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HomeMy WebLinkAboutKrupski, Al , . }lBER 9991 PAGE 456 8'" ..., ...... '"" ....' t", tV.. , ..<, ..j ..... '>1 , , ~<" 27911 ~o \ iiy ~ INDENTURE THIS INDENTURE, made thisj'Jday Of//?/ad ' 198~, between ALBERT J. KRUPSKI, JR. residing at 38030 Main Road, Peconic, New York party of the first part, and the TOWN OF SOUTHOLD, a municipal corporation of 5.lotff the State of New York, havings its office and principal place of business at"Main .Road, Town of Southold, County of Suffolk and State of New York, pa rty of the /(0- 'tXS second part. ~1.~; WITNESSETH, that the party of the first part, in consideration of Ten and \;f.'}:[jJ 00/100 ($10.00) Dollars, lawful money of the United States, and other good and 3'''- valuable consideration paid by the party of the second part, does hereby grant !>,)rfl,c ,- and release unto the party of the second part, its successors and assigns forever, - I NIt! the Development Rights, by which is meant the permanent legal interest and right, Steiid,J as authorized by Section 247 of the New York State General Municipal Law, as --- Of? tJO amended, to permit, require or restrict the use of the premises exclusively for 3t.titlL agricultural production as that term is presently defined in Chapter 25 of the - t! J. tJtJ Southold Town Code, and the right to prohibit or restrict the use of the premises Ltl/ for any purpose other than agricultural production, to - oJ/ jpO ALL those pieces or parcels of land, situate, lying and being in the Town dD of Southold, County of Suffolk and State of New York, more particularly described on Schedule A, attached hereto and made a part hereof, TOGETHER with the non-exclusive right, if any, of the party of the first part as to the use for ingress and eg,ress of any streets and roads abutting the above described premises to the center lines thereof. , r R~ceIVED -- , $.........................{ '. ~ I REAL ESTATE f;, \ " ... 27911 " MAR 6 1986 \\' \ , , ' t ! TRAI;JSFER'TAX- " SUFFOLK .........."i'......' , . . . .. .. LlBER999l ~AGE 45'7 . TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises, insofa r as the rights granted hereunder are concerned, TO HAVE AND TO HOLD the premises herein granted unto the party of the second part, its successors and assigns 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 incumbered in any way whatever, except as aforesaid. AN D 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 rights 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 for the same for any other purpose. The party of the first part, as a covenant running with the land in perpetuity, further covenants and agrees for the party of the first part, and its heirs, legal representatives, successors and assigns of the party of the first part, to use the premises on and after the date of this instrument solely for the purpose of agricultural production. The definition of "Agricultural production" as defined in Section 25- 30 of Chapter 25 of the Southold Town Code is as follows: "Agricultural production - shall mean the production for commercial purposes of crops, livestock and livestock products, but not land or portions thereof used for processing or retail merchandising of such crops, livestock or livestock products. Land used in agricultural production shall also include fences, equipment, storage buildings, livestock barns, irrigation systems, and any other structures used exclusively for agricultural purposes". The pa rty of the first pa rt and the pa rty of the second part do hereby covenant and ag;ee in perpetuity that either of them or their respective heirs, , -2- . 'LI~ER 9991 p^GE'458 . . successors, legal representatives or assigns, shall only use the premises on and after this date for the purpose of such agricultural production and the grantor covenants and agrees that the underlying fee title may not be subdivided into plots by the filing of a subdivision map pursuant to Sections 265 and 277 of the Town Law and Section 335 of the Real Property Law, or any of such sections of the Town or Real Property Law or any laws replacing or in furtherance of them. The word "party" shall be construed as if it reads "parties" whenever the sense of this indenture so requires. IN WITNESS WHEREOF, the party of the first part has duly executed this deed year first above written. ---- ~~r/4A'a.. tC " Albert J. Krupski, Jr. ATTESaD APP~D 'f. V&u /cV'~ //' Town Attorney \ '....('j A .~ -- / .. .