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HomeMy WebLinkAbout1971-025 Title Insurance - Coastal Dynamics - Water St i ~ a LL a o a, o N y bA O 0 o ~ m U 5 III, F w r, P4 Eml j Do--lP4 z C~ E g v ~xo a N CC H a~ O C7 J P a F cc ~ e UU O y, G 0., w'•w r -CONDITIONS AND STIPULATIONS (Includes [hose in the American Land Title Association-Owner's Policy-Standard Form B-1962) 1. DEFINITION OF TERMS Schedule A or title to streets, roads, avenues, the Company within ten days of the receipt lanes, ways or waterways on which such of process or pleadings or if the Insured The following terms when used in this land abuts, or the right to maintain therein shall not, in writing, promptly notify the policy mean: vaults, tunnels, ramps or any other structure Company of any defect, lien or encumbrance (a) "land the land described, spe- or improvement; or any rights or easements insured against which shall come to the cifically or by reference, in Schedule A and therein unless this policy specifically pro. knowledge of the Insured, or if the Insured improvements affixed thereto which by law vides that such property, rights or easements shall not, in writing, promptly notify the constitute real property; are insured, except that if the land abuts Company of any such rejection by reason of (b) "Public records those records upon one or more physically open streets or claimed unmarketability of title, then all which impart constructive notice of matters highways this policy insures the ordinary liability of the Company in regard to the rights of abutting owners for access to one subject matter of such action, proceeding or relating to said land; of such streets or highways, unless otherwise matter shall cease and terminate; provided, (c) "knowledge": actual knowledge, excepted or excluded herein. however, that failure to notify shall in no not constructive knowledge or notice which (d) Defects, liens encumbrances, ad. case prejudice the claim of any Insured may be imputed to the Insured by reason verse claims against the title as insured or unless the Company shall be actually preju. of any public records; other matters (1) created, suffered, assumed diced by such failure and then only to the (d) "date": the effective date; or agreed to by the Insured claiming loss or extent of such prejudice. damage; or (2) known to the Insured (c) The Company shall have the right (e) "mortgage mortgage, deed of Claimant either at the date of this policy or - at its own cost to institute and prosecute any trust, trust deed, or other security instru- at the date such Insured Claimant acquired action or proceeding or do any other act r ment; and _ an estate or interest insured by this policy which in its opinion may be necessary or "F0insured"_ the party or parties and not shown by the public records, unless desirable to establish the tide of the estate named as Insured, and if the owner of the disclosure thereof in writing by the Insured or interest or the lien of the mortgage as indebtedness secured by a mortgage shown shall have been made to the Company prior insured; and the Company may take any in Schedule B is named as an Insured in to the date of this policy; or (3) resulting appropriate action under the terms of this Schedule A, the Insured shall include (I) in no loss to the Insured Claimant; or (4) policy whether or not it shall be liable there- each successor in interest in ownership of attaching or created subsequent to the date under and shall not thereby concede liability such indebtedness, (2) any such owner who hereof, or waive any provision of this policy. acquires the estate or interest referred to in , (e) Loss or damage which would not (d) In all cases where this poll per. this policy by foreclosure, trustee's sale, or have been sustained if the Insured were a mits or requires the Company to prosecute other legal manner in satisfaction of said in. purchaser or encumbrancer for value without or provide for the defense of any action or debtedness, and (3) any federal agency or knowledge. proceeding, the Insured shall secure to it instrumentality which is an insurer or Usur the right to so prosecute or provide defense guarantor under an insurance contract or (f) Y or claims of usury. in such action or proceeding, and all appeals guaranty insuring or guaranteeing said in- (g) "Consumer credit protection," therein, and permit it to use, at its option, debtedness, or any part thereof, whether "truth-in-lending;" or similar law. the name of the Insured for such purpose. named as an Insured herein or not, subject Whenever requested by the Company the otherwise to the provisions hereof. 4. DEFENSE AND PROSECUTION OF AC- Insured shall give the Company all reason. 