Policy of Title Insurancer
OWNER'S POLICY OF TITLE INSURANCE
Issued by Transnation Title Insurance Company
L LandAmerica Transnation Title Insurance Company is a member of the LandAmerica family of title insurance underwriters.
Transnation
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE
CONDITIONS AND STIPULATIONS, TRANSNATION TITLE INSURANCE COMPANY, an Arizona corporation, herein called 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. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the
Conditions and Stipulations.
IN WITNESS WHEREOF, TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed by
its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
TRANSNATION TITLE INSURANCE COMPANY
Attest:
Secretary
1�m i INS// p
Z ,NCORPORA41p 3
z s
SEPT. 16, 1991 - By:
EXCLUSIONS FROM COVERAGE
President
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:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and 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 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.
(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.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) 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 estate or interest
insured by this policy.
4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of
federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on:
(a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
(b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential
transfer results from the failure:
(i) to timely record the instrument of transfer; or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
NM PA 10
ALTA Owner's Policy (10/17/92) Face Page ORIGINAL
Form 1190 -56A Valid only if Schedules A and B and Cover are attached
r
9TOT800 -LEA' 'ON IO»1N00
V99-061, 1, 8
aano0 ap!sul panu!luoO suollelnd!lS pue suoll!puoO
- uoile6!1!! Aue anuiluoo
ao alnoasad 'pualap of uo!lE6!lgo ao Al!I!gE.1 Aue 6u!pnlou! 'aleuiwial PILLS
'apew aq of pambei sluawAed a41 ueyl aaglo 'a6Ewep ao ssol pawlelo aqi col
Aoilod s!ql iapun pamsu) eql of suolle61lgo s,Auedwo(] eql'(!!) jo O(q) sgc1e16ejud
U1 X01 POP!Aad suo!ldo ag1 10 aa41!a to Auedwo(] a41 Aq aslaaxe ayl uodn
- Aed of polu61lgo s! AuedwoO a41 g31ym pue luawAed to aw!1 aql of do Auedwo(]
aql Aq pazuo4lne ajam 4oigm luewielo pamsu! aql Aq paanoul sasuadxa
pue seal ,sAauaolle 'slso0 Aue 4l!m Ja4)ebol 'Aoilod s!yl japun jol paP!Aad a6ewep
ao ssol a41 luewlelo pansu! aql 41!m agues as!maaylo jo Aed of (n)
ao 'Aed of pole6pgo
s! AuedwoO ay14314m pue luawAed to aw!l a41 of do AuedwoO ay1 Aq pazuo4lne
ajam y314m luew!elo paansu! aql Aq paimmi sasuadxa pue seal ,s oujolle 'sisoo
Aue g11m aaylabol 'Aoilod slyl japun 1su!e6E pamsu! w!elo Aue luew!elo paansui uE
to aweu eql ui ao aol sa!1Jed jagio 4l!m agues asiAue4lo ao AEd of (!)
•luew!elO painsul 941 4i!M
jo painsul 943 ue41 J0410 sa!Ped 41!M alueS asimjagl0 io Aed 0 1 (q)
•uo!lepaoueo jol Auedwo(] aql of pajapua ns aq pegs Aoilod ayl pue 'uo!lE6!l!I
Aue anuiluoo io 'alnoasad 'pualap of uolle6pgo ao A3!I!ge!1 Aue bulpnloul 'aleulwjal
IIE4s 'paa!nbei luawAed aql ajew of ueyl aa43o 'Aoilod s!41 japun paansu!
