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R:: V G L V fi~ J. i J 1~' 1`i V• _~-wo-f+~--
t.~. .:~J7~~~i,~,pT.~np_r~v,~l~.i ',r/A.~ ~: i l~j.~a~~p-'~± i ,"1 J~ .._ qy{l7_~. a7Lt'+.a+VT-1~~1Ye ~.T•
H31LIJ.iCti1 ii1~Y 1'1AJ311~.iVd:f lAlJ.fi,ii;+i-y .O.U47.V11.t`tL ti1{L ~i.rl.`~•
~ ~-nv n; ~ n-.~ r ~°: ~rr.~ ~.~ c, ..,~--T~+, xr . . ... . ~-:r^~ ~t. _
__ vJ.IA vJU,.~`:.~J_1.., Or . __ .~J1 -._ ._i~.'1 ._.~,. ~.. 1_ _ _..V'_....~ _~~
~: ~t th~ -~.r~re~.ec_ Gra._~zt ~;:;s~ f•r~??°.i Adel~3n {~. ~iller ~id
Flarence ~dillar, husband and mifo,
coi~vey in~ to thc ~ it~- o= S^.~t~ ;`.onic~ all t'iut re2.l ~r~._ ~i t;,, _~t~.<-
i:tT.:;~ it.i l.}:c: ~i i_t~:' Oa. .~?~ rai 2 Oi`r'._C£t, li0u'~1V`~ oi ~O `::1{`;~lU8g ~tt~,.t~: O~
va.111C1'~it?:~ C~_:9.~',CT':i'aGC'_ t?_S 7'Oli_O~!'TS:
Lct 124 in Tract 8542, City of Santa Moni~s, Caunt$
o~ Las A~~eles~ State af C~lifornie~~ as par map re-
eorded in Book 10~ Pages 27-29 inciusive of' ~aps, 3.~
~lie offiae oP the Count~ Aecarder of said Co~~y.
ALSO that por~Gio~z of the 3ontheast half o~' NavX Street
which ad~ain~ said lot on ~he North~eat.
ALSO that portion af the Nor~ht~est haLf' af Dewsg Place
North vrhich ad~ains said lot on the Southeast,
ae, ~_*_~c: the s_.;:~ is, l~ -rub,T ~cc itec..
_ 1.J 1..1rir.` _~S '_1'._u.~~~~~~.~~ ~1~~1::~ L'fl.~', :i04'L^".1HS1011i:Y' O' ~l~i~? 1C
5~..:~~Sr~ E;:i--71'I~LC10 _ ~.z'OY'g ~~a ~=_C'_ i2° ~7':~8~'~r 18~ ~lutilJT'1.Z (!_ J.I1U_
1?1St,T'UCL.~:C_ CO .,_ 'Clltc ti`1-~.` i~lE." ~..:_ .'.CC'° ~~i,~.I1GG i71 ~il^: it :%a8C}~ 2T1C.
t~'l.:zt ~il~ ~O"'!"~liSS~0i1~T' O~ ~ i~~;:.Ccy c<`t ~' 1~1C:i.0 l,lt~:' ~%lcii.y E~;-01'1'1C10
v1~;Y'1: O_L i.il:'. ~i~~_t,j~ ~'OUiiCJ_Z. Oi til':: li?t".~- Oi ~c'?1~:?. .~".OT1iC`d.~ iJi.y ~:.?,_r1 ~1f
11~:P.^,~J~~ 7_~~ ~~u~:`idi'12~r .~.:L~ lY?StiUGtG-~: ~O _'a-~~S± t:2C- St..i:i2 ~'_I1C'. ._ ~:l:i
i.l:'., S~~ ? O±~ t:1~.. C1~" O! ;j.^_lt<< ,_OI7=~~,~ t'_'~ci 3t0.
