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HomeMy WebLinkAboutMolle, Altha S It I:i1 I ~" ~CJ~ g< ~ ~ ~ s,~ .e1 I:- m o Z CD Ln ...., .~ ? ~ "J. lIBfR 7838 PACE 389 . . C"1 - cP/#46 , .. . . Standard N.Y.BT.U. Form 8002-20M -Bargain and Sale Deed, with Covenants against Grantor's Acts-Individual or Cmpulaliun. (single sheet) CONSULT TOUR LAWYER IEFORE sl.NIN. THIS INsTRUMINT. THIS INsTRUMINT SHOULD II USID IY LAWYlRS ONLY THIS INDENTURE, made the Q 8 ti day of Apr il BETWEEN ,nineteen hundred andseventy-fiv'- ALTHA S. MOLLE, residing at llA Guilford Court, Shore ham, New York 11786, as devisee under the Last Will and Testament of Evelyn Smith, deceased, party of the first part, and TOWN OF SOUTHOLD, a municipal corporation with main office at Main Road, Southold, New York 11971, (N 0 If) I , , party of the second part, J WITNESSETH, that the party of the first part, in c nsideration of ten dollars and other valuable consideration paid by the party of the second part, does hereby gr nt and release unto the party of the second part, the heirs or successors and assigns of the party of the sec~mdkpart forever, ALL that certain plot, piece or parcel of land'~~~~iIding5.....&intpreye_..tbe~ereeted,..ituate, lying and being in the Hamlet of peconic, in the Town of Southold, County of Suffolk, state of New York, and more particularly bounded and described as follows: BEGINNING at a concrete monument set on the easterly side of peconic Lane distant 367 feet southerly from the intersection of the easterly line of peconic Lane and the sntherly line of carroll Avenue as measured along the easterly side of peconic Lane and from said point of beginning running North 300 29' 00" West along the easterly line of peconic Lane 129.00 feet to a point and land formerly of Luce now Lehmann; thence running along said lands North 570 23' 00" East 250.09 feet to a point and lands of the peconic school; thence South 300 17' 40" East 101.44.feet to a monument; 1b.b..____.....""'.d.d_""~_;L&t!JDl.4l6W~ ~""l.aa.1i .. "",- . ""~""____ -.4""7 thence still along school property South 510 05' 00" West 252.20 feet to the point or place of Beginning. r( = REAL ESTATE.i STATE OF ..- ~>- TRANSFER TAX~i i-,,;{t;NEW YORK ..- 0", = ~" ~o ... Dept. of .. J ..- ~" '"" T OX'tlOn MAYl2'7S '" :: 0 O. 0 0 * .., & Finance . - P.B. !09_45 * 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 lines 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 su~cessors 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, ex('cpt 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 consid- eration 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 indent}.lre so requires. IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above written. IN PRESENCE OF: '~ ...~ :.~~ ' s,~,-~_ Altha S. Molle L~ 'A< / dJuA ?, .~ . .:' ~ : ~; .'~. it., I ~" llBER 7838 PAGE 390 STATE OF NEW YOlK, COUNTY OF suffolk 55: On the ;; Jl1/ day of Apr il, 1975, before me personally came ALTHA S. MOLLE, to 111<.' known to be the individual described in and who executed the foregoing instrument, and acknowledged that she executed the same. ~~A c." ,'C.".d' '."" ......... .... ,us Notary Public Marion L. Palser Notary Public, State of New York No. 52-4600556 Suffolk County STATE OF NEW YOlK. cou~. exp.3/30/l97Css: 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. W.PION t. pnSER lW1'f~HY H.:')!C. Shl~'~ d New York :)~'ii c.>', r'.::c1' that of he is the , 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 corpora- tion, and that he signed h name thereto by like order. ilar!laiu aub &alr IIrrb WITH COVENANT AGAINST GRANTOR'S ACTS ~ ~ '" TITLE NO. ALTHA S. MOLLE, TO TOWN OF SOUTHOLD STIIIUII FilII IF IIEW lIIllUIIlF TInE "'_ITEa Distributed by C..CA.