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HomeMy WebLinkAboutToo Bee Realty Corp .. WCB2 .. , 0" / Dist. 1000 Sec. 050.00 Block 06.00 Lot 005.007 .> . S,'ndud~. Y B.Ll!. F"m 8002 . -Bu..jn fnd S.J, D"d, wj,h Co.'n." ,.,jn" Gun,,,', Am-?/,"tq ~oC;;;'z:;,'t"') CONSULT YOUR LAWYER B"ORE SIGNING THI!t INSTRUMENT-THIS INSTRUMENT(H~~ BE USED BY LAWYERS ONLY. THIS INDENTURE, made the l,.,.,q day of /'~ ,nineteen hundred and ninety-fi ve BElWEEN TOO BEE REALTY CORP., a New York corporation having its principal place of business at 95 Cypress Drive, Woodbury, New York 11797 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, WITNFSSETH, that the party of the first part, in consideration of Ten Dollars and other valuable considerati?n 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, Diece or p~r<;el of. land, with the buildings and improvements thereon erected, situate, ly'nrandbeing at ::;outhOld, ln the Town of Southold, County of ~uffolk and State of New York, being known and designated as and by Lot #1 as shown on a certain map entitled, "Map of Minor Subdivision made for Too Bee Realty Corp. at Southold", filed in the Office of the Clerk of the County of Suffolk on 8/11/93 as Map #9396. part of BEING AND INTENDED TO BEAthe same premises conveyed to Grantor by deed dated 12/24/86 and recorded 1/15/87 in Liber 10221, cp 287. SUBJECT TO all instruments of record. This conveyance is made in the regular course of business of the party of the first part and with the consent of all of its stockholders. SUBJECT to and together with an easement for common driveway with Lot #2 as shown on the above indicated filed map. This easement is for the purpose of ingress and egress to Lighthouse Road of persons and vehicles over such common driveway which consists of a strip of land 15' in width as shown on the above map and with a length designated herein as 20'. The grantees herein and their heirs, successors and assigns, do hereby co~enant and agree to pay one-half of the costs of maintenance and repair of the common driveway on the condition that the owners of Lot #2 on the above Map pay the other half of the said costs of repair and maintenance and provided that any such repairs and maitenance are reasonably necessary for the continued use of the common driveway. The grantees herein and their heirs, successors and assigns do hereby covenant and agree to refrain from any act which may impair the use of the common driveway as a means of ingress and egress for persons and vehicles. Should common driveway be damaged (during construction or otherwise) the responsillile lot owner shall pay fully for repair. This covenant shall run with the TOGETHER with all right, title and interest, if any, of the party of the first part in and to any streets and land. 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 fnnd 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 WITNFSS WHEREOF, the party of the first part has duly executed this deed the day and year first above written. IN PRESENCE OF: TO~BEE REALTY CORP. ~~2J~~ by/. SUE IIANAUER, Vice P esident 2 ~!:> 11713PbBOB ..--.. ST....TE OF NEW YORK. COUNTY OF On the day of personally came 19 os. ST....TE OF NEW YORK. COUNTY OF , before me On the day of personally came , before me to me known to be the individual executed the foregoing instrument, executed the same. described in and who and acknowledged that ST....TE OF ~ YORK. COUNTY OF Suf folk os. On the2 day of J~' 1995, before me personally came Sue Hanauer to me known, who, being by me duly sworn, did depose and say that she resides at No, 95 Cypress Drive Woodbury, NY 11797 that she is the Vice President of TOO BEE REALTY CORP,_ 'd 'bed J toe corporatton escn in and which executed the foregoing instrument; that fte kns7:s the seal sf said ...nrpn1':ltin...: that tHe Beat afl:lto~d to- C!!30i...l iAttr1:llReRt: is SUl"'~ ~"'.i^'.~t{. AC.&l, that it ..A3 30 q"i'V""",.~ l'-r 9..A~. uf llu~ ~ld ur diu;.dul:t vf ;,,,id \;urpora- tieR, and that she signed her name \hereto by order of the board of directors ~nn:ta Notary Public, Suffolk Coemy, NY #01FA4991777 Commission Exp. 2.10.9(. "rlatn anll "Ie .cell Vv'ITH COVENANT AGAINST GRANTOR"S ACTS TITLE No. TOO BEE REALTY CORP, TO TOWN OF SOUTH OLD STANDA.ID roRM Of NI!W YOlK 10....0 OF TITLf UNDERWRITERS Dilmbtdtd by First A merican Title Insurance Company of New York ~ ..: 19 to me known to be the individual executed the foregoing instrument. executed the same. described in and who and acknowledged that ST....TE OF NEW YORK. COUNTY OF 55: On the day of 19 , before me personally came the subscribing witness to the foregoing instrument, with whom I am personally acquainted, who, being by me duly sworn, did depose and say that he resides at No. that he knows to be the individual described in and who executed the foregoing instrument; that he, said subscribing witness, was present and saw execute the same; and that he, said witness, at the same time subscribed h name as witness thereto. SECTION BLOCK LOT COUNTY OR TOWN Recorded At Request of First American Title Insurance Company of New York RETU RN BY MAIL TO: Laury Dowd, Esq. Southold Town Attorney 53095 Main Road Southold, NY 11971 Zip No. ... !l! 8 " z .. ~ .. ~ :ll :> ~ ... :;! 