Loading...
Roberta H. Hughan TrusteeRECORDLNG REQUESTED BY NAME: Old Republic WHEN RECORDED MAIL TO: NAME: City of Gilroy II ADDRESS: 7351 Rosanna CITY /STATE /ZIP: Gilroy, CA 95020 (DOCUMENT WILL ONLY BE RETURNED TO NAME & ADDRESS MENTEFED ABOVE) DOCUMENT 23474256 IIrIItl9iIIIIRI1111111�IIIIIVIIIU Fees, : 23474256 AMT PAID REGINA ALCOMENDRAS SANTA CLARA COUNTY RECORDER Recorded at the request of #625 OLD REPUBLIC ER - SPL (SPACE ABOVE FOR RECORDER'S USE) Grant Deed (DOCUMENT TITLE) Pages: 8 00 .00 .00 .00 "MAIL TAX STATEMENT AS DIRECTED AVOVE" SEPARATE PAGE, PURSUANT TO CA. GOV'T. CODE 27361.6 RDE # 003 1012412016 08:31 AM RECORDING REQUESTED BY NAME: Old Republic WHEN RECORDED MAIL TO: NAME: City of Gilroy ADDRESS: 7351 Rosanna CITY / STATE / Z[r: Gilroy, CA 95020 ONLY BE RETURNED TO NAME & ADDRESS IDENTHUD ABOVE) THIS DOCUMENT HAS BEEN ECGFtDED. SEE THE {`3"eAC"JEDCOVERi�AGEFOR RF Grant Deed (SPACE ABOVE FOR RECORDER'S USE) (DOCUMENT TITLE) "MAIL TAX STATEMENT AS DIRECTED AVOVE" . SEPARATE PAGE, PURSUANT TO CA. GOV'T. CODE 27361.6 GRANT DEED Old Republic Title Co. Escrow no. 0621007194 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Gilroy 7351 Rosanna Street Gilroy, CA 95020 Attn.: Rick Smelser RECORD WITHOUT FEE UNDER SECTION 27383 GOVERNMENT CODE OF STATE OF CALIFORNIA GRANT DEED SPACE ABOVE THIS LINE FOR RECORDER'S USE Mail Tax Statements to: The undersigned seller or its agent declares: City of Gilroy Documentary Transfer Tax is EXEMPT. 7351 Rosanna Street (_,X) computed on full value of property conveyed (_) computed on full value less value of liens and encumbrances Gilroy, CA 95020 remaining at time of sale Attn.: Rick Smelser �) Uninco ed area: LX ICity of Gilroy (Signatory of Seller or agent above) N.Piraro /ORTC GRANT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, ROBERTA H. HUGHAN Trustee of the Roberta H. Hughan Revocable Trust dated January 31, 2012, as to an undivided one third interest, MONICA PIROZZOLI and MAUREEN BOTILL, Co- Trustees of the Marcia H. Bodnar Living Trust dated January 10, 2016, as to an undivided one third interest, and MONICA PIROZZOLI and GWYNETH SAUCEDA, Co- Trustees of the Ronald F. Howson Trust dated December 3, 2006, as to an undivided one third interest, all as tenants in common (individually, a "Grantor" and collectively the "Grantors ") hereby GRANT to CITY OF GILROY, a California municipal corporation ( "Grantee ") all of their right, title and interest in and to that certain real property in the City of Gilroy, County of Santa Clara, State of California, as legally described in Exhibit A attached hereto and made a part hereof (the "Property"). Dated: t'�C f Tib Cl- %Z 2016 4818-9"2938v2 R t ososa "MAIL TAX STATEMENTS AS DIRECTED ABOVE" ROBERTA H. HUGHAN, Trustee of the Roberta. H. Hughan Revocable Trust dated January 31, 2012 By: /v1. Roberta H. Hughan, Trustee MONICA PIROZZOLI AND MAUREEN BOTILL, Co- Trustees of the Marcia H. Bodnar Living Trust dated January 10, 2016 1 By: , P�en?e-41 Monica Pirozzoli, Trust By: Maureen Botill, Trustee MONICA PIROZZOLI and GWYNETH SAUCEDA, Co- Trustees of the Ronald F. Howson Trust dated December 3, 2000006 By: Monica Pirozzoli, Tru By: Gwy e h auceda, Trustee 4818- 9484- 2938v2 SSCORDELIS104706083 LEGAL DESCRIPTION All that real property situated in the City of Gilroy, County of Santa Clara, State of California, being a portion of "Parcel 2" as shown on the Parcel Map filed December 8, 1989, in Book 608 of Maps, at Page 8, Records of Santa Clara, California being more particularly described as follows: Beginning at the southwest corner of said "Parcel 2 "; thence along the west line of said "Parcel 2 ", N04 055'54 "E, a distance of 40.53 feet to the beginning of a non - tangent curve to the left, of which the radius point lies N60 °58'50 "E, a radial distance of 61.50 feet; thence leaving said west line and southeasterly along said curve, through a central angle of 56 °28'00 ", a distance of 60.61 feet; thence S85 °29'10 "E, a distance of 100.00 feet; thence SO4 030'50 "W, a distance of 13.00 feet to the south line of said "Parcel 2 "; thence along said south line, N85 °29'1 0 "W, a distance of 151.56 feet to the Point of Beginning. Containing 2,391 square feet, more or less. The bearing of N04 °55'54 "E between found monuments along the centerline of Santa Teresa Boulevard, as shown on the map entitled, "Tract 10267, Heartland Estates ", filed June 29, 2015 in Book 884 of Maps, at Pages 25 through 31, Records of Santa Clara County, California was used as the Basis of Bearings. END OF DESCRIPTION. This description was prepared by me or under my direction pursuant to the requirements of the Professional Land Surveyor's Act. �pNAL LAND 136jan Pierce, PLS 8859 Date � Expires: 12/31/2017 c BRYAN p PIERCE * No. 8859 Q OF ``�oP�� CA 0 LINE I BEARING I DIST L1 LEGEND �. j►ND SV9Ii�` L2 I 40.53' - - DESCRIPTION ON L NE y �9 — — — EXISTING EASEMENT LINE EXISTING LOT LINE w�iIAN * 9A�aGE ................... .. TIE LINE I 0 P Q - CENTERLINE /MONUMENT LINE %40- 9 fb 2 POB (R1) POINT OF BEGINNING TRACT 10267 (884 -M -25) * 70' O (C) CALCULATED DISTANCE MONUMENT TO s �!