Exchange of Real Property 3064 W. Malta Drive Heroes ParkADA COUNTY RECORDER J. DAVID NAVARRO AMOUNT .00 12
BOISE IDAHO 02112110 11:46 AM
DEPUTY Use Batt
RECORDED -REQUEST OF III IIII III IIIIIIIIIIIIIIII III II I I II
Meridian City 110013319
CITY OF MERIDIAN ORDINANCE NO. [( — 1433
BY THE CITY COUNCIL: BIRD, HOAGLUN, ROUNTREE, ZAREMBA
AN ORDINANCE AUTHORIZING THE EXCHANGE OF CERTAIN CITY
OWNED REAL PROPERTY LOCATED AT 3064 WEST MALTA DRIVE,
LEGALLY DESCRIBED AS A PORTION OF LOT 04 OF BLOCK 38 OF THE
LOCHSA FALLS SUBDIVISION NO 09 (AT HEROES PARK) FOR REAL
PROPERTY OF EQUAL VALUE TO PROVIDE DEEDED PATHWAY ACCESS
BETWEEN THE NORTHWEST BORDER OF HEROES PARK AND NORTH
TEN MILE ROAD; AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE AND ATTEST ON BEHALF OF THE CITY OF MERIDIAN THE
DEED AND OTHER DOCUMENTS NECESSARY TO COMPLETE THE
TRANSACTION; PROVIDING FOR A WAIVER OF THE READING RULES;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, pursuant to Idaho Code 50-1401, the City Council has statutory
authority to sell, exchange, or convey any real property owned by the city which is
underutilized or which is not used for city public purposes; and,
WHEREAS, when it is determined by the City Council to be in the City's best
interest that the property be offered for exchange, the City Council may, pursuant to the
procedure set forth in Idaho Code Section 50-1403, exchange any city -owned real
property for real property of equal value pursuant to terms which shall be a matter of
public record; and,
WHEREAS, on the 14th day of July, 2009 the Meridian City Council approved
Resolution No. 09-676 declaring the intent to exchange the real property and further
instructed the City Clerk to establish and notice a public hearing to consider the
exchange; and,
WHEREAS, a public hearing was held at the regular meeting of the Meridian
City Council on August 11, 2009 and at the conclusion of such hearing, the City Council
moved to approve the exchange in concept, subject to certain terms and conditions, and
directed staff to prepare an exchange agreement setting forth those terms and conditions.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
COUNCIL OF THE CITY OF MERIDIAN, IDAHO:
Section 1. That a public hearing on the proposed exchange was held at the
August 11, 2009 Meeting of the Meridian City Council.
ORDINANCE AUTHORIZING EXCHANGE OF REAL PROPERTY - Page 1 of 2
Section 2. That the City Council determined after the public hearing that the
proposed exchange is in the City's best interest and that property to be exchanged is
currently underutilized and should be exchanged for property of equal value.
Section 3. That the City Council has reviewed and approved the Agreement for
Exchange of Real Property, attached hereto and incorporated herein, and the real property
exchange is expressly conditioned on the terms contained in the attached Agreement.
Section 4. That the Mayor and City Clerk shall be authorized to execute and attest
the exchange agreement, deed, and any other documents necessary to complete the
exchange authorized by this Ordinance.
Section 5. That pursuant to the affirmative vote of one-half (1/2) plus one (1) of
the Members of the full Council, the rule requiring two (2) separate readings by title and
one (1) reading in full be, and the same is hereby, dispensed with, and accordingly, this
Ordinance shall be in full force and effect upon its passage, approval and publication.
�I....
PASSED by the City Council of the City of Meridian, Idaho, this �, day
of , 2009.
APPROVED by the Mayor of the City of Meridian, Idaho, this /7 day of
2009.
MAYOR,,
ATTEST:
of M
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CITY aEW BEAL
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COUNV
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ORDINANCE AUTHORIZING EXCHANGE OF REAL PROPERTY - Page 2 of 2
REAL ESTATE
EXCHANGE AGREEMENT
THIS Agreement is entered into for the purposes stated herein, this day of October,
2009, by Followers of Christ Church ("CHURCH"), and the City of Meridian City ("CITY"),
collectively referred to herein as " the parties."
WHEREAS, CHURCH owns or controls certain real property located in Ada County, Idaho
more particularly described as Parcel A in Exhibit A; and,
WHEREAS, CITY owns certain real property located in Ada County, Idaho more particularly
described as Parcel B in Exhibit B; and,
WHEREAS, the parties desire to enter into this real property exchange agreement whereby
CHURCH will convey Parcel A to CITY in exchange for CITY conveying Parcel B to CHURCH.
WHEREAS, the laws of the State of Idaho require that the City of Meridian exchange city -
owned real property for property of equal value; and,
WHEREAS, Parcel A and Parcel B are of similar size and utility. CITY desires to own
Parcel A to provide pedestrian access to its adjacent public park, and CHURCH desires to own
Parcel B to add to its parking lot on the southerly boundary of its property; and,
WHEREAS, the City Council of the City of Meridian has declared that Parcels A and B are
of equal value for purposes of this exchange agreement; and,
NOW, THEREFORE, in return for good and valuable consideration, including the agreement
set forth herein and the parties' proceeding to the closing of the property exchange contemplated
hereby (the "Closing"), the receipt and sufficiency of such consideration being hereby
acknowledged, the parties do hereby enter into this Agreement and the terms and conditions set forth
below.
1. IDENTIFICATION OF EXCHANGE PARCELS. The parcel that CHURCH
intends to exchange to City under the terms of this agreement is legally described as Parcel "A" on
Exhibit "A" attached hereto and incorporated herein. The parcel that CITY intends to exchange to
CHURCH under the terms of this Agreement is legally described as Parcel "B" on Exhibit "B"
attached hereto and incorporated herein.
REAL ESTATE EXCHANGE AGREEMENT - 1 -
2. "AS -IS" SALE. The parcels are sold "as -is."
