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D1230 TITLE INSURANCE AND TRUST ATICOR COMPANY Policy of Title Insurance SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, TITLE INSURANCE AND TRUST 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 an insured lender only; i 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 �1 b. any consumer credit protection or truth in lending law; W 6. Priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being shown in Schedule B in the order of its priority; or 7. Invalidity of any assignment of the insured mortgage, provided such assignment is shown in Schedule B. Title Insurance and Trust Company n by President Attest U' .r � Secretary TO 1012 TI (10 -75) California Land Title Association Standard Coverage Policy -1973 77042 1405387 K 143 TITLE INSURANCE AND TRUST COMPANY SCHEDULE A PREMIUM : $932.50 AMOUNT OF INSURANCE: $300,000.00 DATE OF POLICY : DECEMBER 10, 1976 AT 8:00 A.M. NO. : 7513331 1. NAME OF INSURED: CITY OF EL SEGUNDO, A MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA. 2. THE ESTATE OR INTEREST REFERRED TO HEREIN IS AT DATE OF POLICY VESTED IN: CITY OF EL SEGUNOO, A MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA. 3. THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN SCHEDULE C COVERED BY THIS POLICY IS A FEE. SCHEDULE L 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 I1� ALL MATTERS SET FORTH IN PARAGRAPHS NUMBERED 1 LONE) TO 11 (ELEVEN) INCLUSIVE ON THE INSIDE COVER SHEET OF THIS POLICY UNDER THE HEADING SCHEDULE L; PART I. PART II 1. AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE PURPOSES STATED HEREIN, AND INCIDENTAL PURPOSES, IN FAVOR OF : THE CITY OF EL SEGUNDO FOR : SANITARY SEWER RECORDED : DECEMBER 309 1925 IN BOOK 4535 PAGE 231, OFFICIAL RECORDS AFFECTS : THOSE PORTIONS OF PARCELS 3 AND 4 OF PARCEL MAP NO. 6728 WITHIN A STRIP OF LAND 7.5 FEET IN WIDTH BEING A PORTION OF LOT "D^ OF SHEET 71 EL SEGUNDO, AS PER MAP RECORDED ON PAGES 54 AND 55 IN BOOK 229 OF MAPS, LOS ANGELES COUNTY RECORDS, SAID STRIP OF LAND BEING PARTICULARLY DESCRIBED AS FOLLOWS: 7513331 PAGE O1 77042 1405387 K 143 TITLE INSURANCE AND TRUST COMPANY BEGINNING AT THE SOUTHWESTERLY CORNER OF SAID LOT "D "; THENCE NORTHEASTERLY AND EASTERLY ALONG THE SOUTHEASTERLY AND SOUTHERLY LINE OF SAID LOT "D" TO THE EASTERLY LINE OF MARYLAND STREET9 AS SAID MARYLAND STREET IS SHOWN UPON SAID SHEET 79 EL SEGUNDO; THENCE NORTHEASTERLY ALONG THE NORTHERLY PROLONGATION OF THE EASTERLY LINE OF SAID MARYLAND STREET TO A LINE PARALLEL WITH AND 7.5 FEET NORTHERLY FROM THE SOUTHERLY AND SOUTHEASTr_:RLY LINE OF SAID LOT "D '; THENCE WESTERLY AND SOUTHWESTERLY ALONG SAID PARALLEL LINE TO THE WEST LINE OF SAID LOT "O^'; THENCE SOUTHERLY ;ALONG THE WEST LINE OF SAID LOT "D" TO THE POINT OF BEGINNING. THE ABOVE DESCRI =QED STRIP OF LAND 7.5 FEET IN WIDTH BEING SHOWN COLORED RED ON PLAT CEK 1172 THERETO ATTACHED AND MADE A PART THEREOF. 2. COVENANTS9 CONDITIONS AND RESTZICTIONS IN THE ABOVE RECORDED INSTRUMENT. RESTRICTIONS, IF ANY9 BASED ON RACE' COLOR, RELIGION OR NATIONAL ORIGIN ARE DELETED. SCHEDULE C THE LAND REFERRED TO IN THIS POLICY IS SITUATED IN THE COUI4TY OF LOS ANGELES• STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: PARCEL A: ALL THAT PORTION OF LOT A, OF TRACT THE COUNTY OF LOS ANGELES' STATE OF PAGE 141, OF MAPS, IN THE OFFICE OF EXCEPTING THAT PORTION OF SAID LOT A CONDEMNATION♦ CITY OF EL SEGUNDO VS. INGL. C -11689 RECORDED SEPTEMBER 18, 52327, PAGES 446 TO 449, OF OFFICIAL PARCEL B: :NO. 21111 IN THE CITY OF EL SEGUNDO, IN CALIFORNIA, AS PER MAP RECORDED IN BOOK 22 THE COUNTY RECORDER OF SAID COUNTY• DESCRIBED IN FINAL DECREE OF PACIFIC ELECTRIC RAILWAY COMPANY NO. 1956 AS INSTRUMENT NO. 4462 IN BOOK RECORDS OF LOS ANGELES COUNTY. PARCELS 3 AND 4 INCLUSIVE, IN THE CITY OF EL SEGUND09 IN THE COUNTY OF LOS ANGELES# STATE OF CALIFDRNIAP AS SHOWN ON PARCEL MAP N0. 6728, FILED IN BOOK 73 PAGE 85 OF PARCEL MAPS# IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. 7513331 PAGE 02 Appr ved as to teMM bons ' ate_. _ q .,. TO 1919 CA 17-74) INOO99EMENT FORM 411 OWNER'S INFLATION PROTECTION INDORSEMENT ATTACHED TO POLICY NO. 75 13 331 ISSUED BY Title Insurance and Trust Company The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional monetary protection to the Insured Owner named in said Policy, hereby modifies said Policy, as follows: 1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to the extent hereinafter specified. 1 "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the first January 1 which occurs more than six months after the Date of Policy, as shown in Schedule A of the Policy to which this Indorsement is attached, and on each succeeding January 1. 