-- /' -3- . . . . LlBER 9991 PAGE 459 STATE OF NEW YORK) ss. : COUNTY OF SUFFOLK) On this 2- day of ~-rc-4 , 198~ , before me personally came FRANCIS J. MURPHY, to me known, who being by me duly sworn, did depose and say that he resides at Old Main Road, Mattituck, New York; that he is the Supervisor of the TOWN OF SOUTHOLD, the municipal corporation described in and which executed the above 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 Town Board of said corporation; and that he signed his name hereto by like order. ~CA/.:i:f~~ Notary Public ROBERT W. TASKER NOTARY PUBUC. SIClht of N.Y. No. 52-393372', SuH. Cnty,., Term bpi,., MurC" 30, 19~ ST A TE OF NEW YORK) ss. : COUNTY OF SUFFOLK) On the -::;? day of '~.L-r-::"-4 , 198~', before me persona lIy came ALBERT J. KRUPSKI, JR. to me known to be the individual{s) described in and who executed the foregoing instrument, and acknowledged that he executed th~ "~ ' , .. :/C~ ;<;~/ Notary Public ROBERT W. TASKER -4- NOTARY PUBLIC, Stat. of N.Y. N~. 5:1M393372', sun. ":at~7 T.,m ~..pltc. Muu;,h 30, 19 , . .lIBER 9991 p~GE46n . . SCHEDULE A ATTACHED TO AND FORMING A PART OF AN INDENTURE FROM ALBERT J. KRUPSKI, JR.TO THE TOWN OF SOUTHOLD DATED . ALL that certai n plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being at Cutchogue, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the northerly side of a 50 foot wide right of way distant South 89 degrees 54 minutes 10 seconds East, 150.0 feet from the intersection formed by the northerly side of the 50 foot wide right of way and the easterly side of Little Neck Road, said point and place of beginning also being the southeast corner of land now or formerly of Ovsianik; RUNNING THENCE the following two courses -and distances along land now or formerly of Ovsianik : 1) North 0 degrees 05 minutes 50 seconds East, 125.0 feet; 2) North 0 degrees 00 minutes 30 seconds East, 100.28 feet; RUNNING THENCE along land now or formerly of Morris, land now or formerly of Schuhman, land now or formerly of Stepnosky, land now or formerly of Lawrence, land now or formerly of Hildebrandt, and land now or formerly of Sherrard, North o degrees 00 minutes 30 seconds West, 700.0 feet; THENCE still along land now or formerly of Sherrard, South 89 degrees 59 minutes 30 seconds West, 150.0 feet to the easterly side of Lettie Neck Road; THENCE the following two courses and di stances along the easterly side of Little Neck Road: 1) North 0 degrees 00 minutes 30 seconds West, 385.83 feet; 2) North 0 degrees 12 minutes 10 seconds West, 89.17 feet; THENCE the following five courses and distances along other land now or formerly of Albert J. Krupski, Jr.: 1) North 89 degrees 47 minutes 50 seconds East, 213.54 feet; 2) - North 80 degrees 57 minutes 00 seconds East, 360.04 feet; 3) North 64 degrees 17 minutes 10 seconds East, 41. 85 feet; 4) South 24 degrees 04 minutes 20 seconds East, 400.00 feet; 5) North 28 degrees 51 minutes 30 seconds East, 314.74 feet; THENCE along land now or formerly of McAslan, land now or formerly of Kujawski and land now or formerly of Stepnowsky, South 21 degrees 57 minutes 20 seconds East, 478.75 feet; THENCE along land now or formerly of Monsell, South 61 degrees 02 minutes 20 seconds West, 13.65 feet;, THENCE still along land now or formerly of Monsell, and along land on the map of Norwold file No. 12-75, South 70 degrees 29 minutes 30 seconds West, 266.67 feet; . . . . ,"Llmgggl P,\GE 461 THENCE the following four courses and distances still along land' shown on the map of Norwold, File No. 1275: 1) South 6 degrees 32 minutes 10 seconds East, 225.25 feet; 2) South 50 degrees 00 minutes West, 142.50 feet; 3) South 76 degrees 50 minutes 30 seconds West, 232.83 feet; 4) South 0 degrees 19 minutes 30 seconds East, 485.40 feet to the northerly side of a 50 foot wide right of way; THENCE along the northerly side of the 50 foot wide right of way, North 89 degrees 54 minutes 10 seconds West, 391.74 feet to the point or place of beginning. Containing 21.735 acres. "JI'II",lr~I!'!1' ,. "I ,j I',ill ~ i I ,1:I~ill :;11 ,j, II ,i ,;;1 1!11'1111' i I !!~, I I :11" !i \Ii :';::1;.:":"\I,I'i" ;j I' , I' 'q '0 ""I,; ,":f: ~I,~,',:, J t I " 'I iil';'I\~' , I I :.~+ ' I!'~~,'~ I i' ;;,;~h:,',~' I;r;"~: ~"'I I I'" iI' ~ ::; I I !