� �qTE (M -M) MONUMENT OF GPI. (T) TOTAL cn 0:12 > z w d- 0 w^ m �C O o r-) m U) w o ��IN r- d !n Q W � o � z BASIS OF BEARINGS THE BEARING OF N04'55'54 "E BETWEEN FOUND MONUMENTS ALONG THE CENTERLINE OF SANTA TERESA BOULEVARD, AS SHOWN ON THE MAP ENTITLED, "TRACT 10267, HEARTLAND ESTATES ", FILED JUNE 29, 2015 IN BOOK 884 OF MAPS, AT PAGES 25 THOUGH 31, RECORDS OF SANTA CLARA COUNTY, CALIFORNIA WAS USED AS THE BASIS OF BEARINGS. I PARCEL 2 I (608 -M -8) N60- 58'50 "E(R) DESCRIBED LAND SCI 12,391 SQUARE FEET N85- 29'10"W_100.00' POB J I 70.00' .......... ............................... : I� 00 rn / o I 3RD STREET Ln N85'29'10 "W 403.71'(T)(R1) 318.71' 388.71'(R1) PARCEL 3 (608 -M -8) I / 0 50 100 SCALE IN FEET: 1 "= 50' PLAT TO ACCOMPANY LEGAL DESCRIPTION BEING A PORTION OF PARCEL 2 AS SHOWN ON THE PARCEL MAP FILED DECEMBER 8, 1989, IN BOOK 608 OF MAPS AT PAGE 8, RECORDS OF SANTA CLARA, CALIFORNIA GILROY, CA 1 1 35' I Q a m I 15.00' ............................ 50' LINE TABLE LINE I BEARING I DIST L1 N04'30'50 "E 13.00' L2 N04'55'54 "E 40.53' L3 N04'55'54 'E 50.00' w > 0 IY a I CURVE TABLE CURVE I LENGTH I RADIUS I DELTA Cl 1 60.61' 61.50'156-28'00" 1'��11 RUGGERI- JENSEN -AZAR ENGINEERS ■ PLANNERS ■ SURVEYORS ARROYO' GILROY, CA 950,20 ;d .. i <S 848 -0300 FAX (408) 845 -0302 SCALE: DATE: JOB NO.: 1 " = 50' 10/11/2016 r 994001 -31001 CERTIFICATE OF ACCEPTANCE (Government Code Section 27281) Certificate of Acceptance of Conveyance to the City of Gilroy by Roberta H. Hughan Trust, Marcia Bodnar Trust and Ronald F. Howson Trust This is to certify that the interest in real property conveyed by the Grant Deed dated October /2,f2016 from Roberta H. Hughan Trustee of the Roberta H. Hughan Revocable Trust dated January 31, 2012 as to an undivided one third interest, Monica Pirozzoli and Maureen Botill, Co- Trustees of the Marcia H. Bodnar Living Trust dated January 10, 2016 as to an undivided one third interest, and Monica Pirozzoli and Gwyneth Sauceda, Co- Trustees of the Ronald F. Howson Trust dated December 3, 2006 as to an undivided one third interest, to the City of Gilroy, a municipal corporation of the State of California, is hereby accepted by the undersigned officer or agent on behalf of the City of Gilroy pursuant to authority conferred by Resolution No. 2015 -55 of the City of Gilroy adopted October 26, 2015, a certified copy of which resolution is on record in the office of the County Recorder of the County of Santa Clara, State of California, document #23133758, dated November 3, 2015 and the grantee consents to recordation thereof by its duly authorized officer. In witness whereof, I have hereunto set my hand on ( l—S '2016 By: Gabriel A Gonzalez, City Admin' tr for City of Gilroy A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA ss. COUNTY OF � ,4NT,} 60*- On fit.1706gC It z, (,before me, , Notary Public, personally appeared 'R,0GQj4j., If. YvI ,- , whd proved to me on the basis of satisfactory evidence to be the personX whose name(§�ts /a us bscribed to the within instrument and acknowledged to me that Ve /she /the executed the same in hO�/her /tWr authorized capacity(i s), and that by ly /her /twr signatureV on the instrument the person(e'), or the entity upon behalf of which the person �s�I acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. ITNESS my hand and official seal. JUDY LAZARUS I Commission #t 2135648 Notary Public - California z. (Seal) Santa Clara County (Sigrt A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA ss. COUNTY OF S}1— ,.�ry� C.c1M_ On 04s02l- IZ. Zvt b, bef re me, J u (Z&r j s , Notary Public, personally appeared 1M of ; wh6 proved to me on the basis of satisfactory evidence to be the person whose nam is /aresubscribed to the within instrument and acknowledged to me that lyt� /she /tlyey executed the same in GIs /her /tl�tr authorized capacityO, and that by lyiSr/her /t,r signature(' on the instrument the personv, or the entity upon behalf of which the person�4 acted, executed the instrument. I certify under PENALTY OF PERJURY under the foregoing paragraph is true and correct. kzTNESS my hand and official seal. 0 ff X-4 aAZL0.3 (Seal) Si at re A Notary ublic or other officer completing this certificate verifies 481 8-9484- 2938v2 SSCORDELIS104706083 laws of the State of California that the JUDY LAZARUS Commission * 2135848 Z Notary Public - California Z Santa Clara County My Comm. Expires Dec 31, 2019 the identity of the individual who the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF. 4,,4e- (LP,(-+e ss. On 011146+rd2 2.o f(, , before me, %.JAA41 U S' , Notary Public, personally appeared &,..jrAA„_ a j, 1 1 , w o proved to me on the basis of satisfactory evidence to be the personKwhose name(,aj"is/w subscribed to the within instrument and acknowledged to me that bofshe /they executed the same in his7ber /their authorized capacity(os,- and that by his/her /their signature( <n the instrument the person( , or the entity upon behalf of which the persogy* acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. ITNESS my hand and official seal. JUDY LAZARUS Commission # 2135648 Notary Public - California = (Seal) = Santa Clara County (Signs re M Comm. Ex ires Dec 31, 2019 A Notary Public or other officer completing this certificate verities only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF -t,. CS.a ss. On I t a/ before me, I." (A zap s , Notary Public, personally appeared ho proved to me on the basis