&O .......... .N.CRANCR COJllPANY STATE OF NIW YOlK. COUNTY OF On the day of personally came ss: 19 , before me to 111l" known to be the individual executed the foregoing instrument, executed the same. described in and who and acknowledged that STATE OF NIW YOlK. COUNTY OF 55: On the day of 19 , before me personally came the subscribing witness to the foregoing instrument, with whom I am personally acquainted, who, being by me duly sworn, did depose and say that he resides at No. that he knows to be the individual described in and who executed the foregoing instrument; that he, said subscribing witness, was present and saw execute the same; and that he, said witness, at the same time subscribed h name as witness thereto. SECTION BLOCK LOT COUNTY OR TOWN Hamlet of peconic, Town of Southold R.ecorded at Requat of TITLE INSURANCE COMPANY R.etum by Mail to OBERT W. TASKER, ESQ. OFFICE OF TOWN ATTORNEY TOWN OF SOtll'THOLD 425 MAIN STREET GREENPORT, N.Y. Zip No. 11944 \ " .~ d I'-. ~ ~ \;". ' , -, " .,.....; ~, 0 \\ ~~),~ I:>.,. AlImo:) 1I10~:!ns ~ ~ J'1\' :JO 1I~31:) NOSl~3el'{ Ii ~3lS31 w ~L. rid Lf Z 0 ZI .(~W ~ '\ \'",' '" '" :;: ~ ~ w 030tJO:J3!i > -'.' 0: W '" I w '" ROBERT W. TASKER TOWN ATTORNEY RNEY LD TELEPHONE 477..14DO 425 MAIN ST. GREENPDRT, L. I., N. Y. 11944 May 27, 1975 Hon. Albert W. Richmond Southold Town Clerk Main Street Southold, New York 11971 Re: Town of Southold wi Molle Dear Albert: Relative to the above matter, I enclose herewith the following for filing in your office: (1) Deed from Altha S. Molle to the Town of Southold, dated April 28, 1975, and recorded in the Suffolk County Clerk's Office on May 12, 1975 in Liber 7838 of deeds at page 389. (2) American Title Insurance Company Title Policy No. 07-81446 dated April 28, 1975 in the amount of $10, 000, naming the Town of Southold as insured. In order that I may have a record for my files, will you please acknowledge receipt of the enclosures by signing and returning to me the copy of this letter enclosed for that purpose. Yours very truly, ~IU.~/Lh/). ROBERT W. TASKER -@ RWT:kc Enclosures r--~~ -----~~~,~-- N.Y...T.U.....nt IOODfAlM ~... ....ndlH'd poU,.,. "'"" by Itle N..." T..... "taw ,"d. "'__1-"_1 ....1_ .u.....I.. 25M 8.71 ::.\'),1'/.1'1 ~,.. -. - ,,', ~, ~. ~.' ~, ~.' ~, ~.' ...:;;, ~.' ~, ~.' ~, !{., ~.' -';:', ~.. -';:', ~. ~, ~, ~, ~. ~, ~, ~, ~, "';", ~. ~, ~, ~, ~. ~, "':::"', ~': ~.' "",', -'." ~ ""', ~: ~; ~, !l:. ~, ~; :01 ~;, ~ ~, -" !!. ~, ~.. -..::.., . ~' ~, ~ ~ ~ -" ~, -" ~: "", ~, 51 ~ ~ ~, ~, ~ ~' ~ ~ ~ "" t. -" ~ -.J ~; ~, ~, -.;, ~. -:;:, ~; ~ ",,' ~ ~, \, .!';' ! ~'(:~' !::' !~:'l!~',~l:' !~~'b:' !1~',_ :'ll:'!I:' !l~ur~, !l~~!~' !t~'~~~~!!~"~!L!:'b.:' !i.~' !~~, !t~'~~'!~' !I:' !i~' !'_';':(' ~l:',!i~' !~:'N' !x~' !!:',~ ~ ::.~ ,;.- ,- AmerIcan TItle I.uranee eo.pany GUARANTEED TITLE DIVISION POLICY OF TITLE INSURANCE ..AMERICAN TITLE INSURANCE COMPANY, in consideration of the payment of its charges for the examination of title and its prenlium for insurance, in- sures 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 shall sustain hy reason of any defect or defects of title affecting the premises described in Schedule A or affecting the interest of the insured therein !