3. EXECUTION OF AGREEMENT. CHURCH acknowledges that this agreement
will be executed by CHURCH before CITY executes the agreement and that the execution of the
agreement by the CITY is contingent upon ratification of the terms and conditions of this agreement
by the Meridian City Council and the Council's authorization for the Meridian City Mayor to execute
this agreement on behalf of the CITY.
4. TITLE COMPANY /TITLE INSURANCE.
A) The parties agree that Lawyers Title Company of the Treasure Valley shall
provide any requested title policy and preliminary report of commitment.
B) If desired, each Party may pay for standard coverage owner's title insurance
policy on the respective properties which it receives after the exchange under the terms of this
Agreement. Upon request, the Title Company will provide a preliminary Title Report as soon as
possible after execution of this agreement. Any party requesting and reviewing a preliminary Title
Report shall have five (5) days after receipt of the Report to object in writing to the condition of the
title as set forth in the report, unless said time period is extended pursuant to this Agreement. In the
event that a party makes written objection to the title, the other party shall have a reasonable time to
cure any defects of title. In the event the other party cannot cure said defects, the objecting party may
elect, as its sole remedy, to either (i) terminate this Agreement, (ii) cure the defects at the objecting
party's expense, or (iii) proceed to closing, taking title subject to such defects. If the parties do not
so object, the parties shall be deemed to have accepted the condition of the title.
REAL ESTATE EXCHANGE AGREEMENT - 2 -
5. CLOSING DATE AND TITLE CONVEYANCE
A) Closing shall occur on the date on which the deeds to all properties are
recorded in satisfaction of the requirements of this Agreement.
B) Title to the properties identified under this agreement shall be conveyed by
Warranty Deed and shall be marketable and insurable with the exception of any other liens,
encumbrances or defects allowed herein or otherwise approved by the receiving party.
C) The deeds shall substantially conform to the sample deed set forth in Exhibit
"C" attached hereto and incorporated herein.
D) When CHURCH is satisfied with the state of title to the parcel that it is
receiving under this agreement and is ready to proceed to Closing, CHURCH shall deliver its Deed
to City with a written instruction to record the deed when City is satisfied with the state of title to the
parcel that it is receiving under this agreement and is ready to proceed to closing. City shall record
the deeds concurrently and shall only do so after the requirements of this clause have been met.
6. POSSESSION. The parties shall be entitled to possession of their respective
properties on the day of closing.
7. DEFAULT. In the event that a party does not perform in accordance with the terms
and conditions of this agreement then the other party shall have any recourse under the law to
enforce this contract.
8. ATTORNEY FEES. In the event of default by either of the parties in their
performance of the terms or conditions of this agreement, the defaulting party agrees to pay all
attorney fees and costs incurred by the non -defaulting party and in the event of suit the prevailing
party shall be entitled to its reasonable attorney fees and costs.
REAL ESTATE EXCHANGE AGREEMENT - 3 -
9. CONDITION OF PROPERTY AT CLOSING/MAINTENANCE AFTER
CLOSING. The parties shall maintain their respective properties until the closing in their present
condition, ordinary wear and tear excepted. After Closing, each parry shall be responsible for
maintenance of the parcels that they receive under this Agreement.
10. REPRESENTATIONS AND WARRANTIES. Each party represents and warrants
to the other regarding their respective properties:
A. The party has received no notice from any governmental agency that the
properties are in violation of any statute, law, ordinance, rule, regulation, or deed restriction affecting
the Properties.
B. The parties have good, marketable title to their respective parcels. At the
time the deeds are placed into escrow, no other parry shall have any right, title, or interest in the
subject property.
C. There is no pending or threatened litigation or condemnation proceedings
affecting the Properties and there are no governmental assessments or local improvement district
assessments on the Properties nor are there any agreements to convey any portion of the Properties to
any other party.
D. Each party has disclosed to the other parry the presence of all hazardous
substances or storage tanks that the disclosing party is aware of on their respective properties.
"Hazardous Substances" means any hazardous, dangerous or toxic substance (including petroleum
products) as defined under federal, state and/or local law, including all regulations promulgated
under such laws.
REAL ESTATE EXCHANGE AGREEMENT - 4 -
11. ENTIRE AGREEMENT. This Agreement, including any addendum or exhibits,
constitutes the entire Agreement between the parties, and no warranties, including any warranty of
habitability, agreements or representations have been made or shall be binding upon either parry
unless herein set forth.
12. TIME IS OF THE ESSENCE IN THIS AGREEMENT. THIS IS A LEGALLY
BINDING AGREEMENT. THE PARTIES EACH REPRESENT THAT THEY HAVE HAD
THE OPPORTUNITY TO CONSULT LEGAL COUNSEL REGARDING THE TERMS AND
CONDITIONS OF THIS AGREEMENT AND THE INSTRUMENTS REFERRED TO
HEREIN.
13. SURVIVAL OF TERMS: All the terms and conditions hereof and all instruments
referred to herein and contemplated hereby shall survive closing and the transfer of title and shall
remain in full force and effect in accordance with their terms.
14. BINDING ON SUCCESSORS: This Agreement shall be binding upon and inure to
the benefit of the parties and their respective successors and assigns.
15. IDAHO LAW: This Agreement shall be construed and governed in accordance with
the laws of the State of Idaho.
16. HEADINGS: Headings preceding the text of the several Articles and Sections
hereof, and the table of contents, are solely for convenience or reference and shall not constitute a
part of this Agreement or affect its meaning, construction or effect.
REAL ESTATE EXCHANGE AGREEMENT - 5 -
IN WITNESS WHEREOF, the parties have executed and attested this Agreement as of the date and
year first above written.
FOLLOWERS OF CHRIST CHURCH
FOLLOWERS OF CHRIST CHURCH
jd& Hunter, Elder
FOLLOWERS OF CHRIST CHURCH
Duane Hayes, Elder
THE CITY OF MERIDIAN
Tammy de We MAYOR
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REAL ESTATE EXCHANGE AGREEMENT - 6 -
STATE OF IDAHO )
ss.
County of Ada )
On this Qet�-N
day of v— in the year 2before me,
"r -t%&, personally appeared Clyde Perry, known or identified to me to be the person who
executed Ae,ia%d`, grument, and acknowledged to me that he/she executed the same.
