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(continued from inside front cover)
<br />the Company for soon insured, and all cam,
<br />rried
<br />on by suchf fees
<br />ed with litigation
<br />the we- ttenaauthor authorization
<br />on
<br />of the
<br />Company.
<br />Icl When tf xed nunt Of low or accordance wthntheeconn--
<br />been definitely 11e the loss or damage shall be
<br />ditions of this Po Y.
<br />payable within 30 days thereafter.
<br />7. LIMITATION OF LIABILITY
<br />No claim shall arise or be maintainable under
<br />thispolicy la) if the Compan' afterhaving
<br />by
<br />notice of an alleged defect,
<br />.,ad against hereunder, Y litigation or other-
<br />ce or
<br />wise,lishes the title, removes such ,, the lien of the insureddefect thin or mart'
<br />establishes
<br />gage, as insured, within a reasonable time after
<br />receipt of such notice; (b) in the event of litigation
<br />until there has been a final determination by a
<br />court of competent lu aldverse to thetitlle or to the
<br />all appeals therefrom,
<br />lien of the insured mortgage, is insured, as Pro-
<br />vided in paragraph 3 hereof; or (c) fliability
<br />or assumed by an insured
<br />voluntarily admitted
<br />without prior written consent of the Company
<br />amount so paid shall txe deemed o payment under
<br />this policy. The Company shall have the option to
<br />the payment of any such mortgage any amount
<br />thatotherwise would payable hereunder to the
<br />insured
<br />es
<br />insured owner of the estate or interest covered by
<br />this policy and the amount w paid shall be deemed
<br />a payment under this Policy to said insua the ed owner.
<br />option prion To
<br />this policy. The Company mortgage any
<br />apply the Payment of any such blehereunder
<br />amount that otherwise would be Payable he
<br />e or interest cov-
<br />a, the insured
<br />policy and the amoowner of the unt so paid shall be
<br />deed ed payment under this policy to said insured
<br />deemed a
<br />owner.
<br />The provisions of this paragraph 9 shall not
<br />apply to an owner of the indebtedness secured by
<br />the insured mortgage, unless such insured acquires
<br />title to said estate or interest in satisfaction of said
<br />indebtedness or any part thereof.
<br />S. REDUCTION OF INSURANCE; TERMINA—
<br />TION OF LIABILITY
<br />All: payments under this policy, except Pay-
<br />ment made for costs, attorneys' fees aril expenses,
<br />shall reduce the amount of the insurance pro tanto;
<br />provided, however, if the owner oft he insured here
<br />secured by the insured mortgage t or to the acquisition
<br />under, then such payments, p
<br />of title to said estate or interest as provided in
<br />paragraph 2 (a) of these Conditions and StiPulw
<br />tions, shall not reduce pro tanto the amountof
<br />insurance afforded hereunder as to any
<br />educe except
<br />amountthe
<br />ofextent
<br />that such payments
<br />indebtedness secured
<br />by such mortgage.
<br />Payment in full by anypersonor voluntary
<br />satisfaction or release of the Insured mortgage
<br />an gored
<br />shall
<br />terminate all liability of the company
<br />owner ge the
<br />excep indebtedness
<br />providedured by the in paragraph 2 (es
<br />mortgage,
<br />hereof.
<br />9. LIABILITY NONCUMULATIVE
<br />It is expressly understood that the amount of
<br />insurance underthls policy, as to the insured owner
<br />of the estate or interest covered by this Policy, shall
<br />pall
<br />be reduced by any shown or
<br />under any policy Insuring (a) a mortgage
<br />referred to in Schedule B hereof which is a lien
<br />by his police,
<br />on the estate or interest
<br />e eafter executed by an insured
<br />or (b) i mortgage
<br />which is a charge or lien on The estate or interest
<br />described or referred to in Schedule A, and the
<br />" Llt
<br />fornia,
<br />council
<br />council
<br />Grantef
<br />Date:
<br />Inds -10A
<br />11. LIABILITY LIMITED To THIS POLICY
<br />This instrument together with all endorse -
<br />merits and other instruments, if any. attached here-
<br />to by the Company is the entire policy and con-
<br />tract between the insured and the Company.
