- 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