NOTARY PUBLIC FOR IDAHO
(SES
Residing at: Idaho
_=
My Commission expires:
01
STATE OF IDAHO
) ss.
County of Ada )
On this a day of N)V4 .t�pyC' ; in the year ; p*a before me,
,A L lat r personally appeared Jack Hunter, known or identified to me to be the person who
executed the said instrument, and acknowledged to me thgj he/she executed the same.
OTARYPpklC FOR IDAHO
'F,Aj
(SEAL) 1 ;� `'' = Residing at .6,k Idaho
` �..
My Commission expires:
STATE OF ID�
County of Ada )
On this -QA4h day of Q(,6AQA C in the year 245 before me,
4e rtkWersonally appeared Duane Hayes, known or identified to me to be the person who
executed the said instrument, and acknowledged to me that he/she executed the same.
—A � i f L i ( � i I [-), oc4o,-N
146T LIC FOR IDAHO
Residing at: Idaho
My Commission expires: 3 �a
REAL ESTATE EXCHANGE AGREEMENT - 7 -
STATE OF IDAHO )
ss.
County of Ada )
On this lq*�day of 2003, before me, a notary public in and for said
state, personally appeared Tammy de Weerd and Jaycee L. Holman known to me to be the Mayor and City
Clerk of Meridian City, Idaho, who executed the within instrument, and acknowledged to me that Meridian
City executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day
and year first above written.
.d
WA_A •.
(SEAL) i C�.Q'rA,�(1•i
•
,•, OF10�'••
•was
Public f Idaho
-
t iding at Meridian, Idaho
My commission expires: Jay-, A ,�
REAL ESTATE EXCHANGE AGREEMENT - 8 -
EXHIBIT A
Parcel "A"
A parcel of, land located in the SWI/4 of the NW1/4 of Section 26, T. 4 N., R.1 W., B.M.,
Ada County, Idaho, being the northerly 25 feet of a parcel of land described by Quitclaim Deed
Inst No. 341397, deed records of said Ada County, being more particularly described as follows:
Commencing at west 1/4 comer of said Section 26, a found 5/8 inch rebar, C.P.&F., Inst
No. 99113293, corner records of said Ada County; Thence a bearing of N 00°20'42" E, a distance
of 957.99 feet, on the west boundary of said Section 26, to a found 5/8 inch rebar, being the
southwest corner of Silverleaf Subdivision No. 1, Book 93, pages 11103-11105, plat records of said
Ada County, and the northwest corner of said parcel of land described by Quitclaim Deed Inst.
No. 341397; Thence a bearing of S 89°08'38" E, a distance of 25.00 feet, on the south boundary of
said Silverleaf Subdivision No. 1, to a set 5/8 inch rebar on the east right-of-way boundary of
North Ten Mile Road, being the TRUE POINT OF BEGINNING.
Thence a bearing of S 89°08'38" E, a distance of 268.30 feet, on said south boundary of
Silverleaf Subdivision No. 1, to a found 5/8 inch rebar, being the northeast corner of said parcel of
land described by Quitclaim Deed Inst. No. 341397; Thence a bearing of S 00°20'25" W, a distance
of 25.00 feet, on the east boundary of said parcel of land described by Quitclaim Deed Inst. No.
341397, to a set 5/8 inch rebar; Thence a bearing of N 89°08'38" W, a distance of 268.31 feet, to a
set 5/8 inch rebar on said east right-of-way boundary of North Ten We Road; Thence a bearing
of N 00°20'54" E, a distance of 25.00 feet on said east right-of-way boundary of North Ten Mile
Road, to the POINT OF BEGINNING.
Said described parcel of land contains 0.1.5 acres, more or less, together with and subject
to easements and rights-of-way of record and/or use. n
Exhibit A
EXHIBIT B
Parcel "B„
A parcel of land located in the SWI/4 of the NW1/4 of Section 26, T. 4 N., R.1 W., B.M., City of
Meridian, Ada County, Idaho, being more particularly described as follows:
Commencing at the west 1/4 comer of said Section 26, a found 5/8 inch rebar, C.P.&F., Inst. No.
99113293, corner records of said Ada County; Thence a bearing of N 00°20'42" E, a distance of
660.03 feet, on the west boundary of said Section 26, to a point, from which a found 5/8 inch rebar
marking the southwest comer of Silverleaf Subdivision No. 1, Book 93, pages 11103-11105, plat
records of said Ada County, bears N 00°20'42" E, a distance of 297.96 feet; Thence a bearing of S
89°0759" E, a distance of 24.98 feet, to a found 5/8 inch rebar on the east right-of-way boundary
of North Ten Mile Road, said rebar marking the southwest comer of a parcel of land described by
deed Inst. No. 341397, Thence a bearing of S 89°0759" E, a distance of 13.02 feet on the south
boundary of said parcel of land described by deed Inst. No. 341397, to a set 5/8 inch rebar on said
east right-of-way boundary of North Ten We Road, said rebar being the TRUE POINT OF
BEGINNING.
Thence a bearing of S 89°07'59" E, a distance of 255.33 feet, on said south boundary of a parcel of
land described by deed Inst. No. 341397, to a found 5/8 inch rebar, being the southeast corner of
said parcel of land described by deed Inst. No. 341397, Thence a bearing of S 00°20'25" W, a
distance of 20.62 feed on the southerly extension of the east boundary of said parcel of land
described by deed Inst. No. 341397, to a set 5/8 inch rebar; Thence a bearing of N 87°05'49" W, a
distance of 255.57 feet, to a set 5/8 inch rebar on said east right-of-way boundary of North Ten
We Road; Thence a bearing of N 00°20'42" E, a distance of 11.54 feet, on said east right-of-way
boundary of North Ten Mile Road, to the POINT OF BEGINNING.
Said described parcel of Iand contains 0.09 acres, more or less, together with and subject to
easements and rights-of-way of record and/or use.
