Loading...
HomeMy WebLinkAboutDeeds & Easements_I-8W) GRANT DEED - ka--- - - -, . Affix I. R. S. $--------- 19.BO............ fi� n THIS FORM FURNISHED BY PIONEER TITLE INSURANCE COMPANY FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged____________________________________ DF�30RAH-- K. ------ as to _an_ and vid�c _1�2__interest__and _IlCRCAS _x.RAFFII GTON r-_-____-• :. as to an undivided 1/2 interest ----------------------------------------------------------------------------------------------------------• -----------------------•---------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------•------------- CITYOF REDLANDS. a Municipalcahereby GRANT (S) to -.---.--- -p _____________________ _ ------------------------- the following described real property in the state of California, county of ___ San_-Aernarclo--------------------- Lot 6 Block 4, TOWN PLAT Of REDLAMS, in the City of Redlands, County of San Bernardino, State of California, as per plat recorded in Book 5 page 10 of Maps, records of said County. SUBJECT TO: All of the General and Special taxes for the Fiscal year 1961-62, now a lien but not yet payable. Covenants, conditions, restrictions, reservations, rights, rights of way and easements of record. Dated :-----April 28th.:..1 61 .. -------------------- ---------------•-------- = G .�cL' ' DEBORAH K. GUTHAS DORCAS% R INGTON STATEOF .......... ........................................... ss. COUNTY OF_.4.1�---- ...----••----__--_-• O--------- , ........✓.�1-----------------------------------------•------------- before me, tyeundersigned, a Notary Public in and for said County and State, erso74ally appeared WX, — ------------------•------------------- --------------- ---- - ------ ----------------------• --------------------------------------------------------- known -------------------------------------------------------- known to me to be the persoreRl"whose name—del ........... subseribed to the within instrument and acknowledged that ._.___.executed the same. WITNESS my hand and official seal. SEAL 4""(Seal) C,l�i`� �Xi'c - ....................... Notain and for said County and State. M-584 5-57 Notatf Public, Stat• of Ftorida at Largo My Commission Expires Sept. 21, 1963 Bonded by American Surety Co. of N. Y. Order No.!; .Z,Escrow No ........ 3,30r207-85 •----- WHEN RECORDED MAIL TO: ---------------------------------------------------- City of Redlands, c/o Fred H. Workman, .... -----••--••---... SPACE BELOW FOR RECORDER'S USE ONLY PHOTOS IATED RECORDED AT REQUEST OF PIONEER TITLE INSURANCE CO. MAY 24 1961 at 8 A.M. BmN5438 P*564 omaum I=ns Sm Bawwfto Co=W, C" �� ROOQ�+Id JD DEPUTY t a A 1 a _� ACCEPTANCE BouK,5.38 PACE 565 ' This is to certify that the interest iu real property conveyed by Deed of Grant date€. e �Apri1 28� 19 61 ,, from Deborah K. Guthas and Dorcas K Raffinton _o 'ehey of?el�tzq,8ellicl oc�s e��z Uoa and/or goveinEment l agency is hereby accepted by order of the City o a r i . anM Ym? - .� ebl , and th Grantee consents to re— c or aLioLl ther ens by ltq anly authuriged Officer. 19 61, 4--7— --ager. Git- Manager, 6Q1I' Ib y; �.,?n Plot Redlands City t 71— �` Tax Code Area 501 I I AVENUE -;O � iI / :. k r � 4 i Qa o Y 0 0 � 7 8 s 10 It 12 r I � k r � C r TRUs SO oi7�� cJ,lo �o� AVENUE 4 i Qa o Y 0 0 � I C r TRUs SO oi7�� cJ,lo �o� AVENUE ESCROW INSTRUCTIONS (REAL ESTATE TRANSACTION) MEMO PAID OUTSIDE OF ESCROW CASH THROUGH ESCROW - 1,0. atilt Of Amerint UNPAID BALANCE OF Esrrow No. NATIONAL a,tivsTi t;'g ASSOCIATION ENCUMBRANCES OF RECORD lian Ahmoi an Iedlmlda + BrandtEscrow Officer NEW ENCUMBRANCES --Redlanda::. , Calif- TOTAL COHSIOER ATIDN =J_1:".,x':C� In consideration of your acting as escrow holder herein, it is agreed that you shall in no case or event be liable for forgeries or false personations in connection with these instructions, instruments of record, or those handled in this escrow. It is further agreed that if any controversy arises between the parties hereto or with any third person, you shall not be required to determine the same or take any action in the premises, but you may await the settlement of any such controversy by final appropriate legal proceedings or otherwise as you may require, notwithstanding anything in the following instructions to the contrary, and in such event you shall not be liable for interest or damage. In the event of such controversy, you shall be entitled to reasonable compensarion for all services performed by you and to costs and reasonable attorney's fees if you intervene in or are made a party to any. litigation, the undersigned jointly and severally agreeing to pay the same, and you shall further be entitled to hold all documents and monies deposited herein pending payment thereof. I Wi3a hand you woowow and will deliver to you any notes, instruments and additional funds required from me to enable you to comply with these in- structions, aII of which you are authorized and instructed to use and deliver provided instruments have been filed for record entitling you to procure assurance of title in the usual form of a Standard i Policy of Title Insurance, issued by Title 1�351grp with a liability of $J8j,()W,,00 covering property in the County of S" Boftr4iw State of Giallxlornudescribed as follows: 4,0 TOMi PIAT k ) 't - the City of Redlanda, As per map recorded in Book Page 10 of Records of said County showing title vested in:... subject to: (1) AU General and Special taxes for the fiscal year 19 63. 