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HomeMy WebLinkAboutTPM21-0005_Parcel Map Guarantee_Updated Mid Valley Title & Escrow Company Mid Valley Title & Escrow Company 601 Main Street Chico, CA 95928 April 29, 2021 Mike Mays Northstar Engineering 111 Mission Ranch Boulevard, Suite 100 Chico, CA 95926 Phone: (530)893-1600 Fax: (530)893-2113 Title Officer: Vicki Petrucha Phone: (530)893-5644 Order Number: 0401-6211364 (VP) Escrow Number: 0401-6211364 Buyer: Dietz . Property: APN: 063-130-024 Butte County, CA Attached please find the following item(s): Parcel Map Guarantee Thank You for your confidence and support. We at Mid Valley Title & Escrow Company maintain the fundamental principle: Customer First! Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 1 Mid Valley Title & Escrow Company PARCEL MAP GUARANTEE UPDATED (04/21/2021) Order No: 0401-6211364 Fee: 500.00 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE LIMITS OF LIABILITY AND OTHER PROVISIONS OF THE CONDITIONS AND STIPULATIONS HERETO ANNEXED AND MADE A PART OF THIS GUARANTEE, First American Title Insurance Company a Nebraska corporation, herein called the Company, GUARANTEES Northstar Engineering The County of Butte and any city within which the land is located, herein called the Assured, against loss not exceeding $1,000.00 which the Assured shall sustain by reason of any incorrectness in the assurance which the Company hereby gives that, according to the public records, on the date stated below: 1. The title to the herein described estate or interest was vested in the vestee named, subject to the matters shown as Exceptions herein, which Exceptions are not necessarily shown in the order of their priority; and 2. Had said Parcel Map been recorded in the office of the County Recorder of said county, such map would be sufficient for use as a primary reference in legal descriptions of the parcels within its boundaries. Dated: April 19, 2021, at 7:30 A.M. First American Title Insurance Company Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 2 Mid Valley Title & Escrow Company The estate or interest in the land hereinafter described or referred to covered by this Guarantee is: A Fee as to Parcels I-A and I-B, an easement as to Parcels II and III Title to said estate or interest at the date hereof is vested in: Danny Dietz, a married man The land included within the boundaries of the Parcel Map hereinbefore referred to in this Guarantee in the Unincorporated area, County of Butte, State of California, is described as follows: PARCEL I-A: A PORTION OF LOTS 9 AND 10 OF SECTION 7, TOWNSHIP 23 NORTH, RANGE 3 EAST, M.D.B. & M., MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A 4 INCH BY 4 INCH BY 18 INCH STAKE MARKING THE SOUTHWEST CORNER OF SAID SECTION 7, AND RUNNING THENCE SOUTH 88 DEG. 15' EAST, 222.4 FEET ALONG THE SOUTH LINE OF SECTION 7, TO AN IRON PIPE IN A FENCE LINE MARKING THE EASTERLY EDGE OF THE HUMBOLDT ROAD, AS SAID ROAD EXISTED ON MAY 25, 1934; THENCE ALONG THE FOLLOWING EIGHT COURSES AND DISTANCES NORTH 19 DEG. 59' EAST, 315.86 FEET; NORTH 26 DEG. 48' EAST, 331.15 FEET; NORTH 27 DEG. 03' EAST, 331.83 FEET; NORTH 19 DEG. 18' EAST, 314.65 FEET; NORTH 12 DEG. 32' EAST, 305.39 FEET; NORTH 11 DEG. 07' EAST, 304.05 FEET; NORTH 8 DEG. 33' EAST, 213.28 FEET; NORTH 4 DEG. 29' EAST, 267.73 FEET TO AN IRON PIPE; THENCE LEAVING THE AFOREMENTIONED LINE OF THE EXISTING HUMBOLDT ROAD, SOUTH 88 DEG. 15' EAST, PARALLEL WITH AND 2279.0 FEET NORTHERLY AT RIGHT ANGLES FROM THE SOUTH LINE OF SAID SECTION 7, A DISTANCE OF 696.32 FEET TO AN IRON PIPE; THENCE CONTINUING SOUTH 88 DEG. 15' EAST, 202 FEET, MORE OR LESS, TO THE EASTERLY LINE OF SAID LOT 9; THENCE NORTHERLY ALONG SAID EASTERLY LINE TO THE NORTHEAST CORNER OF SAID LOT 9; THENCE ALONG THE NORTHERLY LINE OF SAID LOT NORTH 85 DEG. 45' 30" WEST, TO THE NORTHWEST CORNER OF SAID LOT 9, BEING THE WEST QUARTER CORNER OF SAID SECTION 7; THENCE ALONG THE WEST LINE THEREOF, SOUTH 1 DEG. 25' 30" WEST, 2822.4 FEET TO THE POINT OF BEGINNING. EXCEPTING THEREFROM ALL THAT PORTION DESCRIBED AS FOLLOWS: A PORTION OF THE WEST