of satisfactory evidence to be the person whose names) is/a,* subscribed to the within instrument and acknowledged to me that /she /Key executed the same m9s /her /tplir authorized capacity (/s), and that by Ws/her /their signature(t) on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (Seal) (Sign ure) 4818-9484-2938v2 SSCORDELIS104706083 JUDY LAZARUS Commission-#-21-35648 Z �� Notary Public - California Z Santa Clara County My Comm. Ex ires Dec 31, 2019+ ' BOE -502 -A (Pl) REV. 12 (05 -13) PrE,LIMINARY CHANGE OF OWNERSHIP REPORT To be completed by the transferee (buyer) prior to a transfer of subject property, in accordance with section 480.3 of the Revenue and Taxation Code. A Preliminary Change of Ownership Report must be filed with each conveyance in the County Recorder's office for the county where the property is located. NAME AND MAILING ADDRESS OF BUYER/TRANSFEREE (Make necessary corrections to the pnnted name and mailing address) The City of Gilroy, a California municipal corporation 7351 Rosanna Street Gilroy, CA 95020 L� ASSESSOR'S PARCEL NUMBER 808 -01 -016 SELLERITRANSFEROR The Roberta H. Hughan Revocable Trust u /a /d January 31, 2012, et al. BUYER'S DAYTIME TW ONE NUMBER ) i/ BUYERIS EM/ ILEM/ IL ADDRESS STREET ADDRESS OR PHYSICAL LOCATION OF REAL PROPERTY APN: 808 -01 -016 Ponderosa Drive, Gilroy, CA 95020 MAIL PROPERTY TAX INFORMATION TO (NAME) The City of Gilroy, a California municipal corporation ADDRESS CITY STATE ZIP CODE 7351 Rosanna Street Gilroy CA 95020 This property is intended as my principal residence. If YES, please indicate the date of occupancy Mo DAY YEAR ❑ YES /2 NO or intended occupancy. PART 1. TRANSFER INFORMATION Please complete all statements. This section contains possible exclusions from reassessment for certain types of transfers. YES NO ❑ A. This transfer is solely between spouses (addition or removal of a spouse, death of a spouse, divorce settlement, etc.). ❑ ® B. This transfer is solely between domestic partners currently registered with the California Secretary of State (addition or removal of a partner, death of a partner, termination settlement, etc.). ❑ *C. This is a transfer: ❑ between parent(s) and child(ren) ❑ from grandparent(s) to grandchild(ren). ❑ 2F *D. This transfer is the result of a cotenant's death. Date of death ❑ *E. This transaction is to replace a principal residence by a person 55 years of age or older. Within the same county? ❑ YES ❑ NO ❑ *F. This transaction is to replace a principal residence by a person who is severely disabled as defined by Revenue and Taxation Code section 69.5. Within the same county? ❑ YES ❑ NO ❑ �- G. This transaction is only a correction of the name(s) of the person(s) holding title to the property(e.g., a name change upon marriage). If YES, please explain: ❑ Z H. The recorded document creates, terminates, or reconveys a lender's interest in the property. ❑ Er I. This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e.g., cosigner). If YES, please explain: ❑ J. The recorded document substitutes a trustee of a trust, mortgage, or other similar document. K. This is a transfer of property: ❑ ❑ 1 - to /from a revocable trust that may be revoked by the transferor and is for the benefit of ❑ the transferor, and /or ❑ the transferor's spouse ❑ registered domestic partner. ❑ 2. to /from a trust that may be revoked by the creator /grantor /trustor who is also a joint tenant, and which names the other joint tenant(s) as beneficiaries when the creator /grantor /trustor dies. ❑ ❑ 3. to /from an irrevocable trust for the benefit of the ❑ creator /grantor /trustor and /or ❑ grantor's /trustor's spouse ❑ grantor's /trustor's registered domestic partner. ❑ ,T 4. to /from an irrevocable trust from which the property reverts to the creator /grantor /trustor within 12 years. ❑ 0 L. This property is subject to a lease with a remaining lease term of 35 years or more including written options ❑ ,� M. This is a transfer between parties in which proportional interests of the transferor(s) and transferee(s) in each and every parcel being transferred remain exactly the same after the transfer. ❑ ❑ N. This is a transfer subject to subsidized low- income housing requirements with governmentally imposed restrictions. ❑ *O. This transfer is to the first purchaser of a new building containing an active solar energy system. * Please refer to the instructions for Part 1. Please provide any other information that will help the Assessor understand the nature of the transfer. BOE -50a -A (P2) REV. 12 (05 -13) ,. THIS DOCUMENT IS NOT SUBJECT TO PUBLIC INSPECTION PART 2. OTHER TRANSFER INFORMATION Check and complete as applicable. A. Date of transfer, if other than recording date: B. Type of transfer: OPurchase ❑ Foreclosure ❑ Gift ❑ Trade or exchange ❑ Merger, stock, or partnership acquisition (Form BOE- 100 -B) ❑ Contract of sale. Date of contract: ❑ Inheritance. Date of death: ❑ Sale /leaseback ❑ Creation of a lease ❑ Assignment of a lease ❑ Termination of a lease. Date lease began: Original term in years (including written options): Remaining term in years (including written options): ❑ Other. Please explain: C. Only a partial interest in the property was transferred. ❑ YES ❑ NO If YES, indicate the percentage transferred: % PART 3. PURCHASE