HomeMy WebLinkAboutD 9401143082 C. ' . . . . . . .
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WHEN RECORDED RETURN TO:
Warren, Kellogg, Barber, Dean & Fontes, P.S.
Attorneys at Law
P.O. Box 626
Renton, WA 98057
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rr STATUTORY WARRANTY DEED
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C ELLEN HICKOK, a single person, and JOHN J. THARP and JEANENE THARP, as their
�':" respective separate estates as their interests may appear, for and in consideration of Ten Dollars
7) ($10.00) and other good and valuable consideration in hand paid, convey and warrant to THE CITY
OF RENTON, a Washington Municipal Corporation, the following described real estate, situated in
King County, State of Washington:
The South12 1/2 feet of Lot 4, all of Lot 5, Block 10, Town of Renton, according to
o the plat thereof, recorded in Volume 1 of Plats, page(s) 135, in King County,
Washington;
. 1
�' Except the East 5 feet thereof condemned for alley purposes in King County Superior
Court Cause Number 87129, as provided by Ordinance No. 272 of the Town of Renton.
DATED: January /0-, 1994. //'' -
Pri-ty it,‘ ;/6j-Z'
c. ( / kth �.
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GI a Ellen Hickok i Zt cx ''
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Jo Tharp / (1
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Jeanene Tharp
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ORIGINAL
AP
STATE OF WASHINGTON )
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COUNTY OF KING )
I certify that I know or have satisfactory evidence that John J. Tharp, as attorney-in-fact for Ellen
Hickok, is the person who appeared before me, and who signed this instrument and acknowledged it
to be her free and voluntary act for the uses and purposes mentioned in the instrument.
DATEA.:...daRary 12-, 1994.
` 7;411-- t III ' /VA-
: �yIAAII r 4' 'o Public in and for the Stat- if Washington
Print Name: Lisa D. mer
= •
. �;. 'ti a' . C My appointment expires: 3-9-/.7
STATl ' SIVIstGTON )
ss
COUNTY OF KING )
I certify that I know or have satisfactory evidence that John J. Tharp is the person who appeared
C\? before me, and who signed this instrument and acknowledged it to be his free and voluntary act for
® the uses and purposes mentioned in the instrument.
Tr DATF�D.Jauuary 42, 1994. ,
® .'\ V.• sIe. 4, •!Ikto I Gt. ii igt/A
,,, I=NvtAnr.;„= _ 'o . •" Public in and fpr dig ,. • of Washington
. •-.w Print Name: Lisa u. mer
s ... My appointment expires: 3-9-'7 7
STATE'$??4�ASNGTON )
°r was"7,' ss
COUNTY Or'TiNG )
I certify that I know or have satisfactory evidence that Jeanene Tharp is the person who appeared
before me, and who signed this instrument and acknowledged it to be her free and voluntary act for
the uses and purposes mentioned in the instrument.
DATED: January /02, 1994. /
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D. u;' '',, /A / r ,
v -„sve' 0,►- ?'. o .. Public in and for th S p of Washington
4�►tlf�►R4,. _ Print Name:
�Isa�Li. miner
.....IM. : : My appointment expires: 3--9—y 7
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AMERICAN LAND TITLE ASSOCIATION
Il; OWNER'S POLICY h
(4-6-90)
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CHICAGO TITLE INSURANCE COMPANY =
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SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE
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CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE =`
-', INSURANCE COMPANY,a Missouri corporation,herein called the Company,insures,as of Date of Policy shown '%'
43
` 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. Title to the estate or interest described in Schedule A being vested other than as stated therein; {,
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`=' 2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
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4. Lack of a right of access to and from the land. -
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The Company 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.
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In Witness Whereof,CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as
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of Date of Policy shown in Schedule A,the policy to become valid when countersigned by an authorized signatory.
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Issued by: CHICAGO TITLE INSURANCE COMPANY
CHICAGO TITLE INSURANCE COMPANY By:
it 1800 Columbia Center
701 Fifth Avenue 4te-s/1 ,/,,,,s- �
4!: Seattle, Washington 98104 al
(206) 628 - 5666 . "-
4 — \NS 1' Presi nt l';
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Secretary
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ALTA Owner's Policy(4-6-90)
EXCLUSIONS FROM COVERAGE
The following 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:
1. (a) Any law,ordinance or governmental regulation(including but not limited to building and zoning laws,ordi-
nances,or regulations)restricting,regulating,prohibiting or relating to(i)the occupancy,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 ora change in the dimensions 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 violation or alleged violation affecting the land has been recorded in the
public records at Date of Policy.
