HomeMy WebLinkAbout; MCCAULEY, KATHRYN & RICHARD; 76-170697; Easementc REC,ORDINF REQUESTED- ;P , ** 1. ,& . . '- .&94 1 *
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AND WHEN RECORDED MAIL TH!S DEED AND, UNLESS OTHER- WISE SHOWN BELOW. MAIL TAX STATEMENTS TO:
r 1 NAME City of Carlsbad
ADDRESS 1200 Elm Avenue
RWPW NO. BOOK 1976
SAFECO TITLE INSURANCE COMPANY RECORDED 76-170697t REQUEST Of
JilN 4 8:m AM '76
CITY &
STATE Carl sbad, CA 92008 SAN DIEGO COUNM, CALIF. oFF1CsAL RECORDS
HAREV F. BLOOM zIp L _i
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Title Order No. D-549060 Escrow NO. 4-2531 REGOHDER
SPACE ABOVE THIS LINE FOR RECORDEB!!?"[F-
GRANT DEED
RAN- TAX ?Ai0
The undersigned declares that the documentary transfer tax is $...18-~15..Isuin.r,-~-~,.~~~ __.__ ~ _________________ an n computed on the full value of the interest or property conveyed, or is IJ computed on the full value less the value of liens or encumbrances remaining thereon at the time of sale. The 1
tenements or realty is located in
c] unincorporated area city of .. C.a ll.lbk-ad.-........... ___________ ____ _____________ _____ ____ ____________.__ __._..___._ ~ ____.
FOR A VALUABLE CONSIDERATIONy receipt of which is hereby acknowledged,
KATHRYN A. MC CAULEY and RICHARD S. MC CAULEY
hereby GRANT(S) to CITY OF CARLSBAD, a Municipal Corporation,
the following described real property in the C i ty of Car 1 sbad , . county of San D i ego y state of California:
A portion of Lots 30 and 31 of P-atterson's Addition to the Town of Carlsbad, in thc
r City of Carlsbad, County of San Diego, State of California, according to Map there(
No. 565, filed in the office of the County Recorder of San Diego County, September
22, 1888, as more particularly set out in the description attached hereto and made
a parthereof, marked Exhibit"'A" and comprising two (2) pages.
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Dated APri 1 8, 1976 ,&& q,,& QB ir c ).$?&/A Cs /
Kathryn A LJMcCau 1 ey .&/
L . , STATE OF CALIFORNIA f ss. U
COUNTY OF Sari Di eqo
' On i.6 :3 \; j.;t 2 ci, -2 (&
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j L signed, a Notby Public in and for said County and State, personally before me, the under-
appeared Kathryn A. McCauley FOR NOTARY SEAL OR STAMP
, known to me
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to be the person-whose namek-suhscribed to the within
instrument and acknowledged that she executed the same. .-I
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MAIL TAX STATEMENTS TO PARTY SHOWN ON FOLLOWING LINE; IF NO PARTY SO SHOWN, MAIL ASDIRECTED AB
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CERTIFICATE OF -ACCEPTANCE
This is to certify that the interest in +
..real property conveyed by the deed or
grant dated April 8, 1976 from y-J &* 5@ Kathryn A. McCauley and Ric ar
to th'e City of Carlsbad, pE"G a I-ornia,
a political corporation and/or
governmental agency, is hereby accepted
by the undersigned officer or agent
on behalf of the City Council .of the City of Carlsbad, Califor,~;ia:,~~'~~~qsuant
to authority conferred b.~~~.R.e.s'~3u~~~i'on
#1537 of the City of C.arl.sb-ad::..~~~~~~,ed
consents to the recor.~a.~t.'i.on;:~~e~eb~~.: .\- by
aG$%Ei E. A:$ Q-., ~ MS , ~ -p;v.Qt&T!.erk :. . 2 ..:. ..Y 'e -.
on July 2, 1968, and the:.'-~ra.nt:ea'i.,..i:. . .. .. .
its duly authorized &'f$,'- $..I: . ~ .<!; I.... , .-
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STATE OFxMpUmiW Penns 1 van i a
COUNTY OF L.3 I j (?.A d- c- Y } ss.