19 62 INCLUDING ANY SPECIAL DISTRICT LE'V'IES, PAYMENTS FOR WHICH ARE INCLUDED THEREIN AND COLLEC'T'ED THEREWITH, AND PERSONAL PROPERTY TAXES, IF ANY, ASSESSED AGAINST AMY FORMER OWNER: (2) Assessments and Bonds, presently of record, having a present unpaid balance of none (3) Any covenants, conditions, restrictions, reservations, rights, rights of way and easements of record (4) Deed of Trust securing an indebtedness of $ nolm , as per its terms, now of record, unpaid balance of principal $ none . Any difference in unpaid balance as disclosed by beneficiary statement will be adjusted through escrow so that the total consideration remains unchanged. (5) Deed of Trust on Bank of America N.T. & S.A. form, executed by securing a Note for $ x1ona in favor of dated during escrow with interest at per cent per annum, from payable at principal and interest due and payable in instaIments of $ bleno OR'. MORE, each he h on t ,..._...... ,,,.. day of every month, MORE, and continuinguntil As of TRIJ-z45 1E-60 (REVISEID) Unless otherwise provided make all prorations and adjustments on basis of 30 day month; real property taxes, and as- sessments or bonds on figures provided by Title Report, excluding taxes on Personal Property not being conveyed through this escrow; rents on basis of statement approved by me; principal and interest on encumbrances of record based on statements by Beneficiary or holders of notes for collection; and interest on new encumbrances by endorsements on notes. Seller represents and you are to assume that the premium on any insurance policy which seller hands to you or causes to be handed to you in this escrow, or which is revealed to be in the possession of a beneficiary, has been paid in full and that such policy has not been hypothecated. Forward such policies and/or endorsement forms to be attached thereto, if any, after close of escrow to the agent with a request that the insurer consent to the transfer thereof and/or the attachment of loss - payable endorsement or mortgagee's clause or other additions or corrections as required, and that the agent thereafter forward such policies and/or the endorsements thereto to the parties entitled thereto. Seller will pay prior to delinquency all taxes on real and personal property not being sold herein, which tax is a lien on the herein described real property. You are not to be concerned with same. It is agreed by the parties hereto that so far as your tights and liabilities are concerned, this transaction is an escrow and not any other legal relation and you are an escrow holder only. The expression "close of escrow" if written in these instructions shall mean the date instruments are filed for record. It is understood that all disbursements shall be made to parties in interest, by your remittance and that remittance and instruments will be mailed to one of the parties entitled thereto, if more than one, to address given below. Instruct County Recorder to mail instruments in the same manner. Deliver Title Poiicv to?���'" I will pay, on demand, regardless of the consummation of this escrow, all charges incurred by you for me, including your usual escrow fee and usual charges, unless otherwise provided. The vj3d*l ,,Aaued buyer h ebr 8Wsea to gay &U title sad eearow ohanesp together wits, th4 zes Xor preparation of Brant Deeds and intaval Revem o ta"o aa"f:iy¢ed to said deed* IF YOU ARE UNABLE TO COMPLY WITH THESE INSTRUCTIONS ON OR PRIOR TO FAT 28tht l9"# YOU WILL COMPLY AS SOON THEREAFTER AS POSSIBLE UNLESS A WRITTEN DEMAND FOR RETURN OF MONEY OR INSTRUMENTS BY A PARTY TO THIS ESCROW IS RECEIVED BY YOU SUBSEQUENT TO SUCH DATE AND PRIOR TO THE RECORDING OF ANY INSTRUMENT PROVIDED FOR HEREIN. 