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HomeMy WebLinkAboutCertificate of Insurance 0( '" .. .. ... . It- .. ..._ <I I F . kwyers litle Insurance (9rporation A Stock Company Home Office - Richmond .Virginia STANDARD COVERAGE POLICY SCHEDULE A AMOUNT EFFECTIVE DATE $83,200.00 November 8, 1976 at 1:30 P.M. INSURED CITY OF BOZEMAN, MONTANA, a municipal corporation 1. The title to the fee simple estate or interest in the londdescribed below is ot the date hereof vested in: City of Bozeman, Montana, a munic1p,aJ,.c.rirporation. 2. The land referred to in this policy is described as JoHowll: All of Blocks 33 and 34 in rmes Addition to the City of Bozeman, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder of Gallatin County, Montana. l-13726-T Issued at: Bozeman, Montana Page 1 of Sched. A-Pol No. H 92206.7 ORIGINAL POL, FORM -74 SCHEDULE A-LITHO IN U,S,A. STANDARD COVERAGE POLl(Y-1969 03S-0-074-0000 POLICY FORM 74 LITHO IN U.S_A_ STANDARD COVERAGE POLlCY-1969 STANDARD COVERAGE POLICY kwyers litle Insurance (9rporation HOME OFFICE. RICHMOND, VIRGINIA Lawyers Title Insurance Corporation, a Virginia corporation, herein called the Company, for a valuable consideration paid for this Policy, Hereby Insures the parties named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insured, or if a cor- poration, its successors by dissolution, merger or consolidation, against loss or damage not ex- ceeding the amount stated in Schedule A, together with costs, attorneys' fees and expenses which the Company may become obligated to pay as provided in the Conditions and Stipulations hereof, which the Insured shall sustain by reason of: 1. Any defect in or lien or encumbrance ontne titJetothe estate or interest covered hereby in the land de~cribed or referred to lh~::sd~~#!~c~ existi.ng at the date h~reof, not s~~wn or referred to 111 Schedule B or exdud..df,tom'.~oyerage 111 Schedule B or 111 the CondItions and Stipulations: or . '" ..' "':\: 1/,' 1'1;:; <; 2. Unmarketability of such title a~ herein )ns"'reqjo~: ~''';, :';<-'::/,:".:,,> ':'/'1'; 3. Any defect in the execution of any m~tfg,99Er;~h6wn in Schedule B securing an in- debtedness, the Gwner of which is narn;ed9l> t;m Insured in Schedule A, but only insofar as such defect affects the lien or charge c;>!:.jaidmortgage upon the estate or interest referred to in this policy; or . '. 4. Priority over said mortgage, at the date hereof, of any lien or encumbrance not shown or referred to in Schedule B, or excluded from coverage in the Conditions and Stipulations, said mortgage being shown in Schedule B in the order of its priority; all subject, however, to the Conditions and Stipulations hereto annexed, which Conditions and Stipulations, together with Schedules A and B, are hereby made a part of this policy. IN WITNESS WHEREOF. the Company has caused this Policy to be signed and sealed, to be valid when Schedule A hereof is countersigned by an authorized officer or agent of the Company, all in accordance with its By-laws. ~rs lltle I~ G>rporouon 07vkt-c, rJ~ President Alte" , ~ ~~~ t ~, ~ . . '. J . . . "" _ .' . "'" .... . . " " . . .;. . . . \ kwyers litle Insurance (9rpora tion . A Stock Company Home Office - Richmond .Virginia ST ANDARD COVERAGE POLICY SCHEDULE B This policy does not insure against loss or damage by the reason of the following: PART I 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. 2. Any facts, rights, interests, or claims which are not shown by the public reJ:ords but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 3. Easements, claims of easement or encumbrances which are not shown by the public records, 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments. or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof: water rights, claims or title to water. PART II 1. Taxes for the year 1977 and subsequent years. 2. Special assessments levied by the City of Bozeman under School District #7-Imes Addition-#424 Paving for the year 1976 and subsequent years. Special assessments levied by the City of Bozeman under School District #7-Imes Addition-#424 Paving for the year 1976 are due and payable and will be delinquent if not paid on or before November 30, 1976. No liability is assumed for any special assessments not set forth in the Assessment Books of the City of Bozeman. ." 