HomeMy WebLinkAboutPolicy of Title Insurance by Stewart Title Guaranty Company CLTA STANDARD COVERAGE POLICY- 1990
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POLICY OF TITLE INSURANCE ISSUED BY
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el'i SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN .i'y.¢11r.
0 SCHEDULE B AND THE CONDITIONS AND STIPULATIONS,STEWART TITLE GUARANTY COMPANY, a Texas
V,, corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not (I, ,I))
�iT.,.', exceeding the Amount of Insurance stated in Schedule A,sustained or incurred by the insured by reason of:
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N:�dttra•'� 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; (�i:4i0
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' ,l. 2. Any defect in or lien or encumbrance on the title; , .
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(i A 3. Unmarketability of the title;
if,�,I�._ 4. Lack of a right of access to and from the land;
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AA° and in addition, as to an insured lender only:
0.' 5. The invalidity or unenforceability of the lien of the insured mortgage upon the title;
id, 6, The priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being shown in 'fl; ',I)).
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. Schedule B in the order of its priority; U"0;I))
� 7. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown
° r in Schedule B, or the failure of the assignment shown in Schedule B to vest title to the insured mortgage in the (I^iii�,;i)
i�a, named insured assignee free and clear of all liens. (1�,�„�))
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° ° The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the �, 'ira
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``� ° insured mortgage, as insured, but only to the extent provided in the Conditions and Stipulations. p�;,))
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. ,. Signed under seal for the Company, but this Policy is to be valid only when it bears an authorized countersignature.
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.� e PLr4 ae °tCNJP-1597- 113140 �/7"�
Serial No.151 (Rey. 1-19-91)
EXCLUSIONS FROM COVERAGE
• The following matters ore expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or
expenses which arise by reason of:•
1, (a) Any law,ordinance or governmental regulation(including but not limited to building or zoning laws,ordinances,or regulations)restricting,regulat-
ing,prohibiting or relating to(i)the occupancy,use,or enjoyment of the land;(ii)the character,dimensions or location of any improvement now or hereafter
erected on the land;(iii)a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part;or(iv)
environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the
enforcement thereof or a notice of o defect,lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the
public records at Date of Policy.
(b) Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise thereof or a notice of a defect,lien or
encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Dote of Policy,but not excluding from coverage
any taking which hos occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
3. Defects,liens,encumbrances, adverse claims or other matters:
(a) whether or not recorded in the public records at Date of Policy, but created,suffered,assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy,but known to the insured claimant and not disclosed in writing to
the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Dote of Policy; or
• (e) resulting in loss or damage which would not have been sustained if the insured claimant had value paid for the insured mortgage or for the estate
or interest insured by this policy.
4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy,or the inability or failure of any
subsequent owner of the indebtedness,to comply with the applicable doing business laws of the state in which the land is situated.
S. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction evidenced by the insured
mortgage and is based upon usury or any consumer credit protection or truth in lending law.
6. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy or the transaction creating the interest
of the insured lender, by reason of the operation of federal bankruptcy,state insolvency or similar creditors'rights lows.
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CONDITIONS CONDITIONS AND STIPULATIONS %I.!.:,,,,,, ,
1. DEFINITION OF TERMS.
The following terms when used in this policy mean: manner which discharges the lien of the insured mortgage; (ii) a transferee of
(o) "insured":the insured named in Schedule A,and,subject to any rights the estate or interest so acquired from an insured corporation, provided the
or defenses the Company would have hod against the named insured, those transferee is the parent or whollyowned subsidiary of the insured corporation.
who succeed to the interest of the named insured by operation of law as distin- and their corporate successors by operation of law and not by purchase,subject
guished from purchase including,but not limited to,heirs,distributees,devisees, to any rights or defenses the Company may have against any predecessor
survivors, personal representatives,next of kin,or corporate or fiduciary succes- insureds; and (iii) any governmental agency or governmental instrumentality
son. The term "insured"also includes which acquires all or any part of the estate or interest pursuant to a contract of
(i) the owner of the indebtedness secured by the insured mortgage insurance or guaranty insuring or guaranteeing the indebtedness secured by the
and eact, successor in ownership of the indebtedness except a successor who is insured mortgage.
an obligor under the provisions of Section 12(c)of these Conditions and Stipula- (b) After Conveyance of Title by on Insured. The coverage of this policy
ns (reserving, however, all rights and'defenses as to any successor that the shall continue in force as of Date of Policy in favor of on insured only so long as
impanv would have had against any predecessor insured,unless the successor the insured retains an estate or interest in the land, or holds an indebtedness
acquired the indebtedness as a purchaser for value without knowledge of the secured by a purchase money mortgage given by a purchaser from the insured,
asserted defect, lien, encumbrance, adverse claim or other matter insured or only so long as the insured shall have liability by reason of covenants of
against by this policy as affecting title to the estate or interest in the land); warranty made by the insured in any transfer or conveyance of the estate or
(ii) any governmental agency or governmental instrumentality which is ' interest.This policy shall not continue in force in favor of any purchaser from an
an insurer or guarantor under an insurance contract or guaranty insuring or insured of either (i) an estate or interest in the land, or (ii) an indebtedness
guaranteeing the indebtedness secured by the insured mortgage, or any part secured by_o purchase money mortgage given to an insured.
thereof, whether named os an insured herein or not; (c) Amount of Insurance.The amount of insurance after the acquisition or
(iii) the parties designated in Section 2(a) of these Conditions and after the conveyance by an insured lender shall in neither event exceed the
Stipulations. least of:
(b) "insured claimant": an insured claiming loss or damage. (i) The amount of insurance stated in Schedule A;
(c) "insured lender":the owner of an insured mortgage. (ii) The amount of the principal of the indebtedness secured by the
(d) "insured mortgage": a mortgage shown in Schedule B, the owner of insured mortgage os of Date of Policy,interest thereon,expenses of foreclosure,
which is named as an insured in Schedule A. amounts advanced pursuant to the insured mortgage to assure compliance with
(e) "knowledge" or "known": actual knowledge, not constructive knowl- lows or to protect the lien of the insured mortgage prior to the time of acquisi-
edge or notice which may be imputed to an insured by reason of the public tion of the estate or interest in the land and secured thereby and reasonable
records as defined in this policy or any other records which impart constructive amounts expended to prevent deterioration of improvements, but reduced by
notice of matters affecting the land. the amount of all payments mode;or
(f) "land":the land described or referred to in Schedule A,and improve- (iii) The amount paid by any governmental agency or governmental
ments affixed thereto which by low constitute real property. The term 'land" instrumentality, if the agency or the instrumentality is the insured claimant, in
.does not include any property beyond the lines of the area described or the acquisition of the estate or interest in satisfaction of its insurance contract or
referred to in Schedule A, nor any right,title, interest, estate or easement in guaranty.
