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<"'sooK29662 fAGE100 '. - .... ,
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PLACE INTERNAL REVENUE STAMPS IN THIS SPACE
Grant Deed \J- \? C(~flix 1. R. s. t.:~~.........
Form 398 Rev. 10.47 THIS FORM FURNISHED BY TITLE INSURANCE AND TRUST COMPANY
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
EDI'lH M. GREENLEE, a single woman
, do hereby
GRANT to
CITY OF SANTA MONICA, a municipal corporation
the real property in the City of Santa Monica County of Los Angeles ,
Stllte of California, described as:
Lot One (1) in Block "A" of Erkenbrecher Syndicate
Santa Monica Tract, in the City of Santa Monica,
County of Los Angeles, State of California, as per
map recorded in Book 6, Page 26 of Maps, in the
office of the County Recorder of said County.
Dated: ...m.1~.8!<::~m~?~~~2.m.'..'n......'........... GJd:j;.....li2.'m6~......u......mu...uu..
_u___....___u_n_h_u....____n._...._n____n.._.._n.....................n.........._...._
..u...__n_n___nnun__.._hhn_..nn..__nnn_nu_.._.._..._n...._..._....o..._..nnn
".....".._..______.h_.._...._._.._nn_._nh_...__....hnhUU...__..n.._____nu_._uh...
OHIO
STATE OF ~ SPACE BELOW FOR RECORDER'S USE ONLY
COUNTY OF 55.
~OJ4,.&-'llH.,e..l!r"'" ..."....................
On J/( y~.1.t '7t ./1...t1..'1......... .... . . .,
before me, the under igned, a Notary Public in
and for said County and State, personally appeared 611
..,...,.....""jj;Q.ith..M.....,Gr.~~nlee...,.....,.."...........,.....'......... ,')~)ct)!\{ENT ~
............................................................................nn............................. ,{I-':ORDELi AT
............--..-................................................'........................................... JT.JHE INSU;;:'
........"n... ...__n............_..........__............ .. __..u................ n....... __n..' < r CO.
known to me to b~ the person.....-n whose name______...____i~..... -I., ~
subscribed to the within instrument and acknowledged that MAil 2,J 1949 AT 8 \
.......1?hE3.mm..............executed the same, .. '. M.
~ WITNESS my. hand and official seaL ~9662 PAUE 99
~ ' , . 1'-' f' ~ i; Il:,. . rCou OFFICIAL RECORD'"
CO " .......,.1'- nty ,,f Los Ana,. I .. c' ".,.' ,
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ERKENBRECHCR SYNDICATEI,l/NrA /ttfONICA TRACT
BLOCK! /) 2) 5 & A
/'1.8, 6 PGJ, 26.7
THIS IS NOT A SURVEY OF THE LAND BUT IS COMPILED FOR INFORMATION ONLY FROM DATA SHOWN BY OFFICIAL RECORDS
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ION NO. 241+
(CITY C:OU1'GIL SERIES)
A RESOLi.JTION OF 'l'nE GI']'Y COlH,fCIL OF' Tm;
CIn 01" SAN'l'f\ MOlHeA AGCE:P'fllfG A GRANT
DE]:D ,f'ftOM EDI'i'll H. CH}1;U;NLEF..
.'l'D crTY GotJrlGIL 'if? C 1'l"I 01" St\N'l'.I~ :MaN leA D01":8 m~[; OLVE A8
P'OLLOifi S t
SECTIOI1. That that certG1n Grant Deed trom :!i:dith H.
Greenl.e to the City ot Santa Monica, whereby said Edith H.
Greenlee grants to the City of Santa Monica all rl~~t, title and
inter.at 11'1 and to Lot 1, Block A, h:rkenbrecher Syndicate Tract,
16&B-l&th street, Santa Monica, California, be and the a~~ hereby
18 accepted.
