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D025Form 1002 6 -640 70M California Land Title Association Standard Form copyright 1938 tG Policy No. 1701839 Title Insurance and Trust Company a corporation of Los Angeles, California, herein called the Company, for a valuable considera- tion paid for this policy of title insurance, does hereby insure (:70 -V u tEL SE!: -UNDO, a municipal_ corporation, 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 named as an insured, and any such owner or successor in ownership of any such indebtedness who acquires the land de- scribed in Schedule A, or any part thereof, by lawful means in satisfaction of said indebted- ness or any part thereof, and any person or corporation deriving an estate or interest in said land, as an heir or devisee of a named insured, or by reason of the dissolution, merger, or consolidation of a corporate named insured, against loss or damage not exceeding - - - - - - - - - - - '=Five Hundred Dollars - - - - - - - - - - - - which any insured shall sustain by reason of title to the land described in Schedule A being vested, at the date hereof, otherwise than as herein stated; or by reason of unmarketability of the title of unless such unmarketability exists because matters shown in Schedule B; or any vestee to said land, at the date hereof, of defects, liens, encumbrances, or other by reason of any defect in, or lien or encumbrance on said title, existing at the date hereof, not shown in Schedule B; or by reason of any defect in the execution of any mortgage or deed of trust shown in Schedule B securing an indebtedness, the owner of which is insured by this policy, but only insofar as such defect affects the lien or charge of such mortgage or deed of trust upon said land; or by reason of priority, at the date hereof, over any such mortgage or deed of trust, of any lien or encumbrance upon said land, except as shown in Schedule B; all subject, however, to Schedules A and B and the stipulations herein, all of which sched- ules and stipulations are hereby made a part of this policy. In Witness Whereof, Title Insurance and Trust Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers, this second day of August 1940 at 8:30 A. .H.. TITLE INSURANCE AND TRUST COMPANY by PRESIDENT �sq � +' Btt4�st " 4 f - - „✓ .. -.__„- ..... ,w. ASSISTANT SECRETARY This policy consists of 4 pages which are numbered at the end of each page. —1— lky Form 1002 -A 6 -6 -40 72M - SCHEDULE A [ 1.] The title to said land is, at the date hereof, vested in CITY OF EL SEGUIVDO, a municipal corporation. [2.] Description of the land, title to which is insured by this policy: Lois 37 and 38 in Block n2 of El Segundo, in the City of E1 Segundo, County of Los Angeles, State of California, as per map recorded in Book 20 Pa „es 22 and 23 or 3aaps in the office of the County Recorder of said County. Page 2 Form 1002 -C -1 9 -zo Page 2 STIPULATIONS SCOPE I. 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 suc- cessor 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 by 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 polity per- mits or requires the 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 shall assist the Company in any such action or proceeding, in effecting 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 attorney's 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. SUBROGATION 4. Whenever the Company shall have set - UPON PAYMENT tied a claim under this policy, it shall 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 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, 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 trans- action 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 claimed OF INDEBTEDNESS under this policy by an insured owner AND BECOME of an indebtedness secured by mort- OWNEROF gage or deed of trust, w pay such SECURITY insured the indebtedness of the mort- gagor or trustor under said mortgage or deed of trust, together 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 writing of any loss or damage LOSS for which it is claimed the Company is liable under this polity shall be furnished to the Company within sixty days after such loss or damage shall have been aseer- LIMITATION tained. No action or proceeding for the re- OF ACTION covery of any such loss or damage shall be instituted or maintained against 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. PAYMENTOF 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 OFPAYMENT with the written authorization of the Com- ON POLICY pany, but not otherwise. The liability of the Company under this policy shall in no case exceed, in all, the actual loss of the insured and costa 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 in- 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 2. Loss under this policy shall be payable, PAYMENTOF 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 such 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 polity 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. Page 4 ry abvd •;oaxay# Sued 0 1ladsax gJIa uons$n! Fue 1 Fuedmo0 aqi A0L'IOd yuanbasgns Pue $wp¢ad Pn out Mi2lo Pais$! 0 at uaa ; RE)gvlla _woo ayl 30 rvo4ou;w° jig astis Fed of xaPU' # `Fa?lod scy1 A, a •Fatdao'J ay7 }o `read aalAeh¢ >P sold 0? 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