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2187 ~ Murdock Street ~ 103rd Avenue DEED 2187 The Presbytery of the Cascades, an Oregon corporation, successor of the Presbytery of Portland by merger of record with the Oregon Corporation Commission, grantor, conveys and warrants to the Tigard Water District, a municipal corporation of the State of Oregon, grantee, the following described real property, free of encumbrances except as specifically set forth herf.ix,- 11 beginning at the Southeast corner of Lot 7, TIGAROTILLE HEIGHTS, a Plat of record in Section 11, Township 2 South, age 1 West, Willamette Meridian, Washington County, Oregon; thence West, along the South line of said Lot 7, a distance of 297.66 feet, to the Southeast corner of that parcel of land conveyed to Tigard Water District, recorded August 14, 1973, in Book 932_,Page 281, Records of Washington County, Oregon, re-recorded September 18, 1973 in Book 945, Page 398, said Records; thence North 01' 19' East, 346.70 feet, along the East boundary of said parcel, to a point which is South 01' 19' West, 11 feet, from the Southwest corner of that parcel of land described in Book 529, Page 452, Deed Records of Washington County; thence North 89. 331 East, parallel with the Southerly line of said parcel, 136.66 feet; thence North 01' 19' East, 148.30 feet, to the North line of Lot 5, TIGARDVILLI HEIGHTS, said point also being the center line of that street dedicated to the pulic in Book 758, Page 848; thence North 89' 33' East, 161.00 feet, along said North line of Lot 5, to the Northeast corner of said Lot 5; thence South 01' 19' West, along the East line of Lots 5, 6, and 7, a distance of 503.58 feet, to the point of beginning. Nvitt L vi. J '$ r,aaaiiiy. SUBJECT TO statutory powers, including the power of assessment of the Unififed Sewerage Agency of Washington County, a municipal corporation; balance of city liens of the city of Tigard for street improvement; an easement as reserved in deed, including the terms and provisions thereof, recorded in Book 276, Page 659 , in favor of the grantee; and zoning ordinances, building and use restrictions and reservations in Federal patents. The true and actual consideration for this conveyance is FORTY TWO THOUSAND DOLLARS ($42, 000. 00) . Until a change is requested all tax statements are to be sent to the following address : Tigard Water District 8841 S.W. Commercial Tigard, Oregon 97223 . DATED this l'° day of..J. , 1977. PRESBYTERY OF THE CASCADES 91 Z7(( il --C:i\ 41 BY' , z- �' . t�,w ii-&a.,1> , b or_t_< , �I IT c-c: l cV , u . r -2aJ 9, �`r_s-ems .-� , _4"e--� -.O STATE OF OREGON ) V i ss. County ot-P 1 ) On this \ { T?► day of JulAt 1977, personally appeared D. Hugh Peniston who, being duly sworn, did say that he is the chairman of the Board of Trustees of the Presbytery of the Cascades and that said instrument was signed in behalf of said corporation by authority of its Board and he acknowledged said instrument to be its voluntary act and deed. • Before me: N®TY .PUBLIC FOR OREGON My commission expires : �.s> reJ My COmmisslon Exp+res May 29, 1979 STATE OF OREGON ) ss. County of ) � ,A On this : i day of may, 1977, personally appeared Joanne Engles, Secretary of the Board of Trustees of the Presbytery of the Cascades, who, being duly sworn did say that said instrument was signed in behalf of said corporation by authority of its Board and she acknowledged said instrument to be its voluntary act and deed. Before me: ,624.,,e,a44.." NOTARY PUBLIC FOR OREGON My commission expires: /c.7 -7. -- 71 MICHAEL D. O'NEIL ATTORNEY AT LAW , TUALATIN VALLEY PROFESSIONAL CENTER �- 11875 S.W. KING JAMES PLACE , ON PACIFIC HIGHWAY IN KING CITY •' , TIGARD, OREGON 97223 a n TELEPHONE 639-6176 W AREA CODE 501 (t 0) Sti •r-I STATE OF OREGON U1 i On. County of Washington SS ` �' Nu) CO I, Roger Thomssen, Director o Records �., 0 W3H^ and Elections and Ex-Officio Recorder of Con- Z;r-la veyances for said county, do hereby certify that ^ z the within instrument of writingwas received u u U ,o, and recorded in book of records o` w No. I ..J,1-O of said County 40O ti 1°4 © U<�0 Witness my hand and seal affixed. C. o ED, ROGER THOMSSEN, Director of Q v = V Records & Elections y tC:\."-\°"/ Deputy r JAN a 3 07 PI'13 pailli.1 2187 . itioki E 7_ s • meeting the CALVIN IiV ! , challenge. . . PRESBYTERIAN CHURCH the 103rd & S.W. CANTERBURY LANE church TIGARD, OREGON 97223 the ill TELEPHONE 639-3273 /1/4/ 3 /J 177 G(t,Q wcu ( el--- p/$ /`/G / vat/ y? -2- 2- 3 ✓ `Qt ✓ / •f/7 eGp�� �/ -I'I-v ty P / � ° 7"e4/ 1 a wi .5e L` / 7/1,‘ //'? 7Lte 71-0 X. CG 7.o CC1 YAG'/ /� , s:� t /y SCHEDULE A Amount $ 42, 000 . 00 Date January 17, 1978 At 8:00 A.M. Premium $ 196 . 00 INSURED TIGARD WATER DISTRICT, a municipal corporation The estate or interest referred to herein is, at the date hereof, vested in TIGARD WATER DISTRICT, a municipal corporation The land referred to in this policy is described as Beginning at the Southeast corner of Lot 7, TIGARDVILLE HEIGHTS, a Plat of record in Section 11, Township 2 South, Range 1 West, Willamette Meridian, Washington County, Oregon; thence West, along the South line of said Lot 7, a distance of 297 . 66 feet, to the Southeast corner of that parcel of land conveyed to Tigard Water District, recorded August 14, 1973, in Book 932, Page 281, Records of Washington County, Oregon, re-recorded September 18, 1973 in Book 945, Page 398, said Records; thence North 01° 19 ' East, 346. 70 feet, along the East boundary of said parcel, to a point which is South 01° 19' West, 11 feet, from the Southwest corner of that parcel of land described in Book 529, Page 452, Deed Records of Washington County; thence North 89° 33 ' East, parallel with the Southerly line of said parcel, 136 . 