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HomeMy WebLinkAboutMS 15-04; GARFIELD STREET CONDOS; Engineering ApplicationParcel Map Guarantee CLTA Guarantee Fonn No. 23 Issued by Old Republic NatiOnal rttle Insurance Company Polley Number PMGA 08000449 Ord no. 79390 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, AND THE GUARANTEE CONDITIONS ATTACHED HERETO ANO MADE A PART OF THIS GUARANTEE, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Florida corporation, herein called the Company GUARANTEES the Assured named in Schedule A of this Guarantee against loss or damage not exceeding the Amount of Liability stated in Schedule A sustained by the Assured by reason of any incorrectness in the Assurances set forth In Schedule A. Issued through the office of: ORT Fenn 5327 CLTA Guarantee Fenn No. 23 011105/14 Patllll Map GU6'811tee RECE NOV 21 2017 LAND DEVELOPMENT ENGINEE, ING OUJ REPlJBUC NATIONAL 11Tl£ INSURANCE COMPANY A Stock Compafly 4IXJ .l;ccond Av; f1U,• South, Minn; ;rpoli.~. Miw sota 5,t;.f() 1 (612} 371-1111 .,r74~ ,.,,, b~ '1.J4 ~ President Secreta,y EXCLUSIONS FROM COVERAGE Exc.ept as expressly provided by the assurances In Schedule A, the Company assumes no llablllty for loss or damage by reason of the followlng: (a) Defects, liens, encumbrances, adverse claims or other matters affecting the title to any property beyond the llnes of the Land. (b) Defects, liens, encumbrances, adverse claims or other matters, whether or not shown by the Public Records {1} that are created, suffered, assumed or agreed to by one or more of the Assu"eds; or (2) that result In no loss to the Assured. (c) Defects, liens, encumbrances, adverse claims or other matters not shown by the Public Records. (d) The Identity of any party shown or referred to In any d the schedules of this Guarantee. ( e} The validity, legal effect or priority of any matter shown or referred to In any of the schedules of this Guarantee. (f} (1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2) proceedings by a public agency which may result in taxes or assessments, or notla!S of such pnx:eedings, whether or not the matters exduded under (1) or (2} are shown by the records of the taxing authority or by the Public Records. (g) (1} Unpatented mining claims; (2) reservations or exceptions In patents or In Ads authorizing the Issuance thereof; (3) water rights, claims or title to water, whether or not the matters excluded under (1), (2) or (3) are shown by the Public Reoords. ORT Form 5327 CLTA Guarantee Form No, 23 06/05114 Pscel Map Guarantee -Exdutlons from Coverage GUARANTEECONDMONS 1. DEFINMON OF TERMS The following terms when used In this Guarantee mean: (a) "the Assured": the party or parties named as the Assured In schedule A, or on a supplemental writing executed by the Company. (b} "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 d the area descr1bed or referred to In Schedule A, nor any right, title, Interest estate or easement in abuWng streets, roads, avenues, alleys, lanes, ways or waterways. ( c) "Mortgage": mortgage, deed of trust, trust deed, or other security instrument (d} "Pubic Records": those records established under state statutes at Date of Guarantee for the purpose of Imparting constructive notice c:I matters relating to real property to purchasers for value and without knowledge. (e) "'Date of Guarantee": the Date of Guarantee set forth In Schedule A. (f) "Amount of Liability": the Amount as st21ted In Schedule A. 2. NOTICE OF CLAIM TO BE GIVEN BY ASSURED An Assured shall notify the Company promptly In writing in case knowledge shall come to the Assured of any assertion cl facts, or claim of tlt1e or interest that Is contrary to the assurances set forth In Schedule A and that might cause loss or damage for which the Company may be liable under this Guarantee. If prompt notice shall not be given to the Company, then all llablllty of the Company shall terminate with regard to the matter or matters for which prompt notice Is required; provided, however, that failure to notify the Company shall In no case prejudice the rights of the Assured under this Guarantee unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 3. NO DUTY TO DEFEND OR PROSECUTE The Company shall have no duty to defend or prosecute any action or proceeding to which the Assured Is a party, notwithstanding the natured any allegation in such action or proceeding. 