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Home My WebLink About1998-168 Title Ins - 51 WinburnAr r T tle ;'~l,'t 111'7h~ f1:7 December 28, 1998 CITY OF ASHLAND 20 EAST MAIN STREET ASHLAND, OREGON 97520 ATTN: PAUL NOLTE Re: Order No.: 729789-DR Parties : CITY OF ASHLAND Property : 51 WINBURN WAY, ASHLAND, OREGON 97520 In connection with the above referenced transaction, please find enclosed, Title Insurance Policy No. A38-151312 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, Donna Rick Escrow Officer encl. dr/cg __--== ISSUED BY OWNERaS POLICY OF TITLE INSURANCE ~ TRANSNATION TlTLE [NSIIRANCE COMPANY =- i Transnation POLICY NUMBER :'i A3B-151312 i[ SI BJFCT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND -=== -, ~i T} iE CONDITIONS AND STIPULATIONS, TRANSNATION TITLE INSURANCE COMPANY, an Arizona corporation, herein called the ---=~ C,:mpany, insures, as of Date of Polio3 shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in ----= i So~edule A, sustained or incurred by the insured by reason of: i lilly Io the estate or interest described in Schedule A being vested other lhan as stated therein; -i 2 '\n3 defecl in or lien or encumbrance on the title; === 3 UnmarketabiliLv of the title: 4 Iack of a righl of access Io and l'rom the land. === Dw Company will also pa_,/ the costs. auorne_,,$' fees and expenses incurred in defense of the title, as insured, but only to the extent provided ~ i~, the t'onditions and Stipulations. ==--= IN WITNESS WHEREOF, TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto i___-= aftNed by' its duly authorized officers, the Policy to become valid when countersigned by' an authorized officer or agent of the Company. TRANSNATION TITLE INSURANCE COMPANY ,'\IteM: ~ By: /Secrelarx Chairman and Chief Executive Officer ==l EXCLUSIONS FROM COVERAGE ==== [hc tollox~ing matters are expressly' excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' ,~ fe, ~ or expenses which arise by reason o[: i 1. ta) Any la~, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (it) the character, dimensions or location of any improve- I-= men~ no~ or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or an}' parcel of 'i ,~ hiO~ the land is or was a pate; or (iv) enviromnental protection, or the affect of an3,' violation of these laws, ordinances or governmental regula- :~on, except to the extent tha! a riolice of lhe enforcement thereof or a notice of a defect, lien or encumbrance resuhing from a violation or ~1 .diegod violation affecting the land has been recorded in the public records at Dale of Policy. il ~b) An3 governmenial police pou~er nol excluded by (a) above, excep! to the exlem that a notice of the exercise thereof or a notice of a defect, 4en .,r encumbrance' resulting from a ~ Joialion 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 ~. '~op.~ coxerage any '~aking which has occurred prior to Dnte of Polio> which ~xould be binding on the rights of a purchaser for value without ~ , no,~ ledge. === 3 Defects, liens, encumbrances, adverse claims or other matters: -==i 'a) ~.,ea(ed, suffered, assumed or agreed h) by the insured claitnant; b) n.~t known to the Cornpan>, not lecorded in the public records al Date of Policy, but known to the insured claimant and not disclosed :-- ~ ~iling to lhe Company b> lhe in,tired claimant prior to the dme the insured claimant became an insured under this policy; c) ~.sulting in no loss or damage to the insured claimant; ,d) a~mching or created subsequent to Dale of Policy; or ~e) rcxuhing in loss or damage which would nol hax. e been sustained if H~e insured claimant had paid value for the estate or interest insured i bx this polic3. __= _--- i 4 ~ny claim, which arises out of lhe transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal bankruplcy, state insolvency, or similar creditors' rights laws, that is based on: == ~a} lbe transaction creating the estate or inlere~,l insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or ]__-----'b) lhe transaction creating the es/ate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer _--== te,ults from the failure: =-i (it to timely record the instrumem of transfer; or (~) of such recordation to impart notice (o a purchaser for value or a judgment or lien creditor. NM I PA 10 ALTA Qwner's Policy (10-17-92) Face Page Valid Only If Schedules A and B and Cover Are Attached Form 1190-57 ORIGINAL CONDITIONS AND STIPULATIONS (c) Whenever the Company shal! have brought an actran .: in :rposed defense as required or permitted by the provisions of tqu- ? ,licy~ the Company may pursue any litigation to final determination by ~ court oq competent jurisdiclion and expressly reserves the right. it, its .cqe ~scretion to appeal from any adverse judgment or ordc (d) In al~ case~ where ~hu. pobc,~ permii~ ,.,~ reqmre., l' ~ :~m. Dros~Tu~e o~ m'ovide f{,~ the defense of an, actiop o~ .,~,,:c insured shaF secnre 1( the ~ompapy the righl te so prose ~:- 9~o.,'id defense in the aclion or proceeding. and aP ap~als thereto :~nC · r~ni~ Compan5 tc use al its option the name of the insured fi,. ~M purpose Whenever requesled by tht: ('orepan3, the in~ured a~ m m~pany', expense. shall g/v: ~hc Cornpan5 ai3 reasonable aid ~.,) u a~, ~ct~oc, proceeding, securing c~idcncc ,,btaining wnnessc., ~.sc _;mE defending the acttor~ or proceeding, or cftccling settlement ,ut~ .;? :r. other lawful act which in :he opmh,n of the Cornpan) ~na) %t ~.~ ~.ar5 desirable lo establish the tide to fi~e estate or interes~ as ,n~u ,C ]f the Company is prejudiced by file failure of the insured to furn .k fi resaired cooperation, the Company% obligations lo the insured u~d,'" ~c shall teminate, including an5 liability 0r obligation t0 defen:L p~' ~.ecu!e continue an3 litigation with regard to the matter st mallet re~ ,,-ing sucB coo~ration 5. PROOF OF LOSS OR DAMAGE. In addition ~o and after the notices required unde~ Se~ ~, ,d' these Conditions and Stipulations have been provided the Compan~ proof of loss or damage signed and sworn to b3 the insured cL. ma- shall furnished to the ('ompan3 within 90 days after the in~ure~ tim ,~am shall a~ertain the fac15 giving rise lo the loss or damage The ph,o= d' los~ or damage shall describe the defecl ~n. or lien or encumbrance .,~: i ~c title or other mauer insured against by this polio3 which con-lira<'. :i~ basis loss or damage and shall '..tale. [o the extenl possibk ti:, ba<s of calculating the amsurn of the loss or damage If the Compan? ~s <eju&ced by the failure of the insured claimant to provide the requir, d p~,,t,l of loss or damage, the C,unpau?s obligations to the insured under hc i *Ilex shall terminate. including anx habilit) ur obligation Io deign6 ):, .cctdc. or continue an5 liligation wilh regarJ to the matter or mallet r.tq, qng ~uch proof of loss or damage [n addition. the insured claiman: ma3 rcasonabl3 bc reqancd ,~ Io examination undc~ o~dh bx any aulhorizcd represent,d, ,q' the Cornpan) and shall produce f,); examination. inspeclion ;red ~ ,pying. such reasonable lime~, and places a~ may be designated b) a.. ,nthorized representative of the ('t,mpap)~ all records, book. i:,tgc: check.. correspondence and memoranda, whether bearing a date bch,, e' Date of Polic3. ~hich reasonaN) pertain Is the 1os~ or dan .go t~rdaer. if requested by anx au!horized repreqenlativt: of the Compa, ':: insured claimanl sfial1 grant sts permission, in ~riting lot ,.. qthorized representalive of the (',.lll]}~an) to examine . raspeel and ~ px ; } records. books. ledgers. chcck~ corresp,mdence and memoranda