941 of suoge61lgo puE Al!I!gEil lie 'uolldo si4110 Auedwo(] a41 Aq asloiaxe a41 uodn
- AEd of polubilgo s! Auedwo(] 941 4oi4m puE 1uawAed 10 japual
ao luawAed 10 ow!1 aql of do 'Auedwo(] a4l Aq pazuo4lne 9aam 4oi4m 'luew!Elo
pamsu! ay1 Aq paamoui sasuadxa puE seal ,sfaujolle 'slsoo Aue 4l!m jayla6ol
A31lod slyl japun eoueansui to lunowe 941 to luawAed aapual jo Aed o1
•aouejnsul to lunowV aql 10 luawAed japual jo Red 01 (e)
:suoildo leuoil!ppe
6ulm0p0l a4l ane4 Ileys Auedwo0 941 'Aoilod si4l japun wlelo a 10 aseo ul
' A1 1118V11
30 N0IIVNIWH31 !SWIVIO 31113S 3SIMH3H10 HO AVd Ol SNOIldO '9
•wlelo le41 of se Aoilod s!ql japun Auedwo(] 941 to ApI qeg Aue aleulwial IIe4s
4dej6eaed si41 ui pannbei se sallied pji41 wag uo!lewaolu! Aaessaoau Algeuosuej
amoes of uoisslwa9d luEj6 jo uollewjolul palsenbei Algeuoseaj jay10 oonpad
'43Eo lapun uogeulwexe aol 1!wgns of luewlelo pamsu! a41 10 ajnl!e3 •wlelo
941 to uollealslulwpe 941 u! Aaesseoeu s! 1! 'Auedwo(] a41 10 1uaw6pnf algeuoseaj
aql u! ' ssalun saa4lo of pasoloslp aq lou IIe4s uol3oaS s!yl of luensind Auedwo0
a41 01 pap!Aoid luew!elo pamsu! ayl Aq le!luep!luoo se paleub!sep uo!lewaolu!
IIV •abewep jo ssol a41 of uie11ad Algeuoseei 4o!gm 'Alaed pa!41 a 10 loiluoo jo
Apolsno 941 ui epueaowaw pue aouapuodsonoo '"oa40 'sa96pal 'sNooq 'spaooaa
Ile Ado3 pue loodsu! 'aulwexe of Auedwo(] 941 10 9Alleluasajdai pazuo41ne
Aue jol 'bu!lum w 'uolssimed s1! 1uea6 IIe4s luew paansu! a41 'Auedwo(]
ag110 aA1lelu9SOJdaa pazuo4lne Aue Aq palsanbaa 1! 'aaglmd a6ewep ao ssol 941
of ulelied Algeuosea golym 'Aoilod to ale(] ague ao aolaq alup a 6uueaq aagla4m
'epueaowaw pue aouepuodsajaoo 's�oego 'si96pal 'sNooq 'spjooei Ile 'Auedwo(]
941 10 9A11eluesejdaa pazuo4lne Aue Aq poleu6!sep aq Aew se sooeld puE
saw!1 algeuosuej qons le '6ulAdoo pue uogoadsul 'uolleu jol oonpaad lle4s
pue Auedwo(] 941 10 an1leluasaidaa pazuo4lne Aue Aq 43eo japun uoileuiwexa
of 1!wgns of paimba aq Algeuoseaa Aew luew!elo pamsu! eq1 'uo!1!Ppe ul
•06ewep Jo ssol to
looid 4ons 6uulnba siauew jo jallew a41 of pie6a 4l!m 'uoge6g!I Aue anuiluoo jo
'alnoasad 'pualap of uolle61lgo jo Al!i!ge!1 Aue 6ulpnloul 'aleulwjal IIe4s Aoilod 941
aapun pamsui a41 o1 suo!le6!Igo s,Auedwo(] ayl '96ewep ao ssol to looid paiinbei
941 ap!Aoid of luewielo pamsui a4l to aml!e1 aql Aq pao!pnfejd s! Auedwo0
941 11 'abewep jo ssol a41 to lunowe 941 bugelnoleo 10 s!seq ayl 'alq!ssod
lualxo o41 of 'alels IIe4s pue abewep ao ssol 10 s!seq a41 salni!lsuoo yolgm Aoilod
s!41 Aq isule6e pamsui jallew jaylo jo '911!1 a4l uo eoueagwnoue ao ua!1 jo 'ui
loalap a41 aquosep IIe4s abewep ao ssol to looid 941 a6ewep jo ssol a41 of asu
6u!A16 sloe} aq1 umpaose Ilegs luewlelo paansu! 941 jaue sAep 06 u!411m Auedwo(]
aql of paysluml aq pegs luew!elo pamsu) 941 Aq of woms pue pou6ls a6ewep
jo ssol to looid E 'AuedwoO aql pap!Aad uaaq ane4 suollelnd!lS pue suoil!puo(]
asagl to £ uogoaS aapun paimbei saogou agl ague pue of wiploPe ul
3!OVWVO a0 SSO 30 30OHd 'S
- uo!leaad000
4ons bumnba siallew jo jallew ayl of pae6aa 41!m 'uoge61l!I Aue anuiluoo jo
'alnoasad 'pualap of uolle61190 jo A1!I!ge!I Aue 6u 'aleulwaal Iiegs Aoilod a41
aapun pamsu) ayl of suo!le6!lgo s,Auedwo(] aq1 'uolleied000 paa!nbei 941 4siujn1
of pamsu! aql 10 aml!el aql Aq peo!pnfaid s! Auedwo(] aql 11 - pansu! se 1saialu!
