- 5 - an executed copy of the Settlement Agreement and the documents executed by the parties thereto pursuant to the terms thereof; (ii) all requirements precedent to issuance of the pro forma owner’s title policy (the “Owner’s Policy”) attached hereto have been satisfied and that you are prepared to issue the Owner’s Policy; (iii) you have confirmed that the Deed has been properly executed and witnessed; (iv) the Deed is in proper recordable form; and (v) the correct property description has been appended. * * * * * * * CONSENTED TO: LOWRY & WELLS INVESTMENTS, a California partnership By: George H. Wells Name: General Partner On December 15, 1993, the partners executed a Grant Deed which would convey the Fitch Property to AAL. The Grant Deed provided, among other things, that It is the intention of the Grantor and the Grantee that the lien created by the Deed of Trust will not merge into the fee title acquired by the Grantee pursuant to this Grant Deed. No such merger will occur until such time as the Grantee executes a written instrument specifically effecting such merger and duly records the same. Also on December 15, 1993, AAL executed a “Covenant Not to Sue” the Partnership and its general and limited partners as to any matter arising from the loans made by AAL to the Partnership and secured by the Deed of Trust. The Covenant was conditioned upon a release by the Partnership to AAL, the conveyance of the Fitch Property to AAL, and “other good and valuable consideration.”Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011