9; .. :;; to ... ; :a "'L ?,~.~ BOXES 5 TURU 9 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING. / " /~ ~., ... 'c'I' . / ~I . - ) '>,,) w.... . , . 11 SUFFOLk COUNTY CLERK ~ , - ~ 21255 . ...,., "i~! ,." . a> . 11713rC808 :,;J UP# co ~ C\ :;< m . ','(" C) Number of Ilages S ..e-....... ~i\ :.:i to (? ~:~ 0 ~;. ..r.~ e TORRENS REAL ESTATE en "5'):, ""'. :D 1\195 -0 :;a:: 0 Serial # FEB 8 \><,~ . \~ ~ rT1 Certificate # TRANSfEIlI TAX 21255 CJ SUFFOLK Prinr Ctf# I Deed / Mortgage Instrument Dccd / Mortgage Tax Stamp Recording / Filing Stamps 4 I FEES Page / Filing Fcc ~ Mortgage Amt. . Handling == I. Basic Tax - TP-584 2. SONYMA . Notation Sub Total J -' EA-5217 (County) Sub Total 3> 3. Spec./Add. . -fF- EA-5217 (State) TOT. MTG. TAX ~~~ R.P.T.S.A. ~.- '~ \~ Dual Town _Dual County _ f;.)j I Held for Apportionment Comm. of Ed. 5_._00_ !0' . Transfer Tax ,~ -;, k: ~,~ Affidavit . Mansion Tax . Certified Copy I-fJ: The property covered by this mortgage is or will be improved by a one or two Reg. Copy Sub Total family dwelling only. '(O. YES - or NO - Other . GRAND TOTAL If NO, _ appropriate tax clause on L- page # of this instrument. ~ Real Property Tax Service Agency Verification ?~i Title Company Information Did Section Block Lot 'WJ.,' ) 100 \} 05-0." 0 0(, OlJ ij\)), ov') CO?rryJ.)yvV./-U.L# Cn,J. , ) ,z-l-'l:S" Company Name l)nlc A (-I ;-, J' 0 Q L ) If Title Number ..:!ill FEE PAID BY: ~ CjJ~-r'-rvO~fir- Cub_ Check:_ Charge_ ( /I .,J.,." v Payer same as R & R_ (I) v/../ ~;&{ OR: G4"'f'?^7y'.A,A~~ ~..;-</.e;'"1'/ -vy m, oJ ~ RECORD & RETURN TO """,. 14.1 "", Suffolk County Recording & Endorsement Page 'i This page forms part of the attached /)~./ made by: ;6M4 (Deed, Mortgage, etc.) - JQ.A.J /UJ. w.r The premises herein is situated in SUFFOLK COUNTY, NEW YORK. TO ~~ In the TOWN of ~.yU'-~""~ /'()>>9", 1 In the VILLAGE ~~~ ,,/ or HAMLET of 1 :;t-0104..5193 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 At 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 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 title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS 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: ~JfJ7:~ ,..'" 111(( /1' 'v~ '.' ~ ~ ~ ~ z q . n ~ ~ ~ ,~ o~ ',,' if IftOJ_,\\'I "'~-".. 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: I. (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) resulting 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 transaction 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 (H) 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) c...rm 1190-1 Face Page Valid Only If Schedules A and B and Cover Are Attached ORIGINAL -..-."'...------- - , " . CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. The following tenns 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, distributees, 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. (f) "public records": records established under state statutes at Date of Policy for thc purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section I(a) (iv) of the Exclusions From Coverage, .'public records" shaH 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 obligat~on 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 Date of Policy in favor of an insured only so long as the insured relains 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 (iil 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, (iil 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 opimon may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or 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 liability or waive any provision of this policy. If the COm~Jdii) shall excrcise 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, 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, thc, 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, al 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 shaH not be disclosed to others unless, in the reasonable judgement of the Company, it is necessary in the administration of the claim. Failure 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 