HomeMy WebLinkAboutRich, Franklin Overton JOSHUA Y. HORTON
GREGORY F. YAKABOSKI Supervisor
TOWN ATTORNEY
Town Hall, 53095 Route 25
P.O. Box 1179
KATHLEEN MURRAY Southold, New York 11971-0959
ASSISTANT TOWN ATTORNEY Telephone (631) 765-1939
e-mail:
greg.yakaboski@town.southold.ny.us
PATRICIA A, FINNEGAN kathleen.murray@town.southold.ny.us
ASSISTANT TOWN ATTORNEY patricia.finnegan@town.southold.ny.us
OFFICE OF THE TOWN ATTORNEY
TOWN OF SOUTHOLD
To:
From:
Date:
Elizabeth A. Neville
Town Clerk
Gregory F. Yakaboski, Esq.
Town Attorney
December 30, 2002
FRANKLIN OVERTON RICH to TOWN OF SOUTHOLD
SCTM #1000-74-5-6
Open Space
Betty:
Enclosed for safekeeping in your office, please find the following documents in relation to
the above closing that was held on December 10, 1998:
· Original Bargain & Sale Deed dated December 10, 1998, recorded in the Suffolk
County Clerk's office in Liber 11936 at page 96, on December 24, 1998,
· Original Title Insurance Policy #70982749 issued by Commonwealth Title Insurance
Company in the amount of $200,000.00
Thank you.
G reg
/md
encs.
cc: Melissa Spiro, Land Preservation Coordinator w/encs.
Standard N.Y,S.L.T./<: Form 8G~7 - Page I
10 0 Corn:
74 sm:no~:
Bargain & Sale Deed, will~ Cgvenant against Gmntor's Acts
ndiv~l[? or Corporation
CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT-THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY.
Franklin Overton Rich
146 Cove Road
Stonington, CT 06378
BETWEEN
day of December
, nineteen
ninety-eight
party ofthefirstpart, and
Town of Southold
53095 Main Road
Southold, I~ 11971
party of the second'part,
WlTNESSETH, that the party of the first part, in considemtion of Two Hundred Thousand and 00/100
($200,000 · 00) dollars
lawful money of the United States, paid
by the party of the second part, does hereby grant and release unto the party of the second part, the heirs or successors
and assigns of the party of the second part forever,
ALL that certain plot, piece or parcel of land, with the building and improvements thereon erected, situate, lying and
being in the
SEE SCHEDULE A ATTACHED HERETO
a part of
BEING AND INTENDED TO BE/the same premises conveyed by Deed dated 6/1/78 and
recorded on 9/6/78 in Liber 8492 cp. 142 and by Deed dated 7/13/74, recorded
7/17/74 in Liber 7676 cp 216, re-recorded in Liber 7688 cp 576 in the Suffolk County
Clerk's Office.
File No. 70982749
SCHEDULE A
AMENDED 12/7/98
ALL that certain plot, piece, or parcel of land, situate, lying and being in the Town of Southold, County of
Suffc k and State of New York, being a descriptive parcel of land, bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic~Lane, 316.96 feet (316.35 survey), (316.94 deed)
southerly along said westerly line from land of Long ]:sland Railroad Company, said point of beginning
being the southeasterly corner of land formerly of Grathwohl now or formerly of ]ohnsen; from said point
of beginning;
RUNNING along said westerly line of Peconic Lane, South 30 degrees 03 minutes 20 seconds East 423.78
feet;
THENCE along land of Mazzei, South 59 degrees 43 minutes West, 886.39 feet to land of Catalano &
others;
THENCE along said land, North 33 degrees 47 minutes West, 739.96 feet to said'land of Long Island
Rail road Company;
THENCE along said land, North 59 degrees 37 minutes 40 seconds East, 712.81 feet;
THENCE along land of Howell, South 30 degrees 10 minutes 20 seconds East, 213.33 feet;
THENCE along said land formerly of Grathwohl, now or formerly of ]ohnsen the following two (2) courses
and distances:
1. South 30 degrees 16 minutes 20 seconds East 101.47 feet;
2. North 60 degrees 01 minutes 40 seconds East 220.89 feet to the westerly side of Peconic Lane, the
point of BEGINNING.
?or conveyancing only, if
intended to be conveyed.
Together with all right, title and interest of, in and to any streets and roads
abutting the above described premises, to the center line thereof.
Date Printed December 7, :~998
TOGETHER with all right, title and interest, if any~ of the party of the first part in and to any streets and roads
abutting the above described premises to the center liras thereof;
TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises;
TO HAVE AND TO HOLD the premises herein granted unto the party of the second part. the heirs or successors and
assigns of the party of the second part forever.
AND the party of the first part covenants that the party of the first part has not done or suffered anything whereby the
said premises have been encumbered in any way whatever, except as aforesaid.
AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of the first part
will receive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to
be applied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the
cost of the improvement before using any part of the total of the same for any other purpose.
The word "party" shall be construed as if it read "parties" whenever the sense of this indenture so reqmres.
IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above written.
IN PRESENCE OF:
~ranklin Ove~to~ ~ch
Z1930',;096
STATE O1~ NEW YORK, COUNTY OF SUFFOLK SS:
On the ]~ ]Tday of December , 19
before me personally came
Franklin Overton Rich
STATE OF NEW YORK, COUNTY OF
On the day .of
before me personally came
to me known to be the individual desbrib.e~d in and who executed
the foregoing instrument, and acknowledged that
he executed the same.
~o~ry Public, Stato of Now York
~o, 5~-~t 25~50, Suffolk Coum¥ _..
STATE OF NEW YORK, COUNTY OF
SS:
On the day of 19 , before me
personally came
to me known, who, being by me duly sworn, did depose and say
that he resides at No.
that he is the
of
, the corporation described in
and which executed the foregoing instrument; that he knows
the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order
of the board of directors of said corporation, and that he
signed h name thereto by like order.
SS:
· 19 ,,
/
to me known to be the individual described in and who exe~uted
the foregoing insmLmem, and acknowledged that /
executed the same.
'x
STATE OF NEW YORK, COUNTY OF]
On the day of
personally came /
to me known, who, being by me duly swpm,
that he resides at No. ~·
thal he is the
I
SS:
19 , before me
did depose and say
of
, the corporation described in
and which executed the foregoing instrument; that he knows
the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order
of the board of directors of said corporation, and that he
signed h name thereto by like order.
WIT. COVENANT AGAINST GRANTOR'S ACTS
TITLE NO.
Franklin Overton Rich
TO
Town of Southold
STANDARD FORM OF NEW YORK STATE LAND TILE ASSN.
OFidelity National Title
1NSURANL~E COMPANY OF NEW YORK
SEC~ON 074.00
BLOCK 05.00
LOT 006,000
COUNTY CIlllRIlCtI~lr~{ Suffolk
Recorded At Request of Fidelity National Title
RETURN BY MAIL TO:
Gregory F. Yakaboski, Esq.
53095 Main Road
P.O. Box 1179
Southold, NY 11971
Zip Nc
Number of pages REAL ES t A, ~
TRANSFER ~AX
Ce~fi~ ~ ~
~d / Mo~e Ins~ent ~d / Mo~a~ T~ S~p R~or~ng / Fffing S~ps
~ge / Fi~ng F~ / ~ Mo~gage ~t.
~dl~g ~. 1. B~ic T~
~-5~ ,~ · 2. Ad,done T~
No.don Sub Total
5 ,u To
EA-5217 (S~te)
· -- S~./Add.
R.P.T.S.A. /5~ ~~, TOT. ~G. T~
Du~ To~ D~ Cou~
Comm. of Ed. 5 . ~ ~ Held for Ap~onme~
~fi~t ~ , Tr~sfer T~ ~ J .
Ce~ Copy ~sion T~
~e ~o~ cover~ by ~s mo~gage is ~
Reg. Copy ]~ ~ ~ will be improved by a one or two family
Sub To~~ ~ . dwel~ng only.
G~D TOTAL If NO, ~ a~mpfia~ m c~u~ on page g
' of ~is ~s~ent.
~ Real ~peay T~ SPlice Agency Ve~cafion ?~ Title Company Informtion
Dist. Section Block ~t Co~onwealth Land
T~tle Insurance Compan~
1000 074.00 05.00 006. 000 Comply Nme
.I~ '~fle Nm~r
~ - E PAID BY:
/ ~ommonwoalth Land C~h ~eck -' ' ~e
Yitle Inouran~e Company Payer sine as R & R
(or if diffemn0
1777 - 6 Veterans Memorial Highway
Islandia, New York 11722
[ss:
a~co~ ~ ~ TO
~;~ (A~SS)
~?:~Suffolk County Recording & Endorsement Page
~s page fores pm of ~e a~ch~ Deed made by:
(SPE~ ~E OF INS~U~
Franklin 0verton R~ch ~e promises hem~ is situated ~
S~OLK COU~Y, ~W YORK.
TO ~ ~e Towm~p of Southoid
To~ of Southoid
~ ~e ~LAGE
or H~ of Peeon~c
BO~S 5 T~U 9 ~ST BE TYPED OR PROD ~ BLACK ~K O~Y P~OR TO ~CO~ING OR F~G.
ISSUED BY
COMMONWEAL~-I LAND TITLE INSURANCE COMPANY
Commonwealth
OWNER'S POLICY OF TITLE INSHRANCE ~
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND
THE CONDITIONS AND STIPULATIONS, COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania corporation, herein
cailed the Company, insures, as of Date of Po/icy shown in Schedule A, against loss or damage, uot exceeding the Amount of Insurance stated
in Schedule A, sustained or incurred by tl~e 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 thc costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided
in the Conditions and Stipulations.
IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused it~ corpora[e name and seal to be
hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
COMMONWEALTH LAND TITLE INSURANCE COMPANY
~ Secretary President
Attest:
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'
gees or expenses which arise by reason of:
I. (a) Any law, ordinance or governmental regulatinn (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, diniensinns or incation of any improve-
ment now or hereagtar 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 affect of any violation of these laws, ordinances or governmental regula-
tions, 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 cxcinded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect,
lien or enenmbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights o£ eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding
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 disclosed
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 operation
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 in~erest insured by this policy being deemed a preferentiai transfer except where the preferentai 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.
NM I PA10
ALTA Owner's Policy (10-17-92)
Form 1190-1 Face Page
ORIGINAL
Valid Only If Schedules A and B and Cover Are Attached
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS.
The following terms when used in this policy mean:
(al "insured": the insured named in Schedule A, and, subject to any
rights or defenses the Company would have had against the named insured,
th~se who succeed to the interest of the named insured by operation of law
as: distinguished from purchase including, but not limited to heirs
dis[ribute~s devisees, survivors, personal representatives, next of kin, or
corporate or fiduciary successors.
(bi "insured claimant": an insured claiming loss or damage.
lc) "knowledge" or "known": actual knowledge, not constructive
k~wledge or notice which may be imputed to an insured by reason of the
public records as defined in this policy or any other records which itnpart
constructive notice of matters affect'ng the land.
id) "land": the land described or referred to in Schedule A, and
in~provements affixed thereto which by law constitute real property. The
tei'in "land" does not include any property beyond the lines of the area
d~cribed or referred to in Schedule A, nor any right , title, interest, estate
or :easement in abutting streets, roads, avenues, alleys, lanes, ways or
waterways, but nothing herein shall modify or limit the extent to which a
right of access to and from the land is insured by this policy.
(,el "mortgage": mortgage, deed of trust, trust deed. or other security
instrument.
~f) "public records": records established under state statutes at Date of
Pblicy for the purpose of imparting constructive notice of matters relating
tolreal property to purchasers for value and without knowledge. With
red, peet to Section l(a) (iv) of the Exclusions From Coverage, "public
r~ords" shall also include environmental protection liens filed in the
r~ords of the clerk of the United States district court for the district in
wi/ich the land is located.
(gl "unmarketability of the title": an alleged or apparent matter affecting
the title to the land, not excluded or excepted from coverage, which would
e//fitle a purchaser of the estate or interest described in Schedule A to be
r~l~ased from the obligation to purchase by virtue of a contractual
c;~'tdttton requiring the delivery of marketable t'tle
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE.
.:;The coverage of this policy shall continue in force as of Date of Policy in
tabor of an insured only so long as the insured retains an estate or interesl
tn the land. or holds an indebtedness secured by a purchase money
mortgage given by a purchaser from the tnsured, or only so long as the
insured shall have liability by reason of covenants of warranty made by the
insured in any transfer or conveyance of the estate or interest. This policy
shall not continue in force in favor of any purchaser from the insured of
either li) an estate or interest in the land_ or (i~t an indebtedness secured by
a purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
The insured shall notify the Company promptly in wrmng ti in case of
any litigation as set forth in Section 4Ia} below, till in case knowledge shall
come to an insured hereunder of any claim of title or ~nterest which is
adverse to the title to the estate or interest_ as insured, and which might
cause loss or damage for which the Company may be liable by virtue of
this policy, or (iii] if title to the estate or tnterest, as insured, is rejected as
unmarketable. If prompt notice shall not be given to the Company, then as
m the insured all liability of the Company shall terminate with regard to
the matter or mauers ['or which prompt notice is required: provided.
however, that failure to notify the Company shall in no case prejudice the
rights of any insured under this policy unless the Company shall be
Prejudiced by the failure and then only to the extent of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE.
tat Upon written request by the insured and subject to the opuons
contained in Section 6 of these Conditions and Stipulations, the Company,
at its own cost and without unreasonable delay, shall provide ['or the
defense of an insured in litigation in which any third party asserts a clatm
adverse to the title or interest as insured, but only as to those stated causes
of action alleging a defect, lien or encumbrance or other matter insured
against by this policy. The Company shall have the right to select counsel
of its choice (subject to the right of the insured to object for reasonable
cause) to represent the insured as to those stated causes of action and shall
not be liable ['or and will not pay the fees of any other counsel. The
Company will not pay any fees. costs or expenses incurred by the insured
in the defense of those causes of action which allege matters not insured
against by this policy.
