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90-038 Jon-Fwu Hwu, Versatile Construction; Improvement Agreement; APN #326-23-035; Resolution 8264 AGREEMENT 10244 EMPIRE AVE. APN #326-23-035 This AGREEMENT made arra entered into this 1- 1 day of S C—? • , 19 t ° , by and between the CITY OF • CUPERI'INO, a municipal 'corporation of the State of California, hereinafter designated as CITY, and JON-FWU HWU AND SUI-CHING KO HWU hereinafter designated as DEVELOPER. W I T N E S S E T H WHEREAS, the DEVELOPER has nada application to the CITY for a BUILDING PERMIT to construct arra maintain a SINGLE FAMILY DWELLING hereinafter referred to as "Project." WHEREAS, CITY hereby approves the improvement plans and specifications prepared for the Project by WESTFALL ENGINEERS • a true copy of which improvement plans and specifications are on file in the office of the City Engineer of Cupertino; and WHEREAS, the same are incorporated herein by reference, the same as though set out in full; NOW, THEREFORE, said improvement plans and specifications shall be hereinafter called the "Plans," and the work to be done under the Plans shall be called the "Work." • FILE: 51,914 WHEREAS, pursuant to the provisions of this AGREEMENT, the CITY hereby established the amounts of Bonds, Fees, and Deposits as set forth in the following schedule: SCHEDULE OF BONDS, FEES AND DEPOSITS Street Tmproveflient Category: • PART A. Faithful Performance Bond: NINE THOUSAND EIGHT HUNDRED THIRTY SIX DOLLARS AND NO/100 $9,836.00 PART B. Labor and Material Bond: NINE THOUSAND EIGHT HUNDRED THIRTY SIX DOLLARS AND NO/100 $9,836.00 PART C. Checking and 'Inspection Fee: FOUR HUNDRED NINETY TWO DOLLARS AND NO/100 $ 492.00 PART D. Indirect City Expenses: SEVENTY FOUR DOLLARS AND NO/100 $ 74 .00 PARTE. Development Maintenance Deposit: FIVE HUNDRED DOLLARS AND NO/100 $ 500.00 PART F. Storm Drainage Fee: ONE HUNDRED NINETY FOUR DOLLARS AND NO/100 $ 194 .00 PART G. One Year Power Cost: THIRTY SIX DOLLARS AND NO/100 $ 36.00 PART H. Street Trees: By Developer PART I. Map Checking Fee: N/A • PART J. Park Fee: N/A PART K. Water Main ExtensisnxiDeptmatm Reimbursement TWO THOUSAND EIGHT HUNDRED EIGHTY EIGHT DOLLARS AND NO/100 $2,888.00 PART L. Maps and/or Improvement Plans: AS SPECIFIED IN ITEM #23 1 PART M. EMPIRE AVE. STREET IMPROVEMENTS REIMBURSEMENT EIGHT THOUSAND TWO HUNDRED FIVE DOLLARS AND NO/100 $8,205.00 NOW, THEREFORE, IT IS HEREBY NUIUALLY AGREED by and between the parties hereto as follows, TO WIT: 1. DEDICATION A. The DEVELOPER offers to dedicate the real property shown on Exhibit "A", which is attached hereto and made a part hereof by reference. Said dedicated property shall be free and clear of all liens or • encumbrances except those which the CITY shall waive in writing. The DEVELOPER agrees not to revoke said offer of dedication, and to keep said offer open until the CITY accepts offer by resolution. B. Upon execution of this AGREEMENT the DEVELOPER agrees to deliver a properly executed grant deed to the CITY of the real property described in Exhibit "A", and such other executed conveyances, or instruments necessary to convey clear title as herein required. The DEVELOPER shall provide, at the .i a •PER'S sole cost and expense, to the City: (1) A preliminary title report issued by a title insurance company relating to the property offered for dedication. (2) A standard policy of title insurance issued by a title insurance company and insuring the CITY in the sum of: N/A, and which shall show said property free and clear of all liens or encumbrances except those as the CITY shall expressly waive in writing; said policy shall be furnished at the time of acceptance of dedication and recordation of deed. C. Upon the condition precedent that the DEVELOPER shall perform each and every covenant and condition of this AGREEMENT, the CITY agrees to accept said real property offered for dedication. 