in :he .lslod) or control of a third part3 ~hich reasonaN5 pertain to the ,,s>, ,' damage All information designated as confidential by the insured ch. ma: provided to the Company pursuant Is Ibis Section shall not bc dist k)sct to others unless. in the reasonable judgement of the Cornpan5. ~t i~ ,oc~ ~:~. in the administration of the claim Failure of the insured elmmat, r~, u6mit for examination under oath. produce other reasonably requested ,:;,)rmat~on or grant permission It, secure reasonably necessary informaihm ,ore lhird parties as reqmred in this paragraph ~hal] Icrmmate an3 ~i.~h, ix of the CompanF under this pt)he5 as Io lhal claim 6. OPTIONS TO PAY OR OTHERWISE SE~LE CLAIMS; TERMINATION OF LIABILITY. In case of a chun; under lhi~ policy. the ('orepan) .h.~ ha~c the filllowing options (a)To Pa~ or Tender Paynacnl t)J' the Amount of Insur m, ,: To pay or Ionder pa}menl of the aresuni of re>h: :~cc under this policy together wilh anx cosIs. attorneys' fees and cxpcn.cs ~ ~urred b3 the i~sured clmmant. which ~cre authorized b5 the Coml~,m., ,p it' the time ofpaymenl or tender ~)fpayment and which the ('stop,tax ~ ,,hhgated Is pay Upon lhe escrows,' b~ the (%mpan5 o~ this option ~ ~ hihl~ and obligations ~o the insured under Ibis polio3. other tha , '~akc the paymcnl requ,rcd. shall tcrminalc. including an3 liabihl3, ...... ~gal~on to defend. prosecute. or conlmuc an~ litigation. and the ,,.I. <hall surrendered to the ('Olllpal)} ['t)F cancellatioti lb) To Pa5 or ()thermate gettic With Parties ()lhcr thill ,}~c uyulcd Wllh lhe Insured Claimant (i) to pa) or other'wise ~ctlle ~lth ,thor paine> for q ;r lhe tlamc of an insured clannanl an~ claim insured against under this ?li< togcthe~ wilh all5 Costs. altornc~.' fee> and expenses illCUffed !~x ~ insured claimanl ~hich '~crc duth~rlzot bx tl~c ('orepan} up *,, ~ and which lhc ( ,,mpan> ~ ,,bhgalbd to pay: ,'" Oil to pa) or t,lhk'i'~isc settle wilh the ~n~urcd c}an'udr,[ 'ie !;~s~ damage pro~idcd {5)~ under the, polic~. loge, her wilh ,in~ ,,',;- tlhwncyC o~ligalcd to pa., m paragraph. (hi(i} .~ 0it the (',-,mpan)'s,~bligations 1o li. :(:. cd trader thl> pohc3 I~,r the <iam~cd h,s., ,r damage. othc~ tha~ h required t~, be m;.dc shall terminate. including any !iat, dt;x ,~ ~! ¢:t~,..n defend. prosecult st c q~tillue ,ff:} !:'.igaiion Condifiora a~ SEpalarista Continued Inside Cove~ 1. DEFINITION OF TERMS. The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A. and, subjec? to an3 rights or defenses the Company would have had against the named insured. those who succeed to the interest of the named insured by operation of la~ as distinguished from purchase including, but not limited to, iraits, distributees, devisees, survivors, personal representatives next of kin, or corporate ot fiduciary successors. (b) "insured claimant": an insured claiming loss or damage (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impar: constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A. and improvements affixed thereto which by law constitute real property. lhe term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right , title. interest, estate or easement in abutting streets, roads. avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (el "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect Is Section l(a) (iv) of the Exclusions From Coverage. "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage. which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. The coverage of this policy shall continue m force as of Date of Pohcy m favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This polic~ shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land. or (it) an indebtedness secured by a purchase money mortgage given to the insured, 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (il in case of any litigation as set forth in Section 4(a) below, (ill in ca~ knowledge shall come to an insured hereunder of any claim of title or interes~ which is adverse to the title to the estate or interest. as insured, and wluch mighl cause loss or damage for which the Company may be liable by virtue of this polic.