PRICE AND TERMS OF SALE Check and complete as applicable. A. Total purchase price. I $ B. Cash down payment or value of trade or exchange excluding closing costs Amount $ C. First deed of trust @ % interest for years. Monthly payment $ Amount $ ❑ FHA (_Discount Points) ❑ Cal -Vet ❑ VA(_Discount Points) ❑ Fixed rate ❑ Variable rate ❑ Bank/savings & Loan /Credit Union ❑ Loan carried by seller ❑ Balloon payment $ Due date: D. Second deed of trust @ % interest for years. Monthly payment $ Amount $ ❑ Fixed rate ❑ Variable rate ❑ Bank /Saving & Loan /Credit Union ❑ Loan carried by seller ❑ Balloon payment $ Due date: E. ❑ was an improvement Bond or other public financing assumed by the buyer? ❑ YES ❑ NO Outstanding balance $ F. Amount, if any, of real estate commission fees paid by the buyer which are not included in the purchase price $ G.T�,roperty was purchased: ❑ Through real estate broker. Broker name: Phone Number: ( ) Direct from seller ❑ From a family member - Relationship ❑ Other. Please explain: H. Please explain any special terms, seller concessions, broker /agent fees waived, financing, and any other information (e.g., buyer assumed the existing loan balance) that would assist the Assessor in the valuation of your property. PART 4. PROPERTY INFORMATION A. Type of property transferred ❑ Single- family residence ❑ Multiple- family residence. Number of units: ❑ Other. Description: (i.e., timber, mineral, water rights, etc.) Check and complete as applicable. ❑ Co -op /Own- your -own ❑ Condominium ❑ Timeshare ❑ Manufactured home Unimproved lot ❑ Commercial /Industrial B. ❑ YES ZNO Personal /business property, or incentives, provided by seller to buyer are included in the purchase price. Examples of personal property are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships, etc. Attach list if available If YES, enter th alue of the personal /business property: $ Incentives $ C. ❑YES NO A manufactured home is included in the purchase price. If YES, enter thpvalue attributed to the manufactured home: $ ❑ YES The manufactured home is subject to local property tax. If NO, enter the decal number: D. ❑ YES � The property produces rental or other income. If YES, the income is from: 11 Lease /rent El Contract El Mineral rights ❑Other: E. The condition of the property at the time of sale was: [] Good ❑ Average ❑Fair Poor Please describe: CERTIFICATION I certify (or declare) that the foregoing and all information hereon, including any accompanying statements or documents, is true and correct to the best of my knowledge and belief. * C OLD REPUBLIC TITLE COMPANY To: The City of Gilroy 7351 Rosanna Street Attn: Rids Smelser Gilroy, CA 95020 224 Airport Parkway, Suite 170 San Jose, CA 95110 408) 296.4500 Fax (408) 2442925 Date : November 25, 2016 Order No. : 0621007194 -]W Ref No. : THE HOWSON TRUST In accordance with instmcdons contained in the above Order, we are enclosing the documents indicated below. Recorded documents will be mailed to you by the County Recorder after processing. We are pleased to have had the opportunity to handle this transaction for you, and would appreciate your requesting the services of Old Republic Title Company on all your future title and escrow needs. Enclosures: Policy of Title Insurance Yours Truly, Old Republic Title Company Enclosures CLTA Standard Coverage Policy of Title Insurance CLTA Standard Coverage 1990 (Rev. 04- 08 -14) Policy Number A04016 -F1YA- 253121 Issued by Old Republic National Title Insurance Company * * * * * SUBJECT TO THE EXCLUSIONS FROM OOVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED * * IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, OLD REPUBLIC NATIONAL TITLE * INSURANCE COMPANY, a Florida corporation, herein Galled the Company, insures, as of Date of Policy shown 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; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lads of a right of access to and from the land; and in addition, as to an insured lender only: 5. The invalidity or unenforceability of the lien of the insured mortgage upon the title; 6. The priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being shown in Schedule B in the order of its priority; 7. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule B, or the failure of the assignment shown in Schedule B to vest title to the insured mortgage in the named insured assignee free and dear of all liens. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the insured mortgage, as insured, but only to the extent provided in the Conditions and Stipulations. Issued through the office of- Old Republic Title Company Old Republic National Tide Insurance Company 224 Airport Parkway, Suite 170 400 Second Avenue South San Jose, CA 95110 Minneapolis, Minnesota 55401 QY its t1lON7l Authorized 5ignabre CLTA Standard Coverage Policy 1990 (Rev. 04- 08 -14) CRT Form No. 1102 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: (a) Any law, ordinance or governmental regulations (including but not limited to building or zoning laws, ordinances, 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 or a 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 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. Defects, liens, encumbrances, adverse claims or other matters: (a) whether or not recorded in the public records at Date of Policy, but 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 insured mortgage or for the estate or interest insured by this policy. 