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HomeMy WebLinkAbout1999-019 Title Ins - Bryant JACKSON COUNTY TITLE DIVISION OF OREGON TITLE INSUR/~NCE CONPANY 1400 ASHLAND STREET, SUITE 3 ASHLAND, OREGON 97520 TEL:(541)488-2240/F/SX:(541)488-1786 March 15, 1999 CITY OF ASHLAND 20 N MAIN ST ASHLAND OR 97520 Re: Escrow No. 86080 667,669 & 669 1/2 N. MAIN ST ASHLAND OREGON 97520 In connection with the above escrow, we are pleased to enclose Policy of Title Insurance 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, ~. Enclosure LAWYERS TITLE INSURANCE CORPORATION SCHEDULE A Date of Policy: March 10, 1999 Policy No. 13601-390-033 Order No. 86080 at 2:10 P.M. Amount of Insurance: $595,000.00 Premium: $1,497.50 1. Name of Insured: CITY OF ASHLAND, a municipal corporation, 2. The estate or interest referred to herein is at Date of Policy vested in: CITY OF ASHLAND, a municipal corporation, 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 record~ 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 record. 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, 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~ 4. 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. 5. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which a correct survey would disclose. 6. Easement for sewer pipe line purposes, subject to the terms and provisions thereof, granted to the City of Ashland recorded November 24, 1967 as No. 67-11198 of the Official Records of Jackson County, Oregon. Policy No. 13601-390-033 SCHEDULE C The land referred to in this Policy is described as follows: Commencing at a found 1" galvanized iron pipe situated at the accepted northwest corner of Donation Land Claim No. 40, in Township 39 South, Range 1 East of the Willamette Meridian in Jackson County, Oregon; thence South 60°19'05'' West, 536.68 feet to a found 3/4" black iron pipe situated in the southwesterly right of way of North Main Street in the City of Ashland, said point being the true point of beginning, (also being the true point of beginning of that boundary line described in Document No. 81-18077, of the Official Records of Jackson County, Oregon); thence leaving said right of way South 80o40'08,, West, along said boundary line, 335.79 feet to a split cedar fence post; thence continuing South 80°40'08,, West, along said boundary line, 27.66 feet to a point in the easterly line of the Greenbriar Subdivision, as found monumented, said point bear North 00o11'12'' West, 32.89 feet from a found 1/2" iron pipe situated at the southeast corner of Lot 7, Block 1 of said Greenbriar Subdivision; thence South 00o11'12'' East (record South 00o09, East), along said easterly line, 238.89 feet, more or less, to the southeast corner of said subdivision, also being the southwest corner of that tract described in Volume 294, page 384 of the Deed Records of Jackson County, Oregon; thence South 89o59'26'' East, 245.40 feet (record South 89o51, East 245.31 feet) to the southeast corner of said tract; thence North 02o27, West, along the easterly line of said tract, 164.47 feet to the northeast corner thereof, being on the south line of that tract described in Volume 255, page 492, said Deed Records; thence South 89°50'43'' East (record South 89o51, East), along said south line, 205.13 feet, more or less, to the southeast corner of said tract, being on the southwesterly line of said North Main Street; thence Northwesterly along said southwesterly line 158.00 feet, more or less, to the true point of beginning. EXCEPTING THEREFROM that portion conveyed to the State of Oregon, by and through its Department of Transportation by document recorded April 24, 1995 as No. 95-10621 of the Official Records of Jackson County, Oregon. (Code 5-01, Account #1-5293-1, Map #391E05AC, Tax Lot #3400) Policy No. 13601-390-033 .~ '. ii: ,: If)'.C 0.0 C: (f) '.' :-) (/) '" ill =' ,C: '._ --- (S' rV)C (..-'):: ("J c) ,~: ~ ti ~ ~ v> ,l yl .:.'\ .'" " ' Q", / o // '" >.-:," .~"" ::; ,.] w o ,'":)' . , ~:.. >&%~l 6f (>; '--. -'.... {/, :....I..~ (~~ E.: , I I > <<':'.'~ /// / (::_ :-:: / I / ~~ ~ . " .. :- I ' // // // -'\' -J ~ " ~. ' ..-r.. ~ !"'.' :, 4 .:.. -;':~r'd N-, 8 I /, ~ I '"" .......- .: -'f'\.....-; " ~l~ I,. I~ f ! I;') I' I~~ .2 ~ j ",. .~'I~ ,OC, .,/ . . ..... -; . ."- . I/') "I .....~" .#"l" ~ 1.1 , I---~ I I ill .... 8U or ~ 1..'(;....[...1...1..'....1...1...1...1..'1...1...1...1_..I...I...I...I...I...I...I...I...I...I...i..r....I...I...1..'1...1...1_ :@!uyersptle Insurance @rporation 1992 ALTA Owner's Policy NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Owner's Policy Number 136-01- 390-033 SUBJECf TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, insures, a" of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or inlurred by the insured by reason of: L Tiile to the estate or interest described in Schedule A being vested other than as stated therein; 2. Am detect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land, The ( ompany will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations, EXCLUSIONS FROM COVERAGE The tollowing matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: L (a I Any law, ordinance or governmental regulation (including but not limIted to building and zoning laws, ordinances or regulations) restricting, regulating, prohibiting or relating to (i) the occupan- cy. use or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimen- sions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a viola- tion or alleged violation affecting the land has been recorded in the public records at Date of Policy, (bl Any governmental police power not excluded by (a) above, ex- cept to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleg- ed 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 ree.)fded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knpwledge. 