-s herein set forth, or by reason of unmarketability of the ti\le of tbe '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 a lack of access to and from the premises, excepting all loss and damage by reason of the estates, interests, defects, objections, liens, .incumbrances and other matters set forth in Schedule B, or by the conditions of this policy , . hereby incorporated into this contract, the loss and the amount to be ascer' tained in the manner provided in said conditions ~d to be payable upon . , . -. ~ { -, J ; compliance by the insured with the stipulations of said conditions, .lId not otherwise. In Witness Whereof. AMERICAN TITLE INSUkANCE Co!ipANY has cauSed this policy to be signed and sealed 01\ its date of issue set forth herein. ..................."",\\ .. INSO" . \. D, . ...'" ....... q.l . . ".. p ....,. ~ . . L' .. 0" 0 11 .., . " -'.. ~ .......C'" , , . '" r . en , , ~. 1936.... , , . - o. I Ie: :n, 'c..>:8:E AL:"': ~ -.. :~ " I, fI; ..,t" 't.. "b : . ....~...l 0 R \ <;\ .,~.... . " ; .~........\. .- . . - I" * ...__ \ ,,"'............. EzecUft Yice-Prai4elll ~:c::r- .;.;- ,~ '" '0- ~ v.: ,~ ,"' :~ - ','-. ,~ i~ ,;- . 'c- ';;,jj ;0 '.';- ~ ii! ,~ ,. ,~ '," '.... ,~ :~ ,~ ..~ '~ '-.Ii ,.... ,,,,. ;;! ,~ I ';:, ~ ~ ,. ~ " ~ "r Title No 07-81446 Dale ollsaue April 28, 1975 Amounloflnaurance me $10,000.00 Name of Insured TOWN OF S01mfOU) The cstate or interest insured by this policy is a fee simple vested in the insured by means of DIBD made by .ALTHA S. HOLI&, as devisee UDder the Las t Will and Testament of SVBLYN SKITH, deceased, to the INSURBD, dated April 28, 1975 and recorded in the Suffolk CoUDty Clerk's Office on May 12, 1975 in IJ.ber 7838 cpo 389 I SCHEDULE A The premises in which the insured has the estate or interest covered by this policy See following page for description. G) -l !=' ." 2. ~ z p z -< , , N 0' N i-" CJl ...... r- 07-81446 ALL that certain plot, piece or parcel of land, situate, lying and b6ing in the Hamlet of Peconic, io the Town of Southo1d, County of Suffolk, State of New York, and more particularly bounded and described as follows: BBGINNING at a concrete monument set on the easterly side of Peconic Lane distant 367 feet southerly from the intersection of the eastet1y 1ioe of Pecooic Lane and the southerly line of Varro11 Avenue as measured along the easterly side of Peconic Lane and from said point of beginning running North 30. 29' 00" West along the easterly line of Pecooic Lane 129.00 feet to a point and land formerly of Luce now :tehmano; THENCE RUNNING along said lands North 57. 23' 00" Bast 250.09 feet to a point and lands of the Peconic Scgoo1; THENCE South 30. 17' 40" Bast 101.44 feet to a monument; THENCE still along school property South 51- 05' 00" West 252.20 feet to the point or place of BEGINNING. ~ SCHEDULE B Th. tollowtftlr ntateal, inter.., defeeta. objections to title, lIenfl And lncum. branc-=- and other matters are excepted from. the ewer_we of this p('Iliey: 1. DeteetA and Ineambranen arlalnl' or becomlDI' .. 11m after the date of this poUC7. u:cept as herein provided. Z. Conlequenee8 01. the nerd.. and euforeemeDt or attempted enforeement of IUl7 covernmental war or pollee powera over the preml... a. Zonlnl' reetrlc:t1ona or ordinances imposed by any lOgemmf'fttal body. f. Judpl;enta qaiut the fURred or estates, lDterftta. defect.. objection., lien. GI' Incumbrance. created. 8Uftered, ...umed or &creed to, by or with the privity of the InllUred. 6. Title to any property beyond the IInee of the prem~ or title to ana within or rhl'hu or eaaemente in ilLny abattina atreeta, ro&lb. .ven... tuft" wa78 or waterways. or the right to maintain therein n.uIta. taDnela. ramlll or lID,. other structure or Improvement. unldll thl. PGlICJ' QeClftca117 PI'OYIdeI tbat nehtlt1ea. rights. or easement. are Inll1lred. Notwltbmmdln.. aDT p~ I'll tbla para!P'apb to the eontrary, this policy, unleu otherwi.. ezeepted. l~ the onUnal'1 riahte of .ceen and qreu belonainl' to abattinl' OWDerL 8. Compllanee by the bulldln~or other ereetIcma upan the prem.l_ or their UH with Federal. State and Municipal 1&.... replation, and ordlnaneee,. 