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HomeMy WebLinkAbout; FIRST AMERICAN TITLE INSURANCE CO.; 73-055623: Quitclaim Deed*< - ~ ,,c " .. I 1 r ~ 0~~1$3 ,7 "., . J,L ~ ~ * .orher NO. : Escrow No. 5"' ,: 'i 'I" CERTIFICATE OF ACCEPTANCE - 151% This is to certify that the interest in !I - * @&'/'/;crn CLERK 73;05562 E\,',E , .- h. @!Gr' a V!!,. _c %Ugh, q"q-"- 8 C?,@,E'% RE-Q'JigSF %I N~~ .. ii.,I 2 ,_ (i rJ ~8 k~ "cj real property conveyed by the deed or ,. :J, , , ;;,k.;'.+, 3-7 /j7jyL.' .. c .> P QFF\C,ji',;. ~bLW.j,i-!d?. gran t da ked "<J- ~b~LG'L<y,<L.,& G; frsa ($b!E@ qyp&,~, ~SLI,f: so: . cKck\. .:fls 8"ah" - ;+" &//Jfu&LC, " I n p ,.+I E L to the City oi Carlsbad, California, '"k&p .,qf3.Ji' a political corporation and/or governmental agency, is hereby accepted bq the undersigned officer or agent on behalf of the City Council of the City of Carlsbad, Cal.ifornia, pursuant to authority conferred by Resolution #I537 of the City of Carlsbad adopted OR July 2,.1968, and the grantee its duly aut rized offi DOCUMENTARY TRANSFER TAX $ h'/i = COMPUTED ON FULL VALUE OF PROPERTY C i~ COMPUTED ON FULL VALUE LESS LI1 ENCUMBRANCES EMAlNlNG AT TIME consents to the recordation thereof by d? .J, d7 ) ' 1 c& G/G qydf[&/ Signature of declarant oiAgent det$finir&tax - Firn MAR. ET E. ~A MS, Citv Clerk c *'_ \I - - CORPORATION QUITCLAIM DEED 4' TklX ROLL PARC~ DA TED : L-dAc**/ q. Jf1-3 7J L FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledsed. FIRST AXERICAN TITLE INSURANCE CO'IIPAXT, successor to FIRST AXERICAN TITLE INSUFANCE 6r TRUST comw a corporation organized under the laws of the State of Ca1ifornia REMISE, RELEASE AND QUITCLAIM to ,c THE CITY OF CARLSBAD, a municipal corporation the real property in the City of That portion of Section 18, Totmship 11 South, Range 4 West, San Bernardino Base and Meridian, in the County of San Diego, State of California, according to United States Government Survey approved December 27, 1870, described as follows: Beginning at a point of intersection of the North and South center line of said Section 18, with the Southeasterly line of the California State Highway XI-SD-195-1 as described in easement deed to the State of California, recorded in Book 995, page 370 of Official Records; thence Southwesterly along the Southeasterly line of said State Highway South 50" 14' 46" West, a distance of 972.16 feet to the truc point of beginning; thence Southeasterly, at right angles to the Southeasterly lint of said State Highway, South 39' 45' 14" East, a distance of 340.00 feet; thence Southwesterly parallel with said Southeasterly line South 50" 14' 46" West, a distance of 352.71 feet to the Northeasterly line of the 100.00 foot strip of land as excepted in deed to Rex FZcDaniel, et ux, recorded in Book 4647, page 358 of Official Records; thence Northvesterly along said Northeasterly line North 39" 47' 28" West a disrance of 340.00 feet; to the Southeasterly line of said Statc Righway; thence Northeasterly along said Southeasterly line North 50" 14' 46" East a distance of 352.93 feet to the true point of beginning. county of San Diego , State of California, dt Assessor's Parcel No. 160-270-13 a t Dated Becember 5, 1972 . STATE OF CALIFORNIA I y COUNTY OF j ss. San Diego 1 On before me, the undersigned, a Notary Public in and for said December 5, 1972 State. personally appeared William G. Blackstone known to me to be the Abel Vigil the corporation that executed the within instrument, and known to me to be the persons who executed the within instrument on behalf of the corporation therein named, and acknowledged to me , that such corporation executed the within instrument PUnUant to : its by-laws or a resolution of its board of directors. ' WITNESS my h nd and official I. Vlce President, and known to me to be the Ass ' t 'Ice Presiden&6w Of # Signature LYA~~~~,/ c ., FIRST ANERICAN TITLE INSUPANC'E, . .. .. .. BY Wil,.liam G. Blackst '.Vice- ,/y . '.,:j. // -,A . ..: ". . BY By &/7 .,;,.:. Wil,.liam G. Blackst . .... '.Vice- .