4. COMPANY'S OPTION TO DEFEND OR PROSECUTE ACTIONS; DUTY OF ASSURED TO COOPERATE Even though the Company has no duty to defend or prosecute as set forth in Paragraph 3 above: (a) Toe Company shall have the right, at Its sole option and cost, to institute and prosecute any action or proceeding, Interpose a defense, as limited In Paragraph 4(b), or to do any other act which In Its opinion may be necessary or desirable to establish the correctness of the assurances set forth In Schedule A or to prevent or reduce loss or damage to the Assured. The Company may take any appropriate action under the tem,s of this Guarantee, whether or not It shall be liable hereunder, and shall not thereby concede llablllty or waive any provision of this Guarantee. If the Company shall exercise Its rights under this paragraph, It shall do so diligently. (b) If the Company elects to exercise Its options as stated In Paragraph ◄(a) the Company shall have the right to select counsel of Its choice (subject to the right of the Assured to object for reasonable cause) to represent the Assured and shall not be Hable for and wlll not pay the fees of any other counsel, nor wlll the Company pay any fees, costs or expenses Incurred by an Assured In the defense of those causes of action which allege matters not covered by this Guarantee. (c) Whenever the Company shall have brought an action or Interposed a defense as permitted by the provisions of this Guarantee, the Company may iusue any litigation to final determination by a col.l't of competent jurlsclld:lon and expressly reserves the right, In Its sole discretion, to appeal from an adverse Judgment or order. (d) In all cases where this Guarantee permits the Company to prosecute or provide for the defense of any action or proceeding, the Assured shall sect.1re to the Company the right to so prosecute or provide for the def'ense of any action or proceeding, and all appeals therein, and pennlt the Company to use, at Its option, the name d such Assured for this purpose. Whenever requested by the Company, the Assured, at the Company's expense, shall give the Company all reasonable aid In any action or proceeding, secuing evidence, obtaining witnesses, prosecuting or defending the action or lawful act which in the opinion of the Company may be necessary or desirable to establish the correctness of the assurances set forth In Schedule A or to prevent or reduce loss or damage to the Assured. If the Company Is prejudiced by the failure of the Assured to furnish the required cooperation, the Company's obllgatlons to the Assured under the Guarantee shall terminate. ORT Form 5327 CLTA Guarantee Fenn No. 23 06/05114 Parcel Map Guarantlle -Gua.-8fQe Condtlons GUARANTEE CONDmONS (Continuation) 5. PROOF OF LOSS OR DAMAGE (a) In the event the Company Is unable to determine the amount of loss or damage, the Company may, at Its option, require as a condition of payment that the Assured furnish a signed proof of loss. The proof of loss must describe the del'ect, lien, encumbrance, or other matter that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculatlng the amount of the loss or damage. (b) In addition, the Assured 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 and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, oorrespoildence and memoranda, whether bearing a date before or aftB' Date of Guarantee, which reasonably pertain to the loss or damage. FIM'ther, If requested by any authorized representative of the Company, the Assured 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 party, which reasonably pertain to the loss or damage. All Information designated as confldent:lal by the Assured provided to the Company pursuant to this paragraph shall not be disclosed to others unless, In the reasonable judgment of the Company, it Is necessary In the administration of the claim. Failure of the Assured to submit for examination under oath, produce other reasonably requested Information or grant pennlsslon to secure reasonably necessary lnfonnation from third parties as required In the above paragraph, unless prohibited by law or governmental regulation, shall terminate any llabllly of the Company under this Guarantee to the Assured for that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS: TERMINATION OF LIABILITY In case of a claim under this Guarantee, the Company shall have the following additional options: (a) To pay or tender payment of the Amount of Liability together with any <mts, attorneys' fees, and expenses Incurred by the Assured that were authorized by the Company up to the time of payment or tender of payment and that the Company Is obligated to pay. (b) To pay or otherwise settle with the Assured any daim assured against under this Guarantee. In addition, the Company will pay any costs, attorneys' fees, and expenses Incurred by the Assured that were authorized by the Company up to the time of payment or tender of payment and that the Company Is obligated to pay; or (c) To pay or otherwise settle with other parties for the loss or damage provided for under this Guarantee, together with any rosts, attorneys' fees, and expenses Incurred by the Assured that were authorized by the Company up to the time of payment and that the Company Is obligated to pay. Upon the exercise by the Company of either of the options provided for In 6 (a), (b) or (c) of this paragraph the Company's obllgatfon to the Assured under this Guarantee for the claimed loss or damage, other than the payments required to be made, shall terminate, Including any duty to continue 'iJ1f'/ and all llt:lgatlon Initiated by the Company pursuant to Paragraph 4. 