7. TItle to any pencmal properb'. whether the ame be attachecl to or 1IIed ha eoaaectlon with aid pnml.. or otherwise. 8. Survey by Roderick Van Tuy1. dated April 9. 1975 stows vacant 1111 d. 9. Rights of present teoaots.if aoy. 10. Company excepts all unpaid water charges. for same. Company does Dot make searches CONDmONS OF THIS POLICY (al Whereftr the term "inmred." ill ued In this policy it includea thOlle who mceeed to the interat of the insured by operation of law h~clading, without limitation. hein. diatributee.. dmseea, aurw .:ivor.. penonal representatives. next of kin or corporate .ucceuo.... .. the eaH may be, and thoee to whom. the insured has asaianed this policy where auc:h auicnment t. penaitted by the term. hereof, and wbenner the term "in~&red" ill u.eed in the conditiona of this policy -it also includ.. the attorneys and agents of the "insured." s.ctlon On.. Definitions (b) Wherever the term "this company" i. used in this policy it means Ameriean Title Insurance Company. (c) Wherever the term "final determination" or "tlnaU,. determined" fa used in this policy, it meane the final determination of a court of competent jurladiction after di1lpositlon of all appeals or afte,. the time to appeal baa expired. (d) Wherever the tenn "the premises" ia used in thl. policy. it means the property Insured herein a. described in Schedule A of thia policy including such buildings and improvements thereon which by law con.tltute real property. (e) Wherever the term "recorded" ill used in thia policy It meana,. tmleu otherwise indicated, recorded in the oftIc:e of the reeordill&' oftIeer of the count, in which property insured herein lies. Section Two. D.f.n,. and Prosecution of Suits (a) '11101. c:ompany wiD. at ita; own cost. defend the insured In all action8 or proceedinp founded on . claim of title or incumbrancea not excepted in this pollc)'. (b) This company shall have the right and may. at ita own coat. maintain or defend any action or Jlroceeding relating' to the title or interest hereby insured. or upon or under any covenant or contract reiatin.. thereto which it considers d{"irable to prevent or reduce losa hereunder. (c) In all cases where this policy requires or permita this company to proaecute or defend, the insured shall secure to it the right and opportunity to maintain or defend the action or proeeedin&,. and aU appeals from any determination therein. and llive it all reasonable aid therein, and hereby permita It to use therein at ita option. its own name or the name. of the insured. . (d) The provisions ot this section shall survive payment by thl8 company of any 8pecitlc lOllS or payment of the entire amount of this policy to the extent that this eornpany ehall deem it neceaaary in recoverin&, the Iou from thoee who mIlT be Uahle therefor to the in!lured or to this company. No elaim for cIaIIlape IIbaII arf8e or be maintainable under tbIs polley except in the followln.. caaea: (a) Where there baa been a final determination under whieb the inamed may be di.I~, meted or ejected from the prang. or from lIOIJIe part or undivided IIhare or interest therein. (b) Where there bas heen a flnal determination advene to the title. upon a lien or Incumbrance not excepted in this policy. Section Three. C...W...... Uablllty Arl... (c) Where the Insured shaD have contracted In aood faith in wrJtin&, to aelI th. ansured estate or Interest. or where the insured eaiate baa been IoId