(bi The Company shall have the right, at ~ts own cost. to institute and
prosecute any actton or proceeding or to do any other act which in its
opinion may be necessary or desirable to establish the title to the estate or
interest, as insured, or to prevent or reduce loss or damage to the insured
The Company may take any appropriate action under the terms of this
p~icy, whether or not il shall be liable hereunder, and shall nol thereby
concede liability or waive any provision of this policj. If the Company
shall exerco'se its rights under this paragraph, it shall do so diligently.
lc) Whenever the Company shall have brought an action or interposed a
defense as required or permitted by the provisions of this policy, the
Company may pursue any litigation to final determination by a court of
competent jurisdiction and expressly reserves the right, in its sole discretiom
to appeal from any adverse judgment or order.
id) In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding, the
insured shall secure to the Company the right to so prosecute or provide
defense in the action or proceeding, and all appeals therein, and permit the
Company to use, at its option, the, name of the insured for this purpose.
Whenever requested by the Company, the insured, at the Company's
expense, shall give the Company all reasonable aid (il in any action or
proceeding, securing evidence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effecting settlement, and (ii) in any
other lawful act which in the opinion of the Company may be necessary or
desirable to establish the title to the estate or interest as insured. If the
Company is prejudiced by the failure of the insured to furnish the required
cooperation, the Company's obligations to the insured under the policy
shall terminate, including any liability or obligation to defend, prosecute, or
continue any litigation, with regard to the matter or matters requiring such
cooperation.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 of these
Conditions and Stipulations have been provided the Company, a proof of
loss or damage signed and sworn to by the insured claimant shall be
[`urnished to the Company within 90 days after the insured claimant shall
ascertain the facts givtng rise to the loss or damage. The proof of loss or
damage shall describe the defect in. or lien or encumbrance on the title, or
other matter insured against by this policy which constitutes the basis of
loss or damage and shall state, to the extent possible, the basis of
calculating the amount of the loss or damage If the Company is prejudiced
by the failure of the insured claimant to provide the required proof of loss
or damage, the Company's obligations to the insured under the policy shall
terminate_ including any liability or obliganon to defend, prosecute, or
continue any litigation, with regard rs the matter or matters reqmring such
proof of loss or damage.
In addition, the insured claimant may reasonably be required to submit
to examination under oath by any authorized representative of the
Company and shall produce for examinauon, inspection and copying, at
such reasonable ttmes and places as may be designated by any authorized
representattve of the Company, all records, books, ledgers, checks.
correspondence and memoranda, whether bearing a date before or after
Date of Policy, which reasonably pertain to the loss or damage, Further. if
requested by any authorized representative of the Company . the insured
claimant shall gram its permisston, in writing, for any authorized
representauve of the Company rs examine .tnspect and copy all records.
books, ledgers, checks, correspondence and memoranda in the custody or
control of a third party~ which reasonably pertatn to the loss or damage.
All information designatedas confidential by the insured claimant provided
to the Company pursuant to this Section shall not be disclosed rs others
unless, in the reasonable judgement of the Company, it is necessary in the
administration of the claim. Failure of the insured claimant to submit for
examination under oath. produce other reasonably requested information
or grant permission rs secure reasonably necessary information from third
parties as required in this paragraph shall terminate any liability of the
Company under this polic3 as to that clatm.
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under this policy, the Company shall have the
following options:
la]To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the amount of insurance under
this policy together with any costs, attorneys' fees and expenses incurred by
the insured claimant, which were authorized by the Company, up to the
nme of paymam or tender of payment and which the Company is obliga-
ted to pay.
Upon the exercise by the Company of this option, all liability and
obligations to the insured under this policy, other than to make the
payment required, shall terminate, including any liability or obligation to
defend, prosecute, or continue any litigauon and the policy shall be
surrendered to the Company for cancellation.
(bi To Pay or Otherwise Settle With Parties Other than the Insured or
With the Insured Claimant.
(il rs pay or otherwise settle with other parties for or in the name
of an insured claimant any claim insured against under this policy, together
with any costs, attorneys' fees and expenses incurred b~ the insured
clmmant which were authorized by the Company up to time of payment
and which the Company ts obligated to pay; or
(ii) to pay or otherwise settle with the insured claimant the loss or
damage provided for under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimant which were authorized
by the Company up to the time of pa3 ment and which the Company is
obligated to pay.
Upon the exercise by the Company of either of the opuons provided for
in paragraphs (bi(i) or (ii), the Company's obligations to the insured under
this policy for the claimed loss or damage, other than the payments
required to be made. shall terminate, including any liability or obligatio.~ffto
defend, prosecute or continue any litigation.
Conditions and Stipulations Continued Inside Cover
CONTROL NO, ~' ~ ~ -
Common w e a[
Amount of Insurance: $200,000.00
Date of Policy: 12/10/98
1,
a
SCHEDULE A
Policy/File No.: 70982749
Name of Insured:
TOWN OF SOUTHOLD
The estate or interest in the land described in this Schedule and which is
encumbered by the insured mortgage is:
Fee Simple
Title to the estate or interest in the land is vested in:
Deed made by FRANKLIN OVERTON RICH to the INSURED dated 12/10/98 and recorded
12/24/98 in tiber 11936 page 096 in the Office of the Clerk of the County of Suffolk.
The land referred to in this policy is described on the annexed schedule.
Countersigned:
ALTA Owner's Policy
Authorized Officer or Agent
Policy/File No. 709'82749
SCHEDULE A
AMENDED 12/7/98
ALL that certain plot, piece, or parcel of land, situate, lying and being in the Town of Southold, County of
Suffolk and State of New York, being a descriptive parcel of land, bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic Lane, 316.96 feet (316.35 survey), (316.94 deed)
southerly along said westerly line from land of Long Island Railroad Company, said point of beginning
being the southeasterly corner of land formerly of Grathwohl now or formerly of.lohnsen; from said point
of beginning;
RUNNING along said westerly line of Peconic Lane, South 30 degrees 03 minutes 20 seconds East 423.78
feet;
THENCE along land of Mazzei, South 59 degrees 43 minutes West, 886.39 feet to land of Catalano &
others;
THENCE along said land, North 33 degrees 47 minutes West, 739.96 feet to said land of Long Island
Railroad Company;
THENCE along said [and, North 59 degrees 37 minutes 40 seconds East, 712.81 feet;
THENCE along [and of Howell, South 30 degrees 10 minutes 20 seconds East, 213.33 feet;
THENCE along said land formerly of Grathwohl, now or formerly of ]ohnsen the following two (2) courses
and distances:
1. South 30 degrees 16 minutes 20 seconds East 101.47 feet;
2. North 60 degrees 01 minutes 40 seconds East 220.89 feet to the westerly side of Peconic Lane, the
point of BEGINNING.
ALTA Owner's Policy
Schedule A - Description
Policy/File No. 70982749
SCHEDULE B
Exceptions from Coverage
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 the following:
Corn pany excepts all unpaid water charges, sewer charges, street charges, frontage charges
or pending certiorari proceedings, and does not make searches for same.
Electric agreement recorded in Liber 1317 cp 321.
Survey made by John C. Ehlers, L.S. dated 11/20/98 shows vacant land. (a) Lawn, on
premises adjoining on the north, extends onto premises herein by as much as 13 feet. (b)
Overhead wires traversing the southeast corner of premises (c) Hedge along part of the
southerly line,
ALTA Owner's Policy
Schedule B
Commonwealth
STANDARD NEW YORK ENDORSEMENT
(OWNER'S POLZCY)
Attached to and made a ;)art of Policy Number: 70982749
1. Insuring provision Number 7 is deleted and the following is substituted:
"5. Any statutory lien for services, labor or materials furnished prior to the date
hereof, and which has now gained or which may hereafter gain priority over the
estate or interest of the insured as shown in Schedule A of this policy."
2. The following is added to Paragraph 7 of the Conditions and Stipulations of the policy:
"Id) Tf the recording date of the instruments creating the insured interest is later
than the policy date, such policy shall also cover intervening liens or
encumbrances, except real estate taxes, assessments, water charges and sewer
rents."
Nothing herein contained shall be construed as extending or changing the effective date of
the policy unless otherwise expressly stated.
This endorsement is made a part of the policy and is subject to all terms and provisions
thereof and of any prior endorsements thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy and any of prior endorsements,
nor does it extend the effective date of the policy and any prior endorsements, nor does it
increase the amount of insurance.
Dated: 12/10/98
Countersigned:
Standard New York Fndorsement (9/1/93)
For Use With ^lta Owner's Policy (10/17/92)
CONDITIONS AND STIPULATIONS
7. DETER MINATION, EXTENT OF LIABILITY AND COINSURANCE.
This policy is a contract of indemnity against actual monetary' loss or
'damage sustained or incurred by the insured claimant who has suffered loss
or damage by reason of matters insured against by this policy and only to
the extent herein described
(a) The liability of the Company under this policy shall not exceed the
least of:
(i) the Amount of Insurance stated in Schedule A; or.
(ii) the difference between the value of the insured estate or interest as
insured and the value of the insured estate or interest subject to the defect_
lien or encumbrance insured against by this policy.
(b} In the event the Amount of Insurance stated in Schedule A at the
Date of Policy is less than 80 percent of the value of the insUred estate or
interest or the full consideration paid for the land, whichever is less, or if
subsequent to the Date of Policy an improvement is erected on the land
which increases the value of the insured estate or interest by at least 20
percent over the Panount of Insurance stated in Schedule A, then this
Policy is subject tc the following:
0) where no subsequem improvement has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
the amount o~' insurance at Date of Policy bears to the total value of the
insured estate oi', interest'at Date of Policy: or
(ii) where a subsequent improvement has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
120 percent of the Amount of Insurance stated in Schedule A bears to the
sum of thel Amount of Insurance stated in Schedule A and the amount
expended for the improvement.
The lgrovisi0ns of:this.paragraph shall not apply to costs, attorneys' fees
and expenses fQ~ which the Company is liable under this policy, and shall
only apply 1~o 'that portion of any loss which exceeds, in the aggregate, 10
pereenf of the AmoUnt of Insurance stated in Schedule A.
(el The Company wiq pay ovlv those costs, attorneys' fees and expenses
incurred i~: :lycra'th'ncc ',~ it h' S,x'ii'o, ¢ of these Conditions and Stipulations.
8. APPORTIONMENT.
fl' Iht ;and de,cHbm: in Schedule A consists of two or more parcels
~llk';~ arc f.i,I n.¢d 1~. a -i!l!!l~.' nile. ;u'd a lo~s is established affecting one or
trane o1' thc i~;u'~x'l~ btu m~i ;111. Ihe h!~s §hail be: computed and settled on a
pro i';H;i ;1~ to Ibc xah!e on ))al,' nj' Policy of each separate parcel to the
W~lolc. cxeluqxc o[ ;ll:~ :lnlart~lclnel'ln made subsequent to Date of Policy,
unless g habthty Or volnc has otherwise been agi'eed upon as .to each parcel
by th~. Corffpany an& thc insured at the time of the issuance'of this policy
and shown ',bY a~n eXpress statement or by an endorsement attached to this
policyr
9. LIMITATION 'OF~LIABILITY.
(a) If the Company establishes the title, or removes the alleged defect,
lien or ehcumbra¢ce, or cures the lack of a right of access to or from the
land, or cures tl~e Claim of unmarketability of title, ail as insured, in a
reasonably diligent manner by any method, including litigation and the
completion of any appeals therefrom it shall have fully performed its
obligations With ~esptc['to that matter and shall not be liable for any loss
or damage caused thereby.
(b) In the ev~nI of any ht~gatmn, tncludmg lit~gatton by the Company
or with. thc :Compan2's consent, the Company shall have no liability for
loss or damgge unlit~therc has been a final determination by a court of
competent ju~sdi~tioli, and disPOsition of all appeals therefrom, adverse to
thc title as iiisured.
(c) The Company~ shall not be liable for loss or damage to any insured
for liability YPluntarilv assumed by the insured in settling any claim or suit
w~thout the pnor,wrt~cn consent of the Company.
10. REB, UCTtO~N OF INSURANCE; REDUCTION on TERMINATION
OF LIAi~ILIYY.
All payments under this policy, except payments made for costs,
attorney~' fe~ aixd expenses, shall reduce the amount of thc insurance pro
lento.
11. LIABILITY NONCUMULATIVE
It is expressly understood that the amount of insurance under this
policy shall be reduced by any amount the Company may pay under any
policy insuring a mod. gage to which exception is taken in Schedule B or to
which the insured has agreed, assumed, or taken subject, or which rs
hereafter executed by an insured and which is a charge or lien on the
estate or interest described or referred to in Schedule A, and the amount
so paid shall be deemed a payment under this policy to the insured owner~
12. PAYMENT OF LOSS.
(a) No payment shall be made without producing this policy for endorsement
of the payment unless the policy has been lost or destroyed, in which case proof
of loss or destruction shall be furnished to the satisfaction of the Company.
NM 1 PA 10
ALTA Owner's Poliuy (104 7-92)
Form 1190-3 Cover'Page ORIGINAL
(Continued)
(b) When liability and the extent of loss or damage has been definitely
fixed in accordance with these Conditions and Stipulations, the lo~s,or
damage shall be payable within 30 days thereafter.
13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a claim under this
policy, all right of ~ubrogation shall vest in the Company unaffected by.
any act of the insured claimant.
The Company shall be subrogated to and be entitled to all rights and
remedies which the insured claimant would have had against any person or
property in respect to the claim had this policy not been issued. If
requested by the Company, the insured claimant shall transfer to the
Company all rights and remedies against any person or property necessary
in order to ~perfeet this right of subrogation. The insured claimant shall
permit the uompany to sue. compromise or settle in the name of the
insured claimant and to use the name of the insured claimant in any
transaction or litigation involving these rights or remedies.
If a payment on account of a claim does not fully cover the loss of the
insured claimant, the Company shall be subrogated [o these rights and
remedies in the proportion which the Company's payment bears to the
whole amount of the loss.
If loss should result from any act of the insured claimant, as stated
above, that act shall not void this policy, but the Company, in that event,
shall be required to pay only that part of any losses insured against by this
policy which shall exceed the amount, if any, lost to the Company by
reason of the impairment by the insured claimant of the Company's right
of subrogation.