2. INSTALLATION OF WORK It is further agreed that: A. The DEVELOPER shall install and complete the Work within one (1) year from the date of execution of this AGREEMENT, or such longer period as may be specifically authorized in writing by the City Engineer. In the event the DEVELOPER fails or refuses to complete the Work within the specified period of time, the CITY, at its sole option, shall be authorized to complete the Work in whatever manner the CITY shall decide. In the event the CITY completes the Work, the CITY may recover any and all costs incurred thereby from the DEVELOPER or the DEVELOPER'S surety or both. B. The DEVELOPER shall install and complete the Work in a good and workmanlike manner in accordance with the plans as approved by the City Engineer of Cupertino. The<Work shall be done in accordance with existing ordinances and resolutions of the CITY and in accordance with all plans, specifications, standards, sizes, lines( and grades approved by the City Engineer. The Work shall be done in accordance with all .State and County Statutes applicable hereto. 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In lieu of a"surety bond, the DEVELOPER may elect to secure this AGREFi4 ?P by depositing with the CITY: 1. Cash; or, 2. A cashier's check, or a certified check payable to the order of the City of Cupertino; or, 3. A certificate of deposit, or instrument of credit meeting the regairensnts of Government Cade Section 66499 (b) or (C) . C. The amount of said cash, checks, certificate of deposit, or instrument of credit shall be as designated by the City Engineer, and shall be the equivalent to that which would have been required had the DEVELOPER furnished the CITY with a surety bowl. In the event that the DEVELOPER shall fail faithfully to perform the covenants and conditions of this AGREEMENT, or to make any payment, or any dedication of lard, or any improvements herein required, the CITY may apply the proceeds of said security thereto. D. No release of surety band, cash deposit, check, or certificate of - deposit, shall be made except upon approval of the City Council. E. No interest shall be paid on any security deposited with the CITY. 6. C ECIC NC AND INSPECTION FEE It is further agreed that DEVELOPER shall pay any and all necessary direct expenses for inspection, checking, etc. , incurred by CITY in connection with said Project, and that DEVELOPER shall have deposited with CITY, prior to execution of this AGREEMENT, the amount as set forth herein at Page 2 (Part C) . Should construction cost vary materially from the estimate from which said sum is calculated, the City Engineer shall notify DEVELOPER of any additional sum due and owing as a result thereof. 7. INDIRECT EXPENSES • It is further agreed that DEVELOPER shall pay to CITY, prior to execution of this AGREEMENT, indirect expense allocable to processing these improvements, the amount as set forth herein at Page 2 (Part D) . 8. MAP CHECKING FEE • It is further agreed that the DEVELOPER shall deposit with CITY, prior to execution of this AGREEMENT, for office checking of final map and field checking of street monuments, in reliance with Section 4:1 of Ordinance No. 47 (Revised 12/04/61) of CITY, the amount as set forth herein at Page 2 (Part I) . • 9. DEVEnDPMENr MAINTENANCE DEPOSIT It is further agreed that the DEVELOPER shall pay to the CITY, prior to execution of this AGREFN NP, the amount set forth herein at Page 2 (Part E) as a development maintenance deposit to insure proper dust control and cleaning during the constriction period. The development maintenance deposit may be utilized for repairs of defects and • imperfections arising out of or due to faulty workmanship and/or materials appearing in said work during the period until release of the improvement • . bonds by the CITY. Shand the DEVELOPER complete the required repairs to the entire satisfaction of the CITY, the unused balance will be returned after the release of the improvement bowls. 10. STORM DRAINAGE FEE ' It is farther-agreed that the DEVELOPER shall deposit with the CITY, prior to execution of this AGREEMENT, a storm drainage charge in ' connection with said Project in accordance with the requirements established in Resolution 4422, March 21, 1977, in the amount as set forth herein at Page 2 (Part F) . 