. abutting streets, roads, avenues,alleys, lanes,ways or waterways, but nothing 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
herein shall modify or limit the extent to which o right of access to and from the An insured shall noti the Company promptly in writing(i)in case of any
land is insured by this policy. litigation as set forth in a) below, (ii) in case knowledge shall come to an
(g) "mortgage": mortgage, deed of trust, trust deed, or other security insured hereunder of any c aim of title or interest which is adverse to the title to
• instrument. the estate or interest or the lien of the insured mortgage,as insured,and which
(h) "public records": records established under state statutes at Date of might cause loss or damage for which the Company may be liable by virtue of
Policy for the purpose of imparting constructive notice of matters relating to real this policy, or (iii) if title to the estate or interest or the lien of the insured
property to purchasers for value and without knowledge. mortgage,as insured,is rejected as unmarketable.If prompt notice shall not be
(i "unmarketabiliy of the title":an alleged or apparent matter affecting .given to the Company,then as to that insured all liability of the Company shall
the tine to the land, not excluded or excepted from coverage, which would terminate with regard to the matter or matters for which prompt notice is
entitle a purchaser of the estate or interest described.in Schedule A or the required;provided,however,that failure to notify the Company shall in no case
ared mortgage to be released from the obligation to purchase by virtue of a prejudice the rights of any insured under this policy unless the Company shell be
.rtractual condition requiring the delivery of marketable title. prejudiced by the failure and then only to the extent of the Prejudice.
2. CONTINUATION OF INSURANCE. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED
(a) After Acquisition of Title by Insured Lender.If this policy insures the CLAIMANT TO COOPERATE.
owner of the indebtedness secured by the insured mortgage, the coverage of (a) Upon written request by an insured and subject to the options
this policy shall continue in force as of Date of Policy in favor of(i)such insured contained in Section 6 of these Conditions and Stipulations,the Company,at its
lender who acquires all or any part of the estate or interest in the land by own cost and without unreasonable delay,shall provide for the defense of such
foreclosure, trustee's sale, conveyance in lieu os foreclosure, or other legal insured in litigation in which any third party asserts a claim adverse to the title
or interest as insured, but only as to those stated causes of action alleging o
•
CALIFORNIA LAND TITLE ASSOCIATION
STANDARD COVERAGE POLICY FORM - 1990
SCHEDULE A
ORDER NO. : 80125541
POLICY NO. : CNJP-1597-113140
AMOUNT OF INSURANCE: $1, 145, 000 . 00
PREMIUM: $1, 030 .50
DATE OF POLICY: JULY 30, 1996 AT 8 : 00 A.M.
1 . NAME OF INSURED:
THE CITY OF BREA, A MUNICIPAL CORPORATION, AND U.S. TRUST COMPANY
OF CALIFORNIA, N.A. , A NATIONAL BANKING ASSOCIATION, AS TRUSTEE
FOR THE BENEFIT OF THE HOLDERS OF THE BONDS ISSUED UNDER THE
INDENTURE OF TRUST REFERRED TO IN EXCEPTION NO. 10 OF SCHEDULE B,
PART II, AS THEIR INTERESTS APPEAR OF RECORD.
2 . THE ESTATE OR INTEREST IN THE LAND WHICH IS COVERED BY THIS
POLICY IS:
THE SUBLEASEHOLD ESTATE CREATED BY THAT CERTAIN SUBLEASE,
AFFECTING THE PREMISES HEREIN STATED, EXECUTED BY AND BETWEEN THE
PARTIES NAMED HEREIN, FOR THE TERM AND UPON THE TERMS, COVENANTS
AND CONDITIONS THEREIN PROVIDED,
DATED : JULY 1, 1996
SUBLESSOR : COUNTYWIDE PUBLIC FINANCING AUTHORITY
SUBLESSEE : THE CITY. OF BREA, A MUNICIPAL CORPORATION
RECORDED : JULY 30, 1996
AS INST. NO. : 96-386988 OF OFFICIAL RECORDS.
3 . TITLE TO THE ESTATE OR INTEREST IN THE LAND IS VESTED IN:
THE CITY OF BREA, A MUNICIPAL CORPORATION.
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[ 80125541] 1 •
4 . THE LAND REFERRED TO IN THIS POLICY IS SITUATED IN THE COUNTY OF
ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
THAT PORTION OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 9 WEST, SAN
. BERNARDINO BASE AND MERIDIAN, IN THE RANCHO SAN JUAN CAJON DE
SANTA ANA, IN THE CITY OF BREA, COUNTY OF ORANGE, STATE OF
CALIFORNIA, AS PER MAP RECORDED IN BOOK 51 PAGE 7 OF
MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY, DESCRIBED AS FOLLOWS:
COMMENCING AT POINT "A" AS DESCRIBED IN PARCEL 1 OF THE DEED TO
THE CITY OF BREA RECORDED OCTOBER 11, 1984 AND AS SHOWN ON
EXHIBIT "B" TO SAID DEED; THENCE EASTERLY ALONG THE NORTHERLY
LINE OF ANNEXATION NO. 3-76 TO THE CITY OF BREA BY RESOLUTION NO.
