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HomeMy WebLinkAboutPeconic Land Trust .. "' r~ I ,.:-6. 2911 f"1 ~ e-- o \it ~'~NC,> ..~ '"~''' '" ...\, v District/l~ SectiOn.o..~ . BlockOaL..o.Q. lot.P/;j.P.P..f2. '~ >'''-- {.~ ,''''... f{) ~ 9" co' ----If-;>. <s<? -Ir,"-L Standard N.Y.B.T.U. Form 8007 J: JULI~S BLUMBERG, INC., LAW BLANK PUBLISHERS Bargain i: sale deed, with Mvenant aga.inst grantor's acts-Ind. or Corp..::--.... C?NSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT - THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONL~ 10837 P& 91 ~i 3~1.Q7~c_ THIS INDENTURE, made the af - day of /J)A/2ctf , nineteen hundred and eJ.ghty-nJ.ne BETWEEN organized principal PECONIC LAND TRUST, a not-for-profit corporation duly under the laws of the State of New York, having its office at No. 50 Main Street, Southampton, New York, party of the first part, and TOWN OF SOUTHOLD, a municipal corporation duly organized under the laws of the State of New York, having its principal office at NO;.'-53095.MarnRoad, Soutl101d, New York; ~\.\-((l -R~II.)(5~--'1 $F'-~;:---:-~ I APR 14 1989 ~ i - - -",," ",,:- - - ~ ~__~>";.;~:,:~...J<,,,,>~,,._-,,,,......., - dollars, party of the second part, WITNESSETH, that the pa~ of the first part, in consideration 0 h ;? Ii-IX THIRTY THOUSAND ($30,000.00) - - - _ _ _ 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, wilh the buildings and improvements thereon erected, situate, lying and being in the Town of Southold, County of Suffolk and State of New York, more particularly bounded and described as follows: BEGINNING at the corner formed by the intersection of the easterly side of Youngs Avenueand the northerly side of Main Road (New York State Route 25); RUNNING THENCE North 2P05'20" West, along the Avenue, 151.86 feet to land now or formerly of Hall, formerly of Jos~ph J. Reilly, et al; THENCE North 66045'37" East, along last mentioned land, 166.06 feet to land now or formerly of First Southold Company; THENCE South 20044'40" East, along last mentioned land, 156.99 feet to the northerly side of Main Road; THENCE South 68031'40" West, along the 165.00 feet to the corner at the point easterly side of Youngs Michael J. and Anne M. northerly side of Main or place of BEGINNING. Road, BEING and intended to be the same premises conveyed to the Grantor herein by deed from Herbert R. Mandel dated 12/22/86 and recorded in the Office of the Clerk of the County of Suffolk on in Liber cp SUBJECT TO the following covenants and restrictions: 1. That the herein described premises shall and benefit of be used and maintained as a public park for the use of the Town of Southold; 2. That no buildings, structures or other facilities, permanent or temporary in nature, shall be constructed, placed or maintained on the above-described premises except such buildings, structures and facilities as are customary and usual in public parks; residents and taxpayers " 10837 PC 92 3. That no excavating, mining, drilling, removal of topsoil, sand, gravel, rock or other materials shall take place on the above-described premises, except such archeological digging operations may be conducted on the above-described premises during a period of twelve months from the date hereof by recognized archeologists authorized by the Grantor herein; 4. That no signs, other than signs customary for pUblic park use, shall be displayed on the above-described premises; 5. That the Grantee herein shall at all times hereafter maintain the premises free of trash, debris and other refuse, and shall, in conformity with a landscape plan, install and maintain such trees, shrUbs and other living plants as shall enhance the environmental, scenic and natural values of the above-described premises; 6. That if any provisions of the covenants and restrictions contained herein is ambigious or shall be sUbject to two or more interpretations, one of which would render that provision invalid, then that provision shall be given such interpretation as would render it valid and be consistent with the purposes of the covenants and restrictions contained herein; and 7. That the covenants, terms, conditions and restrictions contained herein shall run with the land, and shall be binding upon the successors and assigns of the Grantee herein. THIS conveyance has been a).lthorized by the 'vote of two thirds of the entire board of Directors of ?econic Land Trust. ) , ,] '. . Ii r . !I II I 10837 PC 93 J 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 descrihed 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 successors and assigns of the party of