7S Page 1 of Sched B-Pol. No. H 922067 POL FORM 74-SCHEDULE B LITHO IN U,S,A, ORIGINAL STANDARD COVERAGE POLlCY.1969 035-0-074-0002 POL, FORM 74-CONDITIONS AND STIPULATIONS LITHO IN U,S,A. STANDARD (OVERAGE POLICY.1969 kwyers litle Insurance (9rporation Home Office - Richmond .Virginia CONDITIONS AND STIPULATIONS 1. Definition of Term. The following terms when used in this policy mean: (D) "land": the IDnd described, specificolly or by reference, in Schedule A and improvements affixed thereto which by IDW constitute real property; (b) "public records": those records which import constructive notice of matters relating to sDid IDnd; (c) "knowledge": actual knowledge, not constructive knowledge or notice which moy be imputed to the Insured by reo son of Dny public records; (d) "dDte": the effective date; (e) "mortgage": mDrtgoge, deed Df trust, trust deed, or other security instrument; Dnd (f) "insured": the party or parties herein designated DS Insured, and if the Dwner of the indebtedness secured by 0 mortgage shown in Schedule B is named os an Insured in Schedule A, the Insured sholl include (1) each successor in interest in ownership of such in- debtedness, (2) Dny such owner who Dcquires the estDte or interest referred to in this policy by fDreclosure, trustee's sale, or other legal mDn- ner in satisfaction of soid indebtedness, ond (3) any federal agency or instrumentality which is an insurer or guarantor under an insurDnce controct or gUDrDnty insuring or guaranteeing sDid indebtedness, or Dny part thereof, whether nomed os an Insured herein or not. 2. Beneflu After Acqul.ltlon of Title If an insured owner of the indebtedness secured by a mortgage described in Schedule B Dcquires said estate or interest, or any part thereof, by foreclosure, trustee's sole, or other legal manner in satisfaction of said indebtedness, or Dny port thereDf, or if a federal Dgency or instrumentality acquires said estate or interest. or any part thereof, DS D consequence of Dn insurance contract or gUDranty insuring or guaran- teeing the indebtedness secured by 0 mortgDge covered by this poli'J' or any part thereof, this policy shDII continue in force in favor of such Insured, Dgency or instrumentality, subject to all of the conditions an. stipulations hereof. 3. Exclu.lon. from the Coverage of Thl. Policy This policy does not insure against loss or damage by reason of the following: (0) Any low, ordinance or governmental regulDtian (including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the OCCUpDnCY, use or enjoyment of the land, or regulating the character, dimensions, or location of any improvement now or hereafter erected on said land, or prohibiting a separation in ownership or D reduction in the dimensions or DreD of any lot or parcel of land. (b) Governmental rights of police power or eminent domain unless notice of judicial action to exercise such rights Dppears in the public records at the date hereof. (c). Title to Dny property beyond the lines of the IDnd expressly described in Schedule A, or title to streets, rODds, Dvenues, lanes, ways or waterways on which such land abuts, or the right tD maintain therein vaults, tunnels, rDmps or Dny other structure or improvement; or any rights or easements therein unless this policy specifically provides thDt such property, rights or eosements are insured, except that if the lond abuts upon one or more physically open streets or highways this policy insures the ordinory rights of abutting owners for access to one of such streets or highways, unless otherwise excepted or excluded herein. (d) Defects, liens, encumbronces, adverse c10ims against the title os insured or other mDtters (1) created, suffered, assumed or agreed to by the Insured; or (2) known to the Insured either at the dote of this policy or at the dote such Insured Dcquired on estate or in. terest insured by this policy and not shown by the public records, unless disclosure thereof in writing by the Insured sholl hDve been mode to the Com pony priDr to the dDte of this pDlicy; or (3) resulting in no IDSS tD the Insured; or (4) attaching or creoted subsequent to the dDte hereof: or (5) mechonics' or materiolmen's liens not shown of record at the date hereof, (e) Claims Dgainst the estate or interest of Dn individuDI Insured bDsed upon the homestead, community property, dower, curtesy or other statutory mDritDI rights of the spouse of Dny such Insured. (f) Loss or damage which would not have been sustDined if the Insured were 0 purchaser or encumbrDncer for value without knowledge. (g) Usury or claims of usury. (h) "Consumer credit protection," "truth in lending" or similDr low. 4. Defen.e and Pro_cutlon of Actlon.