrumentality which is an insurer or guarantor under an insurance contract or guar- anty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not, and (iii) the parties des-
ignated in paragraph 2(a) of these Conditions and Stipulatior (b.) “insured claimant”: an insured claiming loss or damage hereunder. (c.) “insured lender”: the owner of an insured mortgage.
owner of which is named as an insured in Schedule A. (d.) “insured mortgage”: a mortgage shown in Schedule B, tl
or notice which may be imputed to an insured by reason of ar (e.) “knowledge”: actual knowledge, not constructive knowlf
public records. (f.) “land”: the land described specifically or by reference in Schedule C, and improvements affixed thereto which by law c stitute real property; provided, however, the term “land” does include any area excluded by Paragraph No. 6 of Part I of Sch B of this Policy. (9.) “mortgage”: mortgage, deed of trust, trust deed, or other security instrument.
(h.) “public records”: those records which by law impart con- structive notice of matters relating to the land.
‘ (CONDiTIONS AND STIPULATIONS Continued on the inside of the Last Page of This Poilcy)
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,CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY - 1973
SCHEOUlE A '
- -.POLICY NU, : Q.@L08
AMOUNT 2 8185*000*00
CHARGE : $322.50
EFFECTIVE DATE: OCTQBER 8t 1.976~ AT 8:OO A*M*
1, NAME OF INSURED
THE ClTY OF CARLSBAD, A MUNICIPAL CORPORATION
z., wE ESTATE OR CIVTEREST rN rHE LAND DESCRIBED HEREIN AND
WHICH IS COVERED BY THIS POLICY IS A FEE-
3* THE ESTATE OR INTEREST REFERREO TO HEREKN iS AT DATE OF
POLICY VESTED IN:
THE CITY OF CARLSBADt A MUNICIPAL CORPORATION
SCHEDULE B
THiS P0L.ICY DOES NOT INSU'IE AGAINST LOSS !3R DAMAGE, NOR AGAINST
REASON OF THE FOLLOWING. COSTS, ATTORNEY'S FEES OR EXPENSES, ANY OR ALL OF WHICH ARISE ay
PART r
ALL MATTERS SET FORTH IN PARAGRAPHS WM8E9EO L (QNE1 TO LL (ELEVEN)
INCLUSIVE ON THf INSIOE COVER SHEET Of THIS POlICY UNDER THE HEADING
OF SCHEDULE 8 PART I,
PART 11
1. GENERAL AND SPECTAL COUNTY AND CITY TAXES
FUR THE FISCAL YEAR t 1976-77
A LIEN NOT YET PAYABLE.
2- AN EASCMGNT FOR PUSLIC STREET PUQPOSES OVER THAT PORTION OF SAID LAND W'ITHIN OAK AVENUE
AS SHOWN UPON THE NAP Of TRACT NU, 775
RECQRDEO : MARCH 31 1961, RECORDER'S FILE NO. 38233
ALSO PRIVATE EASENENTS FOR INGRESS AND- EG2ES.S IN FAVOR OF THE*<,,.,,, L,....-v-
OWNERS OF LOTS IN SAID TRACT ACQUIRED UNDER CONVEYANCES &2&i.h?SIv 2~~
BY REFERENCE TO SAID MAP. -. .,," ct i 113 '\3;c - . - . .. -.
DFcr'pP"-~'"f FSCR
988108 PAGE 1
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SCHEDULE C
rHE LAND REFERRED TO IN THIS PoLm IS SITUATED IN THE STATE UF CALIFORNIA, COUNTY OF SAN DIEGO? AN0 IS DESCRIBED AS FOLLQCJSZ
. ._ .. - PARCEL 1:
LOTS 1 THROUGH 8 INCLUSIVE IN BLOCK 56 Of THE TObJN OF CARtS8A0, 'h
"
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THE CITY Of CARtSRbOr IN THE COUNTY OF SAN DIEGO, STATE. OF CAttFORNIAq
ACCORDING TO MAP THEREOF NO, 535+- FfLEO IN THE OFFICE 0-F COUNTY' RECORC
OF SAN DfEGO COUNTY p TOGETHER WITH THAT' PORTION UF OAK AVENUE: AS. CLOS
TO PUBLIC USE BY R€SOLUTION NO, 723, RECORDED MARCH 39- L96L A'S; FiLE NC
38233 OF OFFICIAL RECORDSp DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 1;. THENCE NORTH 54O27* E
L40,OO FEET; THENCE SOUTH 34*33* EAST L0,OO FEET; THENCE SOUTH 55?Z?'