the second part forever. AND the party of the first part covenants that Ib.e party of the first part has not done or suffered anything whereby the sai~ premises have been incumbered in any way whatever, except as aforesaid. . AND the party of ;rho. first eart~ in ,compliance with Section 13 of the Lien Law, covenants that the party of the. first part will receive ..the consideration .for ithis 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, ,tIje, payment of Ib.e 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. -, -. . -l '. IN WITNESS WHEREOF, the party of the first paIt has duly executed this deed the day and year first above written. IN PRESENCE OF: c; 'J A) ~-fr' .' tW7L<-<</.1:f ~n PECONIC LAND TRUST by lL Llk. ./ 1/ Q ~n \hI y Pres. #.. . ,:;-0z~ I /\ ~ 0837 rt 94 ,c IT"" OF NEW YORK. COUNTY OF On the day of personally came 19 u: STATE OF NEW YORK. COUNTY OF 19 , before me , hefore me On the day of personally came to me known to be the individual executed the foregoing instrument, executed the same. described in and who and acknowledged tthat ,. STATE OF NEW:XoAK. COUIIITY of Suffolk .s: On the ~f1f day of 1Il.~ 1989, hefore me personally came John Halsey to me known, who, being by me duly sworn, did depose and say that he resides at No. 14ain Street Sagaponack, New York that ne is the President of Peconic Land Trust , the corporation described in and which executed the foregoing instrument; dutxxiloi: kIJOXJtJdlK:BtIkXli:lllIIidxllX)llltlCinl;KlIbIIi:xliIxBl~ )pXJIIliklilid....-k:im{Jucllc:lCllllPIlIlI1lC>>IIaI:~lCbelcJilKlIDC>>X Jdialc*~XKdncXli:JdxxbnudKJIlfx.__...,,,JaJfXlldlilUllpIIIK KoGcllal that he signed Ii. s name thereto by jUg, order. of the Board of Directors of the corporation. (' !hrtuP4~~~ mWMIH.$IMIIRmS )t... llDTARV PU8UC. Sb1IeofNew VodI Mo. 361108tl, SuIItI\ C'~~fP C r ..[q)Qs-- Jjarllain anll .alt .ttll WITH COVENANT AGAINST GRANTOR'S ACT1'7:; r-/'1 TITLE No. ""/1 ~ 5' S - I 8' ~ .;:l.... ~_ '~e(,lti( Latd 1fa.c1 TO Iozv"'l of JOuIk ~ 55: to me known to he the individual executed the foregoing instrument, executed the same. described in and who and acknowledged !!hat STATE O. NEW YOIII, COUNTY 011 . . II' On the day of 19 . hefore 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 60 I , BLOCK 02 . LOT 013 COUNTY OR TOWN SO O+A..O /0<.. RETURN BY MAIL TO: ~;..s /R s: "'N~ 6~.;"<!!' 7~ f! t:l. IJ~ /()/ a . ~/h'"I/{ MY Zip No. //~7/ . ~ 1$ o .. ~ :;; ~ c " ~ Oc; ~ c ~ ~ ~ c ~ ~ " ~ .. ~ ~ :s ~ ~ ~ ~ .~ -O! C\l f' -1 C\/ ',-' , i ,", t' ; , t ;~- t. 1'1 l,"'U , .' .; (, ,- ~ ~ 1 . , .- .~ , , TICOR TITLE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY NEW YORK COVERAGE ENDORSEMENT TO BE ATTACHED TO AND MADE A PART OF ALTA OWNER'S POLICY (10/21/87) Tl288-1852/Town of Southold 1. The following is' added to the insuring provisions on the face page of this policy: "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 this policy: "( d) If 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." "(e) Provision is made in the rate manual of this company filed with the Superintendent of In- surance of the State of New York for continuation of liability to grantees of the insured in certain specific circumstances only. In no circumstance provided for in this sub-section shall this company be deemed to have insured the sufficiency of the instrument of conveyance or to have assumed any liability for the sufficiency of any proceedings after the date of this policy." Nothing herein contained shall be construed as extending or changing the effective date of said policy, unless otherwise expressly stated. This Coverage is made a part of said policy and is subject to the Exclusions from Coverage, schedules. conditions and stipulations therein, except as modified by the provisions hereof. IN WITNESS WHEREOF, the company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers. . TICOR TITLE GUARANTEE COMPANY TICOR TITLE INSURANCE COMPANY By. . By Attest ""UlUIlII"" ~"" UR,q """, . ........ C ....... .. fi:.-*fX#~. 4t~presldent ~ u:. \ !... i Secretary ~O'" .......::: ~ -'.', /~ $ ~ 'V-' ". .' ~ ~ ""... ,. ~ ................ ,- ~~ lo'..~"C ~ """ ... * .. \\"...'.. 111'''"1111111\''\\ FORM NO. 755 " . TICORTITLE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY " ALTA OWNER'S POLICY (10-21-87) SCHEDULE 'A' Date of Policy: 3/28/89 Policy Number: Tl288-1852 Amount of Insurance:S30, 000.00 1. Name of Insured: Town of Southo1d 2. The estate or interest in the land which is covered by this policy is: FEE SIMPLE 3. Title to the estate or interest in the land is vested in: Town of Southo1d A Deed made by Peconic Land Trust to the INSURED dated 3/28/89 and recorded 4/14/89. 