4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of any subsequent owner of the indebtedness, to comply with the applicable doing business laws of the state in which the land is situated. 5. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction evidenced by the insured mortgage and is based upon usury or any consumer credit protection or truth in lending law. 6. Any claim, which arises out of the transaction vesting in the insured the estate of interest insured by this policy or the transaction creating the interest of the insured lender, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws. Page 2 of 6 Pages CLTA Standard Coverage Policy 1990 (Rev. 04- 08 -14) ORT Form No. 1102 SCHEDULE A Premium: $ 550.00 File No: 0621007194 -JW Date of Policy: October 24th, 2016 at 8:31:00 AM 1. Name of Insured: Policy No: A04016 -FTYA- 253121 Amount of Insurance: $ 48,000.00 Roberta H. Hughan Trustee of the Roberta H. Hughan Revocable Trust dated January 31, 2012, as to an undivided one third interest, Monica Pirozzoli and Maureen Botill, Co-Trustees of the Marcia H. Bodnar Living Trust dated January 10, 2016, as to an undivided one third interest and Monica Pirozzoli and Gwyneth Sauceda, Co-Trustees of the Ronald F. Howson Trust dated December 3, 2006, as to an undivided one third interest 2. The estate or interest in the land which is covered by this policy is: Fee 3. Title to the estate or interest in the land is vested in: Roberta H. Hughan Trustee of the Roberta H. Hughan Revocable Trust dated January 31, 2012, as to an undivided one third interest, Monica Pirozzoli and Maureen Botill, Co-Trustees of the Marcia H. Bodnar Living Trust dated January 10, 2016, as to an undivided one third interest and Monica Pirozzoli and Gwyneth Sauceda, Co-Trustees of the Ronald F. Howson Trust dated December 3, 2006, as to an undivided one third interest, all as tenants in common Page —Lof. - ,Pages CLTA Standard Coverage Policy 1990 (Rev. 04- 08 -14) ORT Form No. 1301A Policy No A04016 -FfYA- 253121 SCHEDULE 6 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: PART I 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records. 6. Any lien or right to a lien for services, labor or material not shown by the public records. ------------ --- - -- (Continued on Next Page) Page 4 of r Pages CLTA Standard Coverage Policy 1990 (Rev. 04- 08 -14) ORT Form No. 1301BI Policy No A04016 -F7YA- 253121 SCHEDULE B (Continued) Part II 1. Taxes and assessments, general and special, for the fiscal year 2016 - 2017, as follows: Assessor's Parcel No 808 -01 -016 Bill No. 808 -01- 016 -00 Code No. 002 -001 1st Installment $1,554.48 NOT Marked Paid 2nd Installment $1,554.48 NOT Marked Paid Land Value $237,719.00 NOTE: Taxes above include and /or may include assessment or special tax, as follows: For . Santa Clara County Weed Abatement Amount in Each Installment . $27.50 2. The lien of supplemental taxes, if any, assessed pursuant to the provisions of Section 75, et seq., of the Revenue and Taxation Code of the State of California. PAID CURRENT TO THE DATE OF THIS POLICY 3. Possible effect of the water rights and right of way to lay water pipes or aqueducts across the premises, as granted to D.S.K. Buick and Donald McKenzie, by Deed dated September, 1870 and recorded March 2, 1871 in Book 21 of Deeds, at Page 165. 4. Release and relinquishment of abutter's or access rights to and from Santa Teresa Boulevard, upon which premises abuts, as follows: Instrument Deed To County of Santa Clara Recorded August 28, 1970 in Book 9036 of Official Records, Page 717 Page 5 of 6 Pages CLTA Standard Coverage Policy 1990 (Rev. 04- 08 -14) ORT Form No. 1301BU Policy No A04016 -FTYA- 253121 SCHEDULE C The land referred to in this Policy is situated in the County Of Santa Clara, City Of Gilroy, state of California, and is described as follows: All that real property situated in the City of Gilroy, County of Santa Clara, State of California, being a portion of "Parcel 2" as shown on the Parcel Map recorded December 8, 1989 in book 608 of parcel maps at page 8, records of Santa Clara, California being more particularly described as follows: Beginning at the southwest corner of said "Parcel 2 "; thence along the west line of said "Parcel 2 ", N 040 55' 54" E, a distance of 40.53 feet to the beginning of a non tangent curve to the left, of which the radius point lies N 60° 58' 50 E, a radial distance of 61.50 feet; thence leaving said west line and southeasterly along said curve, through a central angle of 560 28'00", a distance of 60.61 feet; thence S 850 29' 10" E, a distance of 100.00 feet; thence S 040 30' 50" W, a distance of 13.00 feet to the south line of said "Parcel 2 "; thence along the said south line, N 85° 29' 10" W, a distance of 151.56 feet to the Point of Beginning. APN: 808 -01 -016 Page —6 of ( Pages CLTA Standard Coverage Policy 1990 (Rev. 04- 08 -14) ORT Form No. 1301C ENDORSEMENT Policy No cA04016 -FTYA- 253121 Order No: 0621007194 -7W OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY 'F { a Corporation, of Minneapolis, Minnesota The Company hereby