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HomeMy WebLinkAbout2002-191 Title Insurance - AmeriTitle-Transnation - KeenerA r T tle Part Qf The [ELD WEN Family December 17, 2002 CITY OF ASHLAND 20 EAST MAIN STREET ASHLAND, OREGON 97520 Re: Order No.: 753179-EV Parties : CITY OF ASHLAND Property : 128 EAST NEVADA STREET, ASHLAND, OREGON 97520 In connection with the above referenced transaction, please find enclosed, Title Insurance Policy No. A38-0075572 Thank you again for choosing AmeriTitle. I look forward to working with you in the future. If you should have any questions or if I can be of further assistance, please feel free to give me a call. Sincerely, AmeriTitle, Eva Vineyard Escrow Officer encl. ev/kea 1501 E McAndrews Rd · PO Box 1804 · Medford, Oregon 97504 · 541 779-7660 · Fax 541 779-3506 Keener LANDAMERICA PRIVACY POLICY NOTICE Dear LandAmerica Customer: The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes insurance companies and their agents. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information. The statement attached to or on the reverse side of this letter is the privacy policy of the LandAmerica family of companies. The three largest members of the family - Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation, and Transnation Title Insurance Company - may issue policies and handle real estate closings in virtually every part of the country. A number of other companies in the family provide other real estate services, and some operate more locally. You may review a list of LandAmerica companies on our website (www.landam.com). You may also visit our website for an explanation of our privacy practices relating to elec~onic communication. Our concern with the protection of your information has been a part of our business since 1876, when the company that is now Commonwealth Land Title Insurance Company issued its first policy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us: LandAmerica Privacy P.O. Box 27567 Richmond, VA 23261-7567. LandAmerica Companies Title Insurance Companies: Commonwealth Land Title Insurance Company, Commonwealth Land Title Insurance Company of New Jersey, Industrial Valley Title Insurance Company, Land Title Insurance Company. Lawyers Title Insurance Corporation, Title Insurance Company of America, Transnation Title Insurance Company, Transnation Title Insurance Company of New York Relocation and Mortgages: Commonwealth Relocation Services, CRS Financial Services, Inc., LandAmerica Account Servicing, Inc. Title Agents: Austin Title Company, ATACO, Inc., Albuquerque Title Company, Atlantic Title & Abstract Company, Brighton Title Services Company, Capitol City Title Services, Inc., CFS Title Insurance Agency, Charleston Title Agency; Charter Title Compmay of Fort Bend, Galveston, and Sugarland; Commercial Settlements, Inc., Commonwealth Land Title Company; Commonwealth Land Title Company of Austin, Dallas, Fort Worth, Houston, Washington, Congress Abstract Corp., Cornerstone Residential Title, Cumberland Title Company, First Title & Escrow, Inc., Gulf Atlantic, Harbour Title, I-IL Title Agency, Lawyers Title Company; Lawyers Title of Arizona, El Paso, Galveston, Nevada, Pueblo, San Antonio, Lawyers Title Settlement Company, Lion Abstract, Longworth Insured, Louisville Title Agency of Central Ohio, Lorain County Title Company, M/I Title Agency, NLaJ Lawyers Title Agency, Oregon Title, Park Title, Partners Title Company, Pikes Peak Title Services, RF_JAffirm Title Agency, Rainier Title Company, Residential Abstract, Residential Title, Rio Rancho Title, Texas Title Company, Title Transfer Service, Inc., TransOhio Residential Title Agency, Transnation Title & Escrow, Union Title Agency, University Title Services, Wilson Title Company .4ppraisalsand,4ncillaryServices: LandAmerica OneStop, Inc. FORM 3391-6 (May 2001) LANDAMERICA PRIVACY POLICY What kinds of information we collect. Most of LandAmerica's business is title insurance, but there are companies in our family that provide other real estate services to consumers. We collect inlbrmation about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of the real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance companies then obtain information from the public records about the property so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your information with marketers outside its own family. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by your or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. Companies within a family may share certain information among themselves in order to identify and market their own products that they think may be useful to you. Credit information about you is shared only to facilitate your transaction or for some other purpose permitted by law. How we protect your information. We restrict access to nonpublic personal information about yota to those employees who need the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Agents that may be covered by this policy. Otten, your transaction goes through a title insurance agent~ Agents that are part of the LandAmerica family are covered by this policy. Agents that are ~aot part of the LandAmerica family may specifically, in writing, adopt our policy statement. FORM 3391-6 (May 2001 ISSUED BY TRANSNATION TITLE INSURANCE