11. WATER MAIN EXTEtNSION DEPOSIT The DEVELOPER further agrees to deposit with the CITY those monies • • required to comply with "Policy on Water Main Extensions Work and Deposits" dated 9/30/77. The deposit shall be held by the CITY until said " monies are needed to implement improvements outlined by the Director of Public Works or improvements outlined within the adopted Water Master Plan. The amount shown herein at Part K, Page 2, shall be the full amount due. 12. ONE YEAR POWER cosi, It is further agreed that the DEVflCPER shall pay to CITY prior to execution of this AGREEMENT, the amount as set forth herein at Page 2 (Part G) , which amount represents the power cost for street lights for one year. 13. THE =ON OF STREET TREES It is further agreed that the DEVELOPER shall, at such time as deemed appropriate by the City Engineer, plant street trees in conformance with the standards of the City of Cupertino. Variety of tree shall be selected from the City approved list. 14. PARK b'r t It is further agreed 'that the LEUIIOPER shall pay such: fees and/or dedicate such land to the CITY, prior to execution, as is required within "Park Dedication Ordinance" Number 602, 1972, and which is further stipulated under Part J, Page 2 herein. 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Th�C33dSdy/ 'SI •spuanahoadurT U0ISTATpans ago ;o eoueadazoe c; zoTad apew aq TTS saua+4sncp' 'sAep (0E) Aa.Tti3 uTgwTe abeaano purgaz op saatbe A4T0 asp Put sap (oc) A4•'Tti3 trgqp.T.micuaToTgap Atm zo; Led o4 saaabe xadoTanaa aqI 'Tesp2dde atm uo peseq na03 'gran agp a4eTroTto TTp' A .T0 aum 'cue" stip ;o anTan pas/xeu a apTnoad op .7asread& TQooT paTmenb a AoTdtua nags XIIo atLG •u0T4e1zzT;uc0 Tttrzo; sazrrtlraa 'j' 4zed 'z abed uo trrazat:/ peuuratto naa3 N.xean a43 buTlisTIqeasa uT Pasts cue' a'44 ;o anTen eta SNOIS ADEO SNai.n ]iuv 221 XE'dd 'V-7T • 20. EAS91E2CS AND RIGHT-OF-WAY It is further agreed that any easement and right-of-way necessary for completion of the Project shall be acquired by the DEVELOPER at his own cost and expense. It is provided, however, that in the event eminent domain proceedings are required by the CITY for the purpose of securing said easement and right-of-way, that the DEVELOPER shall deposit with CITY a sum covering the reasonable market value of the land proposed to be • taken and to be included in said sum shall be a reasonable allowance for severance damages, if any. It is further provided that in addition thereto, such sums as may be required for legal fees and costs, engineering, and other incidental costs in such reasonable amounts as the CITY may require shall be deposited with the city of Cupertino. 21. HOLD HARNESS It is further agreed that, commencing cing with the performance of the Work by the DEVELOPER or his contractor and continuing until the completion of the maintenance of the Work, the DEVELOPER shall indemnify, hold harmless and defend the CITY from and against any or all loss, cost, expense, damage or liability, or claim thereof, occasioned by or in any way whatsoever arising cut of the performance or nonperformance of the Work or the negligence or willful misconduct of the DEVELOPER or the DEVELOPER'S agents, employees and independent contractors. • 22. INSURANCE It is further agreed that: The DEVELOPER shall take out, or shall require any contractor engaged to perform the Work to take out, and maintain at all times during the performance and maintenance of the Work called for or required to be done hereunder, a policy .of insurance naming the CITY and members of the City Council of the City of Cupertino, individually and collectively, and the officers, agents and employees of the City individually and collectively, as insured. Said separate policy shall provide bodily injury and property damage coverage to the foregoing named CITY and individuals covering all the Work performed by, for, or on behalf of said DEVELOPER. Both bodily injury and property damage insurance must be on an occurrence basis; and said policy or policies shall provide that the coverage afforded thereby shall be primary coverage to the full limit of liability stated in the declarations, and if the city, its members of the City Council individually and