Loading...
HomeMy WebLinkAbout1995-034 Title Insurance - RailTexOFFICE OF THE CITY ATTORNEY CITY OF ASHLAND 20 EAST MAIN STREET (503) 482-3211, EXT. 59 MEMORANDUM April 19, 1995 To: From: Subject: Barbara Christensen, City Recorder Jim Olson, Assistant City Engineer Sharlene P. Stephens, ALS Title Insurance - Policy No. 93-00-033-855 LA-63320 Attached is the original for Barbara and a copy for Jim of the above policy regarding the city's recent acquisition of real property from RailTex. Attachment (s:\railtex.ins) JACKSON COUNTY TITLE DIVISION CONTINENTAL LAWYERS TITLE COMPANY 370 DITHIA WAY ASHLAND, OREGON 97520 TEL:(503)488-2240/FAX:(503)488-1786 April 14, 1995 CITY OF ASHLAND CITY HALL ASHLAND OR 97520 Re: LA-63320 Dear Paul Nolte: In connection with the above escrow, we are pleased to enclose Policy of Title Insurance No. 93-00-033-855 for your records. AGain, we wish to thank you for the opportunity to assist you in the purchase of your property. Please consider us for any future property transactions you may have. Sincerely, JULIt'S, C.E.O. E~crow Officer Enclosure [9_?yers tle Insurance ( rporation Fiilc io the kind described in Schedule C being vested, a[ [hc dale hercol', olhc~x~i~c l[llm ;i~ herein slaiCd: or [a_,wyers~t|e Insurance (~rporation / ,,,,,..., ~,,. 93-00- 033-855 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LT1C LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC llll --Ilil --I1~ SCHEDULE OF EXCLUSIONS FROM C()VERA(.;I ; This policy d~cs not im, urc against loss or damage by reason of the lbllo;~ing: I.Any law. ordinance or governmental regulation (including bklt litit limited t~ building LIlItI /()llillg (n'dinanc'es,~ ing or rcgulalinB or prohibiling the occupancy, use or cnjoynwnl of the lan{I, or rc?latin~ d~c xions. or Iocalio~l of any improvement ~ {~r c) r hereafter crcclcd on said land. (.' pr~hib~ting u SClXUa~i,m ship or a reduction in the dimensions or area o1' any Io[ or parcel of land 2. Governmental rights of pellet power or eminent donlain tillJess I1Oticc el the exercise el' Mlch Ihc public records at the date hereof. Title t~ an) propert) beyond the lines of the lamt exprcssl} described in, Schedule C or title to sircot Janes, ways or x~atcrwavs on which snch land abuts, or the riohi 1o nminlain lhcrcin vauJJs. any ~)lhcr structure or improvement: or any rights or easements therein unless this policy specificall such propert), rights or casements are insured, except that if the Jafid abtlts Hp{)n one <)r inoi'c streets or higtmays this policy insures the ordinary rights of abulting m~ners lbr aceess t{~ one highways, unless otherwise excepted or excluded herein. 4. De/bets, liens. encumbrances, adverse claims against the title as insured tn' other I~hllICrs (J) croaled, or agreed to h) the Insured claiming loss or damage: or (2) known to lhc lusl~rc~t Claimant pans prior h~ lhe date of this policy: or (3) resulting in no Mss h~ the Insured ('Ldmam: o~ ~4~ .... subsequent [o the dale hereof. 5. Loss or damage which would not have been sustained if the Insured ~erc a purchaser t)F CllC'LIII!~;FII~CCI without knowledge. 6. Usury or claims of usury. 7. "Consumer credit protection," "truth-in-lending," or similar la~. CONDITIONS AND STIPULATIONS I. I)I'FINIT!¢)N ()F 'IERMS; '[hc tolh,~ing term', ~hcn u~,cd in ~l~i~ p.lic5 land: InstJicd m Schtdu}c A. the h]-u~cd shall mc}udc ( [* 2~ BFNI:I.i'I5 [F'11,~I,I \(O( ISI]I()N ()!: '11TI I( ,litimps alld qipulations herc,,i 3, I)i.WENSI'i AND PR().',iF(I;FI()N ACTIONS -- N()'I'I(']'] ()F CI.AIM TO B[ (;IYEN BI' 'lite INSURED rnorlgagc ,~xcrcd b5 this p.]k'), m LAWYERS TITLE INSURANCE CORPORATION SCHEDULE A Date of Policy: March 23, 1995 Policy No. 93-00-033-855 Order No. LA-63320 at 8:30 A.M. Amount of Insurance: $24,000.00 Premium: $200.00 1. Name of Insured: CITY OF ASHLAND, an Oregon Municipal Corporation 2. The estate or interest referred to herein is at Date of Policy vested in: CITY OF ASHLAND, an Oregon Municipal Corporation e The estate or interest in the land described herein and which is covered by this policy is: A FEE SCHEDULE B This policy does not insure against loss or damage, nor against costs, attorneys' fees or expenses, any or all of which arise by reason of the matters shown or referred to in this Schedule except to 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; 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 said land or by making inquiry of persons in possession thereof. 