HomeMy WebLinkAboutPeconic Land Trust
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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;
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$F'-~;:---:-~ I
APR 14 1989 ~
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- 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.
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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.
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,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. ('
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llDTARV PU8UC. Sb1IeofNew VodI
Mo. 361108tl, SuIItI\ C'~~fP
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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:
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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
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4t~presldent
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FORM NO. 755
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.
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
.
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-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
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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.
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Attest
S /ery
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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)
.-
..
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'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)
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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))
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