3, Defects, liens, encumbrances, adverse claims or other matters; (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclos- ed 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 not 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 operation of federal bankruptcy, state insolvency or similar creditors' rights laws that is based on: (a) the 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 preferen- tial transfer results from the failure: (i) 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. Policy t36 . 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LIABILITY ,Verf.' aJtnorlled tlY the Company ue to the time Of payment and All payments under thiS policy, except payments made for costs, attorneys oar'y 's obligated to payor fees and expenses shall reduce the amount of the Insurance pro tanto 'ay otherWise settle with ttle 'nsured claimant the loss or uarTlage , 'ov,,:ed :or under thiS pOliCy together w,th any costs, attorneys lees ancJ , . Oei Ises Incurred by the InSured claimant which were authollzed by the COI'loar" up tothe time of payment and wn!ch ~he Company Isobl'gated to pay UPOI 'ne exerCise by the Company of either 01 the options prOVided for n paragraohs :b)(l) or (II), the Company's obligations to the Insured under thiS polcy 'or the claimed loss or damage, other than the payments requlfed to be 'Dac, sl,all terminate, Including any liability or obligation to defend prosecute )r c:'ntlnue any litigation eta" with any antwh [';, whiCh H1f 7 DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE Th'S 'lllcy IS a contract of Indemnity against actual monetary loss or daf'lage s,qalr'ed or Incurred by the Insured claimant who has suffered loss or damagt by I'?ason of matters Insured against by thiS poliCY and only to the extent ",erei' described (a) The liability of the Company under thiS poliCY shall not exceed the least of :he "'-mount Of Insurance stated In Schedule A. or, (II) the difference between the value of the Insured estate or Interest as Insured <1'10 ttle value of the Insured estate or Interest subject to the defect. lien or enc Jlnbr ance Insured against by thiS poliCY (b) In 'Ile G/ent the Amount of Insurance stated In Schedule A at the Date of POl cy IS less than 80 percent of the value of the Insured estate or Intel est or the full conSideration paid for the land, whichever IS less, or If subse, quent to tr,e Date of Policy an Improvement IS erected on the land which 'ncreases ttle value of the Insured estate or Interest by at least 20 percent overthe Arrount of Insurance stated In Schedule A, then thiS PoliCY IS subject to the following (I) IJhere no subsequent Improvement has been made, as to any partial loss 'ne Company shall only pay the loss pro rata In the proportion that the ami Junt ilf 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 par, tlalloss, the Company shall only pay the loss pro ratel In the proportion that 120 percen' of the Amount of Insurance stated In Schedule A bears to the sum of the Amount of Insurance stated In Schedule A and the amount expended Iqr the Improvement The prCJISlons 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 thai portion of any loss which exceeds, In the aggregate, 10 Dercent of the AfTlount of Insurance stated In Schedule A (c) The Comoany will pay only those costs, attorneys fees and expenses ,ncurred in accordance With Section 4 of these Conditions and Stipulations 8 APPORTIONMENT If the Ian 1 deSCribed In Schedule A consists of two or more parcels which are not used as a smgle Site, and a loss IS established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata baSIS as If the amount of msurance under thiS poliCY was diVided pro rata as to the value on Date of PoliCY of each separate parcel to the whole, exclUSive of any Improvements made subsequent to Date of POliCY, unless a liability or value has otherWise been agreed upon as to each parcel by the Company and the Insured at the time of the issuance of thiS poliCY and shown by an express statement or by an endorsement attached to thiS poliCY 9 LIMITATION OF LIABILITY (a) If the Company establishes the title, or removes the alleged defect, lien or encufY1brance, or cures the lack of a right of access to or from the land, or cures the c!alm of unmarketablllty of title, all as Insured, In a reasonably diligent manner by any method, Including litigation and the completion of 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 (b) In tr,e event of any litigation, Including litigation by the Company or With the Comoany s consent. the Company shall have no liability for loss or damage until tnere has been a final determination by a court of competent Jur,sdlctlon a'ld diSPOSition of all appeals therefrom, adverse to the title as Insured (c) The Company shall not be liable for loss or damage to any Insured for liability volu ntarlly assumed by the Insured In settling any claim or SUit Without the pllor Wllttc,r, consent of the Company 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 