041. Rte? a a rK icipal uarparatiAa Signature Signature Address Address �► Telephone pityU-44 R 43 110 Telephone In ovadvo THE FOREGOING INSTRUCTIONS AND CONDITIONS ARE HEREBY APPROVED AND ACCEPTED IN THEIR EN- TIRETY AND CONCURRED IN BY ME. I will supply you with funds, notes and instruments required from me to enable you to comply with these instructions, which you are authorized to use and deliver provided you hold for my account any instruments accruing to me and the sum of $ 1800w,00 Order search of title at once. Deduct all my expenses from funds accruing to me. I will pay, on demand, regardless of the consummation of this escrow, all charges incurred by you for me (except those other party has agreed to pay), including title charge, fee for preparing instruments I execute, your usual escrow fee and usual charges, unless otherwise provided. Internal Revenue Stamps are to be affixed to Deed I execute in the amount of $ 29,80 Make following disposition of proceeds due me, 1. Credit Com'1 account of Say. 2. Mail Check to me at at your Branch. �. T -L U Dl ,RJiuM-D S=,'�HS � TL1 U AT NO KAS't 114 t;OXX� ',GTiiW aTh '1=kri.6 ire WOROW CHS W� 66. Signature Signature Deborah duthaei Paroaa x. Barrington) Address . U&I AUSMeW 44WI, security ity sui1d , Telephone Telephone Rant rrlirtt NATIONAL Tj'XW,1Aeg ASSOCIATION -2, e d la nd s Branch Date lilay 26� 1961 ESCROW STATEMENT Statement of City of Redian% s3 a MtmilciP al cox ooration Escrow No. 630-20785 (a tla Debornlh and _Dorcas ITEMS DEBITS CREDITS Deposited.......j? k z jL 2-ja k...Qa. 5 - 21 &1--------•-------- ------- ­­----------------- -•------------------------------ ­­ .................... ­­ ............................ ­­­­ ........ I --------- Consideration: Sale------.__------- ---------------------------------------- _ ................ __ ------------------_ ...... Loan.. ----------------------------------- __ ....... _ ....................................... _ .............. Outsideof Escrow-_----------------------- ----------------------------------------------------------------------------------- Balance of Mortgage or Trust Deed of Record ........................................................... ------.....-•----..-.----•--------------------.. ­ ....................................................... ­­ ..................... Purchase Money Trust Deed-------- ----------- __ ----- _ ...... ------------------------------------- _ _-__--- Assessmentsor Bonds------------ ---- _ .................... __ _------------------ ___ ........... __ --------- TaxAdjustment ----_------------- ___ .................... _ .... _ ---------- - --------------------_ _ ............ _------- InsurancePro Rata-•-----------------------------............................................ _ ... ........... .................... ...... ........ ­­ ............................. ­­­ ...................................................... RentAdjustment .... ------------------------------------------ ------------__ .-----------------•-----------------.------- .......... ­­,­ ................ ­­ ......................................................... ............................................................................ ­ ................ ­ ...................... — .... .... ­ ....... InterestAdjustment.....— --------------------- -•----.....__------_----------------_ ------- _----------------- -------------­-- -­ ...................................................... .......................................... ................... ­_ -------------------- F. H. A. Loan Trust Funds. ----------------------------------- ........ ___ -------_---------- _ ............ ............................................................ ­­­ ............. ........................... ................... ............ .............. — ............................... --- ­ ................................................................ ........ ---------------- ProRata Mutual Mtg. Ins ..... __ ------------------------ ___ ................. — --------------------------------- _ Payment Mtg. or Trust Deed ---------------- - .................. ___ ----_--------------- ___ ........ _ --------- Int. on $-----.....--_-------------@--------% from.... .....__ -------_------------ to_ ................ — ............ Payment Mtg. or Trust Deed ........................................ ----------------- _----- __ ------------- Int. on $--------•-------------------@--------% from -----------------_--- ..-----.......to------ .................... ­ --- I Commission......................... __ _--------------_- ----_---__--_.-•-------------------------------------------- ........................................ ­ --­------------ ­­ ........................ I— ......................... ................. ......... Assuranceof Title ...................... _ ............ ____ -----------------_-_-- — ............ -__------------------ InternalRevenue Stamps... ............. ... _ -------------------------_ _ ------------------------------------- __ ..... Municipal Lien Report -Tax Service Contract...... _ --------- ------------------- ----_-------- ReconveyanceFee ..... .................................................... __ ........................................ ------- Recording...........................------no--IIL- - - - . . _-_-- --- -------------------......