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P-382 , RECOR?ING REQUESTED BY DEED 382 (CCS) I J 78--935804 . AND WHEN RECORDED MAIL TH!S DEED AND, UNLESS OTHER. WISE SHOWN BELOW, MAIL TAX STATEMENTS TO: I I RECORDED IN OFFICIAL RECORDS NAME City of Santa Monica OF LOS ANGELES COUNTY, CA ADDRESS City Clerk - City Hall AUG 24 1978 CITYe. 1685 Main Street AT 8 A.M. G) STATE FREE :3 ZIP L!anta Monica, Calif. 90401 Recorder's Office Title Order No, 7823697-3<j':scrow No. 78118-A SPACE ABOVE THIS LINE FOR R~I7Iii"... _ w~c, GRANT DEED The undersigned declares that the documentary transfer tax is $..mu~~~!.!.lP:t:umm'..u,..........,..,...........uu.u..........u and is 0 computed on the full value of the interest or property conveyed, or is 0 computed on the full value less the value of liens or encumbrances remaining thereon at the time of sale, The land, tenenlcnts or realty is located in 0 unincorporated area 0 city of .. umuu.u'uh.......hm......'..u..'mu..,h..'.umu hm mmw.... mmmm and FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, BARCLAY-CURCI INVEST- MENT COMPANY, a General Partnership, hereby GRANT(S) to THE CITY OF SANTA MONICA, a California Municipal Corporation, the following described real property in the City of Santa Monica, county of Los Angeles , state of California: LOT 1 OF TRACT NO. 33022 AS PER MAP RECORDED IN MAP BOOK 893, PAGES 38 THROUGH 41 IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA. --~..-~~--;~.~'-~., .. COMPANY, .-- OF,;.l.CL,L ~_>_ FPCOl'd:l~r. 'tIed to ~.u~.v D0~U~ont Ent~code sec. 6103 . Gov:. BY BY . STATE OF CALIFORNIA ) ) 78- - 935804 SS COUNTY OF LOS ANGELES ) On August ,~C 1978, before me, the undersigned, a 1("... , Notary Public in and for said State, personally appeared STEVEN BARCLAY, known to me to be a general partner of B & B Enterprises (liB & B"), known to me to be a general partner of Barclay-Curci Investment Company ("B_C") , the partnership that executed the within instrument and acknowledged to me that he executed the same as such partner of B & B, that B & B executed the same as partner in B-C, and that B-C executed the same; and personally appeared Robert Blumin, known to me to be a general partner of B-C, the partnership that executed the within instrument, and acknowledged to me that he executed the same as such partner and that B-C executed the same. ..........'"U...IIU...II.Ulll.UI....HUI.IllUII............UU.Ulllt..'!! = e ~S mylJ,and ~ ,/ '(- HAL A. YOUNG. JR. ~ ~ _ll> _ ~ NOTARY PUBLIC, CALIFORNIA 5 = ' , PRINCIPAL OFFICE IN ;: ~.~ 5 '. LOS ANGELES COUNTY i ~ ""M~ Commission Expires Dee, 14, 1980 ~ 7 .:Y23 e Y'7i.J9 i.m...un"u.u.....;-n..u.u...."fffl......"....."u....""IUJI........ - v , . ; W>- . .....JZ .....0: -~ .....0 O~ ()() W~ LLoc <(i75 (/)~ o ~ g ~ Wz>- 0 ~ .....J a: m o 0 <x: ~ ~ ..... 0... w z U _~w-la: L.... W .....0 ~ (5 (]; ["""""I ()lL(])-l Z ~ Ow ~ i!5 <3, () ::l' 0 >- ~ ()Z 0 i'5 !:: ~ en W<x: I a: 0 ~ LLOC ;j' ~ _ <(i75 ~;i (/)z - ~ - <( tl.. o .w m o ~ W~ O~ o 0 .....J<x: ~ ~ ..... 0... w z L.... U .....~ Q g ~ ["""""I W ~ (]) ~ .z ~ O~ 0 i!5 <3 ~ q ()()~~~ "'--~ en ZOO!:: ~ W<x: Ia:O ~ LLOC ;j' ~ -' <( ii5 ~;i (/)z ~ ~ - <( (L . w>- I -'~ I .....0... I -~ .....0 O~ ()() W~ LLOC <(ii5 (/)~ m SAFECO TITLE INSURANCE COMPANY SAFECO _Panorama Ci~y, CA OFFICE -, . The City of Santa Monica DATE Aug. 30, 1978 . At tn: Mr. John Hemer ESCROW NO. 781l8-A . 1685 Main Street POLICY NO. 7823697-39 . Santa Monica, CA 90401 Re: Lot 1 of Tract No. 33022 3 - as Per Map Recorded in Map Book No. 893, Pages 38-41 of the Official Records of the Los Angeles County Recorder CERTIFICA~E OF ASCEPTANCE rp1. . is to that -the City of Santa Lvfonica, U1lS California, a municipal c;)rporation, the grantee herein, by and through its regularly appointed and qualified City Attorney, hereby accepts the Leal property or interest therein conveyed by the within deed and consents to the recordation the reaL by authority of a resolution of the City Council of said city, a certified copy of which is recorded in Beok DlS02, page 621, of Official Records of Los Angeles County, California. IN WIT~ESS i~~EREOF, I have hereunto set my hand this 18th day of AUGUST 19 78 , - CITY OF SANTA MONICA, a municipal corporation, By j,.lr~, 78- 935804 _..