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The PACIFIG Ei~CTRIC Ft~II~?AY CC,B~PAI~tY, a eorporation organized ta~der
the la~s ef the 3tate of Gali~or~i.a, aad having its principal place of business
in the L`ity of I~os Angele~, wtate o.~ California, t2~e part~r of the tisst parta
does herebp ~raxr~ to ~ CITY Q~ SANTA ~{~dIGA, a mucsi.cipal corporat.3.on of tYbs
State of California, the party of the second part, all that rsal property
situatad irs the Cit~ of Saz~ta ~onica, C,aunty af Loe .Angeles~ State of
Califoraia, deseMbed as feLlvws:
~~,
PAFtCEL 1: ~ots 1 and 23 and the nor~heaster],v 5 feet cP
lcts 2 and 21a. irs block nD" of the Centxal Be$ch `1'raet~ in
the city af Sa,nta ~tonica, cotmty c+f ~os Atigeles ~ state of
~alifcrnia, as psr ~ap reeorded ~.n boek 7g i~ges 77 and
78 of ~3.scellaneoas ~ecord~ in the a#Yiae of the cozutty
recc~rder of said county,
PARCEL lAs The snuth~ester3y 20 feet of lats 2 aad 2t~.~
hlock "D" of the Central Bea~h R`ract, in the eity' e~f Ssata
9~onica~ cour~ty of Lo~ Angeles, state of Ca.lifcrnia, as per
map recerded 3n baok '7~ I~Be 77 oP 3diseellanaous Bscords~
~.n the csf~ice oP the cotatsty recorder cY said cot~ty.
~'S~ that portion of the northwest half of (~and Avenue as
s~~ on said map xhich aci,jcins ~aid sontY~esterly 2Q Peet
of sa3d l,~t ?Ja..
PAR,CLI~ 18: The northeaster7y 5 feet of lotg 3 aud ~5 3.a
block "D~ 3a the Ceatral Beaeh 'i'raet, in the city oP
Santa ~fon3.ca, couat~ of Los Angeles, sta~e of California~
as per map reeorded 3n book 7~ pages 7? ~d 78 of ~iseel-
laneous Recorda in tba oifice of t~ conatg recorder of
saia eottrny'.
AIS(? that portion of the nort~esterl~ hal.~ of ~and Av~rnie
as sho~ on said mag ~rhich ad,jo3.n~ said northessterly 5
feet of saa.d lat z5. .
PAEtGE~, 2A: The northeasterly 30 feet ~f ltits 43 ~d 54
cf tha t~cean ~ave 3'ract, ~.n the eity af Sayata ~oniaa,
caunt,p of Los Ange2es and state of Galifo~.a~ as p~r
map recorded in book 84 page 1 of ~is~e7:1ane4us ~eeflrds
in tk~e affice of the count~ reeorder of said eoUnty.
kI.SQ that portion of ~d A~er~ue,/~0 feet veids, as sho~m
on $aid map and that~ pertion of t,~ra 20 fQOt a11e3r 1:Ting
betvrean said 2ots, as sho~rn on sa.id map rhich ad,~oins
those port3.ons of the atao~a described lots•
P~tG'~L 2B: The nortl~aaterl3r 25 feet of lot~ 41 and ~2
and th~ south~esterly 10 feet csf lots 1+3 e,nd 54 of the
dceaa ~Fave Tract, 3n the cit~ of Saata 3~on3.ca, co~ty cf
Los Angales, st~te of ealifozni.a, as per map reaorded in
book 81~, page 1 oP ~3.see1laaeous Rscords in the o~fice cY
the county recorder of said ~ounty.
~ ~
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ALSf} that portion of the southeast,er2~r Fialf' di t~and Aven~e
and that pc~rtion of 'the 20 foot al.~.ey ly~.ng betr~een said
lots as stx~~ on said map ~hich ad~oirt those portioas of the
above deseribed lots.
FARC~L 3s Lota 29, 28 and the uortl~easterl~ 15 feet of le~t
27 of ~cear~~'ark Tract, in the eity of Santa ~nica, conn~y
of I,css_Angeles, state of California, as per map recorded ia
bc,ok ?2 page 18 of ~isee7laneous &ecords, in the office of
the county~ re~orcter o~ said cso~tg.