77-45 ADOPTED BY THE CITY COUNCIL MAY 17, 1977 AND CERTIFIED BY
THE SECRETARY OF STATE ON JUNE 28, 1977, SOUTH 89° 53 ' 50" EAST
141 . 59 FEET TO THE TRUE POINT OF BEGINNING OF THIS DESCRIPTION;
THENCE CONTINUING ALONG SAID NORTHERLY LINE SOUTH 89 ° 53 ' 50"
EAST 198 .41 FEET TO A LINE PARALLEL WITH AND 340.00 FEET
EASTERLY, MEASURED AT RIGHT ANGLES, FROM THE EASTERLY BOUNDARY OF
TRACT NO. 9577, AS PER MAP RECORDED IN BOOK 438 PAGES 4 THROUGH
12 , INCLUSIVE, OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY; THENCE SOUTH 0° 06 ' 10" WEST 272 .23 FEET
ALONG SAID PARALLEL LINE TO A POINT ON A CURVE CONCAVE
NORTHEASTERLY AND HAVING A RADIUS OF 2,440. 00 FEET CONCENTRIC
WITH THE NORTHERLY LINE OF LAMBERT ROAD, 60.00 FEET IN WIDTH, AS
DESCRIBED IN AN EASEMENT FOR ROAD PURPOSES FROM UNION OIL OF
CALIFORNIA TO THE CITY OF BREA RECORDED DECEMBER 9, 1977 AS
INSTRUMENT NUMBER 12703 IN BOOK 12487 PAGE 31 OF OFFICIAL RECORDS
OF SAID ORANGE COUNTY, A RADIAL LINE THROUGH SAID POINT BEARS
NORTH 4° 40 ' 30" EAST; THENCE NORTHWESTERLY ALONG SAID CURVE
THROUGH A CENTRAL ANGLE OF 4° 07 ' 28" AN ARC LENGTH OF 175. 64
FEET; THENCE NORTH 50° 23 ' ' 20" WEST 31 . 07 FEET TO A LINE BEING
PARALLEL AND 141 .59 FEET EASTERLY, MEASURED AT RIGHT ANGLES, FROM
THE EASTERLY BOUNDARY OF SAID TRACT NO. 9577; THENCE NORTHERLY
ALONG SAID PARALLEL LINE NORTH 0° 06 ' 10" EAST 232 . 18 FEET TO THE
TRUE POINT OF BEGINNING.
EXCEPT THAT PORTION OF SAID REAL PROPERTY LYING BELOW A DEPTH OF
500 FEET MEASURED VERTICALLY FROM THE SURFACE THEREOF, 'WITH NO
RIGHT OF SURFACE ENTRY THEREON, AS EXCEPTED IN THE DEED FROM
UNION OIL COMPANY OF CALIFORNIA, A CALIFORNIA CORPORATION,
RECORDED OCTOBER 11, 1984 AS INSTRUMENT NO. 84-421550 OF OFFICIAL
RECORDS.
[ 80125541] 2
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SCHEDULE B
THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE (AND THE
COMPANY WILL NOT PAY COSTS, ATTORNEYS ' FEES OR EXPENSES) WHICH
ARISE BY REASON OF:
PART I
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.
PROCEEDINGS BY A PUBLIC AGENCY WHICH MAY RESULT IN TAXES OR
ASSESSMENTS, OR NOTICES OF SUCH PROCEEDINGS, WHETHER OR NOT SHOWN
BY THE RECORDS OF SUCH AGENCY OR BY THE PUBLIC RECORDS.
2 . ANY FACTS, RIGHTS, INTERESTS OR CLAIMS WHICH ARE NOT SHOWN BY
THE PUBLIC RECORDS BUT WHICH COULD BE ASCERTAINED BY AN
INSPECTION OF THE LAND OR WHICH MAY BE ASSERTED BY PERSONS IN
POSSESSION THEREOF.
3 . EASEMENTS, LIENS OR ENCUMBRANCES, OR CLAIMS THEREOF, WHICH ARE
NOT SHOWN BY THE PUBLIC RECORDS.
4. DISCREPANCIES, CONFLICTS IN BOUNDARY LINES, SHORTAGE IN AREA,
ENCROACHMENTS, OR ANY OTHER FACTS WHICH A CORRECT SURVEY WOULD
DISCLOSE, AND WHICH ARE NOT SHOWN BY THE PUBLIC RECORDS.
5 . (A) UNPATENTED MINING CLAIMS; (B) RESERVATIONS OR EXCEPTIONS
IN PATENTS OR IN ACTS AUTHORIZING THE ISSUANCE THEREOF; (C) WATER
RIGHTS, CLAIMS OR TITLE TO WATER, WHETHER OR NOT THE MATTERS
EXCEPTED UNDER (A) , (B) OR (C) ARE SHOWN BY THE PUBLIC RECORDS.
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[ 80125541] 3
SCHEDULE B
PART II
A. GENERAL AND SPECIAL CITY AND/OR COUNTY TAXES FOR THE FISCAL
YEAR 1996-97, A LIEN NOT YET DUE AND PAYABLE.
B. THE LIEN OF SUPPLEMENTAL TAXES, IF ANY, ASSESSED PURSUANT TO
THE PROVISIONS OF CHAPTER 3.5 (COMMENCING WITH SECTION 75) OF THE
REVENUE AND TAXATION CODE OF THE STATE OF CALIFORNIA.
C. THE LIEN OF ANY SPECIAL TAX RESULTING FROM THE INCLUSION OF
THE PROPERTY IN A SPECIAL ASSESSMENT DISTRICT OR MELLO-ROOS
COMMUNITY FACILITIES DISTRICT IN ACCORDANCE WITH THE CODES, WHICH
MAY EXIST BY VIRTUE OF ASSESSMENT MAPS OR NOTICES FILED AND/OR
RECORDED BY ANY SUCH DISTRICT. ASSESSMENTS, IF ANY, ARISING FROM
SUCH ASSESSMENT DISTRICTS WILL BE COLLECTED ALONG WITH THE
REGULAR ORANGE COUNTY REAL ESTATE TAXES.