-•------------------------------- ­­ ..................... - ............... ­ .................................. ........................................................ ............................ .................................................. ..................................... ­­ ................... ­ ......... ­ ..................................... - ............. ................... ............. ­ ... ..................................... .................... ­­­ .......... - ............................................................................... .......................... ............... ­ ........................................................... ......... ...................... ........ .................... ..................... ..................... ............ .................. .............. ................................... - Taxes.............. ...................................... ------------------------------------------ _ --------------------- __ ........... InsuranceEndorsements...... ......................... - ..................... _ ------------------------------------- ------ NotaryFees------------------------ ---------------_------ ............. ----------------- --_-------------_----------- Fee for Preparing Documents..._... _-------_--------__ _ ............. ......... ............................................. .................... ............. ­­ ................................ ...................................... .............. ............ --------- ­­­ ............ ---­-------------- ... ­ ..... ................ ........................... ........................................ ­ ................................................... ....................... Buyer's Service Fee---------------------- ......... _ ----------------------------------- _ ----------_----_--- EscrowFee---------------------------------------------- ........ __ ---•- ..... BalanceDue-----•---------------------- ----------------------•-----..........----_----_--- ................ OurCheck to Balance------------------_---_-_._...--------------------------------------- - 00 R 0 -- - P 7 2 TOTALS .10 , 8-0 :L 8, 2-�, 1 C 0 RETAIN FOR TAX PURPOSES TRU-!)OZ 3-50 1012 22-1-01 3.61 California Land Title P Associom F'C1CfhS6EDW" J� 1$75 $tondprd Coverage Policy Form ��` Copyright 1961 POLICY OF TITLE INSURANCE ISSUED BY PIONEER TITLE INSURANCE COMPANY and TITLE INSURANCE AND TRUST COMPANY PIONEER TITLE INSURANCE COMPANY, a California corporation, and TITLE INSURANCE AND TRUST COMPANY, a California corporation, together herein called the Company, for a valuable consideration paid for this policy, the number, the effective date, and amount of which are shown in Schedule A, hereby insures the parties named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insured, or if a corporation, its successors by dissolution, merger or consolidation, against loss or damage not exceeding the amount stated in Schedule A, together with costs, attorneys' fees and expenses which the Company may become obligated to pay as provided in the Conditions and Stipulations hereof, which the Insured shall sustain by reason of: 1. Any defect in or lien or encumbrance on the title to the estate or interest covered hereby in the land described or referred to in Schedule C, existing at the date hereof, not shown or referred to in Schedule B or excluded from coverage in Schedule B or in the Conditions and Stipulations; or 2. Unmarketability of such title; or 3. Any defect in the execution of any mortgage shown in Schedule B securing an indebtedness, the owner of which is named as an Insured in Schedule A, but only insofar as such defect a`fects the lien or charge of said mortgage upon the estate or interest referred to in this policy; or 4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule B, or excluded from coverage in the Conditions and Stipulations, said mortgage being shown in Schedule B in the order of its priority; all subject, however, to the Conditions and Stipulations hereto annexed, which Conditions and Stipulations, to- gether with Schedules A, B and C, are hereby made a part of this policy. In Witness Whereof, the companies have caused their corporate names and seals to be hereunto affixed by their duly authorized officers on the. slate, s4own in Schedule A. ��������t � tike PSG£ ANCI I- U 11l 11 -- 0 S Ll r� •!�lt,bIs£�i�.°>. ': �rs � '� s couPORgr�•a � ��� TITLE INSURANCE AND TRUST COMPANY PIONEER T1f E INSlCCOMPANY — by F.PRESIDENT \Z� by PRESIDENT l� « Attest Secretary of Pioneer Title Insurance Company and Assistant Secretary of Title Insurance and Trust Company 1012AR 3-61 California land Title Association Standard Coverage Policy Form Copyright 1961 Effective SCHEDULE A Amount $18, 000.00 Date May 24, 1961 at 8:00 a.m. INSURED CITY OF REDLANDS a Municipal corporation Fee: $116.00 Policy No. 420832 1. Title to the estate or interest covered by this policy at the date hereof is vested in: CITY OF REDLANDS a Municipal corporation 2. The estate or interest in the land described or referred to in Schedule C covered by this policy is a fee. SCHEDULE B This policy does not insure against loss or damage by reason of the following: PART 1 1. 