___M . . . -m CLTA - 1973 SAFECD STANDARD COVERAGE POLICY OF TITLE INSURANCE 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 the 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 8 in the order of its priority; or 7. Invalidity of any assignment of the insured mortgage, provided such assign- ment is shown in Schedule 8, ~ 1V Nj(~ President P-218 (Area 1) 12-77 CONDITIONS AND S TI P U LA T ION S 1. Definition of Terms or any part of the estate or interest pursuant failure and then only to the extent of such The following terms when used in this policy to a contract of insurance or guaranty in- prejudice, suring or guaranteeing the inbedtedness (c) The Company shall have the right at mean: secured by the insured mortgage. After any such acquisition the amount of insurance its own cost to institute and without undue (a) "insured": the insured named in delay prosecute any action or proceeding or Schedule A, and, subject to any rights or hereunder, exclusive of costs, attorneys' to do any other act which in its opinion may fees and expenses which the Company may defense the Company may have had against be obligated to pay, shall not exceed the be necessary or desirable to establish the the named insured, those who succeed to title to the estate or interest or the lien of the interest of such insured by operation of least of: the insured mortgage, as insured; and the iaw as distinguished from purchase in- (i) the amount of insurance stated in Company may take any appropriate action, eluding, but not limited to, heirs, distribu- Schedule A; whether or it shall be liable under the terms tees, devisees, survivors, personal re pre, of this policy, and shall not thereby concede sentatives, next of kin, or corporate or fidu- (ii) the amount of the unpaid principal of liability or waive any provision of this policy. ciary successor, The term "insured" also in- the indebtedness plus interest thereon, as (d) Whenever the Company shall have cl udes (i) the owner of the indebtedness determined under paragraph 6(a) (iii) here- secured by the insured mortgage and each of, expenses of foreclosure and amounts brought any action or interposed a defense successor in ownership of such indebted- advanced to protect the lien of the insured as required or permitted by the proviSions ness (reserving, however, all rights and de- mortgage and secured by said insured mort- of this policy, the Company may pursue any fenses as to any such successor who gage at the time of acquisition of such such litigation to final determination by a acquires the indebtedness by operation of estate or interest in the land; or court of competent jurisdiction and expressly law as described in the first sentence of this reserves the right, in its sole discretion, to subparagraph (a) that the Company would (iii) the amount paid by any governmental appeal from any adverse judgment or order. have had against the successor's transferor). agency or instrumentality, if such agency or (e) In all cases where this policy permits and further includes (ii) any governmentRI instrumentality is the insured claimant in or requires the Company to prosecute or agency or instrumentality which is an in- acquisition of such estate or interest in provide for the defense of any action or pro- surer or guarantor under an insurance con- satisfaction of its insurance contract or ceeding, the insured hereunder shall secure tract or guaranty insuring or guaranteeing guaranty. to the Company the right to so prosecute or said indebtedness, or any part thereof, (b) Continuation of Insurance after provide defense in such action or pro- whether named as an insured herein or not, Conveyance of Title ceeding, and all appleals therein, and per- and (i1i) the parties designated