3. An upward adjustment will be made on each of the Adjustment Dates, as defined above, by increasing the maximum amount of insurance provided by said Policy (as said amount may have been increased theretofore under the terms of this Indorsement) by the same percentage, if any, by which the United States Department of Commerce Composite Construction Cost Index (base period 1967) for the month of September immediately preceding exceeds such Index for the month of September one year earlier; provided, however, that the maximum amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of said Policy, less the amount of any claim paid under said Policy which, under the terms of the Conditions and Stipulations, reduces the amount of insurance in force. There shall be no annual adjustment in the amount of insurance for years in which there ` is no increase in said Construction Cost Index. 4. In the settlement of any claim against the Company under said Policy, the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of such claim, or as of the date of receipt by the Company of the first notice of such claim, whichever shall first occur. Nothing herein contained shall be construed as extending or changing the effective date of said Policy. This indorsement is made a part of said Policy and is subject to the schedules, conditions and stipulations therein, except as modified by the provisions hereof. Title LIM Secretary NOTE: In connection with a future application for title insurance covering said land, reissue credit on premium charges (if applicable at all) will be allowed only upon the original face amount of insurance as stated in Schedule A of said Policy. '/WAD - Ir o� (CONDITIONS AND STIPULATIONS Continued From Reverse Side of Policy Face) 2. (a.) Continuation of Insurance after Acquisition of Title by Insured Lender If this policy insures the owner of the indebtedness secured by the insured mortgage, this policy shall continue In force as of Date of Policy in favor of such insured who acquires all or any part of said estate or interest In the land described in Schedule C by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal man- ner which discharges the lien of the insured mortgage, and if such insured is a corporation, its transferee of the estate or interest so acquired, provided the transferee is the parent or wholly owned subsidiary of such insured; and in favor of any governmental agency or instrumentality which acquires all or any part of the estate or interest pursuant to a contract of insurance or guaranty insuring or guaranteeing the indebtedness secured by the insured mortgage. After any such acquisition the amount of insurance hereunder, exclusive of costs, attorneys' fees and expenses which the Company may be obligated to pay, shall not exceed the least of: (i) the amount of insurance stated in Schedule A; (ii) the amount of the unpaid principal of the indebtedness plus interest thereon, as determined under paragraph 6(a) (iii) hereof, expenses of foreclosure and amounts advanced to protect the lien of the Insured mortgage and secured by said insured mortgage at the time of acquisition of such estate or interest in the land; or (iii) the amount paid by any governmental agency or Instrumentality, if such agency or instrumentality is the insured claimant, in acquisition of such estate or interest in satisfaction of its insurance contract or guaranty. (b.) Continuation of Insurance After Conveyance of Title The coverage of this policy shall continue in force as of Date of Policy, in favor of an insured so long as such insured retains an estate or interest in the land, or owns an indebtedness secured by a purchase money mortgage given by a purchaser from such insured, or so long as such insured shall have liability by reason of covenants of warranty made by such insured in any transfer or conveyance of such estate or interest; provided, however, this policy shall not continue in force in favor of any purchaser from such Insured of either said estate or interest or the indebtedness secured by a purchase money mortgage given to such insured. 3. Defense and Prosecution of Actions —Notice of Claim to be Given by an Insured Claimant (a.) The Company, at its own cost and without undue delay, shall provide for the defense of an insured in litigation to the extent that such litigation involves an alleged defect, lien, encumbrance or other matter insured against by this policy. (b -) The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in (a) above, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest or the lien of the insured mortgage, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) If title to the estate or interest or the lien of the insured mortgage, as insured, is rejected as unmarketable. If such prompt notice shall not be given to the Company, then as to such insured all liability of the Company shall cease and terminate in regard to the matter or matters for which such prompt notice is required; provided, however, that failure to notify shall in no case prejudice the rights of any such insured under this policy unless the Company shall be 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 without undue delay prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest or the lien of the Insured mortgage, as insured, and the Company may take any appro- priate action, whether or not it shall be liable under the terms of this policy, and shall not thereby concede liability or waive any provision of this policy. (d.) Whenever the Company shall have brought any action or inter- posed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final deter- mination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (e.) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured hereunder shall secure to the Company the right to so prosecute or provide defense in such action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such insured for such purpose. Whenever requested by the Company, such insured shall give the Company, at the Company's expense, all reasonable aid (1) in any such action or proceeding in effecting settlement, securing evidence, obtaining witnesses, or pros ecuting or defending such action or proceeding, and (2) in any other act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured, including but not limited to executing corrective or other documents. 4. Proof of Loss or Damage — Limitation of Action In addition to the notices required under Paragraph 3(b) of these Conditions and Stipulations, a proof of loss or damage, signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain or deter- mine the facts giving rise to such loss or damage. Such proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which con- stitutes the basis of loss or damage, and, when appropriate, state the basis of calculating the amount of such loss or damage. Should such proof of loss or damage fail to state facts sufficient to enable the Company to determine its liability hereunder, insured claimant, at the written request of the Company, shall furnish such additional information as may reasonably be necessary to make such determination. No right of action shall accrue to insured claimant until 30 days after such proof of loss or damage shall have been furnished. Failure to furnish such proof of loss or damage shall terminate any liability of the Company under this policy as to such loss or damage. 5. Options to Pay or Otherwise Settle Claims and Options to Purchase Indebtedness The Company shall have the option to pay or otherwise settle for or in the name of an insured claimant any claim insured against, or to terminate all liability and obligations of the Company hereunder by paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred up to the time of such payment or tender of payment by the insured claimant and authorized by the Company. In case loss or damage is claimed under this policy by the owner of the indebted- ness secured by the insured mortgage, the Company shall have the further option to purchase such indebtedness for the amount owing thereon together with all costs, attorneys' fees and expenses which the Company is obligated hereunder to pay. If the Company offers to purchase said indebtedness as herein provided, the owner of such indebtedness shall transfer and assign said indebtedness and the mortgage and any collateral securing the same to the Company upon payment therefor as herein provided. Upon such offer being made by the Company, all liability and obligations of the Company here- under to the owner of the indebtedness secured by said insured mortgage, other than the obligation to purchase said indebtedness pursuant to this paragraph, are terminated. 6. Determination and Payment of Loss (a.) The liability of the Company under this policy shall in no case exceed the least of: (i) the actual Toss of the insured claimant; or (ii) the amount of insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in paragraph 2(a) hereof; or (iii) if this policy insures the owner of the indebtedness secured by the insured mortgage, and provided said owner is the Insured claim- ant, the amount of the unpaid principal of said indebtedness, plus interest thereon, provided such amount shall not include any addi- tional principal indebtedness created subsequent to Date of Policy, except as to amounts advanced to protect the lien of the insured mortgage and secured thereby. (b.) The Company will pay, in addition to any loss insured against by this policy, all costs imposed upon an insured in litigation carried on by the Company for such Insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written authorization of the Company. (c ) When the amount of loss or damage has been definitely fixed in accordance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. 7. Limitation of Liability No claim shall arise or be maintainable under this policy (a) if the Company, after having received notice of an alleged defect, lien or encumbrance insured against hereunder, by litigation or otherwise, removes such defect, lien or encumbrance or establishes the title, or the lien of the insured mortgage, as insured, within a reasonable time after receipt of such notice; (b) in the event of litigation until there has been a final determination by a court of competent juris- diction, and disposition of all appeals therefrom, adverse to the title or to the lien of the Insured mortgage, as insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily admitted or assumed by an insured without prior written consent of the Company. (CONDITIONS AND STIPULATIONS Continued and Concluded on Reverse Side of This Page)