EXCEPTING Yrom lot 2Q, that partion included ~'3.thin the ],atxd
desc~.bsd in the deed frors Los ~Ange]as Pacific Com~y to
the Gity of Santa ~nica, recorded on FebrUa~ry 15, 190q as
~nstxunent ~a. 215 in book 36l}8 page 22 oP Desda, for the
earteasion of St~,rf Street and ~ill Street.
PAFtG~ !~s That pcrt3.on a~ the IiancY~ La Ba]1ona, in ths
citg of Sastta ~onica, cotinty of 7~os Ange2es, state of
Ca]3farm3.a, described ae fo].l.o~s:
That portian of the 3t~ foot strip of land marked "Lcs Angeles
Paci~3.e ~lectric R. R. &ight of ~ay~ an the map ot.the
Cresceat Bay 3'ract, r~corded 3.a b+ook 2 pages 13 and 1G.
at mape, in the oPPieg of the caunt~ recorder of said
eot~rrt~, e~ctenrling fram the aartheasterly prolongat.ion oP
the north'resterly liae of ~'ier Avenue, as sh~~m on said
raap, tc~ tYie northeasterly p~olongation af the center line
of the ?A foct al].ay ad~o3.nin,g block 2 of said Crescent
Bay Traet oa the northwe9t.
EXCLPTI~G there~re~a ~tho~e portia~s thereoY nov~ inclucied
~ittxi~ the lines o~ Snrf ~trset, Hi11 Strest antl Ashland
Avenue, as deseribed ia the deed ~rom I~os Angeles Pacific
Ccampar~y, to the City~ af Saniya ~doniea, recorded on Febx~ary
15, 19fJ9 as Instr~nent Na. 2I.5 in boak 361~8 page 22 of Daeds.
ALS4 EX~EPTING tha.t portian ineluded with3.n F'ier Avenne,
concle~ed for the v~ide~ing of Pier Aveaue by fina.l decree
of candemaation entered ia Case Ato. $4$26, Superior Court,
a cart3.tied copy~ thereof being recc~rded i~ book 556~ P~Se
139 of I:?eed3,
AF~St~ ~CC,~P`PIRTG tl~.t por~.ion incZuded ~ritY~in. Kinney Avenue
con~ed b3~ final decree of eondemnation en~t,ered in Case
AiQ. 292227 5uperior Court, a eertified eopy theraof being
reeorded in book 311i.35 Fage 259, ~~ficial, ~ecord~ of said
co~tntg.
PARC]~L 5= ~. atrip 0f ].aad 25 feet in vai.dth immediate],p ad-
3oinin~ the ri~t of ~ay of the Lcss Angeles & Paeifie Fiai.l,-
road Canpauy of Ga73foraia, recorded in baok 15~A page 11l~
of I~sd3, in the offiae o~ the county raeorder of said
co~tnty, o~ the vrestar3,g~ or ocean side ~hareo~', be3rtg a
strip throu~.i the Crescer~t Ba~y~ Tract, i.r~ the citg of 3suta
~do~.i.ca, ~ocu~t~ of I,~s ~ngeles, state of Galifornia, as per
map recc~rded i.n book 2 pa~es 13 an,d 14 ef ~a.ps ~ iri the
o~fiee of the cat~tty recorder of sa3d eounty, and being
7.c>'t 54. in block 2, lot~ 53 and 54 ~ block 3, lots lFti arr~d
55 in b]ACk k, lots 43 and 1~. in bl~oc~c 5 ana 1at t+5 ixi
block 6 of said Creseeat Ba~ Tract.
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~~fJK~~~s~?~. ~AGE ~~~
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AIS(~ that portion csf the southea~terly 10 feet of 3urf Plaeey
at~d ~hose port3ons of H3.}1 3treet, Hi71 Place, Fta..ymond Aveune,
Raymond Pla~ce and Ashland Py.ace and K3aae~r Plece, as shoro+n on
said map ~hic~ ac~joia said lcts.