(b) Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise
thereof or a notice of a defect,lien 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 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 knowledge.
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 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 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.
CHICAGO TITLE INSURANCE COMPANY
1800 COLUMBIA CENTER, 701 5TH AVE
SEATTLE, WA 98104 PolicyNo.: 296849
STANDARD OWNER POLICY
SCHEDULE A
Amount of
Date of Policy: JANUARY 14, 1994 at 3:17 PM Insurance: $211,312.50
1. Name of Insured:
CITY OF RENTON, A WASHINGTON MUNICIPAL CORPORATION
2. The estate or interest in the land which is covered by this policy is:
FEE SIMPLE
3. Title to the estate or interest in the land is vested in:
CITY OF RENTON, A WASHINGTON MUNICIPAL CORPORATION
4. The land referred to in this policy is described as follows:
SEE ATTACHED DESCRIPTION
CHICAGO TITLE INSURANCE COMPANY ALTAOPA/9-1O-93/soc
•
CHICAGO TITLE INSURANCE COMPANY
Policy No.: 296849
STANDARD OWNER POLICY
SCHEDULE A
(Continued)
LEGAL DESCRIPTION
PARCEL A:
THE SOUTH 25 FEET OF LOT 3 AND THE NORTH 37 1/2 FEET OF LOT 4, BLOCK 10, TOWN OF
RENTON, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE(S)
135, IN KING COUNTY, WASHINGTON;
EXCEPT THE EAST 5 FEET THEREOF CONDEMNED FOR ALLEY PURPOSES IN KING COUNTY
SUPERIOR COURT CAUSE NUMBER 87129, AS PROVIDED BY ORDINANCE NO. 272 OF THE TOWN
OF RENTON.
PARCEL B:
LOT 6, BLOCK 10, TOWN OF RENTON, ACCORDING TO THE PLAT THEREOF, RECORDED IN
VOLUME 1 OF PLATS, PAGE(S) 135, IN KING COUNTY, WASHINGTON;
EXCEPT THE EAST 5 FEET THEREOF CONDEMNED FOR ALLEY PURPOSES IN KING COUNTY
SUPERIOR COURT CAUSE NUMBER 87129, AS PROVIDED BY ORDINANCE NO. 272 OF THE TOWN
OF RENTON.
PARCEL C:
THE SOUTH 12 1/2 FEET OF LOT 4, ALL OF LOT 5, BLOCK 10, TOWN OF RENTON, ACCORDING
TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE(S) 135, IN KING COUNTY,
WASHINGTON;
EXCEPT THE EAST 5 FEET THEREOF CONDEMNED FOR ALLEY PURPOSES IN KING COUNTY
SUPERIOR COURT CAUSE NUMBER 87129, AS PROVIDED BY ORDINANCE NO. 272 OF THE TOWN
OF RENTON.
CHICAGO TITLE INSURANCE COMPANY
•
•
CHICAGO TITLE INSURANCE COMPANY
Policy No.: 296849
STANDARD OWNER POLICY
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage(and the Company will not pay costs,attorneys'fees or expenses)
which arise by reason of:
GENERAL EXCEPTIONS:
A. Rights or claims of parties in possession not shown by the public records.
B. Encroachments,overlaps,boundary line disputes,and any other matters which would be disclosed by an
accurate survey and inspection of the premises.
C. Easements or claims of easements not shown by the public records.
D. Any lien,or right to lien,for contributions to employee benefit funds,or for state workers'compensation,or
for services,labor,or material heretofore or hereafter furnished,all as imposed by law,and not shown by
the public records.
E. Taxes or special assessments which are not shown as existing liens by the public records.
F. Any service,installation,connection,maintenance,tap,capacity or construction charges for sewer,water,
electricity,other utilities, or garbage collection and disposal.
G. Reservations or exceptions in patents or in Acts authorizing the issuance thereof;
Indian tribal codes or regulations,Indian treaty or aboriginal rights, including easements or equitable servitudes.