~. or (iii) if title Io the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company. then as to the insured all liability of the Company shall terminate with regard In the matter or matters for which prompt notice is required: provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless lhe Company shall be prejudiced by the failure and then only to the extent of the preju&ce 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the opnons contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the utle or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of actio~ and shall not be liable for and will not pay the fees of any other counsel The Company will not pay any fees. costs or expenses incurred b> Ihc insured in the defense of those causes of action which allege mauers .ol insured against by this polics. (b) The Cornpan3, shall have the righl, at its OWil cost. 1o in~ttiutt and prosecute any action or proceeding or to do any other act whwh m ils opinion may be necessary or desirable to establish the title Is the ,:state or interest, as insured, or to prevent or reduce loss or damage ~o the insured The Company may take any appropriate action under the tern:, of dris policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Compapy shall exercise its rights under this paragraph, ~t shall do so diligently B 1190:-57 CITY OF ASHLAND 20 EAST MAIN STREET ASHLAND, OREGON 97520 ATTN: PAUL NOLTE SCHEDULE A Order No. 729789-DR Policy No. A38-151312 Effective Date: October 2, 1998 at 2:30 P.M. Amount: $650,000.00 Premium: $1,570.00 INSURED CITY OF ASHLAND The fee simple title to said land is, at the date hereof, vested in: CITY OF ASHLAND The land referred to in this policy is described as: The Property described in Exhibit 'A' attached hereto and made a part hereof. Order No. 729789-DR Policy No. A38-151312 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. 1998-99 taxes, a lien in an amount to be determined, but not yet payable. 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. An easement created by instrument, including the terms and provisions thereof, Recorded : May 7, 1945 Volume: 258 Page: 570 In Favor Of : The public For : Perpetual easement 15 feet in width Over : The Northerly portion of Parcel A Conditions, exceptions and reservation of a perpetual easement for the installation and maintenance of all present and future municipal utilities, including the terms and provisions thereof, in favor of City of Ashland, as disclosed by instrument, Recorded : December 16, 1971 Document No. 71-16037 Order No. 729789-DR Policy No. A38-151312 Page 3 10. 11. Existing discrepancy on the Oregon Assessors Map for the location of the parcel of land excepted from Parcel A herein and further described in Instrument No. 71-15830 to the City of Ashland. Overlap on the description between Parcels A and B herein. The vestee herein acquired title to Parcels A and B by separate instruments which do not have matching legal descriptions along the Easterly line of Parcel A and the Northerly line of Parcel B. Order No. 729789-DR Exhibit 'A' PARCEL A: From the Southeast corner of Lot 9 in Block 1, as shown on the official 1888 map of the City of Ashland, Jackson County, Oregon, measure South 3o33' East 20 feet, more or less, to the center line of Mill Street (now Winburn Way), in said City; thence South 83020' West 184.4 feet; thence South 12046' West 23.1 feet to a point on