Exhibit B
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
City Clerk
City of Meridian
33 East Broadway Avenue
Meridian, ID 83642
ADA COUNTY RECORDER J. DAVID NAVARRO AMOUNT .00
BOISE IDAHO 02/12110 11:46 AM
DEPUTY use Batt
RECORDED -REQUEST OF III IIIIIIIIilllllllllllllllllllll I II
Meridian City 110013320
WARRANTY DEED
(Space Above For Recorder's Use)
For the valuable consideration, the receipt of which is hereby acknowledged, The City of
Meridian, an Idaho Municipal Corporation ("Grantor"), conveys, grants and warrants to The
Followers of Christ Church, ("Grantee"), whose address is 213 W 370, Garden City Idaho, and
its successors and assigns forever, the following described real property:
See Exhibit "A" attached hereto and incorporated herein.
SUBJECT TO any and all existing easements, rights-of-way, reservations,
restrictions and encumbrances of record, to any existing tenancies, to all
zoning laws and ordinances, and to any state of facts an accurate survey or
inspection of the premises would show.
This conveyance shall include any and all estate, right, title, interest, appurtenances,
tenements, hereditaments, reversions, remainders, easements, rents, issues, profits, rights-of-way
and water rights in anywise appertaining to the property herein described as well in law as in
equity.
The Grantor covenants to the Grantee that Grantor is the owner in fee simple of said
premises; that the premises are free from all encumbrances, excepting those as may be herein set
forth, and excepting those of record, and that Grantor will warrant and defend the same from all
lawful claims.
WARRANTY DEED - 1
IN WITNESS WHEREOF, the Grantor has executed this instrument on this
2009.
STATE OF IDAHO )
n�^' ss.
County of � )
day of
On this � day of 2009, before me .)o ne 5 6oArLA� 117
personally appeared Tammy de Weerd and Jaycee L. Holman, known or identified to me to be
the Mayor and City Clerk, respectively, of the City of Meridian, the municipal corporation that
executed and attested the instrument or the person who executed and attested the instrument on
behalf of said municipal corporation, and acknowledged to me that such municipal corporation
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year in this certificate first above written.
$**see,
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'1l'E OF
WARRANTY DEED - 2
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EXHIBIT A
Parcel "B'"
A parcel of land located in the SWI/4 of the NW1/4 of Section 26, T. 4 N., R.1 W., B.M., City of
Meridian, Ada County, Idaho, being more particularly described as follows:
Commencing at the west 1/4 comer of said Section 26, a found 5/8 inch rebar, C.P.&F., Inst. No.
99113293, comer records of said Ada County; Thence a bearing of N 00°20'42" E, a distance of
660.03 feet, on the west boundary of said Section 26, to a point, from which a found 5/8 inch rebar
marking the southwest comer of Silverleaf Subdivision No. 1, Book 93, pages 11103-11105, plat
records of said Ada County, bears N 00°20'42" E, a distance of 297.96 feet; Thence a bearing of S
89°0759" E, a distance of 24.98 feet, to a found 5/8 inch rebar on the east right-of-way boundary
of North Ten Mile Road, said rebar marking the southwest comer of a parcel of land described by
deed Inst. No. 341397; Thence a bearing of S 89°0759" E, a distance of 13.02 feet on the south
boundary of said parcel of land described by deed Inst: No. 341397, to a set 5/8 inch rebar on said
east right-of-way boundary of North Ten We Road, said rebar being the TRUE POINT OF
BEGINNING.
Thence a bearing of S 89°07'59" E, a distance of 255.33 feet, on said south boundary of a parcel of
land described by deed hist. No. 341397, to a found 5/8 inch rebar, being the southeast corner of
said parcel of land described by deed hist No. 341397; Thence a bearing of S 00°20'25" W, a
distance of 20.62 feet on the southerly extension of the east boundary of said parcel of land
described by deed Inst No. 341397, to a set 5/8 inch rebar; Thence a bearing of N 87°05'49" W, a
distance of 255.57 feet, to a set 5/8 inch rebar on said east right-of-way boundary of North Ten
We Road, Thence a bearing of N 00°20'42" E, a distance of 11.54 feet on said east right-of-way
boundary of North Ten Mile Road, to the POINT OF BEGINNING.
Said described parcel of Iand contains 0.09 acres, more or less, together with and subject to
easements and rights-of-way of record and/or use.
WARRANTY DEED - 3
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
City Clerk
City of Meridian
33 East Broadway Avenue
Meridian, ID 83642
ADA COUNTY RECORDER J. DAVID NAVARRO AMOUNT .00 i
BOISE IDAHO 02/12/10 11:46 AM
DEPUTY use Ban
RECORDED -REQUEST OF III IIIIIIIIIIIIIIIIIIIIIIIIIIIII II III
Meridian CIV 110013321
LIAZAV11�1_T-11 IN Wa 1104 04
(Space Above For Recorder's Use)
For the valuable consideration, the receipt of which is hereby acknowledged, The
Followers of Christ Church ("Grantor"), conveys, grants and warrants to The City of Meridian,
an Idaho Municipal Corporation, ("Grantee"), whose address is 33 East Broadway, Meridian,
Idaho 83642 and its successors and assigns forever, the following described real property:
See Exhibit "A" attached hereto and incorporated herein.
SUBJECT TO any and all existing easements, rights-of-way, reservations,
restrictions and encumbrances of record, to any existing tenancies, to all
zoning laws and ordinances, and to any state of facts an accurate survey or
inspection of the premises would show.
This conveyance shall include any and all estate, right, title, interest, appurtenances,
tenements, hereditaments, reversions, remainders, easements, rents, issues, profits, rights-of-way
and water rights in anywise appertaining to the property herein described as well in law as in
equity.
The Grantor covenants to the Grantee that Grantor is the owner in fee simple of said
premises; that the premises are free from all encumbrances, excepting those as may be herein set
forth, and excepting those of record, and that Grantor will warrant and defend the same from all
lawful claims.
WARRANTY DEED - 1
IN WITNESS WHEREOF, the Grantor has executed this instrument on this day of
, 2009.
Cly Perry, 1 er
ack Hunter, Elder
Duane Hayes, Elder
STATE OF IDAHO )
ss.