H. Water rights,claims,or title to water.
SPECIAL EXCEPTIONS:
1. EASEMENT AND THE TERMS AND CONDITIONS THEREOF:
PURPOSE: INSTALLATION OF FOUNDATIONS FOR THE
IMMEDIATE SUPPORT AND PROTECTION OF THE
BUILDING ON LOT 7
AREA AFFECTED: THE SOUTH 2 FEET OF LOT 6
RECORDED: NOVEMBER 23, 1948
RECORDING NUMBER: 3856702
2. EASEMENT AND THE TERMS AND CONDITIONS THEREOF:
PURPOSE: WASHINGTON NATURAL GAS COMPANY, A
PUBLIC UTILITY CORPORATION
AREA AFFECTED: THE NORTH 2 FEET OF THE SOUTH 25 FEET
CHICAGO TITLE INSURANCE COMPANY ALTAOPB
•
•
CHICAGO TITLE INSURANCE COMPANY
Policy No.: 296849
STANDARD OWNER POLICY
SCHEDULE B
(Continued)
SPECIAL EXCEPTIONS
OF LOT 3
RECORDED: NOVEMBER 23, 1965
RECORDING NUMBER: 5956969
3. GENERAL TAXES: FIRST HALF DELINQUENT MAY 1, SECOND HALF DELINQUENT
NOVEMBER 1:
YEAR: 1994
AMOUNT BILLED: $ 791.58
AMOUNT PAID: $ 00.00
AMOUNT DUE: $ 791.58
TAX ACCOUNT NUMBER: 723150-0880-00
LEVY CODE: 2100
ASSESSED VALUE-LAND: $ 57,500.00
ASSESSED VALUE-IMPROVEMENTS: $ 00.00
AFFECTS: TAXABLE PORTION OF PARCEL A
4. SPECIAL TAXES FOR CONSERVATION:
YEAR: 1994
AMOUNT BILLED: $ 1.25
AMOUNT PAID: $ 00.00
AMOUNT DUE: $ 1.25
TAX ACCOUNT NUMBER: 723150-0880-00
LEVY CODE: 9430
AFFECTS: TAXABLE PORTION OF PARCEL A
5. A PORTION OF THE PROPERTY HEREIN DESCRIBED IS CARRIED ON THE TAX ROLLS AS
EXEMPT,HOWEVER IT WILL BECOME TAXABLE ON THE DATE OF THE EXECUTION OF A
CONVEYANCE TO A TAXABLE ENTITY AND SUBJECT TO THE LIEN OF REAL PROPERTY
TAXES FOR THE BALANCE OF THE YEAR FROM THAT DATE.
TAX ACCOUNT NUMBER: 723150-0880-91
LEVY CODE: 2100
ASSESSED VALUE-LAND: $ 00.00
ASSESSED VALUE-IMPROVEMENT: $ 1,000.00
CHICAGO TITLE INSURANCE COMPANY
•
•
CHICAGO TITLE INSURANCE COMPANY
Policy No.: 296849
STANDARD OWNER POLICY
SCHEDULE B
(Continued)
SPECIAL EXCEPTIONS
AFFECTS: A PORTION OF PARCEL A
6. GENERAL TAXES: FIRST HALF DELINQUENT MAY 1, SECOND HALF DELINQUENT
NOVEMBER 1:
YEAR: 1994
AMOUNT BILLED: $ 819.12
AMOUNT PAID: $ 00.00
AMOUNT DUE: $ 819.12
TAX ACCOUNT NUMBER: 723150-0885-05
LEVY CODE: 2100
ASSESSED VALUE-LAND: $ 57,500.00
ASSESSED VALUE-IMPROVEMENTS: $ 2,000.00
AFFECTS: PARCEL B
7. SPECIAL TAXES FOR CONSERVATION:
YEAR: 1994
AMOUNT BILLED: $ 1.25
AMOUNT PAID: $ 00.00
AMOUNT DUE: $ 1.25
TAX ACCOUNT NUMBER: 723150-0885-05
LEVY CODE: 2100
AFFECTS: PARCEL B
8. GENERAL TAXES: FIRST HALF DELINQUENT MAY 1, SECOND HALF DELINQUENT
NOVEMBER 1:
YEAR: 1994
AMOUNT BILLED: $ 633.27
AMOUNT PAID: $ 00.00
AMOUNT DUE: $ 633.227
TAX ACCOUNT NUMBER: 723150-0895-03
LEVY CODE: 2100
ASSESSED VALUE-LAND: $ 46,000.00
ASSESSED VALUE-IMPROVEMENTS: $ 00.00
CHICAGO TITLE INSURANCE COMPANY
CHICAGO TITLE INSURANCE COMPANY
Policy No.: 296849
STANDARD OWNER POLICY
SCHEDULE B
(Continued)
SPECIAL EXCEPTIONS
AFFECTS: PARCEL C
9. SPECIAL TAXES FOR CONSERVATION:
YEAR: 1994
AMOUNT BILLED: $ 1.25
AMOUNT PAID: $ 00.00
AMOUNT DUE: $ 1.25
TAX ACCOUNT NUMBER: 723150-0895-03
LEVY CODE: 9430
AFFECTS: PARCEL C
** END OF SCHEDULE B **
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‘5.21/(144
AUTHORIZED SIGNATORY
Loan Policy Endorsements: NONE
Owner's Policy Endorsements: NONE
CI-IICAGO TITLE INSURANCE COMPANY
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•0 CHICAGO TITLE INSURANCE COMPANY •
1800 COLUMBIA CENTER, 701 5TH AVE, SEATTLE, WASHINGTON 98104
IMPORTANT: This is not a Survey. It is furnished as a convenience to locate the land indicated hereon with
reference to streets and other land. No liability is assumed by reason of reliance hereon.