2. BENEFITS AFTER ACQUISITION OF TITLE TIONS - NOTICE OF CLAIM TO BE able aid in any such action or proceeding, GIVEN BY THE INSURED in effecting settlement, securing evidence, If an insured owner of the indebtedness obtaining witnesses, or prosecuting or de. secured by a mortgage described in Schedule (a) The Company, at its own cost and fending such action or proceeding, and the B acquires said estate or interest, or any part without undue delay shall provide (1) for Company shall reimburse the Insured for thereof, by foreclosure, trustee's sale, or the defense of the Insured in all litigation any expense so incurred. other legal manner in satisfaction of said consisting of actions or proceedings com- indebtedness, or any part thereof, or if a menced against the Insured, or defenses, S. NOTICE OF LOSS - LIMITATION OF federal agency or instrumentality acquires restraining orders, or injunctions inter. ACTION said estate or interest, or any part thereof, as posed against a foreclosure or sale of the a consequence of an insurance contract or mortgage and indebtedness covered by this In addition to the notices required under guaranty insuring or guaranteeing the in. policy or a sale of the estate or interest in paragraph 4(b), a statement in writing of debtedness secured by a mortgage covered said land; or (2) for such action as may be any loss or damage for which it is claimed by this policy, or any part thereof, this appropriate to establish the title of the the Company is liable under this policy shall policy shall continue in force in favor of estate or interest or the lien of the mortgage be furnished to the Company within sixty such Insured, agency or instrumentality, as insured, which litigation or action in any days after such loss or damage shall have subject to all of the conditions and stipula- of such events is founded upon an alleged been determined and no right of action shall tions hereof. defect, lien or encumbrance insured against accrue to the Insured under this policy until - by this policy, and may pursue any litigation thirty days after such statement shall have 3. EXCLUSIONS FROM THE COVERAGE OF to final determination in the court of last been furnished, and no recovery shall be THIS POLICY resort. had by the Insured under this, policy unless (b) In case an such action or proceed- action shall be commenced thereon within This policy does not insure against loss y P five years after expiration of said thirty day or damage by reason of the following: ing shall be begun, or defense interposed, period. Failure to furnish such statement of or in case knowledge shall come to the loss or damage, or to commence such action regulation Any law, ordinance or governmental Insured of any claim of tide or interest within the time hereinbefore specified, shall (including but not limited to which is adverse to the tide of the estate or be a conclusive bar against maintenance by building and zoning ordinances) restricting interest or lien of the mortgage as insured, the Insured of any action under this policy. or regulating or prohibiting the occupancy, or which might cause loss or damage for use or enjoyment of the land, or regulating which the Company shall or may be liable 6. OPTION TO PAY, SETTLE OR COMPRO- the character, dimensions, or location of any by virtue of this policy, or if the Insured MISE CLAIMS improvement now or hereafter erected on shall in good faith contract to sell the said land, or prohibiting a separation in indebtedness secured by a mortgage covered The Company shall have the option to ownership or a reduction in the dimensions by this policy or„if an Insured in good faith pay or settle or compromise for or in the or area of any lot or parcel of land. leases or contracts to sell, lease or mortgage name of the Insured any claim insured (b) Governmental rights of police the same, or if the successful bidder at a against or to pay the full amount of this power or eminent domain unless notice of foreclosure sale under a mortgage covered by policy, or, in case loss is claimed under this the exercise of such rights appears in the this policy refuses to purchase and in policy by the owner of the indebtedness public records at the date hereof. any such event the title to said estate or secured by a mortgage covered by this interest is rejected as unmarketable, the policy, the Company shall have the option (c) Title to any property beyond the Insured shall notify the Company thereof in to purchase said indebtedness; such put. lines of the land expressly described in writing. If such notice shall not be given to chase, payment or tender of payment of the (Conditio'hs and Stipulations Continued and Concluded on Last'Page of Tliis Policy) CONDITIONS AND STIPULATIONS (Continued and Concluded From Reverse Side of Policy Face) full amount of this policy, together with ' 8. LIABILITY NONCUMULATIVE parcel by the Company and the Insured at all costs, attorneys' fees and expenses which It