81':CT1ot1 2. That the City M.nnagar hereby 18 authorbed
to do all things oeoeuary to cOO1plete the trantd'er ot said pro-
perty to said city and oause the deod to be recorded 1n the County
Re.orderts Office.
3ECTIOli 3. That the City Clerk shall cenify to the
Adoption ot this r..olution and thenceforth and thereatter the
.~e ahAll be In full force and etteot.
Al)OP1'w and A.PPHOVED this 8th day ot l(src.h . 1 B49 .
A'.I:".n!:ST . ~ . cf ('
~
?;/~ ~L ~.f: ...
., -<2 ))./ ~ II.J.Z"J
8Y'or
I berebJ certify that the tore€;olog l"'CSalutlon was duly
adop~e4 by the Clt}' Council ot the Glty ot Santa Monico, at Q
t'$Gular_ meeting thereof held on the 6th at"lY ot li'areh
.
1949. bY' the toll~w1Dg vote of the Council.
AYES t Councilmen,Darnard. C~ere1o. Hart, WG11son,
S.h1mmer, Talmage, Gntes
NOES. Oouncllmen. None
ABSENT. Counc llmen 1 None ~M
Approved e,. to torm thi8
1 43y of Karel1. 1949.
ROYAL M. SoaENSEN
ROJd: ... ~;'Ol".mt_, Clt7 IhOl'MY
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1UgSQ,,IJ'lliJi1 rD. 24h ?n662 . 99
BGO~._v _ PAGE ,
(erry COU't;It ~,r:RI;;:s)
A H:E~}OLt.iTI\'jN OF ture r '~..)'J): Ht.~
C 1'11)' OF SAN'l ~hJlfICA ET'!' .l1K, :+U,N'1'
l}E}!:D FROM i~;;TrH n. L;.;;"",.
Tiir:: CITY cotH;CIL rx'';f SqrrA ~ONlef\ H)?1~. ffij;!:.()LVh, hi:;
F o.Lr.. UJ~ s .
Sl~C'I\ION 1. That that cert~l1n Grant Deed from Edith H.
Or.enl.. to the 01ty of s~~ts ~onlca, Whereb1 said Edith H.
OMenlee grant. to the CUy of ~,al"lta Monioa all. right, tttle Ilnd
interest In ana to Lot 1.. 81;::,ck ,\,\rkGnbracher i3yncUcato 'I'ract,
16GS-16th street, Sal1ta t~onlot1\, Gal1.fQrn1a, be and tile SRma hereby
is accepted.
i:.mC'UiJli 2. 'j'hat the lty ;';>.xmgar hereby 18 nuthcr:rlzed
to do a.ll tb1ngs neceS8Hry to ecmplete the tr;~ns.fer of Bo.ld pro-
pertr to .ala city a.nd cause the deed to be reCorded in tho County
Reoorder'. Office.
::HtO'l'IQI 3. '):Mt the GUy :~l!H'k shall certify to the
a.doption of this resolution 'tlnd thenceforth and thereaftor the
SOlfe sh~llbe in full toroe 'lnt1 efi'eet.
"""'." and iU.l;{C;l\f,,'li this 8th dL~Y of March , 1'249.
.jj};"';l;~t.
'J, '",,;;!,,.\~,~:tu>';
:;.J...................\y:...,...."'..'...."...................................~.':......................................:~...'................. . . l.::.ARK T. G.-_.'i.TES /s/
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. ..... .,.., ..';'. I:b&reb7 GertHy that the fox-egoing J'lC;..,,,iLutlon was duly
""_">, :.<.~;:;},.;"~> \~",1~_ ,>)"~"
..~pteaby t::he (;1't7 Counoll of the 'ty at S~\nts idon1Cft at a
re~h.r meeti.ng thereot held on the Htb day of );iarch ,
-
1949, b,. the tollw1nf!; vote of tbe Council.
flYES. Counol1Mn. Ba.rne.r4, Cuerdo, Bart, Nell8on.
