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Deed - 1080 San Leandro Blvd - File 1174, 1986
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Deed - 1080 San Leandro Blvd - File 1174, 1986
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Policy No. <br />5-611270 <br />Order No. <br />104610 <br />INFLATION INDORSEMENT <br />Attached to Policy No. S-611270 <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 <br />intending to provide additional monetary protection to the insured owner, hereby modifies said <br />Policy, as follows: <br />1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance <br />provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward <br />adjustments in the manner and to the extent hereinafter specified. <br />2. "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the <br />first January 1 which occurs more than six months after the Date of Policy, as shown in Schedule A <br />of the Policy to which this 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 <br />increasing the maximum amount of insurance provided by said Policy (as said amount may have been <br />increased theretofore under the terms of this Indorsement) by the same percentage, if any, by which <br />the United States Department of Commerce Composite Construction Cost Index (base period 1967) for <br />the month of September immediately preceding exceeds such Index for the month of September one year <br />earlier; provided, however, that the maximum amount of insurance in force shall never exceed 150% <br />of the amount of insurance stated in Schedule A of said Policy, less the amount of any claim paid <br />under said Policy which, under the terms of the Conditions and Stipulations, reduces the amount of <br />insurance in force. There shall be no annual adjustment in the amount of insurance for years in <br />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 <br />insurance in force shall be deemed to be the amount which is in force as of the date on which the <br />insured claimant first learned of the assertion or possible assertion of such claim, or as of the <br />date of receipt by the Company of the first notice of such claim, whichever shall first occur. <br />For the purpose of this Indorsement the term "insured owner" is defined as any insured described <br />in paragraph 3. of Schedule A and, subject to any rights or defenses the Company may have had under <br />said Policy and all indorsements, such insured's heirs, distributees, devisees, survivors, personal <br />representatives or next of kin. <br />Nothing herein contained shall be construed as extending or changing the effective date of said <br />Policy. <br />This indorsement is made a part of said policy and is subject to the Schedules, Conditions and <br />Stipulations therein, except as modified by the provisions hereof. <br />Dated: December 22, 1986 <br />At: 8:30 o'clock a.m. <br />WEST'ZN TITLE,, I <br />ice -President <br />COMPANY <br />i <br />NOTE: In connection with a future appl(cation for title 4sur covering said land, reissue credit on <br />premium charges (if applicable at all) be allowe n y upon the original face amount of insurance as <br />stated in Schedule A of said Policy. <br />WTI Form HO-3 <br />(10-16-74) <br />
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