1 . ANY ADVERSE INTEREST OR CLAIM OF RIGHT OR TITLE OF THE OWNERS
OF ADJACENT LAND IN TOWNSHIP 3 SOUTH, RANGE 9 WEST AND/OR IN
TOWNSHIP 3 SOUTH, RANGE 8 WEST, AND/OR THE RANCHOS SAN JUAN CAJON
DE SANTA ANA AND RINCON DE LA BREA BY REASON OF ANY CONFLICT IN
BOUNDARIES AS MAY BE INDICATED OR DISCLOSED BY LICENSED
SURVEYOR'S MAPS FILED:
IN BOOK 2 PAGE 51, IN BOOK 3 PAGE 55, IN BOOK 8 PAGE 33, IN
BOOK 12 PAGE 40, IN BOOK 13 PAGE 8, IN BOOK 33 PAGE 37, IN
BOOK 34 PAGE 29, IN BOOK 40 PAGE 30, IN BOOK 50 PAGE 45, AND
IN BOOK 63 PAGE 41 OF RECORD OF SURVEYS, IN THE OFFICE OF
THE COUNTY RECORDER OF SAID COUNTY, OR OTHER MAPS FILED OR
RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE
COUNTY, CALIFORNIA.
2 . THE USE AND CONTROL OF CIENEGAS AND NATURAL STREAMS OF WATER,
IF ANY, NATURALLY UPON, FLOWING ACROSS, INTO OR BY SAID TRACT,
AND THE RIGHT OF WAY FOR AND TO CONSTRUCT IRRIGATION OR DRAINAGE
DITCHES THROUGH SAID TRACT TO IRRIGATE OR DRAIN THE ADJACENT
LAND, AS RESERVED IN THE DEED. RECORDED JANUARY 113, 1897 IN BOOK
30 PAGE 11 OF DEEDS.
•
3 . AN EASEMENT FOR A PIPE LINE AND APPURTENANT EQUIPMENT FOR THE
TRANSMISSION OF GAS, AS PROVIDED FOR IN THAT CERTAIN SUPPLEMENT
TO PLANT SITE LEASE DATED FEBRUARY 11, 1954 BETWEEN UNION OIL
COMPANY OF CALIFORNIA, AS LESSOR, AND AMONIACO CORPORATION, AS
LESSEE, RECORDED FEBRUARY 16, 1954 IN BOOK 2670 PAGE 114 OF
OFFICIAL RECORDS, AND AS SET OUT IN A SUBLEASE BETWEEN AMONIACO
CORPORATION, A DELAWARE CORPORATION, AS LESSOR, AND BREA
CHEMICALS INC. , A CORPORATION, AS LESSEE, RECORDED AUGUST 3, 1954
IN BOOK 2783 PAGE 499 OF OFFICIAL RECORDS, AND AS SET OUT IN THE
THIRD SUPPLEMENT TO PLANT SITE LEASE AND FIRST SUPPLEMENT TO
PLANT SUBLEASE BETWEEN COLLIER CARBON AND CHEMICAL CORPORATION, A
CALIFORNIA CORPORATION, AND AMONIACO CORPORATION, A DELAWARE
CORPORATION, RECORDED JANUARY 16, 1967 IN BOOK 8153 PAGE 819 OF
[ 80125541 ] 4 fir,.,
OFFICIAL RECORDS, UPON THE TERMS, COVENANTS, CONDITIONS AND
• RESTRICTIONS THEREIN PROVIDED.
4 . AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSES STATED HEREIN, AND INCIDENTAL PURPOSES,
IN FAVOR OF : BREA CHEMICALS, INC. , A CORPORATION
FOR : A PIPELINE AND APPURTENANT EQUIPMENT FOR THE
TRANSMISSION OF GAS
RECORDED : IN BOOK 3936 PAGE 310 OF OFFICIAL RECORDS
AFFECTS : A PORTION OR PORTIONS OF SAID LAND AS MORE
PARTICULARLY DESCRIBED THEREIN AND SHOWN ON A MAP
ATTACHED THERETO.
5 . AN' EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSES STATED HEREIN, AND INCIDENTAL PURPOSES,
IN FAVOR OF : SOUTHERN CALIFORNIA EDISON COMPANY, A CORPORATION
FOR : ELECTRIC LINES, CONSISTING OF WOOD POLE, "H" FRAME
STRUCTURES, GUY WIRES AND ANCHORS, CROSSARMS,
WIRES AND OTHER FIXTURES AND APPLIANCES AND
COMMUNICATION CIRCUITS WITH NECESSARY
APPURTENANCES, BOTH OVERHEAD AND UNDERGROUND, FOR
CONVEYING ELECTRIC ENERGY TO BE USED FOR LIGHT,
HEAT, POWER, TELEPHONE AND/OR OTHER PURPOSES
RECORDED : FEBRUARY 24, 1982
AS INST. NO. : 82-063028 OF OFFICIAL RECORDS
AFFECTS : THAT PORTION OF SAID LAND LYING WITHIN A STRIP OF
LAND 60 FEET IN WIDTH, THE SOUTHERLY LINE OF WHICH
IS COINCIDENT WITH THE NORTHERLY LINE OF LAMBERT
ROAD.
6 . COVENANTS, CONDITIONS AND RESTRICTIONS IN THE DEED
EXECUTED BY : UNION OIL COMPANY OF CALIFORNIA, A CALIFORNIA
CORPORATION
RECORDED : OCTOBER 11, 1984
AS INST. NO. : 84-421550 OF OFFICIAL RECORDS
WHICH PROVIDES THAT A VIOLATION THEREOF SHALL NOT DEFEAT OR
RENDER INVALID THE LIEN OF ANY MORTGAGE OR DEED OF TRUST MADE IN
GOOD FAITH AND FOR VALUE.
RESTRICTIONS, IF ANY, BASED ON RACE, COLOR, RELIGION OR NATIONAL
ORIGIN ARE DELETED.
7 . AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSES STATED HEREIN, AND INCIDENTAL PURPOSES,
IN FAVOR OF : SOUTHERN CALIFORNIA EDISON COMPANY, A CORPORATION
FOR : UNDERGROUND ELECTRICAL SUPPLY SYSTEMS AND
•
COMMUNICATION SYSTEMS
RECORDED : AUGUST 16, 1985
AS INST. NO. : 85-307462 OF OFFICIAL RECORDS
AFFECTS : THE WESTERLY 8 FEET. OF THE EASTERLY 13 FEET OF THE
SOUTHERLY 145 FEET OF SAID LAND.