assures the insured that the Company will not deny liability under the policy or any endorsements issued therewith solely on the grounds that the policy and /or endorsements were issued electronically and /or lack signatures in accordance with paragraph 14(c) of the Conditions and Stipulations. This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements. Countersigned: By Validating Officer Page 1 of 1 Pages OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Stock Company 400 Second Avenue South, Minneapolis, Minnesota 55401 (612) 371 -1111 ' l CONDITIONS AND STIPULATIONS (Rev. 04- 08 -14) 1. Definition of Terms The following terms when used in this policy mean: (a) "insured ": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. The term "insured" also includes: (i) the owner of the indebtedness secured by the insured mortgage and each successor in ownership of the indebtedness except a successor who is an obligor under the provisions of Section 12(c) of these Conditions and Stipulations (reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor insured, unless the successor acquired the indebtedness as a purchaser for value without knowledge of the asserted defect, lien, encumbrance, adverse claim or other matter insured against by this policy as affecting title to the estate or interest in the land); (ii) any governmental agency or governmental instrumentality which is an insurer or guarantor under an insurance contract or guaranty insuring or guaranteeing the indebtedness secured by the insured mortgage, or any part thereof, whether named as an insured herein or not; (iii) the parties designated in Section 2(a) of these Conditions and Stipulations. (iv) Subject to any rights or defenses the Company would have had against the named insured, (A) the spouse of an insured who receives title to the land because of dissolution of marriage, (B) the trustee or successor trustee of a trust or any estate planning entity created for the insured to whom or to which the insured transfers title to the land after the Date of Policy or (C) the beneficiaries of such a trust upon the death of the insured. (b) "insured claimant': an insured claiming loss or damage. (c) "insured lender": the owner of an insured mortgage. (d) "insured mortgage ": a mortgage shown in Schedule B, the owner of which is named as an insured in Schedule A. (e) "knowledge" or "known ": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (f) "land ": the land described or referred to in Schedule C, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule C, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (g) "mortgage ": mortgage, deed of trust, trust deed, or other security instrument. (h) "public records ": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. (i) "unmarketability of the title ": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A or the insured mortgage to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. Continuation of Insurance (a) After Acquisition of Title by Insured Lender. If this policy insures the owner of the indebtedness secured by the insured mortgage, the coverage of this policy shall continue in force as of Date of Policy in favor of (i) such insured lender who acquires all or any part of the estate or interest in the land by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner which discharges the lien of the insured mortgage; (ii) a transferee of the estate or interest so acquired from an insured corporation, provided the transferee is the parent or wholly -owned subsidiary of the insured corporation, and their corporate successors by operation of law and not by purchase, subject to any rights or defenses the Company may have against any predecessor insureds; and (iii) any governmental agency or governmental instrumentality which acquires all or any part of the estate or interest pursuant to a contract of insurance or guaranty insuring or guaranteeing the indebtedness secured by the insured mortgage. CLTA Standard Coverage Policy 1990 — Conditions and Stipulations (Rev. 04- 08 -14) CRT Form No. 1102 CONDITIONS AND STIPULATIONS (Rev. 04- 08 -14) (b) After Conveyance of Title by an Insured. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from an insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to an insured. (c) Amount of Insurance. The amount of insurance after the acquisition or after the conveyance by an insured lender shall in neither event exceed the least of: (i) The amount of insurance stated in Schedule A; (ii) The amount of the principal of the indebtedness secured by the insured mortgage as of Date of Policy, interest thereon, expenses of foreclosure, amounts advanced pursuant to the insured mortgage to assure compliance with laws or to protect the lien of the insured mortgage prior to the time of acquisition of the estate or interest in the land and secured thereby and reasonable amounts expended to prevent deterioration of improvements, but reduced by the amount of all payments made; or (iii) The amount paid by an governmental agency or governmental instrumentality, if the agency or the instrumentality is the insured claimant, in the acquisition of the estate or interest in satisfaction of its insurance contract or guaranty. 