ao alelsa aql of 911!1 a41 4s!Igelsa of algej!sap ao Ajessooau aq Aew Auedwo(]
a43 to uo!u!do aqi ui go!gm toe Inlmel jaylo Aue u! (!!) pue 'luawalllas 6u ao
'6ulpaaooad ao uo!loe 9yl 6u!pualop ao 6ullnoasad 'sassauilm 6uiu!elgo 'a0uap!Aa
buimas 'buwpaeoad jo uogoe Aue u! (!) pie olgeuosea Ile Auedwo(] a41 OA115 Ilegs
'esuodxa s,Auedwo(] ayl le 'pamsu! agl 'Auedwo(] 941 Aq palsanbaa aanauagM
•asodind s!4l jol pamsui a41 10 aweu 941 'uo!ldo
s1! le 'asn of Auedwo(] ay1 1!wjad pue 'ulajagi sleadde Ile pue 'bulpaeoad jo
u0110e aq1 ul asualap ap!Aoid ao alnoasoad os o3 146u a41 Auedwo(] aqi of ainoas
llegs pamsu) ag1'6uipaaooid ao uo!loe Aue to asualap a4l a01 ap!Aoid jo alnoasoad
of Auedwo(] a41 sannbei ao sl!waad Aoilod s!41 aaagm saseo lie ul (p)
- japio jo luawbpnf
OSJanpE Aue wag leadde of 'uogaoslp alos sl! u! '146u ayl saNesaj Alssaadxa pue
uo!13!psunf lualedwoo to unoo a Aq uo!1Eu!wjalap !euil of uoilrbipi Aue ansmd AEw
Auedwo(] a41 'Aoilod Slyl 10 Suolslnoid oql Aq polpmed jo palnbei se asualap
E posodialui jo uo!loe ue lg6naq OAE4 Ilegs Auedwo(] aql aanaua4M (3)
'Aliva os op
IIE4s 1! '4dej6ejud si41 aapun si46u sp asloiaxa lleys Auedwo(] a41 11 - Aoilod sigj
to uo!s!Aoid AuE 9A!Em jo ApI qe!1 opeouoo Agaiayl 1ou pegs pue 'aapunaaay algEll
aq IIe4s 1! lou jo jaglaym 'Aoilod si4l 10 swial aql japun uo!loe aleudadde Aue
aNel Aew AuedwoO a41 •pamsu) ayl 01 a6Ewep ao ssol 93np9J Jo lUaAald of 10
'pamsu! sE 'lsaaalu! ao alelsa aql of all!i a414silgelsa of algensap ao tiessaoeu aq
Aew uo!u!do s1! ui go!gm toe aaylo Auu op of jo 6u!paaooid ao uoilou Aue aln3asoad
pue alnl!lsui of 'lsoo umo sp le '1461J ayl 9Ae4 Ileys Auedwo(] 941 (q)
- A3!lod
s!yl Aq pansuf lou siauew a6alle yogm uo!loe 10 sosnEO asogl 10 asualap a41
U! pamsu! 041 Aq paamou) sasuadxa sisoo 'seal Aue Aed lou II!m Auedwo(] a41
•lasunoo jagio Aue to seal a41 Aed lou ll!m pue jol olge!l aq lou lle4s puE uogoe
to sasneo polels asoyl of se pamsui eql luesaidai of (asneo olgeuoseaa aol loafgo
of pamsu! a41 10 146u 941 of loafgns) aolo4o sl! to lasunoo 13alas of 146u aql ane4
(legs Auedwo(] a41 - Aoilod slyl Aq lsule6e pamsui jallew iaglo jo eouujgwnoue
jo ua!1 'loalap a 6u16apE uogoe to sasne3 polels aso41 of se Aluo inq 'pamsui
se lSaJ93Ul ao 911!1 941 01 9saanpe w!elo a suasse A11ed pn41 Aue yo14m ui uo!le6ipi
ui paansu) uE to asualap 941 a01 ap!Aad Ile4s 'AE!ap elgeuoseajun 1nogl!m pue
lsoo umo sl! 1E 'Auedwo(] 941 'suoilelndilS pue suoil!puo0 esayl to 9 uo!loas ui
pou!eluoo suo!ldo ayl of loafgns pue pamsu) a41 Aq lsenbei uellum uodn (e)
31Vii3d000 Ol 1NVWIVIO
031inSNl 30 Aina !SNOIlOV 30 Noun331S01id 0NV 3SN3330 'b
•eo!pnfaad a4l 10 luoixe aql of Aluo uegl pue anl!E1941 Aq
paolpnfad aq ileys Auedwo(] a4l ssalun Aoilod si41 japun pamsu! Aue to sl4611 aq1
aolpnfaid aseo ou u! Ile4s Auedwo(] a41 Aplou 01 aml1el 1e41 'aan9m04 'papinoid