Z':1<~<t t.:i., 1~0i:1t:t1US1C)Y`i:;Y' Q1 ~L:~11G ''il%? '~i"t,~~y .:i-pI~'1.C10 _'~~%02'
O i t,}"1 C_ ~', 7 C~' O 1 ~:..2 i i. ~. ~ O i'. C' ~. y', ~~' y ^ i~ :': 't'_'`'. 1"i "i c: ~;i .._ S~ L-:U ~i10 T' ~ Z.^J C?. .' 11 Cl.
1.7StT'L'.Ct~G t0 CE'.i.°}i::'t1 'GO i.i'_° ~.G_O_:tli~il O~ t'Ii%.S r~solut~~i19 .~i1i:1. ti28
~;OT.1ii:iSSy.OY2~Y' 01 I'li1'~.?1C~~ C: -Ols1.Ci0 Cilt`- ~l.^•Y'1>y i;<'i-~3i'11C10 ~Z.~:Y'~ ~i'
t~~~ Cit~ Lo~l~cil, Le, :'.nc' }~:; ~~v ~eb;T is, ~_utizorizecl : c. ~nsj.;r~ctec to
wf,~,':Ct t~i_~~ Sc~.i;1~.
,_-`.~ /-+.~"~..
~
. ' ~ +
~ ~
~' ~
M ~
.r`fDOP`i'~D L`Yi:i.s ? 6th d~.;j oi t~ ~k~a-~~t.+~r,~ ~ 1945s Y)y ~he
fo~l~~ving vote s
ki~'J' FroP71?T?; ~~~~~ j.~iP.l?s ivitt*'?"%';T
NOr',S : ~ ~,, Q
AIsSE~tT: Ai~ne
~
C~i. ~~ ss:~ ~er o~'~'u lic S i"ety, e1:=
offic~.a T>ta~ror o~' tl~ Cit~z oi SaA~~a
i~ioni e ~w .
=~zT?°,8T °'~ ,,~.t ~(/ ~
~ ~'--- kf~.'~ ~ /..,~i-2ri-~.,~-~J-~~-e-
Co.:riissio.~er o %'inar..ce, es~ o~yicit~
City Clerli, ex--oific:~~ ~1e,rk ~j:~ t?~,o~
City Council c~f t?,e City ~z' ~.~ai;~a
~~,_oxl ~ c a .
Approved as to i or~::~ th~s l~th dv~;~T
~ f ~,> b r u=, ^ y a j.:., 4~: . ____.r.._
_.
~~/} ~~._._
,.~_s/! ~~'~-?e-~ =-__~
urvel C. Torre:~ee, ..~.t,~~ Attor~~~°.
~ STATE OF CALI~ O~.~TI~'~ )
~ SS•
CCLT?'d'I'Y 0~ LC~.~" .r>i~is~L~S )
1, D. C. r'~.rEM~,T?, Hcreby e~rtifST tizat I am the Com~.is-
sio«cr o" ~^in~nce, e.>-officio City Clerk, eh-officio Cl~rlti of
t~~e Ci~v Council of tl?.e City of Sant~ i:`or~iica; t~at 'the fore-
goin~ is a full, true ~ncl cor: ect copy oi tl~~t certain rescl.u-
ticn ~do,~tea by tn~ City Ccuncil of t:e ~"it~r oz' 5.:~.~a ~ onicw
at ~. r~gular r:eetin; of said Council hcld 3''?b1'u~T`„T 15tr , 1945.
~ .- ~ ~
~---~j,. ~ ~, ~
~ k---~ - 2r.~,-~-~-,-~-~-~_
Subscribod an~ sworn to be_~ore me
tl~i.s lf+~h da;,- of ~'Abr~~~ r.v, 1945.
~ ~~~ t a -~ ;~ ~, ~.,
- _.~/,'~ ~ :.e'. -e.~ l.'~~~~~rr,.
I~ot~r~: Fublic in anc~ ~'or t~:e s~.id
Cour:ty and State.