3. Notice of Claim to be Given by Insured Claimant An insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest or the lien of the insured mortgage, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest or the lien of the insured mortgage, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to that insured all liability of the 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 in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. Defense and Prosecution of Actions; Duty of Insured Claimant to Cooperate (a) Upon written request by an insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of such insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of such insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The company will not pay any fees, costs or expenses incurred by an insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured, or to prevent or reduce loss or damage to an insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgement or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, an insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such insured for this purpose. Whenever requested by the Company, an insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest or the lien of the insured mortgage, as insured. If the Company is prejudiced by the failure of an insured to furnish the required cooperation, the Company's obligations to such insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. CLTA Standard Coverage Policy 1990 — Conditions and Stipulations (Rev. 04- 08 -14) ORT Form No. 1102 CONDITIONS AND STIPULATIONS (Rev. 04- 08 -14) 5. Proof of Loss or Damage In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by each insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of an insured claimant to provide the required proof of loss or damage, the Company's obligations to such insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, an insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and ,memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by an insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of an insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that insured for that claim. 6. Options to Pay or Otherwise Settle Claims; Termination of Liability In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance or to Purchase the Indebtedness. (i) to pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay; or (ii) in case loss or damage is claimed under this policy by the owner of the indebtedness secured by the insured mortgage, to purchase the indebtedness secured by the insured mortgage for the amount owning thereon together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of purchase and which the Company is obligated to pay. If the Company offers to purchase the indebtedness as herein provided, the owner of the indebtedness shall transfer, assign, and convey the indebtedness and the insured mortgage, together with any collateral security, to the Company upon payment therefor. Upon the exercise by the Company of the option provided for in paragraph a(i), all liability and obligations to the insured under this policy, other than to make the payment required in that paragraph, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. Upon the exercise by the Company of the option provided for in paragraph a(ii) the Company's obligation to an insured Lender under this policy for the claimed loss or damage, other than the payment required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. (b) To Pay or Otherwise Settle with Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs b(i) or b(ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. CLTA Standard Coverage Policy 1990 — Conditions and Stipulations (Rev. 04- 08 -14) ORT Form No. 1102 CONDITIONS AND STIPULATIONS (Rev. 04- 08 -14) 7. Determination and Extent of Liability This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy to an insured lender shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A, or, if applicable, the amount of insurance as defined in Section 2 (c) of these Conditions and Stipulations; (ii) the amount of the unpaid principal indebtedness secured by the insured mortgage as limited or provided under Section 8 of these Conditions and Stipulations or as reduced under Section 9 of these Conditions and Stipulations, at the time the loss or damage insured against by this policy occurs, together with interest thereon; or (iii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the insured lender has acquired the estate or interest in the manner described in Section 2(a) of these Conditions and Stipulations or has conveyed the title, then the liability of the Company shall continue as set forth in Section 7(a) of these Conditions and Stipulations. (c) The liability of the Company under this policy to an insured owner of the estate or interest in the land described in Schedule A shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (d) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. Limitation of Liability (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, or otherwise establishes the lien of the insured mortgage, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title, or, if applicable, to the lien of the insured mortgage, as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. (d) The Company shall not be liable to an insured lender for: (i) any indebtedness created subsequent to Date of Policy except for advances made to protect the lien of the insured mortgage and secured thereby and reasonable amounts expended to prevent deterioration of improvements; or (ii) construction loan advances made subsequent to Date of Policy, except construction loan advances made subsequent to Date of Policy for the purpose of financing in whole or in part the construction of an improvement to the land which at Date of Policy were secured by the insured mortgage and which the insured was and continued to be obligated to advance at and after Date of Policy. 