(I; 1, ' "~!' i ~ 'H ~L .1 :1 '- ~ , ,,,';1,, ~I i j 1""" I , 'I ji'N:! , I "'#'" i' : , I I .i "ill '" ;~ i I I ! ! I , : I I I i ! i I J, I 'j :i I , ;/ 1 J j 1 ,- I, !" ,(, ,j ;t I r " ~. I I , i I . , , ~ ' il,,1', , I I ; , ','I I, i '.'1' I , '.; ", " i , ~, +'ij I ,I~W ;l~."i. ,. ,j ,I 1 ''i-: ~ ~',j;1 7JrIt'~I:,.::.r-';1 ~~ I '" . , : iE'."I , """1 ~r."" I " :1 f , T' o ; : : : ~ l j , . , " , "J" i , I Ii' ;" "', .,-? ' r l'i'1 F:; ~ , , I ',', . I: ',' 'I ii, ; >i I I, ~~, " '1',,' :p. 1 11 i I: ~ ;';:: .1~ + ! i i I' ~ ( i ~,':: ~ ~ j I! .1 ii. 't IT H I J , ih- I' '.1 'J. ,'...... 1 i I !, '1,'1 I /.' .' ! I' ~. 'I , I' I' ii,' i ! '.; i.1 II", , 1 ~';); ~h":':" i. ~ " fril. i , , ,,~.. .' ':, '.- ~: I I ; q'1\, 1, I , >:' '::1, , .~ I 'II' I I I ' I ,,.) I , ' r i j I . I , , I' .. i I l. '" ~ ,~ I , i I :i: I ~ , ,;J I i 11 I , i , i i I I ;:, ~ i I I L ..I 1 1:1 " , I: I I ! ~ I' , ~' , I i i" , . " " , j, I ; 1 , j j I i I' i i , 1,1. , I I. ti': ' , ' , Ii " , I , I illl 0, I , I , I " I -'J' I I ill , ill I I I L ~ , ';ii<I , 'IL , Iii ':1 ; '; J I ! . ; j ~ I I , I ' , . k :1' f ~ , I' ;iiIJ ! ~, ,~ :,,1 f i , ;11 I, I 'I I t I I I I , i ; ~, t 'I Title USA Insurance Corpora':ion of New York , ," , . . . ~TJTLE Policy of ~USA Title Insurance IN CONSIDERATION OF the payment of its charges for the examination of title and its premium for insurance, insures the within named insured against all loss or damage not exceeding the amount of insurance stated herein and in addition the costs and expenses of defending the title, estate or interest insured, which the insured shali sustain by reason of any defect or defects of title affecting the premises described in Schedule A or affecting the interest of the insured therein as herein set forth, or by reason of unmarketability of the title of the insured to or in the premises, Or by reason of liens or incumbrances affecting title at the date hereof, or by reason of any statutory lien for labor or material furnished prior to the date hereof which has now gained or which may hereafter gain priority over the interest insured hereby, or by reason of lack of access to and from the premises, excepting ali loss and damage by reason of the estates, interests, defects, objections,liens, incumbrances and other matters set forth in Schedule S, or by the conditions of the policy hereby incorporated into this contract, the loss and the amount to be ascertained in the manner provided in said conditions and to be payable upon compliance by the insured with the stipulations of said conditions, and not otherwise. IN WITNESS WHEREOF, Title USA Insurance Corporation of New York has caused this policy to be signed and sealed on its date of issue set forth herein, ~'l'/ . \\\\11111111..11""'1" .."....\~tJ:~ CORPOJ14i""..... MSidenr ..~"9:-~ .............1:1+",~ ~ ,;; .' ~t>OR4" Q. 1;/.;/m#( i'~.'O )o;oo::;c\~ ~+I, . :CJ SEAL ~'. ~ . :: "'If. . I'" ::. =~: ::e: = . . :: .. uJO . ~ '- ::~. '0:: A TTEST: Secretary ~~\~ *""'~f . . ~ ~. - -:;. 00 W vO 00 ~ ~, ............. ......... ( k~l-rJ- X {~~'-~ I, ..,.... 'I", 792 "", ""'"'11111111\\'\" . Validating Officer or Agent . - . . . Name of Insured Policy No. 85-52-53347 TOIVN OF SOUTHOLD Amount of Insurance $108,675.00 The estate or interest insured by this policy is DEVELOPMENT RIGHTS Dale of Issue 3/3/86 vested in the insured by means of DEED recorded 3/6/86 in L. 9991 ". 444. ALBERT J. KRUPSKI, ,'JR. Deed of Anne C. Mason, D. 4/1/33 R. 4/13/83 in Ih 9341 p. 59l. Schedule A The premises in which the insured has the estate or interest covered by this policy is described on the description sheet annexed. Schedule B The following estates, interests, defects. objection to title, liens and incumbrances and other m~tters are excepted from the coverages of this policy: 1. Defects and incumbrances arising or becoming a lien after the date of this policy, except as herein provided. 2. Consequences of the exercise and enforcement or attempted enforcement of any governmental war or pOlice powers over the premises 3. Any laws, regulations or ordinances (including, but not limited to zoning, building, and environmental protection} as to the used, occupancy, subdivision or improvement of the premises adopted or imposed by any governmental body, or the effect of any noncompliance with any violation thereof. 4 Judgments against the insured or estates, interests, defects, objections, liens or incumbrances created, suffered, assumed or agreed te), by or with the privity of the insured. 