4. The land referred to in this policy is described on the following page(s). 80019/851 . TICQR :r~LE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY ALTA OWNER'S POLICY (10-21-87) Policy Number: T1288-l852 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: A. 1988/89 Town and School Taxes. B. Any unpaid water charges or sewer rent charges. C. 1. Vacant land as to described premises. 2. Gazebo, three flagpoles, numerous trees, plantings, walks traversing premises on described premises. As shown on survey by Young and Young dated 7/20/88 and subject to any changes since that date. D. Federal Estate Taxes against Joseph B. Hartrgnft (deceased 8/1/82) but company insures against collection of same out of the described premises. 800 (9/851 . .. ~ -TICQR..TllLE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY Title Number: T1288-1852 SCHEDULE "A" ALL that certain plot, piece or parcel of land, with the buildings thereon erected, situate, lying and being at Southold, in the Town of Southold, County of Suffolk and State of New York, and more particularly bounded and described as follows: BEGINNING at the corner formed by the intersection of the easterly side of Young's Avenue with the northerly side of Main Road (New York State Route 25); RUNNING THENCE North 21 degrees 05 minutes 20 seconds West along the easterly side of Youngs Avenue 151.86 feet to land now or formerly of Michael J. and Anne M. Hall, formerly of Joseph J. Reilly, et al; THENCE North 66 degrees 45 minutes 37 seconds East along last mentioned land 166.06 feet to land now or formerly of First Southold Company; THENCE South 20 degrees 44 minutes 40 seconds East along last mentioned land 156.99 feet to the northerly side of Main Road; THENCE South 68 degrees 31 minutes 40 seconds West along the northerly side of Main Road 165.00 feet to the corner at the point or place of BEGINNING. 800 {9/85l " . . ., TICOR TITLE GUARANTEE ., TICOR TITLE INSURANCE .' Policy of Title Insurance American Land Title Association Owner's Policy With New York Coverage Endorsement Appended SUBJECT TO THE EXCWSiONS FROM COVERAGE, THE EXCEPTiONS FROM COVERAGE CONTAiNED IN SCHEDULE B AND THE CONDiTIONS AND STiPU. LATiONS, TiCOR TITLE GUARANTEE COMPANY, a New York Corporation, and TiCOR TITLE iNSURANCE COMPANY, a California Corporation, jointly and severally, together 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; TICOR TITLE GUARANTEE COMPANY By. Attest. 'I. Validating Officer $~ ".y or Agent 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 tille, as insured, but only to the extent provided in the Conditions and Stipulations. This policy shall not be valid or binding until countersigned below by a validating signatory of the Company. TICOR TITLE INSURANCE COMPANY By. Attest. This policy shall not be valid or binding until countersigned by 8 valld8tlng officer or agent of the Company. ALTA Owner's Policy (10-21-87) Secretary <' A-' y~ ~\''''f ~ .'~~' . . ~ i " --!.' .. 4UOCo\~ FORM NO. 752 I Exclusions from Coverage The _ng matters ..... exprMSly excluded from the COV8f8g8 of this policy and the Compony witl not pay loss 0( damage, costs, attorneys' lass 0( expenses whtch arise by reason of: 1. (a) Arty law, ordinance 0( govammantal regulation (including but not limited to building and zoning laws, ordinanoea, 0( regulstions) restricting, regulating, prohibiting 0( raiating to (i) the occupancy, use, 0( enjoymant of the land: (ii) the character, dimansions 0( location of eny improvement now 0( hereafter erected on the land: (Hi) a separe. tton in ownership or a ehange in the dimensions or area of the land or any parcel of whtch the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or govemmantal regulations, except to the extent thet a notice of the enforcement thereof 0( e notice of a defect, lien 0( -encumbrance resulting from 8 viofation or alleged violation affecting the land has been recorded in the public records et Dete of Policy. (b) Any governmental police power not excluded by (a) aOOve, 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 violebon affecting the land has been recorded in the public records at Date of Policy. Conditions and Stipulations 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Dete of Policy, but not excluding from covarege eny taking which has occurred prior to Dete of Policy which would be binding on the rights of a purchaser for valua without knowledga. 