for the benefit of the inwred pursuant to the judiPDent or order of a court and the title haa been rejected because of a defect or incumbrance not euepted in this policy. and there has been a final determination suatainin&, the objection to the title. (d) Where the illll\ll'8nce is upon the intereat of a mortaqee and the mortpp h.. been adjudged. by a final determination to be Invalid or Inetrectual to eharp the insured'. estate or interest in the premiaea. or subject to. prior lleD or Incumbrance not excepted in this policy: or where a recordin.. cdBcer baa ref1l8ed to accept from the insured a SAtisfaction of the inaured mortpse and there baa been a final deter- mination 8u6taining the refusal because of a defect in the title to the said mortpae. <e> Where the insured shall have negotiated a loan to be made on the MeUl'lty of. morta-age on the insured's estate or interest in the premlaa and the title 8hal1 haft been rejeeted by the proposed lender and It ahaJl have been tlnally determined that the rejection of the title was justified because of a defect or incumbrance not excepted in this policy. (f) Where the in.ured aha1i han tranllferred the title hisured by an inatram.eat containina- covenanta In reaard to title or warranty thereof and there abaU ba.. been a final determination on any of such covenanta or warranty. apinat the insured. because of a defect or incumbrance not excepted in this policy. fg) Where the Insured estate or intereat or a part thereof baa been taken ~J' CODw demnation and it haa been finally determined tJ"at the insured is not entitled to a fwl award for the estate or interest taken beeaUse of a defect or incumbrance not excepted in this policy. . No claim for damalira ahall arille or be maintainable under this policy (1) II thiS company, after having received notice of an allel(ed defect or incumbrance. removetl .uch .defect or Incumbrance within thirty da,.. after receipt of such notice: or (2) for habiUt)' YOIantarib' aaaumed by the lnaured in aettUna any claim or suit witbout the written conaent of thl. COJDpany. (COftti.-.d Oft Aut po".) 's.ctlon Fovr. Notice of In cue a pardlaser or proJl(lM'd mortplte lender ral," any que.. Uon as to the luffidency of th", titl", h"'reby Insured, or in case actual knowledge shall come to the insured or Any claim adverae Claim to the title Insured hereby, or in case of the service on or receipt by the Inwred of any paper, or of Iny notice, summons, process or pleAding in any action or proeeeding. the object or effect of which shall or may be to Impup. attack or call In Question the yalldit.y of the title hereby insured, the insured shall promptly notify this company thereof in writing at iu main office and forward to thll eom~ pany such paper or lach 1l0tlce, rwmmons, proeen or pleading. Delay in srlving this notice and delay In forwarding such paper or such notice, summons, process or plradlng shall not atred: this company's liability if such failure h&l not prejudiced and cannot in the futun! prejudice thla complUly. Section Flvo. (a) Tblli eompany will pay, In addition to the loss, all statutory -ont eotrt.s and allowances Imposed on the insured in litigation carried n.,," on by this company for the Insured under the terms of this policy. .f 1011 Thl. company shall not be liable for and will not Pll,Y the fftS of an)' counsel or attorney employed b)' the inaured. (b) In every case where ~alm ia made for Iou or damage tMa eomf/any f 1) re~ll~rves the ril'ht to settJe, at Its own eost, any claim or .ult which may involve liability uder thl. policy: or (2) may tennlnate Its liability hereunder by pfLyinsr or