Co) The Company's Rights Against Non-insured Obligors.
The Company's right of subrogation against non-insured obligors Shall
exist and shall include, without limitation, the rights of the insured to
indemnities, guaranties, other policies Of insurance or bonds,
notwithstanding any terms or conditions contained in those instruments
which provide for subrogation rights by reason of this poli~y.
14. ARBITRATION
Unless prohibited by applicable law, dtther the Company or the insured
may demand arbitration pursuant to the Title Insurance Arbitration Rules
of the American Arbitration Association. Arbitrable matte?s may include.
but are not limited to. any controversy or claim between the Company and
the insured arising out of or relating to this policy, any service of the
Company in connection with its issuance or the brea~h of a policy
provision or other obligation. All arbitrable matters when the Amount of
Insurance is $1.000.000 or less shall be arbitrated at the opffon of either the
Company or the insured. All arbitrable matters when the Amount of
Insurance is in excess of $1.000.000 shall be arbitrated only When agreed to
by both the Company and the insured. Arbitration pursuant to this policy
and under the Rules in effect on the date the demand for arbitration is
made or, at the option of the insured, the Rules in effect at Date of Policy
shall be binding upon the parties. The award may include attorneys' fees
only if the laws of the state in which the .land is located permit a court to
award attorneys' fees to a prevailing party. Judgment upon the award
rendered by the Arbitrator(s) may be entered in any court having
jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the
Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT.
(a) This policy together with all endomcments, if any, attached hereto
by the Company is the entire policy and contract between the insured and
the Company. In interpreting any provision of this policy, this policy shall
be construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or by any action asserting such claim, shall be restricted to
this policy.
(c) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed by either the
President, a Vice President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatoE~ of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid or unenforceable
under applicable law, the policy shall be deemed not to include that provi-
sion and all other provisions shall remain in full force and effect.
17. NOTICES, WHERE SENT.
Ali notices required to be given the Company and any statement in writing
reqtfired to be furnished the Company shall include the number of this policy and
shah be addressed to Commonwealth Land Tire Insurance Company, Eight Penn
Center. Philadelphia, Pennsylvania 19103-2198.
Valid Only If Face Page. Schedules A and B Are Attached
~.mm
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1000-74-5-6
BaSeline Documentation
2~$~.i~ic Lane
Peconic, New York
13.85 acres ~'
Op~'Space Acquisition
(JEAN W. COCHRAN PARK)
FRANKLIN OVERTON RICH
to
TOWNOF SOUTHOLD
10, 1998
,~mber 24, 1998
SCTM #
This is a duplicate copy of a Baseline
Documentation report completed on
There may come a time after this date that
additional pages are inserted in the original
Baseline Documentation report that is on file
in the Town of Southold - Land
Preservation Department. All efforts will be
made to keep this copy updated as well.
SCTM #:
Premises:
Hamlet:
Purchase Price:
Funding:
CPF Project Plan:
Total Parcel Acreage:
Zoned:
Existing Improvements:
1000-74-5-6
2405 Peconic Lane
Peconic
$200,000.00
Serial Bond
Yes
13.85 acres
R-80
In November 1998 -
(as per survey) fallow field
A. Description of the Site
The subject property is located on the west side of Peconic Lane in Peconic, New York. It runs westerly
along land of Mazzei; then north along land of B & J Realty; then easterly along the L.I. Railroad tracks; south
along land of Blackburn then east to Peconic Lane. It is an irregular shape, somewhat resembling a square. There
are slight variations in topography. The view varies from residential to vacant land to storage buildings along the
raikoad tracks.
The site can be subdivided under the current zoning into residential parcels. It can also accommodate
retail, office and service ts'pe businesses.
At time of inspection, no improvements were noted.
It is not in a flood zone. The National Flood Insurance Program indicates a Zone C classification on Map
#360813 0091 E, revised August 16th, 1993.
Site. dimensions as shown on the Suffolk Count5' Tax Map are: 420'x 966'x 746'x 748'x 3 I4'x 220'.
Access to subject property is from Peconic Lane.
Peconic Lane is a concrete road and publicly maintained. There are sidewalks and street lights. Public
utilities such as electric, telephone and cable are available. Private water and septic systems are common in the
area.
The soils are vary from HaA, HaB - haven lomn with 0 to 2% slopes to RdA, B and C - good to ver3'
stony, containing many large stones and boulders. These soils are well suited to a mixed use including crops
commonly grown in the area and because of the nearly level slope and ease of excavation, are also suitable for
housing developments.
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ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
Town Ha]], 53095 Main Road
P.O. Box 1179
Southold, New York .11971
Fax (516) 765-1823
Telephone (516) 765-1800
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION WAS
ADOPTED AT A REGULAR MEETING OF THE SOUTHOLD TOWN BOARD
HELD ON JULY 21. 1998:
WHEREAS, The Town of Southold is considering the purchase of a parcel of
property from Franklin Rich for public park purposes, which property is
located on the west side of Peconic Lane known as Suffolk County Tax Map
No. 1000-74-5-6 and is approximately 13.58 a~res; and
WHEREAS, the above described action is required to be subject to an
environmental review pursuant to Article 8 of the Environmental Conservation
Law, State Environmental Quality Review Act, and 6 NYCRR Part 617 et seq.,
and Chapter u,u, of the code of the Town of Southold; Now,therefore, be it
RESOLVED that pursuant to SEQRA this action is an Unlisted Action; and be it
FURTHER RESOLVED that the Town of Southold has conducted an
uncoordinated review of this unlisted action and completed and reviewed a
Short Environmental Assessment; and be it
FURTHER RESOLVED AND CONCLUDED, that the above described action will
not have a significant adverse impact on the environment and the Town Board
pursuant to SEQRA hereby issues a "negative declaration" with respect to the
above described action.
Southold Town Clerk
July 22, 1998
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1B.-Moved bY. Coun¢l~l..w0man HUssle, seconded by Supervisor Cochran,
. ~".' '~0ND .P~ESO'LUTION'OF THE TOWN OF SOUTUOLD,
YORK, .ADOPTED JULY 21, 1998, AUTHORING THE
.~CQU!SlTION OF THE CERTAIN PIECE OR PARCEl
LAND.: CONTAINING 13.85 ACRES, MORE OR 'LESS;
iSJTUATE 'ON THE WEST SIDE OF PECONIC LANE,
~ME ~I'OWlN'OF SOUTHOLD',' AT THE ESTIMATED
~IMUM COST' OF $2!0,000; INCLUDING
pRELiMINARY COSTS AND COSTS INCIDENTAL
.T~iERETD TO THE. FINANCING THEREOF IN THE
~0~1¥ OF $10,000., SAID LAND' TO BE USED FO
ipU.,BL}C.iFARK PURPOSES; APPROXIMATING.S210,01
TBERIEFOR AND AUTHORIZING THE ISSUANCE OF
,}',,2~.0,~O~e~" '" SERIAL BONDS O1: SAID TOWN.TO FINAN
~ID ,~gPROPRIATIONS. '
~ TOTP~ ~,O.~q.D 0];' ~ TOT'~T OF $OU"~OLD, TN T~
SUFFOLK, NEW :YORK, HEREBY REsoLvEs .(by the favorable
less than two~th~rds .of 'all the members of said Town
FOLLOWS:
Section 1. The Town of $outhold, in the Cou
Suffolk, New York (herein called "Town"), is hereby ak
acquire by purchase, the certain piece or parcel of 1~
NEW
OF
IN
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ore of not
oard) AS
ty of
.thorized to
nd
containing 13.85 acres, more or less, situate on the west side of
Peconic Lane, in the Town of Southold, said piece or parcel of
land being described on the Suffolk County Tax Map as 1000-74-5-
6, said land, when acquired, to be used for public park purposes.
The estimated maximum cost Of said specific object or P~rposs is
$210,000, including preliminary costs and costs 'incidental
thereto a~d to the ~inancing thereof in the amo'~h~ of $10,000,
and the said amount of $210,000 is hereby appropriated therefor.
The plan of financing inc.ludes the issuance of $210,~00 ser'ial
bonds of the Town to finance ~aid .appropriati~n, and the levy and
collection of taxes .on all the 'taxable real property in the.Town
to pay the principal of said bonds and the interest thereon as
the same shall becom~ due and payable.
Ssctipn 2. Serial bonds of the Town in the prin¢ip~l
amount of $210~000 are hereby ~uthorized to be issued pursuant to
the ,provisions of the Local Finance Law, constituting. ChaPter 133-
a of the Consolidated Laws of the.State of New York (herein
called "Law"),' to finance said appropriation.
Section ~. The following additional matters are hereby
determined and declared:
(a) The period of probable usefulness applicable to the
specific object or purpose.for which the'S210,000 serial bonds
authorized pursuant to this rasolution are to be issued, within
the limitations Qf Section 11.00 a. 21 of the Law, is hereby
determined to be thirty (30) years; however, ~he maturity of the
bonds herein authorized shall not exceed five (5) years,
(b) The proceeds Of the bonds herein authorized and any
bond anticipation notes issued in anticipation of said bonds may
be applied to reimburse the ToWn for expenditures made after the
effective date of this resolution for the purpose for which said
bonds are authorized. The foragoin~ statement of intent with
respect to reimbursement is made in conformity ~ith Treasury
Regulation Section ~.150-2 Of the United States ~reasury
Department.
(c) The Town Board acting in the role o~ the Lead
A~ency, after ha~ing identified and considered the relevant areas
o~ environmental concern associated with the acquisition of.said
land authorized as hereinabove referred to in Section 1 (the
"Project"), has i~sued a negative declaration for purposes of the
JULY 21, 1998
State Environmental Quality Review Act ("SEQRA"), Article 8 of
the New York Environmental Conservation Law, and has determined
that the Project will not have a "significant effect" upon the
environment, ar~ has satisfied the requirements imposed by SEQRA.
(d) The proposed maturity of the bonds authorized by
this resolution will not exceed five years.
Section 4. Each of the bonds authorized by this
resolution and any bond anticipation notes issued in anticipation
of the sale of said bonds shall contain the recital of validity
as-prescribed by Section 52.00 of the Lawand said bonds and. any
notes issued in anticipation of said bonds shall be general
obligations of the Town, payable as to both principal and
interest by general tax upon all the taxable real property within
the Town without limitation of rate or a~ount. The faith a_nd
credit of the To~ are hereby irrevocably pledged to the punctual
payment of the principal of and interest on said bonds and any
notes issued in anticipation of the sale of said bonds and
provision shall be made annually in the budget of the Town by
appropriation for (a) the amortization and redemption of the
bonds and an~ notes 'in anticipation thereof to ~ature in such
year and (b) the payment of interest-to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 21.00
relative to the adthorization of the issuance of bonds with
substantially level or declining annual debt service, Section
30.00 relative to the authorization of the issuance of bond
anticipation notes and Section 50.00 a~d Sections 56.00 to 60.00
and 168.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes a~d prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and a~y other bonds heretofore or
hereafter authorized, and of any bond anticipation notes issued
in anticipation of said bonds, and the renewals of said bond
428-
JULY 21, 1998
anticipation notes,, and relative to executing contracts for
credit enhancements and providing for s~bstan~ially level or
declining annual, debt service, are hereby delegated to the
Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution, and of any notes issued in anticipation of the sale
of said bonds, .may be contested only if:
(a) such obligations are authorized for an object or
purpose for'which the Town is not authorized to expend money,
or
(b) the pzovisions of law which should be complied with
at the date of the publication of such resolution are not
substantially complied with,
and an action, suit ~r proceeding contesting such validity is
commenced within twenty days after the date of such publication,
or
(c) such obligations are authgrized 'in violation of the
provisions of the constitution.
Section 7. This bond resolution shall take effect
immediately and'the Town Clerk is hereby authorized and directed'
to publish this bond resolution, in full, together with a notice
attached in substantially the form prescribed by Section 81.00 of
the Local Finance Law ihT h eT raveler ~ate/muu~ a newspaper published
in Seut~al~, New York, having a general circulation in the Town
and hereby designated the offlcial newspaper of the Town for such
publication.
1 B. -Vote of the Town Board: Ayes: Councilman Murphy,
Romanelll, Coun¢llwoma~ Hussle, Supervisor Cochran. Abstain:
Moore.
This resolution, was duly adopted.
Councilman
Councilman
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OJointly prq~cd by the Real Property Sa:ion of thc New York Ststc Bar Association, the New Yigk St,~ Land Titlc Association, thc Conunittec on Reel
Propafiy Law of the Assenia6on of the Bar of the City of New York and thc Committee on Real Property L~w of thc New York County Lawyer--s Association
WARNING: NO REPRBSENTATION IS MADE THAT THIS FORM OF CONTRACT FOR THE SALE AND PURCHASE OF REAL
ESTATE COMPLIES WITH SBCTION 5-702 OF THE GENERAL OBLIGATIONS LAW (~PLAIN LANGUAGB~
CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT
NOTE: FIRE AND CASUALTY LOSSES AND CONDEMNATION.
This contn~t form docs not Igovidc fig what happens in the event of fire, or othcr casualty ~ or condemnation before thc title dosing. Unless different
irtovbinn is mede in this contract, Section 5-1311 of the General Obligations Law will apply. One prat of that law makca a Pigchaaor reaponaiblc for fire and
casualty loss upon taking possession of the Premises before thc title closing.
Residential Contract of $~1¢
Contract
Of Sale made as of ,1998
Franklin Overton Rich
Addre~: 146 Cove Road, Stonington, CT 06378
Social Security Number/Fed. I.D. No(s):
The Town of Seuthold
Address: 53095 Main Road, South'old, NY 11971
Social Security Number / Fed I.D. No(s):
BETWEEN
hereinafter called 'Seller" and
hereinafter called "Purchaser".