3. Defects, liens. encumbrances, adverse claims or other matters: (a) crasted, suffered, assumed 0( agreed to by the insured claimant: (b) not known to the Compony, not.recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Compony by the insured claimant prior to the date the insured claimant became an insured under this poticy; (c) resutting in no loss or damage to the insured claimant; (d) attaching 0( created subsequent to Deta of Policy: 0( (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. 1. DEFINITION OF TERMS. The following terms when used in this policy mean: (a) "insured": the insured nerned in Schedule A, and, subjact to eny rights 0( defanses the Compony 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 fiduci- ary successors. (b) "insured claimant"; an insured claiming loss or damage. (c) "knowiedga" 0( "known": actual knowiedge, not constructive knowi. edga 0( notice which may be imputed to en insured by reason of the public records as defined in this poticy or any other records which impart constructive notice of matters affacting the land. (d) "lend": the land described 0( referred to in Schedule A, or in Sched. ule C ~ riot provided for in Schedule A, and improvements affixed thereto which by law conat~uta raaJ property. The term "land" does not include any property beyond the lines of the area described 0( refarred to in the appIicebla Schedule, 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. (e) "mortgage": mortgaga, deed of trust, trust deed, 0( other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive nottce of matters relating to real properly to purchasers for valua end without knowiedge. With respect to Sec. tion l(aXiv) of the Exclusions From Covaraga, "public records" shall also include environmental protection liens filed in the records of the cieri< of the United States district court for the district in which the land is located. (g) "unmarkatebility of the title": en a1laged or apparent matter affacting 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 delivery of markatable titla. 2. CONTINUA~ OF INSURANCE AFTER CONVEYANCE OF TITLE. The coverage of this policy shall continue in force as of Date of Policy in fa~,Q! an insured only so tong as the insured ~etains an estate or interest in the land, 0( holds an indebtedness secured by a purchase money mortgaga given by a purchaser from the insured. or only so long as the insured shall have liability by reason of covenants or 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 (i) en estate 0( interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM 10 . GIVEN IY INSURED CLAIMANT. The insured shall notify the Compony promptly in writing (i) in case of eny litigation as set. forth in Section 4(a) below, (ii) in case knowledge shall come to en insured hereunder of any claim of t~le 0( interast which Is advaree to the t~le to the estate or interest, as insured. and whtch might cause loss or damage for which tha Compony may be liable by virtua of this policy, 0( (iii) ~ t~1e to the estate or interest. as insured, is rejected as unmarketable. If prompt notice shall not be givan to the Compony, then as to the insured a1lliebility of the Company shall terminate with regard to the matter or matters for which prompt notice is required: provided, however, that failure to notily the Compony shall in no case prejudice the rights of any insured under this policy unlass the Compony shall be prejudiced by the failure and then only to the extent of the prejudice. 4. DEFENSE AND PROSECUTlDN OF ACTIONS; DUTY OF INSURED CLAIMANT 10 COOPERATE. (8) Upon written request by the insured and subject to the options con- tained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to thase stated causes of action al~ing a defect, lien or encumbrance or other matter insured against by this poItcy. The Company shall have the right to selact counsel of its choice (subjact to the right of the insured to object for reasonabte cause) to represent the insured as to those stated causes of action and shall not be liable for 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. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the titte to the estate or interest, as . insured, or to prevent or reduce loss or dar:nage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it (OONDITK)NI AND ITlPULA~ CONTINUI!D OftItrlllDl! Of M LAIT MOl OF THII POLICY) --.- .