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HomeMy WebLinkAboutWarranty Deed 68- Smiley, Richard & Eloise Deed countyS: A~~.~~~~~~~~~'n.J... . , Filed for record thism....m.~da:y of..................._______.........__.....l9uhmoaLuumoo'clockmmuM. and Recorded in Bookh"'''''' of Deeds on Pageom.....m..of the Records of Count:y of................-..............., State of Montana. ______.____O____...._____._____...'.....m.. Clerk and Recorder. B:y...'u......___,___,..._,__________....... NO. 77 -ESCROW IU!:CI!:IPT. .TATI .un".'." c'.. .IU'", ..... ESCROW RECEIPT --:Ii 7 r 0 The undersigned Escrow Agent ac/rnowledges receipt from RICHARD D. SMILEY and ELOISE W. SMILEY and MARGARET SHILEY VALLANCE, parti.s of the first part, and THE CITY OF BOZEMAN1 MONTANA, a municipal corporation of the State of Montana, party of tne second part, of the following described chec/c., money, documents or property, to.wit: 1. Agreement for Sale of Real Property. 2. Warranty Deed. 3. Title Insurance Policy No. . whiLh it agrees to hold as E.crow Agent under the following instructions, tO~J>>it: 1. Pursuant to the terms of said Agreement for Sale of Real Property. 2. Party of the second part to pay all escrow fees. This escrow is taken expressly subject to term.. exception., provisions and conditions herein stated which are acceptable and approved by all of the parties accepting this receipt or interested in the escrow being a& follows: I. The Escrow Agent shall be liable as a depository only and .hall not be responsible for the .ufficiency or accuracy of the form, execution or validity of documents deposited hereunder, or any description of property or other thing therein. nor shall it be liable in any respect on account of the identity, authority or rights of the persons executing or delivering, or purporting to execute or deliver any such document or paper. 2. The Escrow Agent .hall not be liable for collection items until the proceed. of the same in actual cash have been received; nor .hall it be liable for the default in payment of any imtallment of principal or interest, nor the outlawing of any rights under the Statute of Limitations in respect to any documents deposited; nor for interest on any deposit of money. It may rely upon any paper, document or other t>>riting believed by it to be authentic in making any delivery of money or property hereunder. 3. The Escrow Agent shall be entitled to reasonable compensation for its se1'Vices; may employ attorney. for the reasonable protection of the escroW property and of itself, and .hall have the right to reimburse itself out of any funds in its possession for costs, expenses, attorney fees and its compensation and shall have a lien on all money, documents or property held in escrow to cover same. 4. In accepting any funds. securities or documents delivered hereunder, it is agreed and understood that, in the event of disagreement between the persons herein mentioned or persons claiming under them, or any of them, the Escrow Agent, will and does, reserve the right to hold all money, securities and property in its possession, and all paper. in connection with or concerning this escrow, until a mutual agreement has been reached between all of said parties or until delivery is legally authorized by final judgment or decree of court. The Escrow Agent reserves the right to dispose of the escrow by interpleader or other suitable action in the event of controversy. 5. Time is and shall be insofar as the Escrow Agent is concerned of the essence of this agreement and part of the consideration, and a t>>aiver in one instance as to a time condition shall not operate to prevent an objection for any subsequent default in point of time. Executed aL._____mm__BO%.eman._,Montana."".".. ......" ,_ _.. .F.IRlT..NATIONAL_..BANK _.IN_.,BOZEMAN " ,(,~AMB O,F, ESCROW,AOE,,_j/o) oa 271968 ( I " ~' )In.~~~/ Date......... ...___ __ _ _ ________ _.."....... _u ...__..... __ _ _ _ _....,.........,... ..oBy..o......_.... .d:.,,,. ..... ................... _.. _.."." _ _ _......_.. _........u Approved: Titlemm_oL) ,~~e._ --- r,~:~~t -- -- - - - -- -., -, - - - -" - - - --- - - --- - -.- " CITY OF BO~Z~L" / C,_ , ~ / ' ' By' n-j"a orro'" II'" 'J , '_ " _ . ~ "/ . "0 ,1 ' , ",<-: '/ !...,;r---.,.-'-7/'~-t:-- , .(' /1(, I/ J . ". --~,L<1,/t1 '/ , ~.,.21.