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. 2. Any facts,rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by haling inquiry of persons in possession thereof. 3. Easements, claims of easement or encumbrances which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. 10126-10566 3-61 American Titlo Association Loan Policy Additional Coveroge—October, 1960 a, SCHEDULE B CQITfwnio Land Title Association Standard Coverage Policy -1963 This policy does not insure against loss or damage by reason of the following: 1. General and special taxes for the fiscal year 1961-62, a lien not yet payable. 2. Right of way free of cost or damages for the purpose of making, laying, repairing and improving all irrigating ditches orpipes that may be required by the Redlands Water Company and its successors and assigns through and over all lands, as granted by Edw. G. Judson and Frank E. Brown, to the Redlands Water Co., a corporation, by deed dated February 23, 1882 and recorded in Book 28 of Deeds, page 233, and deed dated May 2, 1882, recorded in Book 29 of Deeds, page 65, records of San Bernardino County. 3. Right of way reserved to the Redlands, Lugonia and Crafton Domestic Water Co., for constructing and maintaining pipe lines over and across said land, together with a covenant binding the owners of said land to take water furnished by said company so long as said company is able to supply an adequate amount, and subject to the rules of said company as to payments, etc., as set out in the Agreement between E. G. Judson and F. E. Brown with Redlands, Lugonia & Crafton Domestic Water Co., dated September 1, 1887 and recorded in Book "J" of Agreements, page 504, records of San Bernardino County. 1012C -1056C OC 3-61 American Title Association Loan Policy Additional Coverage ---October, 1960 or California Land Title Association Standard Coverage Policy -1961 SCHEDULE C The land referred to in this policy is described as follows: Lot 6, Block 4, TOWN PLAT OF REDLANDS, in the City of Redlands, County of San Bernardino, State of California, as per plat recorded in Book 5 of Maps, page 10, records of said County. and TRACT NO. L/297-1 IST 2ND 3RD fl 79 0 m 4T r - P. W .r POLICY NO. ST. t39.2b So' CO n rn w � r ST.o, �. CD . o ST.1 4� tp Ln 6 D P. �➢ . co N �' C N M A f). 5ci ST This plat is furnished for information only. It it compiled from dais which we believe 10 be accurate, but no liability is assumed by this company as to the correctness of such data. PIONEER TITLE INSURANCE AND TRUST COMPANY b 1012D 3.61 CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY FORM COPYRIGHT 7967 CONDITIONS AND STIPULATIONS [Includes those in the American Title Association -Owner's Policy -Standard Form B-19601 1. DEFINITION OF TERMS The following terms when used in this policy mean: (a) "land": the land described, specific- ally pecific ally or by reference, in Schedule C and improvements affixed thereto which by law constitute real property; (b) "public records": those records which impart constructive notice of matters relating to said land; (c) "knowledge": actual knowledge, not constructive knowledge or notice which may be imputed to the Insured by reason of any public records; (d) "date": the effective date; (e) "mortgage": mortgage, deed of trust, trust deed, or other security instru- ment; and (f) "insured": the party or parties herein designated as Insured, and if the owner of the indebtedness secured by a mortgage shown in Schedule B is named as an Insured in Schedule A, the Insured shall include (1) each successor in interest in ownership of such indebtedness, (2) any such owner who acquires the estate or in- terest referred to in this policy by fore- closure, trustee's sale, or other legal man- ner in satisfaction of said indebtedness, and (3) any federal agency or instrumentality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not. 2. BENEFITS AFTER ACQUISITION OF TITLE If an insured owner of the indebtedness secured by a mortgage described in Schell ule 13 acquires said estate or interest, or any part thereof, by foreclosure, trustee's sale, or other legal manner in satisfaction of said indebtedness, or any pact thereof, or if a federal agency or instrumentality acquires said estate or interest, or any part thereof, as a consequence of an insurance contract or guaranty insuring or guaranteeing the in- debtedness secured by a mortgage covered by this policy, or any part thereof, this policy shall continue in force in favor of such Insured, agency or instrumentality, subject to all of the conditions and stipula- tions hereof. 