First American Title and Fidelity Title will each contribute $10,000, according to a copy of the settlement obtained by the Deseret Morning News.
First American Title officials declined to talk about the Maeser/Loose deed specifically, but it isn't unusual for a title search to stop short of exploring back 100 years, company vice-president and regional counsel Blake Heiner said.
Loose's condition that if the playground was removed the property would be returned to his family called a right of reverter is extremely rare.
"I would have to say, in my 30 years in this business, this is the first time I've seen a right of reverter anywhere but in a law school exam," Heiner said. "These type of things don't happen in today's world."
Many neighbors were angry to lose the school park, but efforts to build the required new homes elsewhere failed. Major Provo parks sit three and four blocks away from the former school.Carlson said the public is invited to enjoy the Loose Plaza.
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