-. . Abell Vigil Assistant Vice BY &-,/ Ab e Name (Typed or Printed) (This area for official notarial s * - C 3 0 2? - - m 1 G h! - P - - L sz U 2= gz $2 zz -3.2 3% 3 ;A s> m 3-7 9- 3> $5 $. p J> -_ wn 0. 1 E- r: $ .g li 2z g> 6 ;= " 5; -2 3 2. - cb ? Y 5. Y 2 3 3 f=" 3 8 !$ 3 e m 53 4 5 0 m - m co LC 6 XME R r a .. ' Cal;forn;adand Title Association Standard Coverage Policy Form I6 . .Copyright 1963 qS L 'I 1 c 4 2 + POLICY OF TITLE INSURANCE ISSUED BY First American Title Insurance Company FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called the Company, for valuable consideration paid for this policy, the number, the effective date, and amount of which are shown in SchedL A, hereby insures the parties named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insure or if a corporation, its successors by dissolution, merger or consolidation, against loss or damage not exceeding the amou stated in Schedule A, together with costs, attorney's fees and expenses which the Company may become obligated pay as provided in the Conditions and Stipulations hereof, which the Insured shall sustain by reason of: 1. Any defect in or lien or encumbrance on the title to the estate or interest covered hereby in the land described or referred to in Schedule C, existing at the date hereof, not shown or referred to in Schedule B or excluded from coverage in Schedule B or in the Conditions and Stipulations; or 2. Unmarketability of such title; or 3. Any defect in the execution of any mortgage shown in Schedule B securing an indebtedness, the owner cf which is named as Insured in Schedule A, but only insofar as such defect affects the lien or charge 'of said mortgage won the estate or interest referred to in this policy; or 4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule B, or excluded from coverage in Schedule B or in the Conditions and Stipulations, said mortgage being shown in Schedule B in the order of its priority. all subject, however, to the Conditions and Stipulations hereto annexed, which Conditions and Stipulations, together with Schedules A, B, and C are hereby made a part of this policy. In Witness Whereof, First American Title Insurance Company has caused its corporate name and seal to be hereu affixed by its duly authorized officers, on the date shown in Schedule A. First American Title Insurance Cornpa< BY PRES ID ATTEST & + SECRET, B -;;.. 5;- .- 'e f A'ER 0 B5 IC !? First American Title Insurance Company 411 IVY STREET, (P.O. BOX808) SAN DIEGO, CALIFORNIA 92101 (AREA 714) 234-3611 r Insurance Policy NO. GTF~~/-/@ L NOTE: THIS CONTAINS IMPORTANT INFORMATION ABOUT THE REAL ESTATE TRANSACTION YOU HAVE JUST COMPLETED. READ IT AND RETAIN IT WITH YOUR OTHER VALUABLE PAPERS PERTAINING TO THE ,,/ PROPERTY. The real estate you have purchased is protected with a policy of title insurance issued by First American Title Insurance Company. This is your guarantee of ownership. We have assigned the above number to your records to assure prompt processing of future title orders involving the property. If you sell or obtain a loan on this property within two years, FIRST AMERICAN TITLE WILL REDUCE THE USUAL POLICY RATE -- 20 per cent. To be sure you obtain this savings, you should request the escrow officer to forward this letter to us with the order for title insurance. We appreciate the opportunity of serving you and will be glad to assist you in any way, remembering that PROTECTION OF YOUR PROPERTY IS YOUR FIRST CONSIDERATION, AND OURS. d./Jq& d. W. G. Blac stone Regional Vice President .. , Form No. IUV4-L , Standard Coverage POIICY * ' California Lsnd Title ASS on 0 ,, - Copyright 1963 bs SCHEDULE A Total Fee for Title Search, Examination and Title Insurance S 50 -00 Amount 9 1,000 .oo Policy No. 690674-2 €ffect:"e Bate JUJI~ 25, 1973 at 8iOO alul Insured THE CITY OF CARLSBAD 1. Title to the estate or interest covered by this policy at the date hereof is vested in: THE CITY OF CARLSBAD, a municipal corporation 2. The estate or interest in the land described or referred to in Schedule C covered by this policy is: FEE .. Form No. 1084-3 e 0 I. California Land Title Assoclation Standard Coverage POIICY Form Copvrlght 1963 sh 690674-2 SCHEDULE E This policy does not insure against loss or damage by reason of the matters shown in parts one and two followinC 1. Taxes or assessments which are not shown as existing liens by the records Of any taxing authority Part One: {ha{ levies taxes or assessments on real property or by the Public records. 2. Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry Of persons in possession thereof, 3. Easements, claims of easement or encumbrances which are not shown by the public records- 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, Or any other facts which a correct survey would disclose. 5. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. Part Two: 1. General and Special Taxes for the fiscal year 1973-74, a lien not yet pay&] 2. A Bond No. 79, Series 4-1961 for Sewers. 3. The right to enter upon said land for the purpose of drilling wells and developing water, etc., as reserved by South Coast Land Company, a corporat in Deed recorded February 13, 1913, in Book 597, page 210 of Deeds, referen is made to the record thereof for full particulars. 4. All rights of way for laying and maintaining pipes, pipe lines, and acquedu, over and across said premises, which now, or at any time hereafter, may be resonably required to enable said grantor, his heirs or assigns, to take, c carry and conduct said excess, or surplus waters to other lands, or to enab grantor, his heirs or assigns, to inspect, repair and replace or alter, mat enjoy and control, said pipe lines and aqueducts. And also reserves, excep retain, for himself, his heirs and assigns all the water, both surface and of the said San Luis Rey River with the Western boundary of the Konserrate Together with the right to construct, maintain and operate a dam or dams, a or in said river, or its tributaries, or either or any of them, and impound reservoir the waters thereof, both surface, sub-surface storm and ordinary Also the right to develop waters upon the lands now belonging to, or hereaf acquired by the grantor, his heirs or assigns, above said point of intersec either by tunnels or wells, with the right to install and operate pumping E thereon; and the right to divert, lead and conduct away all or any part of waters at any or all such point or points, to places within or without saic watershed, as the grantor, his heirs or assigns may elect, as reserved in recorded August 7, 1912 in Book 574, page 114 of Deeds and as reserved in ' deeds of record. terranean of the San Luis Rey River, and its tributaries, above the interse .. -e 0 . ,. SCHEDULE B CONTINLTED ORDER NO, 690674-2 Page 2 5. Covenants, conditions and restrictions, but deleting restrictions, if any, based on race, color, religion or national origin, in an instrument recorded August 7, 1912 in Book 574, page 114 of Deeds. 0, An qpGB@at LQ exchange by and between the City of Carlsbad, hereinafter referred to as City, and Kenneth W. Fether, Harold p. gordng, Bddna c. bY1 First American Title Insurance and Trust Company, Roy P. Joseph0 and Marc A. Josepho, hereinafter collectively referred to as "owners", wherein by reason various conveyance, transfers and reservations, the City of Carlsbad oms ce rights in the following described property: The East Half of the Northwest Quarter and the Northeast Quarter of the Sout west Quarter of Section 18, Township 11 South, Range 4 West, San Bernardino Meridian, to wit: The right to enter upon said property for the purpose of drilling wells and developing water thereon and for the purpose of erecting a pumping plant or plants, laying and constructing pipelines and conduits sufficiently large tc pump and carry and conduct away to other lands within or without the San Luj Rey Water Shed, 200 miner's inches of water and for the purpose of doing an; all things necessary or convenient for the maintenance, operation, and repaj thereof, and all lands, rights of way and rights of ingress and egress nece or convenient for the above purposes, and whereas the City agrees that at s' time as the owners have filed in a final subdivision Map with the City of 0 side, County of San Diego, or other appropriate public authority and have pm formed the covenants referred to below, that as to the areas encompassed wi said final subdivision Map the City will release all of its general rights the same affect such areas. 