66 feet; thence North 01° 19' East, 148 . 30 feet, to the North line of Lot 5, TIGARDVILLE HEIGHTS, said point also being the center line of that street dedicated to the pulic in Book 758, Page 848 ; thence North 89° 33 ' East, 161. 00 feet, along said North line of Lot 5, to the Northeast corner of said Lot 5; thence South 01° 19 ' West, along the East line of Lots 5, 6, and 7, a distance of 503 . 58 feet, to the point of beginning. PAGE 2 OF POLICY NO 34-A-85017 F 236 REV 11-74 QQ Standard Coverage Policy SCHEDULE A—Continued The estate or interest in the land described in this schedule is: FEE SCHEDULE B This policy does not insure against loss or damage, nor against costs,attorney's fees or expenses,any or all of which arise by reason of the matters shown or referred to in this Schedule except to the extent that the owner of any mortgage or deed of trust is expressly insured on page 1 of this policy. 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; 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. 2. Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records; unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which a correct survey would disclose. 5 . The premises herein described are within and subject to the statutory powers, including the power of assessment of the Unified Sewerage Agency of Washington County, a municipal corporation. 6 . Rights of the public in streets, roads and highways. 7 . An easement as reserved in deed, including the terms and provisions thereof, To: Tigard Water District Recorded: July 31, 1947 Book: 276 Page: 659 Records of Washington County, Oregon. Affects: The North 25 feet of Lot 5 For: Water district. PAGE 3 OF POLICY NO. 34-A-85017 F-207 R-7.74 • OWNER'S INFLATION PROTECTION INDORSEMENT ATTACHED TO POLICY NO. 34—A-85017 ISSUED BY Pioneer National Title Insurance Company The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional monetary protection to the Insured Owner named in said Policy, hereby modifies said Policy, as follows: 1. Notwithstanding anything contained in said Policy to the contrary, the amount of insurance provided by said Policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to the extent hereinafter specified. 2. "Adjustment Date" is defined, for the purpose of this Indorsement, to be 12:01 a.m. on the first January 1 which occurs more than six months after the Date of Policy, as shown in Schedule A of the Policy to which this Indorsement is attached, and on each succeeding January 1. 3. An upward adjustment will be made on each of the Adjustment Dates, as defined above, by increasing the maximum amount of insurance provided by said Policy (as said amount may have been increased theretofore under the terms of this Indorsement) by the same percentage, if any, by which the United States Department of Commerce Composite Construction Cost Index (base period 1967) for the month of September immediately preceding exceeds the highest Index number for the month of September in any previous year which is subsequent to Date of Policy; provided, however, that the maximum amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of said Policy, less the amount of any claim paid under said Policy which, under the terms of the Conditions and Stipulations, reduces the amount of insurance in force. There shall be no annual adjustment in the amount of insurance for years in which there is no increase in said Construction Cost Index. 4. In the settlement of any claim against the Company under said Policy, the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of such claim, or as of the date of receipt by the Company of the first notice of such claim, whichever shall first occur. Nothing herein contained shall be construed as extending or changing the effective date of said Policy. This indorsement is made a part of said Policy and is subject to the schedules, conditions and stipulations therein, except as modified by the provisions hereof. Pioneer National Title Insurance Company by a ,'v4� PRESIDENT Attest: �..� / SECRETARY RATING BUREAU FOR TITLE INSURANCE COMPANIES IN OREGON F-219 1-75 The sketch below is made solely for the purpose of assisting in locating said premises and the Company assumes no liability for variations, if any, in dimensions and location ascertained by actual survey. Pioneer National'I'i tie Insurance Company A TICOR COMPANY )---, \ /44 02• ~O f X ci Ov X2019.,01 - - - 8.51 C w._ .- x,,,-4.____ ___ -7. -$1- - a it tl. `- J V 24.-...1' 7 1143 /.00/// 46.... 2 300 4 1.06 Ac airi 4 �� vr J r n , J L V 1 I !. 1V + C 0 V O W N n ~' o Z. To Po/byL ■ „N/641 SOUTH LINE Wm. GRAHAM O.L.C. 39) - _ — _ _ — _.264 - .....41/7: ,• To Prot;c by 758184e /of./.,5AL sQS•33'w 50 136.66 0- — -- -- '—" — I 2700 • r iS0 2600 I q+' 'JSAc, w 2 3 01 .FJr N. Z.G34c• Ic aN 5 r'p '± o 2.36Ac 2302 o (C.S.No 10865) .7.54c. 136.66 1 = a o �s • _ b , . .N.49.°3 .. ..--.1 L y e _— _ 264 —--- 50.-�."- — — — — — — — --- d 114 :1 .� �. \ .Ci tt 263.5 � 'el '\ 220.05 r — - - 2 — - - — J 6 ' 2502 2' • .56.4c. — 4 `�/:�. ^� -s SCS • .Lw/) O w _G ip g �. _— __ •.SIC►. — -'— a 220 N 2 3 ~•— «� 3 « a • E ;. n R; ? al4rf ! 4C. ! ` /��nyJzs' •.SI CM. 4. ,/ 245 {On '�, '',(a f '1riwc'.�wsW :ay rro•...v,:,w.r..;..''r".71.7.7w.', N...v..,yir .a7.,=..i.v R , r<3 7.Z.,474".,,,,,,T.M'4",,,,,,,, ,,r7441 • Al 2 / , • SEE MAP 2S I .IICE, WASHINGTON COUNTY BRANCH 4450 S.W.Lombard St. P.O.Box 38 Beaverton, Oregon 97005 (503) 643-9646 Premium S 19 6 . 