'c: ... Schimmer, Talma~t1, Getes
,. "....;:,Q"'i,,;,~~::":'. :SQ.. Councilmen. t~one
,,"C" .. ".... .........."ltf-.::.,.,.'...
, >
:."';.~.'.... ..........~~~..SlIT. e.0un011Mn1~"". ~ I
;"'{~1B1f\()1 ... .)}~ ~ . .y 0 l'
)',;',;i~d.:..,. tOnt. this
"'. "". Z'...;.".... -. .. ot . llIaJo~ 1949
:': 1fil~'~r' , ",'4:".A4 . ',' .~. ".,'.
.!~.)} '".;;,",' .....
"-
.ROYAL M.
ao~a% tt. $~A,8.' Ct" AttQr,..,
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. .H SALE - ESCROW INSTRUCTION .
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, . "\ S'NTA~OtilICA C&':'MERCIAC BANK 70'(1-G '.
AND .AVING. ESCROW No. ............................,.........................
Santo Monica, Calif., n....n...Ma.:rcb...l.wn.n___., 194..9.....
I will hand you ....$1,000.00..-.............-.,..-.,......-...-..00,-.---....___....n._.__...............'...n.'.m........n.............._.....00.._................................
.. --..-_....~........._........-_...._-_.._-..--_.... ---_.._----_.-~-- ..-.---- -..--....------ ---- .....---...-..------.-----..... -. __a ...._ .____..____ ..._____._______ _____ ..____......_.__..... ._._.____..._____ __..__....__.......__..._....___..........
and will deliver to you any instruments which this escrow requires shall be executed by me, all of which you are instructed to use,
provided that on or before .....Ap1dl..3.l?L9m...n........m.n....you hold a policy of title insuranace with the usual Title Company's
exceptions, with a liability of not less than $ ...7,000..00.....................-- covering ....................................00....._...............00.................
._....Lo:t:...l..1n.JUQCk._!!A!!_.,ot...El!Dnbr.ecl1er..SJUd.i.ci~ta__S~nta...~nlC!~...~,...1.P...th~_..Q'-':t.Y...Q~:~..~~._.
._..1Ionicaf...C~."ot...Lat...AnpJ.eIl..,St&te:..ol..C.al1t.orm..,.."U.,.1~F-..~..~.<;.9r!;~g..J,~..~~...Q...~....~6
. ...ot..lepa,.....,........ _ _... _""""""'" """""'" _... _'_ _.. _. _....00..... -............. ....- - -.. -.,.. '... -. ..... ................. .................... '" ..,. -............ ......... '" ..... .........
showin~ title vested in ........cm...Ot~..&ANn..1iON:tCA.,...a..Jllu:dc1 pel...cor.porat.~...,.............. """'" ..............................
i~::..~i..~~~.~~b~.~~~:~:..~~~~~;::::hd::1ia:::G~~~~~i..~~d"s~~~;~i -.T~.~:~:.;~~.I.~d.i.~~..~ii.i:~;~.~h~~~.i.~..f~~..f;~~~i.~:~~.-.:::t9.:~~::::::
Bond-Assessment original amount as of record, all payments due paid, unpaid balance ......nD.m.........................................
Your bank is not held responsible for any personal property tax which may be assessed ogainst any former owner of the
above described property, nor for the' corporation or license tax of any corporation as a former owner.
Conditions, restrictions, reservations, easements and rights of woy of record and in deed to file (if any), affecting the use
and occupancy of said property.
Prorate taxes to ......olo....of...ac.t'OIf-......................... Based on .~..:ta%....tatemmxt..............................................
Prorate rents based on ...8-tattM'ltt...... per month that are paid in advance to .......cloaCi..Qt....s.Cnnf...............................
Any rents in arrears ore to be disregarded. in your prorations.
Hold fire insurance for $...._........................... on buildings described as being situated either on above described property or
am prem ises known a s No. ........ _ '" _.......... _'_' h............. ....... ........ ...... .......................................................... ......... ................ m.... ...................