3. EXCLUSIONS FROM THE COVERAGE OF THIS POLICY This policy does not insure against loss or damage by reason of the following: (a) 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 said land, or prohibiting a separation in ownership or a reduction in the dimensions or area of any lot or parcel of land. (b) Governmental rights of police power or eminent domain unless notice of judicial action to exercise such rights ap- pears in the public records at the date hereof. (c) Title to any property beyond the lines of the land expressly described in Schedule C, or title to streets, roads, ave- nues, lanes, ways or waterways on which such land abuts, or the right to maintain therein vaults, tunnels, ramps or any other structure or improvement; or any rights or easements therein unless this policy spe- cifically provides that such property, rights or easements are insured, except that if the land abuts upon one or more physically open streets or highways this policy insures the ordinary rights of abutting owners for access to one of such streets or highways, unless otherwise excepted or excluded herein. (d) Defects, liens, encumbrances, ad- verse claims against the title as insured or other matters (1) created, suffered, assumed or agreed to by the Insured; or (2) known to the Insured either at the date of this policy or at the date such Insured acquired an estate or interest insured by this policy and not shown by the public records, unless disclosure thereof in writing by the Insured shall have been made to the Company prior to the date of this policy; or (3) resulting in no loss to the Insured; or (4) attaching or created subsequent to the date hereof. (e) boss or damage which would not have been sustained if the Insured were a purchaser or encumbrancer for value with- out knowledge. 4. DEFENSE AND PROSECUTION OF ACTIONS ---NOTICE OF CLAIM TO BE GIVEN BY THE INSURED (a) The Company, at its own cost and without undue delay shall provide (1) for the defense of the Insured in all litigation consisting of actions or proceedings com- menced against the Insured, or defenses, restraining orders, or injunctions interposed against a foreclosure or sale of the indebted- ness secured by a mortgage covered by this policy or a sale of the estate or interest in said land; or (2) for such action as may be appropriate to establish the title of the estate or interest or the lien of the mort- gage as insured, which Iitigation or action in any of such events is founded upon an alleged defect, lien or encumbrance insured against by this policy, and may pursue any litigation to final determination in the court of last resort. (b) In case any such action or proceed- ing shall be begun, or defense interposed, or in case knowledge shall come to the In- sured nsured of any claim of title or interest which is adverse to the title of the estate or interest or lien of the mortgage as insured, or which might cause loss or damage for which the Company shall or may be liable by virtue of this policy, or if the Insured shall in good faith contract to sell the indebtedness se- cured by a mortgage covered by this policy, or, if an Insured in good faith leases or contracts to sell, lease or mortgage the same, or if the successful bidder at a foreclosure (Continued and Concluded on Reverse Side) sale under a mortgage covered by this policy refuses to purchase and in any such event the title to said estate or interest is rejected as unmarketable, the Insured shall notify the Company thereof in writing. If such notice shall not be given to the Company within ten days of the receipt of process or plead- ings or if the Insured shall not, in writing, promptly notify the Company of any defect, Tien or encumbrance insured against which shall come to the knowledge of the Insured, or if the Insured shall not, in writing, promptly notify the Company of any such rejection by reason of claimed unmarket- ability of title, then all liability of the Com- pany to regard to the subject matter of such action, proceeding or matter shall cease and terminate; provided, however, that failure to notify shall in no case prejudice the claiq of any Insured unless the Company shall be actually prejudiced by such failure and then only to the extent of such prejudice. (c) The Company shall have the right at its own cost to institute and prosecute any action or proceeding or do any other act which in its opinion may be necessary or desirable to establish the title of the estate or interest or the lien of the mortgage as insured; and the Company may take any appropriate action under the terms of this policy whether or not it shall be liable there- under and shall not thereby concede liability or waive any provision of this policy. (d) In all cases where this policy per- mits or requires the Company to prosecute or provide for the defense of any action or proceeding, the Insured shall secure to it the right to so prosecute or provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. Whenever requested by the Company the Insured shall give the Company all assist- ance ssistance in any such action or proceeding, in effecting settlement, securing evidence, ob- taining witnesses, or prosecuting or defend- ing such action or proceeding, and the Com- pany shall reimburse the Insured for any expense so incurred. 