logether 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 ohliga- led to pay. Upon the exercise hy the Company of this option. all liability and obligations 10 thc insured under this policy. other than to make the payment requircd, 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 111l"urred hy the insured claimant which were authorized b) the Company up t,l time of payment and which the Company is obligall'd to pay: or (ii) to payor otherwise settle with the insurt;d cL.timant the loss or damage provided for under this jllllicy. together v,-ilh ,lilY costs. attorneys' fees and expenses incurred hy the insured claimant whil'h were authorized by the Company up to the time Df payment ;lnd...hil'h the Company is obhgated to pay. Upon the exercise by the COlnp<lny of either of tLL- l'l'ti',lns provided for in paragraphs (b)(i) or (ii), lht, C'lnpany's obligatiD'j., I, the insured under this policy for the claimed Ius; (r damage. olh,': l:l,lIl the payments required to be made, shall termin,lt~. inclu&lg .my L,b it~ ,)r obligation to defend. prosecute or continue ,n: ii IgatlD'l .8.1190-1 Conditions and Stipulations Continued Inside Cover COi......-I-r-iOL .\iC. :) ~. ~ _\...IW ,~ '...' ,-1,-' ~ ~ w""';"--" SCHEDULE A AMOUNT OF INSURANCE: $ 75,000.00 POLICY NO. 206-073886 DATE OF POLICY: 02/03/95 TITLE NO. RH950061 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 TOO BEE REALTY CORP. 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 . a&Ll~___,;~_ Off~cer or Agent SCHEDULE B EXCEPTIONS FROM COVERAGE POLICY NO. 206-073886 TITLE NO. RH950061 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 11164 cp 366, Liber 11632 cp 634. 2. Deed of dedication in Liber 11662 cp 346. 3. Fifteen (15) foot easement area as shown on filed map. 4. Company excepts the possible rights of third parties, such as Cable Television Companies in and to the utility easements as set forth herein. 5. 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. 6. 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: 206-073886 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. 11 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." 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 BY: ~~ L VICE ~ BRANCH MANAGER COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE NO. RH950061 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 Southold, in the Town of Southold, County of Suffolk and State of New York, being known and designated as and by Lot #1 as shown on a certain map entitled, "Map of Minor Subdivision made for Too Bee Realty Corp. at Southold", filed in the Office of the Clerk of the County of Suffolk on 8/11/93 as Map #9396. 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. COl'lDlTI~NS AND STIPULATIONS 7. DETERMINATION, 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 eslate 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 Company shall only pay the loss pro rata in the proportion that the amount of insurance at Dale 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 rala baSIS as if lhe 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, all 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 dama~e until there has been a final detemlination 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 Schedule 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 Schedule A, and the amount so paid shall be deemed a payment under this policy to the Insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing Ihis 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 119()"3 Cover Page ORIGINAL (Continued) (b) When liability and the extent of Joss 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 subrogation 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 insun:d 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 IDsured 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 shaH 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 shaH 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. 18. SEVERABILITY. In the event any provision of the Folicy is held invalid or unenforceable under applicable law, the policy shal 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 r~ --~ American Land Title Association Owner's Policy (10-17-92) POLICY OF TITLE INSURANCE @ /11II<<I by Commonwealth. Land Title Insurance Company TItle /nsu7llnce Since 1876 HOME OFFICE EIGHT PENN CENTER PHilADELPHIA, PA 19103-2198 81190-3 LAURY L. DOWD Town Attorney Town Hall, 53095 Main Road P. O. Box 1179 Southold, New Yorl< 11971 Fax (516) 765.1823 Telephone (516) 765.1800 OFFICE OF THE TOWN ATTORNEY TOWN OF SOUTHOLD TO: ACCOUNTING 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.