On ,-I PC-! 1 3 ii , q ,-i cy before me,
the undersigned, a Notary Public in and €or said County and State,
personally appeared Richard S. McCau 1 ev
, known to me
to be the person-whose name i s subscribed to the
within instrument and acknowledged that he executed the same.
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All that portion of Lots 30 and 31 of.Tatterson’s Addition to the
Taxa of Carlsbad, in the City of CarlsSad, County of San Diego,
State of California, accordinzg to Idlap thereof Eo- 565, filed in the Office of the County Recarder of San Diego County, Sep-terhzr
. 22, 1888, described..as EoLlowsr
Begiming at a paint in th2 centerline of Valley Street, distant . thereon, ‘North 34°02’15” West {record North 34*31?‘ Fiest) 528-52
feet from the intersection of. the centerlines of said Valley Street and Oak Avenuer said point of beginning being tbe southwesterly
cor_n_er of the land conveyed by Soukh Coast Land Canpmy k~ Czrf G-
Strock and Blanche D, Strock by deed dated Septenhjr 22, 19.38 recorc
Septeimber 27, 1930’ in Book 1814, Page 327 of Deeds;. thence along the southerly line.of the lani! so coxveyed to Strock, North 55*58’59’”
East (record North 5S027’ East) 464-14 feet; thence leaving said
southerly line,, South 69O25’54“ West 96.42 feet to the beginning
of a tzngent 1242.00 foot radius curve, concave southeasterly;
thsnce southwesterly along t‘ne arc of said cum2 ,291-54 feet
through a central angle of 13O26’55”; thence targent to said curve .south 55°58’53” West 31.54 feet to the beginning of a tangent 20-00 foot radius curve, concave northerly: thence nmthweste.rly along 5116 arc of said curve .31,4i feet through s, central angle of 89O58’46”;
thence radial to said curve, South 5S057’4S” West-30-00 feet to a point in said cei-iterline of Valley Street; thence along said cenntsr- line South 34°52’15” East (record South 34O33’ East) 76-46 r‘eet to
th& Point of Beginning.
..
Page 1
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, 'c " F -i * Ex3ibit "A"
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-... - 997 < '-.
510~2 Easement
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zm sassxznt for roadway slope~cunstruction purps-s bzirrg a strip
of laDd 25-00 feet in width over thak portion of Lots 30 arrd 31 of
Patterson's Additioa to the Town of CarlsSad, in th2 City of Caris?
Cou~ty of San Diego, State of California, accordi-ng to Nzp thereof
tie, 555, filed in the Office of the County Recorcizr of Ssn Die93
County, September 22, 1888, the southeasterly 1h.e of said! strip
of had being described as follows:
Beginning at a point in the centerxine sf Val.Lrq Streek, Ztistan-~
thereon, North 34°02'15" West (record Xsrth 34O33' f'J2stt 528-52
feet from the intersection of the centerline af said- Valley SLareet:
and Oak Avenue, said point af beginning being khe soutkxcsterly COX
. of the land conveyed by South Coast Land Corrqarry to Carl G, Stxac~k
. and S1anche.D- Strock by deed..dated September 22, 19)3t? recordee
Sepsenber 27, 1930, in Book 1814, Page 327 of D22G.s; theace aPozlg
the southerly line of the land so conveyed to Strack, Mor-ih 55058'5
East (record North 55O27' East) 464.14 feet to the TRUE PQINT QF
BEGIi?NING; thence leaving said southerly line, S0il"Lh 69O2.5'54"
West 96-42 feet to the beginning of a tangent 1242-00 foot radins
curve, concave southeasterly; thence southwesterly alonq the arc
of said curve 291-54 feet through a central angle of 13°26'551r;
. thegce tangent to said curve South 55O58'59" Wsst 31-54 feet to
'the southwesterly terminus of said line.