in paragraph mit the Company to use, at its own option, 2(a) of these Conditions and Stipulations. The coverage of this policy shall continue in the name of such insured for such purpose, (b) "i nsured claimant": an insured force as of Date of Policy, in favor of an in- Whenever requested by the Company, such sured so long as such insured retains an insured shall give the Company, at the Com- claiming loss or damage hereunder. estate or interest in the land, or owns an in- pany's expense, all reasonable aid (1) in (c) "insured lender": the owner of an debtedness secured by a purChase money any such action or proceeding in effecting insured mortgage. mortgage given by a purchaser from such settlement, securing evidence, or prose- insured, or so long as such insured shali cuting or defending such action or pro- (d) "i nsured mortgage": a mortgage have liability by reason of covenants of war- ceeding, and (2) in any other act which in shown in Schedule S, the owner of which ranty made by such insured in any transfer the opinion of the Company may be neces- is named as an insured in Schedule A. or conveyance of such estate or interest; sary or desirable to establish the title to the provided, however, this policy shall not con- estate or interest or the lien of the insured (e) "knowledge": actual knowledge, not tinue in force in favor of any purchaser from mortgage, as insured, including but not constructive knowledge or notice which may such insured of either said estate or interest limited to executing corrective or other be imputed to an insured by reason of any or the indebtedness secured by a purchase documents. public records. money mortgage given to such insured, (f) "land": the land descri bed, spe- 4. Proof of Loss or Damage - Limitation cifically or by reference in Schedule A and 3. Defense and Prosecution of Actions- of Action improvements affixed thereto which by law Notice of Claim to be Given by an In- In addition to the notices required under constitute real property; provided, however, sured Claimant the term "land" does not include any area Paragraph 3(b) of these Conditions and excluded by Paragraph No. 6 of Part I of (a) The Company at its own cost and Stipulations, a proof af loss or damage, Schedule B of this Policy. without undue delay, shali provide for the de- signed and sworn to by the insured claim- fense of an insured in litigation to the extent ant shall be furnished to the Company with- (g) "mortgage": mortgage, deed of trust, that such litigation involves an alleged de- in 90 days after the insured claimant shall trust deed, or other security instrument. fect, lien, encumbrance or other matter in- ascertain or determine the fact giving rise sured against by this policy. to such loss or damage, Such proof of loss (h) "public records" : those records or damage shall describe the defect in, or which by law impart constructive notice 01 (b) The insured shall notify the Company lien or encumbrances on the title, or other matters relating to the land. promptly in writing (i) in case of any Iiti- matter insured against by this policy which gation as set forth in (a) above, (ii) in case constitutes the basis of loss or damage, and, 2. (a) Continuation of Insurance after knowledge shall come to an insured here- when appropriate, state the basis of calcu- Acquisition of Title by Insured Lender under of any claim of title or interest which lating the amount of such loss or damage. is adverse to the title to the estate or interest If this policy insures the owner of the in- or the lien of the insured mortgage, as in- Should such proof of loss or damage fail debtedness secured by the insured mort- sured, and which might cause loss or dam- to state fact sufficient to enable the Com- gage, this policy shall continue in force as age for which the Company may be liable by pany to determine its liability hereunder, in- of Date of Policy in favor of such insured virtue of this policy, or (iii) if title to the es- sured claimant, at the written