--Hotlce of Claim .to be Given by the Insured (a) The Compony, ot its own cost ond without undue delay shall provide (1) for the defense of the Insured in all litigation consisting of actions or proceedings commen~ed Dgoinst the Insured, or defenses, restroining orders, or injunctions interpDsed ogoinst a foreclosure or sDle of the indebtedness secured by a mortgage covered by this policy or D sDle of the estate or interest in said land; or (2) for such action os moy be appropriote to establish the title of the estote or interest or the lien of the mortgage DS insured, which litigation or Dction in any of such events is founded upon an Dlleged defect, lien or encumbrDnce insured agDinst b'l this policy, and mDY pursue Dny litigotiDn to final determination in the court of lost resort. (b) In CDse Dny such action or proceeding shDII be begun, or defense interposed, or in case knowledge sholl come to the Insured of any claim of title or interest which is Ddverse to the title of the estate or interest or lien of the mOrtgDge as insured, Dr which might couse loss or damage for which the Company shall or may be liable by virtue of this policy, or if the Insured shall in good fDith controct to sell the indebtedness secured by 0 mortgage covered by this policy, or, if an Insured in good faith leases or controcts to sell, lease or mortgage tho:> same, or if the successful bidder at a foreclosure sale under a mortgage covered by this policy refuses to purchase and in any such event the . title to soid estate or interest is rejected DS unmorketDble, the Insured sholl notify the Company thereof in writing. If such notice shall not be given to the Company within ten days of the receipt of process or pleadings or if the Insured sholl not, in writing, promptly notify the Com- pany of any defect, lien or encumbronce ins.ured agDinst which shall come to the knowledge of the Insured, or if the Insured shall not, in writin9' promptly notify the CDmpany of any such rejection by reason of claimed unmarketDbility of title, then all liability of the Company in regar to the subject motter of such Dction, proceeding or matter sholl CeOse and terminate; provided, however, the foilure to notify shDII in no CDse prejudice the claim of any Insured unless the Company shDII be DCtUDlly prejudiced by such failure Dnd then only to the extent of such prejudice. (c) The Company sholl hove the right at its own cost to institute and prosecute Dny action or proceeding or do any other oct which in its opinion may be necessary or desirDble to establish the title of the estote or interest or the lien of the mortgoge os insured; and the Company may toke Dny appropriate action under the terms of this policy whether or not it shall be liable thereunder ond shall not thereby concede liability or waive any provision Df this policy. (d) In DII CDses where this policy permits or requires the Company to prosecute or provide for the defense or any action or proceeding, the Insured sholl secure to it the right to so prosecute or provide defense in such Dction or proceeding, and all appeals therein, and permit it to use, Dt its Dption, the name of the Insured for such purpose, Whenever requested by the CompDny the Insured sholl give the Company all assistance in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or defending such action or proceeding, Dnd the CompDny sholl reimburse the Insured for any expense so incurred. (condition. and .tlpulatlon. continued on cover sheet) . . .' . I . . I . . r~. , . - - ;1' ... . .. . ~ . \. .. .... . . . . , CONDITIONS AND STlPULATlONS:""'CONTlNUED . 5. Notice of Loss-L1mltCltlon of Action In addition to the notices required under paragrDph 4(b), a stDtement in writing of any loss or damage for which it is claimed the Com. pony is lioble under this policy shall be furnished to the Company within sixty days after such loss or domage shall have been determined and no right of action shall accrue to the Insured under this policy until thirty days after such statement shall have been furnished, and no recovery shall be had by the Insured under this policy unless Dction shall be commenced thereon within five years after expirDtion of said thir- ty day period. Failure to furnish such statement of loss or damage, or to COmmenCe such action within the time hereinbefore specified, shall be a conclusive bar against maintenance by the Insured of any action under this policy. 