~/-- lL--..~L}2u.ft..(~-.-~_t,U:.'l/-tL:f.-.....--.. Names of ~ "j' g: " , _ Mayor ( ..k~, :~..< - ;..~....' - - &7"--'--- Depositors IJ -~~~fL_ .\ _:' . "'71"u umumu_ and ~". .~ /' "'\"..... ATTEST:~,--,,// a~:':"'~ Clerk of t e Cji~OmmiSSi.on ~ ~_~n '" .. - . '. . . " '.. . . , AGREEMENT FOR SALE or REAL PROPERTY THIS AGREEMENT, made and entered into this 26--h day of December, 1968, by and between RICHARD D. SMILEY and ELOISE W. SMILEY, husband and wife, of Bozeman, Montana, and MARGARET SMILEY VALLANCE, of Aft8heiaa, Ca11fom18, the parties of the first part, hereinafter referred to as the Sellers, and the CITY OF BOZEMAN, MON1lNA, a municipal corporation of the State of Montana, the party of the second part, hereinafter referred to as the Buyer; WITNES SETH: That the parties of the first part, in consideration of the covenants and agreements on the part of the party of the second part hereinafter contained, agree to sell and convey to the said party of the second part and the party of the second part agrees to purchase the following described real estate situate in the County of Gallatin, State of Montana, to-wit: A tract of land located in the Southeast Quarter of the Northwest Quarter (SE\ NW\) and the Southwest Quarter of the Northeast Quarter (SW\ NEt) of Section 26, Township 1 South, Range 5 East, M.P.H., and more particularly described as follows: Beginning at a point which bears South 89056'13" East a distance of 61.15 feet from the center of said Section 26; thence North 12030'43" West a distance of 346.28 feet; thence North 18047'03" West a distance of 450.78 feet; thence North 06053'53" West a distance of 117.94 feet; thence North 01"16'27" East a distance of 118.15 feet; thence North 11003'05" East a distance of 109.79 feet; thence North 21036'59" East a distance of 237.21 feet; thence South 89049'25" East a distance of 89.17 feet:to the Welt Quarter corner of the North- east Quarter (NE\) of said Section 26; thence South 89"53'05" East a distance of 1,333.14 feet to the center of the Northeast Quarter (NE~) of said Section 26; thence South 01"11'38" West a distance of 1,327.05 feet to the South Quarter corner of the Northeast Quarter (NE\) of said Section 26; thence North 89"56'13" West a distance of 1 271.38 feet to the point of beginn- ing and containing 4~,535 acres, more or less. According ~ . , , to a certificate of Survey, marked Exhibit "A" hereunto attached and by this reference incorporated herein, together with all water rights and ditch rights appurtenant thereto. for a total purchase price of Fifty-eight Thousand Ninety-eight and 80/100 Dollars ($58,098.80), lawful money of the United States of America, payable as follows, to-wit: 1. The sum of Seventeen Thousand and no/100 Dollars ($17,000.00) on or before the 30th day of December, 1968. 2. The sum of Twenty-one Thousand Ninety Eight and 80/100 Dollars ($21,098.80) on the 15th day of May, 1969. Upon payment of said sum of $21,098.80, the escrow agent hereinafter named shall deliver to the City of Bozeman, the Buyer herein, a warranty deed executed by the Sellers conveying to the City of Bozeman a fee simple title to all of the real property above described free and clear of all encumbrances of any kind and nature whatsoever. 3. The balance of the purchase price, to-wit, the sum of Twenty Thousand and no/100 Dollars ($20,000.00) to be paid by the Buyer to the Sellers at the First National Bank in Bozeman, Montana, on January 15, 1970. ESCROW AND DEFAULT The parties hereto agree that the escrow agent for the processing of this agreement shall be the First National Bank in Bozeman, Montana. The parties of the first part agree to execute a good and sufficient warranty deed conveying a fee simple title to all of the above described real property to the party of the second part, free and clear of all encumbrances and to deposit said deed, together with an owner's title insurance policy in due form with said escrow agent immediately upon and contemporaneous with the execution of this agreement with instructions to said escrow agent to deliver said warranty deed and title insurance '..