County of _ )
On this da of /e , 200, before me A (&eA WdVlAv ra ,
personally appeared c, known or identified to me to be the person
whose name is subscribe to the wi instrument, and acknowledged to me that [he/she/they]
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year. in this; certificate first above written.
14 lJle
O Y PUBLIC FOR IDAHO
Residing at &t�
My Commission Expires - a 3 -
WARRANTY DEED - 2
STATE OF IDAHO )
ss.
County of )
On this `N` day of �„/ 20JK, before me �`
personally appeared , known or identified to me to be the person
whose name is subscribed to the wiffifirAnstrument, and acknowledged to me that [he/she/they]
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official, seal,
day and year in this certificate first above written.
o
km_
_.. C—, =:=7% _
NOTARY PUBLIC FOR IDAHO
4
Residing at S.
9
My Commission Expires �� 3-1
�. /�6P^b/°000800®
''�✓� 0T- \\)
00
STATE OF IDAHO )
ss.
County ofAX—)
On this day of, 20�, before met'Q,(�Q
personally appeared , known or identified to me to be the person
whose name is subscribed to the within instrument, and acknowledged to me that [he/she/they]
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year in this certificate first above written.
NOTARY EUPLIC FOR IDAHO
o E
�2 4�
Residing at ; SA
My Commission Expires
� � s
Ur
WARRANTY DEED - 3
EXHIBIT "A"
Parcel "A"
A parcel of land located in the SWI/4 of the NW1/4 of Section 26, T. 4 N., R.1 W., B.M.,
Ada County, Idaho, being the northerly 25 feet of a parcel of land described by Quitclaim Deed
Inst No. 341397, deed records of said Ada County, being more particularly described as follows:
Commencing at west 1/4 corner of said Section 26, a found 5/8 inch rebar, CPAR, Inst
No. 99113293, corner records of said Ada County; Thence a bearing of N 00°20'42" E, a distance
of 957.99 feet, on the west boundary of said Section 26, to a found 5/8 inch rebar, being the
southwest corner of Silverleaf Subdivision No. 1, Book 93, pages 11103-11105, plat records of said
Ada County, and the northwest corner of said parcel of land described by Quitclaim Deed Inst
No. 341397; Thence a bearing of S 89°08'38" E, a distance of 25.00 feet, on the south boundary of
said Silverleaf Subdivision No. 1, to a set 5/8 inch rebar on the east right-of-way boundary of
North Ten Mile Road, being the TRUE POINT OF BEGINNING.
Thence a bearing of S 89°08'38" E, a distance of 268.30 feet, on said south boundary of
Silverleaf Subdivision No. 1, to a found 5/8 inch rebar, being the northeast corner of said parcel of
land described by Quitclaim Deed Inst No. 341397; Thence a bearing of S 00°20'25" W, a distance
of 25.00 feet, on the east boundary of said parcel of land described by Quitclaim Deed Inst. No.
341397, to a set 5/8 inch rebar; Thence a bearing of N 89°08'38" W, a distance of 268.31 feet, to a
set 5/8 inch rebar on said east right-of-way boundary of North Ten Mile Road; Thence a bearing
of N 00°20'54" E, a distance of 25.00 feet, on said east right-of-way boundary of North Ten Mile
Road, to the POINT OF BEGINNING.
Said described parcel of land contains 0.15 acres, more or less, together with and subject
to easements and rights-of-way of record and/or use. x
WARRANTY DEED - 4
WESTCOR
LAND TITLE INSURANCE COMPANY
ALTA OWNER'S POLICY (6-17-06)
ISSUED BY
WESTCOR LAND
TITLE INSURANCE COMPANY
OWNER'S POLICY OF TITLE INSURANCE
POLICY NO.
OP-6-ID1012-2121007
Any notice of claim and any other notice or statement in writing required to be given to the
Company under this Policy must be given to the Company at the address shown in Section 18
of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE
CONTAINED IN SCHEDULE B, AND THE CONDITIONS, WESTCOR LAND TITLE INSURANCE
COMPANY, a California corporation (the "Company") insures, as of Date of Policy and, to the extent
stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount
of Insurance, sustained or incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to
insurance against loss from
(a) A defect in the Title caused by
(i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged,
notarized, or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized
by law;
(v) a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi) a document not properly filed, recorded, or indexed in the Public Records including failure
to perform those acts by electronic means authorized by law; or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority
due or payable, but unpaid.
(c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the
Title that would be disclosed by an accurate and complete land survey of the Land. The term
"encroachment" includes encroachments of existing improvements located on the Land onto adjoining
land, and encroachments onto the Land of existing improvements located on adjoining land.
3. Unmarketable Title.
COVERED RISKS Continued on next page
IN WITNESS WHEREOF, WESTCOR LAND TITLE INSURANCE COMPANY has caused this policy
to be signed and sealed as of the Date of Policy shown in Schedule A,
Issued By: WESTCOR LAND TITLE INSURANCE COMPANY
ID1012 `itle & E
Signature Title Escrow nns"!"1116
By:
1880 S. Cobalt Point Way, Suite 100
Y resident
Meridian, ID 83642 „ _ //
I Secretary
OP -6 ALTA 6-17-06 Owner's Policy (WLTIC Edition 2-25-08)
4. No right of access to and from the Land.
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating
to building and zoning) restricting, regulating, prohibiting, or relating to
(a) the occupancy, use, or enjoyment of the Land;
(b) the character, dimensions, or location of any improvement erected on the Land;
(c) the subdivision of land; or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention
to enforce, but only to the extent of the violation or enforcement referred to in that notice.
6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a
notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to
the extent of the enforcement referred to in that notice.
7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded
in the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without
Knowledge.
9. Title being vested other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a
transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting
Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer
under federal bankruptcy, state insolvency, or similar creditors' rights laws; or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer
under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its
recording in the Public Records
(i) to be timely, or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has
been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and
prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown
in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against
by this Policy, but only to the extent provided in the Conditions.
