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Deed - 1006 San Leandro Blvd - File 1074, 1981
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Deed - 1006 San Leandro Blvd - File 1074, 1981
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CM City Clerk-City Council
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INFLATION INDORSEMENT Order Number SL— 8 5 9 5 9 9 <br />Attached to Policy No. S 462431 <br />Issued by <br />WESTERN TITLE INSURANCE COMPANY <br />a corporation <br />The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional <br />monetary protection to the insured owner, hereby modifies said Policy, as follows: <br />1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance provided by said <br />Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to <br />the extent hereinafter specified. <br />2. "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the first January 1 which <br />occurs more than six months after the Date of Policy, as shown in Schedule A of the Policy to which this <br />Indorsement is attached, and on each succeeding January 1. <br />3. An upward adjustment will be made on each of the Adjustment Dates, as defined above, by increasing the <br />maximum amount of insurance provided by said Policy (as said amount may have been increased theretofore <br />under the terms of this Indorsement) by the same percentage, if any, by which the United States Department of <br />Commerce Composite Construction Cost Index (base period 1967) for the month of September immediately <br />preceding exceeds such Index for the month of September one year earlier; provided, however, that the maximum <br />amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of said <br />Policy, less the amount of any claim paid under said Policy which, under the terms of the Conditions and Stipula- <br />tions, reduces the amount of insurance in force. There shall be no annual adjustment in the amount of insurance <br />for years in which there is no increase in said Construction Cost Index. <br />4. In the settlement of any claim against the Company under said Policy, the amount of insurance in force shall be <br />deemed to be the amount which is in force as of the date on which the insured claimant first learned of the <br />assertion or possible assertion of such claim, or as of the date of receipt by the Company of the first notice of <br />such claim, whichever shall first occur. <br />For the purpose of this Indorsement the term "insured owner" is defined as any insured described in paragraph 3. of <br />Schedule A and, subject to any rights or defenses the Company may have had under said Policy and all indorsements, such <br />insured's heirs, distributees, devisees, survivors, personal representatives or next of kin. <br />Nothing herein contained shall be construed as extending or changing the effective date of said Policy. <br />This Indorsement is made a part of said Policy and is subject to the schedules, conditions and stipulations therein, <br />except as modified by the provisions hereof. <br />Dated: April 29, 1981 WESTERN TITLE INSURANCE COMPANY <br />At: 10:30 a.m. <br />�001, 1 BA*President <br />NOTE: In connection with a future application for title insurance covering saic�l� � issue cre 0'rt4nium charges (if <br />applicable at all) will be allowed only upon the original face amount of insuranca�s ted in Schedule dsd Policy. <br />1UCUST 21, <br />�411FORVO', <br />WTI Form HO-3 <br />(1.0-16-74) <br />
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