collectively, and the officers, agents, and employees of the CITY, individually and collectively, have other insurance against the loss covered by said policy or policies, that other insurance shall be excess insurance only. • The insurance carrier shall provide proof of their ratings. All ratings shall be a minimum of "Best A-7" in accordance with ABAG policies. A. Each of said-policies of insurance shall provide coverage in the following minimmu amounts: For bodily injury, $100,000 each person; $300,000 each occurrence, property damage, $50,000 on account of any one occurrence with an aggregate limit of not less than $200,000. B. The DEVELOPER shall file with the City Entgineer at or prior to the time of execution of this AGREEMENT by the DEVELOPER such evidence of said foregoing policy or policies of insurance as shall be satisfactory to said City Engineer. Each such policy or policies shall bear an endorsement precluding the cancellation or reduction in coverage without giving the city Engineer at least ten (10) days advance notice thereof. C. In the event that the Project covered herein should be mutually situated in or affect the area of jurisdiction of a separate municipality or political subdivision of the State of California, the policies of insurance required herein and above shall co-name such municipality or political subdivision and the provision set forth herein and above for the protection of the CITY shall equally apply to municipality and political subdivision. • 23. MAPS AND/OR IMPROVrtENT MANS It is further agreed that the C.LTW shall obtain the following map and/or plans at the DEVELOPER'S expense: A. A mylar sepia and seven (7) prints of fully executed parcel map. B. A mylar sepia and ten (10) prints of fully executed improvement plans. C. A direct duplicating silver negative microfilm aperature card of all executed improvement plans and map. The DEVELOPER agrees to pay the CITY from the development maintenance deposit the cost for all prints of plans and map required under Item 23. 24. SUOCES,SQLtS. . • This AGREEMENT shall bind the heirs, administrators, executors, successor, assignee and transferrees of the DEVELOPER. The assignment of this AGREEMENT shall not be made without approval by the City Council of the City of Cupertino. • • coavcc9MSK9N9Ceror.5cc9 ?xoctnc<0 2 1661'LL sun,'sandx3 uolsslwwoD AWcg AINf1OD V1V1D V1NVS 2G ] 8 VINlIOdIIV)-MAN ANV1ON f7, t31NNV Vl130J f %2 ryas IHIOSIO G:AGrRGY9GT9G;Qa,G7caG.7GG:9GN0.•7GR7G. Teas TeToT330 pLIE PilE4 Am sseuvM •4T pa3noaxa q.sug pabpaimouspe pue ';uaumz}sui sTgq. og pecuaosgns ,--nv.r (s)auLeu esott (s)uoszad e14 act o•} aouapTna Azogoe;sTges 3o sTseq eq uo em oq panoad em o} uzoux ATT2uoszed — pazeadde ATTeuosaed 'OTTgnd Ale4ON pauerc p 'a3ToM uul' aagoa 'am aao;eq ' 0 d 6 /.ze'a�L ayq uT ' „'/ rin'- 3o Cep r/ s u0 fT0 ewes 3o Aquno3 • tlulogITI20 3o e E4S IN WITNESS WHEREOF, CITY has caused its name to be hereunto affixed by its Mayor arra City Clerk, thereunto duly authorized by resolution of the City Council and said DEVELOPER has hereunto caused his name to be affixed the day and year first above written. CITY OF CUPERI'INO: Approved as to form: ' /ha_ G - Jet/ 2 Mayor City Attorney a Y/ City Cler�/7-7—Fv DEVELOPER: a Notary Acknowledgment Required fir— 70 TAis form is ® The Exchange or Company designated on-the reverse side as number 11 issued by: 0 >• A stock insurance company.herein called the company. Cary and Stale E-4158 NNamed Insured . 1st Edition a SUI HWU & JON—FWU HWU • 1140 TANGERINE WAY 96 63 389 90844 14 73 • SUNNYVALE CA 94087 Agent Policy Number Effective 9-20-90 PART I CERTIFICATE AS TO EVIDENCE OF INSURANCE Al APPLICABLE 0 APPLICABLE THIS IS NOT AN INSURANCE POLICY. THIS IS ONLY A VERIFICATION OF INSURANCE. IT DOES NOT IN ANY WAY AMEND, EXTEND OR ALTER THE COVERAGE PROVIDED BY THE POLICIES LISTED BELOW. COVERAGE IS INDICATED BY AN "X" LIMITS OF LIABILITY % Bodily Injury&Property Damage Liability $ 500,000 each occurence • Location of 10244 EMPIRE AVE Property or CUPERTINO CA 95014 - Equipment - • $ retained limit • Umbrella Liability $ each occurrence POLICY NUMBER - $ aggregate Description YEAR