7. LIMITATION OF LIABILITY (a) This Guarantee Is a contract of Indemnity against actual monetary loss or damage sustained or Incurred by the Assured claimant who has suffered loss or damage by reason of rellance upon the assurances set forth in Schedule A and only to the extent herein described, and subject to the Exdusions From Coverage of this Guarantee. (b) If the Company, or the Assured under the direction of the Company at the Company's expense, removes the alleged defect, lien or, encumbrance or cures any other matter assured against by this Guarantee In a reasonably diligent manner by any method, Including litigation and the 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 thereby. (c) In the event of any litigation by the Company or with the Company's consent, the Company shall have no llablllty for loss or damage until there has been a final determination by a court of competent jurlsdid:lon, and disposition of all appeals therefrom. (d) The Company shall not be liable for loss or damage to the Assured for liability volootarily assumed by the Assured In settling any claim or suit without the prior written consent of the Company. 8. REDUCTION OF LIABIL TITY OR TERMINATION OF LIABILITY All payments under this Guarantee, except payments made for <mts, attorneys' fees and expenses pursuant to Paragraph 4 shall reduce the Amount of Liability under this Guarantee pro tanto. 9. PAYMENT OF LOSS (a) No payment shall be made without producing this Guarantee for endorsement of the payment unless the Guarantee has been lost or destroyed, in which case proof of loss or destrucHon shall be furnished to the satisfaction of the company. (b) When liability and the extent of loss or damage has been definitely fixed In acmrdance with these Conditions, the loss or damage shall be payable within thirty (30) days thereafter. ORT Fann $327 CLTA Gua!Wllee Form No. 2306/06/14 Parcel Map GuW'lntee -Guarantee Condltlona (Continulllion) GUARANTEE OONDMONS (Continuation) 10. SUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the Company shall have settled and paid a dalm under this Guarantee, all right of subrogation shall vest In the Company unaffected by any act d the Assured claimant. The Company shall be subrogated to and be entltlecl to all rights and remedies which the Assured would have had against any person or property In respect to the claim had thlS Guarantee not been Issued. If requested by the Company, the Assured shall transfer to the Company all rights and remedies against any person or property necessary In order to perfect this right of subrogation. The Assured shall permit the Company to sue, CX>ll'4)f'Omlse or settle In the name of the Assured and to use the name of the Assured in any transaction or litigation lnvolvlng these rights or remedies. If a payment on account of a claim does not fully CXIVer the loss of the Assured the Company shall be subrogated to all rights and remedies of the Assured after the Assured shall have recovered Its principal, Interest, and costs of collection. 11. ARBITRATION Either the Company or the Assured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association (0Rules"). Except as provided In the Rules, there shall be no jolnder or oonsolldatlon with claims or controversies of other persons. Arbltrable matters may lndude, but are not llmlted to, any controversy or dalm between the Company and the Assured arising out d or relating to this Guarantee, any service of the Company In connection with Its Issuance or the breach of a Guarantee provision, or to any other controversy or claim arising out of the transaction giving rise to this Guarantee. All arbltrable matters when the amount of liability Is $2,000,000 or less shall be arbitrated at the option of either the Company or the Assured. All arbltrable matters when the amount d liability Is In excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Assured. Arbitration pursuant to this Guarantee and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered In any court of competent jurisdiction. 12. LIABILITY UMITED TO THIS GUARANTEE; GUARANTEE ENTIRE CONTRACT (a) This Guarantee together with all endorsements, If any, attached hereto by the Company Is the entire Guarantee and contract between the Assured and the Company. In Interpreting any provision of this Guarantee, this Guarantee shall be construed as a whole. (b) Any dalm of loss or damage, whether or not based on negligence, or any action asserting such claim, shall be rewid:ed to this Guarantee. (c) No amendment of or endorsement to this Guarantee can be made exC2pt by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Seaetary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 13. SEVERABILITY In the event any provision of this Guarantee, in whole or In part, Is held Invalid or unenforceable under applicable law, the Guarantee shall be deemed not to Include that provision or such part held to be Invalid, but all other provisions shall remain In full force and effect. 