Deed - Franklin Ln WPRR hwy - File 171, 1941

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STIPULATIONS SCOPE OF 1. This policy does not insure against, and the COVERAGE Company will not be liable for loss or damage cre- ated by or arising out of any of the following: (a) defects, liens, claims, encumbrances, or other mat- ters which result in no pecuniary loss to the insured; (b) defects, liens, encumbrances, or other matters created or occurring subse- quent to the date hereof; (c) defects, liens, encumbrances, or other matters created or suffered by the insured claiming such loss or dam- age, or (d) defects, liens, encumbrances, or other matters existing at the date of this policy and known to the insured claiming such loss or damage, either at the date of this policy or at the date such in- sured claimant acquired an estate or interest insured by this policy, unless such defect, lien, claim, encumbrances, or other matter shall have been disclosed to the Company in writing prior to the issuance of this policy. Any rights or defenses of the Company against a named insured shall be equally available against any person or corporation who shall become an insured hereunder as successor of such named insured. DEFENSE OF 2. The Company at its own cost shall defend the ACTIONS insured in all actions or proceedings against the insured founded upon a defect, lien, encumbrance, or other matter insured against by this policy, and may pursue such litigation to final determination in the court of last resort. In case any such action or proceeding shall be begun, or in case knowledge shall come to any insured of any claim of title or interest adverse to the title as insured, or which might cause loss or NOTICE OF damage for which the Company shall or may be ACTIONS OR liable by virtue of this policy, such insured shall CLAIMS TO BE at once notify the Company thereof in writing. GIVEN BY THE If such notice shall not be given to the Company INSURED at least five days before the appearance day in any such action or proceeding, or if such insured shall not, in writ- ing, promptly notify the Company of any defect, lien, encumbrance, or other matter insured against, or of any such adverse claim which shall come to the knowledge of such insured, in respect to which loss or damage is apprehended, then all liability of the Company as to each insured having such notice in regard to the subject of such action, proceeding, or claim shall cease and terminate; provided, however, that failure to so notify shall in no case prejudice the claim of any insured unless the Company shall be actually prejudiced by such failure. The Company shall have the right to institute and prosecute any action or proceeding or do any other act which, in its opinion, may be necessary or desirable to establish the title, or any insured lien or charge, as insured. In all cases where this policy per- mits or requires the Company to prosecute or defend any action or proceeding, the insured shall secure to it in writing the right to so prosecute or defend such action or proceeding, and all appeals therein, and permit it to use, at its option, the name of the insured for such purpose. Whenever requested by the Company the insured shall assist the Company in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, prose- cuting or defending such action or proceeding, to such extent and in such manner as is deemed desirable by the Company, and the Company shall reimburse the insured for any expense so in- curred. The Company shall be subrogated to and be entitled to all costs and attorney's fees incurred or expended by the Company, which may be recoverable by the insured in any litigation carried on by the Company on behalf of the insured. The word "knowledge" in this paragraph means actual knowledge, and does not refer to con- structive knowledge or notice which may be imputed to the insured by reason of any public record or otherwise. OPTION TO PAY 3. The Company reserves the option to pay, set - SETTLE OR tle, or compromise for, or in the name of, the COMPROMISE insured, any claim insured against or to pay this CLAIMS policy in full at any time, and payment or tender of payment of the full amount of this policy, to- gether with all accrued costs which the Company is obligated here- under to pay, shall terminate all liability of the Company hereunder, including all obligations of the Company with respect to any litiga- tion pending and subsequent cost thereof. SUBROGATION 4. Whenever the Company shall have settled UPON PAYMENT a claim under this policy, it shall be subro- OR SETTLEMENT gated to and be entitled to all rights, securities, and remedies which the insured would have had against any person or property in respect to 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, securities, and remedies in the proportion which said payment bears to the amount of said loss. In either event the insured shall transfer, or cause to be transferred, to the Company such rights, securities, and remedies, and shall permit the Company to use the name of the insured in any transaction or litigation involving such rights, securities, or remedies. OPTION TO PAY 5. The Company has the right and option, INSURED OWNER in case any loss is claimed under this policy OF INDEBTEDNESS by an insured owner of an indebtedness AND BECOME secured by mortgage or deed of trust, to pay OWNER OF such insured the indebtedness of the mortga- SECURITY gor or trustor under said mortgage or deed of trust, together with all costs which the Com- pany is obligated hereunder to pay, in which case the Company shall become the owner of, and such insured shall at once assign and transfer to the Company said mortgage or deed of trust and the indebtedness thereby secured, and such payment shall terminate all liability under this policy to such insured. NOTICE OF LOSS 6. 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 ascertained. No action or proceeding for the recovery of any such loss or damage LIMITATION OF shall be instituted or maintained against the ACTION Company until after full compliance by the insured with all the conditions imposed on the insured by this policy, -nor unless commenced within twelve months after receipt by the Company of such written statement. PAYMENT OF 7. The Company will pay, in addition to LOSS AND any loss insured against by this policy, all COSTS OF costs imposed upon the insured in litigation LITIGATION carried on by the Company for the insured, and in litigation carried on by the insured with the written authorization of the Company, but not otherwise. The liability of the Company under this policy shall in no case ex- ceed, in all, the actual loss of the insured and costs which the Com- pany is obligated hereunder to pay, and in no case shall such total liability exceed the amount of this policy and said costs. All pay- ments under this policy shall reduce the amount of the insurance INDORSEMENT OF pro tanto, and payment of loss or damage PAYMENT ON to an insured owner of indebtedness shall re - POLICY duce, to that extent, the liability of the Com- pany to the insured owner of said land. No payment can be demanded by any insured without producing this policy for indorsement of such payment. MANNER OF 8. Loss under this policy shall be payable, PAYMENT OF first, to any insured owner of indebtedness LOSS TO secured by mortgage or deed of trust shown INSURED in Schedule B, in order of priority therein shown, and if such ownership vests in more than one, payment shall be made ratably as their respective in- terests may appear, and thereafter, any loss shall be payable to the other insured, and if more than one, then to such insured ratably as their respective interests may appear. If there be no such insured owner of indebtedness, any loss shall be payable to the insured, and if more than one, to such insured ratably as their respective interests may appear. WRITTEN 9. No provision or condition of this policy INDORSEMENT can be waived or changed except by writing REQUIRED TO endorsed hereon or attached hereto signed by CHANGE POLICY the President, a Vice -President, the Secretary, or an Assistant Secretary of the Company. IN WITNESS ` "HRFOF, Oakland Title Insurance and Guaranty Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers the day and hour set forth in Schedule A hereof. Oakland Title Insurance and Guaranty Company By Its Vice -President. And by Its Vice -President. I re ary.