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 exe cuted by an Insured and which IS a charge or lien on the estate or Iflterest deSCrIbed or referred to In Schedule A, and the amount so paid shall be deem ed a payment under thiS poliCy to the Insured owner 12 PAYMENT OF LOSS, (a) No payment shall be made Without prodUCing thiS poliCY for endorse ment of tne payment unless the poliCY has been lost or destroyed, In which case proof of loss or destruction shall be furnished to the satlsfaclion of the Company (b) 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 (a) The Company's Right of Subrogation, Whenever the Company shall have settled and paid a claim under 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 rights and remedieS which the Insured claimant would have had agamst any person or property In respect tothe claim had thiS poliCY not been Issued, It requested by the Company, the msured claimant shall transfer to the Company all rights and remedies against any person or property necessary In order to perfect thiS right of subrogation The Insured claimant shall permit the Company to sue, compromise or settle In the name of the Insured claimant and to use the name of the Insured claimant In any transaction or litigation InvolVing these rights or remedies It a payment on account of a claim does not fully Cover the loss of the Insured claimant, the Company shall be subrogated to these rights and remedies In the proportion which the Company's payment bears to the whole amount of the loss, If loss should result from any act of the Insured claimant. as stated above, that act shall not VOid thiS POliCY, but the Company, In that event, shall be requlfed to P3Y only that part of any losses insured against by thiS poliCY which shall exceed the amount, If any, lost to the Company by reason of the Impalf. ment by the Insured claimant of the Company's right of subrogation (b) The Company's Rights Against Non-insured Obligors, The Company's right of subrogation agamst non'lnsured obligors shall eXist and shall Include, Without limitation, the rights of the Insured to Indem nltles, guaranties, other poliCies of Insurance or bonds, notWithstanding any terms or conditions contained In those mstruments which prOVide for subroga tlon rights 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 Arbitration Rules of the American Arbitration AsSOCiation Arbitrable matters may 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 the Company In connec- tion With ItS Issuance or the breach of a p:>llcy prOVision or other obligation All arbitrable matters when the Amount of Insurance IS $1,000,000 or less shall be arbitrated at the option of either the Company or the Insured, All arbitrable matters when the Amount of Insurance IS in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the 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 parties The award may Include attorneys' fees only If the laws of the state In which the land IS located permit a court to award attorneys' fees to a prevailing party, Judgment upon the award rendered by the Arbltrator(s) may be entered In any court haVing jUrisdiction thereof The law of the 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. contmued on remamder of cover sheet CONDITIONS AND STIPULATIONS - CONTINUED 15. LIABILITY LIMITED 10 THIS POLIcY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, If any, attached hereto by the Company is the enltre policy and contract between the Insured and the Company In Interpreting any prOVISion of this policy, this policy shall be construed as a whole, (b) Any claim of loss or damage, whether or not based on negligence, and which artses out of the status of the title to the estate or Interest covered hereby or by any action asserting such claim, shall be restrtcted to this policy (c) No amendment of or endorsement to this policy can be made except by a wrtllng endorsed hereon or attached hereto Signed by either the PreSident, a Vice PreSident, the Secretary, an Assistant Secretary, or validating officer or authortzed 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 that prOVI' slon 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 fumished the Company shall include the number of this policy and shall be addressed to the Company at its Corporate Headquarters 6630 West Broad Street, Richmond, Virginia 23230. Mailing Address: P,O, Box 27567, Richmond, Virginia 23261, or to the Company at its Pacific States Office, 55 South Lake Ave. Suite 600, Pasadena, CA 91101, IN WITNESS WHEREOF, the Company has caused this policy to be signed and sealed, to be valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By-Laws. Attest c//d ~",~"y Countersigned by: ;:;~~ ----"7;;~~~~i\\I, A~~~...::..~..~t~\ {~('SEAt\~~~ \~\">',,,,2,,~,,~//i) l,\\\~~~~~~_~_.: ~wyers ptle Insurance@rporation ~J(l ~ By: ...'-..'-..".-.."..-..'-..'_..'_..'_.._.1'_.1'_"1'_"1'_"1'_"1'_"1'_"1'_"1'_".'_"1'_"1'_"1'_"1'_"1'_"1'_..'_"1'_"1'_.1'. POLICY OF TITLE INSURANCE 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 Lawyers TItle Insurance Corporation There IS no recurring premium ThiS pOlicy provides valuable title proteclion 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 @.wyerslltle Insurance @rporation PO Box 27567 Richmond, Virginia 23261 mm.~'-I_"I'_"I'_"I'_"I'_"I'_"I'_"I'_"I'_"I'_"I'_"I'_"I'_".'-"I'-"I'_.I'_.I[_"I'_"I'_"I'-"I'~..a'_-:'lr~"II_"I'_"1[_..1[.