he northwesterly line of said 25-00 foot strip of land.shall bs
extended northeasterly along a bearing of' North 69°25r541' East to
intersect the southerly line of said land conveyed to Strock, ALsc
the norkhwesterly line of said 25.00 foot strip of land shall be
extended southwesterly along a bearing of South 55"58'59*' West eo
the intersection of a Line being parallel with an5 30-QO feet ezste
of the centerline of the aforem.ntioned Valley Street,
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II SAFECO " """ __ ,' ,' ~-. .>... ,- -_
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CLTA- 1973
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I' STANDARD covER,Ac - " ~. - . .. ." POLICY OF TITLE INSURANLL:, ""' :P
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issued by ..- ~ ., . ~ . ~ " .. . - , . . . . , . .. ..I;-. ~, .- - .,; i; I. , . -.
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SAFECO TITLE INSURANCE COMPANY
SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, SAFECO
TITLE INSURANCE 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 if the land, in fact, abuts upon one or more such
streets or highways;
and in addition, as to an insured lender only:
5. Invalidity of the lien of the insured mortgage upon said estate or interest except
to the extent that such invalidity, 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.
An Authorized Signature
P-218 (G.S.) Rev. 8-73
CONDITIONS AND STIPULAT
1. Definition of Terms
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 may have had against the 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, per- sonal representatives, next of kin, or cor- porate or fiduciary successors. The term
the indebtedness secured by the insured “insured” also includes (i) the owner of
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 law as described in the first sentence of this subparagraph (a) that the Company would have had against the successor’s transferor), and further
instrumentality which is an insurer or includes (ii) any governmental agency or
guarantor under an insurance contract or guaranty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not, and (iii) the parties designated in paragraph 2(a) of these Conditions and Stipulations.
(b) “insured claimant”: an insured claiming loss or darnage hereunder.
(e) “insured lender”: the owner of an insured mortgage.
shown in Schedule B, the owner of which (dl “insured mortgage”: a mortgage
is named as an insured in Schedule A.
(e) “knowledge”: actual knowledge, not constructwe knowledge or notice which may be imputed to an insured by reason of any public records.
(f) “land”: the land described, spe- cifically or by reference in Schedule A, and improvements affixed thereto v7hii.h by law constitute real property; provided, however, the term “land” does not include any area excluded by Paragraph No. 6 of Part I ,f Schedule b of this Policy.
(g) “mortgage”: mortgage, deed of trust, trust deed, or other security instru- ment.
(h) “public records”: those records which by law impart constructive notice of matters relating to the land.
2. (a) Continuation of Insurance after Acquisition of Title by Insured Lender
If this policy insures the owner of the
gage, this policy shall continue in force as of Date of Policy in favor of such in-
estate or interest in the land described sured who acquires all or any part of the
in Schedule A by foreclosure, trustee’s sale, conveyance in lieu of foreclosure, or other legal manner which discharges the lien of the insured mortgage, and if such insured is a corporation, its transferee of
the transferee is the parent or wholly
the estate or interest so acquired, provided
owned subsidiary of such insured; and in favor of any governmental agency or in- strumentality which acquires all or any part of the estate or interest pursuant to
suring or guaranteeing the indebtedness a contract of insurance or guaranty in-
secured by the insured mortgage. After
indebtedness secured by the insured mort-
any such acquisition the amount of insur- ance hereunder, exclusive of costs, attor-
may be obligated to pay, shall not ex- neys’ fees and expenses which the Company
ceed the least of:
. (i) the amount of insurance stated in Schedule A ;
(ii) the amount of the unpaid prin-
thereon, as determined under paragraph cipal of the indebtedness plus interest
6(a) (iii) hereof, expenses of foreclosure and amounts advanced to protect the lien of the insured mortgage and secured by said insured mortgage at the time of ac- quisition of such estate or interest in the land; or
(iii) the amount paid by any govern- mental agency or instrumentality, if suc!~ agency or instrumentality is the insured claimant, in acquisition of such estate or interest in satisfaction of its insurance contract or guaranty.
after Conveyance of Title (b) Continuation of Insurance
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, or so long as such in- sured shall have liability by reason of covenants of warranty made by such in- sured in any .transfer or conveyance of
favor of any purchaser from such insured
this policy shall not continue in force in
of either said estate or interest or the in- debtedness secured by a purchase money mortgage given to such insured.