~ - 2 - , " policy to the parey of the second part on May 15, 1969, upon payment to said parties of the first part of the sum of Twenty~ one Thousand Ninety Eight and 80/100 Dollars ($21,098.80), pro~ vided, however, that in the event that the party of the second part shall be in default in the timely performance of any of the terms and conditions to be performed by them under the terms of this contract and in particular that if the party of the second part shall fail to pay and deposit the sum of Twenty~one Thousand Ninety~eight and 80/100 Dollars ($21,098.80) with the escrow agent on the 15th day of May, 1969, then the Sellers shall be entitled to a return to them by the escrow agent of said warranty deed and title insurance policy and all payments made by the Buyer shall be forfeited to the Sellers as liquidated damages, or the Sellers may at their option sue the Buyer to recover tbe balance of the purchase price in which event Buyer agrees to pay all costs including reasonable attorney's fees and interest at the rate of six percent (6~) from the due date until paid. It is mutually understood and agreed that in the event of the failure of the City of Borsman, Montana, as the Purchaser herein, to pay the SUII of Twenty T~ousand and no/100 Dollars ($20,000.00) to the Sellers on January 15, 1970, the Sellers shall have the right to sue for and recover said sum together with interest at the rate of six percent (6~) per annum from the due date until paid and to recover reasonable attorney's fees incurred in the collection thereof. The party of the second part agre.. to pay all escrow fees and all cost of title insurance. TAXES The parties of the first part hereby agree to assume, pay and discharge all taxes and assessments levied and assessed against the above described real property for the years 1968 and 1969. - 3 ~ . . , POSSESSION It is understood and agreed that the City of Bozeman, as the purchaser herein, shall baye the right to enter said preaises and to erect improvements thereon for the purpose of constructing a municipal sewage disposal plant from and after May lS, 1969, upon payment of the sum of Twenty-one Thousand Ninety-eight and 80/100 Dollars ($21,098.80), but that the Sellers herein shall baye the right to receive all rents, issue., profits, and crops growing thereon until December 31, 1969. After December 31, 1969, the Buyer shall have the exclusive right of possession of all of the above described real property and the right to receive all rents, issues, profits and crops growing thereon. MISCELLANEOUS It is mutually understood and agreed by and between the parties hereto a8 follows: 1. Time is of the essence of this agreement. 2. All covenants herein contained shall extend to and be obligatory upon the heirs, executors, administrators and a8signs of the respective parties hereto. 3. This contract contains the entire agreement between the parties, and the Buyers agree that the Sellers, nor any agent of the Sellers, bave made any representation or promises with re- spect to or affecting said property on this contract not expressly contained herein. IN WITNESS WHEREOF, the parties hereto have executed this agreement in triplicate, the day and year in this agreement first above written. L .. ~~lI:. . /_~j if laihi'~ u. y c~' h, ~' / .. ' :/ >!9""...".".~.:~~~y ,..- ',' 2:l,(.-..~e;t...,d"A_ t.WrSE W. S 'LE' , c ~.~~NcfW~~&L SELLERS ... 4 ... . . --- , L ~ , ,..., ." . . CITY OF BOZEMAN. MONTANA, a municip8~ corporation . / . / ATTEST: BY)~M/l,( 7;/i7-r7Z;F ,I Mayor ~ . /Ie:. . \ A/ ~--' ,-:.( - ' ,:<-.:: " . ~rk of 1fie ty, ommiss1on " BUYER - 5 - '. , 1 '\ \~~ TIlE rljlTUBi r Cf1JM:-'~A1'Y' : tN8:UtRANf(}fl ~,_ w '~~_ .~. '_..' -... '~_'~ '_,' ........._ .,"-))"."~,.~L:::.....-.:.:.:..:. TIT L E INSURANCE BUILDING . B 0 I S E , IDAHO Title Insurance Policy Policy N~194535 $ 58,000.00 Order No.. 6836 THE TITLE INSURANCE COMPANY, a corporation (incorporated under the laws of the State of Idaho), hereinafter called the Company, for a valuable consideration paid for this policy of title insurance, Does Hereby Insure THE CITY OF BOZEMAN, MONTANA. a municipal corporation of the State of Montana. together with the persons and corporations included in the definition of "the insured" as set forth in the stipulations of this policy, against loss or damage not exceeding -------FIFTy EIGHT THOUSAND AND NO/lOO------------------ dollars, which the insured shall sustain by reason of: I. Title to the land described in