<br />Any claim of loss ar damage, whether or not
<br />based on negligence, and which arises out of the
<br />status of the lien of the insured mortgage r ythe
<br />d hereby,
<br />title to the estate or interest covereor
<br />any action asserting such claim, shall be restricted
<br />to the provisions and conditions and stipulations of
<br />this policy,
<br />No amendment of or end rssemeennt to this
<br />endorsed
<br />policy can be made except either the
<br />hereon or attached hereto signed by
<br />President, a Vice President, ial daing officer othe Secretary,
<br />author-
<br />an
<br />Assistant Secretary,
<br />ized signatory of the Company'
<br />No payment shall be made without producing
<br />10. SUBROGATION UPON rAt me-:... •-•• this policy for endorsement of such payment urs
<br />SETTLEMENT lass the policy be lost or destroyed, in which case
<br />Whenever the Company shall have paid or proof of such loss or destruction shall be furnished
<br />settled a claim under this policy, all right of sub' to the oWHERE SENT n of the rill
<br />rogation shall vest r the company unaffected by 12. NOTICES,
<br />any act of the insured claimant, except that the
<br />owner of the indebtedness secured by the insured All notices required writing
<br />be given tad to he Company
<br />mortgage may release or substitute the personal and any statement i^ hall tbe addressed to t at its
<br />liability of any debtor or guarantor, or extend or dished the Company
<br />rtion of the estate or interest from the California, 92701, or to the office which issued
<br />Otherwise modify the terms of payment, or re- home office at 42t North Main Street, Santa ria,
<br />lease a Pa mortgage or release any this Policy.
<br />lien of the Insured provided
<br />collateral security for the indebtedness, h insured
<br />such act occurs prior to receipt by
<br />of notice of any claim of title or interest adverse
<br />to the title to the estate or interest or
<br />does noty
<br />t
<br />of the lien of the insured mortgage
<br />result in any eo of The priority mpanY shall be subrogated
<br />wren mortgage -
<br />to and su entitled to all rights and remedies stint
<br />such insured petty In respect to suchhad
<br />clla'imm had this
<br />Person
<br />or property Is here
<br />policy not been issued, and the Company'
<br />by authorized and empowered to sue, compromise
<br />or settle in its name or in the name of the insured
<br />to the full extent of the loss sustained by the COM,
<br />Perry. If requested by the Company, the insured
<br />shall execute any and alldocuments
<br />ha payment does not
<br />the within wbrogat
<br />cover the loss of wch to wch claImant, the Com,
<br />r rights arid reme-
<br />dies
<br />pony shall 6t subrogor payment bears to
<br />dies in the proportion which said pay
<br />the amount of sold loss, but wch martsubrogation shall
<br />If loss
<br />shout in subordination to a t insured mortgage. -
<br />shouldresultfromanyactofwchln bluittheCom-
<br />wch act shall not void this palled,
<br />pang, in that event, shall as to such insured
<br />claimant be required to pay only that part of any
<br />losses insured against hereunder which shall exceed
<br />the amount, if anY. lost to the Company by reasorn
<br />of the impairment of the right of subrogor
<br />Reciwo° icy, a municipal corpora conn tie State °theaCii
<br />is hereby accepted by the undersigned officer on beha'lk�ay
<br />of Redwood City pursuant to authority. �onferra5ld the
<br />of the City adopted on / 199,
<br />Resolution No. 7 is d��ut#�:�:zed floor..
<br />cons/ants to recor ation thereof of by �% *, -
<br />'7 �/¢y/ 1975. By S1° s,(Seal)
<br />r AC .1NE C. Il1LDiBRAN
<br />/
<br />9,90"
<br />'VOL684) PAGE21.0
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