PARCEI, 6: ~t~at port3.on of the ~aricho I~a Ba1.]..ana, ia the city
of Sauta ~n3.ea, eAUnty of Las Ange]ss, state of Ca]iforz~.a,
described as Yollc~vr~:
That portion of .ttie 30 foot strip of ].and marked ~I+os Angeles
& Pacific Electric Cots Ri~t of 6Yag" on the map of the Re-
p1a~ of ttse Bay Vis~ Tract~ recorded in book 1 pages 1 arxi 2
af l~aps~ iri tl~a off3.ce of the county recorder of said couctty,
extending fram the southesater].p boundarg line oY the citg of
Santa ~oniea to the northeas~eriy~p~o].c~ngation of the south- ;
eassterly line of ~'ier dveaue, as sho~m on said map.
EXG~.fiPTING thereYrasm tbat portion thereof zyow iacluded ~rit~in
the liz~es of 3~arine utreet as describsd in th~ deed Yz~cam I.os
Angeles Pacific Ra3.lroad Gv~patay, to tl~ Gity cf Sant,a ~nica,
recc>rded on Sept~ber 28, 1q~3 as Inatr~-ent &o. ~.U6 in baok
1901 Fa88 153 0~ Deeds,
ALSQ ~CEP'rING t,hat portion 3xie7uded vei~thin Pier Aver~ue~ co~-
de~ed for the ~3.danisig of pi.er Avenue by Sina3 decree of
eoads~tna.tiors eatered iti Case No, 8/~.g26 Sup~ior Caurt, a
certifi~d copy thereof being recarded 3.n bc~ols 55b8 pa8e 139
of Deeds.
PARC~I. ?s That portion of the 25 foot str3.p of land marload
"~ie~exwed Strip~ on the map of the Replat AP t}~e Bay Vie~
'1'z~act, 3n the dty of San~a. ~oz~.ca.~ co~ty oP Lus ~ugales
at,ate of Cal~~arza3.a, as per map recorded in boer~ 1 page~ ~l
a~-d 2 of ~ags~ 3.u the c~'fice of the co~~ reeorder of said
cotur~g, extea~d9rig fro~a the southeasterly bonndasy ]ine of' the
Citg of Santa E~onica, tti the northeasterlg ~o3ongat3on of
the northa~esterl.y 13ne of lat t~la. in blcek 9 af said traet.
FXCEPTING there~om ttiat portion thereof no~ ixtel~zded wi.thin
the lines of ~e Street, as descr3.bed isi the dsed fxrom ~
An~elas, Ocean Park and Santa l€onica Railway ~pa~,g~ t+~ ths
Gity af Santa ~donica, recorded on Septecaber 2$, 19t?3i as
Instrv~nsnt No. 1~5 in boc>k 1$97 I~b"~ ~+ of IDeeds.
AISO ~XGEPTEN~ that portion included within Pier Aver~ue can-
de~n~d ~or the ~sidenirag of Fi~ Aeen~e, by f3sia7. decree of
eond~nnation enterc~d is~ Case ~o. 8ta.8?6, 5upericrr Gourt, a
eertiYied copy thereef bein~g recorded 3.n bock ~5b8 page ],39
of Deeds.
EXt~PTII~~r at~d resex~ing, hawever, to the 4antc+r, its snccessors and assi~s,
forever, the title and exeiusive r~.~t ~o all of tY~ minera7.~ and mineral ora~
of every kind and chasacter no~ i~owm t~,c3 exi.st cr hereafter cU.scovered upon,
witl~3n or under],pi.ng said land or that may be produced tt~refram 3.ncludi.ng,
v~thaut ].imiting the ~enerality oY the forego3ag, aI1 petrole~, oil, natural
gas arni other hydroaarbon substances and products derived t~ierefx~am~ together
w3.th tY~ excl~sive aaid perpetctal right oY said t~ant~r~ its suecessors and
assi~r-s, of ir~ess a.nd egrsss beneatt~ss tha st~face cf ~aid 7and ta explore
fcr, e~raet, mine and r~ove the sa~e, azsd ~o malm snch use of tha ~aid land
beneatl~ the surfacs as is necessarg or ~sefnl in eonnection there~ith, which
~.se may ineS~ide Iateral or alaz~t drilLi.n~s di~~i~g, bor3.ngs or s~g oY well.a,
_3..