~a ~.,~~r _
- 2 -
~ ' ~
, ,
}
-. ACCEPi~i~CE Oi GRAi~1~'i' 1~E.:D .
Tlle Anrlexed Grant~ Deec`i is hereby acce~tcd this 16~h
ciay of F e brtz =~ r1 ~ 1945 .
CITY OF Sr"iNT:i iv:'Ji'TC~1, a~iiu'riicipal
corporation,
~~T ~~'~''~s"1-Y~.~S.'9'''~~_L'
Co:: issio3rer of Puo1:~~afety, cx-
af~ icio i~1a~,=or of thc y o uf Santa
~ i/tonica.
xTZ'~S`"
t ~ .l~,i ~ : ,,L~ .+-A.-..^ ~ - --
~.~.. ~..~~ ~ 1=~ ~
C,OIT1Sii7.SSl0'_1e; Ot~tk'1Y1~11Cv'~ EX-01`1'1C',O
City Cl~:rk~ e;:-officio C~lc-rµ, oi th~c
City Cou,ncil o~ ~:ie Cit;T of ~;a~ta '~;
. :~ri_ c a .
Approv~d ~;~ to iorl°i Ghi~ 16th day
of FPb~,ue,,,~> > 1945
.. ,~.. . _. _..
.~ ~r~-~~r/~ ~ /-~-s-~~.as~~x-~"..~:z---_ ~.. _
C~ar`vcl C. ?'o~°re~zuc, Ci.ty At~Lornc;~
S~='~~T`' 0~' C:.L.i~'ORi:If~ )
~ SS.
C~~i:id'~T' OF' LOS tiifG~L~FS )
c~n this 16th d~~, of F~bru^:ry , 199:5, b~forc .~ ~, the
undersign~d, a i~1ot~:r5r~blic i~z and .for tn~; Count~r of Los llrz~el~s,,
State o~' CaliS'ornia, resldin~; ~~Zereir, duly eoir.~nissioiled and sv~aorn,
re~rsonully appeared L. J. ~??RP:iT, kno~~~n ta me t;o be tilc: Co,~v:is-
sion~r of "ublic Safc~~T, ex-oificio ~:ayor oi tY:c CitJ of Santa
',`.orica, a rlunicipal co•rpor^ ~l.o.~., ~~.hos~ riam~ is suuscri~~ect to tne
forc~o:;_n~; ~>ccent€zr_cc of Grant D~cd, az~c?{ hu ackno~vlcdgcd t~ z~:ze that
he ~s:i>cut~d the sar.sc on 'a~hulf of saici Cit~ of Sailta .:~oni.c~, pur-
suant to ~. resalution duly ::dop~cd b~,~ tl-ie Cit~; Council of thc Ci~~
of Sant-~ i,ionzca, ^.rid on suid Z~ d~~T of ~Pbr?.~.ry , 1945, p~r^
scnally ~p~~;<rcd ~cfo~~ :nc, D. ~. FRE~i:iAN, knov~n to rne to b~ the
Co~:Ln_ssioncr or ~inuncc, cx-ofiic3.o C~.ty Clerk,, cx-afr".icio Clcrk
of the Cit;~ Council of ~~.~e Cit;~ of S~:nta ~:~_nict., ~~ncl h~ ~cirnovv-
lEdocei to ~nc that hc atttistcu said kccept~ nee of Gr~.nt Deed ~nd
aif"~xeu t1.c sc~.l ~i' ~lic Cit~- oF Sant.a Tionica tLicrcto.
Ti~T `~VI'~TvTr',SS r'd~"ER:'~0~', I h~vc hcrcuntc sc~ r,i~% 3~~nd :nd
~ffixcd m~,~ oificz~~l se21 thc dny ^~nd year first hcrcin~bove
v~ri ~t~n.
, ;'~,,~{ '' ' .~r. , , i
No ~x;~ u i a in ur~ ~ or s`:~i
County and St~tc.