5. Title to any property beyond the liens of the premises, ortitle to areas within or rights or easements in any abutting streets, roads, avenues, lanes, ways or watelWays, or the right to maintain therein vaults, tunnels, ramps Or any other sturcture or improvement. unless this policy speCifically provides that such titles, rights, or easements are insured Notwithstanding any provisions in this paragraph to the contrary, this policy unless othelWise excepted, insures the ordinary rights of access and egress belonging to abutting owners. 6. Title to any personal property, whether the same be attached to or used in connection with said premises or otherwIse. 7. SURVEY by Roderick Van Tuyl, dated 12/29/82 and last dated 1/6/86 shows premises as vacant land; fence variations with record lin~s. Comoany excepts any changes since 1/6/86. . \ . " r " . 8~r-52~5334 7 " Reporl13-S (10180) \ SCHEDULE A (Description) ALL that certain plot, piece or parcel of land. with the buildings and improvements thereon erected, situate,lying and being at Cutchogue, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the northerly side of a 50 foot wide right of way distant South 890 54' 10" East, 150.0 feet from the intersection formed by the northerly side of the 50 foot wide right of way and the easterly side of Little Neck Road, said point and place of beginning also being the southeast corner of land no', or formerly of Ovsianik; RUNNING THENCE the following two courses and distances along land now or formerly of Ovsianik: 1) North 00 05' 50" East, 125.0 feet; 2) North 00 00' 30" East, 100.28 feet; RUNNING THENCE along land now or formerly of Morris, land now or formerly of Schuhman, land now or formerly of Stepnosky, land now or formerly of Lawrence, land now or fbrmerlv of Hildebrandt, and land now or formerly of Sherrard, North 00 00' 30" "lest, 700.0 feet; THENCE still along land now or formerly of Sherrard, South 890 59' 30" West, 150.0 feet to the easterly side of Little Neck Road; THENCE the following two courses and distances along the easterly side of Little Neck Road: 1) North 00 00' 30" West, 385.83 feet; 2) North 00 12' 10" West, 89.17 feet; THENCE the following five courses and distances along other land now or formerly of Albert J. Krupski Jr.: 1) North 890 47' 50" East, 213.54 feet; 2) North 800 57' 00" East, 360.04 feet; 3) North 640 17' 10" East, 41. 85 feet; 4) South 240 04' 20" East, 400.00 feet; 5) North 280 51' 30" East, 314.74 feet; , THENCE along land now or formerly of McAslan, land now or formerly of Kujawski and land now or formerly of Stepnowsky, South 21" 57' 20" 'East, 478.75 feet; \ THENCE along land now or formerly of Monsell, South 61" 02' 20" West, 13.65 feet; THENCE still along land now or formerly of Monsell, and along land on the map of Norwold file No. 1275, South 70029' 30" ,'lest, 266.67 feet; Continued....... FOR INFORMATION ONLY: DISTRICT 1000 SECTION 097.00 BLOCK 08.00, LOT 031.000 . ,85-'52-53:347 . . - . Continued........ THENCE the following four courses and distances still along land shown on the map of Norwold, File No. 1275, 1) South 60 32' 10" East, 225.25 feet; 2) South 500 00' West, 142.50 feet; 3) South 760 50' 30" West, 232.83 feet; 4) South 00 19' 30" East, 485.40 feet to the northerly side of a 50 foot wide right of way; THENCE along the northerly side of the 50 foot wide right of way, North 890 54' 10" West, 391.74 feet to the point or place of BEGINNING. . DISTRICT 1000 SECTION 097.00 BLOCK 08.00 LOT 031. 000 . . . . . . , . . . Cond itions of this Policy 1. Definitions (a) Wherever the term "insured" is used in this policy it includes those who succeed to the interest of the insured by operation of law including, without limitation, heirs, distributees, devisees, survivors, personal representatives, next of kin orcorporate successors, as the case may be and those to whom the insured has assigned this policy where such assignment is permitted by the terms hereof, and wherever the term "insured" is used in the conditions of this policy italso includes Ihe attorneys and agents of the "insured." (b) Wherever the term "this company" is used in this policy it means Title USA Insurance Corporation of New York (C) Wherever the term "final determination" or "finally determined" is used in this policy, it means the final determination of a court of competent jurisdiction after disposition of all appeals or after the time to appeal has expired. (d) Wherever the term "the premises" is used in this poHcy, it means the property insured herein as described in Schedule Aof this policy including such buildings and improvements