HomeMy WebLinkAboutHanauer, Sue
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S,~nd~rd N. Y. B.T. U. Form 8002. -Bargain md SOlIe Deed, ~irh Covenam against Granrof's Actl-Indivi ua! or Corporarion (single sheer)
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CONSULT YOUR LAWYER B"ORE SIGNING THIS INSTRUMENT-THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY.
THIS INDENTURE, made the
BETWEEN
Znl!"{ day of
, nineteen hundred and nine t y-f i ve
Ff'b.
SUE HANAUER, residing at 4105 Soundview Avenue (P.O. Box 1430),
Mattituck, NY 11952 and
JOAN BAGLEY, residing at 19319 Chapel Creek Drive, Boca Raton,
Florida 33431
party of the first part, and
TOWN OF SOUTHOLD, a municipal corporation, a political
subdivision of the State of New York, 53095 Main Road,
Southold, New York 11971
party of the second part,
wrrNESSETH. that the party of the first part, in consideration of Ten Dollars and other valuable considerati~)D
paid by the party of the second part, does hereby grant and release unto the party of the second part, the heirs
or successors and assigns of the party of the second part forever,
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate,
lyinrandbeinat Hortons Point, Town of Southold, County of Suffolk and
State of New York, bounded and described as follows, to wit:
BEGINNING at a corner formed by the intersection of the
westerly side of Lighthouse Road with the southerly side of
Soundview Avenue;
RUNNING THENCE along the westerly side of Lighthouse Road,
South 410 11' 00" East 419.04 feet to land now or formerly of John
McGuire;
THENCE along the northerly line of land now or formerly of
John McGuire, South 480 55' 10" West 456.94 feet to the easterly
line of land now or formerly of Genevieve Sepenowski:
THENCE along the easterly line of land now or formerly of
Genevieve Sepenowski, North 420 15' 20" West 515.04 feet to the
southerly side of Soundview Avenue:
THENCE along the southerly side of Sound view Avenue North
600 31' 30" East 476.50 feet to the point or place of BEGINNING.
SUBJECT TO all instruments of record.
BEING AND INTENDED TO BE the same premises conveyed to
Grantors by deed ae Liber 9842, cp 598.
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 successors and assigns of
the party of the second part forever.
AND the party of the first part covenants that the party of the first part has not done or suffered anything
whereby the said premises have been encumbered in any way whatever, except as aforesaid.
AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of
.the first part will receive the consideration for this conveyance and will hold the right to receive such 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 indenture 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:
AE~>?
~~ BAGLE ~
2~.3>
11713Pf809
. OF NEW YORK, COUNTY OF SUFFOLK
un the d. ('01 day of .J..J.;.. 1995
personally came SUE HANAUER
IS'
STATE OF FLORIDA, COUNT V OF /?.Fo- ~~ IS'
On the J.-Cf.J:&y of ?"--1 1995 , before me
personally came JOAN BAGLEY
, before me
to me known to be the individual
executed the foregoing instrument,
she executed the same.
described in and who
and acknowledged that
to me known to be the individual
executed the foregoing instrument,
she executed the same.
described in a
and acknowle e
-
Notary blic
Joanne Fagan
Notary Publ;c, Suffolk
County, NY #01 FA4991777
C!)r!!!;:tssicr: Exp. 2-10-9/;
Notary Public
Q)_ PAUL A. COllEN
!i: ~ MY1Jtm-SIOPl,cc....
_~""""""'8,'1lIllI
~-llldoo_
STATE OF NEW YORK, COUNTY OF
IS' STATE OF NEW YORK. COUNTY OF
55:
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.
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
that he is the
of
, the corporation described
in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed
to said instrument is su('~ 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.
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.
JIlatllain anll "Ie .eell
WITH COVENANT AGAINST GRANTOR'S ACTS
TITLE No.
SUE HANAUER & JOAN BAGLEY
SECTION
BLOCK
LOT
COUNTY OR TOWN
TO
TOWN OF SOUTHOLD
Recorded At Request of
First American Title Insurance Company of New York
RETURN BY MAIL TO:
ST4ND410 fORM O' NEW YOlK 1041D O' TITLE UNDfIWllTEU
DiJlrib"ttd by
First American Title Insurance Company
of New York
~
Laury Dowd, Esq.