Prorate to ...........~....m......__.___..n.. __ _..._. ..._.m__n..__ _m.''''''__ __.. '_'
Alien is hereby created in favor of the Santa Monica Commercial and Savings Bank, against all moneys and papers placed
in this escrow by either party or any other escrow held by the Santa Monica Commercial and Savings Bank in which either are
a party, to guarantee any expenses incurred by suid Bank, as well as to cover all judgments, attorney's fees or other liabilities
which said Bank may incur or sustain by reason of this escrow.
Party electing to cancel ths escrow hereby promises and agrees to pay your cancellation expenses. -
I/we agree to pay ...hu;yerB..Uarotr..lH...aDd...t_..for..Z'&carding..daeda.n.__m__nm__...__...._......._"'__ .._.n__..__h...---.
_____._.___ _.___..~_______. ._.._________ _.._____.._.. __._____.___.. ____ _____......_..__.... ___. __ ....____._____..__..__.._ .-_..0....-_- _._..____..._...__________......___....____... ____ ___._._.__._ ____ __._ _0... .._ _....._.... _. __. ...__..~......
In the event that the conditions of this escrow have not been complied with at the expiration of the time povided for herein,
you are instructed to complete the .same at the earliest date possible thereafter, unless we or either of us shall have made written
demand upon you for the return of the money or instruments deposited by either of us. In which case you are instructed to return
all instruments and/or cash to the respective parties hereto and this escrow will without further notice be considered as terminated.
All disbusements are to be made by check of Santa Monica Commercial and Savings Bonk, and employees must not identify
any payee or guarantee his signature at any bank.
My signature on all instruments and instructions pertaining to this escrow indicates my unconditional approval of same.
Address .......................... ". _..>......._.. _.... _................... ...... ............ Signature ..-.-..........-.-...........
Phones: ...,... __"" _.. ......... ~........ m' _... _...... _.. _ _ _ _.""..""'" _ _. __........... Signature -..........--............-...
Santa Monca, Calif" ......_....~~..l._............__..........., 194....'.
All the conditions and demands above are hereby approved and I will hand you the necessary documents called for on my
part to cause the title to be shown as above, which you are autnorized to deliver upon payment to you for my account the sum of
__ -..__.'7.,000__00.00_ _______ _. .. .__n____..____._._ __ ____ _._ _ __ __._._ _ ______..._...._... .._._.. __on _. .._...____.. 00....... ___"n __. __ __ _. _ _._.,_____ ... _ _...__ _____ _ ___ ____ _...___.. ____ .._ __ h _._
. - -. -- -- - -.. -- - .-..-. -... --' - - --- -.-. -'. -- - -- - - -~ ._-. -. --- -. - --. .---- -. - --". -. - -~. --~_. -- - -.-. -. ---. - -. - - -. -. -...-.. ....... - _.....-"o...... _. ~.'._ _.._ _. - ~ .___ - - _.._. - _. - - __.. _. _... _. .___ - __ - - - __ __... - _. _. _.. _.. - - ___ - __ _.. _...._
within the time as above provided, Pay your escrow charges and my proper recording fee, also charges for evidence of title called
for above (whether or not this escrow is consumated), except the buyer's fee, and you are hereby authorized to pay any bonds,
assessments and/or taxes and any encumbrances of record to show title as called for/or necessary to comply with same.
Pay to ................_........~-..............,-...-..n...-.-.......................................,....0 license real estate broker, No....._..............._.......
whose address is ........................._.._......__...._.......___.........._..............................._...........as a commission the sum of $.,.....~..........._.