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage (b) not Known to the Company, not recorded in the Public Re -
of this policy, and the Company will not pay loss or damage, costs, cords at Date of Policy, but Known to the Insured Claimant
attorneys' fees, or expenses that arise by reason of: and not disclosed in writing to the Company by the Insured
1. (a) Any law, ordinance, permit, or governmental regulation Claimant prior to the date the Insured Claimant became an
(including those relating to building and zoning) restricting, Insured under this policy;
regulating, prohibiting, or relating to (c) resulting in no loss or damage to the Insured Claimant;
(i) the occupancy, use, or enjoyment of the Land; (d) attaching or created subsequent to Date of Policy (however,
() ii the character, dimensions, or location of any improve- this does not modify or limit the coverage provided under ment erected on the Land; Covered Risk 9 and 10); or
(iii) the subdivision of land; or
(iv) environmental protection; or the effect of any violation
of these laws, ordinances, or governmental regulations.
This Exclusion 1(a) does not modify or limit the cover-
age provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does
not modify or limit the coverage provided under Covered
Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or
limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other mat-
ters
(a) created, suffered, assumed, or agreed to by the Insured
Claimant;
(e) resulting in loss or damage that would not have been
sustained if the Insured Claimant had paid value for the
Title.
4. Any claim, by reason of the operation of federal bankruptcy, state
insolvency, or similar creditors' rights laws, that the transaction
vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered
Risk 9 of this policy.
5. Any lien on the Title for real estate taxes or assessments imposed
by governmental authority and created or attaching between
Date of Policy and the date of recording of the deed or other
instrument of transfer in the Public Records that vests Title as
shown in Schedule A.
Issued with Policy
No..
POLICY OF TITLE INSURANCE
SCHEDULE A
Policy No.: ID1012-2121007
Amount of Insurance: $10,000.00
File No.: 510-16895
Address Reference: 5850 N. Ten Mile Rd. Meridian, ID 83646
Date of Policy: February 12, 2010 at 11:46 A.M.
1. Name of Insured:
THE CITY OF MERIDIAN, an Idaho Municipal Corporation
2. The estate or interest in the Land that is insured by this policy is fee simple
3. Title is vested in:
THE CITY OF MERIDIAN, an Idaho Municipal Corporation
4. The Land referred to in this policy is described as follows:
See Exhibit "A" Attached
(Continued)
Countersigned:
ALTA Owner's Policy
Schedule A (Rev 6/06) lw
File No.: 510-16895
SCHEDULE A (continued)
LEGAL DESCRIPTION (continued)
Exhibit "A"
PARCEL "A"
Policy No.: ID1012-2121007
A parcel of land located in the Southwest quarter of the Northwest quarter of Section 26,
Township 4 North, Range 1 West, Boise Meridian, Ada County, Idaho, being the Northerly 25
feet of a parcel of land described by Quitclaim Deed Inst. No. 341397, deed records of
said Ada County, being more particularly described as follows:
Commencing at the West quarter corner of said Section 26, a found 5/8 inch rebar, C.P.&F.,
Inst. NO. 99113293, corner records of said Ada County; thence a bearing of
North 00020142" East, a distance of 957.99 feet, on the West boundary of said Section 26,
to a found 5/8 inch rebar, being the Southwest corner of SILVERLEAF SUBDIVISION No. 1,
Book 93, pages 11103 through 11105, plat records of said Ada County, and the Northwest
corner of said parcel of land described by Quitclaim Deed Inst. No. 341397; thence a
bearing of
South 89008138" East, a distance of 25.00 feet, on the South boundary of said SILVERLEAF
SUBDIVISION NO. 1, to a set 5/8 inch rebar on the East right-of-way boundary of North Ten
Mile Road, being the TRUE POINT OF BEGINNING.
thence a bearing of
South 89008138" East, a distance of 268.30 feet, on said South boundary of SILVERLEAF
SUBDIVISION NO. 1, to a found 5/8 inch rebar, being the Northeast corner of said parcel of
land described by Quitclaim Deed Inst. No. 341397; thence a bearing of
South 00020125" West, a distance of 25.00 feet, on the East boundary of said parcel of
land described by Quitclaim Deed Inst. No. 341397, to a set 5/8 inch rebar; thence a
bearing of
North 89008138" West, a distance of 268.31 feet, to a set 5/8 inch rebar on said East
right-of-way boundary of North Ten Mile Road; thence a bearing of
North 00020154" East, a distance of 25.00 feet, on said East right-of-way boundary of
North Ten Mile Road, to the POINT OF BEGINNING.
File No.: 510-16895 Policy No.: ID1012-2121007
SCHEDULE S
This policy does not insure against loss or damage (and the Company will not pay costs,
attorney's fees or expenses) which arise by reason of:
1. 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.
2. Easements, liens, encumbrances, or claims thereof, which are not shown by the public
records.
3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the
Title that would be disclosed by an accurate and complete land survey of the land, and
that is not shown by the Public Records.
4. Any lien, or right to a lien, imposed by the law for services, labor, or material
heretofore or hereafter furnished, which lien, or right to a lien, is 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) 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.
6. 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.
7. Any service, installation, connection, maintenance or construction charges for sewer,
water, electricity, or garbage collection or disposal or other utilities unless shown as
an existing lien by the public records.
B. General taxes for the year 2010, which are a lien, payable on or before December 20 of
said year and not delinquent until after said date.
9. Sewer charges and special assessment'powers of the CITY OF MERIDIAN.
(Continued)
Lawyers Title Insurance Corporation Owner's Policy
Schedule 8
File No.: S10-16895
SCHEDULE B (continued)
EXCEPTIONS (continued)
Policy No.: ID1012-2121007
10. Liens and assessments of the SETTLERS IRRIGATION DISTRICT, and the rights, powers,
and easements of said district as by law provided.
11. Liens and assessments of the NAMPA MERIDIAN IRRIGATION DISTRICT, and the rights,
powers, and easements of said district as by law provided.
12. Rights and claims in and to that portion of said premises lying within the Ten Mile
Road right of way.
13. Matters as disclosed by Record of Survey No. 1222, recorded March 30, 1988, as
Instrument No. 8814703, of Official Records.