'paimbei si a313ou ldwad 4o!4m aol siauew jo jallew aql of pie6ei 4l!m ejvu!waal
Ilugs Auedwo(] aql 10 A4!1!quil Ile pamsui aql of se ua41 'AuedwoO 941 01 uanl6
aq lou IIe4s aollou idwad 11 •algela�jewun se paloafai s! 'paansu! se 'lsaialul
Jo alelsa 941 of all!l 1! (!!!) jo 'Aoilod si4l to enla!n Aq alge!1 aq Am Auedwo(]
a414oi4m jol 96ewep ao ssol asneo ly6iw 4oi4m pue 'pamsu! se 'lsaaalui ao alelsa
a4l 01 all!1 a4101 asJanpe s! 4014m 1saJalu! Jo Oil!) 10 w1el0 Aue 10 aapunaaay paansui
ue of awoo pegs a6palmou� aseo u! (n) 'molaq (e)j, uogoaS ui ylJol las se uoge6ilq
Aue to aseo u! (!) 6u!l!am u! Alldwad AuedwoO 941 41ou IIe4s pamsu! a41
'1NVWIVIO (33unSN1 AS N3AIJ 38 Ol WIV13 30 301ION '£
•pamsu!
94101 uaA16 06ebIJOw AOUOw aseyand a Aq paan3OS ssaupalgapu! ue 0) ao 'puel
9y1 ui lsaaalui ao alelsa ue (!) ja4l!a 10 pamsui a41 woal aase4omd Aue 10 Jonel
U1 aaOI u! anuiluoo 1ou IIE4s Aoilod si41 '3saa3U Jo alelsa 941 10 83UEAOA000
jo jalsueil AuE ui pamsu! aql Aq apew AluujJEm 10 slueuano3 to uoseaa
Aq Al!I!ge!I ane4 IIe4s pamsui a41 se 6uol os Aluo ao 'pamsui aql wag aase43md e
Aq UOA16 a6E61aow Aauow asegojnd a Aq pain3as ssaupalgapui ue splo4 jo 'puel
941 ul lsaalu! jo alelsa ue sulela pamsui aql se 6uol os Aluo pamsu! ue 10 JoAel
u! AOgod 10 ale(] 10 se aaaol u! anuiluoo Ilugs Aoilod slyl 10 e6eaan03 941
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'ell!l elgelaNjew to
kOAllap a416uulnba uoil!puoo lenlouiluoo a 10 anlj!A Aq ase4omd of uoge611go a4l
woil posealej aq of V elnpegoS ui paquosap lsaaalu! io alelsa ayl 10 jaseyand
E ell!lua pinom 4oi4m 'a6eJan00 wa1 paldeoxa jo papnloxe lou 'puel a41 of alig
aql bulloal}E jallew luejudde jo pa6a!le ue :allg aql to A111!gelalpewun„ (6)
•paleool si puel a414o!4m ui loulsip a41 jol lino3 3oulslp
samns Pal!un a41 to �jalo a41 to spjooej agl u, pol!1 sua!1 uo!loaloid leluawua!Aua
apnlou) osle IIE4s ,spj000i ollgnd„ 'a6EJan00 wad su01sn10x3 at-11 to (A!)(E)G
uo!loaS of loodsaj 41!M 'abpalmou4 1no411m pue anleA X01 sjasEgand of A1iadad
le9a 01 6u!lelaa saauew 10 a3gou OAllonjlsuoo f5mliedwi 10 asodind 941 jol Ao!lod
10 ale(] le sainlels alels aapun pa4s!igElse spaooaa :,,spao3aj ollgnd„ (1)
'luawnilsui
Alpnoos aaylo ao 'peep isnil '3snil 10 peep 'a6E611ow :,,a6e611ow„ (a)
- Aoilod s!ql Aq pamsui si puel
a41 w01 pue 01 ss900e 10 146u a 4014m 01 lualxa a41 IWI Jo A11Pow IIE4s u!ajaq
6u!ylou inq 'sAemialem jo sAem 'sauel 'sAalle 'sanuane 'Spec 'slaals 6u113nge
ui luawasea ao alelsa 'lsaaalu! 'all!i '146u Aue jou 'V alnpagoS ui of panala
jo paquosap eaje agl 10 sou!1 941 puoAaq Auadad Aue apnloui lou soop ,puel,,
weal a41 - Aliedoid leaa elnl!lsuoo mel Aq 4314m 0laa8yl pax111e Sluawanadwl
pue 'V a!npo4oS ui o1 panalai jo paquosap puel a41 : „pUel,, (p)
- puel ag16ulloa11E Siauew