The parties hereby agree as follows:
1. Premls~. Sellor shall ecll end convey end Purcha,~r shall purchas~ the
properly, tngcthcr with all buildings and improvements thereon
(collectively thc "Premisc~"), more fully deeefibcd on a scperetc page
nmfl~d #sehcdulc A~, eoncxed hat~-to end made a pert hc~cof and also
Stscct Add~ss:No # Poconic Lanc, Pcconic, NY 11958
Tax Map Designation:
1000-074.00-05.00-006.000
Tngcther with Seller's ownership end rights, if any, to land lying in thc bed
ofeny street or highway, opened or pmpo~d, adjoining the Premises to
thc center line thereof, including any fight of Seller to any unpaid award
by reason of any taking by ooudemnafion and/ig for any damage to the
l~mim by re.$aon of change of grade of any street or highway. Seller
shall deliver at on additional cost to Puwhaser, at Closing (aa hereinafter
defined), or thcS, on demand, any documents that Purcha~r may
reasonably re~tuire for the conveyance of such title and thc assignment
and collection of soch award or damagca.
3. Purchase Pri~. Thc purchase pdce is
$200,000.00 payable aa follows:
(a) on the ~igning of this contr$ct, by Pumha~,fs chenk payable
to thc Eacrowce (u herinafter defined), mbject to anlk~ion, the receipt
of which ia hcrt~by acknowledged, to be held in ¢sorow pursuant to
paragraph 6 of this contract (the "Downpayment"):
$1,000.00
Co) by allowancc for thc principal amount unpaid on the
existing mortgage on the date ha~enf, payment of which Purehasor shall
assumc by joiedcr in/the deed:
Snooc
(~ by a purchasc money notc and mortgage from Purch~cr to
Seller:
(d) balance at Closing in accordanoc with paraffraph 7:
$199,000.00
4. Existing Mortgage. [Deleted]
5. Purchase Money Mortgage. IDeletedl.
cooking
switch
shades
~ now attached or appurtenant to thc Prcmieca, unlcsa
excluded below. Seller rcprcacnts and warrants that at Closing
d for and owned by Seller, frec and clear of all liens end
¢ to which this ~lc may be
~ot limited to,plumbing,henting,lighting and
i, mentcls, door mirrors,
blinds,window h-eatments,
window boxe~, mailbox, TV
outdoor
statua~, tool shod, dishwasher gsrbage
;r~zor~ conditioning equipment
and installations, wall to wall carpating and bu'dtq'l~ot excluded below
(;lrike o~ i. appiicM~l¢ items) TO THE EXTENT
CURR;.NTL¥ EXIST ON TH~ SUBJECT PR£MIS~,,AND IN
'*AS IS'* CONDiTiON.
E~--"!'-'~--d- .cr-"m t~!-' --~ °~ ~"~;' ..... ,~ ~,~..~h~.4' ,',.~;~;-o,E,~ and
VACANT LAND
6. Downpayment in ~.~crow. (a) Scllc?s attorney ("Escmwee")
bum ~e ~t for ~llees ~unt
~nk ~ont at No.h Fork Bank ~uthol~
~ncr tc~i~fion of~is ~n~t ~d s~l ~y ov~
~cnt in a~n~ ~ ~c ~s or'ia ~ph. E~mw~
shall (noO ~le~ ~inapplicable) ~ld ~c ~ent M ~ in~at-
~ng a~unt fig ~c ~ncfit of
~ocfit of~c ~i~, it mh~} ~ ~d
~ent ~d ~e ~ ~ving ~e in~ shall ~y any in,me
~ tha~n. ~in~ ia not held fig
~ent ~l ~ p~ in
~i~ ~ ~ui~ ~ hw. Thc ~iM ~ufi~ ig F~ Menfifi~fien
num~ of~c ~ ~l ~ fumiah~ m ~mw~ u~n ~mt. At
Chang, ~e ~t ~l ~ ~d ~ ~ro~ ~ ~llcr. ~fig ~y
~n Cl~ing d~ not ~ur ~d el&er ~ ~v~ Nofi~ (~ dcfin~ in
~g~ph 25) m E~m~ d~ing ~ent of~c
E~ww~ s~l givc ~mpt No~ to ~c o~ ~ of such domed, ff
E~w~ ~a not ~vc Noti~ ofobj~fion f~m such o~er
SCHEDULE A
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon
erected, situate, lying and being in the Hamlet of Peconic, Town of Southold, County of Suffolk
and State of New York, more particularly bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic Lane, 316.96 feet southerly along
said westerly line bom land of Long Island Railroad Company, said point of beginning being the
south-easterly comer of land of Grathwohl, from said point of beginning running along said
westerly line of Peeonic Lane, S.30 degrees 03 minutes 20 seconds E. - 423.78 feet; thence along
land of Mazzei, S. 59 degrees 43 minutes W. - 886.39 feet to land of Catalano & others; thence
along said land, N. 33 degrees 47 minutes W. - 739.96 feet to said land of Long Island Railroad
Company; thence along said land, N. 59 degrees 37 minutes 40 seconds E. - 712.81 feet; thence
along land of Howell, S. 30 degrees 10 minutes 20 seconds E. - 213.33 feet; thence along said
land of Grathwohl, two courses:
(1) S. 30 degrees 16 minutes 20 seconds E. - 101.47 feet; thence
(2) N. 60 degrees 01 minutes 40 seconds E. - 220.89 feet to the point of beginning.
Containing 13.851 acres.
thc propos~ paymant within 10 buciness days a.~r the Fiving of such
Noliuc, Escrowce is hamby authorized and directed to make such
payment. If Eserow~ docs r~-ive such Notice of objsotion from such
othar party to thc proposal paymant within such I0 day padod or if for
any other reason Eserowce in good faith shall ¢luct not to make such
payment, Esemw~ shall continuc to hold sonh amount until otherwise
directed by Notice from the parties to this ucnttsot or a final,
nonappeahble j udgmant, order or decree of a court. However, Eacmwce
shall have the right at any thuc to d~poalt thc Downpaymant and the
interest therann with the nlerk ora onurt in the ucuoty in which the
Pmnises are located and shall Five Nogce of such dnlx~it to Seller and
Ihuv, haser. Upon soch deposit or other dishursement in aecordauce with
the terms of this para~ph, Eserowce shall be relieved and disehatgnd of
all further obligations and responsibilities heronnder.
(b) The patties soknowledge that, althon~h Esomwce is holding the
Downpaymcot for Seller's a~onnt, for all other potgoses Eserowec is
ecting solely as a stak~holdar at their zequcst and for their convenience
and that E~rowce shall not be habie to either party for any sot or omission
on its part unless taken or suffered in bad faith or in willful disregard of
this ucnhuct or involving gross negligcouc on the part of Eserewce. Seller
and Purehaser jointly and sevendly a~e to defend, indemnify and hold
Es~owuc harmless from and against all costs, claims and expanses
(in,hiding reasoucble nttorn~ fees) incmved in connection with the
performance of Eserowce's duties hereunder, exucpt with raspect to
solions er omissions taken or suffered by Eserowce in bad faith or in
willful disregard of this contract or involving gross negligence on part of
O Eserowce may act or refrain from soling in respect of any matter
refened to harein in full reliance upon and with thc advice ofucunsel
which may be selected by it (iucluding any member of its finn) and shall
be fully protected in so acting or refraining from sotion upon the advice of
such ucunsel.
(d) Esemwce acknowledgas receipt of the Downpaymcot subject to
uclleclion and Esomv~'s agreement to thn provisions of this paragraph by
singing in the place indicated on thn signature paga of this ucntrsot.
(e) Eserowec or any member of its finn shall be permitted to sot as
ucunsel for Seller in any dispute as to the disbursement ofthn
Downpaymant or for any other disputo between thc parties whether or not
E~rowce is in possession of the Downpaymcot and ucntinucs to act as
Es~xn~e.
7. Acceptable Funds. All money payable under this ucntra~t, unless
otherwise specified, shall be paid by:
(a) Cash, but not over $1,000.00;
(b) Good cerlifmt check of Purchaser drawn on or official check issued
by any bank, savings bank, trust company or savings and loan association
having a banking office in the State of New York, unendorsed and
payable to the order of Seller, or as Seller may otl~rwise direct upon not
less than 3 businnss days notice (by telephone or othctx~,ise) to Purchasor,
~ As to money other than thc purchase pduc payabln to Seller at
CIo~mg, uncedified check of Purehasor up to the amount of $$00; and
(d) As othatwire agreed to in writing by Seller or Seller's attorney.
Pumhatm~'h~der a~ ucudihoned upon issuance on or before 45 days
frmn ~e date Pu~tmlf~atturoey receives a fully executed copy of
this contract of sale(the ~C~ni~ant Date') of a written commitment
from any Institutional Lender pursoan~t~ such Institutional Lender
agnes to make a first mortgaga loan, other thanT~Ak.,~k or other
of title or date of comml~nent (whichever may be the policy of
sucha
commitmcnt and (0
appUcefion. Puroha~
oommitmcot (or of any
mn ofat lesst 30 y~ts
r cuatomaty ucmmilment tmma, wh~her or not ucndilional
n appraisal ashafsotmy to the/n~itutinucl
prompt appliea~on to an lnsfitulional
furnish aucumte and ucmpic~
Purohaser and rucmb~a of Pumhasm's family, as
,ith
ipplication with dili$coce,
such lnalitutional Land~r to obtain such
name and
mada such
such
t and
t theruc£ If
such ucmmitment is net n the Commitment Dat~, then
the requirements set forth above cancel this
contract by giving r the Commitment
Date,
liabilities to, thc other by reason of this oontn~t
forth in
9. Permitted Exceptions. The Premises are sold and shall be conveyed
subject to:
(e) Zoning and subdivision laws and rcgnlations, and landmark, historic
or wetlands designation, provided thny arc not violated by thc c~,isgng
buildings and improvemcota ~rected on I1~ property or their uso;
(b) Consents for the erection of any stmcturas on, under or above any
strceta on which the Premises abut;
(¢) Encroachments of stoope, atess, cellar steps, trim and comic~, if
any, upon any smut or highwa~
(d) Resl estate taxes that arc a lico, but are not y~t duc and payable; and
(e) The other mattora, if uny, including a survey ~xccption, set fodh in a
l~dcr attached.
(0 Any state of facts an accurate survey my show provided that
title is not rendered unmarketable thereby (Varintlons hatwcen
fence, hedge and record linas of not more than lg inches shall be
deemed not to render title unmarketable and purchaser shall accept
such variations); and
(g) Covenants, restrictions, and easements of record, if any,
affecting the Premises, provided they do not prohibit the
maintenance or present use of the existing structures.
10. Govermnental Violations and Orders. (a) Seller shall comply with
all notes or notices of violations of law or municipal ordinances, orders or
requirements notcd or issued as of the date ber~of by any governmental
depadmcot having authority as to lands, housing, buildings, fire, heslth,
environmental ami labor conditions affecting the l~-mises. The Premises
shall be conveyed free of tham at Closing. Seller shali fumlah Purchaser
with any authorizations necessary to make the searches that could disclose
these mattem.
(b) (Delete if inapplicable)
11. Seller's Reprecentatiom. (a) Scllcr mprc~ants and warrants to
Purchaser dmt:
(i) Tbo Prcmlacs abot or bovc a fi~ht of acces~ to a publi~ road;
(ii) Seller is the sclc owner of the l~mi~cs and baa full right, power and
authority to sell, convey and transfer thc same in accordance with thc
tanns of this contract;
('di) Seller is not a 'forcign pcrson", as flat term is dcfinod for porpcecs
of thc Fo~i~n inve~aant in Rcel Prol~rty Tax Act, Intend Revenue
Code ('IRC") Section 1~5, ~s amended, and the regulations promulgated
dmeuuder (collectively ~RPTA"~,
(iv) The Prcmsi~es are n~ affected by any exemption~ m abotomcnts of
taxc~ amd
(v) Seller has not bean known by any other name for thc past left years,
(b) Seller covenants and warrants that all of thc rcprcs~tafious and
wm~nfics ~et fo rth in this contact shall hc tree and cch'oct at Clesing.
(o) F.~,ucpt as otborwi~ expressly set forth in this contract, none of
,Seller's covenants, rcprmantatinns, warranties or other obligations
contained in this contract shall anrvive Closing.
12. Condition of Proporly. Purchaser acknolwedges and mprescnta that
Purchaser is fully aware of the physical condition and state of repair of
thc Prcmlae~ and of all other property included in this sale, boaaod on
Purchaaer's own inspection and invcetigatiou and not upon any
physical coudifiou, W~te of rcpair, usc, cost of operadou or any other
matter related to thc Prcmisc~ or the other propcrty included in the salc,
~iven of madc by Scllar or its a'prcsentativcs, and shall accept thc same
'aa is" in their prc~'nt condition and ~tata of repair, ~ubjcct to reasonable
dat~ of Chising (except as otha~.visc act foV& in paragraph 16(0), without
any reduction in the purchesc price or claim of any kind for any change in
ankh condition by rcaaou thereof subacqucnto to thc dato of this contract.
Purchaser and its authofiz~ rcpr~antativ~ shall have th~ fight, at
gaaouabla tings and upon rcesouable notice (by lelcpbone or otlgrwisc)
to ,Seller, to imgect the ?,~i,;ga before CIo~ing.
13. Insurable Title. Sell~ shall give and P urchcs=r ~ accept such title
aa any reputable title cmnpany doing business in Suffolk County,
NY, shall be willing to approve and insure in accordance with it~ standard
form of tide policy approved by thc New York State lnsuranco
Department, subject only to the masers provided for in this contract.
14. Closing. Deed and Title. (a) 'Closing' moans thc sat~lcment of thc
obligations of Seller and Purchascx to each other under this contract,
including thc payment of thc purchase price to Seller, and thc delivery to
Purchaser cfa Bargain and Sale Deed with covenanls against
Grantor's acta in pmpar statutory short form for mcerd, duly cxccutad
and ~knowlcdscd, m aa to convey to Pumhaser fcc simple tidc to thc
F',.,,.iscs. free of all cncumlnances. ~-pt as otherwise hcrcin stated.
The deed shall contain a covenant by Scller as rcqui~d by subd. 5; of
Section 13 of fha Lien Law.