is expressly understood that the amount the time of the issuance of this policy and the Company is obligated hereunder to pay, shown by an express statement herein or by shall terminate all liability of the Company of this policy is reduced by any amount the an endorsement attached hereto. hereunder. In the event, after notice of Company may pay under any policy insuring claim has been given to the Company by the validity or priority of any mortgage 10. SUBROGATION UPON PAYMENT OR the Insured, the Company offers to purchase shown or referred to in Schedule B hereof SETTLEMENT said indebtedness, the owner of such indebt- or any mortgage hereafter executed by the edness shall transfer and assign said indebt- Insured which is a charge or lien on the Whenever the Company shall have settled edness and the mortgage securing the same estate or interest described or referred to in a claim under this policy, all right of sub. to the Company upon payment of the Schedule A, and the amount so paid shall rogation shall vest in the Company unaf- purchase price. be deemed a payment to the Insured under feaed by any as of the Insured, and it shall this policy. The provisions of this paragraph be subrogated to and be entitled to all rights 7. PAYMENT OF LOSS numbered 8 shall not apply to an Insured and remedies which the Insured would have owner of an indebtedness secured by a had against any person or property in respect (a) The liability of the Company under mortgage shown in Schedule B unless such to such claim had this policy not been this policy shall in no case exceed, in all, Insured acquires tide to said estate or in- issued. If the payment does not cover the the actual loss of the Insured and costs and retest in satisfaction of said indebtedness or loss of the Insured, the Company shall be attorneys' fees which the Company may he any part thereof. subrogated to such rights and remedies in obligated hereunder to pay. the proportion which said payment bears to 9. COINSURANCE AND APPORTIONMENT the amount of said loss. If loss should (b) The Company will pay, addition result from any act of the Insured, such act to any loss insured against by this policy, (a) In the event that a partial loss all cost imposed upon the Insured in litiga- shall not void this policy, but the Company, after the Insured don carried on by the Company for the ment occurs subsequent prove- in that event, shall required pay only here- Insured, and all costs and attorneys' fees in to the date of policy, that part any losses es insured against here- Ys and only in that event, the Insured becomes mes under which shall exceed the amount, if any, litigation carried on by the Insured with the a coinsurer to the extent hereinafter set lost to the Company by reason of the written authorization of the Company. forth. impairment of the right of subrogation. The (c) No claim for damages shall arise or If the cost of the improvement exceeds Insured, if requested by the Company, shall be maintainable under this policy (1) if the twenty per centum of the amount of this transfer to the Company all rights and Company, after having received notice of an policy, such proportion only of any partial remedies against any person or property alleged defect, lien or encumbrance not loss established shall be borne by the necessary in order to perfect such right of excepted or excluded herein removes such Company as one hundred twenty per centum subrogation, and shall permit the Company defect, lien or encumbrance within a reason. of the amount of this policy bears to the to use the name of the Insured in any able time after receipt of such notice, or (2) sum of the amount of this policy and the transaction or litigation involving such for liability voluntarily assumed by the amount expended for the improvement. The rights or remedies. Insured in settling any claim or suit without foregoing provisions shall not apply to costs If the Insured is the owner of the indebt- written consent of the Company, or (3) in and attorneys' fees incurred by the Company edness secured by a mortgage covered by the event the title is rejected as unmarketable in prosecuting or providing for the defense this policy, such Insured may release or because of a defect, lien or encumbrance not of actions or proceedings in behalf of the substitute the personal liability of any debtor excepted or excluded in this policy, until Insured pursuant to the terms of this policy or guarantor, or extend or otherwise modify there has been a final determination by a or to costs imposed on the Insured in such the terms of payment, or release a.portion court of competent jurisdiction sustaining actions or proceedings, and shall apply only of the estate or interest from the lien of the such rejection. to that portion of losses which exceed in mortgage, or release any collateral. security (d) All payments under this policy, the aggregate test per cent of the face of for the indebtedness, provided such act does except payments made for costs, attorneys the policy, not result in any loss of priority of the fees and expenses, shall reduce the amount provided, however, that the foregoing lien of the mortgage. of the insurance pro canto and no payment coinsurance provisions shall not apply to 11 POLICY ENTIRE CONTRACT shall be made without producing this policy any loss arising out of a lien or ennum. . for endorsement of such payment unless the brance for a liquidated amount which existed Any action or actions or rights of action policy be lost or destroyed, in which case on the date of this policy and was not that the Insured may have or may bring. proof of such loss or destruction shall be shown in Schedule B; and provided further, against the Company arising out of the furnished to the satisfaction of the Com- such coinsurance provisions shall not apply status.of the lien of the mortgage covered pany; provided, however, if the owner of to any loss if, at the time of the occurrence by this policy or the title of the estate or an indebtedness secured by a mortgage of such loss, the [hen value of the premises, interest insured herein must be based on shown in Schedule B is an Insured herein as so improved, does not exceed one hun- the provisions of this pollry then such payments shall not reduce pro died twenty per centum of the amount of ' this No provision or condition of this policy [unto the amount of the insurance afforded policy. can be waived or changed except by writing hereunder as to such Insured, except to the (b) If the land described or referred to endorsed hereon or attached hereto signed extent that such payments reduce the amount in Schedule A is divisible into se arate and by the President, a Vice President, the Sec- of the indebtedness secured by such mort- P retary, an Assistant Secretar or other vali- gage. Payment in full by any person or noncontiguous parcels, or if contiguous and y such parcels are not used as one single site, dating officer of the Company. voluntary satisfaction or release by the In- and a loss is established affectin or 12. NOTICES, WHERE SENT sured of a mortgage covered by this policy anmore of said parcels but not affecting the one loss shall terminate all liability of the Company the insured owner of the indebtedness shall be computed and settled on a pro rata All notices required to be given the secured by such mortgage, except as pro- basis as if the face amount of the policy was Company and any statement in writing re- vided in paragraph 2 hereof. divided pro rata as to the value on the date quired to be furnished the Company shall of this policy of each separate independent include the number of this Policy and shall (e) When liability has been definitely parcel to the whole, exclusive of any be addressed to it at the office which issued fixed in accordance with the conditions of improvements made subsequent to the date this policy or to its Home Office, Claims this policy the loss or damage shall be of this policy, unless a liability or value has Department, 433 South Spring Street, Los payable within thirty days thereafter, otherwise been agreed upon as to each such Angeles, California 90054. i ` Pioneer National Title Insurance Company HOME OFFICE 433 South Spring Street Los Angeles, California 90054 L TO 1529 PNTI (7.69) OR TI Premium $ 50. 00 POLICY OF TITLE INSURANCE ISSUED BY Pioneer National Title Insurance Company a California corporation, hereinafter called the Company, for a valuable consideration paid for this policy of title insurance, the number, date, and amount of which are shown in Schedule A, does hereby insure the parties named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insured, or if a corporation, its successors by dissolution, merger or con- solidation, against direct loss or damage not exceeding the amount stated in Schedule A, together with costs, attorneys' fees and expenses which the Company may be obligated to pay as provided in the Conditions and Stipulations hereof, which the Insured shall sustain by reason of: Title to the land described in Schedule A being vested, at the date hereof, other- wise than as herein stated; or Unmarketability, at the date hereof, of the title to said land of any vestee named herein, unless such unmarketability exists because of defects, liens, encumbrances, or other matters shown or referred to in Schedule B; or Any defect in, or lien or encumbrance on,said title existing at the date hereof, not shown or referred to in Schedule B, or excluded from coverage in the Conditions and Stipulations; or 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 inso- far as such defect affects the lien or charge of such mortgage or deed of trust upon