AND TRADE NAME • IDENTIFICATION NUMBER of LAST 3 DIGITS Equipment SHOWN This certificate is subject to all of the termsrconditions and limitations set forth in the policy(ies)and endorsements attached to it. It is furnished as a matter of,information only and does not change, modify or extend the policy in any way. It supersedes all previously issued certificates. PART II • - ADDITIONAL INSURED ENDORSEMENT II APPLICABLE ❑ APPLiECABLE We agree with you that the additional insured named below is covered for Bodily Injury and Property Damage Liability arising from acts or omissions of the insured or insured person as owner or who has care, custody or control of the insured property or equipment described above. The coverage provided by this endorsement will not apply to: a. liability arising out of the negligence of the additional insured named below, its agents or employees, or - • / b. any defect of material, design or workmanship in any property or equipment. The additional insured shall not be construed or deemed to be a subscriber to the Company issuing this policy. The additional insured shall not be or become liable for any premium payments due upon this policy. • The insurance afforded by the policy described above is subject to all terms of-the policy and any endorsements attached. to it. This endorsement does not increase the limits of the policy. Upon cancellation or termination of this • • policy or. policies from any cause we will mail 10 days notice in writing to the other interest shown below. ' THE CITY AND MEMBERS -OF THE CITY COUNCIL Additional • CITY OF CUPERTINO OF THE CITY OF CUPERTINO INDIVIDUALLY AND Insured •10300 TORRE AVE COLLECTIVELY AND THE' OFFICER, AGENTS AND • CUPERTINO CA 95014 EMPLOYEES OF THE CITY INDIVIDUALLY *AID COLLECTIVELY. , . • /-A=teI@M;aM • Countersigned i pI(WN 190 INSUREDS'COPY Authorized Sign G-90 151 • • ''FARMERS INSURANCE GROUP OF COMPANIES The following are inter-insurance exchanges sometimes referred to in the certificate, when issued by either of them,as the Company: 1. Farmers Insurance Exchange, 11. Fire Insurance Exchange, Los Angeles,California - Los Angeles,California The following are stock companies referred to in the certificate,when issued by any of them, as the Company: 3. Mid-Century Insurance Company *4. Illinois Farmers Insurance Company Los Angeles,California - Aurora,Illinois - *5. Farmers Insurance Compahy, Inc. ` '6. Farmers Insurance Company of Idaho Shawnee Mission, Kansas - - - Pocatello,Idaho - •7. Farmers Insurance Company of Arizona *8. Farmers Insurance Company of Washington - Phoenix,Arizona - - - - Vancouver, Washington '9. Farmers Insurance Company of Oregon Tigard,Oregon • '19. Farmers Insurance of Columbus,Inc. Columbus,Ohio - Not licensed or operating in the states of Kansas and Colorado •*Not licensed or operating in the state of Colorado . • 1 t y • ' ""' STANDARD FORM FIRE INSURANCE POLICY uRu1 - - - 7Pdk vim• I SPECIAL BROAD BASIC [� ❑ ❑ NON-SMOKER o - FIRE INSURANCE EXCHANGE, LOS ANGELES, CALIFORNIA Policy Period Declarations P..eflect From (not ADO E4158 prior to Loan time applied AGENT—RAY CHENG—PH 408/238-0123 No. for) 9-20-9dpTo 09-2D-91 at 12 D1 AM Standard Time at described property location_. F7 N checked here,this policy will continue for successive pokey periods as follows: If we elect to continue this insurance, we will renew this policy if you pay the required renewal premium for each successive policy period subject to our premiums, rules and forms then in effect. You must pay us prior to the end of the current policy period or else this policy will expire. If a mortgagee is named in this policy, we will continue this insurance for the mortgagee's interest , for ten days after written notice of termination to the mortgagee and then this policy will terminate. Policy Number Named SUI & JON—FW mailingsAY WUU HWU F 0844 14 73 Inure & SUNNYVALE CAN94087 Agent Address Address 96-63-389 Mortgagee We provide insurance only for those coverages indicated by a specific limit or other notation. Premiums, Perils insured against, Coverages provided RATE Premium Total Prepaid PerilsArab. 