Southold Town Attorney
53095 Main Road
Southold, NY 11971
Zip No.
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BOXES 5-THRU 9 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING.
.
I SUFFOLK COUNTY CLERK 2 21256 3
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Certificate #
1256
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N6mber of pages '-
TQ]P!ENS
11713NB09
FlECE
$ -t:r
REAL ESTATE
Serial #
FFq ~1~)t:J
Deed / Mortgage Tax Stamp
Recording / Filing Stamps
FEES
Mortgage Amt.
1. Buic Tax
2. SONYMA
Sub Total
Sub Total
~
3. Sllec./Add.
TOT. MTG. TAX
Dual Town _Dual County _
Held for Apportionment _
Transfer Tax
?F
Sub Total
~~
10
Mansion Tax
Tbe property covered by tbis mortgage
is or will be improved by a one or two
family dwelling only.
YES or NO
If NO, see appropriate tax clause on
page # of this instrument.
GRAND TOTAL
Real Property Tax Service Agency Verification
Dist Section Block
Title Company Information
IXo_D
Lot
1000 0(0_ Do
00-..) C1~tY1 vJCcLtR
Company Name
rLHq~oOG,?~
Title Number
.2-1-"1'S"
l)
1("
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FEE PAID BY:
Cuh_ Check_ chargsL-
Payer same as R & R~
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cfl/"fk, tv
(71 '0 /JI [~ /-AA
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OR:
RECORD & RETURN TO
Suffolk County Recording & Endorsement Page
made by:
This page forms part of the attached
(Deed, Mortgage, etc.)
~H~'~
v77
TO
The premises herein is situated in
SUFFOLK COUNTY, NEW YORK.
In the TOWN of s:;; ~ LrJ
j"~ 1 ~~
In the VILLAGE
or HAMLET of
~~(cL
1 '.01 04..5/93
OWNER'S POLICY OF TITLE INSURANCE
ISSUED BY
~
Commonwealth.
Land Title Insurance Company
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE BAND
THE CONDITIONS AND STIPULA nONS, COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania corporation, herein
called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated
in Schedule A, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of ;1 right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided
in the Conditions and Stipulations.
IN WlTNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused it~ corporate name and seal to be
hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
COMMONWEALTH LAND TITLE INSURANCE COMPANY
Attest:
~JfJ~~
..~ ,lTiE 14-
"'v~ - J?-
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/YOJ. ,\\~
By:H~
President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys'
fees or expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting,
regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improve~
ment now or hereafter erected on the land; (Hi) a separation in ownership or a change in the dimensions or area of the land or any parcel of
which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regula~
tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or
alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect,
lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding
from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without
knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed
in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resuW.ng in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured
by this policy.
4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation
of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on:
(a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
(b) the tnmsaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer
results from the failure:
(i) to timely record the instrument of transfer; or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
NM 1 PAlO
ALTA Owner's Policy (10-17-92)
Form 1190-1 Face Page
Valid Only If Schedules A and B and Cover Are Attached
ORIGINAL
1. DEFINITION OF TERMS.
CONDITIONS AND STIPULATIONS
The following terms when used in this policy mean:
(a) "insured": the insured named in Schedule A, and, subject to any
rights or defenses the Company would have had against the named insured,
those who succeed to the interest of the named insured by operation of law
as distinguished from purchase including, but not limited to, heirs,
dislributees, devisees, survivors. personal representatives, next of kin, or
corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or damage.
(c) "knowledge" or "known": actual knowledge. not constructive
knowledge or notice which may be imputed to an insured by reason of the
public records as defined in this policy or any other records which impart
constructive notice of matters affecting the land
(d) "land": the land described or referred to in Schedule A, and
improvements affixed thereto which by law constitute real property. The
term "land" does not include any property beyond the lines of the area
described or referred to in Schedule A, nor any right, title, interest. estate
or easement 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": mortgage, deed of trust, trust deed. or other security
instrument.