request of the who acquires ail or any part of the estate or tate or interest or the lien of the insured Company, shall furnish such additional in- interest in the land described in Schedule mortgage, as insured, is rejected as un- formation as may reasonably be necessary A by foreclosure, trustee's sale, conveyance marketable. If such prompt notice shall not to make such determination. in lieu of foreclosure, or other legal manner be given to the Company, then as to such No right of action shall accrue to insured which discharges the lien of the insured insured all liability of the Company shall claimant until 30 days after such proof of mortgage, and if such insured is a corpo- cease and terminate in regard to the matter loss or damage shall have been furnished, ration, its transferee of the estate or interest or matters for which prompt notice is re- so acquired, provided the transferee is the quired; provided, however, that failure to Failure to furnish such proof of loss or parent or wholly owned subsidiary of such notify shall in no case prejudice the rights of damage shall terminate any liability of the insured; and in favor of any governmental any such insured under this policy unless Company under this policy as to such loss agency or instrumentality which acquires all the Company shall be prejudiced by such or damage. (Conditions and Stipulations Continued and Concluded on Last Page of this Policy) - .. , . , j -....".- ---.-..----.-..-- . . . , r . I SCHEDULE A Policy No. 7823697-39 Charge $2,977.13 Amount of Insurance: $1,683,000.00 Da te of Policy: August 24, 1978, at 8:00 a.m. 1. Name of Insured: THE CITY OF SANTA MONICA, a California corporation 2. The estate or interest in the land described herein and which is covered by this policy is: A Fee 3. The estate or interest referred to herein is at Date of Policy vested in: THE CITY OF SANTA MONICA, a California corporation 4. The land referred to in this policy is situated in the State of California, County of Los Angeles, and described as follows: Lot 1 of Tract 33022, in the City of Santa Monica, as per map thereof filed in Book 893 Pages 38 to 41 inclusive of Maps, in the office of the County Recorder of said County. . . . , P.218-B (G.S.) Rev. 8-73 . California Land Title Association Standard Coverage Policy-1973 SCHEDULE B This policy does not insure against loss or damage, nor against costs, attorneys' fees or expenses, any or all of which arise by reason of the following: PART I l. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies 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 proceedings, 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 ascertained 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 correct 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 issuance 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 referred to in Schedule A, or in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing in this paragraph shall modify or limit the extent to which the ordinary right of an abutting owner for access to a 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 ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordinance or governmental regulation. 8. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records. 9. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had been a purchaser or encum- brancer for value without knowledge. (Schedule B continued on next page of this Policy) . . . . . 7823697-39 PART II 1. General and special taxes for the fiscal year 1978-1979, a lien not yet payable. 2. The provisions of the dedication statement on the map of Tract 33022, which offer for public use portions of Ocean Park Boulevard, for future street or alley and restrict the use thereof. 3. An easement for sanitary sewers as shown on or dedicated by the map of Tract 33022. Affects: Southeasterly 5 feet of said land 4. Covenants, conditions and restrictions, (deleting therefrom any restrictions based on race, color, or creed), as provided in a Decla- ration recorded June 1, 1978, as Instrument No. 78-584496. Said covenants, conditions and restrictions provide that a vio- lation thereof shall not defeat nor render invalid the lien of any mortgage or deed of trust made in good faith and for value. . . . 