8 . A LEASE, AFFECTING THE PREMISES HEREIN STATED, EXECUTED BY AND
[80125541 ] 5
•
BETWEEN THE PARTIES NAMED HEREIN, FOR THE TERM AND UPON THE
TERMS, COVENANTS AND CONDITIONS THEREIN PROVIDED,
DATED : JULY 1, 1996
LESSOR : THE CITY OF BREA, A MUNICIPAL CORPORATION
LESSEE : COUNTYWIDE PUBLIC FINANCING AUTHORITY
RECORDED : JULY 30, 1996
AS INST. NO. : 96-386987 OF OFFICIAL RECORDS .
•
9 . THE TERMS AND CONDITIONS AS REFERRED TO IN THE MEMORANDUM OF
' ASSIGNMENT DATED JULY 1, 1996, AND RECORDED JULY 30, 1996, AND
RECORDED JULY 30, 1996 AS INSTRUMENT NO. 96-387007 OF OFFICIAL
RECORDS, BY WHICH THE COUNTYWIDE PUBLIC FINANCING AUTHORITY
ASSIGNED ITS RIGHTS AND INTERESTS UNDER THE LEASE AGREEMENT
REFERRED TO IN SCHEDULE A TO U.S. TRUST COMPANY OF CALIFORNIA,
N.A. , AS TRUSTEE, UNDER THE UNRECORDED INDENTURE OF TRUST DATED
JULY 1 , 1996 AND SHOWN HEREIN AS ITEM NO. 10.
10 . THE TERMS, PROVISIONS AND CONDITIONS OF AN UNRECORDED
INDENTURE OF TRUST DATED JULY 1, 1996 BY AND BETWEEN U. S. TRUST
COMPANY OF CALIFORNIA, N.A. , AS TRUSTEE, AND THE COUNTYWIDE
PUBLIC FINANCING AUTHORITY, AS DISCLOSED BY THE MEMORANDUM OF
ASSIGNMENT REFERRED TO IN ITEM NO. 9 ABOVE.
11 . THE EFFECT OF THE FAILURE TO COMPLY WITH THE TERMS, COVENANTS
AND PROVISIONS IN THE SUBLEASE REFERRED TO IN SCHEDULE A HEREIN.
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[ 80125541 ] 6 et, ^ S.
s
Order No. : 80125541
Form: C.L.T.A. 112 .2
(Revised 9-10-93 )
Fee: $25 . 00
Endorsement
Attached to Policy No. : CNJP-1597-113140
Issued By
Stewart Title Guaranty Company
Paragraph 1 of the Conditions and Stipulations of this
policy is hereby amended by deleting therefrom subparagraph (a)
and substituting in lieu thereof the following:
(a) "insured" : the party or parties named as insured in
Schedule A, together with each successor in ownership
of any of the bonds referred to in Schedule A of this
policy (reserving, however, all rights and defenses as
to any such successor that the Company would have had
against any predecessor insured, unless the successor
acquired the bond or bonds as a purchaser for value
without knowledge of the asserted defect, lien,
encumbrance, adverse claim or other matter insured
against by this policy as affecting title to the estate
or interest referred to in Schedule A in the land) .
Paragraph 1 of the Conditions and Stipulations of this
policy is further hereby amended by adding subparagraph ( j )
thereto to read as follows :
( j ) "bond" or "bonds" : the bonds referred to in Schedule A
of this policy.
Paragraph 6 of the Conditions and Stipulations of said
policy is hereby amended by deleting the printed text thereof and
substituting in lieu thereof the following:
6. Option to Pav or Otherwise Settle Claims :
Termination of Liability.
In case of a claim under this policy, the Company shall
have the following additional options :
(a) To Pay or Tender Payment of the Amount of
Insurance or to Purchase the Bonds .
(i) to pay or tender payment of the amount of
insurance under this policy together with any
costs, attorneys ' fees and expenses incurred
[ 80125541] 7
Lay
by the insured claimant, which were
authorized by the Company, up to the time of
payment or tender of payment and which the
Company is obligated to pay; or
(ii) in case loss or damage is claimed under this
policy by an insured owner or legal holder of
any of the bonds referred to in Schedule A,
to• purchase such bond or bonds for the amount
• owing thereon together with any costs,
attorneys ' fees and expenses incurred by the
insured claimant, which were authorized by
the Company, up to the time of purchase and
which the Company is obligated to pay.
If the Company offers to purchase said bond or
bonds as herein provided, such insured shall
transfer, assign and deliver said bond or bonds,
together with any collateral securing the same, to
the Company upon payment therefor.
Upon the exercise by the Company of the option
provided for in paragraph a(i) , all liability and
obligations to the insured under this policy,
other than to make the payment required in that
paragraph, shall terminate, including any
liability or obligation to defend, prosecute or
continue any litigation, and the policy shall be
surrendered to the Company for cancellation.
Upon the exercise by the Company of the option
provided for in paragraph a(ii) , the Company's
obligation to an insured owner or legal holder of
said bond or bonds for the claimed loss or damage,
other than the payment required to be made, shall
terminate, including any liability or obligation
to defend, prosecute or continue any litigation.
(b) To Pay or Otherwise Settle With Parties Other than
the Insured or With the Insured Claimant.
(i) to pay or otherwise settle with other parties
for or in the name of an insured claimant any
claim insured against under this policy,
together with any costs, attorneys ' fees and
expenses incurred by the insured claimant
which were authorized by the Company up to
the time of payment and which the Company is
obligated to pay; or
(ii) to pay or otherwise settle with the insured
claimant the loss or damage provided for
under this policy, together with any costs,
attorneys ' fees and expenses incurred by the
[80125541 ] 8
insured claimant which were authorized by the
Company up to the time of payment and which
the Company is obligated to pay.
Upon the exercise by the Company o.f either of
the options provided for in paragraphs b(i)
or (ii) , the Company's obligations to the
insured under this policy for the claimed
loss or damage, other than the payments
required to be made, shall terminate,
including any liability or obligation to
defend, prosecute or continue any litigation.