11. Owners agree as to the areas encompassed within the subdivided propert as follows: (a) To grant to City fee title, free and clear, to an area of one-half acr approximately square in size, around each existing well site noted on the IT attached hereto, marked Exhibit "A", as "A", "B" , "C" , and "Dl' . (a) To grant to City fee title, free and clear, to each proposed well sit€ noted on Map, Exhibit "A", as I, 11, 111, IV, V and VI, of an area of one4 acre, approximately square in size, and in the area and approximate locatic as shown on said Map, Exhibit "A". (c) To grant to the City fee title to those areas described in Exhibit "E' attached hereto wherein City has presently located reservoirs, pumping sta etc., South of State Highway, Route 76, the exact legal description to be approved by Mr. E. F. Dibble, in return for which the City will convey all general rights on the areas South of said highway. (d) To grant to City easements to operate and maintain the existing obser wells noted on said Map, Exhibit "A", as 0-1, 0-2, and 0-3, for observatic the right of ingress and egress therein for said purposes. (e) To grant to City rights of ingress and egress from each site to State Highway, Route No. 76. Such rights of ingress and egress may be by reasor direct public dedicated streets or by private easements thereto at least 3 feet in width. (f) To give specific easements for all existing pipelines which shall be feet in width. Said specific easements shall prohibit construction of an: ._ to . 0 .. SCHEDULE B CONTINUED ORDER NO. 690674-2 Page 3 buildings or sheds thereon and shall not permit any use thereof inconsistent with or which would be a burden upon the right of City to maintain and repla (8) Owners shall have the right from time to time to relocate or install ne pipelines for existing pipelines or pipelines that may exist in the future f the then existing easements to publicly dedicated streets which run from we1 sites to its reservoirs located South of State Highway, Route 76, provided a follows : 1. Such relocation shall be in a resonably direct route. 2, Owner shall pay the cost of such relocation and installation, 3. Such relocation and installation shall occur within a resonable time aft a plan of development has been finalized and a subdivision Map or other appropriate filing has been finally and formally approved by the City oj Oceanside, County of San Diego, or other appropriate public authority ar public streets have been dedicated and duly accepted. 4. Such pipelines shall be of the same size as presently existing pipelines of the City located on said property and may be increased in size by thg City if it so requests and pays the incremental cost for such increased If existing pipelines, in the opinion of the City, at the time of installa- tion by owners, are reasonably capable of relocation and without undue inte~ uption of service can be relocated, said pipelines may be used by owners fo~ installation in lieu of new pipelines. (h) To grant to City all rights which owners may have to extract or take water from below the surface of the ground for any purpose whatsoever, and grant to City the full right to extract and take from underground for use 01 said lands or on lands within or without the San Luis Rey Water Shed, such I as it may desire and may otherwise be legally entitled to so extract, take i export from said lands, recorded April 2, 1964 as File No. 59869. Bald pipelines I Form No. 1056-4 b. . .~ Ail Policy Forms . e SCHEDULE C b~/690674-2 The land referred to in this policy is situated in the State of California of San Giego and is described as follows: , Coun SEE ATTACBED .. . ,. 