thereon which by law constitute real property. (e) Wherever the term "recorded" is used in this policy it means, unless otherwise indicated, recorded in the office of the recording officer of the county in which property insured herein lies. 2. Delense and Prosecution 01 Suits (a) This company will, at its own cost, defend the insured in all actions or proceedings founded on a claim of title or incumbrances not excepted in this policy. (b) This company shall have the right and may, at its own cost, maintain or defend any action or proceeding relating to the title or interest hereby insured, or upon or under any covenant or contract relating thereto which it considers desirable to prevent or reduce loss hereunder. (c) In aU cases where this poliCy requires or permits this company to prosecute or defend, the insured shall secure to it the right and opportunity to maintain or defend the action or proceeding, and all appeals from any determination therein, and give it all reasonable aid therein, and hereby permits it to use therein, at its option, its own name or the name of the insured. (d) The provisions of this section shall survive payment by this company of any specific loss or payment of the entire amount of this policy to the extent that this company shall deem it necessary in recovering the loss from those who may be liable therefor to the insured or to this company. 3. Cases Where Liability Arises No claim for damages shall arise or be maintainable under this policy except in the following cases: (a) Where there has been a final determination under which the insured may be dispossessed, evicted or ejected from the premises or from some part or undivided share or interest therein. (b) Where there has been a final determination adverse to the title upon a lien or incumbrance not excepted in this policy. (c) Where the insured shall have contracted in good faith in writing to sell the insured estate or interest, or where the insured estate has been sold for the benefit of the insured pursuant to the judgment or order of a court and the title has been rejected because of a defect or incumbrance not excepted in this policy and there has been a final determination sustaining the objection to the title. (d) Where the insurance is upon the interest or a mortgage and the mortgage has been adjudged by a final determination to be invalid or ineffectual to charge the insured's estate or interest in the premises, or subject to a prior lien orincumbrance not excepted in this policy: or where a recording office has refused to accept from the insured a satisfaction of the insured mortgage and there has been a final determination sustaining the refusal because of a defect in the title to the said mortgage. (e) Where the insured shall have negotiated a loan to be made on the security of a mortgage on the insured's estate or interest in the premises and th6.;title shall have been rejected by the proposed lender and it shaH have been finally determined that the rejection of the title was justified because of a defect or incumbrance not excepted in this policy. (f) Where the insured shall have transferred the title insured by an insturment containing covenants in regard to title or warranty thereof and there shall have been a final determination on any of such convenants or warranty, against the insured, because of a defect or incumbrance not excepted in this poi icy. (g) Where the insured estate or interest or a part thereof has been taken by condemnation and it has been finally determined that the insured is notentitled to a full award for the estate or interest taken because of a defect or incumbrance not excepted in this policy. No claim fordamages shall arise or be maintainable uhnderthis policy (1) if this company, after having notice of an alleged defector incumbrance, removes such defect or incumbrance within thirty days after receipt of such notice; or (2) for liability voluntarily assumed by the insured insettling any claim or suit without the written consent of this company. 