3. Easement, liens or encumbrances, or claims thereof, 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. Water rights, timber rights and mineral rights, subject to the terms and provisions thereof, reserved by Southern Pacific Transportation Company, a Delaware corporation, in deed recorded January 3, 1995 as No. 95-00050 of the Official Records of Jackson County, Oregon. 6. Reservations and easement, as set out in deed from Southern Pacific Transportation Company, a Delaware corporation, recorded January 3, 1995 as No. 95-00050 of the Official Records of Jackson County, Oregon. 7. Existing Leases, if any. 8. Covenants contained in the Deed recorded March 23, 1995 as No. 95-07674 of the Official Records of Jackson County, Oregon. Policy No. 93-00-033-855 SCHEDULE C The land referred to in this Policy is described as follows: Commencing at the intersection of the north line of "B" Street and the west line of Mountain Avenue in the City of Ashland, Jackson County, Oregon, thence North along the west line of Mountain Avenue, 75 feet to the true point of beginning; thence West, parallel to the north line of "B" Street, 80 feet more or less, to the east line of property of Timber Products Company tract as disclosed in Volume 207 page 58 of the Deed Records of Jackson County, Oregon; thence Northeasterly along said east line, 120 feet to the south line of the Southern Pacific Railroad right of way; thence South 61° East along said right of way, to the west line of Mountain Avenue; thence South 92.5 feet to the true point of beginning. (Code 5-1, Account #1-6130-3, Map #391E9AA, Tax Lot #2600) Policy No. 93-00-033-855 This print is made solely for the purpose of assisting in locating said premises and the cemp,.~ny assumes no liability fcr information printed on this map including zc, cing, va~isticas, £f, any, in dimensions and Iocafi,}qs, Ac~g~d by actual survey. JACKSON COUNt' TITLE DIViSiON CONTINENTAL ~WYERS 'HTLE COMPANY 502 W. ~AIN ~. 779-2811 MEDFORD, OREGON ~0 200 C m STREET 39 I.E 9AD 1.. NOTICE OF LOSS--LIMITATION OF ACTION In addition to the notices required under paragraph 3(b), a statement in writing of any loss or damage for which it is claimed the Company is liable under this policy shall be furnished to the Company within sixty days after such loss or damage shall have been determined and no right of action shall accrue to the Insured under this policy until thirty days after such statement shall have been furnished, and no recovery shall be had by the Insured under this policy unless action shall be commenced thereon within five years after ex- piration of said thirty day period. Failure to fur- nish such statement of loss or damage, or to com- mence such action within the time herein-before specified, shall be a conclusive bar against maintenance by the Insured of any action under this policy. 5. OPTION TO PAY, SETTI. E OR COMPROMISE CLAIMS The Company shall have the option to pay or set- tle or compromise for or in the name of the lnsured any claim insured against or to pay the full amount of this policy, or, in case loss is claimed under this policy by the owner of the indebtedness secured by a mortgage covered by this policy, the Company shall have the option to purchase said indebtedness; such purchase, payment or tender of payinent ot the full amount of this policy. together with all costs. attorneys' fees and expenses which the Company is obligated hereunder to pay, shall terminate all liabili- ty of the Company hereunder. In the event, aJ~cr notice of claim has been given lo the Company by the Insured, the Company ol'Ibrs 1o purchase said indebtedness, the owner of such indebtedness shall transfer and assign said indebtedness and the mort- gage securing the same to the Cmnpany upon pay ment of the purchase price. 