'e I 0 L .. LEGlQ. DESCRIPTTOX OrnEF, NO. 630671,-2 That portion of Secticn 18, Tomship 11 South,, Range 4 West j, Sail- Bernardino Rase Yeridlan, in the Covnty of San Diego, State of California, Zccording to United St Governmerit Survey apprcved Cecexber 27, 1870, described as follows : Beginning at the point of intersection of the North End Sou~h center line of said Section 18 wit5 che Soctheasteriy line of the California State Highway XI-SD-195- as described in easement deed to the State of California recorded in Book 995, pa 370 of Gfficial Xecorcis; thence Southwesterly along the Southeasterly line of sai State HLghway a distance of 991.16 feet to the TRUE POINT 0% BEGIWTNG; thence Sc easterly, at righ,t angles to the Southeasterly line of said. Scate Highway a distz of 340.00 feet; thence Southwesterly parallel with said Southeasterly line to the Xortheasterly line of the 100.00 fool: strip of land as excepted in deed to Rex Mc et ux, recorded in 3ook 4547, page 358 of Official Records; tk,ence Northwesterly said Northeasterly iine a distance of 340.00 feet, more or less, to the Southeast line of said Stare 'riighwzy; thence Xortheasterly along said Southeasterly line tc TRUE YOIN': OF BEGIN3ING. DR/'D S 7- 2-7 3 .. 8% ; I. * c 0 r66-27 . ". /" :7 "* F ,w ,"Q ' s % v\ I r?t v r 0 c z .< i P -0 -/I A L? 0 u - v, 'E P w -D 7. - u' 0 0 -0 N U * U 0 W Wcn nm 00 " Di4J !I +"I " " ?Y 7.2 -XI sz =in 3 "3 9" c -L .._ ~ - I1 -72 DC m -+z+ $507 rD In -, " 3 i3m 04 g 0 13 ~JJ 7% Y) Ql ?:.N =J 5C.d "U 0 2. & * "325 "E="f LJ ge TI,: o'i - % N Sm;;', zu a I 2 16 $ 2 Lo ? (D $ 1; 2 w ; zz " '. - sq c < ti ") 0 5 -. 0 'Ji y z 0 G.0 0 2 W 0 m w . 3- m ~ n c: C' A zi: r.4 - d r.' - ---; 95 0 I <: CL -2 ::; c 4 i<. G - x3 qe 7, (I z :,: I? c:. ," 0 2-g; Gx CJ p. m 7- 00 s wrllr a-u gzg g co b - , _.. 7: -. 1 .. - _. !, I !:I 'c) u) ,ym -0 f-g -. . c -- "' ." -9% c 232 Po -s ,I ,/;!! ,. '.,Ii\!'!!'ijI/.li\ 1! ll:!;,i i :jz f? ~. ,, ,,, '';;I :/.. : i'i!;!,;!,!, !!']il;jli/ ,., : : : i ; 1 i i ! 1, i i (8 1 ~!~~Q~~g.~ ! i , jjo I: ;z - !I .. , .. , ,i ,/I !/. j 1.j ,I I i i .I- : 1 I 1 1 /$$k,Tz c: I. 3: ,,,,~I~~~/~l~~~~~~!~~~~~~~~m 8, !,I!! I-+] c --+"-r" :I:;;;''; : ! : t 14 a'. iw,, n /ii/iI\ . " I,'., i!( t,![l\i \ j $;$g!!s b' !!;:t:i.l\ I' ' ,,!; I ]$,;:;~ ." * ’. . Standard Coverage Policy Form &ifoh Land Title Asskiation * * . Copyright 1963 e Form 1084 1. DEFINITION eF EMS The following terms when used in this policy mean: (a) ‘land”: the land described, specificall or by reference, in Schedule C,and improvements dxed thereto which by law consQtute real property; (b ) “public records”: those records which im- land; part constructive notice of matters relating to said (c) “knowledge”: actual knowledge, not con- structwe knowledge or notice which may be imputed to the Insured by reason of any public records; (d) “date”: the effective date. (e) “mortgage”: mortgage, dekd of trust, trust (f) “insured”: the party or parties named as deed, or other security instruments; and Insured, and if the owner of the indebtedness secured each successor in interest in ownership of such in- Insured in Schedule A, the Insured shall include (1 ) debtedness, (2) any such owner who acquires the estate or interest referred to in this policy by fore- closure hustee’s sale, or other legal manner in satis- faction’of said indebtedness, and (3) any federal agency or instrumentality whlch is an insurer or guar- antor under an insurance contract or guaranty insur- ing or guaranteeing said indebtedness, or any part thereof, whether named as an Insured herein or not, subject otherwise to the provisions hereof. 2. BENEFITS AFTER ACQUISITION OF TITLE a mortgage described in Schedule B acquires said If an insured owner of the indebtedness secured by estate or interest, or any part thereof, by foreclosure, trustee’s sale, or other legal manner in satisfaction of said indebtedness, or any part thereof, or if a federal agency or instrumentality acquires said estate or interest, or any part thereof, as a consequence of teeing the indebtedness secured by a mortgage MV- an insurance contract or guaranty insuring or guaran- ered by this policy, or any part thereof, this policy shall continue in force in favor of such Insured, agency or instrumentality, subject to all of the con- ditions and stipulations hereof. 