Co) If Seller is a corporation, it shall deliver to Purchaacr at the time of
Ck~sing (i) a rcsolution of its Board of Directors authorizing the sale and
dalivc./of thc deed, and (ii) a certificate by thc Secretary of Assistant
Sec~-t~ of thc corpomtioo certifying such rcaolutiou and setting forth
facts showing that the transfer is in conformity with thc requirements of
Section 909 of thc Business Corporation Law. Thc ~ in ~uch caze ~
contain a rccital sufficient to establish compliance with that Scction.
15. Closing Dale and Place.. Ckiain8 shall take place at tbo office of
Patrleia C. Manre, ~q., 51020 Main Rd., Southold, NY on or about
30 days from the ps,age of a r~olutlon anthorbing thh purcha~
16. Condltion~ to Ckning. This conlnmt and Purcbo.%-~s obligation to
purchca¢ thc ~ a~ alan anbjuct to and couditiou~d upon thc
fulfdlmcot ofth~ following oouditious prm~dant:
(a) The accuracy, aa of thc date of Clewing, of thc ~.~rc~antabona and
wammties of Se. ller mude in thia contract.
(b) The dclivefy by Seller to Purcha~'r cfa valid and anbal~tin$
Ccrtificata of Oucupancy or other ngluircd certiflcata of compliance, or
cvidcnoe dmt none was required, covm~n8 th~ buikling(s) and all of 11~
other improvemant~ lecetad on thc prop~y authodzin8 ~ ua~ aa a ono
family dw~ltin8 at fl~ date of Cki~ for ~oning purpo~. In tha avenl
that a current survey la required by the municipality in order to
obtain said c~rtificale of uccuupancy or ~quivalent, it ~hall bo the
r~ponalbllRy of tl~ purchax~r to provide such survey to the adler at
the purchaser's ~ole coat and expenae~ in the ~v~nt of the inability of
the adler to convey title pursuant to the lerm~ of the contract, the
seller ~hall relmbur~ the purchaser for the hut of the
a forementioued mrvey..
(c) Thc dalivery by Seller to Purchaser cfa duly ex~cuted and awom
affidavit (in form prescribed by law) claiming ~r, empfiou of the sale
contemplated hcrcby, if such be the ce~, under Article 31 -B of the Tax
Law of the State of New York and thc R~ulatious promulgated
thereunder, aa the same may be amended from time to time (collectively
the "Cains Tax Law"); or if such sale shall not bo ax~.-mpt under th~ Gains
Tax Law, Seller and Pumhaser agree to comply in a timely manner with
thc requircmanta of thc Cndns Tax Law and, at Clewing. S~ller ~
deliver to Purchaser (i) an offichd ~tum abowin8 no tax duc, or (ii) an
official ~tum aucompanied by a certified or offic'ud bank check drown on
a N~v York State banking instito6on payable to the order of the Now
York State Department of Taxation and Finance in thc amount oflt~ tax
shown to be duc thc~cen. Seller shall (x) pay promptly any additioual tax
that may becoma duc under the Cains Tax Law, together with into-eat and
ponaltics therann, if any, which may be atme~mcd or become duc after
Closing, and / or ~xeouted any other ducumenta that may he rcquimd in
respect thercof, and (y) indemnify, dcfand and ~ave Purohimer hamd~
from and against any of the forrgoing and any damage, liability, coat or
expense (including ranaonablc attorneys' fce~) which may be anffcrcd or
incurred by Pumhaaer by rea~ou of thc nonpaymant thereof. The
provisions of this subparagraph (c) shall survive Closing.
(d) Thc delivery by Seller to Purcha~r cfa certificatiou stating that
Seller is not a foreign parson, which certificatiou shall be in a form then
r~quired by. FIRPTA. If Sellar fails to deliver thc aforc~d certification or
if Purchaaer is not entided under FIRPTA to rely on such cetlificetiou,
Pumhascr shall deduct and withhold from the pumha~ price a sum equal
to 10% thineof (or any Ic~scr amount permi~d by law) and shall at
Closing rcmii thc withheld amount with the required forms to the Internal
Revenu Service.
(c) Thc dclivo3~ of the Premium and all building(s) and impmvamcnta
comprising a par1 thereof in broom clean condition, vacant and free of
leaaes or tenancies, together with the keys to the Premium.
(f) All phimbin$ (inoludin8 water supply and ~'pti~ ay~ma~, if any),
heating, and air conditioning, if any, elec~ical and mechanical ~,atmns,
equipment and machinery in the budding(s) located on the property being
in working order as of thc date of Closing.
0(~) If tim Fi~iiii~ am s on~ or two tinnily house, ~liv~y by the parli~
at Cloalng of ~fidavits in complianea with slate and ~ hw
requi~raants to the effect that there is ins~allad in thc Premises ~ smoke
detccling alarm device or devices.
(h) The delivery by Iht parties of any other affidavits required ns ~
eondilion of recording th~ d~xl.
17. Deed Transfer and Recording Tmxes. At Closing, eaCdfied or
oflieiid bank cheeks payable to thc order of tho approp~fle State, City or
County otTteer in the amount of any applicable transfer and / m reeon:ling
lax payable by mason of the delivery or reeordin$ of the deed or moflgaga,
ifany, shall be delive~d by the party required by law or by ~ contrnct to
returns duly cxecutod and sworn to, and such party shah eaose any such
checks and retoms to be delivered to the apprnpfiatc ofl'leor promptly after
Closing. The obligation to pay any additional tax or de fh~cuey and any
intes~t or panaltles thereon shall survive Closing.
18. Apporflomnent and Other Adjus~ents; Water MeteF ond
luetalhnent Amesarnents. (a) To the ~.cnt applicable, the following
shall be apportian~, of midnight of the day before thc day of Cloalng:
(i) taxes, water cbargas and sewer rents, on the basis of thc ~,,,~1' lien year
for which esseascd; (ii) fuel; (iii) intez~t on thc existing mortgaga; (iv)
premiums on cxistin$ transferable iasumnea policies and renowals of
those ,~T4ring prior to Closing; (v) vaold charges; (vi) rents es and when
collected.
(b) If Clesinl~ shall occur before a new tax rate is fixed, thc
apportionment of taxes shall be upon thc basis of thc tax rate for thc
immediately preceding riscal period appliosd to thc latest ~
(e) If thare is a water meter on thc Premises, Seller shall furnish a
reading to a datc not more than 30 days before Closing and the unfixed
meter charge and sewer rent, if any, shall be apportioned on the be.~s of
such last reading.
(d) If at tlg date of Closing the Premises are affected by an assessment
which is or my become payable in annual inst,~limeats, and thc first
installment is then n lien, or has ~ paid, then for the purposes of this
eonh'a~ all the unpaid installments shall be paid by Seller at or prior to
Ciaaing.
(e) Any en'o~ or omissions ia computing apportionments or other
adjoslngnts at Closing shall be corrected within a reasonable lime
following Closing. This subparagraph shall survive Closing.
19. Allowance for Unpaid Taxes, etc. Seller has thc option to credit
Pumhaser aa an adjustment to thc purchase price with the amount of any
unpaid taxes, essessmants, wator cha~es and ~ rents, together with
any interest and penalties thereon to a date not less than five business days
~ Closing, provided that offic;sal bills therefor computed to said date are
produced at Closing.
20. Use of Purchase Price to Remove Encumbrnnce~ fiat Closing
there arc other liens or encumbraneas that Seller is obligated to pay or
discharEc, Seller may usc any poflion of the cash belanee of thc purchase
pdos to pay or discharge them, provided Seller shall simuhaueously
deliver to Purchaser at Closing instrnments in recordablc form and
suflicic, nt to ntisfy such liens or encumbrances of record, together with
the cost of recording or filing said instruments. As an altomative Seller
may depo~fl suffgiont monies with the title insurance company arnployed
by Pumhaser ,~eeeptebic to s~ad r~luired by it to assure their discharge, but
only if thc title insurance company will insure Purchaser's title clear of the
matlcra or insure agaiost their enforeemont cid of the Premises and will
insure Purcbaset's lfutitotiomsl Lcnder clear of anoh mel~'s. Upon no6~
(by telephone or otharwise), ~ivan no~ k~s O~n 3 m days bofore
Closing, Purchaser aludl provide sepm~te coflifiad or ofl'a~l bank checks
es requested to assist in clearing up these matters.
21. Title Exandnation; Seller's Inability to Convey; Lbnltations of
Lhbllity. (a) Puwha~ ~ o~ier an examination of title in n:spect of
the Premises flora a litlc company liosnsed or anthorized to iasue litle
insonmec by thc New York State hsuranea Deportment or any agant for
such title company promptly nf~F tho execulion of this coati'act or, if this
eontrnct is subject to the mortgage anntingeuey set forth in parngraph 8,
shall cause a anpy of the title repofl and of any additions thereto to be
delivered to the aflomc~s) for Seller promptly aflar receipt tharanf.
(bX'0 If at the dato of Cloaing Seger is unable to trans~cF fi~ to Purchaser
refusing to close, whethor by reeson of lions, eneumbram~s o~ oflgr
objuetlons to title or otlg~vise 0grein colleafively eallad "Defcots"), other
than theae subject to which Purehesor is obligated to _ _-,~_-pt_ title
hereunder or which Purcbaser may have waived and othar than ~se
which Seller has I'ggin c:q~ra~y agrcad to remove, remody or disehar~c
and if Purebaser shall be unwilling to waive thc nme and to close thlc
without abatement of thc purebase pdea, thon, exeap~ as horalna_~er set
forth, Seller shall hve thc right, at Setl~s sole ch:etlon, either' to take
such action as Seller mey deem edviesbl¢ to remove, rangdy, dischrga or
comply with such Detects or to cancel this contract, (ii) if Selior alects to
lake sotlon to remove, remedy or comply with such Defects, Seller shall
be enthlad from time to lime, upon Noliea to Pumbaser, to adjourn thc
date for Cloalng hcreuador for a pc~id or porloda not exeacding 60 days
in thc a~'caate (but not cxtcoding beyond thc date upon which
Purchaacr's moflgagc eammianant, if any, shall expire), and thc date for
Closing shall be adjourned to a date spc~ied by Sellcr not beyond such
period. If for any gasofl whatsovcvr, Seller shall not have succeeded in
removing, remedying or ecmplying with such Defects at the expl~ttlon of
such edjournment(s), and if Porobasor shall still be unwilling to waive
sang and to cloac title without abatement of the pumhase priac, thcn
either party may eaneal this eantm~ by Noliea to thc other givcn ~ithin
10 days sflar such adjourned date; (iii) notwithstanding thc foregoing, thc
existing moflgaga (unleas this rolo is anbjeat to thc amc) and any nmttcr
arostcd by Selicr afrar thc date hereof shall be released, discharged o~
other~se cured by Sellor at or prior to Closing.
(c) If this contra~t is eaueolled pursuant to its tcrnu, othor than es n result
of Purehaser*s defanlt, this eonb'sot shall torminatc and come to an and,
and ueither party shall have any further righ~ obligations or Ihbililies
against or to thc other hereunder or ofl~-t~se, exeapt that: (i) Scllar shall
promptly refund or cause the Escrnwcc to rcfond thc Downpa~ant th
Purehaacr and, unlc~ cancelled as a result o£Purchascffs dc£ault oF
pursuant to paragraph g, to reimburse Purchescr for thc uet teat of'
cxamialion of title, including any appropriate additional charges rela~l
thereto, and thc net cost. if ~ctoally paid or iacon'ed by Purchaser, for
updating thc existing survey of thc Premiscs or cfa uew sur~,, and (ii)
thc obligations under paragraph 27 shall survive thc termination of thls
contract.
22. Affidavit as to Judgments, Bankruptcks, etc. fin title examination
discloses judgments, bankruptcies or other retoms against porsons having
names thc same as or similar to that of Seller, Seller shall deliver an
affidavit at Closing showin8 that they arc not against Seller.
23. Defaults and Remedies. (a) ffPurchasar dcfaults hcrcunder, Sellc~'s
Osole ~medy shall be to receive and mtein thc Downpaym~nt as liquidated
damages, it being agreed that Sclle~s dem~cs in case of Pumhaset's
default might be impnesil~ lo as~aln and that the Downpaymant
conetitutes a fair and reasonablc amount of damages under thc
biranmstsn~es and is not a panalty.
(b) ffSeller defaults bercunder, Purchaser shall have such t~medi~a as
Purchaasr shall be entitled to at law or in equity, including, but not limited
24, Purchaser*s Lien. All money paid on account of this contract, and
the s~uormble expenee~ of examination of title to thc Prerniscs end ofeny
Premises, but such liens shall not continue after default by Pumhascr
under this contract.
2S. Notices. Any notice or other anmmunication (*Notico") shall be in
Miring and either (a) ~'nt by either of the parties hereto or by thek
by the Eaorowne, by registered or ~ertified mall, pcotsge prepaid, or
Co) dellvered in perann or by overnight enurier, with mccip~
acknowledged, to the respa~ive addrcne~ 8ivan in this con,eot for thc
pmty and the Escrowne, to whom thc Notice is to be ~ivcn, or to such
o~er nddrcas as snoh party or Esorcwne shall hereafter dealgnated by
Nogne given to the other pafly or parties and the Esorowco pursuant to
this peragmph. Eaoh Notico mailed shall be deemed given on the third
business day following thc date of mailing the same, except that any
no~e to Escrowee shnll be deemed given only upon recolpt by Escmwne
and codl Notice delivered in person or by overnight onuder shall be
dcerned given when delivered.
26. No Assignment. This contract may not be assigned by Purchaser
wifl'mut thc prior wfitton anneent of Seller in each instenec and any
purported assignment(s) made without such consent shall be void.
27. Broker. Seller and Purchaser coch represents and warrants to thc
other that it has not dealt with any broker in connection with this sale
o~or than NONE(*Brok~*) and Seller shall pay Broker any commission
earned pursuant to a separate agreement between Seller and Broker. Seller
and Pumhasor shall indenmify and defend each other against any costs,
olalms and cxpaneea, including rcasonabl~ ettomey~' fnes, arising out of
thc btcanh on their respnetive parts of any rcpresontetion or agrnement
contsined in this paragraph. The provisions of this paragraph shall survive
Closing or, if Closing docs not occur, the termination of this contract.