0 0 Jr PIONEER NATIONAL TITLE INSURANCE ATICOR COMPANY Policy of Title Insurance PIONEER NATIONAL TITLE INSURANCE COMPANY, a California corporation, hereinafter called the Company, for a valuable consideration paid for this policy of title insurance, the number, date, and amount of which are shown in Schedule A, does hereby insure the parties named as Insured in Schedule A, the heirs, devisees, personal representatives of such Insured, or if a corporation, its successors by dissolution, merger or consolidation, against direct loss or damage not exceeding the amount stated in Schedule A, together with costs, attorneys' fees and expenses which the Company may be obligated to pay as provided in the Conditions and Stipulations hereof, which the Insured shall sustain by reason of: Title to the land described in Schedule A being vested, at the date hereof, otherwise than as herein stated; or Unmarketability, at the date hereof, of the title to said land of any vestee named herein, unless such un - marketability exists because of defects, liens, encumbrances, or other matters shown or referred to in Schedule B; or Any defect in, or lien or encumbrance on, said title existing at the date hereof, not shown or referred to in Schedule B, or excluded from coverage in the Schedule of Exclusions from Coverage; or Any defect in the execution of any mortgage or deed of trust shown in Schedule B securing 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 Priority, at the date hereof, over any such mortgage or deed of trust, of any lien or encumbrance upon said land, except as shown in Schedule B such mortgage or deed of trust being shown in the order of its priority, all subject, however, to the Schedule of Exclusions from Coverage and the Conditions and Stipulations hereto annexed, which, together with Schedules A and B are hereby made a part of this policy. This policy shall not be valid or binding until countersigned below by a validating officer of the Company. Pioneer National Title Insurance Company by h PRESIDENT Attest: SECRETARY Countersigned: By Validating Signatory TO 1529 PNTI OR (1-75) Rating Bureau for Title Insurance Companies in Oreaon Standard Coveraae Policy ,CneaUle OT CxClusions rrom %.overage This policy does not insure against loss or damage by reason of the following: 1. Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions, or loca- tion of any improvement now or hereafter erected on said land, or prohibiting a separation in ownership or a reduction in the dimensions or area of any lot or parcel of land. 2. Governmental rights of police power or eminent domain unless notice of the exercise of such rights appears in the.pub- lic records at the date hereof. 3. Title to any property beyond the lines of the land expressly described in Schedule A or title to streets, roads, avenues, lanes, ways or waterways on which such land abuts, or the right to maintain therein vaults, tunnels, ramps or any other structure or improvement; or any rights or easements therein unless this policy specifically provides that such property, rights or easements are insured, except that if the land abuts upon one or more physically open streets or highways this policy insures the ordinary rights of abutting owners for access to one of such streets or highways, unless otherwise ex- cepted or excluded herein. 4. Defects, liens, encumbrances, adverse claims against the title as insured or other matters (1) created, suffered, as- sumed or agreed to by the Insured claiming loss or damage; or (2) known to the Insured Claimant either at the date of this policy or at the date such Insured Claimant acquired an estate or interest insured by this policy and not shown by the pub- lic records, unless disclosure thereof in writing by the Insured shall have been made to the Company prior to the date of this policy; or (3) resulting in no loss to the Insured Claimant; or (4) attaching or created subsequent to the date hereof. 5. Loss or damage which would not have been sustained if the Insured were a purchaser or encumbrancer for value with- out knowledge. 6. Usury or claims of usury. 7. "Consumer credit protection," "truth-in-lending," or similar law. Conditions and Stipulations 1. Definition of Terms (b) In case any such action or proceeding shall be begun, or de- The following terms when used in this policy mean: fense interposed, or in case knowledge shall come to the Insured (a) "land": the land described, specifically or by reference, in of any claim of title or interest which is adverse to the title of Schedule A and improvements affixed thereto which by law con- the estate or interest or lien of the mortgage as insured, or which statute real property; might cause loss or damage for which the Company shall or may (b) "public records": those records which impart constructive be liable by virtue of this policy, or if the Insured shall in good notice of matters relating to said land; faith contract to sell the indebtedness secured by a mortgage (c) "knowledge": actual knowledge, not constructive knowledge covered by this policy or, if an Insured in good faith leases or or notice which may be imputed to the Insured by reason of any contracts to sell, lease or mortgage the same, or if the success- public records; ful bidder at a foreclosure sale under a mortgage covered by this (d) "date": the effective date; policy refuses to purchase and in any such event the title to le) "mortgage": mortgage, deed of trust, trust deed, or other se- said estate or interest is rejected as unmarketable, the Insured curity instrument; and shall notify the Company thereof in writing. If such notice shall (f) "insured": the party or parties named as Insured, and if the not be given to the Company within ten days of the receipt of owner of the indebtedness secured by a mortgage shown in Sche- process or pleadings or if the Insured shall not, in writing, dule B is named as an Insured in Schedule A, the Insured shall