({) "public records": records established under state statutes at Date of
Policy for thc purpose of imparting constructive notice of matters relating
to rea] property to purchasers for value and without knowledge. With
respect to Section l(a) (iv) of the Exclusions From Coverage, "public
records" shall also include environmental protection liens filed in the
records of the clerk of the United States district court for the district in
which the land is located.
(g) "unmarketability of the title": an alleged or apparent matter affecting
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 marketable title.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE.
The coverage of this policy shall continue in force as of Dale of Policy in
favor of an insured only so long as the insured retains an estate or interest
in the land, or holds an indebtedness secured by a purchase money
mortgage given by a purchaser from the insured, or only so long as the
insured shall have liability by reason of covenants of warranty made by the
insured in any transfer or conveyance of the estate or interest. This policy
shall not continue in force in favor of any purchaser from the insured of
either (i) an estate or interest in the land. or (ii) an indebtedness secured by
a purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
The insured shall notify the Company promptly in writing (i) in case of
any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall
come to an insured hereunder of any claim of title or interest which is
adverse to the title to the estate or interest, as insured, and which might
cause loss or damage for which the Company may be liable by virtue of
this policy, or (iii) if title to the estate or interest, as insured, is rejected as
unmarketable. If prompt notice shall not be given to the Company, then as
to the insured all liability of the Company shall terminate with regard to
the matter or matters for which prompt notice is required: provided,
however. that failure to notify the Company shall in no case prejudice the
rights of any insured under this policy unless the Company shall be
prejudiced by the failure and then only to the extent of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE.
(a) Upon written request by the insured and subject to the options
contained 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 those stated causes
of action alleging a defect, lien or encumbrance or other matter insured
against by this policy. The Company shall have the right to select counsel
of its choice (subject to the right of the insured to object for reasonable
cause) to represent the insured as to those stated causes of action and shall
not be liable 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 desirabh: to establish the title to the estate or
interest, as insured, or to prevent or reduce loss \lr damage to the insured
The Company may take any appropriate action under the terms of this
policy. whether or not .it shall be liable hereunder, and shall not thereby
concede ltab!!lty or waIve any proviSIon of this policy. If the Company
shall exercise it" rights under this paragraph, il 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. the
Company may pursue any litigation to final determination by a court of
competent jurisdiction and expressly reserves the right, in its sole discretion,
to appeal from any adverse judgment or order.
(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 policy
shall terminate, including any liability or obligation to defend, prosecute. or
continue any litigation, with regard to the matter or matters requiring such
cooperation.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 of these
Conditions and Stipulations have been provided the Company, a proof of
loss or damage signed and sworn to by the insured claimant shall be
furnished to the Company within 90 days after the insured claimant shall
ascertain the facts giving rise to the loss or damage. The proof of loss or
damage shall describe the defect in, or lien or encumbrance on the title. or
other matter insured against by this policy which constitutes the basis of
loss or damage and shall state, to the extent possible, the basis of
calculating the amount of the loss or damage. If the Company is prejudiced
by the failure of the insured claimant to provide the required proof of loss
or damage, the Company's obligations to the insured under the policy shall
terminate, including any liability or obligation 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 shaH 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, books, ledgers, checks.
correspondence and memoranda, whether bearing a date before or after
Date of Policy, which reasonably pertain to the loss or damage. Further, if
requested by any authorized representative of the Company, the insured
claimant shall grant its permission, in writing, for any authorized
representative of the Company to examine, inspect and copy all records,
books. ledgers. checks. correspondence and memoranda in the custody or
control of a third party, which reasonably pertain 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 others
unless. in the reasonable judgement of the Company, it is necessary in the
administration of the claim, Fai]ure of the insured claimant to submit for
examination under oath, produce other reasonably requested information
or grant permission to secure reasonably necessary information from third
parties as required in this paragraph shall terminate any liability of the
Company under this policy as to that claim.
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under this policy, the Company shall have the
following options:
(a)To Payor Tender Payment of the Amount of Insurance.
To payor tender payment of the amount of insurance under
this policy together with any costs, attorneys' fees and expenses incurred by
the insured claimant, which were authorized by the Company, up to the
time of paymant or tender of payment and which the Company is obliga-
ted to pay.