3. Defense and Prosecution of Ac- tions-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 Com- pany promptly in writing (i) in case of any litigation as set forth in (a) above,
insured hereunder of any claim of title (ii) in case knowledge shall come to an
or interest which is adverse to the title
insured mortgage, as insured, and which to the estate or interest or the lien of the
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 in- terest or the lien of the insured mortgage, as insured, is rejected as unmarketable. If such prompt notice shall not be given
all liability of the Company shall cease to the Company, then as to such insured
and terminate in regard to the matter or matters for which such prompt notice is required; provided, however, that fail- ure to notify shall in no case prejudice
policy unless the Company shall he pre- the rights of any such insured under this
judiced by such failure and then only to the extent of such prejudice.
(c) The Company shall have the right at its own cost to institute and without
ceeding or to do any other act which in undue delay prosecute any action or pro-
such estate or Interest; provided, however,
, (Conditions and Stipulations Continued and Concluded on Last 1
I.
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‘IONS cy.+ (-14)
its opinion may be necessary or able to establish the title to the
gage, as insured; and the Compam or interest or the lien of the insurec
take any appropriate action, whet not it shall be liable under the te this policy, and shall not thereb cede liability or waive any provic
this policy.
(d) Whenever the Company shd brought any action or interposed a c
of this policy, the Company may as required or permitted by the pro
any such litigation to final determi by a court of competent jurisdictio expressly reserves the right, in it discretion, to appeal from any a judgment or order.
(e) In all cases where this polic mits or requires the Company to cute or provide for the defense c action or proceeding, the insured under shall secure to the Compar right to so prosecute or provide defe~ such action or proceeding, and all a] therein, and permit the Company tc at its option, the name of such ir for such purpose. Whenever request1 the Company, such insured shall gip Company, at the Company’s expens reasonable aid (1) in any such acti proceeding ih effecting settlement,
cuting or defending such.’action 01
ing evidence, obtaining witnesses, or
ceeding, and (2) in any other act
necessary or desirable to establisl title to the estate or interest or the of the insured mortgage, as insurec cluding but not limited to executing rective or other documents.
4. Proof of Loss or Damage - I
der Paragraph 3(b) of these Cond. In addition to the notices require(
and Stipulations, a proof of loss or age, signed and sworn to by the in!
pany within 90 days after the in! claimant shall be furnished to the
claimant shall ascertain or determinc facts giving rise to such loss or dan Such proof of loss or damage shall scribe the defect in, or lien or en’ brance on the title, or other matte] sured against by this policy which btitutes the basis of loss or damage, when appropriate, state the basis of culating the amount of such loss or I age.
Should such proof o! loss or dar
Company to determine its liability f under, insured claimant, at the wr. request of Company, shall furnish s
be necessary to make such determinx additional information as may reason:
No right of action shall accrue to sured claimant unti1 30 days after s proof of loss or damage shall have L furnished.
Failure to furnish such proof of losr damage shall terminate any liability the Company under this policy as to s loss or damage.
5. Options to Pay or Otherv
chase Indebtedness Settle Claims and Options to P
The Company shall have the option
in .the opinion of the Company m,
tation of Action
fail to state facts suffic~ent to enable
Page of this Policy)
0
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SCHEDULE A
policy No. D-549060
Charge $134.50
A-2-A Amount of Insurance: $16,500.00
Date of Policy: June 4, 1976 at 8:OO A.M.
1. Name of Insured :
CITY OF CARLSBAD
2. The estate or interest in the land described herein and which is covered by this policy is:
A FEE AS TO PARCEL 1
AN EASEMENT AS TO PARCEL 2
3. The estate or interest referred to herein is at Date of Policy
vested in:
CITY OF CARLSBAD,
a .Municipal Corporation.