the Westerly side line of Mill Street and thence South 82050' West 16 feet to the true point of beginning; thence South 82050' WesE 46.2 feet to the Northwest corner of tract described in Volume 118, Page 508 of the Deed Records of Jackson County, Oregon; thence South 22020' West 53.3 feet, along the Westerly line of said tract, to the Southwest corner thereof; thence South 22° West 58 feet, more or less, along the Westerly line of tract described in Volume 45 Deeds Page 346 to the Southerly line of tract described in Volume 216 Deeds Page 48; thence North 68o0' West 53.5 feet; thence North 2200' East 110.3 feet; thence South 6800' East 7.8 feet; thence North 25°35' East 24.3 feet to a point South 83o20' West from the Northwest corner of tract described in Volume 109 Page 236 of the Deed Records of Jackson County, Oregon; thence North 83o20' East 91.3 feet, more or less, to the Northwest corner of tract described in Volume 100 Deeds Page 236; thence Soushwesterly, along the Westerly line of said last described tract, 44.3 feet to the true point of beginning. EXCEPTING THEREFROM that portion conveyed to the City of Ashland by Instrument recorded December 31, 1971 as Document No. 71-15830 described as follows: Beginning at the Southeast corner of Lot 9, Block #1 in the City of Ashland, Jackson County, Oregon, according to the official 1888 map thereof; thence, South 83020' West along the Northerly line of Winburn Way extended Westerly 195 50 feet; thence South 12°46' West 15.50 feet to the true point of beginning; thence, continue South 12046' West 13.50 feet; thence North 56010' West 17.0 feet; thence North 83020' East 16.50 feet to the true point of begznning; being a small triangular-shaped parcel of land. PARCEL B: Commencing at the Southeast corner of Lot Nine (9) in Block One (1) of the Cit~- of Ashland, Jackson County, Oregon according to the official 1888 map of said City; thence South 3°33' East 20.0 feet, more or less, to the center line of Mill Street in said City; thence South 83020' West along said center line 196.6 feet; thence South 12°46' West 23.1 feet to the true point of beginning; thence continue South 12046' West 139.80 feet; thence North 68000' West 65.0 feet to the Southeast corner of tract described in Volume 258 Page 570 of the Deed Records of Jackson County, Oregon; thence North 22o20' East 113 3 feet; thence North 82050' East 52.00 feet to the true point of beginning. Continued on next page Order No. 729789-DR Exhibit 'A' Continued PARCEL C: Beginning at the Southeast corner of Lot 9, Block 1 in the City of Ashland, Jackson County, Oregon; thence South 83o20' West along the Northerly line of Winburn Way extended Westerly 195.50 feet; thence South 12046' West 15.50 feet; thence South 83°20' West 16.50 feet to the true point of beginning; thence, continue South 83020' West 81.00 feet; thence, North 25o35' East 18.00 feet; thence North 83°20' East 37.00 feet; thence South 87°10' East 23.50 feet; thence South 56°10 East 16.00 feet to the true point of beginning. r I' ., (. ": . . ,1. r i, C'" ,,' ., 'I'" i' ' I., ) . i /." . t.' ., ' '. . ~ r. , . ~:"" . . , ,,' " , / ~ ~ W' Q: I . en en ~ ffi ,t- O) 0 0 ~ 0:: <l 0.. , L() at "\ d W . (f) . ' -tV ~ z -/..,. ~ en " , :I , ! . ' , ~ ~ I'; J '~ / I:' ' -"'"' ,I' _ ,Or')" J.. 0 \"( ~ - - ~ *,~ I (j'~ .:) ~ ,\) , 1" ,I,ll, I v:riJ "\ I ;" rot"" H ! I L1' ' ,'" _ ' \ "","' ~.. .r" , ' : li j ! I II ~~~.!~ : ' . I, J \ ~ _~NI""'.J 0 0 ,1'" \) () ~~ \l ~. 0 0 0 I) ,q, I'-.I,,;tl l) 'I" (j'cr' ..'1 q. 'l~M.~llrC'"t.. \~ ~ , \ ,,;- / z <{ Wit: It: ILl o<t..... leo<t (flW ~f- <{ :I: VI I / \ I / / ,... I - I I _~, ("J "" )\ r'-- -~~'-' ~ / ..-- rt: ,~....: l:-!'~ ~IV _. ~J<'~; ~~ ~ -:~,~;~ ;...-: C) ~~ . ::: =- - ;-~ - !,Y _'1./-, \ ~ a X" .."Cll ... vi3 ...: -. rr: '-.' ...._.