Lawyers Title Insurance Corporation Owner's Policy
Schedule B
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CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance": The amount stated in Schedule A, as
may be increased or decreased by endorsement to this policy,
increased by Section 8(b), or decreased by Sections 10 and 11
of these Conditions.
(b) "Date of Policy": The date designated as "Date of Policy" in
Schedule A.
(c) `Entity": A corporation, partnership, trust, limited liability
company, or other similar legal entity.
(d) "Insured": The Insured named in Schedule A.
(i) The term "Insured" also includes
(A) successors to the Title of the Insured by operation of
law as distinguished from purchase, including heirs,
devisees, survivors, personal representatives, or next
of kin;
(B) successors to an Insured by dissolution, merger, con-
solidation, distribution, or reorganization;
(C) successors to an Insured by its conversion to another
kind of Entity;
(D) a grantee of an Insured under a deed delivered without
payment of actual valuable consideration conveying
the Title
(1) if the stock, shares, memberships, or other equity
interests of the grantee are wholly-owned by the
named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated
Entity of the named Insured, provided the affiliated
Entity and the named Insured are both wholly-
owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a trust
created by a written instrument established by the
Insured named in Schedule A for estate planning
purposes.
(ii) With regard to (A), (B), (C), and (D) reserving, however, all
rights and defenses as to any successor that the Company
would have had against any predecessor Insured.
(e) "Insured Claimant": An Insured claiming loss or damage.
(f) "Knowledge" or "Known": Actual knowledge, not construc-
tive knowledge or notice that may be imputed to an Insured by
reason of the Public Records or any other records that impart
constructive notice of matters affecting the Title.
(g) "Land": The land described in ScheduleA, and affixed improve-
ments that by law constitute real property. The term "Land"
does not include any property beyond the lines of the area
described in Schedule A, nor any right, title, interest, estate, or
easement in abutting streets, roads, avenues, alleys, lanes, ways,
or waterways, but this does not modify or limit the extent that a
right of access to and from the Land is insured by this policy.
(h) "Mortgage": Mortgage, deed of trust, trust deed, or other secu-
rity instrument, including one evidenced by electronic means
authorized by law.
(i) "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. With respect to Covered Risk 5(d), "Public
Records" shall also include environmental protection liens filed
in the records of the clerk of the United States District Court
for the district where the Land is located.
6) "Title": The estate or interest described in Schedule A.
(k) "Unmarketable Title": Title affected by an alleged or apparent
matter that would permit a prospective purchaser or lessee of
the Title or lender on the Title to be released from the obligation
to purchase, lease, or lend if there is a contractual condition
requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of
Policy in favor of an Insured, but only so long as the Insured retains
an estate or interest in the Land, or holds an obligation 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 war-
ranties in any transfer or conveyance of the Title. This policy shall
not continue in force in favor of any purchaser from the Insured
of either (i) an estate or interest in the Land, or (ii) an obligation
secured by a purchase money Mortgage given to the Insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED
CLAIMANT
The Insured shall notify the Company promptly in writing (i) in
case of any litigation as set forth in Section 5(a) of these Condi-
tions, (ii) in case Knowledge shall come to an Insured hereunder of
any claim of title or interest that is adverse to the Title, as insured,
and that might cause loss or damage for which the Company may
be liable by virtue of this policy, or (iii) if the Title, as insured, is
rejected as Unmarketable Title. If the Company is prejudiced by
the failure of the Insured Claimant to provide prompt notice, the
Company's liability to the Insured Claimant under the policy shall
be reduced to the extent of the prejudice.
Cly�iZ�7 a[i7�1 fiiT.Xy
In the event the Company is unable to determine the amount of loss
or damage, the Company may, at its option, require as a condition
of payment that the Insured Claimant furnish a signed proof of loss.
The proof of loss must describe the defect, lien, encumbrance, or
other matter insured against by this policy that 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.
5. DEFENSE AND PROSECUTION OF ACTIONS
(a) Upon written request by the Insured, and subject to the options
contained in Section 7 of these Conditions, the Company, at
its own cost and without unreasonable delay, shall provide for
the defense of an Insured in litigation in which any third party
asserts a claim covered by this policy adverse to the Insured.
This obligation is limited to only those stated causes of action
alleging matters insured against by this policy. The Company
shall have the right to select counsel of its choice (subject to the
right of the Insured to object for reasonable cause) to represent
the Insured as to those stated causes of action. It 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
the Insured in the defense of those causes of action that allege
matters not insured against by this policy.
(b) The Company shall have the right, in addition to the options
contained in Section 7 of these Conditions, at its own cost, to
institute and prosecute any action or proceeding or to do any
other act that in its opinion may be necessary, or desirable to
CONDITIONS AND STIPULATIONS - CONTINUED
establish the Title, as insured, or to prevent or reduce loss or
damage to the Insured. The Company may take any appropri-
ate action under the terms of this policy, whether or not it shall
be liable to the Insured. The exercise of these rights shall not
be an admission of liability or waiver of any provision of this
policy. If the Company exercises its rights under this subsec-
tion, it must do so diligently.
(c) Whenever the Company brings an action or asserts a defense as
required or permitted by this policy, the Company may pursue
the litigation to a final determination by a court of competent
jurisdiction, and it expressly reserves the right, in its sole dis-
cretion, to appeal any adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding
and any appeals, the Insured shall secure to the Company the
right to so prosecute or provide defense in the action or pro-
ceeding, including the right to use, at its option, the name of the
Insured for this purpose. Whenever requested by the Company,
the Insured, at the Company's expense, shall give the Company
all reasonable aid (i) in securing evidence, obtaining witnesses,
prosecuting or defending the action or proceeding, or effecting
settlement, and (ii) in any other lawful act that in the opinion
of the Company may be necessary or desirable to establish
the Title or any other matter as insured. If the Company is
prejudiced by the failure of the Insured to famish the required
cooperation, the Company's obligations to the 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.