Schedule A being vested, at the date hereof, otherwise than as herein stated; or 2. Any defect in, or lien or encumbrance on, said title existing at the date hereof, not shown or referred to in Schedule B; or 3. Any defect in the execution of any mortgage or deed of trust shown in Schedule B secur- ing an indebtedness, the owner of which is insured by this policy, but only insofar as such defect affects the lien or charge of such mortgage or deed of trust upon said land; or 4. Priority over any such mortgage or deed of trust of any lien or encumbrance upon said land existing at the date hereof, except as shown in Schedule B, such mortgage or deed of trust being shown in the order of its priority. all subject, however, to SCHEDULES A and B, and the STIPULATIONS herein, all of which schedules and stipulations are hereby made a part of this policy. IN WITNESS WHEREOF, THE TITLE INSURANCE COMPANY has caused its corporate name and seal to be here- unto affixed by its duly authorized officers, this 21st day of May , 19 69 , at 5 P. M. This policy not valid unless countersigned by Gallatin Land Title Company THE TITLE INSURANCE COMPANY By Pershing Hanifen or Joan Knipfer or B(j!k ~ ~m;dm' Richard T. Munger GAlLATIN LAND TITLE COMPANY B~W~(j(J,l~ A"~ 'F''''''"'Y rORU 101 . . - . Page '2 Policy No. M19-4535 Order No. 6836 SCHEDULE A The fee simple title to said lands, is at the date hereof, vested in: THE CITY OF BOZEMAN, MONTANA, a municipal corporation of the State of Montana. The land referred to in this policy is described as: A tract of land in the Southeast Quarter of the Northwest Quarter (SE~t) and the Southwest Quarter of the Northeast Quarter (SWtNEt) of Section 26, Township 1 South Range 5 East, M.P.M., and more particularly described as follows: Beginning at a point which bears South 89056'13" East a distance of 61.15 feet from the center of said Section 26; thence North 12030'43" West a distance of 346.28 feet; thence North 18047'03" West a distance of 450.78 feet; thence North 06053'53" West a distance of 117.94 feet; thence North 01016'27" East a distance of 118.15 feet; thence North 11003'05" East a distance of 109.79 feet; thence North 21036'59" East a distance of 237.21 feet; thence South 89049'25" East a distance of 89.17 feet to the West Quarter corner of the Northeast Quarter (NEt) of said Section 26; thence South 89053'05" East a distance of 1,333.14 feet to the center of the Northeast Quarter (NE~) of said Section 26; thence South 01011'38" West a distance of 1t327.05 feet to the South Quarter Corner of the Northeast Quarter (NE ) of said Section 26; thence North 89056'13" West a distance of 1,271.38 feet to the point of beginning. Above described property in Gallatin County, Montana. FORM 101 . . . . . Page 3 Policy No. M19-4535 Order No. 6836 SCHEDULE B This policy does not insure against loss by reason of the matters shown or referred to in this Schedule except to the extent that the owner of an y mortgage or deed of trust is expressly insuI'cd in Paragraphs numbered 3 and 4 on page 1 of this policy. 1. Rights or claims of persons in possession or claiming to be in possession, easements, liens or incumbrances including material or labor liens, which are not shown by the public records; reservations in patents or state grants; or in acts authorizing the issuance thereof; mineral rights, water rights, claims or title to minerals or water. 2. Questions of location, boundary and area; overlaps and encroachments by improvements belonging to these or adjoining premises; all dependent upon actual survey for determination. 3. Assessmcnts which are not shown as existing liens by the public records; taxes not yet payable; pending proceed- ings for vacating, opening or changing streets or highways preceding entry of the final ordinance or order therefor, 4. Any laws, governmental acts or regulations, including but not limited to zoning ordinances, restricting, regulating or prohibiting the occupancy, use or enjoyment of the land or any improvement thereon, or limiting the height of improve- ments, or prohibiting a reduction in the dimensions or area, or separation in ownership, of any lot or parcel of land; or the effect of any violation of any such restrictions, regulations or prohibitions. 