4. The land referred to in this policy is situated in the State
of California, County of San Diego, and described as follows:
SEE EXHIBIT "A" ATTACHED
TYbPEr JB ' /a
COMP:' ;~AJ~ .
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PARCEL A:
All that portion of Lots 30 and 31 of Patterson's Addition to the Town
of Carlsbad, in the City of Carlsbad, County of San Diego, State of
CaliEornia, according to Map thereof No. 565, filed in the Office of
the County Recorder of San Diego County, September 22, 1888, described
as follows:
Beginning at a point in the centerline of Valley Street, distant thereon,
North 34'02'15" West (record - North 34'33'00" West) 528.52 feet from the
said Point sf Beginning being the Southwesterly corner of the land described
in deed to Carl G. Strock, et ux, recorded September 27, 1930 in Book
1814, Page 327 of Deeds, Records of San Diego County; thence along the
Southerly line of said land, North 55'58'59" East (record - North 55'27'00"
East) , 464.14 feet; thence leaving said Southerly line, Soutn 69'25'54"
WesL, 96.42 feet to the beginning of a tangent 1242.00 foot radius curve,
concave Southeasterly; thence.Southwesterly along the arc of said curve
through a central angle of 13'26'55", a distance of 291.54 feet; thence
tangent to said curve South 55'58'59" West, 31.54 feet to the beginning of 4
tangent 20.00 foot radius curve, concave Northerly; thence Northwesterly
along the arc of said curve through a central angle of 89"58'46", a distance
of 31.54 feet; thence radial to said curve, South 55'57'45" West, 30.00 feet
to a point in- said center line of Valley Street; thence along said center
line South 34'02'15" East (record - South 34'33'00" East), 76.46 feet to the
Point of Beginning.
PARCEL B: SLOPE EASEMENT
An easement for roadway slope construction purposes being a strip of land
25.00 feet in width mer that portion of Lots 30 and 31 of Patterson's
Addition to the Town of Carlsbad, in the City of Carlsbad, County of. San
Diego, State of California, according to Map thereof No.',565, filed in the
Office of the County Recorder of San Diego County, September 22, 1888,,' the '
Southeasterly line of said strip of land being described as follows:
Beginning at a point in the center line of Valley Street, distant thereon,
North 34'02'15" West (record - North 34'33'00" West), 528.52 feet from the
intersection of the center line of said Valley Street and Oak Avenue, said
point of beginning being the Southwesterly corner of the land descrfbed.in
Deed to Carl G. Strock and Blanche D. Strock, recorded September 27, 1930,,
in Book 1814, Page 327 of Deeds; thence along the Southerly line of said ..;
land, North 5S058'59" East (record - North 55'27'00" East), 464.14'feet,'tp
the TRUE POINT OF BEGINNING; thence leaving said Southerly line, South, , '
69'25'54" West, 96.42 feet to tk .beginning of a tangent 1242.00 foot: radius
curve, concave Southeasterly; thence Southwesterly along the arc of Said
intersection of the center lines of said Valley Street and Oak Avenue,
i
AMENDED curve through a central angle of 13'26'55", a distance of 291.54 feet; thence
D-549060 tangent to said curve South 55'58'59" Wesc, 31.54 feet to the Southwesterly
E-8375 terminus of said land. <.
Page 1 of 2
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TYPE:' JH
COMP :
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The Northwesterly line of said 25.00 foot strip of land sha-11 be
extended Northeasterly along a bearing of North 69'25'54" East to intersect the Southerly line of said Strock's land, Also, 'the
AMENDED Northwesterly line of said 25.00 foot strip of land shall be extended
5-21-76 Southwesterly along a bearing of South 55O.58'59" West to the inter-
E-8375 eenter line of the aforementloned Valley Street.