Upon the exercise by the Company of this option, all liability and
obligations to the insured under this policy, other than to make the
payment required. shall terminate, including any liability or obligation to
defend, prosecute. or continue any litigation, and the policy shall be
surrendered to the Company for cancellation.
(b) To Payor Otherwise Settle With Parties Other than the Insured or
With the Insured 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 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 authorized
by the Company up to the time of payment and which the Companv is
obligated to pay
Upon the exercise by the Company of either of the options provided for
in paragraphs (h)(i) or (ii), the Company's obligations 10 the insured under
this policy for the claimed loss or damage. other than the payments
reqUIred In be made, shall terminate, including any !lahlllty or obligatIon to
defend. prosecute or continue any litigation
B 1190-1
Conditions and Stipulations Continued Inside Cover
CONTROL NO.
20b-013885
SCHEDULE A
AMOUNT OF INSURANCE:
$ 150,000.00
POLICY NO.
206 - 073885
DATE OF POLICY:
02/03/95
TITLE NO.
RH950062
1 . NAME OF INSURED:
TOWN OF SOUTHOLD
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:
Deed made by SUE HANAUER and JOAN BAGLEY to the INSURED dated 2/2/95
and duly recorded in the Office of the Clerk for the County of
Suffolk.
4. THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED IN SAID INSTRUMENT, IS SITUATED IN THE
COUNTY OF SUFFOLK, STATE OF NEW YORK, AND IS IDENTIFIED AS FOLLOWS:
SEE SCHEDULE "A" ATTACHED
countersigned:
Authorized
~~
Officer or Agent ' ---
SCHEDULE B
EXCEPTIONS FROM COVERAGE
POLICY NO.
206-073885
TITLE NO.
RH950062
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:
1. Covenants and Restrictions in Liber 11632 cp 635.
2. In the absence of a survey, Company will not certify as to the location nor
dimensions of within described premises on all sides, and will except any state of
facts an accurate survey may show.
3. Subject to 1994/1995 real estate taxes.
COMMONWEALTH LAND TITLE INSURANCE COMPANY
STANDARD NEW YORK ENDORSEMENT
OWNER'S POLICY
TO be attached and made a part of Policy Number: 206-073885
1. The following is added to the insuring provisions of 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
of the insured as shown in Schedule A of this policy. II
2. The following is added to Paragraph 7 of the Conditions and Stipulations of this policy:
II (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. II
Nothing herein contained shall be construed as extending or changing the effective date of said
policy, unless otherwise expressly stated.
This endorsement, when countersigned below by a validating signatory, is made a part of the
policy and is subject to the Exclusions from Coverage, Schedules, Conditions and Stipulations
therein, except as modified by the provisions hereof.
Dated: 02/03/95
COMMONWEALTH LAND TITLE INSURANCE COMPANY
~ (J
BY: " "11",, ~
VICE RESIDENT AND BRANCH MANAGER
'....,
COMMONWEALTH LAND TITLE INSURANCE COMPANY
TITLE NO, RH950062
SCHEDULE A
THE PREMISES IN WHICH THE INSURED HAS THE ESTATE OR INTEREST COVERED BY THIS POLICY
ALL that certain plot, piece or parcel of land, situate, lying and being at Hartons
Point, Town of Southold, County of Suffolk and State of New York, bounded and described
as follows, to wit:
BEGINNING at a corner formed by the intersection of the westerly side of Lighthouse
Road with the southerly side of Soundview Avenue;
RUNNING THENCE along the westerly side of Lighthouse Road, South 41 degrees 11 minutes
00 seconds East 419.04 feet to land now or formerly of John McGuire;
THENCE along the northerly line of land now or formerly of John McGuire, South 48
degrees 55 minutes 10 seconds West 456.94 feet to the easterly line of land now or
formerly of Genevieve Sepenowski;
THENCE along the easterly line of land now or formerly of Genevieve Sepenowski, North
42 degrees 15 minutes 20 seconds West 515.04 feet to the southerly side of Soundview
Avenue;
THENCE along the southerly side of Soundview Avenue North 60 degrees 31 minutes 30
seconds East 476.50 feet to the point or place of BEGINNING.
FOR CONVEYANCING ONLY, (Together with all right, title and interest of, in
IF INTENDED FOR CONVEYANCING(and to any streets and roads abutting the above
(described premises, to the center line thereof.