5. General taxes for the year 1968 and prior years are paid. Taxes for the year 1969 are now a lien but not yet due. 6. Right of Way Easement to The Montana Power Company, recorded December 23, 1960 in Book 136 of Deeds, page 169, granting the right to construct, maintain, operate and remove a pipe line for the trans- mission of gas over the SW~E~ of Section 26, TIS., R5E, together with the right of access to said right of way over and along existing roads and trails and the right to clear and remove all timber and brush from the right of way five feet on each side of said trans- mission line and to cut and remove such trees outside of such right of way which may endanger said line. 7. Thirty foot right of way for County Road purposes as disclosed by the plat attached to Warranty Deed to The City of Bozeman, dated December 26, 1968 and recorded May 21, 1969 in Film 4 of Deed records, page 670. 8. Any portion of said premises falling within roads, highways, ditches, canals or railway rights of way. - END OF SCHEDULE B- ......': """'~-"':'~'~'-",~'~'_. .,~~-,~'.=,',,~";':'-'-" ....,'. ".~'~ -'"..'." ..,.. ,-- ,,-,'.'. . .. FORM lOr . . ~ . . . ,- . . - . STIPULATIONS 1. SCOPE OF COVERAGE 6. SUBROGATION UPON PAYMENT OR SETTLEMENT This policy does not insure against, and the Company will not be liable for loss or Whenever the Company ,hall have settled a claim under this policy, it shall be damage ctcatcd by ur rising uut uf any uf the fullowing: (a) defects, liens, claims, subtogated to and be entitled to all tights, securities, and remedies which the encumbrances, or other matters which result in no pecuniary loss to the insured; insured would have had against any person or property in respec:t to such daimJ (b) defects) liens) encumbrances, Or other matters created or occurring subsequent had this policy nut been issued, If,the payment dues not cvver the loss of the insured, to the date hereof; (c) ddects, liens, encumbrances, or other matters created or the Company shall he subrogatcci to surh rights~ securities, and remedies in the suffered hy the insured claiming such loss or damage; or (d) defects, liens, claims, proportion which said payment bears to the amount of said loss, In either event cn(;umbrances, or other matters existing at the date of this policy and known to the insured shall transfer] or cause to he transfe:rren, to the Company such rights, the insured claiming such loss or damage, either at the date of this policy or at securities, and remedies, and shall permit the Company to use the name of the the date such ins\l!'ed c,laimant acqui,'ed an estate or interest insured hy this policy, insured in any transaction or litigation involving such rights~ securities, or rernedi~s. unless such defect, lien, claim, encumbrance or other matter shall have been disclosed to the Company in writing prior to the issuance of this policy or appeared at the 7. OPTION TO PAY INSURED OWNER OF INDEBTEDNESS AND date of this policy on the public records; or (e) loss or damage which would not have BECOME OWNER OF SECURITY been sustained if the Insured were a purchaser or encumbrancer for value without The Company has the right and option, in case any loss is claimed under this policy knowledge; or (f) lack of power or capacity of the Insured Claimant to accept title by an insured owner of an indebtcdness see-ured by mortgage or deed of trustJ to to or legally enfotce the insured interest, Any rights or defenses of the Company pay such insured the indebtedness of the mortgagor or trustOr under said mortgage against a named insured shall be equally ilvililable against any person Or corpora- or <leen of trust, together with all costs which the Company is obligated hereunder tion who shall become an insured hereunder as successor of such narned insured, to pah in which caSe the Company shall bccomc the owncr ofJ and such jnsurll!d 2. DEFENSE OF ACTIONS, NOTICE OF ACTIONS OR CLAIMS TO BE shall at on(c assign and transfer to the Company, said mortgage or deed of trust and the indebtedness thereby secured, and such payment ,hall terminate allliahility GIVEN BY THE INSURED under this policy to sllch insured, The Cumpany at its own cost shall defend the insured in all litigatiun consisting of ac.tions or proceedings against the insuredJ or defenses, rtstraining orders, or R, PAYMENT OF LOSS AND COSTS OF