promptly notify the Company of any defect, lien or encumbrance include (1) each successor in interest in ownership of such in- insured against which shall come to the knowledge of the Insured, debtedness, (2) any such owner who acquires the estate or in- or if the Insured shall not, in writing, promptly notify the Com- terest referred to in this policy by foreclosure, trustee's sale, or pany of any such rejection by reason of claimed unmarketability other legal manner in satisfaction of said indebtedness, and of title, then all liability of the Company in regard to the subject (3) any federal agency or instrumentality which is an insurer or matter of such action, proceeding or matter shall cease and ter guarantor under an insurance contract or guaranty insuring or urinate; provided, however, that failure to notify shall in no case guaranteeing said indebtedness, or any part thereof, whether prejudice the claim of any Insured unless the Company shall be named as an Insured herein or not, subject otherwise to the pro actually prejudiced by such failure and then only to the extent visions hereof. of such prejudice. (c) The Company shall have the right at its own cost to insti- 2. Benefits after Acquisition of Title tute and prosecute any action or proceeding or do any other act If an insured owner of the indebtedness secured by a mortgage which in its opinion may be necessary or desirable to establish described in Schedule B acquires said estate or interest, or any the title of the estate or interest or the lien of the mortgage as part thereof, by foreclosure, trustee's sale, or other legal manner insured; and the Company may take any appropriate action under in satisfaction of said indebtedness, or any part thereof, or if a the terms of this policy whether or not it shall be liable there- federal agency or instrumentality acquires said estate or interest, under and shall not thereby concede liability or waive any pro- or any part thereof, as a consequence of an insurance contract or vision of this policy. guaranty insuring or guaranteeing the indebtedness secured by a (d) In all cases where this policy permits or requires the Corn- mortgage covered by this policy, or any part thereof, this policy pany to prosecute or provide for the defense of any action or shall continue in force in favor of such Insured, agency or instru- proceeding, the Insured shall secure to it the right to so pro- mentality, subject to all of the conditions and stipulations hereof. secute or provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its option, the name 3. Defense and Prosecution of Actions—Notice of Claim to be of the Insured for such purpose. Whenever requested by the given by the Insured Company the Insured shall give the Company all reasonable (a) The Company, at its own cost and without undue delay shall aid in any such action or proceeding, in effecting settlement, provide (1) for the defense of the Insured in all litigation con- securing evidence, obtaining witnesses, or prosecuting or de- sisting of actions or proceedings commenced against the Insured, fending such action or proceeding, and the Company shall re- or defenses, restraining orders, or injunctions interposed against imburse the Insured for any expense so incurred. a foreclosure or sale of the mortgage and indebtedness covered by this policy or a sale of the estate or interest in said land; or 4. Notice of Loss— Limitation of Action (2) for such action as may be appropriate to establish the title of In addition to the notices required under paragraph 3(b), a the estate or interest or the lien of the mortgage as insured, statement in writing of any loss or damage for which it is which litigation or action in any of such events is founded upon claimed the Company is liable under this policy shall be fur- an alleged defect, lien or encumbrance insured against by this nished to the Company within sixty days after such loss or policy, and may pursue any litigation to final determination in damage shall have been determined and no right of action shall the court of last resort. accrue to the Insured under this policy until thirty days after (Conditions and Stipulations Continued and Concluded on Last Page of This Policy) (Conditions and Stipulations Continued and Concluded From Reverse Side of Policy Face) such statement shall have been furnished, and no recovery an improvement subsequent to the date of this policy, and only shall be had by the Insured under this policy unless action in that event, the Insured becomes a coinsurer to the extent here- shall be commenced thereon within five years after expiration of said thirty day period. Failure to furnish such statement of permeter set forth. If the cost of the improvement exceeds twenty loss or damage, or to commence such action within the time per centum of the amount of this policy, such proportion only of one hereinbefore specified, shall be a conclusive bar against main- partialloss established shall be borne the Company as one tenance by the Insured of any action under this policy. hundred twenty per centum of the amountof this policy bears to the sum of the amount of this policy and the amount expended for the improvement. The foregoing provisions shall not apply to 5. Option to Pay, Settle or Compromise Claims costs and attorneys' fees incurred by the Company in prosecuting or providing for the defense of actions or proceedings in behalf The Company shall have the option to pay or settle or compro mise for or in the name of the Insured any claim insured against of the Insured pursuant to the terms of this policy or to costs im- or to pay the full amount of this policy, or, in case loss is posed on the Insured in such actions or