- 3-
fortM asa-a.ar ~ ~x~. R. S. ~•---.....--••--~-r-,-~'c-...- _' ~
f -,
_ - C~~~trt~ ~~e~~ . , .
~tt QCott~iberation of $_____.....~4~.1'~4_____________ receipt of which is act~nowledged,
MLLVIN ~`x. 1'AILI:Y~t and FL4F~~tC~ PdILI.,:~R., husband and w'ife
do----------------hereby grant to_._ CZTY _ L3~'. 3Ai~T~. I+~ORTCg~.. a_ ~ux~icipal., oor~ors~ion----•----------------
--------~----•----••-
the real property in the----------- Gitiy _oP._~estta_ ~Qnioa--------------------------County of--- Los__Angele ~---------------
State of California, described as:
I~ot 124 3n Tract 8542, City of Santa ~onicsa, Gounty
01' Los Arigeies, :~te~e oP Californ3.a, a,s per rnap re-
oorde8 in Book 204 Pages 27-29 incslusive oF ~ap~, i.n
the office of tha County ~.ecorder oP osid County
AI~O that portion of the Southeast half of Navy Street
vP:lieh ad~oins sa3.d iot on the Northwest
ALSO that por~ion of the RTorthwe st half of T'ewey Pl aoe
Nor~h ~rl-~ich adjoins said lot c~n the ~outheast
3ubject to oonditiorss, rastrictions, reservPtiflns,
easemen~s, ri~hts and ribhts oP way of record.
Dated this.---.~~.~:Ei----•---------._day of--------~--...-•-----~~??uary--------------------------- 19-----45, ,
/ ~
--------- ----~ ~-----.._...---------- - ------~-- -------:------------- --------•-------------~--------------------
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ated---Januex'y._~9_------~--- ----- --- --__, 19.-- 45-
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TITLE INSURAI~CE
11
~ND TRUST COMPAI~IY
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Instrument Number____ _.____._____
Order No._p-C.~ ~ ~ ~ ~ ~.~. -
tiVhen recorded mail to
City of._Santa ~on3.ca
. - -- _ - - -- _.
c% C. C. ~orre~ce, Cit;,r A~torney
Sante. A~~onica, California
_.... . _.... .-- _ - - - ~ - -_. .._..._
~.~ ; .. °,~ ..
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~` 5'. . ~*~`~~ ~~'° ~~~~'~~.~}~; t,~~
`s'~T~.E I~!SURANCE & TRtJST CG~, ;.
~~~ ~~ 1945 ~~~: ~ ~. ~~~~.
;w;; ;~~~C,___~1.~fL. ~~~`g~_..~$~..:.;.
~:~~ ~1.~~l~Id~ Y~1~CCDaF.a3p
~~<~unty sr# L~ ~.~g~~:l~s, C'~,~i~c:r•T_~.::a
.NN..,~..~p~ g~+k 6 ~
l~ ~ ..: L 0~- ~~~ _ _ ~... 1 f 3 ~+.'9 ....e,,,.,es,a
i;,'~J :t'~~9~ ~a ~a ~~~~ ~Fr' ~ ;F ~~t;+;s3':~~~
.k?..~r_.... «....... ~ .... ~... _... «.. _..
>~? ~'' ~'; °"v"Q3S"~liY.^
Trrr.r: I:vsu~.a:vc~ AnD TrtusT Co:vi~~n~'~3.~4
Home O~ce San Luis Obispo Co~rrrty
433 S~1C~7'!i SI'R14G S'I'RFF.'C i77 HIC~EftA STRF.f.T . ~
LOS AN(;F:Lh:S ~AN LUIS OBISYI)
Kern Cuunty ~ Sa~~~a Bar6ura Guunty
1~1$ Cf1ESTER AVFNUE . ~~~ S'I'ATE STRF,F.7'
BAKERSFIF.LD J.4N'fA BARBAR.4
Rioerside County Tulare County ~
3J4O MAIN STREET~ R[YER9IDE ZO4 W2ST MAIN~T.~ Y19.iL1A
San Diego County {~entura County~
lO2S SECOND AYE.~ SAH DIEGO 4JI E. MAIN ST.~ ENTURA ~.