,
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. ,
7. DETERMINATIDN, EXTENT OF LIABILITY AND COINSURANCE.
This policy is a contract of indemnity against actual monetary loss or
damage sustained or incurred by the insured claimant who has suffered loss
or damage by reason of matters insured against by this policy and only to
the extent herein described.
(a) The liability of the Company under this policy shall not exceed the
least of:
(i) the Amount of Insurance stated in Schedule A; or,
(ii) the difference between the value of the insured estate or interest as
insured and the value of the insured estate or interest subject to the defect,
lien or encumbrance insured against by this policy.
(b) In the event the Amount of Insurance stated in Schedule A at the
Date of Policy is less than 80 percent of the value of the insured estate or
interest or the full consideration paid for the land, whichever is less, or if
subsequent to the Date of Policy an improvement is erected on the land
which increases the value of the insured estate or interest by at least 20
percent over the Amount of Insurance stated in Schedule A, then this
Policy is subject to the following:
(i) where no subsequent improvement has been made, as to any partial
loss, the Comrany shall only pay the loss pro rata in the proportion that
the amount 0 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 Schedule A and the amount
expended for the improvement.
The provisions of this paragraph shall not apply to costs, attorneys' fees
and expenses for which the Company is liable under this policy, and shall
only apply to that portion of any loss which exceeds, in the aggregate, 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 these Conditions and Stipulations.
8. APPORTIONMENT.
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and a loss is established affecting one or
more of the parcels 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 Date of Policy of each separate parcel to the
whole, exclusive of any improvements made subsequent to Date of Policy,
unless a liability or value has 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.
9. LIMITATION OF LIABILITY.
(a) If the Company establishes the title, or removes the alleged defect,
lien or encumbrance, or cures the lack of a right of access to or from the
land, or cures the claim of unmarketability of title, a1l as insured, in a
reasonably diligent manner by any method, including litigation and the
completion of any appeals therefrom, it shall have fully performed its
obligations with respect to that matter and shall not be liable for any loss
or damage caused thereby.
(b) In the event of any litigation, including litigation by the Company
or with the Company's consent, the Company shall have no liability for
loss or damage until there has been a final deternlination by a court of
competent jurisdiction, and disposition of all appeals therefrom, adverse to
the title as insured.
(c) The Company shall not be liable for loss or damage to any insured
for liability voluntarily assumed by the insured in settling any claim or suit
without the prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY.
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance pro
tanto.
11. LIABILITY NONCUMULATIVE
It is expressly understood that the amount of Insurance under this
policy shall be reduced by any amount the Company may pay under any
policy insuring a mortgage to which exception Is taken in Schedukt B or to
which the insured' has agreed, assumed, or taken subject, or which is
hereafter executed' by an Insured and which is a charge or lien on the
estate or interest described or referred to In Schedukt A, and the amount
so paid shall be deemed a payment under this policy to the Insured owner.
12. PAYMENT OF LOSS.
(a) No paymenl shall be made without producing this policy for endorsement
of the payment unless the policy has been lost or destroyed, in which case proof
of loss or destruction shall be furnished to the satisfaction of the Company.
NM 1 PA 10
ALTA Ownefs Policy (10-17-92)
Form 1190-3 Cover Page
ORIGINAL
,
(Conti.oed)
(b) When liability and the extent of loss or damage has been definitely
fixed in accordance with these Conditions and Stipulations, the loss or
damage shall be payable within 30 days thereafter.
13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a claim under this
policy, all right of subro~ation shall vest in the Company unaffected by
any act of the insured claimant.
The Company shall be subrogated to and be entitled to all rights and
remedies which the insured claimant would have had against any person or
property in respect to the claim had this policy not been issued. If
requested by the Company, the insured claimant shall transfer to the
Company all rights and remedies against any person or property necessary
in order to perfect this right of subrogation. The insured claimant shall
permit the Company to sue, compromise or settle in the name of the
Insured claimant and to use the name of the insured claimant in any
transaction or litigation 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
remedies in the proportion which the Company's payment bears to the
whole amount of the loss.