6. PAYMENT OF LOSS (a) The liability of the Company under this policy shall in no case exceed, in all, the actual loss of the Insured and costs and attorneys' fees which the Company may bc obligated hereunder to pay. (b) The Company will pay, in addition to any loss insured against by this policy, all cost imposed upon the Insured in litigation carried on by the Company for the Insured. and all costs and at- torneys' fees in litigation carried on by the Insured with the written authorization of the Company. (c) No claim lbr damage shall arise or bc main lainable under this policy { I } if the Company, after having received notice of an alleged defect, lien or encumbrance not excepted or excluded herein removes such defect, lien or encmnbrance within a reasonable time after receipt of such notice, or (2) for liability voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company, or (3) in the event the title is re- jected as unmarketable because of a defect, lien or encumbrance not excepted or excluded in this policy, until there has been a final determination by a court of competent jurisdiction sustaining such rejection. (d) All payments under this policy, except payments made for costs. attorneys' fees and ex- penses, shall reduce the amount of the insurance pro tanto and no payment shall be made without pro- ducing this policy for endorsement of such payment (Condilions and*Sti'pul~tiohs conlmnoJ) unless the policy be lost or destroyed, in w,hich case proof of such loss or destruction shall be furnish- ed to the satisfaction of the Company, provide& however, if the owner of an indebted. ness secured by a mortgage shown in Schedule B is an lnsured .herein then such payments shall not reduce pro tanto the amount of the insurance afforded hereunder as to such Insured, except to the extenl that such payments reduce the amount of the indebtedness secured by such mortgage. Payment in full by any person or voluntary satisfaction or release by the Insured of a mortgage covered by this policy shall terminate all liability of the Company to the insured owner of the indebtedness secured by such mortgage, except as provided in paragraph 2 hereof. (c) When liability has been definitely fixed in accordance with the conditions of this policy the loss or damage shall be payable within thirty days thereafter. 7. LIABI1ATY NONCUMULATIVE It is expressly understood that the amount of this policy is reduced by any amount the Company may pay under any policy insuring the validity or priority of any mortgage shown or ret~rred to in Schedule B hereof or any mortgage herealter executed by the Insured which is a charge or lien on the estate or interest described or referred to in Schedule A, anti the amounts so paid shall be deemed a payment 1o the Insured under this policy. The provisions of th~s paragraph numbered 8 shall not apply to an Insured owner of an indebtedness secured by a mortgage shown in Schedule B unless such Insured acquires title to said estate or interest in satisfaction of said indebtedness or any part thereof. 8. COINSURANCE AND APPORTMENT (a) In the event that a partial loss occurs after the Insured makes an improvement, subsequent to the date of this policy, and only in that event, the Insured becomes a coinsurer to the extent hereinafter set If the cost of the improvements exceeds twenty per centurn of the amount o£ this policy, such pro portion only of any partial loss established shall bc borne by the Company as one hundred twenty per centran of the amount of this policy and the amount expended for the improvement. The foregoing pro visions shall not apply to costs and attorneys' fees incurred by the Company in prosecuting or pro- viding for the defense of actions or proceedings in behalf of the Insured pursuant to the terms of this policy or to costs imposed on the Insured in such actions or proceedings, and shall apply only to that portion