5. NOTICE OF LOSS — LIMITATION OF ACTION In addition to the notices required under paragraph. 4(b), a statement in writing of any loss or damage for which it is claimed the Company is liable under this policy sball be furnished to the Company within sixty days after such loss or damage shall have been determined and no right of action shall accrue to the Insured under this policy until thirty days after such statement shall have been furnished, and no recovery shall be had by the Insured under this policy unless action shall be commenced thereon within five years after expiration of said thirty day period. Failure to furnish such statement of loss or damage, or to com- mence such action within the time herein- before specified, shall be a conclusive bar against maintenance by the Insured of any action under this policy. 6. OPTION TO PAY, SETTLE OR COMPRO- MISE CLAIMS The Company shall have the option to pay or settle or compromise for or in the name of the Insured any claim insured against or to pay the full amount of this policy, or, in case Ioss is claimed under this policy by the owner of the indebtedness secured by a mortgage covered by this policy, the Company shall have the option to purchase said indebtedness; such pur- chase, payment or tender of payment of the full amount of this policy, together with all costs, attorneys' fees and expenses which the Company is obligated hereunder to pay, shall terminate all liability of the Company hereunder. In the event, after notice of claim has been given to the Company by the Insured, the Company offers to purchase said indebtedness, the owner of such in- debtedness shall transfer and assign said indebtedness and the mortgage securing the same to the Company upon payment of the purchase price. 7. PAYMENT OF LOSS (a) The liability of the Company under this policy shall in no case exceed, in all, the actual loss of the Insured and costs and attorneys' fees which the Company may be obligated hereunder to pay. (b) The Company will pay, in addition to any loss insured against by this policy, all costs imposed upon the Insured in litiga- tion carried on by the Company for the In- sured, and all costs and attorneys' fees in Iitigation carried on by the Insured with the written authorization of the Company. (c) No claim for damages shall arise or be maintainable under this policy (1) if the Company, after baving received notice of an alleged defect, lien or encumbrance not excepted or excluded herein removes such defect, lien or encumbrance within a reasonable time after receipt of such notice, or (2) for liability voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company, or (3) in the event the title is rejected as unmarketable because of a defect, lien or encumbrance not excepted or excluded in this policy, until there has been a final de- termination by a court of competent juris- diction sustaining such rejection. (d) All payments under this policy, ex- cept xcept payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto and no payment shall be made without producing this policy for endorsement of such payment unless the polity be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction of the Com- pany; provided, however, if the owner of an indebtedness secured by a mortgage shown in Schedule B is an Insured herein then such payments shall not reduce pro tanto the amount of the insurance afforded hereunder as to such Insured, except to the extent that such payments reduce the amount of the indebtedness secured by such mort- gage. Payment in full by any person or voluntary satisfaction or release by the In- sured of a mortgage covered by this policy shall terminate all liability of the Company to the insured owner of the indebtedness secured by such mortgage, except as pro- vided in paragraph 2 hereof. (e) When liability has been definitely fixed in accordance with the conditions of this policy the loss or damage shall be pay- able within thirty days thereafter. 8. LIABILITY NONCUMULATIVE It is expressly understood that the amount of this policy is reduced by any amount the Company may pay under any policy insuring the validity or priority of any mortgage shown or referred to in Schedule B hereof or any mortgage here- after executed by the Insured which is a charge or lien on the estate or interest de- scribed or referred to in Schedule A. The provisions of this paragraph numbered 8 shall not apply to an Insured owner of an indebtedness secured by a mortgage shown in Schedule B unless such Insured acquires title to said estate or interest in satisfac- tion of said indebtedness or any part thereof. 