D-549060 section of a line being parallel with anu 30.00 feet Easterly of the
Page 2 of 2
f " P-2184 (G.S.) Rev, 8-73 - . CMifornia Land Title Association Standard Coverage Pohcy-I973
6
SCHEDULE B
This policy does not insure against loss or damage, nor againet coete, attorneys' fees or expenses,
or all of which arise 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 !
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 'proceec
whether or not shown by the records of such agency or by the public records.
2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascert,
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 a c(
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 issl
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 ref
to in Schedule A, 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
physically open street or highway is insured by this policy.
7. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinal
restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the char<
dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separ
in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any sucl
ordinance or governmental regulation.
8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such I
appears in the public records.
9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed 1
the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but k
to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or in
insured by this policy or acquired the insured mortgage and not disclosed in writing by the insured clai
to the Company prior to the date such insured claimant became an insured hereunder; (c) resulting in n(
or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) res1
in loss or damage which would not have been sustained if the insured claimant had been a purchaser or e1
brancer for value without knowledge.
(Schedule B continued on next page of this Policy)
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Order No. D-549060
PART. I1
1. County, City and special district taxes, a lien not .yet payable, for the fiscal.year 1976-77.
2. Rights of way in favor of thcpublic over those portions of Valley
and Cannon Streets as shown on the NAP of said.tract.
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CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face)
pay or otherwise settle for or in the name of an insured claimant any claim insured against, or to terminate all liability and obligations of the Company hereunder by paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys’ fees and expenses incurred up to the time of
insured claimant and authorized by the such payment or tender of payment by the
claimed under this policy by the owner Company. In case loss or damage is
of the indebtedness secured by the insured mortgage, the Company shall have the further option to purchase such indebted- ness for the amount owing thereon to-
expenses which the Company is obligated gether with all costs, attorneys’ fees and
hereunder to pay. If the Company offers to purchase said indebtedness as herein
’ provided, the owner of such indebtedness
shall transfer and assign said indebtedness and the mortgage and any collateral se- curing the same to the Company upon
such offer being made by the Company, payment therefor as herein provided. Upon
all liability and obligations of the Com- pany hereunder to the owner of the in- debtedness secured by said insured mort- gage, other than the obligation to ,pur- chase said indebtedness pursuant to this paragraph, are terminated.
6. Determination and Payment of
(a) The liability of the Company under this policy shall in no case exceed the least of:
(i) the actual loss of the insured claimant; or
(ii) the amount of insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in para- graph 2(a) hereof; or
(iii) if this policy insures the owner of the indebtedness secured by the insured mortgage, and provided said owner is the insured claimant, the amount of the un- paid principal of said indebtedness, plus interest thereon, provided such amount shall not include any additional principal indebtedness created subsequent to Date of Policy, except as to amounts advanced to protect the lien of the insured mortgage and secured thereby.
(b) The Company will pay, in ad- dition to any loss insured against by this policy, all costs imposed upon an insured in litigation carried on by the Company for such insured, and all costs, attorneys’ fees and expenses in litigation carried on by such insured with the written author- ization of the Company.
age has been definitely fixed in accor- (c) When the amount of loss or dam-
dance with the conditions of this policy, the loss or damage shall be payable with- in 30 days thereafter.
7. Limitation of Liability
under this policy (a) if the Company, No claim shall arise or be maintainable
after having received notice of an alleged
against hereunder, by litigation or other- defect, lien or encumbrance insured
wise, removes such defect, lien or encum- brance or establishes the title, or the lien of the insured mortgage, as insured, with- in a reasonable time after receipt of such
Loss
notice: (b) in the event of litigation until there has heen a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, ad- verse to the title or to the lien of the in- sured mortgage, as insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily admitted or assumed by on insured without prior written consent of the Company.
8. Reduction of Insurance; Termin-
All payments under this policy, except payment made for costs, attorneys’ fees and expenses, shall reduce the amount of the insurance pro tanto; provided, how- ever, if the owner of the indebtedness secured by the insured mortgage is an in- sured hereunder, then such payments,
ation of Liability
prior to the acquisition of title to said
estate or interest as provided in paragraph 2(a) of these Conditions and Stipulations, shall not’reduce pro tanto the amount of the insurance afforded hereunder as to any such insured, except to the extent that such payments reduce the amount of the indebtedness secured by such mortgage.