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shafts ar tvnns]s; pQ°ovided t~erevsr, ~hat sai,d ~antor, its s~zecsssors and assigas,
shall not usa the sur~aca oY said land is the e~rai~e;~~ ang of aaid rights aad
sha11 r~t disttiu°b the surtace oY said lesd ~r a~p impmave~~rts the~a ~r r~vs
or i~xpa5s~ the lateral or sub~acen~ stappox~t c~f aaid land or atiy iml~rwvffies~s therean..
Grantc>rs are ree~ervir~g fY~crs~tage right.~ to aaid ~operty ~ittain tbs
~olongation of Graad Ave~usa t~^and P]ace, Surf 3treet, ~ixusey Pla.ce and jEsrine.
Place, noa°t~heasterly,
StTB~CT to easements, restr3.e~,ioxi~, reserv'ations~ coxuli:tions aad
cwex~,nts o~ record and to ta~es for the fiscal ypar 195Q-51 a~d subseqt~t
3rears.
The above des~ribed land hereby ca~eyad is ncst nacessarg or u~fu7. ~.n
the perPo~ance of tho duties of said first~~t~ ~o t,he pu~lie,
IN ~I3'NFS~S ~fIA~iEf1F' the ~ai.d ~y 'of the first paxt has heretanto
caused its corpcsrate name aiui seal t~c~ be affixed b~ its ~'resit~e~ and ~3ecratary,
thereunto du7.p authorized this~~ day o~~ ber ' 19 53 .
PdCI~TG ~l~ ' ,~idY>'
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~~Fi~+a`t:s~ H~ Tai ~;u~"s:iaTi0ld ~~ .~eeicle ~t "";
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. Assis~ant Setex~eta~'y' "`
ACKNOWLEDGMENT - GORP. - PRES. @ SBC. - WoLCOTiS FOrtM 226 - REV. 72•51~~„ p,. B., __.. j ,497.03
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1012 6-53
California Land Title Association
Sfandard Coverage Policy Form
Copyri9ht 1950
.~ .
l./
Fee $ ~ 7 ~-~; L:
~
POLICY OF TITLE INSLTRANCE
ISSUED BY
TITLE INSURANCE AND TRUST COMPANY
OF LOS ANGELES
Title Insurance and Trust Company, a corporation, of Los Angeles, California, herein called the Com-
pany, 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,
together with the persons and corporations included in the definition of "the insured" as set forth in the
stipulations of this policy, against loss or damage not exceeding the amount stated in Schedule A which
the insured shall sustain by reason of :
l. Title to the land described in Schedule A being vested, at the date hereof, otherwise
than as herein stated; or
2. Unmarketability, at the date hereof, of the title to said land of any vestee named
herein, unless such unmarketability exists because of defects, liens, encumbrances,
or other matters shown or referred to in Schedule B; or
3. Any defect in, or lien or encumbrance on, said title, existing at the date hereof, not
shown or referred to in Schedule B; or
4. An}' defect in the execution of any mortgabe 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
5. Priorit~•, at the date hereof, o~~er any such mortga~e or deed of trust, of any lien or
encumbrance upon said land, except as shown in Schedule B, ~uch mortgage or deed
of trust bein~ ~how-n in the order of its priority in Fart Two of 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 l~hereof, Title Insurance and Trust Company has caused its corporate name and seal to be
hereunto afTixed by its duly authorized officers on the date shown in Schedule A.
TITLE INSURANCE AND TRUST COMPANY
hy '7y `~'~~~,~~ ~~.~-~G.~+
~} PRESIDENT
~I~~~~¢^'` ~~~~d~~'~~~~
.Attest
SECRETARY
F~
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t~b
1012A 8-53
Caiifornla Land Title Association ~
STandard Coverage Policy Form . S L' H~` D'U.L ~' A ,
Copyrieht 1950
Amount ~5400. t?~ . Date Februar;~ 17, 195~F at 8 a. m.