said land; or 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 such mortgage or deed of trust being shown in the order of its priority, all subject, however, to the Conditions and Stipulations hereto annexed, which Conditions and Stipulations, together with Schedules A and B are hereby made a part of this policy. This policy shall not be valid or binding until countersigned below by a validating officer of the Company. In Witness Whereof, Pioneer National Title Insurance Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers. ' {s i tit, #p Pioneer National Title Insurance Company Al ° 7 r~ PRESIDENT 'ities y I~ ounrersigned: TITLE AND UST DIVIS N SECRETARY t 'II I\ #100152 jg Validating Sign or), OREGON LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY FORM SCHEDULE A Amount $ 6, 000. 00 Date March 15, 1971, At 8:00 A.M. INSURED CITY OF ASHLAND, a municipal corporation of the State of Oregon, The estate or interest referred to herein is, at the date hereof, vested in CITY OF ASHLAND, a municipal corporation of the State of Oregon, The land referred to in this policy is described as Commencing at the most-easterly corner of Lot Five (5) in Block Seventeen ('17) in the City of Ashland, Jackson County, Oregon, according to the official 1888 map of said City, thence North 60 ° 10' East 91. 50 feet, thence South 66* 17' East 22. 16 feet to the westerly side line of Water Street; thence North 23° 43' East, along said westerly line, 63. 00 feet to the true point of beginning; thence continue North 23° 43' East 70. 20 feet to the southeast corner of first tract described in Volume 245 pages 150 to 153 of the Deed Records of Jackson County, Oregon; thence North 58° 54' West, along the southerly line thereof, 67. 80 feet to the northeast corner of second tract described in Volume 245 Deeds pages 150 to 153; thence South 35° 46' West, along the easterly line thereof, 88. 85 feet to the State of Oregon highway right-of-way line; thence South 54° 171 East, along said right-of-way line, 51. 00 feet; thence South 86 ° 20' East 43. 00 feet to the said westerly line of Water Street, the true point of beginning. ;(Code 5-1, Account #391E9BB, Tax Lot #200) 10 PAGE 2 OF POLICY NO. OZ315 , F206 R4 70 Standard Coverage Policy SCHEDULE A - Continued The estate or interest in the land described in this schedule is: A' fee. SCHEDULE B This policy does not insure against loss by reason of the matters shown or referred to in this Schedule except to the extent that the owner of any mortgage or deed of trust is expressly insured on page 1 of this policy. 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; pending proceedings for vacating, opening or changing of streets or highways preceding entry of the ordinance or order therefor. 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 making inquiry of persons in possession thereof. 3. Easements, claims of easement or encumbrances which are not shown by the public records; unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which a correct survey would disclose. 5. That part lying within dedicated streets or alleys. 6. Right of way for pipe line, and for other purposes, granted to Ashland Ice & Storage Company, an Oregon corporation, by instrument recorded August 30, 1904, in Volume 50 page 301 of the Deed Records of Jackson County, Oregon. 7. Right of way for water ditch and flume, headgate and dam, and for other purposes, reserved in deed recorded May 24, 1905, in Volume 52 page 401 of the Deed Records of Jackson County, Oregon. 8. City Liens of the City of Ashland, Oregon, if any. PAGE 3 OF POLICY NO. 02315 F207 R4-70 The sketch below is made solely for the purpose of assisting in locating said premises and fhe Company assumes no liability for variations, if any, in dimensions and location ascertained by actual survey. JACKSON COUNTY TITLE CO. 3e IL sf.C No J. MW ySSSSTSSS.S.1S.cN 39 E sea „ g C . CA* cj A. ,L~I.: _ ~ 's, loop ,:Im ~Q•~ P9 i • eaa ~ ~ ' •ap 0 I aim ~ A J~ ~ % , 101 8 ym F 4/ J.' d Fes' v aao 17 y ,n k. Q i yap n' ^ A•. s ° . :1p,ap ' 1zm ,aroY MW 19 'P* " 38 • • am Irv . ' to . 1P ~ • i rJ2 WAY 4 2 sa is "ox A4 t 1000 ' / u 800 oo ba r. ` Go~ J 400 ry Ic00 . ` / " `J - e.7- v X700 7, ct N Q. o W ry ~ = 17 bl m~f \ jM /~1 \ z 3 v y\ / -900 c, a Sco%: Plz/06~ a b 'B. V/v 107001 ,.E \ 300 91, ' ~ / .a sue, ''I. a 100 5 11000 v ~ tai ° Bgs. 4700 0% o C z d ' 1111D 11400 Ays ' h Li 6 iT as. 11300 Ay 11200 '10 ' ~1 tern i 11500 a~G \ =9 5 ~,'0 10700 \ _ ~~ii "08 SSP R Is ?e. o \ 4 \ ~ a 11600 NSF r5600" , s ~9 t~ 3 5 , 7w a .4. ~ ~ , o, a4 2 . , a s \ i ~j as YQ •d> \ o ~ 5800 10100 BCO 5900 ✓ 1 ° . B 9. \ ` ti 44 !1. ° ✓ I~~ /.00, -\2 9500 b 6000 10500 . ' i \ 47 ^ti. +•9300 1 ~i 400 'SO 'aPi ~9100r 9zod 1 w Q s ° `5041 9000 j i ~ 8700 r. ; ggf: 3i P o ~ . ae9' 1- ssob ` 6 7•,9c h / 7ti Z., % ~(:~i 8500 5 ` 620„ 0 . n