- TICOR TITLE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY NEW YORK COVERAGE ENDORSEMENT TO BE ATTACHED TO AND MADE A PART OF ALTA OWNER'S POLICY (10/21/87) Tl288-1852/Town of Southold 1. The following is added to the insuring provisions on the face page of this policy: "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 this policy: "( d) If 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." "(e) Provision is made in the rate manual of this company filed with the Superintendent of In- surance of the State of New York for continuation of liability to grantees of the insured in certain specific circumstances only. In no circumstance provided for in this sub-section shall this company be deemed to have insured the sufficiency of the instrument of conveyance or to have assumed any liability for the sufficiency of any proceedings after the date of this policy." Nothing herein contained shall be construed as extending or changing the effective date of said policy, unless otherwise expressly stated. This Coverage is made a part of said policy and is subject to the Exclusions from Coverage, schedules, conditions and stipulations therein, except as modified by the provisions hereof. IN WITNESS WHEREOF, the company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers. . TICOR TITLE GUARANTEE COMPANY TICOR TITLE INSURANCE COMPANY President By. \\\'011111111111 ~URA """" . ....... C .......~ .~-~~~ At~presldent ~ 1$. \ i... is Secretery ~O" /IIIIaS ~ ~""" ..'~ $ ~ v~ .... .... oS" ~ ~....<r~ .............. r~ 1'.......'"(; ~ ""1" '* .. .. l\l\'''' "''''''1111,,'0'' Attest S /ery .... ... . b F.ORM NO. 755 TICOR TITLE GUARANTEE COMPANY and TICOA TITLE INSURANCE COMPANY ALTA OWNER'S POLICY (10-21-87) SCHEDULE 'A' Date of Policy: 3/28/89 Policy Number: Tl288-1852 Amount of Insurance:S30,oOO.OO 1. Name of Insured: Town of Southo1d 2. The estate or interest in the land which is covered by this policy is: FEE SIMPLE 3. Title to the estate or interest in the land is vested in: Town of Southo1d A Deed made by Peconic Land Trust to the INSURED dated 3/28/89 and recorded 4/14/89. 4. The land referred to in this policy is described on the following page(s). 800 (9/85) n~~ 156.99 feet to the northerly side of Main Road; THENCE South 68 degrees 31 minutes 40 seconds West along the northerly side of Main Road 165.00 feet to the corner at the point or place of BEGINNING. 800 (9/85) . . -.... . . . - . TICOR TITLE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY ALTA OWNER'S POLICY (10-21-87) Policy Number: T1288-1852 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: A. 1988/89 Town and School Taxes. B. Any unpaid water charges or sewer rent charges. C. 1. Vacant land as to described premises. 2. Gazebo, three flagpoles, numerous trees, plantings, walks traversing premises on described premises. As shown on survey by Young and Young dated 7/20/88 and subject to any changes since that date. D. Federal Estate Taxes against Joseph B. Hartranft (deceased 8/1/82) but company insures against collection of same out of the described premises. 800 (9185) .- .. , ." ... 'TICOR TITLE GUARANTEE COMPANY and TICOR TITLE INSURANCE COMPANY Title Number: T1288-1852 SCHEDULE "A" ALL that certain plot, piece or parcel of land, with the buildings thereon erected, situate, lying and being at Southold, in the Town of Southold, County of Suffolk and State of New York, and more particularly bounded and described as follows: BEGINNING at the corner formed by the intersection of the easterly side of Young's Avenue with the northerly side of Main Road (New York State Route 25); RUNNING THENCE North 21 degrees 05 minutes 20 seconds West along the easterly side of Youngs Avenue 151.86 feet to land now or formerly of Michael J. and Anne M. Hall, formerly of Joseph J. Reilly, et al; THENCE North 66 degrees 45 minutes 37 seconds East along last mentioned land 166.06 feet to land now or formerly of First South old Company; THENCE South 20 degrees 44 minutes 40 seconds East along last mentioned land 156.99 feet to the northerly side of Main Road; THENCE South 68 degrees 31 minutes 40 seconds West along the northerly side of Main Road 165.00 feet to the corner at the point or place of BEGINNING. 