~ ~.<:} '" :... '/-, lJ...J ::.~ .~ -'-",".J :c ~ ;:" :~ ..;:. 'j) <l :r: t- :J en " . ~I .. . .. } ~ -",; " ~ ., , " , ---~ ,- .' ; , -' ., - ] --------- ~ ~~ ~ ~~~ <, -< '" ~ . ~ ;:~;.... v M ~~ "></ _.' , ~ -- N~f)& ~ / / I / / / I 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 incurred 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. (al The liability of the Company under this policy shall not exceed least of: 6) the Amount of Insurance stated in Schedule A: (ii} the difference between the value of the insured estate or mleresl as insured and the value ~1' the insured estate or /merest subicct to ibc defccl, lien or encumbrance insured against by lhis policy. (b) In the evenl the Amount of Insurance stated in Schedule \ ,,! the Date of Policy is less than 80 percent of the value of the insreed estate or interest or the full consideration paid for the land, whichever ix k::,$. or if sub..,cqucnl to the Date of Polio5 an improvement is ereclod on !he land Milch incleases the ,,aluc of the insured estate or initrest bx ai ]ca:d 20 percent o~er the Amount of Insurance slated in Schedule A lhcn Ibis Policy is subject to the following: ti) where no subsequent improvement has been madc.,is to ,m, mulhd h,~s. the Company shall only pay lhc loss pro raht in the prc, por(io'n Ihat Ihe amount of insurance at Dale of Policy bears to the t,,tal ,,a!ue o[ the ~nsured estate or interest at Date of Policy: or lii) ,aherc a subsequent improvement has been made, as U, ~lny parlial loss, the Company shall only pay the loss pro rata in the propurlior lhul 120 percent -f the Amounl of Insre-anco ',rated in Schedule A bears i,~ ~,um of the Amounl of Insurance stated in Schedule A and the expended for the improvement. The provisions of this paragraph shall not appl) to costs, altt,lnc,,s' fees and expenses fi~r which the Company is liable under lhls polio5 at{d shall only apply to that portion of any loss which exceeds. in the ag,ercga!c percent of the Amount of Insurance stated m Schedule A (c} The ('ranpuny will pay only those costs, attorneys' fees and cxpem,cs incurred in acerod,moo with Section 4 of these ('undidohs and Sfipulalions 8. APPORIIONMENI. If the land described in Schedule A consists of tu, o or inure parcels which are not used as a single site. and a loss is established affecting one more of ~he parcds but not all. the loss shall be computed and stilled on a pro rata basis as if the amount of insurance under this polio5 was divided pro rata as to the value on [)ate of Policy of each separate parcel io the whole, exclusive of any improvements made subsequent Io Date of unless a liability or value has otherwise been agreed upon as to each parc~q by the Company and the insured at the time of the issuance of lh~s pohc? and shown by an express statement or by an endorsement allached lo Ihts policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title. or rcinoves the alleged dotbet. lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the chum of unmarkelability ,ff title, all as insured. in u reasonably diligent manner by any method. including litigation and the completion of any appeals therefrom. it shall have fully performed obligations with respect to that matter and shall riot be !table for an) loss or damage caused thereby. (bl In the event of any litigation, including htigation by the ('orepuny or with the Company's consent, the Company shall have no liabfiity for loss or danaage unlil there has been a final determination by a tour[ competent jurisdiction, and disposition of al! appeals theref emil, adverse the title as insured. (c) The Company shall not be liable for loss or damage tu an; insured for liabihty voluntarily assumed by the insured in settling any clmm ~r suit withoul lhe prior written consent of lhe Company 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for ~-os~s, attorneys' fees and expenses, shall reduce the amount of the in:mram'e pro tanto. 