--..--,.--...-.-..---------...-......--.------ .-_.. ..-.. .-..- -- .--..--.- .._-.--. ._---.... ---- ---.----..----..-.- .---.---.- .".--- .-.-_._~.--_._.-.-._.._-- ...--.--.----.--...----------..---...---.-....-.-.-......-.-.---- --..---.---
..______...__._ ._._..... .____. .____.__.. ____ .___.____. __. ________.__...__... ____.___ ._____. ____ .___ ..._.__._...._.._._.._.._.._.._._.___.._..____~----..._....___..____..._._...._._._.._____._____..___ ~._._ _~.._..._...._M
_ ___.. ___.. _ _. ____ _.. _. _ _.... _.. _ ~ _. _ _ _. _. _. _ _. _. _.. _ _ ~ _.. __. __ __ ~ _. _. _ _. _ __. _. __ _.~ _._.. _. __.. ~ _ _ __.. _M.__..._... .._. _., _. ~ _ _.... _...._ __ _ _... __ __. ___ _ __.. _ __ _~ _._ _ _..._. _ _ __. _.._~. _. _.._. ..... _ _ _.. _ _. ~.. _ _ _~. _ _.~.... _..
. - - - _... - - _.... _._. _.. _ _ __. _ _ M _. _ _. _ _~ __ _ _. _ _ _.. __. _. _ __. _. _ _~ __ _. _ ~ _ _ __.. _._ _ ~_. _... __.. ... ~ _. ._. __... _ _... _....._... _ _ _.... __..._ ..__ _.. .__ _'. _ _ _... _ __... _ __ _ _ _.__ _..._ _ _ _.. ..... _... .__... __._.. ....... ........ ...... _. _..._..:..
All of the demands of the purchaser of the property as set forth above ore hereby agreed to and the provisions for extension
of time within which escrow may be closed, cancellat~n of same, return of instruments and/or money applies equally to me.
1$1L lloclrnl' Aft., Dayton . Ohio .
Address .., :-_....... _. _ _. _ _' _ _.. _ _ _.. _ _...._.. ..."" _........ _..... _.... _... u... u _ _. ....... Signature.u.. .u. ......... ...... ......................... _ '.'.' _......... ,'u' .u...,.......
Phones:- ....._ n. c. _om _ _.n _." n_ _ _, . _ _ u_ _ _ _ .____ u'n. ............ .... ...... ........ ...... Signature .-.-.-.-..-.....---....-.--.-.....-..-..-----...---........--.....--..---....-....-...---
ypec\ # 13
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SANTA MmnCA COMNiERCIAL AND SAVINGS BANK
4th and Arizona
Santa Monica California
lIarch 25, 1910 Escrow Number
7077-0
City of Santa Monica
Oi ty Ban Closing Da te
Santa Monica, California 3-25-49
Attention: A. D. Shaw, Purchasing Agent
Gentlemens
We ha ve completed the above numbered escrow in accordance with
your instructions.
Your recorded Deed will be returned to you direct from the
county Recorder's office in about 22 weeks. Upon receipt
of sald deed we suggest that you list your property with the
City Clerk and county Assessor in order that you will receive
prompt notice of the taxes and assessments that may become due.
We enclose Policy of Title Insurance No.3P03676 issued by the
Title IDSUrance and 1rust Compal\1 liability $ 7000.00 and title
to : Lot 1 of Block "An of the Erkenbrecher Syndicate, in the City ot Santa
Monica, as per map recorded in Book 6 Pages 26 and 27 of Maps,
shows vested in: CITY OF SANTA MOllICA, a municipal Corporation
This policy shows the property to be subject to: 2i'1a half
General and special taxes for fiscal year 19 48, 19 49 ,
Conditions, restrictions, reservations, rights, rights
of way and easements of record, if any
Tfpst Deed of record, principal balance $
with interllst at '% per annum; pasments of $ payable
wltn interest included
II extra
II
Loan held by II whose address is
II
Trust Deed of /rfecord, principal balance $
with interest at '% p'f annum; payments of $ payable
with interest ~luded
extra I
I
Loan held by I whose address is
II
The following fire in~ance policies have been transferred
to you and have been forwarded/to the first beneficiary with loss
payable clause in favor of both ~~neficiaries.
II
Policy No. Company Amount II Expira t ion Coverage Agent
II
We enclose our escrow statGnt, whidh shows the receipts and disbursements
through escrow and our check in 'the amount of $9.47, balance to you.