800 (9/85) ~ AND.1T1PULA11ONS CONTINUED FROM REVERIE BIDE OF POUCY NeE) .' shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy I the Company may pursue any litigation to final determination by a court of competent jurisdic- tion and expressly reserves the right, in its sole discretion. to appeal from any adverse judgment or order. (d) 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 (i) 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 ~icy shall terminate, including any liability or ob'igation 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 furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proot 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 cak:ulating the amount of the loss or damage. If the Company is prejudtced 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 liabfity or ob'tgation to defend, prosecute, ,or continue any litigation, with regard to the matter or matters requiring 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 examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, ~s, ledgers, checks, correspondence and memo- randa, whether bearing a date before or after Date of Policy, which reasonably partain to the loss or damage. Further, ~ requasted by any authorized represen- tative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, corraspondenca and memoranda in the custody or controf of a third party, which reasonably perta;n to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to othera unlass. in the reason_ judgment of the Company, it is necessary in the admintstration of the cfaim. Failure of the insured claimant to submit for examination under oath, produce other reasonabty requested informat60n or grant permission to secure reasonably necessary informaUon from third parltes as required in this paragraph shall terminate any liabiUty of the Company under this policy as to thet claim. S. OPTIONS TO PAY OR OTHERWISE SET'TU CLAIMS; TERMINATION Of LIABILITY. In case ola claim under this policy, the Company shall heve the following add~ionaI options: (a) To Pay or T_ Payment of .... Amount 01 I_nee. To pay or tender payment in 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 time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obliga- tions 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 litigation, and the policy shall be surrendered 'to the Company for cancellation. (b) To Payor OlhefWl.. Sellle With Partia. Olhar than ....In.urad or With .... Ineurad Claimant (i) to payor 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 by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to payor 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 autho- rized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs b(i) or (ii), the Company's obligations to the insured under this policy for the cfaimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. DETERMINATION. EXTENT OF LIABIUTY ANO 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 Poficy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this P~icy is subject to the following: (i) where no subsequent improvement 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 of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedute A and the amount expended for the improvement. The provis60ns of this paragraph shall not &J>P'y to costs, attorneys' fees and expanses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of thesa Conditions and Stipulations. S. APPORTIONMENT. II the land dascribed in the applicable Schedule consists of two '" more parcels which are not used as a single site, and a loss is estabUshed affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Data of Policy of each separate percel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or valua has otherwise 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. (COIlIJI1'IORI AND 11'WIULA~ ~ AND ~ ImD ON MVIRR IDE CF na Mal) I__~_____"""___OP""_ .. UMlTATION OP LIAIlLITY. (a) K the Company lI_heS tha title, or removaa the alleged defect, lien or encumbrance, or curea the _ 01 a right 01 acceea to or from the land, or curea tha claim 01 unmarketabillty of title, allea insured. in a reesonebIy diligent manner by any method, Including litigation end the completion of any appeals tharelrom, It ehall have fully parformed Its obligations wRh reapeet to thet malter end shall not be liable lor any ioss or dsmsge coused th....by, (b) In the event ot any litigation. including litigation by the Company or with the Company's con..nt, the Company shall have no liability lor loss or damage until thare has bean a finsl determination by s court 01 compatant juriedicUon, and dllpOllUon of all appeals therelrom, advar.. to the tltie as Insured, (c) The Company shall not be liable tor loss or damage to any insured lor liability voluntarily lSIumad by the Insured In settling any claim or suit without the prior writtan con..nt 01 the Company, 10. RIDUCTION OP IN8UIlANCE; RIDUCTION OR TERMINATION OF LIAIlLITY. All payments under this policy, except payments mode lor costs, altor- noys' _ and axpen.... shall reduco the amount 01 the Insurance pro tsnto, 11. UMILITY NONCIIMIILATlVE. It is expressly understood thet the amount ot insuranes under this policy shall be reduced by eny amount the Company may pay under any policy insuring e mortgage to which excoption Is tal<an in Schedule B or to which the insured has agreed. 