9. COINSURANCE AND APPORTIONMENT (a) In the event that a partial loss oc- curs after an alteration or improvement sub- sequent to the date of this policy, and only in that event, the Insured becomes a co- insurer to the extent hereinafter set forth. If the cost of the alteration or improve- ment exceeds twenty per centum of the amount of this policy, such proportion only of any partial loss established shall be borne by the Company as one hundred twenty per centum of the amount of this policy bears to the sum of the amount of this policy and the amount expended for the alteration or improvement. The foregoing provisions shall not apply to costs and attorneys' fees incurred by the Company in prosecuting or providing for the defense of actions or proceedings in behalf of the Insured pur- suant to the terms of this policy or to costs imposed on the Insured in such actions or proceedings, and shall not apply to losses which do not exceed, in the aggregate, an amount equal to one per centum of the face amount of this policy. Provided, however, that the foregoing coinsurance provisions shall not apply to any loss if, at the time of the occurrence of such loss, the then value of the premises, as so improved, does not exceed the amount of this policy, and provided further that the foregoing coinsurance provisions shall not apply to an insured owner of an in- debtedness secured by a mortgage shown in Schedule B prior to acquisition of title to said estate or interest in satisfaction of said indebtedness or any part thereof. (b) If the Iand described or referred to in Schedule C is divisible into separate and noncontiguous parcels, or if contiguous and such parcels are not used as one single site, and a loss is established affecting one or more of said parcels but not all, the loss shall be computed and settled on a pro rata basis as if the face amount of the policy was divided pro rata as to the value on the date of this policy of each separate inde- pendent parcel to the whole, exclusive of any improvements made subsequent to the date of this policy, unless a liability or value has otherwise been agreed upon as to each such parcel by the Company, and the Insured at the time of the issuance of this policy and shown by an express statement herein or by an endorsement attached hereto. 10. SUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the Company shall have set- tled a claim under this policy, all right of subrogation shall vest in the Company un- affected by any act of the Insured, and it shall be subrogated to and be entitled to all rights and remedies which the Insured would have had against any person or prop- erty in respect to 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 and reme- dies in the proportion which said payment bears to the amount of said loss. If loss should result from any act of the Insured, such act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against hereunder which shall exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation, The Insured, if requested by the Company, shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect such right of subrogation, and shall per- mit the Company to use the name of the Insured in any transaction or litigation in- volving such rights or remedies. If the Insured is the owner of the in- debtedness secured by a mortgage covered by this policy, such Insured may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modify the terms of payment, or release a portion of the estate or interest from the lien of the mortgage, or release any col- lateral security for the indebtedness, pro- vided such act does not result in any loss of priority of the lien of the mortgage. 11. POLICY ENTIRE CONTRACT Any action or actions or rights of action that the Insured may have or may bring against the Company arising out of the status of the lien of the mortgage covered by this policy or the title of the estate or interest insured herein must be based on the provisions of this policy. No provision or condition of this policy can be waived or changed except by writing endorsed hereon or attached hereto signed by the President, a Vice President, the Sec- retary, an Assistant Secretary or other vali- dating officer of the Company. 12. NOTICES, WHERE SENT All notices required to be given the Company and any statement in writing re- quired to be furnished the Company shall be addressed to it at the office which issued this policy. 13. THE FEE SPECIFIED ON THE FACE OF THIS POLICY 15 THE TOTAL FEE FOR TITLE SEARCH AND EXAMINATION AND FOR TITLE INSURANCE.