proceedings, and shall claimed under this policy by the owner of the indebtedness se- apply only to that portion of losses which exceed in the aggre- gate ten per cent of the face of the policy. Provided, however, cured by a mortgage covered by this policy, the Company shall that the foregoing coinsurance provisions shall not apply to any have the option to purchase said indebtedness; such purchase, loss arising out of a lien or encumbrance fora liquidated amount payment or tender of payment of the full amount of this policy, which existed on the date of this policy and was not shown in together with all costs, attorneys' fees and expenses which the Company is obligated hereunder to pay, shall terminate all Schedule B; and provided further, such coinsurance provisions liability of the Company hereunder. In the event, after notice of shall not apply to any loss if, at the time of the occurrence of such loss, the then value of the premises, as so improved, does claim has been given to the Company by the Insured, the Com- pany offers to purchase said indebtedness, the owner of such not exceed one hundred twenty per centum of the amount of this indebtedness shall transfer and assign said indebtedness and policy. the mortgage securing the same to the Company upon payment (b) If the land described or referred to in Schedule A is divisible of the purchase price. into separate and noncontiguous parcels, or if contiguous and such parcels are not used as one single site, and a loss is es- 6. Payment of Loss tablished affecting one or more of said parcels but not all, the (a) The liability of the Company under this policy shall in no loss shall be computed and settled on a pro rata basis as if the case exceed, in all, the actual loss of the Insured and costs face amount of the policy was divided pro rata as to the value on and attorneys' fees which the Company may be obligated here- the date of this policy of each separate independent parcel to the under to pay. whole, exclusive of any improvements made subsequent to the (b) The Company will pay, in addition to any loss insured date of this policy, unless a liability or value has otherwise been against by this policy, all cost imposed upon the Insured in li- agreed upon as to each such parcel by the Company and the In- tigation carried on by the Company for the Insured, and all costs sured at the time of the issuance of this policy and shown by an and attorneys' fees in litigation carried on by the Insured with express statement herein or by an endorsement attached hereto. the written authorization of the Company. (c) No claim for damages shall arise or be maintainable under 9. Subrogation upon Payment or Settlement this policy (1) if the Company, after having received notice of Whenever the Company shall have settled a claim under this pol- an alleged defect, lien or encumbrance not excepted or excluded icy, all right of subrogation shall vest in the Company unaffected herein removes such defect, lien or encumbrance within a reason- by any act of the Insured, and it shall be subrogated to and be en- able time after receipt of such notice, or (2) for liability volun- titled to all rights and remedies which the Insured would have had tarily assumed by the Insured in settling any claim or suit with- against any person or property in respect to such claim had this out written consent of the Company, or (3) in the event the title policy not been issued. If the payment does not cover the loss of is rejected as unmarketable because of a defect, lien or encum- the Insured, the Company shall be subrogated to such rights and brance not excepted or excluded in this policy, until there has remedies in the proportion which said payment bears to the amount been a final determination by a court of competent jurisdiction of said loss. If loss should result from any act of the Insured, sustaining such rejection. such act shall not void this policy, but the Company, in that (d) All payments under this policy, except payments made for event, shall be required to pay only that part of any losses insured costs, attorneys' fees and expenses, shall reduce the amount against hereunder which shall exceed the amount, if any, lost to of the insurance pro tanto and no payment shall be made with- the Company by reason of the impairment of the right of subroga- out producing this policy for endorsement of such payment un- tion. The Insured, if requested by the Company, shall transfer to less the policy be lost or destroyed, in which case proof of the Company all rights and remedies against any person or pro- such loss or destruction shall be furnished to the satisfaction perty necessary in order to perfect such right of subrogation, and of the Company; provided, however, if the owner of an indebted- shall permit the Company to use the name of the Insured in any ness secured by a mortgage shown in Schedule B is an Insured transaction or litigation involving such rights or remedies. herein then such payments shall not reduce pro tanto the amount If the Insured is the owner of the indebtedness secured by a mort- of the insurance afforded hereunder as to such Insured, except gage covered by this policy, such Insured may release or substi- to the extent that such payments reduce the amount of the in- tute the personal liability of any debtor or guarantor, or extend debtedness secured by such mortgage. Payment in full by any or otherwise modify the terms of payment, or release a portion person or voluntary satisfaction or release by the Insured of a of the estate or interest from the lien of the mortgage, or release mortgage covered by this policy shall terminate all liability of any collateral security for the indebtedness, provided such act