1__ v ;) "'- 7'" . I)QYJ1~ ,,~ '- I I ~.::~~. SUff~~N; T RAe T NO. 3 3022 SHEET 4 (F 4 SHEETS a'lND IN THE SUM OF ,..\.rm.., DUtY FILED '\,,-\~ LoS AIIIIaES Al'PRO'/EDOYTHEOO! '0 OF SUpmY1SORS OF "'t IN THE CITY OF SANTA MONICA COc'[-;,Y.'/.MIlER ~~ ': ~~~~;.; ;~iNp:~'~;:; STATE OF CALIFORNIA " 3". ! TAIII Me) SPEaAl ~EHTS OOu.ECTtD 4S ,,.., .. ,... '* LMIO ...... '* .,. ~ 1TIllCI _ -1Jt.l\" "_0'.' v., . ~ JMf[t '!. Mil'( (Y!l':"lmV(:fRClI ('i '::JI. :: Q.l1Nl f)I ''''f ~ 0' tufi....'S08B . fI!f . _. {I') O' '"I coo""'''' r)# ",QI.wIau.fl, . ',-~~ ." ~ ..."..~ ' ." 'I ' Iii ..,~ ;t"iiW~ -. .. ... ~ ~ .; I ft(AfBY C(Rr.r.- T1lf1T A~l CER'TIRCATU ~ Hlt.V!' B!:OI fIL(D AND DEF-......:.s I.:"E stEN t " ::.. ": :r==. ':"..: ;0 SEE SHEET 3 I' ... s\JllllMSlOH ___ ~ . O!.. ~ .urs So ....zt.. EXtoJfNI a.aa -G.IAIl If) I ::J OF THf; InIIID Of ......., f1I ntI. c;:;QUJI'n' ?'" Q[1J..J.......El.UARQf~ : ~I j , _ ~~'~' ID . .... ~ III l!I a-l> 2~!H 5,T. '" 51 ~ ~ F09PlllTPEJt60HCe:Fhj " JS'I-.~ 1191-31 c'" 1_ I - i ~....... .___.---A...- ~"'1C "'\",..,... 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'I 111 &eMS ~ ~ I Iij , ~ ~~ il I ~ ,.., II, ~ ,.'_, ~ ~t'- ~~ :, r z S~ 1,:- c ' .l1 "2 ~~IE" gl' ~\ .i!~/fJr?.r1.T _ { ~:I~" (a~N~ ~ ~ -SEE OETAlL 'A' " \ / ',SEE DETAIL '8' , / J .....-- \ / .~ ~~ ~ \ . 55 140. 0 I , _ ~TH2.t___-LJ5~4,~T~E~~liL<f) ~ _~ ;~- "'r- '-l~~lOr~ l"''''~ I'" 21 f-1""i-[~'" ~ ~o ~(1 JOT J/J' , ~ ~ : ,~ "I ~j; , ,:{~~~.=.= ~,.-.oo] I ~ - I --... ~ ~.a.H ","'Mr /. C % :-! '>>:->...... ./.-7..., o I: ~,,~.. ~/ 'D' o .. .....~:-~ ~~/""!', :i ~; .~~~ ~ " It .. " ~'}::>Z'~ I ;.I,/.,,\~ i " 'I. . ~:'~~": ~ . << #W~_~ I f ~ -t- -,.. !"",0.='7 -r- IO' L.Y EJ.'t " '0 ~ :tJJ,M,'f" 01' ~(1r ' DerAIL C k' -t · 8'" _"""7 f\------- ---- "-;--,,-:-,rr"'.1T~I~T Q 'f:sf/";1ILLI$NC4~6cA'-tl:r-~D" I .cc .-,,! .'-" .e-.C:'i:o&.... \(..I tl' 3<i>~6.Z.N.' t"~, ,~:(3)' k[,J"?/P(,T"'d'S'd~ tl)13\"" .r.OO'.;5: , 0 I" --..:::...( I RCE 1'1"/ 2-0-d"p '21.4,,5(; 52 /I Ii ,I HUh' _ . t--..- . I" "'"---,-":1 ~ 2!:! l:t "0 -1_ f;d S<,W 5~"'ff>p,d RCc ~.5lJ.5, ~i ~ ~ 0 Il~ lNC R~,..~."rnclZ ~ [~i'''''.fl''''P.a . ':." W,' ~~I "J~ ..., h/ ~ ~:8 zl ~. . Uc- f,~__.-..;; 11""" 2SI!L'ST. --+-- , 2 DETAIL..' , N'S.I....O.N no, It' t-' - ~IO.I;>( SCALE l:s 20 f?t~f,~a~.- A7UTWJMa1. :';;.;r:::.;:::,;~~~~"''':.~5WEIf4P'''" ,.'l{~t:.,;,,:.:: -;.!97P<~<" J iii, jo/'''<S~'._lr.OfTr",,;1;m72 'll ,..~,..,,., DETAil 'A' ~>>~-:t 31~4. ~sn - ~' v~~rx.;)~1z('.J3 I". 20'SCALE . ~ :J: t.f.I .~....". - ~_.~ , . . . . CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) 5. Options to Payor Otherwise Settle such defect, lien or encumbrance or es- wise modify the terms of payment, or release Claims and Options to Purchase In- tablishes the title, or the lien of the insured a portion of the estate or interest from the debtedness mortgage, as insured, within a reasonable lien of the insured mortgage, or release any time after receipt of such notice: (b) in the collateral security for the indebtedness, pro- The Company shall have the option to event of litigation until there has been a vided such act occurs prior to receipt by payor otherwise settle for or in the name final determination by a court of competent such insured of notice of any claim of title of an insured claimant any claim insured jurisdiction, and disposition of all appeals or interest adverse to the title to the estate against, or to terminate all liability and obli- therefrom, adverse to the title or to the lien or interest or the priority of the lien of the gations of the Company hereunder by paying of the insured mortgage, as insured, as insured mortgage and does not result in any or tendering payment of the amount of in- provided in paragraph 3 hereof; or (c) for