Any loss under this policy shall be payable to the insured
as their respective interests may appear. If payment is made to
any owner or legal holder of any of said bonds, such payment
shall be made ratably with other bondholders. Payment by the
Company to any owner or legal holder of any of said bonds shall
reduce pro tanto the liability of the Company under this policy
to such owner or legal holder.
This endorsement is made a part of the policy and is subject
to all of the terms and provisions thereof and of any prior
endorsements thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy
and any prior endorsements, nor does it extend the effective date
of the policy and any prior endorsements, nor does it increase
the face amount thereof.
Stewart Title Guaranty Company
By:
[80125541 ] 9 (1- !,
Order No. : 80125541
Form: C.L.T.A. 110 . 1
(Revised 9-10-93 )
Fee: No Charge
Endorsement
•
Attached to Policy No. : CNJP-1597-113140
Issued By
Stewart Title Guaranty Company
The policy is hereby amended by deleting paragraphs 5, 6 and
7 of the Covered Title Risks referred to on the face page of the
Policy. •
This endorsement is made a part of the policy and is subject
to all of the terms and provisions thereof and of any prior
endorsements thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy
and any prior endorsements, nor does it extend the effective date
of the policy and any prior endorsements, nor does it increase
the face amount thereof.
Stewart Title Guaranty Company
v
[80125541] 1000PY
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NOTE ASSESSOR S tcolca ' 'ASSESS°
•
PARCELS NUMBERS 1 ;
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•
CONDITIONS AND STIPULATIONS Continued
(continued from reverse side of Policy Face)
defect, lien or encumbrance or other matter insured against by this policy. The (ii) in case loss or damage is claimed under this policy by the owner of
Company shall have the right to select counsel of its choice (subject to the right the indebtedness secured by the insured mortgage, to purchase the indebted-
of such insured to object for reasonable cause) to represent the insured as to ness secured by the insured mortgage for the amount owing thereon together
t'-•e stated causes of action and shall not be liable for and will not pay the with any costs, attorneys' fees and expenses incurred by the insured claimant
of any other counsel.The company will not pay any fees,costs or expenses which were authorized by the Company up to the time of purchase and which
b.—aired by an insured in the defense of those causes of action which allege the Company is obligated to pay.
matters not insured against by this policy. If the Company offers to purchase the indebtedness as herein provided,
(b) The Company shall have the right, at its own cost, to institute and the owner of the indebtedness shall transfer, assign, and convey the indebted-
prosecute any action or proceeding or to do any other act which in its opinion ness and the insured mortgage, together with any collateral security, to the
may be necessary or desirable to establish the title to the estate or interest or Company upon payment therefor.
the lien of the insured mortgage, as insured, or to prevent or reduce loss or Upon the exercise by the Company of the option provided for in para-
damage to an insured. The Company may take any appropriate action under graph a(i), all liability and obligations to the insured under this policy, other
the terms of this policy,whether or not it shall be liable.hereunder,and shall not than to make the payment required in that paragraph, shall terminate, includ-
thereby concede liability or waive any provision of this policy.If the Company ing any liability or obligation to defend, prosecute, or continue any litigation;
shall exercise its rights under this paragraph, it shall do so diligently, and the policy shall be surrendered to the Company for cancellation,
(c) Whenever the Company shall have brought an action or interposed a Upon the exercise by the Company of the option provided for in paragraph
defense as required or permitted by the provisions of this policy,the Company a(ii) the Company's obligation to an insured Lender under this policy for the
may pursue any litigation to final determination by a court of competent juris- , _ claimed loss or damage, other than the payment required to be made, shall
diction and expressly reserves the right,in its sole discretion,to appeal from any terminate, including any liability or obligation to defend, prosecute or continue
adverse judgment or order. any litigation.
(d) In all cases where this policy permits or requires the Company to prose-' (b)'To Pay or Otherwise Settle With Parties Other than the Insured or
cute or provide for the defense of any action or proceeding, an insured shall With the Insured Claimant.
secure to the Company the right to so prosecute or provide defense in the action (i) to pay or otherwise settle with other parties for or in the name of
or proceeding, and all appeals therein, and permit the Company to use, at its an insured claimant any claim insured against under this policy, together with
option, the name of such insured for this purpose. Whenever requested by the any costs, attorneys'fees and expenses incurred by the insured claimant which
Company, an insured, at the Company's expense, shall give the Company all were authorized by the Company up to the time of payment and which the
reasonable aid (i) in any action or proceeding, securing evidence, obtaining Company is obligated to pay; or
witnesses, prosecuting or defending the action or proceeding, or effecting set- (ii) to pay or otherwise settle with the insured claimant the loss or
tlement, and (ii) in any other lawful act which in the opinion of the Company damage provided for under this policy, together with any costs, attorneys' fees
may be necessary or desirable to establish the title to the estate or interest or and expenses incurred by the insured claimant which were authorized by the
the lien of the insured mortgage, as insured. If the Company is prejudiced by Company up to the time of payment and which the Company is obligated to
the failure of an insured to furnish the required cooperation, the Company's pay.
obligations to such insured under the policy shall terminate, including any liabil- Upon the exercise by the Company of either of the options provided for in
ity or obligation to defend,prosecute,or continue any litigation,with regard to paragraphs b(i) or b(ii), the Company's obligations to the insured under this
the matter or matters requiring such cooperation. policy for the claimed loss or damage, other than the payments required to be
5. PROOF OF LOSS OR DAMAGE. made,shall terminate, including any liability or obligation to defend,prosecute
In addition to and after the notices required under Section 3 of these Con- or continue any litigation.
r' is and Stipulations have been provided the Company, a proof of loss or 7. DETERMINATION AND EXTENT OF LIABILITY,
i. .ge signed and sworn to by each insured claimant shall be furnished to the This policy is a contract of indemnity against actual.monetary loss or dam-
Company within 90 days after the insured claimant shall ascertain the facts age sustained or incurred by the insured claimant who has suffered loss or
giving rise to the loss or damage.The proof of loss or damage shall describe the damage by reason of matters insured against by this policy and only to the
defect in,or lien or encumbrance on the title,or other matter insured against by extent herein described.