ONE HALF OF THE SOUTHWEST QUARTER OF SECTION 7, TOWNSHIP 23 NORTH, RANGE 3 EAST, M.D.B. & M., AND BEING A PORTION OF LOT 9 OF SAID SECTION 7 AND MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A 4 INCH BY 4 INCH BY 18 INCH STAKE MARKING THE SOUTHWEST CORNER OF SAID SECTION 7 AND RUNNING THENCE SOUTH 88 DEG. 15’ EAST 222.4 FEET ALONG THE SOUTH LINE OF SAID SECTION 7 TO AN IRON PIPE IN A FENCE LINE MARKING THE EASTERLY EDGE OF THE EXISTING HUMBOLDT ROAD; THENCE ALONG THE FOLLOWING SIX COURSES AND DISTANCES: NORTH 19 DEG. 59’ EAST 315.86 FEET; NORTH 26 DEG. 48’ EAST 331.15 FEET; NORTH 27 DEG. 03’ EAST 331.83 FEET; NORTH 19 DEG. 18’ EAST 314.65 FEET; NORTH 12 DEG. 32’ EAST 305.39 FEET; NORTH 11 DEG. 07’ EAST 304.05 FEET TO AN IRON PIPE MARKING THE POINT OF BEGINNING FOR THIS DESCRIPTION; THENCE FROM SAID POINT OF BEGINNING ALONG THE FENCE MARKING THE EASTERLY LINE OF THE EXISTING HUMBOLDT ROAD, NORTH 8 DEG. 33’ EAST 213.28 FEET AND NORTH 4 DEG. 29’ EAST 267.73 FEET TO AN IRON PIPE; THENCE LEAVING THE AFOREMENTIONED LINE SOUTH 88 DEG 15’ EAST PARALLEL WITH AND 2279.00 FEET NORTHERLY AT RIGHT ANGLES FROM THE SOUTH LINE OF SAID SECTION 7 A DISTANCE OF 696.32 FEET TO AN IRON PIPE; THENCE CONTINUING SOUTH 88 DEG. 15’ EAST 202 FEET, MORE OR LESS, TO THE EASTERLY LINE OF SAID WEST ONE-HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 7, BEING THE EASTERLY LINE OF SAID LOT 9; Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 3 Mid Valley Title & Escrow Company THENCE SOUTHERLY ALONG SAID EASTERLY LINE A DISTANCE OF 479 FEET, MORE OR LESS, TO A POINT WHICH BEARS SOUTH 88 DEG. 15’ EAST 954.5 FEET, MORE OR LESS FROM SAID POINT OF BEGINNING; THENCE NORTH 88 DEG. 15’ WEST PARALLEL WITH AND 1800 FEET NORTHERLY AT RIGHT ANGLES FROM SAID SOUTH LINE OF SAID SECTION 7, A DISTANCE OF 91 FEET, MORE OR LESS, TO AN IRON PIPE, THAT BEARS SOUTH 88 DEG. 15’ EAST A DISTANCE OF 863.50 FEET FROM THE TRUE POINT OF BEGINNING; THENCE NORTH 88 DEG. 15’ WEST A DISTANCE OF 863.50 FEET TO THE POINT OF BEGINNING. ALSO EXCEPTING THEREFROM ALL THAT PORTION THEREOF DESCRIBED IN DEED TO THE STATE OF CALIFORNIA, DATED DECEMBER 16, 1960, AND RECORDED MARCH 10, 1961, IN BOOK 1103, PAGE 345, OFFICIAL RECORDS. ALSO EXCEPTING THEREFROM ALL THAT PORTION THEREOF DESCRIBED AS FOLLOWS: A PORTION OF LOT 9, SECTION 7, TOWNSHIP 23 NORTH, RANGE 3 EAST, M.D.B. & M., MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE WEST QUARTER CORNER OF SAID SECTION 7 AND RUNNING THENCE ALONG THE EAST AND WEST CENTERLINE THEREOF, SOUTH 85 DEG. 45' 30" EAST, 941.8 FEET TO AN IRON PIPE IN THE WESTERLY BOUNDARY OF THE HUMBOLDT ROAD, AS SAID ROAD EXISTED ON MAY 25, 1934; THENCE ALONG SAID BOUNDARY LINE SOUTH 24 DEG. 00' WEST, 250.0 FEET, TO THE NORTHEAST CORNER OF THAT CERTAIN PARCEL CONVEYED BY J. J. AND HELEN LUCAS, TO THE UNITED STATES OF AMERICA, BY DEED DATED MAY 25, 1934 AND RECORDED AUGUST 3, 1934, IN BOOK 125, PAGE 35, OFFICIAL RECORDS; THENCE NORTHWESTERLY ALONG THE NORTHERLY LINE OF SAID PARCEL, 320 FEET, MORE OR LESS, TO THE NORTHWEST CORNER THEREOF; THENCE PARALLEL WITH THE EAST AND WEST CENTERLINE OF SAID SECTION 7, NORTH 85 DEG. 45' 30" WEST, 520.0 FEET, TO THE WEST LINE OF SAID SECTION 7; THENCE ALONG SAID LINE NORTH 1 DEG. 25' 40" EAST, 215.0 FEET, MORE OR LESS, TO THE POINT OF BEGINNING. ALSO EXCEPTING THEREFROM ALL THAT PORTION THEREOF DESCRIBED AS FOLLOWS: A PORTION OF LOT 9, IN SECTION 7, TOWNSHIP 23 NORTH, RANGE 3 EAST, M.D.B. & M., LYING WEST OF HUMBOLDT ROAD, AS THE SAME EXISTED IN 1934 AND MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE WEST QUARTER SECTION CORNER OF SAID SECTION 7; THENCE SOUTH 80 DEG. EAST, 12.90 CHAINS TO A POINT ON THE WESTERLY LINE OF HUMBOLDT ROAD, AS SAID ROAD EXISTED ON MAY 25, 1934; THENCE SOUTHERLY ALONG THE WESTERLY LINE OF SAID ROAD, A DISTANCE OF 1.61 CHAINS TO THE TRUE POINT OF BEGINNING FOR THE PARCEL OF LAND HEREIN DESCRIBED; THENCE NORTH 85-1/2 DEG. WEST, A DISTANCE OF 330.0 FEET; THENCE SOUTH, A DISTANCE OF 330.0 FEET; THENCE SOUTH 85-1/2 DEG. EAST, A DISTANCE OF 264 FEET TO A POINT ON THE WESTERLY LINE OF SAID