loss of priority of the lien of the insured surance under this policy together with any liability voluntarily admitted or assumed by mortgage. The Company shall be subrogated costs, attorneys' fees and expenses incurred an insured without written consent of the to and be entitled to all rights and remedies up to the time of such payment or tender of Company, which such insured claimant would have payment by the insured claimant and author- had against any person or property in re- ized by the Company. In case loss or dam- 8. Reduction of Insurance; Termination spect to such claim had this policy not been age is claimed under this policy by the issued, and the Company is hereby author- owner of the indebtedness secured by the of Liabi lity ized and empowered to sue, compromise or insured mortgage, the Company shall have All payments under this policy, except settle in its name or in the name of the in- the further option to purchase such in- payment made for costs, attorneys' fees and sured to the full extent of the loss sustained debtedness for the amount owing thereon expenses, shall reduce the amount of the in- by the Company. If requested by the Com- together with all costs, attorneys' fees and surance pro tanto; provided, however, if the pany, the insured shall execute any and all expenses which the Company is obligated owner of the indebtedness secured by the documents to evidence the within subro- hereunder to pay. If the Company offers to insured mortgage is an insured hereunder, gation. If the payment does not cover the purchase said indebtedness as herein pro- then such payments, prior to the acquisition loss of such insured claimant, the Company vided, the owner of such indebtedness shal! of title to said estate or interest as provided shall be subrogated to such rights and transfer and assign said indebtedness and in paragraph 2(a) of these Conditions and remedies in the proportion which said pay' the mortgage and any collateral securing the Stipulations, shall not reduce pro tanto the ment bears to the amount of said loss, but same to the Company upon payment there- amount of the insurance afforded hereunder such subrogation shall be in subordination for as herein provided. Upon such offer as to any such insured, except to the ex- to an insured mortgage. If loss should result being made by the Company, all liability and tent that such payments reduce the amount from any act of such insured claimant, such obligations of the Company hereunder to of the indebtedness secured by such mort- act shall not void this policy, but the Com- the owner of the indebtedness secured by gage, pany, in that event, shall as to such insured said insured mortgage, other than the obli- claimant be required to pay only that part gation to purchase said indebtedness pur- Payment in full by any person or voluntary of the losses insured against hereunder suant to this paragraph, are terminated. satisfaction or release of the insured mort- which shall exceed the amount, if any, lost gage shall terminate all liability of the Com- to the Company by reason of the impairment 6, Determination and Payment of Loss pany to an insured owner of the indebted- of the right of subrogation, ness secured by the insured mortgage, ex- (a) The liability of the Company under cept as provided in paragraph 2(a) hereof. 11. Liability Limited to this Policy this policy shall in no case exceed the This instrument together with all endorse- least of: 9, Liability Noncumulative ments and other instruments, if any, attached (i) the actual loss of the insured claim- It is expressly understood that the amount hereto by the Company is the entire policy ant; or of insurance under this policy, as to the in- and contract between the insured and the (iI) the of insurance stated in sured owner of the estate or interest or in- Company, amount terest covered by this policy, shall be re- Any claim of loss or damage, whether or Schedule A, or, if applicable, the amonut OT insurance as defined in paragraph 