COMPANY Transnation A LANDAMERICA COMPANY OWNER'S POLIO,' OF TITLE INSURANCE POLICY NUMBER SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAiNED IN SCHEDULE E; AND TI IE ( 'ONDITIONS AND STIPULATIONS, TRANSNATION TITLE iNSURANCE COMPANY, an Arizona corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. l ilk' to thc estate or interest described in Schedule A being vested other than as staled therein; 2. M: defect in or lien or encumbrance on the title; 3. [ r~marketability of the title; 4. l ack of a righl of access to and from the land. Ihc Company will also pa5' the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in ~he Conditions and Stipulations. IN WITNESS WHEREOF, TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be he reunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Comlzany. TRANSNATION TITLE INSURANCE COMPANY Altcst: By: ~ · Secretary P'esident EXCLUSIONS FROM COVERAGE Ibc following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees o~ expenses which arise by reason of: 1. la) ~ny la~, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, ~egulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improve- mc*~t no~x 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 xx h~ch the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental ~ egula- lions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violalion or alleged violation affecting the land has been recorded in the public records at Date of Policy. lb) ~,ny governmental police power not excluded by (a) above, except to the extent Ihat a notice of the exercise thereof or a notice of a defe¢l, lie. 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 Date of Policy, but not excluding horn coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value 'aithout k m*~ ledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; lb) 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 Date of Policy; or (e) resulting in loss or damage which would nol have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the ope.ration of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: la) d~e transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer resuhs from the failure: d) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. NM 1 PA 10 ALTA Owner's Policy (10/17/92) Face Page Form 1190-57A ORIGINAL Valid only if Schedules A and B and Cover are attacked CITY OF ASHLAND 20 EAST MAIN STREET ASHLAND, OREGON 97520 SCHEDULE A Order No. 753179-EV Policy No. A38-0075572 Effective Date: December 5, 2002 at 2:30 P.M. Amount: $162,500.00 Premium: $617.50 INSURED CITY OF ASHLAND, A MUNICIPAL CORPORATION The fee simple title to said land is, at the date hereof, vested in: CITY OF ASHLAND, A MUNICIPAL CORPORATION The land referred to in this policy is described as: Parcel No. 2 and Parcel No. 3 of Partition Plat No. P-70-2002 of the Records of Jackson County, Oregon; filed December 5, 2002, Index Volume 13, Page 70, County Survey No. 17573. Order No. 753179-EV Policy No. A38-0075572 Page 2 SCHEDULE B This policy does not insure against loss or damage, nor against costs, attorney's fees or expenses, any or all which may arise by reason of the following: Liens, encumbrances, defects and other matters affecting title to said land, or to which said title is subject, as hereinafter set forth: 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 record or 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. 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. Easements, or claims of easement, not shown by the public records, reservations or exceptions in patents or in acts authorizing the issuance thereof, water rights, claims or title to water. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which a correct survey would disclose. 6. City liens, if any, of the City of Ashland. (Liens, levies and/or assessments current as of this date) The rights of the public in and to that portion of the herein described property lying within the limits of public roads, streets or highways. 8. Any adverse claim based on the assertion that: (a) Some portion of said land has been created by artificial means or has accreted to such portion so created. (b) Some portion of said land has been brought within the boundaries thereof by a change in the location of Ashland Creek. Rights of the public, riparian owners and of governmental bodies in that portion of the above described property lying below the high water mark of Ashland Creek. Order No. Policy No. Page 3 753179-EV A38-0075572 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. Right of way for flume for irrigation purposes and the provisions thereof,as set froth in deed recorded December 27, 1909 in Volume 76 Page 81 of the Deed Records of Jackson County, Oregon. An easement created by instrument, including the terms and provisions thereof, Recorded : August 16, 1966 Document No. 66-09099 In Favor Of : City of Ashland For : Electrical telephone, television or any other utility and facilities Slope easement 10 feet in width, and the provisions thereof, granted to the City of Ashland by instrument recorded April 19, 1967 as Document No. 67-03659, Deed Records of Jackson County, Oregon. Terms and provisions of Boundary Line Agreement recorded August 8, 1972 as Document No. 72-10402. Slope and public utility easement and