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MAP
•
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CONDITIONS-AND STIPULATIONS
•
1. DEFINITION OF TERMS (c)Whenever the Company shall have brought an action or interposed a
The following terms when used in this policy mean: defense as required or permitted by the provisions of this policy,the Company
(a)"insured":the insured named in Schedule A,and,subject to any rights may pursue any litigation to final determination by a court of competent juris-
or defenses the Company would have had against the named insured,those diction and expressly reserves the right,in its sole discretion,to appeal from
who succeed to the interest of the named insured by operation of law as any adverse judgment or order.
distinguished from purchase including,but not limited to,heirs,distributees, (d) In all cases where this policy permits or requires the Company to prose-
devisees, survivors, personal representatives, next of kin, or corporate or cute or provide for the defense of any action or proceeding,the insured shall
fiduciary successors. secure to the Company the right to so prosecute or provide defense in the
(b)"insured claimant":an insured claiming loss or damage. action or proceeding, and all appeals therein, and permit the Company to
(c)"knowledge" or "known": actual knowledge, not constructive knowl- use, at its option, the name of the insured for this purpose. Whenever
edge or notice which may be imputed to an insured by reason of the public requested by the Company,the insured,at the Company's expense,shall give
records as defined in this policy or any other records which impart construc the Company all reasonable aid (i) in any action or proceeding, securing
five notice of matters affecting the land. evidence, obtaining witnesses, prosecuting or defending the action or d)"land":the land described or referred to in Schedule A,and improve pro-
ceeding,or effecting settlement,and(ii)in any other lawful act which in the
ments affixed thereto which by law constitute real property.The term "land" opinion of the Company may be necessary or desirable to establish the title to
the estate or interest as insured.If the Company is prejudiced by the failure of
does not include any property beyond the lines of the area described or
the insured to furnish the required cooperation,the Company's obligations to
referred to in Schedule A, nor any right,title, interest,estate or easement in
abutting streets,roads,avenues,alleys,lanes,ways or waterways,but noth- tiothe insured odefe under the pproseccyute,
continueshai terminate,aylitigation,including any liability dtoor matteobliger
ing herein shall modify or limit the extent to which a right of access to and from or a terse eqnd, i ring such cooetioany with regard to the matter
the land is insured by this policy. or matters requiring such cooperation.