~~~~
v
TITLE INSU&ANCE. BUIIAINC
Form 1012 ~94 60M ~ ~ ~ ~ ~
1 ,
Califomia Land Title Association ~tandard Form
Copyright 1938 (T.I. Revfsion 4-44)
Policy No.
Title Insuran~e and ~I'rust ~ompany
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, together with each successor in ownership of any
indebtedness secured by any mortgage or deed of trust shown in Schedule B, the owner of which
is na.med 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 sa.id 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 consolida.tion of a corporate 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 unmarketab~ity of the title of any vestee to said land, at the date hereof,
unless such unmarketab~ity exists because of defects, liens, encumbrances, or other matters
shown in Schedule B; ar
by reason of any defect in, or lien ar encumbrance on said title, existing at the date hereof,
not shown in Schedule B; or
by reason of any defect in the egecution of any mortgage or deed of trust shoam 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
lana; or
by reason of priority, at the da.te hereof, over any such mortgage or deed of trust, of any
~ien or enctunbrance 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 palicy.
In Witness W hereo f, Title . Insurance and Trust Campany has caused its corporate name and
seal to be hereunto a$xed by its duly authorized ofi'icers, on the date shown in Schedule A.
TITLE INSURANCE AND TRUST COMPANY
b,, ~ ~,~,,, °,n.~ 6~ tiv`s!R~-e~~
PRESIDENT
Attest ------------•----------------------- -- -- -----..
SE ETARY
Form 1012-A 3-44 80DS •
i~ f
Amount $15~~ • Oc~ ---
,1uiEB ~ r 4
.
' T
SCH~DULE A
Date February 2Cz, i~i~.5 at 8: 00 A. M. Policy No. 2132199
INSUREI)
CITY OF SANTA i~i0~]ICA, a~unicipal corporation.
1. The title to said land is, at the date hereaf, vested an
CITY OF SANTA I~OIVICA, a municipal corporation.
2. Description of land in th~ County af Los Angeles, State of California, title to
which is insured L~y this policy:
I,ot i24 af Tract No. 3542, in the City ef Santa ~donica, as per ma~ recc~rded.
in Beok ~04 Pages 27 to 29 inclusive of ~Taps, in the cffice af the Caunty
t2ecorder of said Count~.
ALSO that porti~n af the Soutneast ha,lf of ~lavy ~treet ~nich adjoins said
lot en the Northv~est.
Ai,SO that porticn af the Narth~est half of I~et~ey Place North which a~.joins
said Iot c~n the Southeast.
Form 1002~''~-i s-¢~ son~ • ~
.. JI... ~- [
, ~ Y
SCHEDULE B
[A] The Company does nat, 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;
Z. Rights or claims of persons in possession af said land which are not shown by those public records which
impart constructive notice;
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;
5. Any governmental acts or regulations restricting, regulating, or prohibiting the ~cupancy 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:
l. General and special Gounty and City t~es f~r the fiscal year 1945-
1946, not yet a lier, may include levies f~r Santa i~onica T~unicipal Iraprove-
ment District No. 1, created f'or City Park.
2. Easement in favor of the ~ublic over those portions of said land lying
within the lines of Navy Street and Dewey Place North,
3. Govenants, conditicns and restrictions impassd by deed fram Bank of
Arr~erica N~.tiena.l Trust and Savir~gs Associatien, recorded in Bocak 1~~11 Page
343, Officia~ Records, which conditians provide that a violaticn thereef
shali not defeat c~r render invalid the lien of any raortgage or deed cf trust
made in good frzith ~.nd far va3ue.