the provisions thereof, granted to the City of Ashland by Warranty Deed and Deed of Easement recorded June 1, 1990 as Document No. 90-13540, Deed Records of Jackson County, Oregon. Easement for construction and maintenance of a reinforced concrete headwall and wing-wall and the terms and provisions thereof, granted to the City of Ashland by Easement recorded June 5, 1990 as Document No. 90-13743, Deed Records of Jackson County, Oregon. Easement executed by First Interstate Bank of Oregon to the City of Ashland for slope and public utility easement and the provisions thereof, recorded June 5, 1990 as Document No. 90-13810, Deed Records of Jackson County, Oregon. Terms and provisions of Boundary Line Agreement recorded June 5, 1990 as Document No. 90-13851. Any uncertainty as to the location of the Westerly Boundary due to the description being the average centerline of Ashland Creek. Notes pertaining to existing easements and terms thereof, as disclosed on the face of recorded Partition Plat No. P-70-2002. Public utility easement and slope easement over the Northerly 4.96 feet of Parcel 3 and the Northerly 10 feet of Parcel 2 as delineated on Partition Plat No. P-70-2002. A 10 foot irrigation easement, underground pipeline, flume and a 20 foot irrigation access easement as delineated on Partition Plat P-70-2002. Drainage way easement for Ashland Creek as delineated on Partition Plat P-70-2002. Order No. 753179-EV Policy No. A38-0075572 Page 4 23. 24. Open space and conservation easement as delineated on Partition Plat P-70-2002. Trust Deed, including the terms and provisions thereof with interest thereon and such future advances as may be provided therein, given to secure the payment of $121,875.00 Dated : November 26, 2002 Recorded : December 5, 2002 Document No. 02-64657 Trustor : City of Ashland, a Municipal Corporation Trustee : Lawyers Title Insurance Corporation Beneficiary : Florence E. Keener and Gary L. Keener, Co-Trustees of the Harold Keener and Florence E. Keener Joint Revocable Living Trust dated August 10, 1995 V tY-t-- E A rffitle ~ ~5et E. ~cAndrews - - I v~, , I (~ SHEET k l FD 5/8" IP W/CAP 6" DEEP t~CAP NOT LEGII~.E (FS 7325) FO 5/8' /P FROM FS 964.3 F$ 9645 LOT 7 ASHLAND AVERAGE CENTERLINE OF ASHLAND CREEK AS CALLED IN BOUNDARY LINE AGREEMENT, DOCUMENT OR 72-10402 AND AS LOCATED OCTO~ER, 2002 LOT 6 CREEK ~1~ LOT 5 FD 5/8' iP W/CAP 6' DEEP MARKED RLS 759 FROM ASHLAND CREEK SUB~ON CORNER ¢. ~TNESS CORNER NW CORNER DLC NO. 5.3 PT'B~. ~.csNwT 38 5F'D 3' BRASS CAP IN CONCRE~E MARKEO:7972COR DLcR I E53 -- 32.34' c~ mm F 2&5' w Ne*',~*'~O'W, o.,;X ~ NEY ~ '%t I-INITiAL POINT ~',~ / J ~-SOUTH LINE OR 67-03659 go I ]_ (SEE SHEET 3~ ~ ~. Sa9'49'~0'[ i64 6~'--. V r -- --' I ~ ~ w J ~' I ' ~ I I E~S~NG ~ ~1~ / ~1 ~1~ ~'"~ I- k 4.~9' ,b ..... I, ,~' '~~ _ i ~ MARK / j~ ~ ~0865 ~ PARCEL OPEN SPACE CORNER I SEE SHEET 3 FOR ADDITIONAL EASEMENT INFORMATION  AVERA~ CENTERLINE OF ASHLAND CREEK AS LOCA TED ,,eJNE & JULY 197.3 (SEE FS 7325, 10104, 7041, 9643) ~~1. ~' ~mEss CORNER FO ~/2' IRON PIPE\ N 58' W, 2.59' ~ CORNER FALLS IN CREEK SET RfTNESS CORNER 589'50'08"E, 25.00' Nsg'50'OS'"W (DR-WEST) (R2.N89'49'IO°W) PARCEL 2 PARTITION PLAT P-94-~9,6 FS 15173 275.83' OR 90-13851 · \ FO 5/'8'/e W/CAP MARKF_D ~ KAUBLE PLS 1822 · ~ ~ LEGE, ! PS ~2761 ~ ~ ~ ~ LOT6 ~ · ~o~ ~ ~2o ~2~ ~EADO~ SUBDI~ON D.A. ~W~DS LS 2JJg ~ ~ ~o (6' ~P) LOT 8 --' ~ ~ 5~" IP W/CAP M~KED: D. BRAUCh, LS 2657 ~ ~ 15173 FD $" BRASS CAP FLUSH MARKED: NE CDR DLC NO. 40 T395 R1E RS 638 1972 NGg'50'Oa'W 'x 132,00' ~ BASIS OF BEARING FS RE: FD IP DLC VOL, PC OR- PUE TRUE MERIDIAN AT 7HE N-S CENTERLINE OF FRO~ THE N.O.A.A. SURVEY NET ON RLE IN JACKSON COUNTY SURVEYOR. 'RdE REFER[N CONTROL FOR THIS SURVEY WAS TAKEN FRO AT POINT 'A' AND POINT 'B' AS SHOVIN ON , 1207'i. FI) I/2" IRON PiPE w/PLASVC PLUG MARKED: SWAIN LS 759 N 00'19'02'E, 0.40' FROM OLC CORNER PT 'A' FD 2 1/2" BRASS CAP ON I' PIPE MARKED:SWAINSURVEYING, SURVEY MONUMENT 1989 ELL COR DLC 41 CONDITIONS AND STIPULATIONS 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incnrred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A: or, iii) the difference between the value of the insured estate or interest as insured and the value of lhe insured estate or interesl subject to the defect, lien or encumbrance insured againsl by this policy. Cb) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or thc full consideration paid for lhe land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on thc land which incrcaso, thc '~alue of lhc insured cstalc or interest by al leasl 20 percent over ~he Amount of Insurance staled in Schedule A, then this Policy is subject to the following: (il where no subsequent improvement has been made, as to any partial loss. the Company shall only pay thc loss pro rata in thc proportion that lhe amounl of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy: or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in lhe proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to lhe sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. lhe provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate. 10 percent of the Amounl of Insurance stated in Schedule A Cc) The ('ompany will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulalions. 8. APPORTIONMENT. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels bul not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusi',e of an)' improvements made subsequent lo Date of Policy, unless a liability or value has otherwise been agreed upon as 1o each parcel by the Company and the insured at thc time of the issuance of this policy and shown b.~ an express statement or by an endorsement allached to Ibis policy 9. LIMITATION OF LIABILITY. (al If thc Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or curc~, the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion ot any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. Cb) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final deternfination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured Cc) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro Canto 11. LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insudng a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. la) No pa_~ m,.'nl shalt be made withoul producing ~his policy for endorsement of thc paymenl t~nless Ihe policy has been lost or destroyed, in v, hich case proof of Io,,s tlr dc,4 ~clion qmll be furnished Io Iht ~,alisfa'ction of the ('ompany. NM 1 PA 10 ALTA Owner's Policy (104 7-92) Cover Page Form 1190-58 (Continued) Cb) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (al The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim tinder this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all tights and remedies which the insured claimant would have had against any person or property in respect lo the claim had this policy not been ~ssued. If requested by Ihe Company, the insured claimant shall transfi:r to the Company all rights and remedies against any person or property necessary in order lo perfect this right of subrogation. The insured claimant shall permil the Company to sue, compromise or settle in thc name of thc insured claimant and to usc lhe name of the insured cia, imam m an,,. transaction or litigation involving lhese rights or remedies. If a payment on account of a claim does nol fully cover the loss of the insured claimant, the Company shall bc subrogated to these r~ghts and remedies in the proportion which thc Company's payment bears lo thc whole amount of the loss. If loss should result from any ecl of the insured claimant, as stated above, that act shall not void Ibis policy, but the Company, in that cvcnl, shall bc required to pay only that part of any losses insured against by' this policy which shall exceed the amount, if any, tosl lo lhe Cor'~pany by reason of the impairment by the insured claimant of lhe Companfs right of subrogation. Cb) The Company's Rights Against Non-insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the iusured 1o indemnities, guaranties, other policies of insurance or bonds, nolwithstanding any terms or conditions contained in those in~lruments which provide for subrogation righls by reason of this policy. 14. ARBITRATION Unless prohibited by applicable law. either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitrat on Rules of the American Arbitration Association. Arbitrable matters ma,,' include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of thc Company in connection with its issuance or lhe breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbilratcd at the option of either thc Company or the insured. All arbitrable matters when the A~nount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both Ihe Company and thc insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parlies. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court 1o award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of Ihe situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE! CONTRACT. (al This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. Cb) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate o' interest covered hereby or by any action asserting such claim, shall be restricted to this policy. Cc) 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 Vice President, the Secretary, an Assistant Sccr,:tary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include tl~at provi- sion and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. 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 and shall be addressed to: Consumer Affairs Department. P.O. Box 27567, Richmond, Virginia 23261-7567. ORIGINAL Valid Only If Face Page, Schedules A and B Are A, tached Issued from the A r T tle 1501 E. McAndrews Road Medlbrd, Oregon 97504 P.O. Box 1804 Phone: (541) 779-7660 OWNER'S POLICY OF TITLE INSURANCE (10-17-92) AMERICAN LAND TITLE ASSOCIATION ISSUED BY TRANSNATION TITLE INSURANCE COMPANY 101 Gateway Centre I arkwa}; Gateway ¢)ne A WORD OF THANKS ..... As we make your policy a part of our permanent records, we want to express our appreciation of this evidence of your faith in Transnation Title Insurance Company. There is no recurring premium. This policy provides valuable title protection and we suggest you keep it in a safe place where it will be readily available for future reference. If you have any questions about the protection provided by this policy, contact the office that issued your policy or you may write to: Consumer Affairs Department Transnation TrUe Insurance Company P.O. Box 27567 Richmond, Virginia 23261-7567 TOLL FREE NUMBER: 1-800-446-7086