(e)"mortgage": mortgage, deed of trust, trust deed, or other security 5. PROOF OF LOSS OR DAMAGE
instrument. In addition to and after the notices required under Section 3 of these Condi-
(f)"public records": records established under state statutes at Date of tions and Stipulations have been provided the Company, a proof of loss or
Policy for the purpose of imparting constructive notice of matters relating to damage signed and sworn to by the insured claimant shall be furnished to the
real property to purchasers for value and without knowledge.With respect to Company within 90 days after the insured claimant shall ascertain the facts
Section 1(a)(iv)of the Exclusions From Coverage,"public records"shall also giving rise to the loss or damage.The proof of loss or damage shall describe
include environmental protection liens filed in the records of the clerk of the the defect in, or lien or encumbrance on the title, or other matter insured
United States district court for the district in which the land is located. against by this policy which constitutes the basis of loss or damage and shall
(g)"unmarketability of the title": an alleged or apparent matter affecting state,to the extent possible,the basis of calculating the amount of the loss or
the title to the land, not excluded or excepted from coverage, which would damage.If the Company is prejudiced by the failure of the insured claimant to
entitle a purchaser of the estate or interest described in Schedule A to be provide the required proof of loss or damage,the Company's obligations to
released from the obligation to purchase by virtue of a contractual condition the insured under the policy shall terminate,including any liability or oblige-
requiring the delivery of marketable title. tion to defend,prosecute,or continue any litigation,with regard to the matter
or matters requiring such proof of loss or damage.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE In addition,the insured claimant may reasonably be required to submit to
The coverage of this policy shall continue in force as of Date of Policy in examination under oath by any authorized representative of the Company
favor of an insured only so long as the insured retains an estate or interest in and shall produce for examination,inspection and copying,at such reason-
the land,or holds an indebtedness secured by a purchase money mortgage able times and places as may be designated by any authorized representative
given by a purchaser from the insured,or only so long as the insured shall of the Company, all records, books, ledgers, checks, correspondence and
have liability by reason of covenants of warranty made by the insured in any memoranda, whether bearing a date before or after Date of Policy, which
transfer or conveyance of the estate or interest.This policy shall not continue reasonably pertain to the loss or damage.Further,if requested by any autho-
in force in favor of any purchaser from the insured of either(i)an estate or rized representative of the Company, the insured claimant shall grant its
interest in the land, or(ii) an indebtedness secured by a purchase money permission, in writing,for any authorized representative of the Company to
mortgage given to the insured. examine, inspect and copy all records, books, ledgers, checks, correspon-
dence and memoranda in the custody or control of a third party,which reason-
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT ably pertain to the loss or damage.All information designated as confidential
The insured shall notify the Company promptly in writing(i)in case of any by the insured claimant provided to the Company pursuant to this Section
litigation as set forth in Section 4(a)below,(ii)in case knowledge shall come to shall not be disclosed to others unless, in the reasonable judgment of the
an insured hereunder of any claim of title or interest which is adverse to the Company, it is necessary in the administration of the claim. Failure of the
title to the estate or interest,as insured,and which might cause loss or dam- insured claimant to submit for examination under oath,produce other reason-
age for which the Company may be liable by virtue of this policy,or(iii)if title to ably requested information or grant permission to secure reasonably neces-
the estate or interest,as insured,is rejected as unmarketable.If prompt notice sary information from third parties as required in this paragraph shall termi-
shall not be given to the Company,then as to the insured all liability of the nate any liability of the Company under this policy as to that claim.
Company shall terminate with regard to the matter or matters for which prompt
notice is required;provided,however,that failure to notify the Company shall 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION
in no case prejudice the rights of any insured under this policy unless the OF LIABILITY
Company shall be prejudiced by the failure and then only to the extent of the In case of a claim under this policy,the Company shall have the following
prejudice. additional options:
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED (a)To Pay or Tender Payment of the Amount of Insurance.
CLAIMANT TO COOPERATE To pay or tender payment of the amount of insurance under this policy
(a)Upon written request by the insured and subject to the options con- together with any costs,attorneys'fees and expenses incurred by the insured
tainted in Section 6 of these Conditions and Stipulations,the Company,at its claimant,which were authorized by the Company,up to the time of payment or
own cost and without unreasonable delay,shall provide for the defense of an tender of payment and which the Company is obligated to pay.
insured in litigation in which any third party asserts a claim adverse to the title Upon the exercise by the Company of this option,all liability and obligations
or interest as insured,but only as to those stated causes of action alleging a to the insured under this policy,other than to make the payment required,shall
defect,lienor encumbrance or other matter insured against by this policy.The terminate, including any liability or obligation to defend, prosecute, or con-
Company shall have the right to select counsel of its choice(subject to the tinue any litigation,and the policy shall be surrendered to the Company for
right of the insured to object for reasonable cause)to represent the insured as cancellation.
to those stated causes of action and shall not be liable for and will not pay the (b)To Pay or Otherwise Settle With Parties Other than the Insured or
fees of any other counsel. The Company will not pay any fees, costs or With the Insured Claimant.