28. Mlscallancone. (a) All prior understandings, agrnemcnts,
rt,-presentations and wasrsndea, oral or written, between Seller and
Pumhaser a~c merged in this con,act; it completely expresses their full
agreement and has been entered into niter full invastigation, neither party
rclying upon any statement made by anyone ctsc that is not sci forth in
(b) Neither this contract nor any provision thereof may be waived,
changed or canoelled except in writing. This contract shall also apply to
and bind the hairs, distdbutees, legal r~presontetives, successors and
permitted assigns of the respective partlcs. The parties hereby authorize
th[tr r~spcctiv¢ attorneys to agree in writing to any changcs in dates and
time perieds provided for in this contract.
(c) Any singular word or tcrm her~m shall also be mad as in thc plural
and thc neuter shall include the masculine and feminine gender, whcnevcr
the sansc of this contract may require it.
(d) Thc captions in this contract arc for convanicnec of rcfcrencc only
and in no way dcfinc, limit or describe the scope of this contract and shall
not be considered in the interp~tation of this contort or any provision
hereof.
(e) This anntra~t shall not bc binding or effective until duly executed
and defivered by Seller and Purchaser.
(0 Seller and Pumhaser shall comply with IRC ~porting requiroments,
if applicable. This subparagraph shall sorviv¢ Clcoing.
(~) Each patt~ ~tll, at any time and from time to time, execute,
acknowledgn where appropriate and deriver such further inatromants and
dneumcnts and take such other action as may be rcasonebly requested by
the other in ruder to can~ out the intent and purpose of this contract. This
subparagraph shall survive Clming.
(h) This contrant is intended for the exclusive benefit of the pattie8
ha~to and, cxcopt as otherwisc exprcasly prodded herein, shall not be for
the benefit of, and shall not create any rights in, or be anforcoable by, any
other person or entity.
RIDER TO STANDARD PROVISIONS OF THE
STANDARD CONTRACT OF SALE FORM 26/33-RC~8/95). IF
THE TERMS OF THIS RIDER ARE INCONSISTENT WITH
THE STANDARD CONTRACT HEREIN, THIS RIDER SHALL
CONTROL AND TAKE PRECEDENCE OVER SAID
STANDARD FORM CONTRACT.
29. Purchaser's legal obllcatlons.
Pumha~r warrants and rcpr~asnts that it has taken all Icsal stepa
necessary to proceed with this pumhase.
IN WITNESS WHEREOF, Ibis ~ontraet has been ~ecuted by the parti~ hereto.
F~nldin Ovcrton Eich, ~llcr
Town of Soulhold
Attorney for S~II~:
A~omey for Purchaser:
Pa~ri~ia C. Moon, Esq.
51020 Main Road
,Southold, NY 11971 .
765-4330
53095 Main Road
P.O. Box 1179
Southold, NY 11971
765-1939
Receip~ ofthe Downpayment is acknowledged and the undersigned agrees to act in accordance with thc provisions of paragraph 6 above.
C
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CLOSING STATEMENT
FRANKLIN OVERTON RICH
to TOWN OF SOUTHOLD
Open Space for Parkland
13.85 acres
Premises: 2405 Peconic Lane, Peconic
SCTM #1000-74-5-6
Closing took place on December 10, 1998
at Southold Town Hall
Purchase Price of $ 200,000.00 disbursed as follows:
Payable to Patricia C. Moore, Esq.
Check ~49846 (11/10/98)
Payable to Franklin Overton Rich
Check #50294 (12/10/98)
$ 1,000.00
$ 199,000.00
Expenses of Closing:
Appraisal
Payable to Stype Real Estate
Check ff48513 (8/4/98)
$ 750.00
Survey
John C. Ehler Land Surveyor
Check #50354 (12/22/98)
$ 3,250.00
Title Report
Payable to Commonwealth Land Title Ins. Co.
Check #50295 (12/10~98)
Fee insurance $1117.00
Recording deed $ 86.00
$ 1,203.00
Those present at Closing:
Jean W. Cochran
Gregory F. Yakaboski, Esq.
Patricia C. Moore, Esq.
Franklin Overton Rich
Elizabeth A. Neville
Nancy
Southold Town Supervisor
Attorney for Town of Southold
Attorney for Seller
Seller
Southold Town Clerk
Title Company Closer
TOWN OF SOUTHOLD
53095MAINROAD
$OUTHOLD, NEW YORK11971-0959
DATE
11/10/1998
INE THOUSAND AND OO/IOO DOLLAR6
CHECK NO.
49846
214
NO.
O49846
$1,000.00
PAY TO
THE
ORDER
OF
PRTRICIR C. MOORE, ESQ.
51020 MAIN ROAD
60UTHOLD NY 11971
"'Ot, RSI~&"' s:OSLhOSh&h': &~, OOOOOl~ O,'
NDOR 013549 PATRICIR C.
.7110.2. 100. 100
MOORE, ESQ.
I 10498
11/10/1998 CHECK 49846
-]~""'='['{I ~l*i''~'
DWNP~YMENT-RICH PROPERT 1,000.00
TOTAL 1,000.00.
TOWN OF SOUTHOLD · SOUTHOLD. NY 11971-0959
TOWN OF SOUTHOLD
5~095 MAIN ROAD
~,f SOUTHOLD, NEWYORK 11971-0959
DATE CHECKNO.
12/10/1998 050294
214
.o. 050294
AMOUNT
**$199,000.00'*
PAY TO
THE
ORDER
OF
FRANKLIN OVERTON RICH
"'O 50 2
f-,=, 00000~,
ACCOUNT
.7_ 2.100.000
FRA~I~T,TN ~VERTON RTCH
I P.o. j
12/10/1998 CHECK #050294
INVOICE r DESCRIPTION I AMOUNT
121098 RICH PROPERTY PURCHASE-
13.85 ACRES 200,000.00
DOWNPAYMENT 1,000.00-
TOTAL **$199.000.00'*,
TOWN OF $OUTHOLO · SOUTHOLD, NY 11971-09~9
FROM:
Stype Brothers Real Estate,
P.O. Box 63
Mattituck, N.Y. 11952
TO:
For professional appraisal services rendered.
Premises
located at:
W/S Peconic Lane
Peconic, N.Y.
SCTM# 1000-74-5-6
750.00
Subtotal: 750.00
State Tax:
GL108S 20 TOWN OF SOUTHOLD
** Actual
Vendor.. 019764 STYPE REAL ESTATE
Y
JE Date Trx. Date Fund Account
............................. Begi
, , 8/19/1997 8/19/1997 H1 .600
, , 8/19/1997 8/19/1997 H1 .600
9/02/1997 9/02/1997 H1 .600
11/12/1997 11/12/1997 H2 .600
., 4/28/1998 4/28/1998 H1 .600
., 4/28/1998 4/28/1998 H2 .600
, . 5/12/1998 5/12/1998 H1 .600
5/26/1998 5/26/1998 H1 .600
e8/04/1998 8/04/1998 A .600
1/24/1998 11/24/1998 H2 .600
,, 11/24/1998 11/24/1998 H1 .600
, , 6/03/2002 6/03/2002 H3 .600
Disburs Inquiry by Vendor Name
.............. Detail--GL100N ..............
: W-08041998-516 Line: 326 Formula: 0 :
: Account.. A .600 :
:Acct Desc ACCOUNTS PAYABLE :
Trx Date ..... 8/04/1998 SDT 8/05/98 :
Trx Amount.... 750.00 :
Description.. APPRAISAL-F. RICH PROP :
Vendor Code.. 019764 :
Vendor Name.. STYPE REAL ESTATE :
Alt Vnd.. :
CHECK ........ 48513 SCNB :
Invoice Code. 98/235/PA :
VOUCHER ...... :
P.O. Code .... T.B. :
Project Code. :
Final Palrment F Liquid. :
Type of 1099. N BOX. Addl. :
Fixed Asset.. N :
Date Released 8/04/1998 :
Date Cleared. 8/31/1998 :
F3=Exit F12=Cancel :
JOHN C. EHLERS LAND SURVEYOR
6 EAST MAIN STREET
EVERHEAD, NY 11901
L: fi16-S69-f1288 FAX: 516-369-8287
STATEMENT
DATE INVOICE #
! 1/30/98 980224
Town of Southold BILL TO
53095 Main Road
P.O. Box 1179
Southold, N.Y. 11971
TAX MAP NUMBER MY JOB NUMBER
1000-74-5-6 98-280
DATE
1/3o/9~
DESCRIPTION
Survey of 13.85 acres of vacam land on Peconic Avenue,
in Peconic, Town of Southold
CHARGES
3,250.00
CREDITS
BALANCE
3,250.00
GL108S 20 TOWN OF SOUTHOLD
** Actual
Vendor.. 005322 EHLERS/JOHN C.
JE Date Trx. Date Fund Account
............................. Begi
12/22/1998 12/22/1998 H .600
.. 2/18/1999 2/18/1999 H1 .600
.. 12/21/1999 12/21/1999 H2 .600
.. 3/28/2000 3/28/2000 H .600
,, 5/08/2001 5/08/2001 H3 .600
.. 10/09/2001 10/09/2001 H3 .600
.. 10/09/2001 10/09/2001 H3 .600
.. 12/04/2001 12/04/2001 H3 .600
.. 12/04/2001 12/04/2001 H3 .600
.. 12/04/2001 12/04/2001 H2 .600
. . 4/25/2002 4/25/2002 H3 .600
. . 8/27/2002 8/27/2002 H3 .600
. . 1/07/2003 1/07/2003 H3 .600
. . 2/25/2003 2/25/2003 H3 .600
4/08/2003 4/08/2003 H3 .600
......................... Use Acti
act Record(s) or Use Aotion Code
Trx Date .....
Trx Amotmt...
Description..
Vendor Code..
Vendor Name..
Alt Vnd..
CHECK ........ 50354 SCNB
Invoice Code. 980224
VOUCHER ......
P.O. Code...'. 05117
Project Code.
Final Payment F Liquid.
Type of 1099. M BOX. 07 Addl.
Fixed Asset.. N
Date Released 12/22/1998
Date Cleared. 12/31/1998
F3=Exit F12=Cancel
Disburs Inquiry by Vendor Naz~e
............. Detail--GL100N ..............
W-12221998-476 Line: 175 Formula: 0 :
Account.. H .600 :
Acct Desc ACCOUNTS PAYABLE :
12/22/1998 SDT 12/23/98 :
3,250.00 :
SURVEY-RICH PROPERTY :
005322 :
EHLERS/JOHN C. :
) 98 03:21p Nancu 51G-?25-25E4
Commonwealth
ITEM
Title No.: 70982749
Applicant: TOWN OF SOUTHOLD ATTORNEY
Premises: 0 PECONZC LN PECON[C~ NY 11958
Date of Closing:
Purchaser: TOWN OF SOUTHOLD
Fee Insurance $200,000.00
Mortgage Insurance $ 0,00
Date Printed: September :)8, 1998
Order-Type: Fee Only
Survey Redate
Depertmenlcal Searches
Certificate of Occupancy
Street Report
Bankf upL~y
Sewer Search
Housing and Bulldlng
Fi re
oEmergency
Additional Taxes
Survey Inspection
UCC's County
ucc's Sta:e
u.1 Environmental
Waiver of Arbltratlon
Condo Endorsement
Escrow Service Charge
Escrow
Special Delivery
Sale~ Rep:
County: Suffolk
Closer:
CLOBZNG BZLL
AMOUNT TrEM
1,117.00 Recording Fees
Deed
Plortgage
Satisfaction of Mortgage
Transfer Taxes
N¥S Transter Tax
NYC APT
Gains Tax
Mortgage Tax
Mortgagor
Mortgagee
Chris McKeever
. I
TOTAL CHARGES
RECEIPTS
CHECKS PAYABLE TO COMMONWEALTH (Circle One)
Buyer/Seller $
Buyer/SeUer $
Buyer/Seller
Buyer/Seller
CHECKS PAYABLE TO OTHER THAN COMMONWEALTH (Circle One)
Buyer/Seller $
er/Seller $
er/Seller $
TOTAL RECE'rpT$ $
AMOUNT
*NOTE Rates & charges herein are subject to change based on the rates in effect at the time of closing.
2777 Veterans Memorial Highway $Suite 6 · Islandia, NY 11722
Phone 1(888) 332-5842 · (516) 232-3S03 t Fax (516) 232-3617
TOWN OF SouTHoLD
53095 MAIN ROAD
SOUTHOLD, NEW YORK 11971-0959
DATE CHECK NO.
12/11/1998 050295
214
.o. 050295
AMOUNT
**$1,203.00'*
PAY TO
THE
ORDER
OF
COMMONWEALTH LAND TITLE INSURANCE CO.
(\
,"OSO~qS,' I:OH;,l~OS[,~=h~-' C=3 OOOOOh O,"
H. 7110.2. 100. 100
'1998 CHECK #050295
121098 'TITLE FEES-RICH PROP CLOSING 1,203.0~
TOTAL **$1,203.00
GL108S 20 TOWN OF SOUTHOLD
** Actual
Vendor.. 003349 COMMONWEALTH LAND T
Y
JE Date Trx. Date Fund Account
............................. Begi
, , 2/19/1998 2/19/1998 A .600
9/15/1998 9/14/1998 a .1620.2.2
~ 12/22/1998 12/11/1998 H .7110.2.1
1/19/1999 1/12/1999 H1 .8686.4.0
1/19/1999 1/13/1999 Hi .8686.4.0
2/18/1999 2/05/1999 H1 .8686.4.0
11/23/1999 11/23/1999 A .600
12/21/1999 12/21/1999 H3 .600
2/01/2000 1/24/2000 H1 .8686.4.0
.~/28/2000 3/20/2000 H2 .8686.2.0
.W6/06/2000 6/06/2000 A .600
7/06/2000 6/21/2000 H2 .8686.2.0
7/06/2000 6/21/2000 H2 .8686.2.0
9/12/2000 8/30/2000 H3 .8660.2.6
9/12/2000 8/30/2000 H3 .8660.2.6
......................... Use Acti
Select Record(s) or Use Action Code
Disburs Inquiry by Vendor Name
.............. Detail--GL100N ..............