INSURED
CITY OF SANTA Mf?NICA, a municipal corporation,
l. The title to said land is, at the date hereof, vested in:
CITY OF SAN~A MONICA, a municipal corporation.
1 +
•
Policy No. 3$$5~23-A
2. Descrigtion of land in the county of Los Angeles, state of California, title to which is
insured by this policy:
Lots l and 23 a.nd the northeasterly 5 feet of lots 2 and
2~ in 'block "D" of the Central Beach Trac~, in ~he ci~y of
Santa Monica, co~n~y of Los Angeles, state of Ca13.fornia,
as per ma.p reeorded in book 78 pages 77 and 78 of Miaeella-
neous Recards, in ~h~ office of the county reeorder of said
eounty.
v'~XCEPTINGr the title and exclu~~.ve right ~o all of ~he
rninerals and mineral ores of' every k3.nd and eharacter now
known ~o exist or ~hereafter discovered upon, within, or
tinderlying said land or ~hat rnay be produced therefrom,
3.nclud3.r~g without lim3.ting the ~ene~ality of the forego3n~,
all pe~roleum, oil, na.tural ~as and other hydrocarbon sub-
atane~s and produc~s derived theref~om, but without the
right of surface entry, as exeepted and reserved by the
~~an~tors 3.n various deeds reeorded Febr~ary 17, 1954.
• ~ r • ' ~ • . . . ~ •
t0i2B 8-53
Califoroia Land Title Association
Standard Coverage Poliq Form
~py~,9"t„5° SCHEDULE B
This policy does not insure against lass by reason of the matters shown or referred to in this Scheduie except
to the extent that the owner of any mortgage or deed of trust shown in Part Two is expressly insured in
paragraphs numbered 4 and 5 on page 1 of this policy.
PART .ONE: Tlus part of Schedule B refers to matters which, if anq such egist, may affect the tide to said
land, but which are not shown in this policy:
1. Taxes or sesessments wbich are not ahown as eusting liena by the records of any tasing agency or by the pubIic
records; and easements, liena or encumbrattcea which are not shown by the public records.
2. Rigbxa or claims of peraona in possession of said land which ate not shown by the public recorda.
3. Any facts, righta, interests, or claims which are not ahowtt by the public recorda but which could be ascertained
by an in~pection of said land, or by making inqniry of persons in possesaion thereof, or by a conect survep.
4. Mining claims, reservationa in patents, water rights, claims or title to water.
5. Any laws, governmental acts or regulations, including but not limited to zoning ordinances, restricting, regulating
or prohibiting the occupancy, use or enjoyment of the land or any improvement thereon, or any zoning ordinancea
pmhibiting a reduction in the dimensiona or area, or sepazation in ownership, of any lot or parcel of land; or the
effect of any violstion of any such restrictions, regulations or prolubitions.
PAxT Two: This part of Schedule B shows liens, encumbrances, defects and other matters a$ecting the tide to
said land or to which said title is subject:
1. Second ina~allment of general and special county and
city taxes for the fiscal y~ar 1953-195~, ~o~ering this
ar~d other prope~ty, Code Area ~+792, Pareel No. 128-~3-X,
amoun~ ~2451.81.
Included are levies for San~a Monica Munic3.pa1 Improvement
Diat~ict No. 1, ~reated for Ci~y Park.
2. A sale, eovering th3.s and oth~r property, to ~h~ State
of Ca].ifornia, for eounty and e~.ty t~es for the f3.sca1
year i951-1952, Assessment No. 709013, ~nd subsequent
d~linquencies.