10 a011ou angonjlsuo3 1ledwl golgm spaooa aa410 Aue jo Aoilod s!4l ul p9u
se spjooaj ollgnd a41 10 uoseei Aq pamsui ue of palndw! eq Aew y0!gm ao!lou ao
06palmouN aAilonjlsuoo lou 'abpalmou4 lenloe :,,umou�,, jo ,af)paImou>i„ (0)
•abewep jo ssol bulwlelo pamsu) ue :,,3uewlelo paansu!„ (q)
- sioss000ns Nelonp!1 ao aleaodioo ao 'u!� 10 lxau 'sangeluasada leuosaad
'saonvuns 'saas!Aap 'saalnq!jls!p 'sala4 'ol Pal!w!I lou inq '6ulpnloui ase4omd wal
pays!nbu!lslp se me! 10 uo Aq pamsu) paweu agl to lsaaalu! a41 of paaoons
o4m eso41 'paansu) paweu agl lsule6e peg ane4 p!nom Auedwo(] a41 sasualop
ao s146!a Aue of loafgns 'pue 'V alnpagoS ui paweu pamsu! a4l :,,paansu)„ (e)
:ueaw ftlod s!4l ui pasn ue4m swial 6ulmollol 041
SW1i3130 NOI11N133O l
SNouvindllS aNV SNO11113NOO
Amount of Insurance: $100,000.00 Policy No. Z- 259385
Premium: $ 500.00 Customer Ref.: PO #3075
Date of Policy: January 13, 2004 at 8:00 A.M.
1. Name of Insured:
CITY OF SPOKANE VALLEY, a municipal corporation.
2. The estate or interest in the land described herein and which is covered
by this policy is:
FEE SIMPLE
3. The estate or interest referred to herein is at Date of Policy vested
in.
SCHEDULE A
THE NAMED INSURED
4. The land referred to in this policy is described as follows:
Lots 10 and 11 in Block 165 of OPPORTUNITY, as per Plat thereof recorded
in Volume "K" of Plats, page 20;
Situate in the County of Spokane, State of Washington.
Countersigned:
Authorized Officer or Agent
Owner's Standard Policy
SCHEDULE B
EXCEPTIONS FROM COVERAGE
Policy No. Z- 259385
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:
STANDARD EXCEPTIONS
1. Taxes or assessments which are not now payable or 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, or claiming to be 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 of the land
would disclose, and which are not shown by the public records.
5. Any lien, or right to a lien, for labor, material, services or
equipment, or for contributions to employee benefit plans, or liens
under Workmans' Compensation Acts, not disclosed by the public records.
6. (a) Unpatented mining claims; (b) reservations or exceptions in patents
or in Acts authorizing the issuance thereof; (c) Indian treaty or
aboriginal rights, including, but not limited to, easements or equitable
servitudes; or, (d) water rights, claims or title to water, whether or
not the matters excepted under (a), (b) , (c) or (d) are shown by the
public records.
7. Right of use, control or regulation by the United States of America in
the exercise of powers over navigation; any prohibition or limitation on
the use, occupancy or improvement of the land resulting from the rights
of the public or riparian owners to use any waters which may cover the
land or to use any portion of the land which is now or may formerly have
been covered by water.