3. EXCLUSIONS FROM THE COVERAGE by a mortgage shown in Schedule B is named as an OF THIS POLICY This policy does not insure against loss or damage by reason of the followbg: (a) Any law, ormnance or governmental regu- lation (including but not limited to building and hibiting the occupancy, use or enjoyment of the land, zoning ordinances) resticting or regulating or pro- or regulating the character, dimensions, or location of any improvement now or hereafter erected on said land, or prohibiting a separation in ownership or a reduction in the dimensions or area of any lot or parcel of land. eminent domain unless notice of the exercise of such (b) Governmental rights of police power or rights appears in the public records at the date hereof. the land expressly described in Schedule C, or title (c) Title to any property beyond the lines of to streets roads, avenues, lanes, ways or waterways on which‘ such land abuts, or the right to maintain therein vaults, tunnels, ramps or any other structure or improvement; or any rights or easements therein unless this policy specifically provides that such property, rights or easements are insured, except that if the land abuts upon one or more physically open streets or highways this policy insures the ordinary rights of abetting owners for access to one of such streets or highways, unless otherwise excepted or excluded herein. (d) Defects, liens, encumbrances, adverse claims agamst the title as insured or other matters (1) created, suffered, assumed or agreed to by the the Insured Claimant either at the date of this policy Insured claiming loss or damage; or (2) known to or at the date such Insured Claimant acquired an estate or interest insured by this policy and not shown by the public records, unless disclosure thereof in writing by the Insured shall have been made to the resulting in no loss to the Insured Claimant; or (4 ) attaching or created subsequent to the date hereof. (e) Loss or damage which would not have been sustained if the Insured were a purchsser or encum- brancer for value without knowledge. Company prior to the date of this policy; or (3) “truth m lendmg” or similar law. (9 Any “consumer credit protection,” 4. DEFENSE AND PROSECUTlON OF ACTIONS -NOTICE OF CLAIM TO BE GIVEN BY THE INSURED undue delay shall provide ( 1 ) for the defense of the (a) The Company, at its own cost and without Insured in all litigation consisting of actions or pro- ceedings commenced against the Insured, or defenses, restraining orders, or injunctions interposed against a foreclosure or sale of the mortgage and indehted- ness covered by this policy or a sale of the estate or interest in said land; or (2) for such action as may be appropriate to establish the title of the estate or interest or the lien of the mortgage as insured, which litigation or action in any of such events is founded ” 6 CONDITIONS AND STIPULATIONS upon an alleged defect, lien or encumbrance insured against by this policy, and may pursue any litigation to final determination in the court of last Yesort. (b ) In case any such action or proceeding shall be begun or defense interposed or in case knowl- edge shali come to the Insured o? any claims of title or interest which is adverse to the title of the estate or interest or lien of the mortgage as insured, or which might cause loss or damage for which the policy, or if the Insured shall in good faith contract Company shall or may be liable by virtue of this to sell the indebtedness secured by a mortgage cov- ered by this policy, or, if an Insured in good faith leases or contracts to sell, lease or mortgage the same, or if the successful bidder at a foreclosure sale under 8 mortgage covered by this policy refuses to purchase interest is rejected as unmarketable, the Insured shall and in any such event the title to said estate or notify the Company thereof in writing. If