ROAD; THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID HUMBOLDT ROAD, A DISTANCE OF 330 FEET, MORE OR LESS, TO THE TRUE POINT OF BEGINNING. ALSO EXCEPTING THE FOLLOWING DESCRIBED PARCEL OF LAND: BEING A PORTION OF LOT 9 OF SECTION 7, TOWNSHIP 23 NORTH, RANGE 3 EAST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEING THE NORTH 100.00 FEET, MEASURED ALONG THE EAST LINE OF THAT CERTAIN PARCEL DESCRIBED IN BOOK 2143, AT PAGE 382, BUTTE COUNTY OFFICIAL RECORDS, OF THE EAST 214.42 FEET, MEASURED ALONG THE SOUTH LINE OF PARCEL 2 OF THAT CERTAIN PARCEL MAP FILED IN BOOK 49, OF MAPS, AT PAGE 12, BUTTE COUNTY RECORDS, AND LYING ADJACENT TO SAID PARCEL 2. Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 4 Mid Valley Title & Escrow Company PARCEL I-B: A PORTION OF PARCEL 2 OF THAT CERTAIN PARCEL MAP AS RECORDED IN BOOK 49 OF MAPS, AT PAGE 12, BUTTE COUNTY RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: THE WEST 100.00 FEET OF SAID PARCEL 2, MEASURED ALONG THE NORTH LINE OF SAID PARCEL 2. PARCELS I-A AND I-B ABOVE ARE PURSUANT TO A LOT LINE ADJUSTMENT APPROVED BY THE COUNTY OF BUTTE, BY DEED RECORDED NOVEMBER 19, 1991 AS SERIAL NO. 91-47939, AND CANNOT BE SOLD SEPARATELY. PARCEL II: A 10.00 FOOT WIDE EASEMENT FOR THE PURPOSE OF INGRESS AND EGRESS LYING 5.00 FEET ON EACH SIDE OF THE FOLLOWING DESCRIBED LINE: COMMENCING AT THE NORTHEASTERLY CORNER OF PARCEL 2 AS SHOWN ON THAT CERTAIN PARCEL MAP FILED IN THE OFFICE OF THE RECORDER, COUNTY OF BUTTE, STATE OF CALIFORNIA, ON FEBRUARY 6, 1974, IN BOOK 49 OF MAPS, AT PAGE 12, WHICH POINT IS ALSO THE NORTHWESTERLY CORNER OF PARCEL 1 OF SAID PARCEL MAP; THENCE LEAVING SAID POINT AND RUNNING SOUTH 03° 16' 46" WEST A DISTANCE OF 5.00 FEET ALONG THE EASTERLY LINE OF SAID PARCEL 2 AND THE WESTERLY LINE OF SAID PARCEL 1 TO A POINT, WHICH POINT IS THE TRUE POINT OF BEGINNING FOR THIS DESCRIPTION; THENCE LEAVING THE TRUE POINT OF BEGINNING AND THE EASTERLY LINE OF SAID PARCEL 2 AND THE WESTERLY LINE OF SAID PARCEL 1 AND RUNNING EASTERLY AND PARALLEL TO THE NORTH LINE OF SAID PARCEL 1, SOUTH 86° 43' 14" EAST TO A POINT ON THE EASTERLY LINE OF SAID PARCEL 1 AND THE WESTERLY RIGHT OF WAY LINE OF TOLL GATE WAY AS SHOWN ON SAID PARCEL MAP, WHICH POINT IS THE TERMINUS OF THE HEREIN DESCRIBED LINE. PARCEL III: A 10.00 FOOT WIDE EASEMENT FOR THE PURPOSE OF INGRESS AND EGRESS LYING 5.00 FEET ON EACH SIDE OF THE FOLLOWING DESCRIBED LINE: COMMENCING AT THE NORTHEASTERLY CORNER OF PARCEL 2, AS SHOWN ON THAT CERTAIN PARCEL MAP FILED IN THE OFFICE OF THE RECORDER, COUNTY OF BUTTE, STATE OF CALIFORNIA, ON FEBRUARY 6, 1974, IN BOOK 49 OF MAPS, AT PAGE 12, WHICH POINT IS ALSO THE NORTHWESTERLY CORNER OF PARCEL 1 OF SAID PARCEL MAP; THENCE LEAVING SAID POINT AND RUNNING SOUTH 03° 16' 46" WEST, A DISTANCE OF 5.00 FEET ALONG THE EASTERLY LINE OF SAID PARCEL 2 AND THE WESTERLY LINE OF SAID PARCEL 1 TO A POINT, WHICH POINT IS THE TRUE POINT OF BEGINNING FOR THIS DESCRIPTION; THENCE LEAVING THE TRUE POINT OF BEGINNING AND THE EASTERLY LINE OF SAID PARCEL 2 AND THE WESTERLY LINE OF SAID PARCEL 1 AND RUNNING WESTERLY THE FOLLOWING 4 COURSES AND DISTANCES: 1) SOUTH 70° 24' 11" WEST, 190.70 FEET; 2) SOUTH 83° 40' 00" WEST, 172.10 FEET; 3) SOUTH 68° 20' 00" WEST, 157.80 FEET; 4) SOUTH 86° 43' 14" WEST, 170.98 FEET; TO A POINT, WHICH POINT IS THE TERMINUS OF THE HEREIN DESCRIBED LINE, AND WHICH POINT IS ON THE EASTERLY LINE OF THE PARCEL DESCRIBED IN THAT CERTAIN GRANT DEED RECORDED IN THE OFFICE OF THE RECORDER, COUNTY OF BUTTE, STATE OF CALIFORNIA, UNDER RECORDER'S SERIAL NUMBER 91-47939. Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 5 Mid Valley Title & Escrow Company APN: 063-130-024 Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 6 Mid Valley Title & Escrow Company EXCEPTIONS 1. General and special taxes and assessments for the fiscal year 2021-2022, a lien not yet due or payable. 2. General and special taxes and assessments for the fiscal year 2020-2021. First Installment: $721.44, DELINQUENT Penalty: $72.14 Second Installment: $721.44, DELINQUENT Penalty: $103.14 Tax Rate Area: 062-018 A. P. No.: 063-130-024 The amount(s) must be verified prior to close of escrow. 3. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code. RE-CHECK SUPPLEMENTAL TAXES PRIOR TO THE CLOSE OF ESCROW. 4. An easement for public utilities and incidental purposes in the document recorded November 15, 1960 as Book 1085, Page 338 of Official Records. The location of the easement cannot be determined from record information. 5. An unrecorded Pacific Gas and Electric Company Easement as disclosed by the document recorded October 15, 1960, in Book 1085, Page 338, Official Records. 6. Abutter's rights of ingress and egress to or from State Highway 32 have been relinquished in the document recorded March 10, 1961 as Book 1103, Page 345 of Official Records. 7. A waiver of any claims for damages by reason of the location, construction, landscaping or maintenance of a contiguous freeway, highway, roadway or transit facility as contained in the document recorded March 10, 1961 as Book 1103, Page 345 of Official Records. 8. Agricultural Statement of Acknowledgement for Residential Development, Executed By: Bruce L. Yoakum and Judy L. Yoakum, Recorded: April 03, 1992, Serial No. 92-14489. Affects: The land and other property. Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 7 Mid Valley Title & Escrow Company 9. A deed from the spouse of any married vestee herein be recorded in the public records, or the joinder of the spouse of any married vestee named herein on any conveyance, encumbrance or lease to be executed by the vestee. The deed should contain the following statement: "It is the express intent of the grantor, being the spouse of the grantee, to convey all right, title and interest of the grantor, community or otherwise, in and to the herein described property to the grantee as his/her sole and separate property." VP:jm/ljh Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 8 Mid Valley Title & Escrow Company INFORMATION 1. The land herein was created by: Grant Deed , recorded: November 19, 1991, Serial No. 91-47939. The vestee herein acquired title by: Grant Deed, recorded December 21, 2018, Serial No. 2018- 0042525. The map attached, if any, may or may not be a survey of the land depicted hereon. Mid Valley Title & Escrow Company expressly disclaims any liability for loss or damage which may result from reliance on this map except to the extent coverage for such loss or damage is expressly provided by the terms and provisions of the title insurance policy, if any, to which this map is attached. Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 9 Mid Valley Title & Escrow Company SCHEDULE OF EXCLUSIONS FROM COVERAGE OF THIS GUARANTEE 1. Except to the extent that specific assurance are provided in Schedule A of this Guarantee, the Company assumes no liability for loss or damage by reason of the following: (a) Defects, liens, encumbrances, adverse claims or other matters against the title, whether or not shown by the public records. (b) (1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2) Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not the matters excluded under (1) or (2) are shown by the records of the taxing authority or by the public records. (c) (1) Unpatented mining claims; (2) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (3) water rights, claims or title to water, whether or not the matters excluded under (1), (2) or (3) are shown by the public records. 2. Notwithstanding any specific assurances which are provided in Schedule A of this Guarantee, the Company assumes no liability for loss or damage by reason of the following: (a) Defects, liens, encumbrances, adverse claims or other matters affecting the title to any property beyond the lines of the land expressly described in the description set forth in Schedule (A), (C) or in Part 2 of this Guarantee, or title to streets, roads, avenues, lanes, ways or waterways to which such land abuts, or the right to maintain therein vaults, tunnels, ramps, or any structure or improvements; or any rights or easements therein, unless such property, rights or easements are expressly and specifically set forth in