MEST .L30*.00 FEET TO THE BEGINNING OF A LO-00 FOOT RADIUS CURVE, CONCAL
NdRTHEASTERLY AND HAVING A CENTRAL ANGLE OF 90*00100*: THENCE
NORTHWESTERLY ALONG SAID CURVE A DISTANCE OF 15-71 FEET TO THE POINT t BEGINNING-
PARCEL 2:
LOTS 2T1 281 29 AND THE WRTH HALF 3f THE LOT 30 IN BLOCK 57 Of .THE T1:
Of CARLSBAD, IN THE CITY OF CARLSBAOt IN THE COUNTY OF SAN DIEGO? STA'
QF CAtiMRNlAr ACCORDING TO MAP THEREOF NO, 7759 FILED IN THE OFFICE
COUNTY RECORDER OF SAN Or Em COUNTY.
988108
EEzEj:AJ-E-J
0c-r 18 2,076
nPnrr--p-"nr CCp~:?lr! PAGE 2
TO'lS19.1 CA (4-75) INOORSEMENT FORM 41 I-REV. a 0, "
OWNER'S INFLATION PROTECTION INDORSEMENT
ATTACHED TO POLICY NO.
ISSUED BY
Titfe Insurance and Trust Company
The Company, recognizing the current effect of inflation on reai property valuation and intending to provide additional monetary protection to the Insured Owner named in said Policy, hereby modifies said Poiicy, as follows:
1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance
provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to the extent hereinafter specified.
2. "Adjustment Date" is defined, €or the purpose of this Indorsement, to be 1201 a.m. on the first January 1 which occurs more than six months after the Date ol Policy, as shown in schedule A of the Policy to which this Indorsement is attached, and on each succeeding January 1.
3. An upward adjustment will be made on each of the Adjustment Dates, as defined above, by increasing the maximum amount of insurance provided by said Policy (as said amount may have been increased theretofore under the terms of this Indorsement) by the same percentage, if any, by which the United States Department of Commerce Composite Construction Cost Tndex (base period 1967) for the month of September immediately preceding exceeds the highest Index number for the month of September in any previous year which is subsequent to Date of Policy; provided, however, that the maximum amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of said Policy, less the amount of any claim paid under said Policy which, under the terms of the Conditions and Stipulations, reduces the amount of insurance in force. There shall be no annual adjustment in the amount of insurance For years in which there is no increase in said Construction Cost Tndex.
4. In the settlement of any ciaim against the Company under said Policy, the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of such ciaim, or as of the date of receipt by the Company of the first notice of such ciaim, whichever shall first
occur.
Nothing herein contained shall be construed as extending or changing the effective date of said
This Indorsement is made a part of said Policy and is subject to the schedules, conditions and
Policy.
stipulations therein, except as modified by the provisions hereof.
Title Insurance andTiust Company
BY p .qp7- Secretary
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om- 1s 7976 NOTE: In connection with a future appiication €or titleinsurance covering said land, reissue credit on premium charses (if applicable at alI) will be allowed only upon&e--ori@nai face amoynt of insurance as stated in Schedule A of said Policy.
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MAP uo. 535
Sccrh \"= 200'
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y;l\8 is nCt a survey of the land, but is compiled for hfo~~w
&Em on;y, f,Dr is it a pwt of tte report or poW to d1i3. 8 .p~ry be @..ached.