Payment in full by any person or vol- untary satisfaction or release of the in- sured mortgage shall terminate all liabil- ity of the Company to an insured owner of the indebtedness secured by the insured mortgage, except as provided in paragraph 2 (a) hereof.
9. Liability Noncumulative
It is expressly understood that the
to the insured owner of the estate or amount of insurance under this policy, as
interest covered by this policy, shall be reduced by any amount the Company may pay under any policy insuring (a) a
B hereof which is a lien on the estate mortgage shown or referred to in Schedule
or interest covered by this policy, or (b) a mortgage hereafter executed by an
estate or interest described or referred to insured which is a charge or lien on the
shall be deemed a payment under this in Schedule A, and the amount so paid
policy. The Company shall have the option
gage any amount that otherwise would to apply to the payment of any such mort-
be payable hereunder to the insured owner of the estate or interest covered by this policy and the amount so paid shall be deemed a payment under this policy to said insured owner.
The provisions of this paragraph 9 shall not apply to an owner of the indebtedness secured by the insured mortgage, unless such insured acquires title to said estate or interest in satisfaction of said indebt- edness or any part thereof.
10. Subrogation Upon Payment or
Whenever the Company shall have paid or settled a claim under this policy, all right of subrogation shall vest in the Com- pany unaffected by any act of the insured
debtedness secured by the insured mort- claimant, except that the owner of the in-
gage may release or substitute the per- sonal liability of any delltor 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
Settlement
insured mortgage, or release any coll. security for the indebtedness, pro such act occurs prior to receipt by insured of notice of any claim of tit interest adverse to the title to the e or interest or the priority of the lie the insured mortgage and does not I in any loss of priority of the lien oi insured mortgage. The Company sha subrogated to and be entitled to all I and remedies which such insured clai would have had against any perso property in respect to such claim had policy not been issued, and the Corn is hereby authorized and empowere sue, compromise or settle in its name
of the loss sustained by the Comr
the name of the insured to the full el
If requested by the Company, the ins shall execute any and all document evidence the within subrogation. If
insured claimant, the Company shal payment does not cover the loss of
subrogated to such rights and reme in the proportion which said pay]
subrogation shall be in subordinatiol bears to the amount of said loss, but
from any act of such insured clain an insured mortgage. If loss should rt
such act shall not void this policy; bur Company, in that event, shall as to s
that part of any losses insured aga insured claimant be required to pay t
if any, lost to the Company. by reasor hereunder which shall exceed, the amo
the impairment of the right of subrogat
11. Liability Limited to this Po
This instrument together with all dorsements and other instruments, if attached hereto by the Company is entire policy and contract between insured and the Company.
Any claim of loss or damage, whe or not based on negligence, and wl arises out of the status of the lien of insured mortgage or of the title to
estate or interest covered hereby, or action asserting such claim, shall be stricted to the provisions and conditi and stipulations of this policy.
No amendment of or endorsement to
dorsed hereon or attached hereto sig policy can be made except by writing
by either the President, a Vice Presid the Secretary, an Assistant Secretary, validating officer or authorized signal of the Company.
No payment shall be made without [ ducing this policy for endorsement of SI payment unless the policy be lost or
or destruction shall be furnished to stroyed, in which case proof of such 1
satisfaction of the Company.
12. Notices, Where Sent
All notices required to be given
required to be furnished the Compi Company and any statement in writ
shall be addressed to it at the of which issued this policy or to its Ho Office, 13640 Roscoe Boulevard, Panoral City, California 91409.
13. THE CHARGE SPECIFIED :
SCHEDULE A IS THE ENTIE
CHARGE FOR TITLE SEARC TITLE EXAMINATION AND TITI INSURANCE.
P-218 (G.S.) Rev. 8-73
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