2(a) duced by any amount the Company may pay not based on negligence, and which arises hereof; or under any policy insuring (a) a mortgage out of the status of the lien of the insured shown or referred to in Schedule B hereof mortgage or of the title to the estate or in- (iii) If this policy insures the owner of which is a lien on the estate or interest terest covered hereby, or any action as' the indebtedness secured by the insured covered by this policy, or (b) a mortgage serting such claim, shall be restricted to the mortgage, and proVided said owner is thb hereafter executed by an insured which is provisions and conditions and stipulations Insured claimant, the amount of the unpaid a charge or lien on the estate or interest of this policy. principal of said indebtedness, plus interest described or referred to in Schedule A, and No amendment of or endorsement to this thereon, provided such amount shall not in- the amount so paid shall be deemed a pay- policy can be made except by writing en- elude any additional principal indebtedness ment under this policy. The Company shall created subsequent to Date of Policy, except have the option to apply to the payment of dorsed hereon or attached hereto signed by as to amounts advanced to protect the lien any such mortgage any amount that other- either the President, a Vice President, the Secretary, an Assistant Secretary, or vali- of the insured mortgage and secured wise would be payable hereunder to the in- dating officer or authorized signatory of the thereby. sured owner of the estate or interest covered by this policy and the amount so Company. (b) The Company will pay, in addition to paid shall be deemed a payment under this No payment shall be made without pro- any loss insured against by this policy, all policy to said insured owner. ducing this policy for endorsement of such costs imposed upon an insured in litigation The provisions of this paragraph 9 shall payment unless the policy be lost or de- carried on by the Company for such insured, and all costs, attorneys' fees and expenses not apply to an owner of the indebtedness stroyed, in which case proof of such loss or secured by the insured mortgage, unless destruction shall be Turnished to the satis, in litigation carried on by such insured with Taction of the Company. the written authorization OT the Company. such insured acquires title to said estate or interest in satisfaction of said indebted- (c) When the amount of loss or damage ness or any part thereof. 12. Notices, Where Sent has been definitely fixed in accordance with All notices required to be given the Com- the conditions of this policy, the loss or 10, Subrogation Upon Payment or Settle- damage shall be payable within 30 days and any statement in writing required to be thereafter. ment furnished the Company shall be addressed Whenever the Company shall have paid or to it at the office which issued this policy Limitation of Liability settled a claim under this policy, all right of or to its Home Office, 13640 Roscoe Blvd., 7. subrogation shall vest in the Company un- Panorama City, California 91409. No claim shall arise or be maintainable affected by any act of the insured claimant, under this policy (a) if the Company, after except that the owner of the indebtedness 13. THE CHARGE SPECIFIED IN SCHED- having received notice of an alleged defect, secured by the insured mortgage may re- ULE A IS THE ENTIRE CHARGE FOR lien or encumbrance insured against here- lease or substitute the personal liability of TITLE SEARCH, TITLE EXAMINATION under, by litigation or otherwise, removes any debtor or guarantor, or extend or other- AND TITLE INSURANCE. P-218 (Area 1) 1-78 w>- ....J~ ~a.. -~ ~o o~ ()O w~ LLcc <(~ C/)?:. Q) o "f W>- 0 ~ W Z a: Q) LL ....J <( ;:;;::; () ~n... ill Z o 0 -~ws~ WZU ~o~~~ >-,AI' ~W 0 ~ ill <3 .....J """ L\s 0 W ill 8 ~ I Ol-a: q; ()~ ~ ~5 I .....J ~ :::> en w ~ I ~ ~ O (f) LL~ ~a: <((/) ~ 0 ~ Z C/)~ ~ w>- ....JZ ~o: -~ ~O O~ ()O UJ~ LLa:: <(~ (j)~ " . . , .. .. ..