8. Any service, installation, connection, maintenance or construction
charges for sewer, water, electricity, or garbage collection or
disposal, or other utilities unless disclosed as an existing lien by the
public records.
2
Owner's Standard Policy
SPECIAL EXCEPTIONS
Policy No. Z- 259385
1. The land herein described is carried on the tax rolls as exempt,
however, it will become taxable from the date of execution of a
conveyance to a taxable entity and subject to the lien of real property
taxes for the balance of the year 2003.
Tax Account No.: 45211.0110; 45211.0111
2. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF:
BETWEEN: Modern Electric Water Company
AND: D.K. McDonald and others
DATED: November 4, 1905
RECORDED: November 6, 1905, Book " E " of Contracts,
page 267
RECORDING NO.: 131084
REGARDING: Providing for construction of ditches,
flumes, water pipes, etc.; erecting poles
and electric distribution lines, with
right of ingress and egress to maintain
said pipes, lines, etc.; and providing for
lien for unpaid charges for such service.
END OF EXCEPTIONS
Me
3
CONDITIONS AND STIPULATIONS
7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE.
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 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.
(b) In the event the Amount of Insurance stated in Schedule A at the
Date of Policy is less than 80 percent of the value of the insured estate or
interest or the full consideration paid for the land, whichever is less, or if
subsequent to the Date of Policy an improvement is erected on the land
which increases the value of the insured estate or interest by at least 20
percent over the Amount of Insurance stated in Schedule A, then this
Policy is subject to the following:
(i) where no subsequent improvement has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
the amount of insurance at Date of Policy bears to the total value of the
insured estate or interest at Date of Policy; or
(ii) where a subsequent improvement has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
120 percent of the Amount of Insurance stated in Schedule A bears to the
sum of the Amount of Insurance stated in Schedule A and the amount
expended for the improvement.
The provisions of this paragraph shall not apply to costs, attorneys' fees
and expenses for which the Company is liable under this policy, and shall
only apply to that portion of any loss which exceeds, in the aggregate, 10
percent of the Amount of Insurance stated in Schedule A.
(c) The Company will pay only those costs, attorneys' fees and expenses
incurred in accordance with Section 4 of these Conditions and Stipulations.
8. APPORTIONMENT.
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and a loss is established affecting one or
more of the parcels but not all, the loss shall be computed and settled on a
pro rata basis as if the amount of insurance under this policy was divided
pro rata as to the value on Date of Policy of each separate parcel to the
whole, exclusive of any improvements made subsequent to Date of Policy,
unless a liability or value has otherwise been agreed upon as to each parcel
by the Company and the insured at the time of the issuance of this policy
and shown by an express statement or by an endorsement attached to this
policy.
9. 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, 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 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.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY.
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance pro
tanto.
11. 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.
12. 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.
NM PA 10
ALTA Owner's Policy (10- 17 -92)
Cover Page
Form 1190 -58
(Continued)
(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 within 30 days thereafter.
13. 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 to these rights and
remedies in the proportion which the Company's payment bears to the
whole amount of the loss.
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 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.
14. 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.
15. 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 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.
16. 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 provi-
sion and all other provisions shall remain in full force and effect.
17. 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: Consumer Affairs Department, P.O. Box
27567, Richmond, Virginia 23261 -7567.
ORIGINAL Valid Only If Face Page, Schedules A and B Are Attached
A WORD OF THANKS.....
OWNERS POLICY
OF TITLE INSURANCE
(10- 17 -92)
AMERICAN LAND TITLE ASSOCIATION
As we make your policy a part of our permanent
records, we want to express our appreciation of
this evidence of your faith in Transnation Title
Insurance Company.
There is no recurring premium.
This policy provides valuable title protection and
we suggest you keep it in a safe place where it
will be readily available for future reference.
If you have any questions about the protection
provided by this policy, contact the office that
issued your policy or you may write to:
Consumer Affairs Department
Transnation
Title Insurance Company
ISSUED BY
TRANSNATION TITLE INSURANCE COMPANY
ip Transnation
A LANDAMERICA COMPANY
HOME OFFICE:
101 Gateway Centre Parkway, Gateway One
Richmond, Virginia 23235 -5153
P.O. Box 27567
Richmond, Virginia 23261 -7567
TOLL FREE NUMBER: 1- 800 - 446 -7086
B 1190 -58