We trust that this transaction has been handled to your entire
satisfaction, and tha!t we may have the pleasure of serving you
again in the near future.
Your, v~~ 1
Evel Gould h.V ,
Escrow Officer I
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Form 1012-1 6.48
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California Land Title Association Standard F~rm
Copyright 1947 (T. 1. Revision 4-44)
Premium $__~?:__-?~__
Title Insurance and Trust Company
a corporation of Los Angeles, California, herein called the Company,
for a valuable consideration paid for this policy of title insurance,
the number, date, and amount of which are shown in Schedule A,
does hereby insure
the parties named as Insured in Schedule A, torether with each successor in ownership of any
indebtedness secured by any mortgage or deed 0 trust shown in Schedule B the owner of which
is named as an insured and any such owner or successor in ownership of any such indebtedness
who acquires the land described in Schedule A, or any part thereof, by lawful means in satisfac'
tion of said indebtedness or any part thereof, any federal agency or instrumentality acquiring said
land under an insurance contract or guaranty insuring or guaranteeing said indebtedness or any
part thereof, and any person or corporation deriving an estate or interest in said land, as an heir
or devisee of a named insured, or by reason of the dissolution, merger, or consolidation of a cor'
porate named insured, against loss or damage not exceeding the amount stated in Schedule A which
any insured shall sustain
by reason of title to the land described in Schedule A being vested, at the date hereof,
otherwise than as herein stated; or
by reason of unmarketability of the title of any vestee to said land, at the date hereof,
unless such unmarketability exists because of defects, liens, encumbrances, or other matters
shown in Schedule B; or
by reason of any defect in, or lien or encumbrance on said title, existing at the ,~e-hereQf;'':''
not shown in Schedule B; or - "-'.
by reason of any defect in the execution of any mortgage or deed of trust shown in
Schedule B securing an indebtedness, the owner of which is insured by this policy, but only
insofar as such defect affects the lien or charge of such mortgage or deed of trust upon said
land; or
by reason of priority, at the date hereof, over any such mortgage or deed of trust, of any
lien or encumbrance upon said land, except as shown in Schedule B;
all subject, however, to Schedules A and B and the stipulations herein, all of which schedules
and stipulations are hereby made a part of this policy.
In Witness Whereof, Title Insurance and Trust Company has caused its corporate name and
seal to be hereunto affixed by its duly autho~d officers on the date shown in Schedule A.
TITLE INSURANCE AND TRUST COMPANY
by S tM. OA\ ... O'~
PRESID~NT
.':' /' " ~
11 ~,., ~ .l'."'~ -~t,,",,., ..
Attest----~-~--~~A . - __m c~;~~~
H8l -
JGS .
Form IOI2-A IO'OM 6-48 .
I
SCHEDULE A
Amount $7000.00 Date March 24, 1949 at 8:00 A.M. Policy No. 3003676
INSUREr>
CITY OF SANTA MONICA, a municipal corporation.
1. The title to said land is, at the date hereof, vested in
CITY OF SANTA MONICA, a municipal corporation.
2. Description of land in the County of Los Angeles, State of California, title to which
is insured by this policy:
Lot 1 of Block flAil of the Erkenbrecher Syndicate Santa Monica
Tract,- in the city of Santa Monica, as per map recorded in
book 6 pages 26 and 27 of Maps, in the office of the county
recorder of said county.
.
- --- -
. . . .
Form l012-B 6-48
.-.. -:; . . , .
SCHEDULE B
[A] The Company does not, by this policy, insure against loss by reason of:
1. Easements or liens which are not shown by the public records (a) of the District Court of- the Federal
District, (b) of the county, or (c) of the city, in which said land or any part thereof is situated;
2. Rights or claims of persons in possession of said land which are not shown by those public records which
impart constructive notice j
.3. Any facts, rights, interests, or claims which are not shown by those public records which impart construc-
tive notice, but which could be ascertained by an - inspection of said land, or by making inquiry of persons
in possession thereof, or by a correct survey;
4. Mining claims, reservations in patents, water rights, claims or title to water j
5. Any governmental acts or regulations restricting, regulating, or prohibiting the occupancy or use of said
land or any building or structure thereon.