6. Option to Poy. Settle or Compromise Clolms The Company shall have the option to payor settle or compromise for or in the name of the Insured any claim insured against or to pay the full amount of this policy, or, in CDSe loss is claimed under this policy by the owner of the indebtedness secured by D mortgDge covered by this policy, the Company shall have the option to purchase said indebtedness: such purchase, payment or tender of payment of the full amount of this policy, together with all costs, attorneys' fees and expenses which the Company is obligated hereunder to pay, shall ter- minate all liability of the Company hereunder. In the event, Dfter notice of claim has been given to the Company by the Insured, the Company offers to purchase sDid indebtedness, the owner of such indebtedness shall transfer and Dssign said indebtedness and the mortgage securing the same to the Company upon payment of the purchase price. 7. PClyment of Loss (a) The liability of the CompDny under this policy shall in no case exceed, in all, the actual loss of the Insured and costs and at- torneys' fees which the Company may be obligated hereunder to PDY. (b) The CompDny will pay, in Dddition to any loss insured against by this policy, all costs imposed upon the Insured in litigation carried on by the Company for the Insured, and all costs Dnd attorneys' fees in litigation CDrried on by the Insured with the written authorization of the Company. (c) No claim for damages shall arise or be maintDinoble under this policy (1) if the Compo ny, after hDving received notice of on alleged defect, lien Dr encumbrance not excepted or excluded herein removes such defect, lien or encumbrance within a reasonable time after receipt of such notice, or (2) for liability voluntarily Dssumed by the Insured in settling Dny c10im or suit withaut written consent of the Com- pany, or (3) in the event the title is rejected as unmarketable because of 0 defect, lien or encumbrance not excepted or excluded in this policy, until there hDS been D finDI determinotian by a court of competent jurisdiction sustoining such rejection. (d) All payments under this policy, except payments mode for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto Dnd no poyment shDII be mode without producing this policy for endorsement of such pDyment unless the policy be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction of the Company; provided, however, if the owner of the indebtedness secured by a mortgage shown in Schedule B is Dn Insured herein then such payments shDl1 not reduce pro tanto the Dmount of the insurance afforded hereunder as to such Insured, except tD the extent that such poyments reduce th~ amount of the in. debtedness secured by such mortgage, Loss payable to the Insured under this policy shall be payable, first, to any insured owner of in. debtedness secured by mortgage shown in Schedule B in the order of priority, rDtobly os their respective interests may appear if such owner- ship vests in more than one, and thereafter, or if there be no such insured owner of indebtedness, to the other Insured, ratably as their respective interests may DppeDr, PDyment in full by any person or voluntDry sotisfDction or release by the Insured of 0 mortgage covered by this policy shall terminate all liability of the Company to the insured owner of the indebtedness secured by such mortgage, except os provided in parograph 2 hereof. (e) When liability has been definitely fixed in accordance with the conditions of this policy the loss or damage shall be payable within thirty days thereofter. 8. L10blllty Noncumulotlve It is expressly understood thot the omount of this policy is reduced by ony amount the CompDny may poy under ony policy insuring the validity or priority of any mortgage shown or referred to in Schedule B hereof or any mortgage hereafter executed by the Insured which is a charge or lien on the estDte or interest described or referred tD in Schedule A and the omount so paid sholl be deemed 0 payment to the In- sured under this policy. The provisions of this paragraph numbered 8, shall not apply to an insured owner of an indebtedness secured by 0 mortgage shown in Schedule B unless such Insured acquires title tD said estate or interest in satisfaction of soid indebtedness or ony part thereof. 