such notice of the receipt of process or pleadings or if the Insured shall not he given to the Company within ten days shall not, in writing, promptly notify the Company of any defect, lien or encumbrance insured against which shall come to the knowledge of the Insured, or if the Insured shall not, in writing, promptly notify the Company of any such rejection by reason of claimed unmarketability of title then all liability of action, proceeding or matter shall cease and termi- the Company in regard to the s&ject matter of such nate; provided, however, that failure to notify shall in no case prejudice the claim of any Insured unless the Compan shall be actually prejudiced by such failure and tlen only to the extent of such prejudice. (c) The Company shall have the right at its own cost to institute and prosecute any action or proceeding or do any other act which in its opinion may be necessary or desirable to establish the title of the estate or interest or the lien of the mortgage as insured; and the Company may take any appro- priate action under the terms of this policy whether or not it shall be liable thereunder and shall not thereby concede liability or waive any provision of this policy. (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 it the right to so prosecute or provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. Whenever requested by the Company the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement. securing evidence, obtaining witnesses, or prosecuting or defending such action or proceeding, and the Company shall reimburse the Insured for any expense so incurred. 5. NOTICE OF LOSS-LIMITATION OF ACTION In addition to the notices required under para- graph 4 (b), a statement in writing of any loss or damage for which it is claimed the Company is liable under this policy shall be furnished to the Company been determined and no right of action shall accrue within sixty days after such loss or damage shall have to the Insured under this policy until thirty days after such statement shall have been furnished, and no recovery shall be had by the Insured under this policy unless action shall be commenced thereon within five years after expiration of said thirty day period. Failure to furnish such statement of loss or hereinbefore specified, shall he a conclusive bar damage, or to commence such action within the time against maintenance by the Insured of any action under this policy. 6. OPTION TO PAY, SETTLE OR COMPROMISE CLAIMS The Company shall have the option to pay or settle or compromise for or in the name of the Insured any claim insured against or to pay the full amount of this policy, or, in case loss is claimed under this policy by the owner of the indebtedness secured by a mortgage covered by this policy, the Company shall have the option to purchase said Indebtedness; such purchase, payment or tender of payment of the full amount of this policy together with all costs attor- neys’ fees and expensks which the Company is obli- of the Company hereunder. In the event, after notice gated hereunder to pay, shall terminate all liability of claim has been given to the Company by the Insured, the Company offers to purchase said in- debtedness, the owner of such indebtedness shall transfer and assign said indebtedness and the mort- ment of the purchase price. gage securing the same to the Company upon pay- 7. PAYMENT OF LOSS policy shall in no case exceed, in all, the actual loss (a) The liability of the Company under this of the Insured and costs and attorneys’ fees which the Company may be obligated hereunder to pay. loss insured against by this policy, all costs imposed (b) The Company will pay, in addition to any upon the Insured in litigatiun carried on by the Company for the Insured, and all costs and attorneys’ fees in litigation carried on by the Insured with the written authorization of the Company. maintainable under this policy ( 1 ) if tht (c) No claim for damages shall I or encumbrance not excepted or excludec after having received notice of an alleged moves such