11. UABILITY NONCUMULATIVE It is expressly understood that the amount o! insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring 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. ~2. PAYMENT OF LOSS. (a) No paymere shall be made without prodncmg fills polio, lot cndo~semcul of lhc pawnera unless the policy has been lost or aesirDyed. ui which case proof of loss or dcstruclion qmll bc furnished Io Ihc salisl'acdon ol the ( orepan5. NM 1 PA 10 ALTA Owner's Policy (10-17-92) Cover Page Form 1190-58 (Continued) (b) When liabiht5 and the extent of loss or damage has .ecn !clinilci) fixed in accordance with these Conditions and Sfipulalion-, damage shall be payable ~.hin 30 days thereafter 13. SUBROGATION UPON PAYMENT OR SE~LEMENT (a) The ('ompan?~ Right ~1 gubrogation Whenever the Cornpan5 shall ha~c settled and paid .~ policy, all right of subrogalum ~hall ~cq in the ~'omp,,r any act of ?he in~mcd Thc ('ompan~ shall hc ~ubrogalcd to and hc cntnlo: remcdic~ Xkhlch [he instile0 k]aunkln[ ~ouM ha~c ]hid :g,,ulM :, property m re~pccl ~o the claun had this poht3 not N,: ~ ,ucd If Cornpan5 ,d} rights and rcmcttic~ against an3 person> ot prol'-. lransachon or liligati,,p m,,,hmy !]~t's~_ righls,,~ whtdc amounl ol the ]f JOSh ShOtllG l'CSOtl tr,,m 3115 ,let of the in',urcd CLlllII,' of subr,~galion cxiM and shall include, '~]ihoul linutalion Ihc rtght- , 14. ARBITRATION [qllcs,, plohibHcd b~ ipphc.lblc lat.. either ihc ( I~glp,11!. ': ti, insured nla~ dcm;lnd ;~rbili'ath,n pur,uan! to the I'illc ]n,uranc,' Arl,*t~xh n lhc insured a~smg out ~}! ,~r rclaling to tin~ polics. :m~ proemtim t r olhcr ,b[lg:;llon All ,~rhJlrablc nialtcrs when l}tt, Inst~rancc Js $1.(10(LO()O i,r ics~ slndl hc arbitraled al lhc optiou ~,1 other (tnnpan5 oi Ihc insured 51i drbilrable mailers '~hen the Insurance ix in cxccss m $! (.)(),00(I ~[laH be arbitrated only ~iwn ugrccd bx both lhc ('on}pan: ;,nd Ihc [usu[cd A;bllrahtm purxuanl t,, lh,~ polic> and under the Rudcs in c*i'ec! on the dale Ihc den]and for xrhu made ol, al the opl~iul ,d lht, insured, the Rules m cffccl at shall bc binding upon Ihe parUcs 'lhc a~ard rna~ mc]ude athwnt ,,' fee's ot~]x if lhc [a~x ~)t' !he q itc m ~hKb lhc [amt i~ Jocalcd pcrmtl award a!h)rncys' ices I.. a prc~aihng parl} Judgnlcnl upon rendered hy {he ~lhllrdlorJ>) n]Lt', be Chicred tn .in} . iunsdichon the~el,f The la~ of the situs t.[ !he [and shag apE, Jr ,t~ ;m albli[ar ,: : .i~'[ the Title Insurance Arb~tra!i,m Rules A cop~ of Ihc Ru!c> nl.t. he .~hhuucd fi'OIl~ IDc (oln[%t; } LiaBILITY LIMITEO TO THIS POLICY; POLICY CONTraCT. (a) lhis pohcy togt:thcr ~,ith ull cndorscmcms. ~f ;,n. by lhc Cornpan5 is ~t~c entire polic~ amt comrac~ bmx~cen lhe ('ompany ]n mlcrpretm~ ,tax pt,,~sion ,~l'lMs polio,.. th be conslrued as :l (b) An~ clam, of loss or damage. whclhcr or nol ba~cd . and which arise, oul of lhc Matus ~f lhe lille h~ 'he esl~ z , mh'rcq covered hcI'cbx or by aid ACtiOB tSSelt{ng %uLh c[a{ID. <}llll] lhts policy {C} No dlnendl!lcn~ ,;' ol endo~semcnl t,~ his p,q~cy cy, cepl by a wrihng end,u'~cd heroin ,)r atLiched hercl,, signet ~hcr l)rcsident. a Vice Pres~dcnl th,' Sccrt'lai'~. .ti~ ~--.,si,~Hl 16. SEVE~ABILITY. under applicable i'~. the pohcy M~ull bc deemed no1 to mtla,~ ~h p~,~, Son and all other pro~islon> ~haU remain in full torcc Had el' :'~ !7. NOTICES, WHERE SENT. to be t'nn!ished th,. ('mnp:m~ ~hnll include Ihc uumb~.r ol lhi, pmi n d~a]l bc uddresscd Io TRAN~N.~F[t)N ITI-iJ( !NSURAN"'F ('OMPXN Sireel, Philadelphia. PA ~uiO~ ORIGINAL Valid Only II [acc Page. 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