said description. (b) Defects, liens, encumbrances, adverse claims or other matters, whether or not shown by the public records; (1) which are created, suffered, assumed or agreed to by one or more of the Assureds; (2) which result in no loss to the Assured; or (3) which do not result in the invalidity or potential invalidity of any judicial or non-judicial proceeding which is within the scope and purpose of the assurances provided. (c) The identity of any party shown or referred to in Schedule A. (d) The validity, legal effect or priority of any matter shown or referred to in this Guarantee. GUARANTEE CONDITIONS AND STIPULATIONS 1. Definition of Terms. The following terms when used in the Guarantee mean: (a) the "Assured": the party or parties named as the Assured in this Guarantee, or on a supplemental writing executed by the Company. (b) "land": the land described or referred to in Schedule (A) (C) or in Part 2, 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 (A) (C) or in Part 2, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways. (c) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (d) "public records" : records established under state statutes at Date of Guarantee for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. (e) "date": the effective date. 2. Notice of Claim to be Given by Assured Claimant. An Assured shall notify the Company promptly in writing in case knowledge shall come to an Assured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as stated herein, and which might cause loss or damage for which the Company may be liable by virtue of this Guarantee. If prompt notice shall not be given to the Company, then all liability of the Company shall terminate with regard to the manner 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 Assured under this Guarantee unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 3. No Duty to Defend or Prosecute. The Company shall have no duty to defend or prosecute any action or proceeding to which the Assured is a party, notwithstanding the nature of any allegation in such action or proceeding. 4. Company's Option to Defend or Prosecute Actions; Duty of Assured Claimant to Cooperate. Even though the Company has no duty to defend or prosecute as set forth in Paragraph 3 above: (a) The Company shall have the right, at its sole option and cost, to institute and prosecute any action or proceeding, interpose a defense, as limited in (b), or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest as stated herein, or to establish the lien rights of the Assured, or to prevent or reduce loss or damage to the Assured. The Company may take any appropriate action under the terms of this Guarantee, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this Guarantee. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (b) If the Company elects to exercise its options as stated in Paragraph 4(a) the Company shall have the right to select counsel of its choice (subject to the right of such Assured to object for reasonable cause) to represent the Assured and shall not be liable for and will not pay the fees of any other counsel, nor will the Company pay any fees, costs or expenses incurred by an Assured in the defense of those causes of action which allege matters not covered by this Guarantee. (c) Whenever the Company shall have brought an action or interposed a defense as permitted by the provisions of this Guarantee, 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 an adverse judgment or order. (d) In all cases where this Guarantee permits the Company to prosecute or provide for the defense of any action or proceeding, an Assured shall secure to the Company the right to so prosecute or provide for the defense of any action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such Assured for this purpose. Whenever requested by the Company, an Assured, at the Company's expense, shall give the Company all reasonable aid in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as stated herein, or to establish the lien rights of the Assured. If the Company is prejudiced by the failure of the Assured to furnish the required cooperation, the Company's obligations to the Assured under the Guarantee shall terminate. 