Amo~,nt to redeem pr~.or to ~ebruary 28, 195~+, ~+~~, 367•83 •
3. The exc~lusive and perpe~ual right of 3.n~ress and
egr~ss beneath the surface of said land to explo~e for,
~x~rae~, m~.ne, and remove the minerals a~.d m~.neral ores of
every kind and cha~acter including ~.11 petroleum, oil, natural
gas and other hydroca~bon substanees, and to ma.ke sueh use
of ~he said land ber~eath the aurface as is necessary or
useful 3.n conneetion therewith, which us~ may inelud~ lateral
or slant drilling, diggin~, borin~, or sink3.ng of we11s,
shafts, or tunnels, provided however, that the grantor, 3.ts
auecessors and assigns shall no~ use ~h~ surfaee of said land
in ~he exercise nf any of said rights and shall no~ dist~rb
the surface of said land or any improvemen~s thereon or
remav~ or impair the lateral or aub~acent support of aaid
la.rid or improvements thereon, att reserved in varioua de~ds,
recorded February 17, ~.95~.
~F. The effect of the following recital; "Grantors a~e
._~ ~~ !
!
reserv3.ng fron~age rights to said property ~v~thin the
prolon@;~.'~ion of Grand Avenue, Grand Place, Surf Stree~,
Kinney P3ace and N~arine Plaee, northeasterl~r", as ~ontained
3.n deed cove~3.ng thi~ and other proper~y, from Th~ Pacifie
Electrie Rai7.way Company, a~orporation, record~d February
17, Z95~.
~
io~s-c s-ss
California Land Title Association
Standard~Covera9e Policy Form
Copyright 1950
1. SCOPE OF COVERAGE
TMia policy doea~not insure againat, and the Company
will not be liable for losa or damage created _by ur
ariaing out oE any of the.following: (a) de[ecte, liena,
elaima, encumbrancea, or otAer matten whieh result in
no pecuniary loee to the insured; (b) defects, liena,
enenmbrancea, or othec mattere created or oceurring
eubaequent to the date hereof; (c) defecte, liene,
encumbrances, or ot6er mattere created or euRered by
the inaured claiming such lose or damage; or (d)
defects, liena, claima, encumbrhncea, or other matten
e:ieting at the date of thia policy end known to t6e
insured claiming auc6 loea or damage, either et the
date of tLie policy or st the date suc6 insured claim•
ant acquired en eetate or intereet ineured by thie policy,
unleee auch de(ecq lien, claim, encumbraace ot other
matter s6a11 hare~been diacloaed to t6e Company in
writing prior to tLe isauance oE thie policy or appeered
at the date of thie policy on the publie recorde. Any
~righta or defensea of t6e Company againat a named
ineured ehall be equally svailable againet any peroon
or corporation.w6o ehall become~an iosured hereunder
aaaucceasor ot sveL named innuzed.~ ~
?. DEFENSE OF ACTIONS. NOTICE OF ACTIONS
OR CLAIMS TO 6E GIVEN BY THE INSURED
The Company at its own coat ehall defend the ineured
in all litigation conaiating of actiona or proceedinge
againet the inaured, or defenaee, restraining ordere; or
iujunctione interpoaed againat a 3orecloeure or esle oE
uid land ia aatietaction of any indebtednees, the
ovner of whic6 ie inaured by thie policy, vhich litiga-
tion ie (ounded upon a defect, lien, encumbrance, or
otLer matter ineured ~gainet by this policy, and ~may
punue sucL litigation to final determination in the
court of leet reeort. In caee any euch litigation ehall
become known to any inaured, or in case know~ledge
ehall come to ~any inaured of any claim of title or
intereet which is adverae. to the title as inaured. or
which. mig6t cauee .loee or~ damage Eor which t6e
Company ~hall or may be liable by virtue of thie
policy, euch inaured ehall aotify the Compauy thereoE
in writing. If euch notice ahall not be giveu to the
Company at least two days before the appearance day
in ~ny euch litigaEioM or if auch inaured e6a11 not, in
wri[ing, prompdy no[ify the Company of any de(ect,
lien, encumbrence, or other matter ineured againet, or
of any euch adveree tlaim whicL ehall come to the
knowledge of ~auch inaured, in reapect to whic6 lose
or damage ie apprehended, then all IiaGility oi the
Company as to each inaured Laving auc6 knowledge
ahall~ ceeee and terminate; provided, howeveq t6at