If loss should result from any act of the insured claimant, as stated
above, that act shall not void this policy, but the Company, in that event,
shall be required to pay only that part of any losses insured against by this
policy which shall exceed the amount, if any, lost to the Company by
reason of the impairment by the insured claimant of the Company's right
of subrogation.
(b) The Company's Rights Against Non-insured Obligors.
The Company's right of subrogation against non-insured obligors shall
exist and shall include, without limitation, the rights of the insured to
indemnities, guaranties, other policies of insurance or bonds,
notwithstanding any terms or conditions contained in those instruments
which provide for subrogation rights by reason of this policy.
14. ARBITRATION
Unless prohibited by applicable law, either the Company or the insured
may demand arbitration pursuant to the Title Insurance Arbitration Rules
of the American Arbitration Association. Arbitrable matters may include,
but are not limited to, any controversy or claim between the Company and
the insured arising out of or relating to this policy, any service of the
Company in connection with its issuance or the breach of a policy
provision or other obligation. All arbitrable matters when the Amount of
Insurance is $1,000,000 or less shall be arbitrated at the option of either the
Company or the insured. All arbitrable matters when the Amount of
Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to
by both the Company and the insured. Arbitration pursuant to this policy
and under the Rules in effect on the date the demand for arbitration is
made or, at the option of the insured, the Rules in effect at Date of Policy
shall be binding upon the parties. The award may include attorneys' fees
only if the laws of the state in which the land is located permit a court to
award attorneys' fees to a prevailing party. Judgment upon the award
rendered by the Arbitrator(s) may be entered in any court having
jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the
Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT.
(a) This policy together with all endorsements, if any, attached hereto
by the Company is the entire policy and contract between the insured and
the Company. In interpreting any provision of this policy, this policy shall
be construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or by any action asserting such claim. shall be restricted to
this policy.
(c) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed by either the
PreSident, a Vice President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid or unenforceable
under applicable law, the policy shall be deemed not to include that provi.
sion and all other provisions shall remain in full force and effect.
17. NOTICES, WHERE SENT.
All notices required to be given the Company and any statement in writing
required to be furnished the Company shall include the number of this policy and
shall be addressed to Commonwealth Land Title Insurance Company, Eight Penn
Center, Philadelphia, Pennsylvania 19103-2198.
Valid Only If Face Page, Schedules A and B Are Attached
American Land Title Association
Owner's Policy
(10-17-92)
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B 1190-3
POLICY
OF
TITLE
INSURANCE
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Commonwealth.
Land Title Insurance Company
Title Insu1llnce Since 1876
HOME OFFICE
EIGHT PENN CENTER
PHilADELPHIA, PA 19103-2198
LAURY L. DOWD
Town Attorney
Town Hall, 53095 Main Road
P. O. Box 1179
Southold, New York 11971
Fax (516) 765-1823
Telephone (516) 765-1800
OFFICE OF THE TOWN ATTORNEY
TOWN OF SOUTHOLD
TO:
ACCOUNTlNC
ASSESSORS
TOWN CLERK
FROM:
RE:
DATE:
LAURY DOWD
HUMMEL POND PROPERTY ACQUISITION
FEBRUARY 6, 1995
On February 3 the Town acquired two properties at Lighthouse Road, Southold.
The tax map numbers are 1000-050-06-004 and 1000-050-06-005.007.
The property owners had not paid 1995 taxes, so the following adjustment was
made in the purchase price:
$150,000 purchase price less $379 taxes from 12/1 to 2/3
$75,000 purchase price less $192 taxes from 12/1 to 2/3
We need to check with the Assessors as to manner in which we should handle
these part-year taxes.
The smaller property was taken with the covenant that it would share a
driveway with the adjoining lot. Removal of this covenant requires Planning
Board approval. The owners of Lot 2 have agreed to apply to the Planning
Board for removal of this requirement and the placement of the driveway
entirely on Lot 2. This will take place only after review of the purchase with
the Open Space Committee and a decision as to whether the Town wants to keep
the driveway as an option.
The title company marked a copy of the title insurance at the closing. They
will resubmit a corrected title policy in a few weeks, which will be filed with
the Town Clerk. Similarly, the title company (Commonwealth) is recording the
deeds and will send us the originals, also to be filed with the Town Clerk.