this policy which constitutes the basis of loss or damage and shall state, to the i (a) The liability of the Company under this policy to an insured lender shall
extent possible,the basis of calculating the amount of the loss or damage. If the not exceed the least of:
Company is prejudiced by the failure of an insured claimant to provide the (i) the Amount of Insurance stated in Schedule A, or, if applicable,
required proof of loss or damage, the Company's obligations to such insured the amount of insurance as defined in Section 2 (c)of these Conditions and
under the policy shall terminate, including any liability or obligation to defend, Stipulations;
prosecute, or continue any litigation, with regard to the matter or matters (ii) the amount of the unpaid principal indebtedness secured by the
requiring such proof of loss or damage. insured mortgage as limited or provided under Section 8 of these Conditions
In addition, an insured claimant may reasonably be required to submit on and Stipulations or as reduced under Section 9 of these Conditions and Stipula-
examination under oath by any authorized representative of the Company and Lions, at the time the loss or damage insured against by this policy occurs,
shall produce for examination, inspection and copying,at such reasonable times- together with interest thereon;or
and places as may be designated by any authorized representative of the (iii) the difference between the value of the insured estate or interest
Company,all records,books, ledgers,checks,correspondence and memoranda, as insured and the value of the insured estate or interest subject to the defect,
whether bearing a date before or after Date of Policy, which reasonably per- lien or encumbrance insured against by this policy.
taro to the loss or damage. Further,if requested by any authorized representa- (b) In the event the insured lender has acquired the estate or interest in the
tive of the Company, the insured claimant shall grant its permission, in writing, manner described in Section 2(a) of these Conditions and Stipulations or has
for any authorized representative of the Company to examine,inspect and copy conveyed the title,then the liability of the Company shall continue as set forth in
all records, books, ledgers,checks,correspondence and memoranda in the cus- Section 7(a)of these Conditions and Stipulations.
tody or control of a third party,which reasonably pertain to the loss or damage. (c) The liability of the Company under this policy to an insured owner of
All information designated as confidential by an insured claimant provided to the estate or interest in the land described in Schedule A shall not exceed the
the Company pursuant to this Section shall not be disclosed to others unless, in least of:
the reasonable judgment of the Company, it is necessary in the administration (i) the Amount of Insurance stated in Schedule A;or,
of the claim. Failure of an insured claimant to submit for examination under (ii) the difference between the value of-the insured estate or interest
. oath, produce other reasonably requested information or grant permission to as insured and the value of the insured estate or interest subject to the defect,
secure reasonably necessary information from third parties as required in this lien or encumbrance insured against by this policy. ,
paragraph, unless prohibited by law or governmental regulation, shall termi- i (d) The Company will pay only those costs, attorneys' fees and expenses
nate any liability of the Company under this policy as to that insured for that incurred in accordance with Section 4 of these Conditions and Stipulations.
claim. 8.. LIMITATION OF LIABILITY.
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION (a) If the Company establishes the title,or removds the alleged defect,lien
OF LIABILITY, or encumbrance, or cures the lack of a right of access to or from the land,or
case of a claim under this policy,the Company shall have the following cures the claim of unmarketability of title,or otherwise establishes the lien of the
c enal options; insured mortgage, all as insured, in a reasonably diligent manner by..any--
(a) To Pay or Tender Payment of the Amount of Insurance or to Pur- method, including litigation and the completion:- f,an'appeals therefrom;IC
chase the Indebtedness, shall have fully performed its obligations vith respect to that matter and shall not, i.
(i) to pay or tender payment of the amount of insurance under this be liable for any loss or damage caused:ihereby.
policy together with any costs, attorneys' fees and expenses incurred by the @,® ",
insured claimant, which were authorized by the Company, up to the time of `�
payment or tender of payment and which the Company is obligated to poy;or i
conditions and stipulations continued and concluded
(b) In the event of any litigation, including litigation by the Company or If loss should result from any act of the insured claimant,as stated above,
with the Company's consent, the Company shall have no liability for loss or that act shall not void this policy, but the Company, in that event, shall be
damage until there has been o final determination by o court of competent required to pay only that part of any losses insured against by this policy which
. 'diction, and disposition of all appeals therefrom, adverse to the title, or, if shall exceed the amount, if any,lost to the Company by reason of the impair-
cable,to the lien of the insured mortgage, as insured. ment by the insured claimant of the Company's right of subrogation.
(c) The Company shall not be liable for loss or damage to any insured for (b) The Insured's Rights and Limitations.
liability.voluntarily assumed by the insured in settling any claim or suit without Notwithstanding the foregoing,the owner of the indebtedness secured by
the prior written consent of the Company. j - an insured mortgage, provided the priority of the lien of the insured mortgage
(d) The Company shall not be liable to on insured lender for: (i) any or its enforceability is not affected, may release or substitute the personal lio-
indebtedness created subsequent to Date of Policy except for advances made to bility of any debtor or guarantor, or extend or otherwise modify the terms of
protect the lien of the insured mortgage and secured thereby and reasonable payment, or release a portion of the estate or interest from the lien of the
amounts expended to prevent deterioration of improvements;or(ii)construction insured mortgage, or release any collateral security for the indebtedness.
loan advances mode subsequent to Dote of Policy, except construction loan When the permitted acts of the insured claimant occur and the insured has
advances made subsequent to Dote of Policy for the purpose of financing in knowledge of any claim of title or interest adverse to the title to the estate or
whole or in part the construction of an improvement to the land which at Dote of interest or the priority or enforceability of the lien of an insured mortgage, as
Policy were secured by the insured mortgage and which the insured was and insured, the Company shall be required to pay only that port of any losses
continued to be obligated to advance at and after Date of Policy. insured against by this policy which shall exceed the amount, if any, lost to the
9• REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF Company by reason of the impairment by the insured claimant of the Company's
LIABILITY. right of subrogation.