: H-12221998-477 Line: 1 Formula: 0 :
: Account.. H .7110.2.100.100 :
: Acct Desc :
: Trx Date ..... 12/11/1998 SDT 12/23/98 :
: Trx Amount... 1,203.00 :
: Description.,. TITLE FEES-RICH CLOSING :
Vendor Code.. 003349
Vendor Name.. COMMONWEALTH LAND TITLE
Alt Vnd..
CHECK ........ 50295 SCNB
Invoice Code. 121098
VOUCHER ......
P.O. Code ....
Project Code.
Final Payment P Liquid.
Type of 1099. N BOX. Addl.
Fixed Asset.. N
Date Released 12/11/1998
Date Cleared. 1/31/1999
F3=Exit F12=Cancel
R
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D
Rr~£~VEO RECORDED
Numbc~of~ D $ REAL ~$T^TE
TORRENS DEC
C~m ~ SUFFOLK
~ / Mo~e Ins~t ~ / Mo~age T~ S~p R~or~ng / FlUng S~
Nomfion Sub To~l
EA-5217 (C~ty) Sub To~ . S~Assi[
C~m. orE& 5 ' ~ " ~ HeM for Ap~on~ .
Reg. C~y ~. ~l ~ ~ will be improved by a one or two ~amily
~ R~I ~pe~ T~ ~r~ce Agency Verir~atlon ~ Title Company Infor~tion '
~fle Numar
r ~offimonw~alth ~and c~ ~ Ch~
Title Insurance Company Payer s~c ~ R · R
(or if ~iffe~nt)
1~- 6 Veterans Memorial Highway
g Islandia, New York 11722
I
~ Suffolk County Recording & Endorsement Page
(SPE~ T~E OF IN~U~)
S~OLK COU~Y, ~W YO~.
~ ~ ~e Towm~p of Southo~
~ ~ V~LAGE
or H~ o~ Pecon~c
BO~ 5 ~U 9 ~ BE TY~D OR ~D ~ BLACK ~K O~Y P~OR TO ~CO~ING OR F~G..
Standard N.Y.S.L.T~,. Form 8~17 - Page 1
.O00~w:
Bargein & Sale Deed, wi~ Covenant against Grant.s Acts -~
CONSULT YOUR LAWYER BEFORE SIGNING THIS INSI~RUMENT-THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY.
THIS INDENTURE, made the ~ 0 day of
BETWEEN
Franklin OverCon Rich
146 Cove Road
Stonington, CT 06378
December
, nine~en
ninety-eight
party of the first part, and
Town of Southold
53095 Main Road
Southold, NY 11971
party of the second'part,
WITNESSETH, that the party of the first part, in consideration of Two Hundred Thousand and 00/100
............ ($200,000.00) ................................................... doU~rs
lawful money of the United States, paid
by the party of the second part, does hereby grant and release unto the party of the second part, the heirs or successors
and assigns of the party of the second part forever,
ALL fliat certain plot, piece or parcel of land, with the building and improvements thereon erected, situate, lying and
being in the
SEE SCHEDULE A ATTACHED HERETO
a part of
BEING AND INTENDED TO BE/the same premises conveyed~by Deed dated 6/1/78 and
recorded on 9/6/78 in Liber 8492 cp. 142 and by Deed dated 7/13/74, recorded
7/17/74 in Liber 7676 cp 216, re-recorded in Liber 7688 cp 576 in the Suffolk County
Clerk's Office.
File No. 70982749
SCHEDULE A
AMENDED 12/7/98
ALL that certain plot, piece,· or parcel of I'and, ·situate, lying and being in the 'Town of Southold, County 6f
Suffolk and State of New York, being a descriptive parcel of land, bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic, Lane, 316.96 feet (316.35 survey), (316.94 deed)
southerly along said westerly line from land of Long Island Railroad Company, said point of beginning
being the southeasterly corner of land formerly of Grathwohl now or formerly of ]ohnsen; from said point
of beginning;
RUNNING along said westerly line of Peconic Lane, South 30 degrees 03 minutes 20 seconds East 423.78
feet;
THENCE along land of Mazzei, South 59 degrees 43 minutes West, 886.39 feet to land of Catalano &.
others;
THENCE along said land, North 33 degrees 47 minutes West, 739.96 feet to said'land of Long Island
Railroad Company;
THENCE along said land, North 59 degrees 37 minutes 40 seconds East, 712.81 feet;
THENCE along land of Howell, South 30 degrees 10 minutes 20 seconds East, 213.33 feet;
THENCE along said land formerly of Grathwohl, now or formerly of .lohnsen the following two (2) courses
and distances:
1. South 30 degrees :L6 minutes 20 seconds East :L01.47 feet;
2. North 60 degrees 01 minutes 40 seconds East 220.89 feet to the westerly side of Peconic Lane, the
point of BEGINNING.
For conveyancing only, if
intended to be conveyed.
Date Printed December 7, ~.998
Together with all right, title and interest of, in and to any streets and roads
abutting the above described premises, to the center line thereof.
TOGETHER with all right, title and interest, if any,~ of the party of the first part in and to any streets and roads
abutting the above described premises to the center lifles thereof:
TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises;
TO HAVE AND TO HOLD the premises herein granted unto the party of the second part. the heirs or successors and
assigns of the party of the second part forever.
AND the party of the first part covenants that the party of the first part has not done or suffered anything whereby the
said premises have been encumbered in any way whatever, except as aforesaid.
AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of the first part
will receive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to
be applied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the
cost of the improvement before using any part of the total of the same for any other purpose.
The word "party" shall be construed as if it read "parties" whenever the sense of this indenture so requires.
IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above writ~n.
IN PRESENCE OF:
STATE OF NEW YORK, COUNTY OF SUFFOLK SS:
Onthc]~tJ}day of December , 19 98,
before me personally came
Franklin Overton Rich
to me known to be the individual described in and who executed
the for~gding instrument, and acknowledged that
he executed the same.
EUZABE'IH A~
Not~ Public, State of New York
No. ~r~-8125850 guffolk CountyD
T~ F-xp res October 31, ,~ Zt~..
STATE OF NEW YORK, COUNIy OF
SS:
On the day of 19 . before me
personally came
to me known, who, being by mc duly sworn, did depose and say
he resides at No.
that ho is thc
of
, the corporation described in
and winch executed the foregoing instrument; that ho knows
the seal of said corporation; that the seal affixed to said
inatmment is such corporate seal; that it was so affixed by order
of the board of directors of raid corporation, and that he
signed h name thereto by like order.
STATE OF NEW YORK, COUNTY OF
SS:
On thc day of ,19
before me personally came
./
to me known, to be thc individual described in and who exe~,~ted
the foregoing instrument, and acknowledged ha ,r
/
/
STATE OF NEW YORK, COUNTY OF
On the day of
personally came
to me kno~m, who, being by me duly
that he resides at No.
that he is the
/
SS:
19 , before me
n, did depose and say
of
, the corporation described in
and which executed thc foregoing instrument; that hc knows
thc seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order
of thc board of directors of said corporahon, and that he
signed h name thereto by like order.
Franklin Overton Rich
' TO
Towm of $outhold
OFidelity National Title
SECHON 074.00
BLOCK 05.00
LOT 006.000
COUNI~'~ Suffolk
Gregory F, Yakaboski, Esq. 1
53095 Main Road
P.O. Box 1179 '
· Southold, NY 11971
T
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ISSUED BY
COMMONW~d.T{~ LAND TITLE INSURANCE COMPAI~'
Commonwealth
OWNER'S POLICY OF TITLE INSURANCE
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED [N SCHEDULE B AND
THE CONDITIONS AND STIPULATIONS, COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania 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.
IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused it~ corporate name and seal to be
her6unto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
COMMONWEALTH LAND TITLE INSURANCE COMPANY
Attest:
~ Secreta~'
By:
President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, co~ts, 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 improve-
ment now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or axea of the land or any parcel of
which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regula-
tions, 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 excluding
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 PolLy, but known to the insured claimant and not disclosed
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 trausaelion vesting in the Insured the estate or int~est in~ured by this policy, by reason of the operation
of federal bankruptcy, state insolvency, or similar creditors' fights 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 preferential 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,
NM I PA10
ALTA Owner's Policy (10-17-92) Valid Only If Schedules A and B and Cover Are Attached
Form 1190-1 Face Page
Commonweaith, .
Amount of Insurance: $200,000.00
Date of Policy: 12/10/98
1.
z
$CHEDULE A
Policy/File No,: 70982749
Name of Insured:
TOWN OF SOUTHOLD
The estate o~ interest in the land described in this Schedule and which is
encumbered by the insured mortgage is:
Fee Simple
Title to the estate or interest in the land is vested in:
Deed made by FRANKLIN OVERTON RICH to the INSURED dated 12/10/98 and recorded
12/24/98 in Liber 11936 page 096 in the Office of the Clerk of the County of Suffolk,
The land referred to in this policy is described on the annexed schedule.
Countersigned:
ALTA Owner's Policy
Authorized Officer or Agent
SCHEDULE A
Policy/File No. 70982749
AMENDED 12/7/98
ALL that certain plot, piece, or parcel of land, situate, lying and being in the Town of Southold, County of
Suffolk and State of New York, being a descriptive parcel of land, bounded and described as follows:
BEGTNN[NG at a point on the westerly line of Peconic Lane, 316.96 feet (316.35 survey), (316.94 deed)
southerly along said westerly line from land of Long ]~sland Railroad Company, said point of beginning
being the southeasterly corner of land formerly of Grathwohl now or formerly of .]ohnsen; from said point
of beginning;
RUNNING along said westerly line of Peconic Lane, South 30 degrees 03 minutes 20 seconds East 423.78
feet;
THENCE along land of Mazzei, South 59 degrees 43 minutes West, 886.39 feet to land of Catalano &
others;
THENCE along said land, North 33 degrees 47 minutes West, 739.96 feet Lo said land of Long Tsland
Railroad Company;
THENCE along said land, North 59 degrees 37 minutes 40 seconds East, 7:12.81 feet;
THENCE along land of Howell, South 30 degrees 10 minutes 20 seconds East, 213.33 feet;
THENCE along said land formerly of Grathwohl, now or formerly of .]ohnsen the following two (2) courses
and distances:
1. South 30 degrees 16 minutes 20 seconds East 101.47 feet;
2. North 60 degrees 01 minutes 40 seconds East 220.89 feet to the westerly side of Peconic Lane, the
point of BEG]'NNING.
ALTA Owner's Policy
Schedule A - Description
SCHEDULE. B
Exceptions from Coverage
Policy/File No. 70982749
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 the following:
Company excepts all unpaid water charges, sewer charges~ street charges, frontage charge~
or pending certiorari proceedings, and does not make searches for same.
Electric agreement recorded in Liber :L317 cp 321.
Survey made by .lohn C. Ehlers, L.S. dated 1:[/20/98 shows vacant land. (a) Lawn, on
premises adjoining on the north, extends onto premises herein by as much as 13 feet. (b)
Overhead wires traversing the southeast corner of premises (c) Hedge along part of the
southerly line.
ALTA Owner's Policy
Schedule B
Common, w ea] t ..
STANDARD NEW YORK ENDORSEMENT
(OWNER'S PoLI'CY) "
Attached ~o and made a part of Policy Number: 70982749
1. Insuring provision Number 7 is deleted and the following is substituted:
"5. Any statutory lien for services, labor or materials furnished prior to the date
hereof, and which has now gained or which may hereafter gain priority over the
estate or interest of the insured as shown in Schedule A of this policy."
2. The following] is added to Paragraph 7 of the Conditions and Stipulations of the policy:
"(d) Jif the recording date of the instruments creating the insured interest is later
than the policy date, such policy shall also cover intervening liens or
encumbrances, except real estate taxes, assessments, water charges and sewer
rents."
Nothing herein contained shall be construed as extending or changing the effective date of
the policy unless otherwise expressly stated.
This endorsement is made a part of the policy and is subject to all terms and provisions
thereof and of any prior endorsements thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy and any of prior endorsements,
nor does it extend the effective date of the policy and any prior endorsements, nor does it
increase the amount of insurance.
Dated: 12/10/98
Countersigned:
A u i:~f'~c e ~;;~t
Standard New York Fndor~ement (9/1/93)
For Use With Alta Owner's Policy (10/17/92)
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS.
Thc following terms when used in this policy mean:
(a) "insured": the insured named in Schedule A. and, subject to any
rights or defenses the Company would have had against the named insured.
those who succeed to the interest of the named insured by operation of law
as distinguished from purchase including, but not limited to. heirs,
distributees, devisees, survivors, personal representatives, next of kin, or
corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or damage·
(c) "knowledge" or "known": actual knowledge, not constructive
knowledge or notice which may be imputed to an insured by reason of the
public records as defined in this policy or any other records which impart
constructive notice of matters affecting the land.
(d) "land": the land described or referred to in Schedule A, and
improvements affixed thereto which by law constitute real property. The
term "land" does not include any property beyond the lines of the area
described or referred to in Schedule A, nor any right . title, interest, estate
or easement ill abutting streets, roads, avenues, alleys, lanes, ways or
waterways, but nothing herein shall modify or limit the extent to which a
right of access to and from the land is insured by this policy.
(el "mortgage": mortgage, deed of trust, trusl deed, or other security
Il) "public records": records established under state statutes at Date of
Policy for the purpose of imparting constructive notice of matters relating
to real property to purchasers for value and without knowledge. With
respect to Section I{a) (iv) of the Exclusions From Coverage, "public
records" shall also include environmental protection liens filed in the
records of the clerk of the IJnited States district court for the district in
which the land is located.
(gl "unmarketability of the title": an alleged or apparent matter afflicting
the title to the land. not excluded or excepted from coverage, which would
entitle a purchaser of the estate or interest described in Schedule A to be
released from the obligation to purchase by virtue of a contractual
condition requiring the deIivery of marketable title.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE.