of losses which exceed in the aggregate ten per cent of the face of the polio3. Provided, however, that the toregoing coinsurance provisions shall not apply to any h)ss arising out of a lien or encumbrance lbr a liquidated amount which existed on the date of this policy and was not shown in Schedule B, and provided further, such coinsurance provisions shall not apply to any loss if, at the time of the occurrence of such loss, the then value of the premises, as so improved, does not exceed one hundred twenty per centum of the amount of this policy. (b) If the land described or referred to in Schedule C is divisible into separate and non contiguous parcels, or if contiguous and such parcels are not used as one single site, and a loss is establish- cd affecting one or more of said parcds but not all, the loss shall be computed and settled on a pro rata basis as if the l~tce amount el the polio5 was divid- ed pro rata as to the value on the date of this polics, of each separate independent parcel to the whole, exclusive ol' any inlproveulenls nladc subsequent ttJ the date of this polic3, unlcs~ a liahilil5 or value has othcrv. isc been agreed upon as w each such parcel b~, the Company and the Insured at the time el the lssuaucc of Ibis polic) anti shov,,n b; an expl'chs statcmenl herein or b} all cndorseluen[ attached hereto. 9. SUBROGATION UPON !'AYMENT OR SETTI,EMENT Whenever the Company shall have ,,cttled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the In- sured, and it shall be subregaled to and bc entitled to all rights anti remedies ~hich the Insured ~ould have had against any person (n property in respect m such claim had this policy not been issued. If the payment does not cover the loss of the Insured, the Company shall be subrogated to such rights and remedies in the prupo~ion which said payment bears to the amount of said loss, If loss should result frtnn uny act of the Insured, ~uch act shall not void this policy. bul the Conlpany. in thai c~cni shall bc ~c quircd to pal onl~ that part el ali; losses insured against hercaroler which shall exceed the amount, if any, lost 1o lhe Cornl~any, shall IcanM'cr to the Cmnpany all rights and ccmcdics agamsl any pc~ son or property necessary in order It. perl~cl such right of subrogation, and shall permit the Cornpan) to use the Haulc uf the Insured in all~ lranMiclion or lifigalion inwdving such righis or ~cmedies If the Insured is the o~ncr ~d' lhc indcbleducss secured by a inertgage covered h) this policy. such Insured may release or substitute the personal liaNli ty of any debtor or guarantor, or exteud or other wise modify the terms of payment, release a per lion of lhe estate or interest fr(nn the lien of the mortgage, or release an3 collateral security lbr the iudcbtcdness, provided such acl does not result in any loss of priority of the lieu of the mortgage. 10. POLICY ENTIRE CONI'RACI' Art3 action or actions or rigIll:, el action that Insured may haxc or ma3 bring against the Corn party arising out of the status of the lien of the mort- ga~e covered by this policy or the title of the estate or ~nterest insured herein must be based on the pro- visions of this policy. No provision or condition of this polic5 can be waived or changed except b3 x~ritmg cndorxed hereon or attached herelo ,igned b~ the President, a Vice President, the SectetaD, an Assisumt Secretat3 or other validating officer of the Cronparty. I 1. NOTICES, WHERE SENT All notices required to be given the Company and an3' statement in writing required to be furnished the Cr3m- pany shall include the number of this pola?' and shall be addressed to Lawyers Title Insurance Corporation, 55 South Lake Avenue. Suite 600, Pasadena, CA 9110!. Policy of Title Insurance Insurance rporation Home Office: P.O. Box 27567, Richmond, Virginia 23261 Pacific States Office: 55 South Lake Avenue, Suite 600, Pasadena, California 91101 Ili[lll[lil[ili[illl[illi[illi[glli[ --lil[ --Ili['--Ili['--Iii[ --Ili[11~111[lliit Ili~ ill fJl[ IJi[ lilCNlii[glll[illl[lllli[glililli[glll[NIIg[ilLiLII