4. Notice of Claim In case a purchaser or proposed mortgage lender raises any question as to the sufficiency of the title hereby insured, or in case actual knowledge shall come to the insured of any claim adverse to the title hereby, or in case of the service on or receipt by the insured of any paper, or of any notice, summons, process or pleading in any action or proceeding, the object or effect of which shall or may be to impugn, attack orcall in question the validity of the title hereby insured, the insured shall promptly notify this company thereof in writing at its main office and forward to this company such paper or such notice. summons process or pieading. Delay in giving this notice and delay in forwarding such paper orsuch notice, summons, process or pleading shall not affect this company's liability if such failure has not prejudiced and cannot in the future prejudice this company. 5. Payment of Loss (a) This company will pay, in addition to the loss, all statutory costs and allowances imposed on the insured in litigation carried on by this companyforthe insured under the terms of this' policy. This company shall not be liable for and will not pay the fees of any counselor attorney employed by the insured (b) In every case where claim is made for loss or damage this company (1 )reserves the right to settle, at its own cost. any claim or.suit which may involve liability under this policy, or (2) may terminate its liability hereunder by paying or tendering the full amount of this policy, or (3) may, without conceding liability, demand a valuation of the insured estate or interest, to be made by three arbitrators or any two of them, one to be chosen by the insured and one by this company, and the two thus chosen selecting and umpire. Such valuation, less the amount of any incumbrances; on said insured estate and interest not hereby insured against shall be the extent of this company's liability for such claim and no right of action shall accrue hereunder for the recovery thereof until thirty days after notice of such valuation shall have ,been served upon this company, and the insured shall have tendered a conveyance or assignment of the insured estate or interest to this company of its designee at such valuation, diminished as aforesaid. The foregoing option to fix as valuation by arbitration shall not apply to a policy insuring a mortgage or leasehold interest. The foregoing option to fix a valuation by arbitration shall not apply to a policy insuring a mortgage or leaesehold interest. {c} Liability to any collateral holder of this policy shall not exceed the amount of the pecuniary interest of such collateral holder in the premises. (d) All payments made by this company lJ(1der this policy shall reduce the amount hereof pro tanto except (1} payments made for counsel fees and disbursements in defending or prosecuting actions or proceedings in behalf of the insured and for statutory costs and aUowances Imposed on the insured in such actions and proceedings, and (2) if the insured is a mortgagee, payments made to satisfy or subordiante prior liens or incumbrances not set forth in Schedule B. (e} When liability has been definitely fixed in accordance with the conditions ~f this polley, the loss or damage shall be payable witithin thirty days thereafter. 6. Co-Insurance and Apportionment (a) In the event that partial loss occurs after the insured makes an improvement subsequent to the date of this policy, and only in that event, the insured becomes a co-insurer to the extent hereinafter set forth - If the cost of the improvement exceeds twenty per centum of the amount of this pOlicy, such proportion only of any partiallossestablished shall be borne by the company as one hundred twenty per centum of the amount of this Policy bears to the sum amount of this policy and the amount expended for the improvement. The foregoing provisions shall not apply to costs and a!\orneys' fees incurred by the company in prosecuting or providing for the defense of actions or proceedings in behalf of the insured pursuant to the terms of this pOlicy or to costs imposed on the insured in such actions or proceeding, and shall apply to that portion of losses which exceed in the aggregate ten percent of the face of the pOlicy. Provided, however, that the foregoing co-insurance provisions shall not apply to any loss arising out of a lien or incumbrance for a liquidated amount which existed on the date of this policy and was nol shown in Schedule B: and provided further, such co~insurance provisions shall not apply to any loss if, atth.e timeofthe occurrenceofsuch loss, the then value of the premises, as so improved, does not exceedbne hundred twenty per centum of the amount of this policy (b) If the premises are divisible into separate, independent parcels, and a loss is established affecting one or more but not all of said parcels, the loss shall be computed