1 Premium Insured 135.00 Fire and Lightning Against; — 71-00 Extended Coverage Coverages; INCL SPECIAL FORM — BUILDING Premiums 29.00 PERSONAL LIABILITY (.5) Location (if other than above)and Description of Property Covered.Dwelling Limit of STATE GUAR.. is of frame or brick veneer construction and contains one family unit unless Insurance(s) FUND 2.40 otherwise specified. Location DWELLING AT and 10244 EMPIRE AVE CUPERTINO CA 95014 150,00E Property NO COVERAGE ON PERSONAL PROPERTY Description 90 1 OR 2 FAMILY DWELLING OWNER—OCCUPIED I eductible S 250 In case of loss under this policy we cover only that part of the loss over the deductible stated. This deductible applies separately to the amount of loss to each described location including personal property contained therein. Subject to the following Forms and Endorsements DP3 9-83 E4136 2E0 DP300 3-88 Mortgagee's DP0043 6-79 E4158 Policy 1 P.O. She Inure Mailed To PLEASANTON, CA 9456 Date 10-24-9G This declarations page Is part of your policy. It supersedes and controls anything to the contrary. It iso erwise subj.: to all other terms of the policy. Countersigned See reverse side for Lender's Loss Payable End. 0—DETACH HERE 'uthor ze' Representa ive 1.510312$9_ 650/C _ __ ___ __ K601 IAKE CHECK OR MONEY ORDER PAYABLE TO: FIRE INSURANCE EXCHANGE X PLEASE WRITE YOUR POLIC U : ' ON CHECK Po icy Number From 09-20-90 To 09-20-91 at 12 01 AM Standard Time at described property location. F90844 14 73 Loan No.: Agent (t 96-63-389 Mail RemittanieTo: P.0_ BOX 1817 PLEASANTON, CA 94566 820396908441473007630000000G Named S & J—F HWU ST GUAR & PREV SAL $ 76-30 Insured & 1140 TANGERINE WAY Premium $ Mailing SUNNYVALE CA 94087 $ Address Payments or Credits $ tggk Total DUE ►$ 76.30 I ❑Premiums are paid annually INVOICE -PLEASE RETURN WITH PAYMENT unless "x'd" here. Any "total" balance or credit $5.00 or less Your returned check Is your receipt. C/ l i :11 ., r a ., .,."".� tirm"" FIRI .^.4' . .. _ • • The endorsement shown below applies only if indict Declarations on the reverse side. Furthers it applies on} to bur dna,', , tr..re uhc',y :f, :s A and B As to Coverages A and B, it replaces the Mortgage Clause in Section I Condition,, of the rn irr Form 438BFU NS LENEEfl'S LOSS PAYABLE ENDORSEMENT (Rev. May 1, 1942) x 1. Loss or damage if any, under tips ea e., sea,: be paid to the Payee named in the Declarations of this policy, its successors and assigns, hereinafter referred to a; hi; ' ,er t;rm or capacity its interests may appear arid whether said interest be vested in said Lender in Its'^d r,.+i or, e ,; c . r; c ';representative capacity,or otherwise,or vested in a nominee or trustee of said Lender. 2. The insurance under tins polite "Jr:;of rice r, erup's0;nent attached thereto, as to the interest Ugly of the Lender. its successors and assigns, shall not be invalidated nor suspended ,e, 0, an, error omission. or change respecting the ownership, description, possession, or location of the subject of the msurarce or the ,^.- est t'ir'e n r tee title thereto. (b) by the commencement of foreclosure proceedings or the giving of notice of sale o' any of the properly co.r:ree by 'his policy by virtue of any mortgage or trust deed; (c) by any breach of warranty, act, omission, neglect, or non camp' n' e v:'tr any et 'he provisions of this policy. including any and all riders now or hereafter attached thereto, by the named insured. the ocr o,,er. "ortgegor trustor.vendee owner, tenant, warehouseman, custodian. occupant, or by the agents of either or any e`"teem or u; the nue—in; ct ar,j event permitted Py them or either of them, or their agents, or which they tailed to prevent, whether cccurnnd before r after he elle-eh—en; of nus endorsement. or whether before or after a loss, which under the provisions of this policy of insurance or n' any ricer or enuor emen1 attached thereto would invalidate or suspend the insurance as to the named insured, excluding nercirc,n re-:aecv c / errs cr crnlss ons of the Lander while exercising active control and management of the property. 3. In the event of failure of 'he insured to Pay prcr :cm or additional premium which shall be or become due under the terms of this policy or on account of any change in orcuparr,, r increase in hazard not permitted by this policy. this Company agrees to give written notice to the Lender of such non-payment of prem ren, alter sixty 160) days Iron, and within one hundred and twenty (120) days after due date of such premium and it is d condition at Pie continuance of the rights of the Lender hereunder that the Lender when so notified in writing by this Company of the 'aiiure of the :7 a to uay such premium shall pay or cause to be paid the premium due within ten (10) days following receipt of the Career''s demand in .,.rit;rq Ike e'er If the Lender shall decline to pay said premium or additional premium, the rights of the Lender under this Lerdar 5 Lo:s P,yabie Erdorsement shall not be terminated before ten (10) days after receipt of said written notice by the Lender 4. Whenever this Company shall oa; to 'no Le' : ,; sir, fn' o',s or carnage under this policy and shall claim that as to the insured no liability therefor exists, this Company st !ts option .04 pay to the Lender the whole principal sum and interest and other indebtedness due or to become due from the insurce. wnetner sccuw7e or unsecureu, (with refund of all interest not accrued), and this Company, to the extent of such payment. sha.i tnereupor. recc .e. g ,or l and Lansfer, without recourse, of the debt and all rights and securities held as collateral thereto 5. If there be any other insurance upon the wenn) described property. this Company shall be liable under this policy as to the Lender for the proportion of such loss or damage that the sum hereby insured hears to the entire insurance of similar character on said property under policies held by, payable to and expressly censer ee to uy the Lender Any Contribution Clause included in any Fallen Building Clause Waiver or any Extended Coverage Endorsement ettacred to this contract of insurance is hereby nullified, and also any Contribution Clause in any other endorsement or rider attached to this contract of insurance is hereby nullified except Contribution Clauses for the compliance with which the insured has received reduction in the rate charged or has received extension of the coverage to include hazards other than fire and compliance with such Contribution Clause is made a part of the cots,deration for insuring such other hazards. The Lender upon the payment to it of the lull amount of its cairn vim f'ubrogute to s Company (pro rata v,dh all other insurers contributing to said payment)to all of the Lender's rights of contribution under said other insurance. 6. This Company reserves the right to cancel this policy at any time, as provided by its terms. but in such case this policy shall continue in force for the benefit of the Lender for ten (10) days after written notice of such cancellation is received by the Lender and shall then cease. 7. This policy shall remain in full force and effect as to the interest of the Lender for a period of ten (10) days after its expiration unless an acceptable policy in renawar the'eof its .oss thereunder payable to the Lender in accordance with the terms of this Lender's Loss Payable Endorsement. shall have been issued by some insurance company and accepted by the Lender. 8. Should legal title to and beneficial ownersnip of any of the property catered under this policy become vested in the Lender or its agents, insurance under this pe,cy shall continue lc- the term thereof for the benefit of the Lender but, in such event, any privileges granted by this Lender's Loss Payable Endorsement winch are not a so granted the insured under the terms and conditions of this policy and/or under other riders or endorsements attached thereto snail not apply to the insurance hereunder as respects such property. wo 9. All'nofices`herein provided to be given by the Company to the Lender in connection with this policy and this Lender's Loss Payable ,Endorsement shall be maned to or delefered to the Lender et"ts office or branch described in the Declarations of the policy. 'Approved. Board o1 Fire UnJery rners cf lee Pacific California Bankers Asso at o^.