\; Titie insurance and frusf p, 0. Frcx 1 I50
p>. I 223 "'e+" Street
'%a Eego, EmEmD
OCI 16 1976
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MAP No. 775 \ </’ /
ScQ\e \la= 200’ / /
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”1 . .. L,IL is not G suivei: of the land, but is compiled for b;r-+ rh cn!?, ::or is It a pcrt of the report or policy to x<-’ I RECFp$&q=l i! n:cy be .:i‘:.c:hed.
Tifile Insurance and Trust KT 18 197E
1 !?x!
P. 6. Box 1 150 220 “A” Street
San Diego, California, 921 1 2
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(CONDITIONS AND STIPULATIONS Continued From Reverse Side of Policy Fa1
2. (a.) Continuation of insurance after Acquisition of Title by insured Lender
If this policy insures the owner of the indebtedness secured by the insured mortgage, this policy shall continue in force as of Date of
estate or interest in the land described in Schedule C by foreclosure, Policy in favor of such insured who acquires all or any part of said
trustee’s sale, conveyance in lieu of foreclosure, or other legal man- ner which discharges the lien of the insured mortgage, and if such insured is a corporation, its transferee of the estate or interest $0
subsidiary of such insured; and in favor Of any governmental agency or instrumentality which acquires all or any part of the estate or
guaranteeing the indebtedness secured by the insured mortgage.
interest pursuant to a contract of insurance or guaranty insuring or
After any such acquisition the amount of insurance hereunder,
eXCluSiVe of costs, attorneys’ fees and expenses which the Company may be obligated to pay, shall not exceed the least of:
(i) the amount of insurance stated in Schedule A; (ii) the amount of the unpaid principal of the indebtedness plus
expenses of foreclosure and amounts advanced to protect the lien of interest thereon, as determined under paragraph 6(a) (iii) hereof,
time of acquisition of such estate or interest in the land; or the insured mortgage and secured by said insured mortgage at the
-(iii) the amount paid by any gomrmental agency or instrumentality, if such agency or instrumentality is the insured claimant, in acquisition of such estate or interest in satisfaction of its insurance contract or guaranty.
(b.) 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 so long as such insured retains an estate or interest in the land, or owns an indebtedness secured by a
purchase money mortgage given by a purchaser from such insured,
of warranty made by such insured in any transfer or conveyance of or so long as such insured shall have liability by reason of covenants
such estate or interest: provided, however, this policy shall not
continue in force in favor of any purchaser from such insured of either said estate or interest or the indebtedness secured by a purchase money mortgage given to such insured.
3. Defense and Prosecution of Actions - Notice of Claim to be Given by an Insured Claimant
(a,) The Company, at its own cost and without undue delay, shall provide for the defense of an insured in litigation to the extent that such litigation involves an alleged defect, lien, encumbrance or other matter insured against by this policy.
(b.) The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in (a) above, (ii) in case knowledge
which is adverse to the title to the estate or interest or the lien of shall come to an insured hereunder of any claim of title or interest
the insured mortgage, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest or the lien of’the insured mortgage, as insured, is rejected as unmarketable. If such prompt notice shall not be given to the Company, then as to such insured all liability of the Company shall cease and terminate in regard to the matter or matters for which such prompt notice is required; provided, however, that failure to notify shall in no case prejudice the rights of any such insured under this policy unless the ComDany shall be prejudiced by such failure and then only to the extent of such prejudice.
(c.1 The Company shall have the right at its own cost to institute and without undue delay 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 or the lien of the
insured mortgage, as insured: and the Company may take any appro- priate action, whether or not it shall be liable under the terms of this policy, and shall not thereby concede liability or waive any provision of this policy.