LITIGATION, INDORSEMENT injunctions interposed against a foredosure or sale of said land in satisfactiun of OF PAYMENT ON ('OUCY any indebtedness, the owner of which is insured by t~is policy, which litigation The Cumpany will pay, in addition to any loss insured against by this policy, all is (oundrd upon a defcct, licn, encumbrance, or othrr matter insured against hy costs imposed upon the insured ;n litigation carried on by the Company for the this policy, and may pursue such litigation to final determination in the court of insured, and in litigation carried on by the insured with the .written authuri'l.ation last resort, In case any such litigation shall become known to any insured, or in of the Company, but not Dtherwise. The liability of the Ccompany IInder this policy case knowledge shall come to any insured of any claim of title or interest wbich shall in no case exceed the face amount of this policy less all payments made on is adverse to the title as insured or which might ,aus< loss or damage for which account of principal of any indehtedness Sfcured hy the lien of any !llOl'tgage or the Company shall or may be liable by virtue of this policy, such insured shall deed of tr\lst~ the ownf:r of which is insured by this policy, nor the a("tualloss of the notify the Cumpany thereof in writing. If such notice shall not be given to the insured and cOStS which the Company is obligated hereunder to pay, and in no case Company at least five days before the appearance day in any such litigation, or if shall such total liaoility ~xceed the: amount of this policy and said costs. All pay such insllred shall not, in writing, promptly notify the Company uf any defect, mt:nts under this policy shall reduce the anlOunt of inSllra,llce pro tanto, and pay- lien, encumbrance) or other matter insured against, or of any such adverse claim ment of loss or ~lamage to an insured owne:r of indebtedness shall reduce:, to that which shall come to the knowledge of such insured, in respe"t to which loss or exrent, the liability of the Company to the insu"ed owne" of said lalOd, No payment damage is apprehended, then all liability of the Cumpany as to each insured having may he demancled hy any insured \o\<ithout producing this policy for ;ndors{~ment of such knowledge shall cease and terminate; providedJ however) that failurc to so sllch payment. notify the Company shall in no case prejudic-e the claim of any insured unless the Company shall he actually prejudiced by such failure. The Company shall have 9' MAl\l\ER OF PA Y~lEl\T OF LOSS TO INSUHED the right to institute and prosecute any action or proceeding or do any other act Loss under this policy ,hall be payahle, first, to any insured owner of indebtedness which, in its opinionJ may be necessary or desiraolc to establish the title, Or any secured Ly mortgage or d<;e:d of trust shown in Schedule IlJ in order of priority insurecllien or charge:, as insured. In all cases whel'e this poli('y permits or rctJ.uire:s thcrein shown, and if su(h ownership vests in more than one, payment shall br the Cumpany to prosecute or defend any action or proceeding, the insured shall made ratably as their respective interests may appear, and thereafter any loss shall sccure to it in writing the right to so prosecute or defend such action or proceeding be payable to the other insured, and if more than one, then to such insured ratably and all appeals therein, and permit it to use, at its option, the name of the insured as their respective interests may appear, If there be no such insured owner uf for such purpose. Whenever requested by the Company the insured shall assist indebtedness, any Ivss shall be payable to the in'ured, and if more than one, to the Company in any su<;h action or proceeding, in effecting settlement) securing s\lch insured ratahly as their respective interests may appear, evidence, obtaining witnesses) prosecuting or defending such action or proceeding, to such extent and in ,uch manner as is deemed desirable by the Company, and 10. DEFINITION OF TERMS the Company shall reimburse the insured for any expense so incurred, The Cumpany The fullowing terms when used in this policy mean: shall be suhrogated to and be entitled to all costs and attorneys fees incurred or (a) "named insured"; the ~rsons and corporations