5. Proof of Loss Damage. In addition to and after the notices required under Section 2 of these Conditions and Stipulations have been provided to the Company, a proof of loss or damage signed and sworn to by the Assured shall be furnished to the Company within ninety (90) days after the Assured shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the matters covered by this Guarantee which constitute 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 Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 10 Mid Valley Title & Escrow Company prejudiced by the failure of the Assured to provide the required proof of loss or damage, the Company's obligation to such Assured under the Guarantee shall terminate. In addition, the Assured 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 Guarantee, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Assured 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 damage. All information designated as confidential by the Assured 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 the Assured to submit for examination under oath, produce other reasonably requested information of grant permission to secure reasonably necessary information from third parties as required in the above paragraph, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this Guarantee to the Assured for that claim. 6. Options to Pay or Otherwise Settle Claims: Termination of Liability. In case of a claim under this Guarantee, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Liability or to Purchase the Indebtedness. The Company shall have the option to pay or settle or compromise for or in the name of the Assured any claim which could result in loss to the Assured within the coverage of this Guarantee, or to pay the full amount of this Guarantee or, if this Guarantee is issued for the benefit of a holder of a mortgage or a lienholder, the Company shall have the option to purchase the indebtedness secured by said mortgage or said lien for the amount owing thereon, together with any costs, reasonable attorneys' fees and expenses incurred by the Assured claimant which were authorized by the Company up to the time of purchase. Such purchase, payment or tender of payment of the full amount of the Guarantee shall terminate all liability of the Company hereunder. In the event after notice of claim has been given to the Company by the Assured the Company offers to purchase said indebtedness, the owner of such indebtedness shall transfer and assign said indebtedness, together with any collateral security, to the Company upon payment of the purchase price. Upon the exercise by the Company of the option provided for in Paragraph (a) the Company's obligation to the Assured under this Guarantee for the claimed loss or damage, other than to make the payment required in that paragraph, shall terminate, including any obligation to continue the defense or prosecution of any litigation for which the Company has exercised its options under Paragraph 4, and the Guarantee shall be surrendered to the Company for cancellation. (b) To Pay Otherwise Settle With Parties Other Than the Assured or With the Assured Claimant. To pay or otherwise settle with other parties for or in the name of an Assured claimant any claim Assured against under this Guarantee, together with any costs, attorneys' fees and expenses incurred by the Assured 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 the option provided for in Paragraph (b) the Company's obligation to the Assured under this Guarantee for the claimed loss or damage, other than to make the payment required in that paragraph, shall terminate, including any obligation to continue the defense or prosecution of any litigation for which the Company has exercised its options under Paragraph 4. 