4. An actien v~as eamr~enceci December 2~, 1~f+la., by Unite~ States of' P~nerica,
vs. Grace B. Severy, et al, to condemn an~. acGUire in fee simple said IanF3 ana
other prc~perty, Case 1Vo. 41.34, United States District Caurt, Central Division,
Civil.
~dotice of pendency of s~.id action w~.s recorded January 2, 1945, Doc~ent tJo.
og,
Page
Form 1002j`'~;-1 9--~ 66M ` y s~ ~
• 4
a • ~
~ w
r
STIPULATIONS
SCOPE 1. This policy does not insure against, and the
OF Company will not be liable for loss or damage
COVERAGE created by or arising out of any of the follow-
ing: (a) defects, liens, claims, encumbrances, or other matters
which result in no pecuniary loss to the insured; (b) defects,
liens, encumbrances, or other matters created or occurring
subsequent to the date hereof; (c) defects, liens, encumbrances,
or other matters created or suffered by the insured claiming
such loss or damage; or (d) defects, liens, encumbrances, or
other matters existing at the date of this policy and known to
the insured claiming such loss or damage, either at the date
of this policy or at the date such insured claimant acquired an
estate or interest insured by this policy, unless such defect,
lien, claim, encumbrance, or other matter shall have been dis-
closed to the Company in writing prior to the issuance of this
policy. Any rights or defenses of the Company against a
named insured shall be equally available against any person
or corporation who shall become an insured hereunder as
successor of such named insured.
DEFENSE OF 2. The Company at its own cost shall defend
ACTIONS the insured in all actions or proceedings against
the insured founded upon a defect, lien, encumbrance, or other
matter insured against by this policy, and may pursue such
litigation to final determination in the court of last resort. In
case any such action or proceeding shall be begun, or in case
knowledge shall come to any insured of any claim of title or
interest adverse to the title as insured, or which might cause
loss or damage for which the Company shall or may be liable
NOTICE OF by virtue of this policy, such insured shall at
ACTIONS once notify the Company thereof in writing.
OR CLAIMS If such notice shall not be given to the Com-
TO BE pany at least five days before the appearance
GIVEN BY day in any such action or proceeding, or if
THE INSURED such insured shall not, in writing, promptly
notify the Company of any defect, lien, encumbrance, or other
matter insured against, or of any such adverse claim which
shall come to the knowledge of such insured, in respect to
which loss or damage is apprehended, then all liability of the
Company as to each insured having such notice in regard to the
subject of such action, proceeding, or claim shall cease and ter-
minate; provided, however, that failure to so notify shall in
no case prejudice the claim of any insured unless the Company
shall be actually prejudiced bq such failure. The Company
shall have the right 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, or any insured
lien or charge, as insured. In all cases where this policy per-
mits or requires Yhe Company to prosecute or defend any
action or proceeding, the insured shall secure to it in writing
the right to so prosecute or defend 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 request-
ed by the Company the insured shali assist the Company in
any such action or proceeding, in e$ecting settlement, securing
evidence, obtaining witnesses, prosecuting or defending such
action or proceeding to such extent and in such manner as is
deemed desirable by the Company, and the Company shall re-
imburse the insured for any expense so incurred. The Com-
pany shall be subrogated to and be entitled to all costs and
attorneys' fees incurred or expended by the Company, which
may be recoverable by the insured in any litigation carried
on by the Company on behalf of the insured. The word
"knowledge" in this paragraph means actual knowledge, and
does not refer to constructive knowledge or notice which may
be imputed to the insured by reason of any public record or
otherwise.