tender- iD&' the fuU amO'llnt ot llIie policy: or (3) may, without eoncedinl' IiBbility, dcmand a yaJue.tlon of, the Inaured eatate or inter"t, to be made by three arbitratou or any two ,ot tbem, one to be ehosen by the insured and one by tbis company. and the two thu.a eboeen seledln.. an umpire. Such valuation, leu the amount of any incum- branees I)n Mld InllUred estate and Intereat not hereby inaum .plnat.. .hall be the rztent.ot tht. eompany'" liability for sueh claim and no right of action .han accrue hereunder for the reeowry thereof until thirty daya atter notice of sueh valuation abal.l have been served upon this rompen)', and the ineured shall have tendered a conveyanee or aulpment of ~e Inlured eatate or Interest to thl. company or ita uclpee at wch yaluation, diminished as aforesaid. The forecolnc option to fix a ...luation b)' arbitration .halt not applv to a policy insurlnc a mortpce or leale.- hold interelt. (0) Liability to an7 eollateralllolder of thta polley shall not e:l:eeed the amount of the peeunluy Interest of such oollateral bolder in the prendsa (d) All p&7lftenb made by 'thia Company under this policy shall reduce the amount hereot pTO t4ftto, except (1) paymenta made for counsel fees and dl.bur.emenbl In defendln....or proaecutinsr adlons or proceedings in behalf of the insured and for statutory COlts and allowlUlces imposed on the Insured In such aetlona and proeeed- Inp. and (2) If the Insund Is . mortcuee, payments made to satialy or subordinate prior lien. or Incumbrances not set forth In Schedule B. (e) When liability haa been definrtely fixed in acco~dance with the condition. ot this policy, the Iou or damage aball be payable within thirty days thereafter. Sed'ion Six. (al In the event that a partlill loss occun after the Insured C I makes an improvement subsequent to the date of this poUey, and o. nlu,ance only in that event, the insured becomea a co-insurer to the extent and hereinafter set forth Apportionment It the cost of the Improvement exceede tWenty per centum of the amount ot this polley, luch proportion only ot any partial Iou atabliahe..: shan be borne by the company as one hundred twenty per centum of the amount ot this polley bears to the aum of the amount of this policy and the amour.. expendeft for the improvement. The foregolnl' provisions shall not apply to coats and attorneys' fees Incurreli by the company in prosecuting or providlnsr for tbe defense of action. or proceedings In behalf of tbe insured pursuant to the terms ot this policy or to eoats Imposed on the Insured in such actiona or proceedings, and shall apply only to that portion of loase. which exceed in the alrgresra,te ten per cent of the face of the policy. I'rovjded, however, that the foregoing co-insurance provialons shall not apply to any loss arising out of a lien or encumbrance for a liquidated amount which existed on the date of this policy and was not shown in Schedule B; and provided further, such eo-insurance provisions !hall not apply to any 10.68 if, at the time of the occurrence ot such loss. the then value of the premises, as 80 improved, does not e1Ceed one hundred tWent1 per centum of the amount of this polil:!)'. >- o - ...J o C. w U Z <( ~ ::J V) Z - .... o . W ...J t: ... ... Z8 0- ->' ... -. ~== a.. ..