named as insur~d on pagt: expended by the Company, which may be recoverahle hy the insllred in any litiga. one of this policy; tiun carried on by the Company on behalf of the insured, The word "knowledge" (b) lithe insured": such named insured together with (I) each St'ccessor in in this paragraph means actual knowledge, and does not refer to constructive ownership of any indebtedness secured by any mortgage ur deed of trust shuwn in knowledge or notice which may be imputed by the public records, Schedule B~ the owner of which indcbtedne:ss is named herein as an insured, (1) any .1. NOTICE OF LOSS, LIMITATION OF ACTION sllch owner or successor in ownership of any such irldebtedness who acquires thl: A statement in writing of any loss or damage for which it is claimed the Company land described in Schedule A or any part tht~reofjl hy lawfld means in satisfaction of said indebtedness or any part thereof~ U) any gove:rnmental agency or instru- is liahle un<ler this policy shall be furnished to the Company within sixty days mentality acquiring said land under an insurance cOntri.ict or guarante:e: insuring after stich loss or da.mage shall have heen ascertaincd. No action or proceeding for or guaranteeing said indebtcdne:ss or any part thcreof, and (4) any person or cor- the recovery of any stich loss or darnage shall he instituteci or maintained against poration deriving an estate or intetest in said land as an Jwir or devisee: of a namt:d the Company until after full complian('e by the insured with all the wnditiuns insured or Ly reason of the dissolution, merger, or consolidation of ;;l corporate imposed on the insured by this policy, not unless. commenced within twelve months named insured; after receipt by the Company of such written statement, (c) "land"; the land described specifically or by reference in Schedule A and 4' APPORTIONMENT OF I.OSS improvements affixe:d thereto which hy law constitute real property; (d) "date": the exact day, hour and minute specified in the first pagc of this Whenev"r th" Company shall he obligated to pay a loss under the terms of this policy; polil.Y to an insurt"d O.....'ilt:"r or pllrcha.'itr hy "e:ason of a defect in the title to a portion (e) "public records"; tho~e public records which, under the re,-'ording laws, of the arra insured herein, liability shall be lilllited to the proportion of the fact' impan (onstrunive noti('c of matters relating to said land. amount of thi~ policy ......hich the value of the defel..'tive portion hears to the value It. WRITTEN INDORSEMENT REQUIRED TO CHANGE POLICY of ~ht:' whole- at the time of the discovery of the d~fe("t. 5. OPTION TO PAY, SETTLE, OR COMPROMISE CI.AI1\fS No provision or ~:()ndition of this policy can be waived or changed except by writing indorsed hereon or atta(,:hed hereto signcd by thc President" a Vice President, the The Company reserves the option to pay, settle, or compromise for, or in the name Secretary, or an A.ssistant Se:netary of the Cnmpany. of~ the insured, any rlaim insured against or to pay this poliry in full at any time, 12, :\'OT!CES, \\'HERE SE"T and }la)"mt'nt or tender of payment of the full amount of this policy, togcthe:r with all at"nllcd costs whit.h the- Company is ohligatt~d hf'r('undcr to pay, shall terminatf: "-l! Tlotil"t'S n:(IIJired t(\ he gJ\.'cn tht:., COJ1lpan~ and an)' statfll1t:nl in writing required all liability of the Company ht're:llndcr~ including all obligations of the Company (0 he furnished the Company shall he .addr(~~t"d to it at its home oflice at 71 I with respect to any litigation pending and Sllhs("<p1ent costs thereof. Bannot"k Street) Hoi.">t:";" Idaho. ,..ORM 101 ) . BANK AFFILIATED WITH FIRST BANK STOCK CORPORATION Bozeman, Montana 59715 C. L. NEWLAND CASHIER December 27, 1968 Harold Fryslie, Assistant City Manager City of Bozeman Bozeman, Montana Dear Harold: Please find enclosed the two Escrow Receipts which you requested in regards to the City of Bozeman-Smiley Escrow. We are also enclosing our bi 11 for the original escrow fee. Harold, if there is any further information which you would like in regards to this escrow, please feel free to contact me at your convenience. With best wishes for the new year, I remain, Yours,yery truly, 'Ldl .r" ,~. G c. L. Newland Vice President CLN / j w I encs.