the Company to the insured owner of the indebtedness secured does not result in any loss of priority of the lien of the mortgage. by such mortgage, except as provided in paragraph 2 hereof. (e) When liability has been definitely fixed in accordance with the conditions of this policy the loss or damage shall be pay- 10. Policy Entire Contract able within thirty days thereafter. Any action or actions or rights of action that the Insured may have or may bring against the Company arising out of the status 7. Liability Noncumulative of the lien of the mortgage covered by this policy or the title of It is expressly understood that the amount of this policy is re- the estate or interest insured herein must be based on the pro- duced by any amount the Company may pay under any policy in- visions of this policy. No provision or condition of this policy suring the validity or priority of any mortgage shown or referred can be waived or changed except by writing endorsed hereon or to in Schedule B hereof or any mortgage hereafter executed by attached hereto signed by the President, a Vice President, the the Insured which is a charge or lien on the estate or interest Secretary, an Assistant Secretary or other validating officer described or referred to in Schedule A, and the amount so paid of the Company. shall be deemed a payment to the Insured under this policy. The provisions of this paragraph numbered 7 shall not apply to an Insured owner of an indebtedness secured by a mortgage shown 11. Notices, where Sent in Schedule B unless such Insured acquires title to said estate All notices required to be given the Company and any statement or interest in satisfaction of said indebtedness or any part in writing required to be furnished the Company shall include the thereof. number of this policy and shall be addressed to it at the office which issued this policy or to its Home Office, Claims Department, 8.Coinsurance and Apportionment 433 South Spring Street, P.O. Box 54730, Los Angeles, Califor- (a) In the event that a partial loss occurs after the Insured makes nia 90054. ti ' APPRAISAL REPORT OF VACANT LAND AT S.W. 103rd and S.W. Canterbury Lane FOR: The Session of Calvin, Presbyterian Church Mr. C. Gebhardt October 30, 1976 Session of Calvin Pre.7by terian Church Tigard, Oregon Dear Mr. Gebhardt: Pursuant to your request, I have personally inspected your property located at S.W. lOrd and Canterbury Lane, Tigard, Oregon, for the purpose of estimating its fair market value for the Session of Calvin of your Church. In the performance of this task, valuable assistance was rendered by Mr. Gary Roberts, a fellow appraiser, and is hereby acknowledged. After carefully considering an L the pertinent data affecting market value, including the physical r.haracterietief and types of potential uses, sales of comparable properties and the trend of the neighborhood, I am of the opinionthat as of October 16, 1976, the fair market value of the subject vacant land is: FORTY-TWO THOUSAND DOLLARS (842,000.00) The value herein expressed is subject to the limiting conditions appearing at the end of this report. Respectfully Submitted, 7/ t (i et. CI- / Lawrence E. 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' " ,---..,, . .. r. . 4 • 2 :•, . . .. . _ . Ct) ei 01 . .... ....0 . . :I 7 :.. ,,t:' , '4V . • ,,.- i to 7;.,..,. . . .. , ...-- 'N -r, " 1 ' ., . .4. , . . „ r .....-- .._ / .„-- . , I' '-`1 c'.• 2-7 7_____________....., / - . . ,.„c!"'•,,,,;&':_o: fr.forz,0.-. .7.,-',:..:a.,:=- ;,-.,,,, ..cp,-.- ,.. ' . ;1.7.,-.:_ t. , ./, `'''• 14- .. ..-...l . — -.....,\ • • I' .. . . . . . - • ' • 71 S / - - /i INTRODUCTION Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the subject vacant land parcel. Market value is defined as follows: "The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. " (Real Estate Appraisal Terminology, American Institute of Real Estate Appraisers and Society of Real Estate Appraisers - 1975) . property Rights Appraised The appraiser valued the property based upon fee simple ownership. Identification of the Property Legal Description: In lieu of a lengthy legal des- cription, it is the easterly 297 feet of lots 5, 6 and 7, Tigardville Heights, Washington County, Oregon, except for tax lot #2700, a .35 acre portion out of the northwest corner of the parcel. This parcel consists of approximately 113,000 square feet, or 2.6 acres. Map Identification: 2S1 11BC, that portion of tax lot 2800 lying south of SW Canterbury Lane. Location: A vacant field lying west of SW 103rd, between SW Murdock and SW Canterbury Ln. in Tigard, Oregon. Certification of Inspection The appraiser personally inspected the subject property and hereby certifies that he has no interest, present or con- templated, in the property, and that neither the employment to make the appraisal, nor the compensation is contingent upon the value of the property. To the best of my knowled^e and belief all the statements and information in this report are true and correct, subject to the underlying assumptions and limiting conditions in the addenda of this report. 1 ANALYSIS OF THE PROPERTY Assessment Data This portion of tax lot #2800, from a title company romp for tax printout, is apparently designated tax lot #2801 , and is labelled a "non-assessable portion. " The tax rate, from an analysis of a neighboring assessed property, is approximately $23.70 per thousand, which is a very satisfactory rate when compared with many areas in Washington County with from $27 to $30 per thousand rates. zoning Zoning is R-7, which allows one sI nFM1 a i ami 1 y dwelling per 7,0010 square feat of land. Th1 ,, conforms to developments in this area. Neighborhood Data The subject is located in the south Tigard area, east of the Pacific Highway which runs generally north and south through Tigard. Access to freeways is good, as well as shopping, bus systems and other conveniences and services. Churches and schools are nearby, and Washington Square Shopping Center and Portland Community College campus are 3 to 4 miles away. The general area is primarily residential with commercial along the Pacific Highway. In short, this area contains nearly all the desired conveniences and services generally demanded today. The immediate neighborhood is somewhat mixed, but very • acceptable to the market. A block to the west of the subject is a planned unit development including condominiums and apartment buildings along Canterbury Lane and above the Pacific Highway. Across Canterbury Lane from the subject is a Presbyterian Church and grounds. Immediately south along 103rd street is a small, newer neighborhood with homes in the $40,000 to $50,000 range generally. On the east side of 103rd street are mixed properties on small acreage sites • from 10 to 40 years of age . The average price range of these is around $40,000. Nearly all homes show good pride of ownership, and no marketing problems are foreseen due to area. It should also be noted that tax lot #2600 to the west of the subject is owned by the Tigard Water District, and its low intensity use at present does not appear to adversely affect the value of the subject. Overall, the immediate neighborhood is a good one , and is well located to all conveniences and services, making it attractive to typical home buyers. Site Description The subject site is an unimproved 2.6 acre parcel, bas` cal.l,y rectangular in shape with 463 feet of frontage an SW 103rd and 277 feet of depth, except for a 16.66' x 112. 3 ' section of land improved with a good quality ranch home, cut out of the northwest corner, leaving approximately 140' of the subject land fronting along SW Canterbury Lane . SW Canterbury Lane is a fully paved and curbed street, while SW 103rd is a paved roadway with a gravel shoulder and drainage ditch. SW Murdock, a dedicated but unimproved street, forms the subject' s south boundary. According to the city of Tigard, a possibility exl -te that Murdock will be vaoate,ci. Along the west side of the subject Ls the previously mentioned City of Tigard Water District pros erty. The western one- third of the land is nicely wooded, and there is a narrow border of smaller trees along the SW Murdock street. A slight view of Mt Hood is afforded from some parts of this site . Topographically, it is essentially flat, with a gently grade from east to west. All utility services are readily available to the property with the exception of sanitary sewer. The nearest available sewer line is located in SW Canterbury Lane, about 440 feet west of the subject land. (A more easily usable sewer connection is located north on SW 103rd, but is outside the city limits and indications were that the county would not be receptive to se by an annexed area. ) Overall, it is a very desirable developable parcel since it can be serviced by all utilities, has streets improved on two sides, is relatively flat, is in a good area, and is an attractive piece of ground. Highest and Best Use Single Family residential use is the most likely legally permissable use for the subject, due to surrounding • uses and the R-7 zoning. Although a planned unit project is a possibility, the attitude of neighbors, the small size of the property, and the higher development costs inherent in such a project would seem to preclude that possibility. The 7,000 square foot minimum lots required do not appear to have a legal minimum width, but widths under 60 feet are felt to adversely affect the quality of houses that could be constructed for this area. However, discussions with the city of Tigard Planning department disclosed that they will permit 1eflag" lots with a 12 ft 3 • • y wide driveway to these rear lots. Therein lies the maximum potential value of this parcel when compared to other possible uses, due to the lower than usual development costs since no streets would be required, and the maximum number of lots would result. It is the opinion of this appraiser, then, that the highest and best use of this vacant parcel of land is three such flag lots behind five lots fronting on SW 103rd and two more lots fronting on SW Canterbury, for a total of ten potential lots. (See Addenda for an example drawing of such a use . ) VALUATION ANALYSIS Int;roduetion For developable va( ant land of thin Lypo, Lwn upproaohen to determining an indicated value are deemed appropriate : the Land Developer' s Method, and the Direct Salt. Comparison Approach. In the former, the final developed total lot value is estimated, and from this is subtracted all expenses of development including profit and overhead. The amount remaining is determined to be the amount that the prudent and reasonable developer would pay for the raw land in order to pursue the project through. In the latter, similar and recent sales of land are compared to the subject, adjusting for any significant differences, and the resulting indicated value of each sale is weighed as to their reliability as value indicators for the subject. Finally, the values indicated by each method will be further weighed and analyzed in the Correlation section, and a final, most probable selling price will be estimated as the fair market value of the subject. Land Developer' s Method The first step of this method is to estimate the final, developed lot value of the subject lots. In doing this, several similar lot sales were analyzed, with a summary of each as follows: Lot 7, Penrose Terrace, now 9230 SW View Terrace, about 2 mile east. This lot is similar to lots on the subject prorerty, and sold for $8,000 on Oct 20, 1975. Tax lot 5100, Section 13 AD, T2S R1W (12820 SW 107th at) , located across the Pacific Hiway. Sold June 1976 for $8,000. Lots 17, 21, and 24, Shannendow, located north of the subject off 79th near Pfaffle . A builder purchased these three lots Dec 1975 for $5,750 each. Lot 9, Hi-West Estates in Tualatin, in an ar :a considered similar, sold April 197( for `t1, 90O. Lots 3, 17, 18 and 19 Treehill, in Sherwood, sold for $ 5,500 each to a builder in June 1976. Navaho Hills II , three lots in. Tualatin. These sold to individual builders in the spring of 1976 for from 4S,-Or to $8,400 each. West Colony Park No 2, located west of the subject on Bull Moutain Rd. These are larger lots in a somewhat more desireable location than the subject. Nine of these lots sold between March and May 1976 for from e8, 950 to 012, 500. Lots most comparable to the subject sold at the low end of that range. Based on an analysis of the above data, it As the cc,ri(.1_eelon o1' this appraiser that buildable lot;a in the sub je . t, parcel should be marketable at between #8, o0 to $ ,75O, depending upon their location on the parcel , but at an expected average of $8,250 each. Before building permits would be issued, however, the City of Tigara indicated it would require improvement of the west side of SW 103rd, a total of about 465 feet, to standard curb and gutter specifications. Also, sanitary sewer lines will need to be laid from their present terminus in SW Canterbury Lane 440 feet west of the subject property to the intersection of SW 103rd and Canterbury Lane, thence south to the southern boundary of the property, a total distance of approximately 1,040 feet. In estimating the cost to complete the above street improvements plus arranging the legal and governmental matters in the subdivision, several developers and consulting engineers were consulted. The consensus of these discussions was that reasonable estimates for the development costs would be $12 per lineal foot for the sewer lines, $15 per lineal foot for the half-street improvements, and an administrative overhead and profit expense of around 25% of the total value of the improved property. Based on the above analysis, the value of the subject property is estimated as follows: Ten building sites x 48,250 per site: $82,500 Less: 463 ft street improv. x $15/ft: -#6,94x5 1040 ft sewer lines x $12/ft: Overhead/Profit g 25% x $82,500: -20.62 ; subtotal: -40,050 -40.050 442,450 Value indicated by the Land Developer' s Method (rounded) : $42, 00 5 Direct Comparison Approach This method of estimating value eras made diff';.eal by the few truly comparable , recently sold vacant land parcels that are similar to the subject in this area, due pri;narily LC) the small size and lower deveiopme:it overhead of the ouhlect. However, the following three sales were considered s lrnllar enough in most respects to bear analysis and w:omparison: 1 . Corner of SW 180th and Kinnaman in Aloha, nregon. This 1 .2 acre parcel. sold December 1..)7 for $25,00) or 420,800 per acre . .Lt the time of sale , the buyer, .x builder, anticipated to be a:)le to build five single family fomes on the site. Indicated value per potential lot is $4,000, or 440,000. Tax Lot 1800, 2S1 1001, acroa a Beef }tw,ed Road from k1nK City at 123rd. This 3...'3 acre parcel of developable property sold March 1976 for 450,000 on contract with 412,000 down , 43,500 annual payments ©8.5 percen % interest, balance due in 10 years. In order to develop this parcel, a 300 -y 350 ft street will be required. Indicated value per acre is $15,950,. for the subject, or $41,500. 3. Tax Lot 3500, 1S1E 36 in Clackamas County. This property is located in Milwaukie in a very comparable neighborhood. It is a 1.5 acre parcel which sold in September 1976 for 425,000. Six houses are presently being constructed on the property, with development costs somewhat less than the subject. Indicated value per acre for the subject is 416,235, or 442.200. The above data suggest the value of the subject property lies between 840, 000 and $42,200. After proper adjusting for differences in location, size of parcels, date of sale, and efficiency of development, this appraiser concludes that the indicated value per acre for the subject by these sales is $16,000, or a total for the 2.6 acre parcel of (rounded) : $41 .600. Final Correlation and Conclusion of Value , The indicated value for the subject by each of the two methods utilized are very close in this instance, with only an indicated difference of 0400 between them. This small difference is not deemed to be significant; however, since the Land Developer' s Method most closely approximates the thinking and actions of the typical purchaser In this case ( the developer, or developer-builder) , it is considered to be the most reliable . It is also well supported by. the 6 • Direct Sales Comparison Approach, also a very good indicator of value for most properties. Assuming the governmental agencies will allow development of this approximately 2.6 acre parcel as indicated, it should he able to support the anticipated segregation into ten lots. Then, with its wooded rear portion, the utilities available, and the good area in which i t is situated, this parcelis con- sidered to be of good, marketable quality. After careful analysis and investigation of the pertinent facts, it is this appraiser' s opinion that the most probable selling price as is, and thP fair market value of the property as of October 16, 1976, is: FORTY-TWO THOUSAND DOLLARS ($42,000.00) �K.::AAN" ♦ � J ' I % Ex AtitPt L /U L'? L . # L /C(' ' ' ( I ~ t2t if Ai To • I ! 1 ' ) ! 1 ") • ! 7 \ t I