9. Reduction of Insurance; Reduction or Termination of Liability (a) All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of insurance pro tanto. However, as to an insured lender, any payments made prior to the acquisition of title to the estate or interest as provided in Section 2(a) of these Conditions and Stipulations shall not reduce pro tanto the amount of insurance afforded under this policy as to any such insured, except to the extent that the payments reduce the amount of the indebtedness secured by the insured mortgage. CLTA Standard Coverage Policy 1990 — Conditions and Stipulations (Rev. 04- 08 -14) ORT Form No. 1102 CONDITIONS AND STIPULATIONS (Rev. 04- 08 -14) (b) Payment in part by any person of the principal of the indebtedness, or any other obligation secured by the insured mortgage, or any voluntary partial satisfaction or release of the insured mortgage, to the extent of the payment, satisfaction or release, shall reduce the amount of insurance pro tanto. The amount of insurance may thereafter be increased by accruing interest and advances made to protect the lien of the insured mortgage and secured thereby, with interest thereon, provided in no event shall the amount of insurance be greater than the Amount of Insurance stated in Schedule A. (c) Payment in full by any person or the voluntary satisfaction or release of the insured mortgage shall terminate all liability of the Company to an insured lender except as provided in Section 2(a) of these Conditions and Stipulations. 10. Liability Noncumulative It is expressly understood that the amount of insurance under this policy 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 insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. The provisions of this Section shall not apply to an insured lender, unless such insured acquires title to said estate or interest in satisfaction of the indebtedness secured by an insured mortgage. 11. Payment of Loss (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 12. Subrogation Upon Payment or Settlement (a) The Company's Right of Subrogation Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated (i) as to an insured owner, to all rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss; and (ii) as to an insured lender, to all rights and remedies of the insured claimant after the insured claimant shall have recovered its principal, interest, and costs of collection. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Insured's Rights and Limitations. Notwithstanding the foregoing, the owner of the indebtedness secured by an insured mortgage, provided the priority of the lien of the insured mortgage or its enforceability is not affected, may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modify the terms of payment, or release a portion of the estate or interest from the lien of the insured mortgage, or release any collateral security for the indebtedness. When the permitted acts of the insured claimant occur and the insured has knowledge of any claim of title or interest adverse to the title to the estate or interest or the priority or enforceability of the lien of an insured mortgage, as insured, the Company shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. CLTA Standard Coverage Policy 1990 — Conditions and Stipulations (Rev. 04- 08 -14) ORT Form No. 1102 CONDITIONS AND STIPULATIONS (Rev. 04- 08 -14) (c) The Company's Rights Against Non- insured Obligors. The Company's right of subrogation against non - insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. The Company's right of subrogation shall not be avoided by acquisition of an insured mortgage by an obligor (except an obligor described in Section 1(a)(ii) of these Conditions and Stipulations) who acquires the insured mortgage as a result of an indemnity, guarantee, other policy of insurance, or bond and the obligor will not be an insured under this policy, notwithstanding Section 1(a)(i) of these Conditions and Stipulations. 13. Arbitration Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award._may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 14. Liability Limited to This Policy; Policy Entire Contract (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the lien of the insured mortgage or of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 15. Severability In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 16. Notices, Where Sent All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at 400 Second Avenue South, Minneapolis, MN 55401 -2499, (612) 371 -1111. CLTA Standard Coverage Policy 1990 — Conditions and Stipulations (Rev. 0408 -14) ORT Form No. 1102