(b) The Company may reasonably require the Insured Claimant to
submit to examination under oath by any authorized representa-
tive of the Company and to produce for examination, inspection,
and copying, at such reasonable rimes and places as may be
designated by the authorized representative of the Company,
all records, in whatever medium maintained, including books,
ledgers, checks, memoranda, correspondence, reports, e-mails,
disks, tapes, and videos whether bearing a date before or after
Date of Policy, that 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 of these records in the custody or
control of a third party that reasonably pertain to the loss or dam-
age. All information designated as confidential by the 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 the Insured Claimant to submit for examination under
oath, produce any reasonably requested information, or grant
permission to secure reasonably necessary information from
third parties as required in this subsection, unless prohibited by
law or governmental regulation, shall terminate any liability of
the Company under this policy as to that claim.
7. 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.
To pay or tender payment of the Amount of Insurance under this
policy together with any costs, attorneys' fees, and expenses in-
curred by the Insured Claimant that were authorized by the Com-
pany up to the time of payment or tender of payment and that the
Company is obligated to pay.
Upon the exercise by the Company of this option, all liability and
obligations of the Company to the Insured under this policy, other
than to make the payment required in this subsection, shall termi-
nate, 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. In addition, the Company will pay any
costs, attomeys' fees, and expenses incurred by the Insured
Claimant that were authorized by the Company up to the
time of payment and that 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 that were authorized by the Company up
to the time of payment and that the Company is obligated
to pay.
Upon the exercise by the Company of either of the options provided
for in subsections (b)(i) or (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.
8. 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.
(a) The extent of liability of the Company for loss or damage under
this policy shall not exceed the lesser of
(i) the Amount of Insurance; or
(ii) the difference between the value of the Title as insured and
the value of the Title subject to the risk insured against by
this policy.
(b) If the Company pursues its rights under Section 5 of these
Conditions and is unsuccessful in establishing the Title, as
insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss
or damage determined either as of the date the claim was
made by the Insured Claimant or as of the date it is settled
and paid.
(c) In addition to the extent of liability under (a) and (b), the Com-
pany will also pay those costs, attorneys' fees, and expenses
incurred in accordance with Sections 5 and 7 of these Condi-
tions.
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 ac-
cess to or from the Land, or cures the claim of Unmarketable
Title, all as insured, in a reasonably diligent manner by any
method, including litigation and the completion of any appeals,
it shall have fully performed its obligations with respect to that
matter and shall not be liable for any loss or damage caused to
the Insured.
(b) In the event of any litigation, including litigation by the Com-
pany or with the Company's consent, the Company shall have
no liability for loss or damage until there has been a final deter-
mination by a court of competent jurisdiction, and disposition
of all appeals, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the
Insured for liability voluntarily assumed by the Insured in set-
tling 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 Insurance
by the amount of the payment.
11. LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the
Company pays 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 executed by an Insured after
Date of Policy and which is a charge or lien on the Title, and the
amount so paid shall be deemed a payment to the Insured under
this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely
fixed in accordance with these Conditions, the payment shall be
made within 30 days.
13. RIGHTS OF RECOVERY UPON PAYMENT OR
SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim
under this policy, it shall be subrogated and entitled to the
rights of the Insured Claimant in the Title and all other rights
and remedies in respect to the claim that the Insured Claimant
has against any person or property, to the extent of the amount
of any loss, costs, attorneys' fees, and expenses paid by the
Company. If requested by the Company, the Insured Claimant
shall execute documents to evidence the transfer to the Com-
pany of these rights and remedies. 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
and remedies.
If a payment on account of a claim does not fully cover the loss
of the Insured Claimant, the Company shall defer the exercise
of its right to recover until after the Insured Claimant shall have
recovered its loss.
(b) The Company's right of subrogation includes the rights of the
Insured to indemnities, guaranties, other policies of insurance,
or bonds, notwithstanding any terms or conditions contained
in those instruments that address subrogation rights.
14. ARBITRATION
Either the Company or the Insured may demand that the claim or
controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Associa-
tion ("Rules"). Except as provided in the Rules, there shall be
no joinder or consolidation with claims or controversies of other
persons. 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 in connection
with its issuance or the breach of a policy provision, or to any other
controversy or claim arising out of the transaction giving rise to
this policy. All arbitrable matters when the Amount of Insurance
is $2,000,000 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 $2,000,000 shall be arbitrated only
when agreed to by both the Company and the Insured. Arbitration
pursuant to this policy and under the Rules shall be binding upon
the parties. Judgment upon the award rendered by the Arbitrator(s)
may be entered in any court of competent jurisdiction.
15. LIABILITY LIMITED TO THIS POLICY; POLICY
ENTIRE CONTRACT
(a) This policy together with all endorsements, if any, attached to
it 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 that arises out of the status of the
Title or by any action asserting such claim shall be restricted
to this policy.
(c) Any amendment of or endorsement to this policy must be in
writing and authenticated by an authorized person, or expressly
incorporated by Schedule A of this policy.
(d) Each endorsement to this policy issued at any time is made a
part of this policy and is subject to all of its terms and provi-
sions. Except as the endorsement expressly states, it does not
(i) modify any of the terms and provisions of the policy, (ii)
modify any prior endorsement, (iii) extend the Date of Policy,
or (iv) increase the Amount of Insurance.
16. SEVERABILITY
In the event any provision of this policy, in whole or in part, is held
invalid or unenforceable under applicable law, the policy shall be
deemed not to include that provision or such part held to be invalid,
but all other provisions shall remain in full force and effect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has
underwritten the risks covered by this policy and determined
the premium charged therefor in reliance upon the law affecting
interests in real property and applicable to the interpretation,
rights, remedies, or enforcement of policies of title insurance
of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the
jurisdiction where the Land is located to determine the validity
of claims against the Title that are adverse to the Insured and to
interpret and enforce the terms of this policy. In neither case
shall the court or arbitrator apply its conflicts of law principles
to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought
by the Insured against the Company must be filed only in a
state or federal court within the United States of America or its
territories having appropriate jurisdiction.
18. NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing
required to be given to the Company under this policy must be
given to the Company at: Westcor Land Title Insurance Company,
Attn.: Claims, 201 N. New York Ave., Ste. 200, Winter Park,
Florida 32789.
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