and settled on a pro rata basis as if this policy were divided pro rata as to value of said separate, independent parcels exclusive of improvements made subsequent to the date of this policy. (c) Clauses "(a)" and "(b)" of this section apply to mortgage pOlicies only after the insured shall have acquired the interest of the mortgagor. {d) If, at the time liability for any loss shall have been fixed pursuant to the conditions of this policy, the insured holds another policy of insurance covering the same loss Issued by another cempany, this company shall not liable to the insured for a greater proportion of the loss than the amount that this policy bears to the whole amount of insurance held by the insured, unJes~ another method of apportioning the loss shall have been provided by agreement between this company and the other insurer or Insurers. 7. Assignment of Policy If the interest insured by this policy is that of a mortgagee, this policy may be assigned to and shalt enure to the beneffl of successive assignees of the mortgage without consent of this company or its endorsement of this policy. Provision is made in the Company rate manual filed witht he Superintendent of Insurance of the State of New York on behalf of this Company for continuation of liability to grantees of the insured in certain specific circumstances only. In no circumstance provided for in thissection shall this company be deemed to have insured the sufficiency of the form of the assignment or other instrument of transfer or conveyance or to have assumed any liability for the sufficiency of any proceedings after the date of this pOlicy. 8. Subrogation (a) This company shall to the extent of any payment by it of loss under this policy, be subrogated to all rights of the insured with respect thereto. The insured shall execute such instruments as may be requested to transfer such rights to this company. The rights so transferred shall be subordinate to any remaining interest of the insured. (b) If the insured is a mortgagee, this company's right of subrogation shall not prevent the insured from releasing the personal liability of the obligor or guarantor or from releasing a portion of the premises from the lien of the mortgage or from increasing or otherwise modifying the insured mortgage provided such acts do not affect the validity or priority of the lien of the mortgage insured. However, the liability of this company under this policy shall in no event be increased by any such act of the insured. &. Misrepresentation Any untrue statement made by the insured, with respect to any material fact or any suppression of or failure to disclose any material fact, or any untrue answer by the insured, to material inquiries before the issuance of this policy, shall void this policy. 10. No Waiver of Conditions This company may take any appropriate action under the terms of this pOlicy whetheror not it shall be liable hereunder and shall not thereby concede liability or waive any provision of this policy. 11. Policy Entire Contract All actions or proceedings against this company must be based on the provisions of this policy. Any other action or actions or rights of action that the insured may bring against this company in respect of other services rendered in connection with the issuance of this policy, shall be deemed to have merged in and be restricted to its terms and conditions. 12. Validation and Modification This pOlicy is valid only when duly signed by a validating officer or agent. Changes may be effected only by written endorsement. If the recording date of the instruments creating the insured interest is later than tM policy date, such pOliCY shall also cover intervening lien's or incumbrances, except real estate taxes, assessments, water charges and sewer rents. Title USA Insurance Corporation of New York New York State Offices Albany County Rockland County 90 State Street. Albany, N.Y. 12207 2 New Hempstead Aoad, New City, N.V. 10956 (518) 472.9161 (914) 634-3612 (212) 292-1528 Nanau County Suffolk County 170 Jericho Turnpike, Floral Park, N.Y. 11001 127 W. Main Street, Aiverhead, N.Y. 11901 (516) 354-8500 (718) 347-2010 (516) 727-4140 (212) 962-1445 New York County We.lchester County 120 Broadway, New York, N.Y. 10271 235 Main Street, White Plains, N.Y 1D601 (212) 732-9760 (914) 948~4040 (212) 824~0404 Queens County 90-15 Sutphin Boulevard, Jamaica, N.Y. 11435 (718) 739-4001 . . Policy 21 (12/85) N.Y.B.T.U. Form No. 1000 . . . .