14. CHOICE OF LAW; FORUM (a) OlOlce of Law: The Assured acknowledges the Company has underwritten the risks covered by this Guarantee and detennlned the premium charged therefor In reliance ~ the law affecting Interests In real property and applicable to the lnterpletatlon, rights, remedies, or enforcement of Guaranties d the Jurisdiction where the Land Is located. Therefore, the court or an arbitrator shall apply the law of the Jurisdiction where the Land Is located to detennlne the validity of dalms that are adverse to the Assured and to Interpret and enforce the terms of this Guarantee. In neither case shall the court or arbitrator apply Its conflicts of law principles to determine the applicable law. (b) OlOlce of Forum: Any lltlgatlon or other proceeding brought by the Assured against the Company must be flied only In a state or federal court within the United States of America or Its tenitories having appropriate Jur1sdld:lon. 15. NOTICES, WHERE SENT All notices required to be given the Company and any statement In writing required to be furnished the Company shall indude the number d this Guarantee and shall be addressed to the Company at the office which Issued this Guarantee or at 400 Second Avenue South, Minneapolis, Minnesota 55401-2499, (612) 371-1111. ORT Form 5327 CLTA Guararue Fonn No. 2308/05/14 PIWCel Map Guarantee -Guarantee Conditiona (Continuation) ... 0. TA GUilrantee Form 23 Order No.: 79390-PO ·parcel Map Guarantee (1/13/78) Guarantee No.: PMGA 08000449 :; PARCEL MAP GUARANTEE .Name and Address of Title Insurance Company: Corinthian Tltle Company, Inc., 5030 camlno De La Siesta, Suite 100, San Diego, CA 92108 Guarantee No.: PMGA 08000449 Parcel Map Reference.: Dated: 11/13/2017 at 8:0oam Fee: $ 500.00 jhe estate or Interest In the Land hereinafter described or referred to covered by this Guarantee is: AFEE Trtle to said estate or interest at the da,te hereof is vested In: OCEAN BREEZE DEVELOPMENT, UC, A CAUFORNIA UMITED LIABILITY COMPANY BY: PRIMERA CASA, UC, ITS MANAGER BY: THOMAS NORMAN, MANAGING MEMBER G ~-~-The Land lnduded within the boundaries of the Parcel Map hereinbefore referred to In this Guarantee is described as f9llows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF r f Q.TA G~rantee Form 23 Parcel Hap Guarantee (1/13/78} EXHIBIT "A" LEGAL DESCRIPTION Order No.: 79390-PD Guarantee No.: PMGA 08000449 THE LAND REFERRED TO HEREIN BELOW IS SITIJATED IN THE COUNTY OF SAN DIEGO, STATE OF CAUFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 8 IN BLOCK "O" OF PALISADES, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CAUFORNIA, ACCORDING TO MAP THEREOF NO. 1747, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, FEBRUARY 5, 1923. Assessor's Parcel Number: io+240-16-00 a. TA Guarantee Form 23 Parcel Map Guarantee (1/13(78) EXCEPTIONS Order No.; 79390-PD Guarantee No.: PMGA 08000149 1. A deed of trust to secure an Indebtedness In the amount shown below, and any other obligations secured thereby l Amount: Dated: Truster: Trustee: Beneficiary: Recorded: Loan No.: $3,450,000.00 07/28/2017 OCEAN BREEZE DEVELOPMENT, LLC, A CALIFORNIA UMITED LIABILITY COMPANY FIRST AMERICAN TITLE COMAPNY AB CAPITAL, LLC August 09. 2017 AS INSTRUMENT NO, 2017-0359180 OF OFFIOAL RECORDS NOT SET OUT The beneficial interest of AB CAPITAL LLC, A CALIFORNIA UMITED UABIUTY COMPANY under said deed of trust was assigned as collateral security: To: By Assignment Dated: Recorded: ANDREW M. UNETIC AS TO AN UNDMDED 100,000/1,SOO INTEREST: DANIEL H. KIM AS TO UN UNDMDED 100,00/1,500,000 INTEREST; ERIK W. THURNHER AS TO AN UNDMDED 50,000/1,500,000 INTEREST; GARY AND KELLY KRAUTKRAMER 2002 TRUST DAlED AUGUST 26, 2002, GARY KRAUTKRAMER AND KELLY KRAUTKRAMER, TRUSTEES AS TO AN UNDMDED 1~0,000/1,500,000 INTEREST; GREGORY STRANG AS TO AN UNDMDED 30,000/1,500,000 INTEREST; KOONCE FAMILY ENTERPRISES, LP AS TO AN UNDMDED 500,000/1,500,000 INTEREST: LAS PALMAS GROUP AS TO AN UNDMDED 200,000/1,500,000 INTEREST; UNKO GROUP, LLC AS TO AN UNDMOED 300,000/1,500,000 INTEREST; TREITLER FAMILY TRUST, MARC "ffiEITLER, TRUSTEE AS TO AN UNDMDED 100,000/1,500,000 INTEREST 08/03/2017 August 14, 2017 AS INSTRUMENT NO. 2017~0368177 OF OFFICIAL RECORDS •• 2. EASEMENTS: NONE O. T A Gll ar a n t e e Fo r m 23 Pa r c e l Ma p Gu a r a n t e e (1 / 1 3 / 7 8 ) .. i ' . , ~ I .. . i . "' i- • ' • II I 4 • ,~ I~ t q I• i i s~ · : i: 1: : l i I~ IS 1, ' I~ II ~ I■ .. I ~ :s & ~ @I ~ ,_. ,, ' 0 ¥ @: G: 0 d . co .. . 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