expenses incurred by the insured in the defense of those causes of action (i)to pay or otherwise settle with other parties for or in the name of an
which allege matters not insured against by this policy. insured claimant any claim insured against under this policy,together with any
(b)The Company shall have the right, at its own cost, to institute and costs,attorneys'fees and expenses incurred by the insured claimant which
prosecute any action or proceeding or to do any other act which in its opinion were authorized by the Company up to the time of payment and which the
may be necessary or desirable to establish the title to the estate or interest,as Company is obligated to pay;or
insured,or to prevent or reduce loss or damage to the insured.The Company (ii)to pay or otherwise settle with the insured claimant the loss or damage
may take any appropriate action under the terms of this policy,whether or not provided for under this policy, together with any costs, attorneys' fees and
it shall be liable hereunder,and shall not thereby concede liability or waive any expenses incurred by the insured claimant which were authorized by the
provision of this policy. If the Company shall exercise its rights under this Company up to the time of payment and which the Company is obligated to
paragraph.it shall do so diligently. pay.
•
Upon the•exercise by the Company of either of the options provided for in (b)When liability and the extent of loss or damage has been.definitely,fixed
paragraphs(b)(i)or(ii),the Company's obligations to the insured under this in accordance with these Conditions and Stipulations, the loss or damage
policy for the claimed loss or damage,other than the payments required to be shall be payable within 30 days thereafter.
made,shall terminate, including any liability or obligation to defend, prose-
cute or continue any litigation. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT
7. DETERMINATION,EXTENT OF LIABILITY AND COINSURANCE (a)The Company's Right of Subrogation.
This policy is a contract of indemnity against actual monetary loss or dam- Whenever the Company shall have settled and paid a claim under this
age sustained or incurred by the insured claimant who has suffered loss or policy,all right of subrogation shall vest in the Company unaffected by any act
damage by reason of matters insured against by this policy and only to the of the insured claimant.
extent herein described. The Company shall be subrogated to and be entitled to all rights and
(a)The liability of the Company under this policy shall not exceed the least remedies which the insured claimant would have had against any person or
of: property in respect to the claim had this policy not been issued.If requested by
(i)the Amount of Insurance stated in Schedule A;or, the Company, the insured claimant shall transfer to the Company all rights
(ii)the difference between the value of the insured estate or interest as and remedies against any person or property necessary in order to perfect
insured and the value of the insured estate or interest subject to the defect, this right of subrogation.The insured claimant shall permit the Company to
lien or encumbrance insured against by this policy. sue,compromise or settle in the name of the insured claimant and to use the
(b)In the event the Amount of Insurance stated in Schedule A at the Date of name of the insured claimant in any transaction or litigation involving these
Policy is less than 80 percent of the value of the insured estate or interest or rights or remedies.
the full consideration paid for the land,whichever is less,or if subsequent to If a payment on account of a claim does not fully cover the loss of the
the Date of Policy an improvement is erected on the land which increases the insured claimant,the Company shall be subrogated to these rights and reme-
value of the insured estate or interest by at least 20 percent over the Amount of dies in the proportion which the Company's payment bears to the whole
Insurance stated in Schedule A,then this Policy is subject to the following: amount of the loss.
(i)where no subsequent improvement has been made,as to any partial If loss should result from any act of the insured claimant,as stated above,
loss,the Company shall only pay the loss pro rata in the proportion that the that act shall not void this policy, but the Company, in that event, shall be
amount of insurance at Date of Policy bears to the total value of the insured required to pay only that part of any losses insured against by this policy which
estate or interest at Date of Policy;or shall exceed the amount,if any,lost to the Company by reason of the impair-
(ii)where a subsequent improvement has been made, as to any partial ment by the insured claimant of the Company's right of subrogation.
loss,the Company shall only pay the loss pro rata in the proportion that 120 (b)The Company's Rights Against Non-insured Obligors.
percent 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 for The Company's right of subrogation against non-insured obligors shall
the improvement. exist and shall include,without limitation,the rights of the insured to indem-
The provisions of this paragraph shall not apply to costs, attorneys' fees nines,guaranties,other policies of insurance or bonds, notwithstanding any
and expenses for which the Company is liable under this policy,and shall only terms or conditions contained in those instruments which provide for subroga
apply to that portion of any loss which exceeds,in the aggregate,10 percent of tion rights by reason of this policy.