9. Apportionment If the land described or referred to in Schedule A is described as seporate and non-contiguous parcels, or if contiguous Dnd such par- cels ore not used as one single site, and a loss is established affecting one or more of said parcels but not all, the loss shall be computed Dnd settled on a pro rata bDSis as if the face amount of the policy WDS divided pro rata as to the value on the dDte of this policy of each sei.arate independent parcel to the whole, exclusive of Dny improvements mode subsequent to the dD!e of this ~olicy, unless a Iiobility or vo ue has otherwise been agreed upon os to each such parcel by t!-)e CompDny and the Insured at the time of the Issuonce of thiS pDhcy and shown by Dn express statement herein or by Dn endorsement attached hereto, 10. Subrogotlon Upon Poyment or Settlement Whenever the CompDny shall have settled a c1Dim under this policy, all right of subrogotion shDII vest in the Company unaffected by any act of the Insured, and it sholl be subrogDted to and be entitled to all rights Dnd remedies which the Insured would have hDd ogainst any person or property in respect to such claim hod this policy not been issued. If the payment does not cover the loss of the Insured, the Com- pany shall be subrogoted to such rights and remedies in the proportion which sDid poyment bears to the amount of soid loss. If loss should result from any act of the Insured, such Dct shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured Dgainst hereunder which ShDII exceed the amount, if any, lost to the CompDny by reoSon of the impairment of the right of subrogDtion. The Insured, if requested by the Company, sholl transfer to the CompDny DII rights and remedies agDinst any person or proper- ty necessary in order to perfect such right of subrogation, ond shDII permit the Company to use the nome of the Insured in any transaction or litigation involving such rights or remedies_ If the Insured is the owner of the indebtedness secured by a mortgage covered by this policy, such Insured may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modify the terms of payment, or release 0 portion of the estDte or interest from the lien of the mortgage, or release any collDteral security for the indebtedness, provided such Dct does not result in any loss of priority of the lien of the mortgage, 11. Policy Entire Controct Any action or actions Dr rights of action that the Insured may have or may bring against the Company arising out of the StDtus of the lien of the mortgage covered by this policy or the title of the estate or interest insured herein must be based on the provisions of this policy, No provision or condition of this policy con be waived or changed except by writing endorsed hereon or attached hereto signed by the President, a Vice President, the Secretary, an Assistant Secretary or other validating officer of the Company_ 12. Notices. Where Sent All notices required to be given the Company and any statement in writing required to be furnished the Company sholl be addressed to its home office, 3800 Cutshaw Avenue, Richmond, Virginia 23230, kwyerslitle Insurance (9rpora tion Home Office ~ I<ichmond .Virginia POL, FORM 74 - (OVER SHEET - (ONDITIONS AND STIPULATIONS LITHO IN U,S.A, STANDARD (OVERAGE POLll;Y-1969 t.l (rJ"."~'I.\ ~r.~"; '; I - i " ' ~:>:;:,\._{.;~~--,",," / '-"Pi' '--'\~ . . . r^--\) Service available throughout the '\",__ _, ()-~:::<~ ~.' 6-:::/......, National Division, Branch and United States, Puerto Rico, the ~"._ - .....-/~t<(;t"... Agency offices and Approved U.S. Virgin Islands and Canada. (",h __ ":. ,='~ ,_ .:;' ::~" Attorneys located throughout _. -. --- - - :. ::> _, the operating territory as shown '\ _ - ._, <,~ ~:~;:~ ...~:, an the map. or ' , - .. - ""0'" "",M_OC::J..r;'; kwyers vtle Insurance @rporation Home Office - Richmond .Vitginia =~ ~ ;:0 rJl l~ ~ ~X.~ c ro ::r' 0 (I) OJ ~ 83~~fT\ ~ O~ ;:l ('b '" ('t) \1,1 ;:J 0 ?- 0 b' ~ ..., r.n t:::": ~~.s "1 C/J ~ ~ n ~ n' g -g ~ g':'S ~ ;:l ('l) "< .., S' ~ -. _. ...... g- (j ~ ~ . A word 01 tbanlcs to our insured. . . . . As we make your policy a part of our permanent records, we want to express our appreciation of this evidence of your faith in Lawyers Title Insurance Corporation. There is no recurring premium. This policy provides valuable title protection and we suggest you keep it in a safe place where it will be readily available for future reference. If you have any questions about the protection provided by this policy or wish to contact us for any other reason, write- to: Consumer Affairs Department fu..wyers lltle Insurance G>rporation P.O. Box 275/J7 \. Richmond, ~irginia' 23261 . . ~ r , ~ ~~ .. .. . .. .~ "~:":"'" .. """