7. Determination and Extent of Liability. This Guarantee is a contract of Indemnity against actual monetary loss or damage sustained or incurred by the Assured claimant who has suffered loss or damage by reason of reliance upon the assurances set forth in this Guarantee and only to the extent herein described, and subject to the Exclusions From Coverage of This Guarantee. The Liability of the Company under this Guarantee to the Assured shall not exceed the least of: (a) the amount of liability stated in Schedule A or in Part 2; (b) the amount of the unpaid principal indebtedness secured by the mortgage of an Assured mortgagee, as limited or provided under Section 6 of these Conditions and Stipulations or as reduced under Section 9 of these Conditions and Stipulations, at the time the loss or damage Assured against by this Guarantee occurs, together with interest thereon; or (c) the difference between the value of the estate or interest covered hereby as stated herein and the value of the estate or interest subject to any defect, lien or encumbrance Assured against by this Guarantee. 8. Limitation of Liability. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures any other matter Assured against by this Guarantee 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 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 stated herein. (c) The Company shall not be liable for loss or damage to any Assured for liability voluntarily assumed by the Assured in settling any claim or suit without the prior written consent of the Company. 9. Reduction of Liability or Termination of Liability. All payments under this Guarantee, except payments made for costs, attorneys' fees and expenses pursuant to Paragraph 4 shall reduce the amount of liability pro tanto. 10. Payment of Loss. (a) No payment shall be made without producing this Guarantee for endorsement of the payment unless the Guarantee 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 thirty (30) days thereafter. 11. Subrogation Upon Payment or Settlement. Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shall vest in the Company unaffected by any act of the Assured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have had against any person or property in respect to the claim had this Guarantee not been issued. If requested by the Company, the Assured shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The Assured shall permit the Company to Form No. 23 Order Number: 0401-6211364 CLTA Parcel Map Guarantee (1-13-78) Page Number: 11 Mid Valley Title & Escrow Company sue, compromise or settle in the name of the Assured and to use the name of the Assured 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 Assured the Company shall be subrogated to all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and costs of collection. 12. Arbitration. Unless prohibited by applicable law, either the Company or the Assured 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 Assured arising out of or relating to this Guarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision or other obligation. All arbitrable matters when the Amount of Liability is $1,000,000 or less shall be arbitrated at the option of either the Company or the Assured. All arbitrable matters when the amount of liability is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the Assured. The Rules in effect at Date of Guarantee 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 permits 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. 13. Liability Limited to This Guarantee; Guarantee Entire Contract. (a) This Guarantee together with all endorsements, if any, attached hereto by the Company is the entire Guarantee and contract between the Assured and the Company. In interpreting any provision of this Guarantee, this Guarantee shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim, shall be restricted to this Guarantee. (c) No amendment of or endorsement to this Guarantee can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, and Assistant Secretary, or validating officer or authorized signatory of the Company. 14. 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 Guarantee and shall be addressed to the Company at 2 First American Way, Bldg 2, Santa Ana, California, 92707.