The coverage o1 th~s pohcy shall continue in force as of Date of Pohcy m
in Ihe ]and. or holds an indebledne>s secured b) a purchase money
~ mortgage given b~. a [~urchaser from the insured, or only so long as Ihe
insured shall ha~e liability by reason of co~enants of u. arranty made by the
shah not continue tn force in ~a~or of any purchaser from the in~ured of
either UI an estale or interest in Ihe [and. or rill an indebtedness secured by
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
The m~ured shJII notif) Ihe Company prompdy in writing Ir) m case of
any Imgalion as set forth in Secuon 4(al below. DJ) ~n case knowledge shall
adverae to the htle to the estate or ihteresl, as insured, and which might
cause foss or damage for which the Company may be liable by virtue of
this policy, or (id} if title to the estate or interest, as insured, is rejecled as
unmarketable. If prompt notice shall not be gixen to the Company. then as
to the insured all hability of the Company shall terminate with regard to
the matter or matters for which prompt notice is required: provided.
howe~er. Ihat l;ailure to notify' the Company' shah in no ca~e prejudice the
rights ol any insured under this policy unless the Compans, shall be
prejudiced by the failure and then on]) Io the extent of the prejudice
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE.
(aY Upon written request by the insured and subject to the options
contained in Secnon 6 of these Conditions and Stipulations, the Compeny,
at its o,~n cosl and wnhout unreasonable delay, shall provide for the
defense of an insured in litigation ~n which any third party asserts a claml
of actmn alleging a defect, lien or encumbrance or other matter insured
agamsl b', this pohcy. The Company shall have the rtght to select counsel
of ns choice Isubject to the right of the in~ured to object loc reasonable
nol be liable for and will not pay the I~es of any other counsel. The
Company will not pay any fees, costs or expenses incurred by the insured
against b) this policy.
(b} The Company shall have the right, at ~ts o~n cost, to insntute and
interest, as insured, or to prevent or reduce loss or damage to Ihe'insLired.
The Company may take an) appropriate action under the terms of this
p~icy, whether or not .il shall be tiable hereunder, and shall not 'thereby
concede liabdity or waive any pro~tsmn of th~s pohc) If the Compan;
shall e~erq,se its rights under t}ns paragraph, ~ ~hall do so ddtgentl)
lc) Whenever the Company shall have brought an action or interposed a
defense as required or permitted by the provisions of this policy, the
Company may pursue any litigation to final determination by a court of
competent jurisdiction and expressly reserves the right, in its sole discretion,
to appeal from any adverse judgment or order.
(dy In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding, the
insured shall secure to lhe Company the right to so prosecute or provide
defense in the action or proceeding, and all appeals therein, and permit the
Company to use, at its option, the name of the insured for this purpose.
Whenever requested by the Company. the insured, al the Company's
expense, shall give. the Company all reasonable aid 6) in any action or
proceeding, secunng evidence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effect[ns settlement, and 0il in any
other lawful act which in the opinion of the Company ma~ be necessary or
desirable to establish the title to the estate or interest as insured. If the
Company is prejudiced by the failure of the insured to furnish the required
cooperation, the Company's obligations to the insured under the policy
shall terminate, including any liability or obligation to defend, prosecute, or
continue any [it[gat[on. with regard to the matter or matters requiring such
cooperation.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 of these
Conditions and Stipulations have been provided the Company, a proof of
loss or damage signed and sworn to by the insured claimant shall be
furnished to the Company within 90 days after the insured claimant shall
ascertain the facts giving rise to the loss or damage. The proof of loss or
damage shall describe the defect in, or lien or encumbrance on the title, or
other matter insured against by this policy which constitutes the basis of
loss or damage and shall state, to the e~:tent possible, the basis of
calculating the amount of Ihe loss or damage. If the Company is prejudiced
by the failtlre of the insured claimant to provide Ibe required proof of foss
or damage, the Company's obligations to the insured under the policy shall
terminate, including any liability or oh]ii,at[on to defend, prosecute, or
continue an) hr[gallon, wilh regard to the matter or matters requiring such
proof of loss or damage.
In addition, the insured claimant ma) reasonably be requu'ed to submit
to examination under oath b)' an5 authorized representative of the
Company and shall produce for examination, inspecuon and copying, at
such reasonable times and places as ma) be designated by an~. authorized
representative of the C'ompan). all records, books, ledgers, checks.
Date of Pohcy. which rea:,onabl)' pertain to the loss or damage Further. if
requested by an) sutton?ed representative of the Company . the m~ured
claimant shall grant ils permission, in wrdmg, for an) authorized
books, ledgers, checks, correspondence and memoranda in the custody or
control of a thtrd part), which reasonably pertain to the [DSS or damage.
All information designated as confidential by the insured claimant pro~ided
to the Company pursuant Io this Secnon shall not be disclosed to others
purl[es as required m this paragraph shall lermlnate an) [iabdd) of the
Company under this policy as [o that claim
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under dns polio), the Company shall ha~c the
this pohcy together v, dh any costs, attorneys' fees and expenses incurred by
lime of paymant or tender of pa)ment and xuhich Ihe Company ~ obhga-
led Itl pay.
Upon Ihe exercise b) the Comp,m) of this oplion, all liabdlt; and
i,bligations to the insured under this pohc), other than Io make the
(bi To PaL or Otherv. ise Settle %ilh Parries Other illan thc Insured or
m paragraphs (blfi) Dr.(ii j, the Company's obi[gallons to Ihe insured under
Conditions and Stipulation~ Continued Inside Co~er
7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE.
This policy is a contract of indemnity against actual monetary loss or
'damage sustained or incurred by the insured claimant who has suffered loss
' or damage by rehgon of matters insured against by this policy and only to
the extent herein described.
(al Thc liability of the Company under this policy shall not exceed thc
least of:
(il the Amount of Insurance stated in Schedule A; or,
(ii) the difference between the value of the insured estate or interest as
insured and the value of the insured estate or interest subject to the defect,
lien or encumbrance insured against by this policy.
(b In the event the Amount of Insurance stated in Schedule A at the
Date of Policy is less than 80 percent of the value of the insured estate or
interest or the full consideration paid for the land, whichever is less, or if
subsequent to the Date of Policy an improvement is erected on the land
which increases the value of the insured estate or interest by at least 20
~ercent over the Amount of Insurance stated in Schedule A. then this
olicy is subject to the following:
(il where no subsequent improventent has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
the amount of insurance at Date of Policy bears to the total value of the
insured estate or interest at Date of Policy; or
(ii) where a subsequent improvement has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
120 percent oftbe Amount of Insurhnce stated in Schedule A bears to the
sum of the Amount of Insurance stated in Schedule A and the amount
expended for the improvement.
The provisions of this paragraph shall not apply to costs, attorneys' fees
and expenses for which the Company is liable under this policy, and shall
only apply to that portion of any loss which exceeds, in the aggregate, l0
percent ottbe Amount of Insuran~ stated in Schedule A.
(c) The Company will j~y only those costs, attorneys' fees and expenses
incurred in accordance w;th Section 4 of these Conditions and Stipulations.
8. APPORTIONMENT.
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and a loss is established affecting one or
more of the parcels 10ut not all. the loss shall be computed and settled on a
pro rata bas~s as if the amount of insurance under this policy was divided
pro rata as to the value on Date of Policy of each separate parcel to the
whole, exclusive of any improvements made subsequent to Date of Policy.
unless a liability or value has otberwise been agreed upon as to each parcel
by the Company and the insured at the time of the issuance of this policy
and shown by an express statement or by an endorsement attached to this
policy.
9. LIMITATION OF LIABILITY.
(al If the Company establishes the title, or removes the alleged defect,
lien or encumbrance, or cures the lack of a right of access to or from the
land. or cures the claim of unmarketability of title, all as insured, in a
reasonably diligent manner bY any method, including litigation and the
completion of any appeals therefrom, it shall have fully performed its
obligations with respect to that matter and shall not be liable for any loss
or damage caused thereby.
(b) In the event of any litigation, including litigation by the Company
or with the Company's consent, the Company shall have no liability for
loss or damage until there has been a final determination by a court of
competent jurisdiction, and disposition of all appeals therefrom, adverse to
the title as insured.
(c) Tbe Company shall not be liable for loss or damage to any insured
for liability voluntarily assumed by the insured in settling any claim or suit
without the prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILfrY.
All payments under this policy, except pa)nnents made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance pro
tanto.
11. UASILITY NONCUMULATIVE
It is expressly understood Ihat the amount of insurance under this
policy shall be reduced by any amount the Company may pay under any
policy insuflng a mortgage to which exception Is taken in Schedule B or to
which the insured has agreed, assumed, or taken subject, or which Is
hereafter executed by an insured and which is a charge er lien on the
estate or interest dascdbed or referred to in Schedule A, end ~ amount
so paid shall be deemed a payment under this policy to the Insured ownor.
12. PAYMENT OF LOSS.
(a) No payment shall be made withou~ producing this policy' for endorsement
of the payment unless the policy has been lost or destroyed, in which case proof
of loss or destruction shall be furnished lo the satisfaction of Ibe Company.
NM 1 PA 10
ALTA Owner's Policy (10-17-92}
(Continued)
(b) When liability and the extent of loss or damage has been definitely
fixed in accordance with these Conditions and Stipulations, the Io~s ,or
damage shall be payable within 30 days thereafter.
1~. SUBROGATION UPON PAYMENT OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a claim under this
policy, all right of subrogation shall vest in the Company unaffected by
any act of the insured claimant.
The Company shall be subrogated to and be entitled to all rights and
remedies which the insured claimant ~,ould have had against any person or
pr0~erty in respect to the claim had this policy not been ~ssued. If
requested by the Company, the insured claimant shall lransfer to the
Company all rights and remedies against any person or property necessary
in order to perfect this right of subrogation. The insured claimant shall
permit the Company to sue, compromise or settle in the name of the
insured claimant and to use the name of the insured claimant in any
transaction or litigation involvuig these rights or remedies.
If a payment on account of a claim does not fully cover the loss of the
insured claimant, the Company shall be subrogated to these rights and
remedies in the proportion which the Company's payment bears to the
whole amount of the loss.
If loss should resull from any act of the insured claimant, as stated
above, that act shall not void this policy, but the Company, in that event,
shall be required to pay only that part of any losses insured against by this
policy which shall exceed the amount, if any, lost to the Company by
reason of the impairment by the insured claimant of the Company's righl
of subrogation.
(b) The Company's Rights Against Nondnsured Obligors.
The Company's right of subrogation against non-insured obligors shall
exist and shall include, without limitation, the riJghts of the insured to
indemnities, gnaranUes, other policies of insurance or bonds,
notwithstanding any terms or conditions contained in those instruments
which provide for subrogation rights by reason of this policy.
14. ARBITRATION
Unless prohibited b) applicable law, either the Company or the insured
may demand arbitration pursuant to the Title Insurance Arbitration Rules
of the American Arbitration Association. Arbitrable matters may include,
but are not limited to, any controversy or claim between the Company and
the insured arising out of or relating to this policy, any service of the
Company in connection with its issuance or the breach of a policy
provision or other obligation. All arbitrable matters when the Amount of
Insurance is $1,000,000 or less shall be arbitrated at the option of either the
Company or the insured. All arbitrable matters when the Amount of
Insurance is in excess of $1,000.000 shall be arbitrated only when agreed to
by both the Company and the insured. Arbitration pursuant to this ~policy
and under the Rules in effect on the date the demand for arbitration is
made or, at the option of the insured, the Rules in effect at Date of Policy
shah be binding upon the parties The award may include attorneys' fees
only if the laws of the state in which the land is located permit a court to
award attorneys' fees to a prevailing party. Judgment upon the award
rendered by the Arbitrator(s) may be entered in any court having
jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the
Title Insurance Arbitration Rules.
A copy of the Rules ma) be obtained from the Company upon request
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT.
(a) This policy together with all endorsements, if any, attached hereto
by the Company is the entire policy and contract between the insured and
the Company. In interpreting any provision of this policy, this policy shall
be construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or by any action asserting such claim, shall be restricted to
this policy.
(c) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed by either the
President, a Vice president, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid or unenforceable
under applicable law, the policy shall be deemed not to include that provi-
sion and all other provisions shall remain in full force and effect.
17. NOTICES, WHERE SENT.
All notices required to be given the Company and any statement in writing
required to be furnished the Company shall include the number of this policy and
shldl be addressed tO Commonwealth Land Title Insurance Company, Eight Perm
Center, Philedel~hia, petmsylvania 19103-2198.
Fora1 1190-3 Cover Page
ORIGINAL Valid Only If Face Page, Schedules A and B Are Attached
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On December 10, 1998, the Town of Southold
purchased 13.85 acres of land located along the westerly
side of Peconic Lane in Peconic from Franklin Overton
Rich for the sum of $200,000.00. The purchase of this
parcel, identified as SCTM #1000-74-5-6, was authorized
by bond resolution adopted by the Southold Town Board
on July 21, 1998, and its acquisition was solely intended
for public park purposes.
At a dedication ceremony'in the autumn of 2002, the
park was officially designated the "JEAN W. COCHRAN
PARK" in honor of Mrs. Cochran's years of devoted service
to the Town. Mrs. Cochran served as Southold Town
Supervisor from 1996 to 2001. As Supervisor, Mrs.
Cochran was instrumental in securing the purchase of
this parkland for the use and enjoyment of all Town
residents.
This once fallow farm field now hosts a roller hockey
rink, softball field with lights, three tennis courts, a
football/soccer field, and 2 baseball fields for our young
T-ball players, in addition to a one-half mile track around
the property's perimeter. Many residents enjoy year
round use of these recreational facilities that are
maintained by the Town of Southold - Department of
Public Works under the management of James McMahon,
Director.
September 2005
Printe the screen
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ISUP~VE'F OF PP-.OPtEP-.TY ~
SI~ATE, ~CONIC ~
TOHN OF SOUTHOLD ~ \ ~ .
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C'OMMON,/'~g~,LTH LAND \ ~ 0
NOTEE~,
¢~PHIO SCALE {"= 60'