OPTION TO 3. The Company reserves the option to
PAY, SETTLE, OR pay, settle, or compromise for, or in the
COMPROMISE name of, the insured, any claim insured
CLAIMS against or to pay this policy in full at any
time, and payment or tender of payment of the full amount of
this policy, together with all accrued costs which the Company
is obligated hereunder to pay, shall terminate all liability of
the Company hereunder, including all obligations of the Com-
pany with respect to any litigation pending and subsequent
costs thereof.
ti
SUBROGATION 4. Whenever the Company shatl have,set-
UPON PAYMENT tled a claim under this policy, it shali be
OR SETTLEMENT subrogated to and be entitled to all rights,
securities, and remedies which the insured would have had
against any person or property in respect Co such claim, had
this policy not been issued. If the payment does not cover the
loss of the insured, the Company shall be subrogated to such
rights, securities, and remedies in the proportion which said
payment bears to the amount of said loss. In either event the
insured shall transfer, or cause to be transferred, to the Com-
pany such rights, securities, and remedies, and shall permit
the Company to use the name of the insured in any transaction
or litigation involving such rights, securities, or remedies.
OPTION TO PAY 5. The Company has the right and
INSURED OWNER option, in case any loss is ciaimed
OF INDEBTEDNESS under this policy by an insured owner
AND BECOME of an indebtedness secured by mort-
04~'NER OF gage or deed of trust, to pay such
SECURITY insured the indebtedness of the mort-
gagor or trustor under said mortgage or deed of trust, to-
gether with all costs which the Company is obligated here-
under to pay, in which case the Company shall become the
owner of, and such insured shall at once assign and transfer
to the Company said mortgage or deed of trust and the indebt-
edness thereby secured, and such payment shall terminate all
liability under this policy to such insured.
NOTICE OF 6. A statement in variting of any loss or damage
LOSS for which it is claimed the Company is liable
under this policy shall be furnished to the Company within
sixty days after such loss or damage shall have been ascer-
LIMITATION tained. No action or proceeding for the re-
OF ACTION covery of any such loss or damage shall be
instituted or maintained agai~st the Company until after full
compliance by the insured with all the conditions imposed on
the insured by this policy, nor unless commenced within
twelve months after receipt by the Company of such written
statement.
PAYMENT OF 7. The Company will pay, in addition to
LOSS AND any loss insured against by this policy, all
COSTS OF costs imposed upon the insured in litigation
LITIGATION. carried on by the Company for the insured,
INDORSEMENT and in litigation carried on by the insured
OF PAYMENT with the written authorization of the Com-
ON POLICY pany, but not otherwise. The Iiability of
the Company under this policy shall in no case exceed, in all,
the actual loss of the insured and costs which the Company is
obligated hereunder to pay, and in no case shall such total
liability exceed the amount of this policy and said costs. All
payments under this policy shall reduce the amount of the in-
surance pro tanto, and payment of loss or damage to an an-
sured owner of indebtedness shall reduce, to that extent, the
liability of the Company to the insured owner of said land.
No payment may be demanded by any insured without produc-
ing this policy for indorsement of such payment.
MANNER OF 8. Loss under this policy shall be payable,
PAYMENT OF first, to any insured owner of indebtedness
LOSS TO secured by mortgage or deed of trust shown
INSURED in Schedule B, in order of priority therein
shown, and if such ownership vests in more than one, payment
shall be made ratably as their respective interests may appear,
and thereafter, any loss shall be payable to the other insured,
and if more than one, then to sach insured ratably as their
respective interests may appear. If there be no such insured
owner of indebtedness, any loss shall be payable to the in-
sured, and if more than one, to such insured ratably as their
respective interests may appear.
WRITTEN 9. No provision or condition of this policy
INDORSEMENT can be waived or changed except by writing
REQUIRED TO indorsed hereon or attached hereto signed by
CHANGE the President, a Vice-President,the Secretary,
POLICY or an Assistant Secretary of the Company.
r ^
•
FORM L1-2449 ~~ -
NAME
ADDRESS___._.___._.___
INDIVIDUAL TO CONT
SALESM AN ___.._._.. _. _...._..-_- _
QUOTATION RECORD
DA
_._.._..___.._.__..._._.._._... PHON
DEPT. OR STORE.._...__.
QUOTED