the Amount of Insurance stated in Schedule A. 14. ARBITRATION
(c)The Company will pay only those costs,attorneys'fees and expenses
incurred in accordance with Section 4 of these Conditions and Stipulations. Unless prohibited by applicable law,either the Company or the insured may
demand arbitration pursuant to the Title Insurance Arbitration Rules of the
8. APPORTIONMENT American Arbitration Association.Arbitrable matters may include,but are not
If the land described in Schedule A consists of two or more parcels which limited to, any controversy or claim between the Company and the insured
are not used as a single site,and a loss is established affecting one or more of arising out of or relating to this policy,any service of the Company in connec-
the parcels but not all,the loss shall be computed and settled on a pro rata tion with its issuance or the breach of a policy provision or other obligation.All
basis as if the amount of insurance under this policy was divided pro rata as to arbitrable matters when the Amount of Insurance is$1,000,000 or less shall
the value on Date of Policy of each separate parcel to the whole,exclusive of be arbitrated at the option of either the Company or the insured.All arbitrable
any improvements made subsequent to Date of Policy, unless a liability or matters when the Amount of Insurance is in excess of$1,000,000 shall be
value has otherwise been agreed upon as to each parcel by the Company and arbitrated only when agreed to by both the Company and the insured.Arbitra-
the insured at the time of the issuance of this policy and shown by an express tion pursuant to this policy and under the Rules in effect on the date the
statement or by an endorsement attached to this policy. demand for arbitration is made or,at the option of the insured,the Rules in
9. LIMITATION OF LIABILITY effect at Date of Policy shall be binding upon the parties. The award may
(a)If the Company establishes the title,or removes the alleged defect,lien include attorneys'fees only if the laws of the state in which the land is located
or encumbrance,or cures the lack of a right of access to or from the land,or permit a court to award attorneys'fees to a prevailing party.Judgment upon
cures the claim of unmarketability of title, all as insured, in a reasonably the award rendered by the Arbitrator(s)may be entered in any court having
diligent manner by any method,including litigation and the completion of any jurisdiction thereof.
appeals therefrom,it shall have fully performed its obligations with respect to The law of the situs of the land shall apply to an arbitration under the Title
that matter and shall not be liable for any loss or damage caused thereby. Insurance Arbitration Rules.
(b)In the event of any litigation,including litigation by the Company or with A copy of the Rules may be obtained from the Company upon request.
the Company's consent,the Company shall have no liability for loss or dam-
age until there has been a final determination by a court of competent jurisdic- 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT
tion,and disposition of all appeals therefrom,adverse to the title as insured. (a)This policy together with all endorsements,if any,attached hereto by the
(c)The Company shall not be liable for loss or damage to any insured for Company is the entire policy and contract between the insured and the Com-
liability voluntarily assumed by the insured in settling any claim or suit without pany.In interpreting any provision of this policy,this policy shall be construed
the prior written consent of the Company. as a whole.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF (b)Any claim of loss or damage,whether or not based on negligence,and
LIABILITY which arises out of the status of the title to the estate or interest covered
All payments under this policy,except payments made for costs,attorneys' hereby or by any action asserting such claim,shall be restricted to this policy.
fees and expenses,shall reduce the amount of the insurance pro tanto. (c)No amendment of or endorsement to this policy can be made except by
11. LIABILITY NONCUMULATIVE a writing endorsed hereon or attached hereto signed by either the President,a
Vice President,the Secretary,an Assistant Secretary,or validating officer or
It is expressly understood that the amount of insurance under this policy authorized signatory of the Company.
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 16. SEVERABILITY
insured has agreed, assumed, or taken subject, or which is hereafter ex- In the event any provision of the policy is held invalid or unenforceable
ecuted by an insured and which is a charge or lien on the estate or interest under applicable law,the policy shall be deemed not to include that provision
described or referred to in Schedule A, and the amount so paid shall be and all other provisions shall remain in full force and effect.
deemed a payment under this policy to the insured owner.
12. PAYMENT OF LOSS 17. NOTICES,WHERE SENT
(a)No payment shall be made without producing this policy for endorse- All notices required to be given the Company and any statement in writing
ment of the payment unless the policy has been lost or destroyed, in which required to be furnished the Company shall include the number of this policy
case proof of loss or destruction shall be furnished to the satisfaction of the and shall be addressed to the Company at the issuing office or to:
Company. CHICAGO TITLE INSURANCE COMPANY
Claims Department
171 North Clark Street
Form No.8206 - Chicago, IL 60601-3294