(o) All payments under this policy, except payments made for costs,attar (c) The Company's Rights Against Non-insured Obligors.
neys' fees and expenses,shall reduce the amount of insurance pro tanto. How- The Company s right of subrogation against non-insured obligors shall exist
ever, as to an insured lender, any payments made prior to the acquisition of and shall include, without limitation, the rights of the insured to indemnities,
title to the estate or interest as provided in Section 2(a)of these Conditions and guaranties, other policies of insurance or bonds, notwithstanding any terms or
Stipulations shall not reduce pro tanto the amount of insurance afforded under conditions contained in those instruments which provide for subrogation rights by
this policy as to any such insured,except to the extent that the payments reduce reason of this policy.
the amount of the indebtedness secured by the insured mortgage. The Company's right Of subrogation shall not be avoided by acquisition of
(b) Payment in port by any person of the principal of the indebtedness,or an insured mortgage by an obligor (except an obligor described in Section
any other obligation secured by the insured mortgage,or any voluntary partial 1(a)(ii)of these Conditions and Stipulations)who acquires the insured mortgage
satisfaction or release of the insured mortgage, to the extent of the payment, as a result of On indemnity, guarantee, other policy of insurance,or bond and
satisfaction or release, shall reduce the amount of insurance pro tanto. The the obligor will not be on insured under this policy, notwithstanding Section
amount of insurance may thereafter be increased by accruing interest and 1(a)(i)of these Conditions and Stipulations.
advances made to protect the lien of the insured mortgage and secured there- 13. ARBITRATION.
by, with interest thereon, provided in no event shall the amount of insurance Unless prohibited by applicable law, either the Company or the insured
be greater than the Amount of Insurance stated in Schedule A. may demand arbitration pursuant to the Title Insurance Arbitration Rules of the
(c) Payment in full by any person or the voluntary satisfaction or release of American Arbitration Association. Arbitrable matters may include, but are not
the insured mortgage shall terminate all liability of the Company to an insured . limited to,any controversy or claim between the Company and the insured aris-
lender except as provided in Section 2(a)of these Conditions and Stipulations. ing out of or relating to this policy, any service of the Company in connection
LIABILITY NONCUMULATIVE. with its issuance or the breach of o policy provision or other obligation. All
is expressly understood that the amount of insurance under this policy j arbitrable matters when the Amount of Insurance is 51,000,000 or less shall be
shun be reduced by any amount the Company may pay under any policy insur- arbitrated at the option of either the Company or the insured. All arbitrable
ing a mortgage to which exception is taken in Schedule B or to which the insured matters when the Amount of Insurance is in excess of $1,000,000 shell be arbi-
has
agreed, assumed, or taken subject, or which is hereafter executed by an trated only when agreed to by both the Company and the insured. Arbitration
insured and which is a charge or lien on the estate or interest described or pursuant to this policy and under the Rules in effect on the date the demand for
referred to in Schedule A,and the amount so paid shall be deemed o payment arbitration is made or,at the option of the insured,the Rules in effect at Date of
under this policy to the insured owner. Policy shall be binding upon the parties. The award may include attorneys'fees
The provisions of this Section shall not apply to an insured lender,3mless only if the laws of the state in which the land is located permit a court to award
such insured acquires title to said estate or interest in satisfaction of the attorneys' fees to o prevailing party. Judgment upon the award rendered by
indebtedness secured by an insured mortgage. the Arbitrator(s) may be entered in any court having jurisdiction thereof.
11. PAYMENT OF LOSS. The low of the situs of the land shall apply to an arbitration under the Title
(a) No payment shall be made without producing this policy for endorse- Insurance Arbitration Rules.
ment of the payment unless the policy has been lost or destroyed,in which case A copy of the Rules may be obtained from the Company upon request.
proof of loss or destruction shall be furnished to the satisfaction of the 14. UABIUTY LIMITED TO THIS POLICY; POUCY ENTIRE CONTRACT.
Company. (a) This policy together with all endorsements, if any,attached hereto by
(b) When liability and the extent of loss or damage has been definitely the Company is the entire policy and contract between the insured and the
fixed in accordance with these Conditions and Stipulations,the loss or damage Company. In interpreting any provision of this policy, this policy shall be
shall be payable within 30 days thereafter. construed as a whole.
12. SUBROGATION UPON PAYMENT OR SETTLEMENT. (b) Any claim of loss or damage,whether or not based on negligence,and
(a) The Company's Right of Subrogation which arises out of the status of the lien of the insured mortgage or of the title
Whenever the Company shall hove settled and paid o claim under this to the estate or interest covered hereby or by any action asserting such claim,
policy,all right of subrogation shall vest in the Company unaffected by any act shall be restricted to this policy.
of the insured claimant. (c) No amendment of or endorsement to this policy can be made except by
a writing endorsed hereon or attached hereto signed by either the President,a The Company shall be subrogated to and be entitled to all rights and
Vice President, the Secretory, an Assistant Secretary, or validating officer or remedies which the insured claimant would have had against any person or
property in respect to the claim hod this policy not been issued.If requested by authorized signatory of the Company.
the Company,the insured claimant shall transfer to the Company all rights and 15. InS event
any.
remedies against any person or property necessary in order to perfect this right r the ble provision ofsthe be deemedlicy is h not invalid or unenforceableo
of subrogation. The insured claimant shall permit the Company to sue, cam- under applicable low,the polity shall to include that provision
promise or settle in the name of the insured claimant and to use the name of the and all other provisions shall remain in full force and effect.
16. NOTICES,WHERE SENT.
insured claimant in any transaction or litigation involving these rights or
remedies, • All notices required to be given the Company and any statement in writing
• required to be furnished the Company shall include the number of this policy if a payment on account of a claim does not fully cover the loss of the
i I claimant,the Company shall be subrogated ti)as to on insured owner, and shall be addressed to the Company at P.O. Box 2029, Houston, Texas
to . 77252-2029, and identify this policy by its printed policy serial number which..rights and remedies in the proportion which the Company's payment bears
appears on the bottom of the front of the first page of this polity.to the whole amount of the loss; and (ii) as to do insured lender, to all rights -
and remedies of the insured claimant after the insured claimant shall have re- ..
covered its principal, interest, and costs of collection.
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