888umed. or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule At and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. MYMlNT OP LOSS. (a) No payment shall be mode without producing this policy lor endor... mant of tha payment unless tha policy has been lost or dlltroyed, In which c:aae proof of loss or destruction shall be furnished to the satisfaction of the Company, (b) When liability end the extent 01 ioss or damage has been definitely fixed In accordance with these Conditions and Stipulations, the loss or damage shell be payable within 30 days theraafter, 13. IUIROGATION UPON MYMENT OR SETTLlMINT. (a) 11le c-peny's Right of SUbrogatIon. Whenever the Company shall heve ..ttled end 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 end be entitled to all rights and rel'1"t8dHt8 which the insured claimant would have had against any person or proparty In _t to the claim hed this policy not been Issued, II requested by the Company, the insured claimant shall transfer to the Company all rights and ramedias against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compro- mise 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 to these rights and reme. dies in the proportton 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 i in that event, shall be required to pay only thet part of any looaallnsured against by thll policy which shallexcoed the amount. il any, lost to the Company by reason of tha Impair- ment by the Insured c1aimlnt of the Company'1 right of lub<ogation, (b) 11le ConlpHy'a RIgIIla Aplnat Non-lnaUNCI C..am. The Company'l right of lub<oglUon against non-lnsurad obIigofIlhaII exist and shall include, without limitation, the righta of tha Insured to indamnl- Ues. guaranties. other policies 01 insurance or bonds, notwlthltonding any terms or conditions contained In thoaa instruments which provida 'or subroga- tion rights by reason of this policy, 14. ARIITRATION. Unless prohlbRed by appIlcoble law, either the Company or the Insured may damend arbitration pursuant to the Title Insurance Arbitration Rules of the Americsn Arbitration Associltion, Arbitrsble malters may include, but .... not limited to, any controveray or claim between the Company and the Insured ariaing out 01 or relating to this policy, any servica of tha Company in connection with its i..uanco or the breach of a policy provision or other QbIIgaUon, All arbitrsble malters when the Amount 01 Insuranes is $~ .000.000 or Ieea shall be arbitrated at tha option ot alther the Company or the Insured, All arbitraible matters when the Amount of Insuranes is In excess ot $~ ,000.000 shell be arbitrated only when agreed to by both the Company and the insured, Arbitra- tion pursuant to !J>it'1lOIicY end under the Rules in effect on the deta the demand lor arbitration is made or, at the option of the Insured, tha Rules In efleet at Date ot Policy shall be binding upon tri..parties, The award may include attomeys' tees only II the laws 01 the state In which the lend is located parmit a court to award attornays' _ to a pravaillng party, Judgment upon the awsrd rendered by the Arbitrator(s) may be entered In any court having jurisdiction thereof, The law of the situs 01 the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy 01 the Rules may be obtained Irom tha Company upon requelt. 15. LIAIILITY LIMITED TO THIS POLICY; POLICY INTlRE CONTRACT. (a) This policy togather with allandoraaments, II any. atteched herato by the Company is the entire policy and contrsct between the insured and the Company, In interpreting any provision 01 this policy, this policy shall be con- strued as a whole. (b) Any claim 01 loss or damage, whether or not baaad on nsgligence, end which arises out of the status of the title to the estate or interest covered hereby or by any action ....rting such claim, shall be restricted to this policy, (c) No amendmant ot or endorsement to this policy can be mode except by a writing andorsed hereon or attached hereto signed by Bither the Prllldant, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory 01 the Company, 18. SIVERAIILITY. In the event any provision of the policy is held invalid or unentorceabte under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICIS. WHlRE SENT. All notlclI required to be given the Company and any atatament In wrttlng required to be lumllhad the Compeny ahall ba addrelled to It et It I Mlln OlIlce, 39 Broedway, New 'tbrk, N.Y. 10006. (THII CONCLUDII THE ALT. OWNIR.. POUCY (10-21"'7)) -. . .