[B] Liens and encumbrances to which said title is subject shown in the order of their
priority, and defects and other matters to which said title is subject:
1. General and special county and city taxes for the fiscal
year 1949-1950, a lien not yet payable.
./
2. Second installment of general and special county and city
taxes for the fiscal year 1948-1949, amount $38.98.
.
.
Form IOI2-C-l 6-48 . . .
. , '
,*'" . , .
.
STIPULATIONS
SCOPE 1. This policy does not insure against, and the SUBROGATION 4. Whenever the Company shall have set-
OF Company will not be liable for loss or damage UPON PAYMENT tied a claim under this policy, it shall be
COVERAGE created by or arising out of any of the follow- OR SETrLEMENT subrogated to and be entitled to all rights,
ing: (a) defects, liens, claims, encumbrances, or other matters securities, and remedies which the insured would have had
which result in no pecuniary loss to the insured; (b) defects, against any person or property in respect to such claim, had
liens, encumbrances, or other matters created or occurring this policy not been issued. If the payment does not cover the
subsequent to the date hereof; (c) defects, liens, encumbrances, loss of the insured, the Company shall be subrogated to such
or other matters created or suffered by the insured claiming rights, securities, and remedies in the proportion which said
such loss or damage; or (d) defects, liens, encumbrances, or payment bears to the amount of said loss. In either event the
other matters existing at the date of this policy and known to insured shall transfer, or cause to be transferred, to the Com-
the insured claiming such loss or damage, either at the date pany such rights, securities, and remedies, and shall permit
of this policy or at the date such insured claimant acquired an the Company to use the name of the insured in any transaction
estate or interest insured by this policy, unless such defect, or litigation involving such rights, securities, or remedies.
lien, claim, encumbrance, or other matter shall have been dis- OPTION TO PAY S. The Company has the right and
closed to the Company in writing prior to the issuance of this INSURED OWNER option, in case any loss is claimed
policy. Any rights or defenses of the Company against a OF INDEBTEDNESS under this policy by an insured ow~er
named insured shall be equally available against any person AND BECOME of an indebtedness secured by mort-
or corporation who shall become an insured hereunder as OWNER OF gage or deed of trust, to pay such
successor of such named insured. SECURITY insured the indebtedness of the mort-
DEFENSE OF 2. The Company at its own cost shall defend gagor or trustor under said mortgage or deed of trust, to-
ACTIONS the insured in all actions or proceedings against gether with all costs which the Company is obligated here-
the insured founded upon a defect, lien, encumbrance, or other under to pay, in which case the Company shall become the
matter insured against by this policy, and may pursue such owner of, and such insured shall at once assign and transfer
litigation to final determination in the court of last resort. In to the Company said mortgage or deed of trust and the indebt-
case any such action or proceeding shall be begun, or in case edness thereby secured, and such payment shall terminate all
knowledge shall come to any insured of any claim of title or liability under this policy to such insured.
interest adverse to the title as insured, or which might cause NOTICE OF 6. A statement in writing of any loss or damage
loss or damage for which the Company shall or may be liable LOSS for which it is claimed the Company is liable
NOTICE OF by virtue of this policy, such insured shall at under this policy shall be furnished to the Company within
ACTIONS once notify the Company thereof in writing. sixty days after such loss or damage shall have been ascer-
OR CLAIMS If such notice shall not be given to the Com- LIMITATION tained. No action or proceeding for the re-
TO BE pany at least five days before the appearance OF ACTION covery of any such loss or damage shall be
GIVEN BY day in any such action or proceeding, or if instituted or maintained against the Company until after full
THE INSURED such insured shall not, in writing, promptly compliance by the insured with all the conditions imposed on
notify the Company of any defect, lien, encumbrance, or other the insured by this policy, nor unless commenced within
matter insured against, or of any such adverse claim which twelve months after receipt by the Company of such written
shall come to the knowledge of such insured, in respect to statement.