(d.) Whenever the Company shall have brought any action or inter- posed a defense as required or permitted by the provisions of this
policy, the Company may pursue any such litigation to final deter-
the right, in its sole discretion, to appeal from any adverse judgment mination by a court of competent jurisdiction and expressly reserves
or order.
to Prosecute or provide for the defense of any action or proceeding, (e.) In all cases where this policy permits or requires the Company
the insured hereunder shall secure to the Company the right to SO
Prosecute or provide defense in such action or proceeding, and all appeals therein, and Permit the Company to use, at its option, the
Company, such insured shall give the Company, at the Company’s name of such insured for such purpose. Whenever requested by the
expense, all reasonable aid (1) in any such action or proceeding in effecting settlement, securing evidence, obtaining witnesses, or pros-
9”
acquired, provided the transferee is the parent or wholly owned
(CONDITIONS AND STIPULATIONS Continued and Concluded on Reverse Side
ce)
m
of TI
I - .-w-’-”2- .*
ecuting or defending such action or proceeding, and (2) i other act which in the opinion of the Company may be ne
the insured mortgage, as insured, including but not limite desirable to establish the title to the estate or interest Ortl
executing corrective or other documents.
4. Proof of Loss or Damage - Limitation of Action
In addition to the notices required under Paragraph 3(b) I
Sworn to by the insured claimant shall be furnished to the within 90 days after the insured claimant shall ascertain c
or damage shall describe the defect in, or lien or encumb mine the facts giving rise to such loss or damage. Such p
the title, or other matter insured against by this policy Whi stitutes the basis of loss or damage, and, when approprla basis of calculating the amount of such loss or damage.
Should such proof of loss or damage fail to state facts sui enable the Company to determine its liability hereunder, i claimant, at the written request of the Company, shall furr additional information as may reasonably be necessary tc determination.
No right of action shall accrue lo insured claimant until 3( after such proof of loss or damage shall have been fuinisl
Failure to furnish such proof of loss or damage shall term liability of the Company under this policy as to such loss c
5. Options to Pay or Otherwise Settle Claims and Optic Purchase Indebtedness
The Company shall have the option to pay or otherwise SE in the name of an insured claimant any claim insured agai terminate all liability and obligations of the Company hers paying or tendering payment of the amount of insurance t
policy together with any costs, attorneys’ fees and expen:
the insured claimant and authorized by the Company. In c incurred Up to the time of such payment or tender of paym
damage is claimed under this policy by the owner of the ir ness secured by the insured mortgage, the Company shal further option to purchase such indebtedness for the amo thereon together with all costs, attorneys’ fees and expen: the Company is obligated hereunder to pay. If the Compar to purchase said indebtedness as herein provided, the ob
mortgage and any collateral securing the same to the Con indebtedness shall transfer and assign said indebtedness
by the Company, all liability and obligations of the Compa payment therefor as herein provided. Upon such offer beil
under to the owner of the indebtedness secured by said ir mortgage, other than the obligation to purchase said indel pursuant to this paragraph, are terminated.
6. Determination and Payment of Loss
(a.) The liability of the Company under this policy shall in exceed the least of:
(ii) the amount of insurance stated in Schedule A, or, if apl (i) the actual loss of the insured claimant; or
the amount of insurance as defined in paragraph 2(a) hen (iii) if this policy insures the owner of the indebtedness set
the insured mortgage, and provided said owner is the insu ant, the amount of the unpaid principal of said indeDtedns interest thereon, provided such amount shall not includes
except as to amounts advanced to protect the lien of the ir mortgage and secured thereby.
(b.) The Company will pay, in addition to any loss insured by this policy, all costs imposed upon an insured in litigati on by the Company for such insured, and all costs, attorne and expenses in litigation carried on by such insured with written authorization of the Company.
(c.) When the amount of loss or damage has been definite accordance with the conditions of this policy, the loss or c shall be payable within 30 days thereafter.
7. Limitation of Liability
No claim shall arise or be maintainable under this policy (: Company, after having received notice of an alleged defec encumbrance insured against h removes such defect, lien or enc g
time after receipt of such notice; (b) i v npf li &ti.c the lien of the insured mortgage, as insured, within a reasc
there has been a final determination &k$u~dc&‘$&
or to the lien of the insured mortgage, as insured, as provir diction, and disposition of all appeals therefrom, adverse t
assumed by an insured without prior written consent of the
Conditions and Stipulations, a proof of loss or damage, SI
tional principal indebtedness created subsequent to Date
paragraph 3 hereof; or (c) for liabrtj&p%fhtMrj%d~ftf#3~
?is Page)