failuce to no notifq t6e Company eLall in no caee prej-
udice the claim of any inaured unlesa the Company
ehall be actually prejudiced by auch failure. The Com-
pany ehall have the rigLt to inetitute and proeecute
any action, or proceeding or do any other ect ~vhich,
in iro opinion, may be neceeaary or deeirable to
establiah the tide, or any ineured lien~~or cherge, ao
iaeuzed. In all caeee where tLie policy permite or
requiree t6e Company to proeecute or defead any
action or proceeding, tLe ineured ahall eecure to it in
writing the righe to eo proeecute or defend euch action
or proceeding, and all appeale therein, and permit it
to use, at ite option, the aame of the ineured for euch
purpoee. Whenever requeeted by tLe Company the
ineured e6a11 aeeiet the Company in any euch action
or proceeding, in eHecting eettlement, eecuring evi•
dence, obtaining witneeaee, proaecuting or defending
suc6 action or proceeding, to euc6 eztent and in-euc6
manner ae ie deemed desirable by the Compaay, and
the Company shall reimburae the ineured for any
ezpenee eo incurred. The Company ehaU be eubrogated
to and be entitled to dl costs and attorneys' fep in•
STIPULATIONS
eurred or ezpended by the Company,-w~6ich may be
recoversble by the ineured in eny litiguion car:ied
on by the Company on behalE of the ineured. T6e
word "knowledge" in this paragraph means sclual
knowledge, ~nd does no[ reter to conatructive knowl•
edge or notice which may be imputed ro the inaurcd
by t6e public records.
3. NOTICE OF LOSS. LIMITATION OF ACTION
A etatement in writing of any loes or dsmage for w6ich
it is claimed the Company ia liable under t6is~ policy
ahsll be furniahed to tAe Company within eizty daye-
a(ter euch lose or damage s6a11 have been secertained.
No action or proceeding Ior the recovery of any euch
]osa or damage ehall be inetituted or mainuined
egainat t6e Company until after full compliance by
t6e inaured wit6 all the conditiom imposed on the
insured by thie policy, nor unleee commenced within
twelve months a[ter receipt by the Company of such
written ~tatemenp ~
•. O/TION TO /AY, SETTLE, OR COIMROM{SE
ClA1M5
The Company reaerves the option to psy, setde, or
compromise for, or in the name of, the ineured, any
claim iqeured againet or to pay thie policy in full st
any time, end payment or tender oE yayment oE the
fu^ amount of thia policy, together with sll accrued
coate which the Company is obligsted Lereunder to. pey,-
ahall terminate al( liability oE the Company here-
under, including all obligatione of the Company with
reepect to any litigation pending and eub~equent coets
thereoE,
S. SU6ROGATION UION -AYMENT OR SETTLE-
MENT
Whenever the Company ehall 6ave setded a claim
under tLia policy, it ehall be eubrogated to and be
entifled to all righte, eecuritiee, and romedies wLich
t6e inaured would have had againet eny peroon or
property in reepect to euc6 cl~im, had thie policy aot
beea ieaued. If t6e payment doee not eover the loes
of the inaured, the Company shsll be eubrogated to
euc6 rig6te, eecuritiea, and remediee in the proportion
which eaid payment bean to t6e amount of eaid loee.
In either event the insured ehall tranefer, or esuBe to
be tranaferred, to t6e Company such right~, eecuritiee,
and remediee, snd ehall permit We Company to ase
t6e name of t6e imured in eny traneaction or litigatim
~iuvolving euch righte, eecurities, or remedies.
6. OPTION TO PAY INSURED OWNER OF IN-
DE6TEDNE55 AND 6ECOME OWNER OF SECURITY
The Company hae the right and option, in caee any
loee ie claimed under thie policy by an ineured owner
of an indebtedneae eecured by mortgage or deed of
trueq to pay euch~ ineured the indebtedneas of tLe
mortgagor or truetor under aaid mortgage or deed oE
truet, together ~with all coete which the Company is
obligated Lereunder to pay, in wLich ceae the Com-
pany s6a11 become the owner oE, and euc6 ineured
ehall at once seeign and treuafer w~tLe Company, said
mortgage or deed of truet and the indebtedneea there-
by eewred, and ~ euch payment ehall- terminrte all
liability uuder t6is policy to suc6 in~u:ed.