which loss or damage is apprehended, then all liability of the PAYMENT OF 7. The Company will pay, in addition to
Company as to each insured having such notice in regard to the
subject of such action, proceeding, or claim shall cease and ter- LOSS AND any loss insured against by this policy, all
minate; provided, however, that failure to so notify shaIl in COSTS OF costs imposed upon the insured in litigation
no case prejudice the claim of any insured unless the Company LITIGATION. carried on by the Company for the insured,
shall be actuaIly prejudiced by such failure, The Company INDORSEMENT and in litigation carried on by the insured
shall have the right to institute and prosecute any action or OF PAYMENT with the written authorization of the Com-
proceeding or do any other act which, in its opinion, may be ON POLICY pany, but not otherwise. The liability of
necessary or desirable to establish the title, or any insured the Company under this policy shall in no case exceed, in all,
lien or charge, as insured. In all cases where this policy per- the actual loss of the insured and costs which the Company is
mits or requires the Company to prosecute or defend any obligated hereunder to pay, and in no case shall such total
action or proceeding, the insured shall secure to it in writing liability exceed the amount of this policy and said costs. All
the right to so prosecute or defend such action or proceeding, payments under this poHcy shall reduce the amount of the in-
and all appeals therein, and permit it to use, at its option, the surance pro tanto, and payment of loss or damage to an in_
name of the insured for such purpose. \Vhenever requested sured owner of indebtedness shall reduce, to that extent, the
by the Company the insured shall assist the Company in liability of the Company to the insured owner of said land.
any such action or proceeding, in effecting settlement, securing No payment may be demanded by any insured without produc-
evidence, obtaining Witnesses, prosecuting or defending such ing this policy for indorsement of such payment.
action or proceeding to such extent and in such manner as is MANNER OF 8. Loss under this policy shall be payable,
deemed desirable by the Company, and the Company shall re- PAYMENT OF first, to any insured owner of indebtedness
imburse the insured for any expense 80 incurred. The Com- LOSS TO secured by mortgage or deed of trust shown
pany shall be subrogated to and be entitled to all costs and INSURED in Schedule B, in order of priority therein
attorneys' fees incurred or expended by the Company, which shown, and if such ownership vests in more than one, payment
may be recoverable by the insured in any litigation carried shall be made ratably as their respective interests may appear.
on by the Company on behalf of the insured. The word and thereafter, any loss shall be payable to the other insured,
"knowledge" in this paragraph means actual knowledge, and and if more than one, then to such insured ratably as their
does not refer to constructive knowledge or notice which may respective interests may appear, If there be no such insured
be imputed to the insured by reason of any public record or owner of indebtedness, any loss shall be payable to the in-
otherwise. sured, and if more than one, to such insured ratably as their
OPTION TO 3. The Company reserves the option to respective interests may appear.
PAY, SETTLE, OR pay, settle, or compromise for, or in the DEFINITION 9. The term "land" when used herein shall be
COMPROMISE name of, the insured, any claim insured OF LAND construed to include the land herein described
CLAIMS against or to pay this policy in full at any specificalIy or by reference and improvements affixed thereto
time, and payment or tender of payment of the full amount of which by law constitute real property.
this policy, together with all accrued costs which the Company WRITTEN 10. No provision or condition of this policy
is obligated hereunder to pay, shall terminate all liability of INDORSEMENT can be waived or changed except by writing
the Company hereunder, including all obligations of the Com- REQUIRED TO indorsed hereon or attached hereto signed by
pany with respect to any litigation pending and subsequent CHANGE the President, a Vice-President, the Secretary,
costs the reof. POLICY or an Assistant Secretary of the Company.