defect, lien or encumbranc reasonable time after receipt of such not for liability voluntarily assumed bp the settling any claim or suit without written the Company, or (3) in the event the titl~ as unmarketable because of a defect, lien brance not excepted or excluded in this 1 there has been a final determination by competent jurisdiction sustaining such re: (d) All payments under this policy, ments made for costs, attorneys’ fees an shall reduce the amount of the insuranc and no payment shall be made withoui this policy for endorsement of such pay] the policy he lost or desboyed, in whicl of such loss or destruction shall be fun satisfaction of the Company; provided, j the owner of M indebtedness secured by shown in Schedule B is an Insured hereir the insurance aEorded hereunder as to su payments shall not reduce pro tanto the except to the extent that such payments amount of the indebtedness secured by satisfaction or release by the Insuted of gage. Payment in full by any person a the Company to the insured owner of thl covered by this policy shall terminate all ness secured by such mortgage, except f in paragraph 2 hereof. (e) When liability has been definit accordance with the conditions of this pol or damage shall be payable WI~~III thirty after. 8. LIABILITY NONCUMULATIVE policy is reduced by any amount the COI It is expressly understood that the amt pay under any policy insuring the valic ority of any mortgage shown or referred t ule B hereof or any mortgage hereafter t or interest described or referred to in S the Insured which is a charge or lien 01 and the amount so paid shall be deemed to the Insured under this licy. The p this paragraph numbered rshall not a Insured owner of an indebtedness secured gage shown in Schedule B unless such quires title to said estate or interest in , of said indebtedness or any part thereof. 9. SUBROGATION UPON PAYMENT OR SETTLEMENT under this policy, all right of subrogatior Whenever the Company shall have sett in the Company unaffected by any act of t and it shall he subrogated to and be en1 rights and remedies which the Insured \ had against any person or property in res€ claim had this policy not been issned. If tl does not cover the loss of the Insured, th~ shall he subrogated to such rights and I the proportion which said payment be act of the Insured, such act shall not void amount of said loss. If loss should resul hut the Company, in that event, shall be under which shall exceed the amount, if pay only that part of any losses insured a$ the Company by reason of the impaim right of subrogation. The Insured, if reque Company, shall transfer to the Compan! and remedies against any person or prop sary in order to perfect such right of subro shall permit the Company to use the n; Insured in any transaction or litigatior such rights or remedies. secured by a mortgage covered by this I If the Insured is the owner of the ir Insured may release or substitute the pen ity of any debtor or guarantor, or extend c modify the terms of payment, or release a the estate or interest from the lien of the or release any collateral security for the ness, provided such act does not result i of priority of the lien of the mortgage. 10. POLICY ENTIRE CONTRACT Any action or actions or rights of actic Insured may have or may bring against tbt arising out of the status of the lien of thc covered by this policy or the title of th, sions of this policy. interest insured herein must be based on No provision or condition of this pol waived or changed except by writing endo, or attached hereto signed by the Preside President, the Secretary, an Assistant SI other validating officer of the Company. 11. NOTICES, WHERE SENT All ~wtic(.s require(! to be given thc and ;~ny statotwnt in writillg rrq,lired nishec! the (hmpmly shall he addressed home office ;It 421 North Main Street, (:ztlil<~rnix, or to thv ofFicc which issrwd e .. W u z c Is 3 z v3 Y Fz; E-c e R 0 * k U -e P G + z w c 4 r 4 0 I4 0 a U & 8 M a r. 2 F s cd 8 2 rt 3 (0 iu rt d z K Ir 0 i 4 0 < z a 22; E$ e 3 " L 2 T u w Lr I! k - 2: G: