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HomeMy Public PortalAboutLand Title Insurance - Parks & Recreation - Callaway County Land G2T al AT 1231- 25L A LT 17rm 602-87 ��Ntaks A lvq� 6906 D ALTA Owners Policy O� 1-0 6524 a z DEC 2 0 1994 > � §� AA,,qq �t ��pp gp`^�� �ppB OF EST.1880 FIEC $E00H ST.�o YOUR SEAL OF ASSURANCE I POLICY OF TITLE INSURANCE ISSUED BY ' I SUBJECT TO-THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, LAND TITLE INSURANCE COMPANY OF ST. LOUIS, a Missouri corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage,not exceeding the Amount of Insurance stated in Schedule A,sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. pub (`title �nsuranre (gompung of Louis BY- COUNT SIGNED: PRESIDENT 0 y ATTEST-. AUTHORIZED SIGNATORY VICE PRESIDENT CONDITIONS AND STIPULATIONS (continued from inside back cover) only that part of any losses insured against by this policy for arbitration is made or,at the option of the insured,the 16. SEVERABILITY. which shall exceed the amount, if any,lost to the Com- Rules in effect at Date of Policy shall be binding upon the In the event any provision of the policy is held invalid pany by reason of the impairment by the insured claimant parties.The award may include attorneys'fees only if the or unenforceable under applicable law,the policy shall be of the Company's right of subrogation. laws of the state in which the land is located permit a court deemed not to include that provision and all other provi- (b)The Company's Rights Against Non-insured to award attorneys'fees to a prevailing party.Judgment sions shall remain in full force and effect. Obligors. upon the award rendered by the Arbitrator(s) may be The Company's right of subrogation against non- entered in any court having jurisdiction thereof. 17. NOTICES,WHERE SENT. insured obligors shall exist and shall include, without The law of the situs of the land shall apply to an ar- limitation,the rights of the insured to indemnities,guaran- bitration under the Title Insurance Arbitration Rules. All notices required to be given the Company and any ties,other policies of insurance or bonds,notwithstanding A copy of the Rules may be obtained from the Com- statement in writing required to be furnished the Company any terms or conditions contained in those instruments pany upon request. shall include the number of this policy and shall be ad- which provide for subrogation rights by reason of this dressed to the Company at 2350 Market Street,St.Louis, policy. 15. LIABILITY LIMITED TO THIS POLICY; MO 63103. POLICY ENTIRE CONTRACT. 14. ARBITRATION. (a)This policy together with all endorsements, if Unless prohibited by applicable law,either the Com- any,attached hereto by the Company is the entire policy pany or the insured may demand arbitration pursuant to and contract between the insured and the Company. In the Title Insurance Arbitration Rules of the American Ar- interpreting any provision of this policy,this policy shall`:' bitration Association.Arbitrable matters may include,but be construed as a whole. are not limited to,any controversy or claim between the (b)Any claim of loss or damage,whether or not bas- Company and the insured arising out of or relating to this ed on negligence,and which arises out of the status of policy,any service of the Company in connection with its the title to the estate or interest covered hereby or by any issuance or the breach of a policy provision or other obliga- action asserting such claim, shall be restricted to this tion.All arbitrable matters when the Amount of Insurance policy. is$1,000,000 or less shall be arbitrated at the option of (c)No amendment of or endorsement to this policy either the Company or the insured.All arbitrable matters can be made except by a writing endorsed hereon or at- when the Amount of Insurance is in excess of$1,000,000 tached hereto signed by either the President,a Vice Presi- shall be arbitrated only when agreed to by both the Com- dent,the Secretary,an Assistant Secretary,or validating pany and the insured.Arbitration pursuant to this policy officer or authorized signatory of the Company. and under the Rules in effect on the date the demand a CONDITIONS AND STIPULATIONS • (continued from inside front cover) shall exercise its rights under this paragraph,it shall do fees and expenses incurred by the insured Policy of each separate parcel to the whole,exclusive of so diligently. claimant,which were authorized by the Company,up to any improvements made subsequent to Date of Policy, (c)Whenever the Company shall have brought an the time of payment or tender of payment and which the unless a liability or value has otherwise been agreed upon action or interposed a defense as required or permitted Company is obligated to pay as to each parcel by the Company and the insured at the by the provisions of this policy,the Company may pur- Upon the exercise by the Company of this option,all time of the issuance of this policy and shown by an ex- sue any litigation to final determination by a court of com- liability and obligations to the insured under this policy, press statement or by an endorsement attached to this petent jurisdiction and expressly reserves the right,in its other than to make the payment required,shall terminate, policy. sole discretion,to appeal from any adverse judgment or including any liability or obligation to defend,prosecute, 9 LIMITATION OF LIABILITY. order or continue any litigation, and the policy shall be sur- (d)In all cases where this policy permits or requires rendered to the Company for cancellation. (a)If the Company established the title,or removes the Company to prosecute or provide for the defense of (b) To Pay or Otherwise Settle With Parties the alleged defect,lien or encumbrance,or cures the lack any action or proceeding,the insured shall secure to the Other than the Insured or With the Insured Claimant. of a right of access to or from the land,or cures the claim Company the right to so prosecute or provide defense in (i)to pay or otherwise settle with other parties of unmarketability of title,all as insured,in a reasonably the action or proceeding,and all appeals therein,and per- for or in the name of an insured claimant any claim in- diligent manner by any method,including litigation and mit the Company to use,at its option,the name o1 the sured against under this policy,together with any costs, the completion of any appeals therefrom,it shall have fully insured for this purpose. Whenever requested by the attorneys'fees and expenses incurred by the insured clai- performed its obligations with respect to that matter and Company,the insured,at the Company's expense,shall mant which were authorized by the Company up to the shall not be liable for any loss or damage caused thereby. give the Company all reasonable aid(i)in any action or time of payment and which the Company is obligated to (b)In the event of any litigation,including litigation proceeding,securing evidence,obtaining witnesses,pro- pay;or by the Company or with the Company's consent,the Com- secuting or defending the action or proceeding,or effec- (ii)to pay or otherwise settle with the insured clai- pany shall have no liability for loss or damage until there ting settlement,and(ii)in any other lawful act which in mant the loss or damage provided for under this policy, has been a final determination by a court of competent the opinion of the Company may be necessary or together with any costs,attorneys'fees and expenses in- jurisdiction, and disposition of all appeals therefrom, desirable to establish the title to the estate or interest as curred by the insured claimant which were authorized by adverse to the title as insured. insured.If the Company is prejudiced by the failure of the the Company up to the time of payment and which the (c)The Company shall not be liable for loss or insured to furnish the required cooperation, the Com- Company is obligated to a damage to an insured for liabilityvoluntarilyassumed b pany's obligations to the insured under the policy shall p y g pay g y y terminate,including any liability or obligation to defend, Upon the exercise by the Company of either of the the insured in settling any claim or suit without the prior prosecute,or continue any litigation,with regard to the options provided for in paragraphs b(i)or(ii),the Com- written consent of the Company. matter or matters requiring such cooperation. pany's obligations to the insured under this policy for the claimed loss or damage,other than the payments required 10. REDUCTION OF INSURANCE; REDUCTION 5. PROOF OF LOSS OR DAMAGE. to be made, shall terminate, including any liability or OR TERMINATION OF LIABILITY. obligation to defend,prosecute or continue any litigation. All payments under this policy, except payments In addition to and after the notices required under made for costs, attorneys' fees and expenses, shall Section 3 of these Conditions and Stipulations have been 7. DETERMINATION, EXTENT OF LIABILITY reduce the amount of the insurance pro tanto. provided the Company,a proof of loss or damage signed AND COINSURANCE. and sworn to by the insured claimant shall be furnished This policy is a contract of indemnity against actual 11. LIABILITY NONCUMULATIVE. to the Company within 90 days after the insured claimant monetary loss or damage sustained or incurred by the in- It is expressly understood that the amount of in- shall ascertain the facts giving rise to the Ibss or damage. sured claimant who has suffered loss or damage by surance under this policy shall d reduced by any amount The proof of loss or damage shall describe the defect in, reason of matters insured against by this policy and only the Company may pay under any policy insuring a mort- or lien or encumbrance on the title,or other matter insured to the extent herein described. against by this policy which constitutes the basis of loss gage to which exception is taken in Schedule B or to which or damage and shall state, to the extent possible, the (a)The liability of the Company under this policy the insured has agreed,assumed,or taken subject,or basis of calculating the amount of the loss or damage. shall not exceed the least of: which is hereafter executed by an insured and which is If the Company is prejudiced by the failure of the insured (i)the Amount of Insurance stated in Schedule a charge or lien on the estate or interest described or refer- claimant to provide the required proof of loss or damage, A;or, red to in Schedule A,and the amount so paid shall be the Company's obligations to the insured under the policy (ii)the difference between the value of the in- deemed a payment under this policy to the insured owner shall terminate,including any liability or obligation to de- sured estate or interest as insured and the value of the fend,prosecute,or continue any litigation,with regard to insured estate or interest subject to the defect,lien or en- 12. PAYMENT OF LOSS. the matter or matters requiring such proof of loss or cumbrance insured against by this policy. (a)No payment shall be made without producing damage. (b)In the event the Amount of Insurance stated in this policy for endorsement of the payment unless the In addition,the insured claimant may reasonably be Schedule A at the Date of Policy is less than 80 percent policy has been lost or destroyed,in which case proof of required to submit to examination under oath by any of the value of the insured estate or interest or the full con- loss or destruction shall be furnished to the satisfaction authorized representative of the Company and shall pro- sideration paid for the land,whichever is less,or if subse- of the Company duce for examination, inspection and copying,at such quent to the Date of Policy an improvement is erected on (b)When liability and the extent of loss or damage reasonable times and places as may be designated by the land which increases the value of the insured estate has been definitely fixed in accordance with these Con- any authorized representative of the Company, all or interest by at least 20 percent over the Amount of In- ditions and Stipulations, the loss or damage shall be records, books, ledgers, checks, correspondence and surance stated in Schedule A,then this Policy is subject payable within 30 days thereafter memoranda,whether bearing a date before or after Date to the following: of Policy,which reasonably pertain to the loss or damage. (i)where no subsequent improvement has been 13. SUBROGATION UPON PAYMENT Further,if requested by any authorized representative of made,as to any partial loss,the Company shall only pay OR SETTLEMENT. the Company,the insured claimant shall grant its permis- the loss pro rata in the proportion that the amount of in- sion,in writing,for any authorized representative of the (a)The Company's Right of Subrogation. surance at Date of Policy bears to the total value of the Company to examine,inspect and copy all records,books, insured estate Whenever the Company shall have settled and paid ledgers,checks,correspondence and memoranda in the interest at Date of Policy;or(ii)where a claim under this policy,all right of subrogation shall vest custody or control of a third party,which reasonably per- ti subsequent improvement rovement has been made,as to any par- in the Company unaffected by any act of the insured tain to the loss or damage.All information designated as tial loss,the Company shall only pay the loss pro rata in claimant. confidential by the insured claimant provided to the Com- the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears The Company shall be subrogated to and be entitl- pany pursuant to this Section shall not be disclosed to ed to all rights and remedies which the insured claimant others unless, in the reasonable judgment of the Com- Insurance stated in Schedulea the sum of the Amount of A and the amount expend-ed for the improvement. would have had against any person or property in respect pany,it is necessary in the administration of the claim. The provisions of this paragraph shall not apply to to the claim had this policy not been issued.If requested Failure of the insured claimant to submit for examination costs,attorneys'fees and expenses for which the Com- by the Company,the insured claimant shall transfer to the under oath,produce other reasonably requested informa- Company all rights and remedies against any person or tion or grant permission to secure reasonably necessary that liable under this policy,and shall only apply to property necessary in order to perfect this right of 10 percent oft information from third parties as required in this para- that portion f t any loss which exceeds,in the aggregate,he Amount of Insurance stated in Schedule subrogation.The insured claimant shall permit the Com- graph,unless prohibited by law or governmental regula- Apany to sue,compromise or settle in the name of the in- tion,shall terminate any liability of the Company under A. sured claimant and to use the name of the insured clai- this policy as to that claim. (c) The Company will pay only those costs, at- mant in any transaction or litigation involving these rights torneys' fees and expenses incurred in accordance or remedies. 6. OPTIONS TO PAY OR OTHERWISE SETTLE with Section 4 of these Conditons and Stipulations. If a payment on account of a claim does not fully CLAIMS;TERMINATION OF LIABILITY. g, APPORTIONMENT. cover the loss of the insured claimant,the Company shall In case of a claim under this policy,the Company be subrogated to these rights and remedies in the pro- shall have the following additional options: If the land described in Schedule A consists of two portion which the Company's payment bears to the whole or more parcels which are not used as a single site,and amount of the loss. (a)To Pay or Tender Payment of the Amount of a loss is established affecting one or more of the parcels If loss should result from any act of the insured clai- Insurance. but not all,the loss shall be computed and settled on a mant,as stated above,that act shall not void this policy, To pay or tender payment of the amount of insur• pro rata basis as if the amount of insurance under this but the Company,in that event,shall be required to pay ance under this policy together with any costs,attorneys' policy was divided pro rata as to the value on Date of (continued on back) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: - 1. (a) Any law,ordinance or governmental regulation (including but not limited to building and zoning laws,ordinances,or regulations) restricting, regulating, prohibiting or relating to(i)the occupancy, use, or enjoyment of the land; (ii)the character, dimensions or location of any improvement now or hereafter erected on the land; (iii)a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or(iv)environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by(a) above, except to the extent that a notice of the exercise thereof•or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not ex- cluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a), created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy,but known to the insured claimant and not disclos- ed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim,which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the opera- tion of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer;or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferen- tial transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. of the United States district court for the district in which as to the insured all liability of the Company shall ter- The following terms when used in this policy mean: the land is located. minate with regard to the matter or matters for which (a)"insured-the insured named in Schedule A, (g)"unmarketability of the title—an alleged or ap- prompt notice is required;provided,however,that failure and,subject to any rights or defenses the Company would parent matter affecting the title to the land,not excluded to notify the Company shall in no case prejudice the rights have had against the named insured,those who succeed or excepted from coverage,which would entitle a pur- of any insured under this policy unless the Company shall to the interest of the named insured by operation of law chaser of the estate or interest described in Schedule A be prejudiced by the failure and then only to the extent as distinguished from purchase including,but not limited to be released from the obligation to purchase by virtue of the prejudice.to, heirs, distributees, devisees, survivors, personal of a contractual condition requiring the delivery of marketable title. 4. DEFENSE AND PROSECUTION OF ACTIONS; representatives, next of kin, or.corporate or fiduciary DUTY OF INSURED CLAIMANT TO successors. 2. CONTINUATION OF INSURANCE AFTER COOPERATE. (b)"insured claimant an insured claiming loss or CONVEYANCE OF TITLE . a re the insured and sub- damage. ( )Upon written request b Y (c)"knowledge"or"known" actual knowledge, The coverage of this policy shall continue in force as ject to the options contained in Section 6 of these Condi- not constructive knowledge or notice which may le im- of Date of Policy in favor of an insured only so long as tions and Stipulations,the Company,at its own cost and puted to an insured by reason of the public records as the insured retains an estate or interest in the land,or without unreasonable delay,shall provide for the defense defined in this policy or any other records which impart holds an indebtedness secured by a purchase money of an insured in litigation in which any third party asserts constructive notice of matters affecting the land. mortgage given by a purchaser from the insured,or only a claim adverse to the title or interest as insured,but only so long as the insured shall have liability by reason of as to those stated causes of action alleging a defect,lien (d) "land" the land described or referred to in covenants of warranty made by the insured in any transfer or encumbrance or other matter insured against by this Schedule(A),and improvements affixed thereto which by or conveyance of the estate or interest.This policy shall policy.The Company shall have the right to select counsel law constitute real property.The term"land"does not in- not continue in force in favor of any purchaser from the of its choice(subject to the right of the insured to object clude any property beyond the lines of the area describ- insured of either(i)an estate or interest in the land,or for reasonable cause)to represent the insured as to those ed or referred to in Schedule(A),nor any right,title,in- (ii)an indebtedness secured by a purchase money mor- stated causes of action and shall not be liable for and will terest, estate or easement in abutting streets, roads, tgage given to the insured. not pay the fees of any other counsel.The Company will avenues,alleys,lanes,ways or waterways,but nothing not pay any fees,costs or expenses incurred by the in- herein shall modify or limit the extent to which a right of 3. NOTICE OF CLAIM TO BE GIVEN sured in the defense of those causes of action which access to and from the land is insured by this policy BY INSURED CLAIMANT. allege matters not insured against by this policy (e) "mortgage". mortgage, deed of trust, trustThe insured shall notify the Company promptly in (b)The Company shall have the right,at its own cost, deed,or other security instrument. to institute and prosecute any action or proceeding or to writing(i)in(case of any litigation set forth in Section do any other act which in its opinion may be necessary (f) "public records- records established under 4(a)below,(ii)in case knowledge shall come to an insured desirable to establish the title to the estate or interest, state statutes at Date of Policy for the purpose of impar- hereunder of any claim of title or interest which is adverse or orinsured,or to prevent or reduce loss or damage to the ting constructive notice of matters relating to real proper- to the title to the estate or interest,as insured,and which as insured.The Company may take any appropriate action ty to purchasers for value and without knowledge.With might cause loss or damage for which the Company may , be r or not it shall under the terms of this policy,whether respect to Section 1(a)(iv) of the Exclusions From be liable by virtue of this policy,or(iii)if title to the estate liable hereunder,and shall not thereby concede Coverage, "public records" shall also include en- or interest, as insured, is rejected as unmarketable. If y liability vironmental protection liens filed in the records of the clerk prompt notice shall not be given to the Company,then or waive any provision of this policy. If the Company T (continued on inside back cover) Issued with Policy No. ALTA Owners Policy (6-1-87) SCHEDULE A TOTAL CHARGE: $231.00 RISK RATE: $42.00 Order No. 9405127 Abstract No. Policy No. 1-06524 Date of Policy: August 18, 1994 @ 1:31 PM Amount of Insurance: $30,000.00 1. Name of Insured: CITY OF JEFFERSON PARKS AND RECREATION COMMISSION 2. The estate or interestin the land described herein and which is covered by this policy is: Fee Simple 3. Title to the estate or interest in the land is vested in: The named insured herein above, At the Date of Policy hereof, as shown by instrument recorded in Book 320, Page 679, of the Public Records of Callaway County, Missouri. 4. The land referred to in this policy is described as follows: TRACT I: A 25 foot wide strip of land situate in Section Nine (9), Section Ten (10), and Section Sixteen (16), Township Forty-four (44) North, Range Eleven (11) West, and a triangular parcel of land situate in Section 16, Township 44 North, Range 11 West, Callaway County, Missouri, said strip and parcel being all that certain land described by Warranty Deed dated February 12, 1897, from the Jefferson City Bridge & Transit Company to the Missouri, Kansas & Texas Railway Company (predecessor to Missouri Pacific Railroad Company) recorded on February 15, 1897, on Page 66 in Deed Record Book 41 of Callaway County Records. EXCEPTING therefrom all that certain parcel 'of land heretofore conveyed by Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to Alex Cantor by Correction Quit Claim Deed dated October 30, 1957, identified in Railroad Company Records as Callaway County Deed Number 109. ALSO EXCEPTING therefrom that certain parcel of land heretofore conveyed by Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to Missouri Farmers Association by Quit Claim Deed dated March 12, 1987, identified in Railroad Company Records as Callaway County Deed Number 152 ALSO EXCEPTING therefrom that certain parcel of land heretofore conveyed by Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to the State of Missouri, acting by and through the State Highway Commission of i Missouri by Special Warranty Deed dated October 13, 1976, identified in Railroad Company records as Callaway County Deed Number 149. ALSO EXCEPTING all that certain easement for that 50 foot Right-of-Way for spur track reserved by Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) in that Special Warranty Deed conveying that certain parcel of land from Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to the State of Missouri, acting by and through the State Highway Commission of Missouri dated October 13, 1976, identified in Railroad Company records as Callaway County Deed Number 149. ALSO EXCEPTING therefrom any portion thereof lying within that certain parcel of land situate in the Southeast Quarter of Section 9 and the West Half of Section 10, Township 44 North, Range 11 West, Callaway County, Missouri, and being more particularly described as follows: BEGINNING at the point of intersection of the East line of Survey No. 2622 with the southeasterly Right-of-Way line of the abandoned Jefferson City Spur, said Right-of-Way line being 38 feet distant, southeasterly, measured at right angles from the centerline of the main track of the aforementioned abandoned Jefferson City Spur as formerly constructed and operated; thence South 56 11' West along said Right-of-Way line a distance of 671.9 feet; thence North 85052' West a distance of 45.5 feet, more or less, to a poinA 10 feet distant, southeasterly, measured at right angles from said centerline; thence North 56 11' East along a line parallel with and 10 feet distant, southeasterly, measured at right angles, from said centerline a distance of 770.6 feet, more or less, to a point on the southwesterly line of that certain parcel conveyed by that certain Quit Claim Deed dated March 12, 1987, from Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to Missouri Farmers Associag,on, Inc. identified in Railroad Company's records as Audit Number 152. Thence South 54 06' East along said southwesterly line a distance of 29.9 feet, more or less, to the aforementioned southeasterly Right-of-Way line of said Railroad Company; thence South 56 11' West along said southeasterly line a distance of 73.1 feet to THE POINT OF BEGINNING. TRACT'II: A Parcel of land situate in the West Half (W 1/2) of Section Ten (10), and the Southeast Quarter (SE 1/4) of Section Nine (9), Township Forty-four (44) North, Range Eleven (11) West, Callaway County, Missouri, said parcel being all those certain parcels of land described by Warranty Deed dated-November 29, 1957, from Missouri Power & Light Company to Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) recorded on December 23, 1957, on Page 649 in Record Book 166 of Callaway County, Missouri. EXCEPTING therefrom that certain parcel of land heretofore conveyed by Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to the State of Missouri, acting by and through the State Highway Commission of Missouri by Special Warranty Deed dated October 13, 1976, identified in Railroad Company records as Callaway County Deed Number 149. ALSO EXCEPTING therefrom that certain parcel of land heretofore conveyed by Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to Missouri Farmers Association by Quit Claim Deed dated March 12, 1987, identified in Railroad Company Records as Callaway County Deed Number 152. ALSO EXCEPTING therefrom any portion thereof lying within that certain parcel of land situate in the Southeast Quarter of Section 9 and the West Half of Section 10, Township 44 North, Range 11 West, Callaway County, Missouri, and being more particularly described as follows: BEGINNING at the point of intersection of the East line of Survey No. 2622 with the southeasterly Right-of-Way line of the abandoned Jefferson City Spur, said Right-of-Way line being 38 feet distant, southeasterly, measured at right angles from the centerline of the main track of the aforementioned abandoned Jefferson City Spur as formerly constructed and operated; thence South 56 11' West along said Right-of-Way line a distance of 671.9 feet; thence North 85052' West a distance of 45.5 feet, more or less, to a poi% 10 feet distant, southeasterly, measured at right angles from said centerline; thence North 56 11' East along a line parallel with and 10 feet distant, southeasterly, measured at right angles, from said centerline a distance of 770.6 feet, more or less, to a point on the southwesterly line of that certain parcel conveyed by that certain Quit Claim Deed dated March 12, 1987, from Missouri-Kansas-Texas Railroad Company (predecessor to Missouri Pacific Railroad Company) to Missouri Farmers Associalon, Inc. identified in Railroad Company's records as Audit Number 152. Thence South 54 06' East along said southwesterly line a distance of 29.9 feet, more or less, to the aforementioned southeasterly Right-of-Way line of said Railroad Company; thence South 56 11' West along said southeasterly line a distance of 73.1 feet to THE POINT OF BEGINNING. ALSO EXCEPTING therefrom all that certain parcel of land heretofore conveyed by Missouri Pacific Railroad Company to Capitol Sand Company, Inc. by Quit Claim Deed dated April 6, 1993, identified in Railroad Company Records as Land Sold Deed Audit Number 155. TRACT III: Three parcels of land situate in the North Half (N 1/2) of the Northeast Quarter (NE 1/4) of Section 16 and the Southwest Quarter (SW 1/4) of the Southeast Quarter (SE 1/4) of Section 9, Township 44 North, Range 11 West, Callaway County, Missouri, said parcels being all those certain parcels of land described by Quit Claim Deed dated October 13, 1953, from the State Highway Commission of Missouri to the Missouri-Kansas-Texas Railroad Company (predecessor to Missdiffi.'Pacific Railroad Company) recorded on April 24, 1956, on Page 371 in Record Book 161 of Callaway County, Missouri. EXCEPTING therefrom all that portion thereof lying within those certain properties condemned by the State of Missouri, ex rel., Missouri Highway and Transportation Commission in Order of Condemnation Case Number CV589-247 dated July 3, 1989, and filed in Callaway County Circuit C7rzna�� Authorized Agent LAND TITLE INSURANCE CO. LT Form 1655 (1-93) ALTA Owners Policy (6-1-87) SCHEDULE B EXCEPTIONS FROM COVERAGE Order No. 9405127 Abstract No. Policy No. 1-06524 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of. 1. Taxes for the year of the effective date of this policy and taxes or special assessments which are not shown as existing liens by the public records. 2. Rights or claims of parties in possession not shown by the public records. 3. Encroachments, overlaps, boundary line disputes, and other matters which would be disclosed by an accurate survey and inspection of the premises. 4. Easements or claims of easements not shown by the public records. 5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 6. All general taxes due and payable in the year 1994 and thereafter, and any special assessments becoming a lien after the date hereof, and any and all charges, fees or assessments which may be due from any fire, water, levee, electric or sewer district or cooperative and any Home Owners Association in which subject property may be situated, there are none now due and payable. 7. Subject to all Coal, Oil, Gas and the Minerals and Mineral Rights of whatever nature or description reserved to Missouri Pacific Railroad Company. 8. The company will not pay any claim for loss, or attorney fees or court costs arising from a court or competent jurisdiction declaring the land herein not to have been vested in Fee Simple Title to the Missouri-Kansas-Texas Railroad Company but vested as an Easement Estate. 9. Paragrah 14 of CONDITIONS and STIPULATIONS pertaining to arbitration is hereby deleted.