>- "l!i !:. "!!i ~; .... ... Zt; c. ~e 01 (b) II' the premlaetl are divisible Into _pante, Indl"'Pendent parcell, and ala. ia established aWeetlni' ORe or more but not all of said uarcela. tbe 1011 ahall be com. puted and aettled on a JlTO T4t.G basia .. If thl. poIlCJ' were divided pTO Mltl1 aa to value ot said 'eparate. Independent pareel8, delusive of tmprmementa made sub- sequent to the date ot thl. polley. (c) Clausetl" (a)" and" (b)" of this aeeUon apply to mortpp poUcletI only a1'tfto the Inaured shall have aCQuired'the intereat of the mortpllOr. (d) If, at Uie time liability for MY Iou .han ha'nl been ftxed pursuant to the condltlona 01' this pOlicy, the In.IUred holds another policy of Inaurance covering the aa.me Iou laaued by another eompany, thl. company shall not be lIab~e to the insured for a greater pn)POrtioft of the Iou than the amount that thla policy bears to the whole 8--nount 01' Insurance held by the in.ured, unleq, another method of apPOrtioa~ in.. the 1081 ,hall have ~n proylded b, qreement between thl. eompan1 and tile other Insurer or insurers. Sedlon Sev.... It the InterMt INUred b1 thI. policy la that of a mortJ'qee. thta policy may be aaalaned to and shaD Inure to the beneftt of sue-- Asslgnm.nt eeaaln UlJlpees of the mortJ'qe without eonaent ot thlli com pan)' o' Polley or ita endorsement of this policy. Provision is made In the ra~ manual of New York Board ot 'ntle Underwriters l\led with the Superintendent.o1. Insuran<<! of the State ot New York on behalf of thl. and other membe~ companies (or eontlnuation ot liability to l'1"anteell of the Insured In certain apeclfic elf cum- IJtan~ onl,.. In no circumstance provided for In this aeetion sh,all this company be d-.ed to haye Insured the nmeleacy of the torm ot the aulcnment or- other instrument of tranafer or eonveyanc. or to have auumed any liability far the .uftlelenc,. of ally proeeedlnp af\-er the date of this poIlCy. 5 dl EI ht (a) This company ahal1 to the extent of any pa:rmenC b7 it of . on ,. Iou under thl. poIlC1, be aubropt.ed to all rlpb ot the inaured Su~rogotlon with reapeet thereto. The lnaured alWl execute aueh Instrumenb .. ma7 be requetted to trander auch rll'hta to thlli company. The ril'hta 110 u.- ferred shall be wbordinato to UlJ' remalninC Intereat of the insured. (b) If th. Inwred iii a mortcacee. thla compan,.'. rt..ht of subrogation shall not prevent the inDlred from releaainlr the penonal Ilabllit1 of the oblill'Or or guarantor or from re1aaaln, a portion of the premlaea tnm the lien of the mortpsre or from increain, or othenrlae modify In.. the InlQrecI mort~ provided sucb acts do not alfeet the Yalldlty or prlorit:r ot the lien of th. JDOrtpp Insured. However, the liability of thla compan1 under thlli poHc1 shaD in no event be Increued by aD.J' IlUCb act of the iuured. Sedlon Nine. Mlsr.p..... lentolloft An,. untrue statement made by the Insured. with rMfleet to any material faet. or any WPPreMlon of or failure to diaclose any material faet, or any untrue an8'Wer by the inlJUreo1. to material Inqulrlu before the iuuance of thl. polic1, shan yoid this policy. Thl. eompan1 may take an,. appropriate action under the terms of tbis polley whether or not it shall be liable hereunder and s"all not tbereb,. concede liability or waive IU~ lIl-vviaion of thl. polley, Sedlon Ten. No Walv.r of Condition, All actions or proceedings agalhat thl. company mual be based on 'the provision. of this ponC)'. An1 other action or actlona or righta of action that the insured may have or may brinl' againat Conlrad this eompany In respect of other services rendered in connectiOIl with the luuanee ot this policy, shall be deemed to haYe merced in and be restri~te4 to Its terms and condition.. Section !Ieven. Policy Entire Seelion Twelve. Validation and Modl.catlon Thl. polley la valid onl,. when dub' allrned by a Yalldatlnsr otIIcer or lJsrent, Chan..ea may be effected only by written en:lorsement.. 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