7. PAYMENT OF LOSS AND COSTS OF LITIGATION.
INDORSEMENT OF PAYMENT ON ~OIICY
The Company will pay, in addition to any loe~ insured
againat by t6ie policy, all coete impoeed upou the in-
aured in litigation carried on by tLe Compan~ tor the
ineured, md in litigation urried on by the ineured
witL tLe written ~uthoris~tion oE the Compen7, but oot
5
~
ot6enriee. The liability of t6e Compsny undm t6i~
policy ehsll in no case exceed, in all, the aetual loe~
o[ the ineuied and coate which~the Company is obligated
hereunder to pay, and in no case e6a11 eucL total
liability exceed t6e amount of thie policy and esid
coeb. All paymente under this policy ehall roduce the
amount oE the inaurance pro tanto, and payment of loes
or damage to an inaured owner oE indebtednees shall
reduce, to [hat eztent, the liability~of tLe Compmy to
the ineured owner of eaid land. No psyment may be
demanded by any inaured without producing t6ie policy
for indoraement of auch payment.
!. MANNER OF YAYMENT OF LOSS TO INSURED
Loae under this policy s6a11 be psyable, 6rat, to m~
ineared owner of indebtednesa eecured by mortgaQe or
deed oE truat ahown in Schedule B, in order of priority
therein ehown, and iE euch ownerehip veeta in more
t6an one, payment ehall be made retably as their
reapective intereete may appeay and thereafter eny
loee ehall be payable to the other inaured, and H more
t6an one, then to suc6 inaured ratably ae their reepec-
tive intereete may appeer. If there be no such ineured
owner o! indebtedneee, any loes ehall be payable to
t6e ineured, and if ~mom than one, to euch imured
rstably aa their reepective intereete mey appear.
9. DEFINITION OF TERMS
TLe folloving terme when ueed in t6ie policy me~n:
(s) "mmed inaured": the pereona tnd corporetione
named a~ inaured in Se6edule A of this policy; (b)
"t6e ineurcd": auch named ineured together with (1)
esch eucceeeor in ownerehip of eny indebtednees
eecured by any mortgage or deed of ~trust ehown in
Sc6edule B, the owner of which indebtednees is
named 6eroia as an insured, (2) any euch owner or
succeesor in ownerehip oE any euc6 indebtedneee who
acquires the land deacribed in Schedule A or any
part thereof, by lawful meane in eatiafaction ot e~id
indebtedneee or any pert thereof, (3) any governmental
sgency or inetrumentelity icquiring eaid land under
an ineurance contract or guanntee inauring or guer• .
anteeing eaid indebtednese or any part thereof, and
(4) any peroon or corporation deriving an eeute or
intereet in eaid land aa an heir or devisee of a named
inaured or by reseon of the dieeolution, merger, or
coneolidation of a corporate named insured; (c)
"land": t6e land deecribed epecifically or bY reference
in Sc6edule A and improvemente all'ized thereto wLich
by laM conatitute real property; (d) "date": tLe
ezact day, hour and minute epeci6ed in the firot line
of Schedule A(uolesa the contezt clearly requiree s
diHerent meaning) ;(e) "tezing agency": the State
and eac6 county, city and county, city and,dietrict
in which naid land or eome part thereof ie eituated that
leviee tazee or aeseeemente on real property; (f)
~"public recorda": those public recorde which, under
the recording lawa, impart conetruc[ive potice of maP
ten relating to eaid I~nd..
10. WRITTEN INDORSEMENT REpUIRED TO
CHANGE POLICY
No provieion or condition oE t6ie policy can be waived
or changed ezcept by writing indoreed 6eroon or ab
tacLed 6ereto eigned by The Preaident, a Vice Preei-
dent, the Secretap, or an Aaeietant Secret~ry of the
Company,
11. NOTICES, WHERE SENT
Al1 notices rtquired to be given the Company and any
eutement in writing~requirod to be fumiahed the Com•
pany s6all be addmeed to it at the office whic6 ieeued
t6u polic7.