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HomeMy WebLinkAboutSmith, Thornton E . r--: 01<.1 COUllll';. 1,zU<ll1 RI'.l'["hl':I<L "ly 11i)()I-I)~03 'i I,,':/.nw F, ..'i 1', '27,'7:\ I c- ~ Commonwealth@ Land Title Insurance Company 00 m [0 ,'---'[: , r'.~' FI , 'I APR/71996 L.,,, TOWi'~ ":',~ T6t~"i,,: (". --,-,,-.-..~- . April 16, 1996 Office of the Town Attorney - Town of Southold Town Hall, 53095 Main Rd., P.O. Box 1179 Southold, New York 11971 ATTN: Laury L. Dowd, Esquire RE: Title No. RH-95-0970 Thornton Smith to Town of Southold Premises: Bergen Avenue, Mattituck, NY Dear Ms. Dowd: Enclosed please find a copy of your client's fee policy and deed for your files. We have packaged the originals of these documents used in this transaction. Since our new title insurance rates allow substantial discounts on future title transactions such as refinances, we ask that the homeowners safeguard the package enclosed. We appreciate your choosing Commonwealth Land Title and look forward to serving your future title transactions. Very truly yours, COMMONWEALTH LAND TITLE INSURANCE COMPANY ~~ ANDREA RIVE Vice President and Branch Manager AR~ <<) ~~~1~n~~~~l~ H(lldin~s Company use ror mgress anCl egress or any streets anCl roaCls abuttmg the ClescnbeCl premises to the center lines thereof, cooP'-=....~.1 <;;1'.-"-""'...... ....,.... ......""'...:::1.......- --.----- ---- - BEGINNING. CONTAINING an area of 5.0295 Acres. Schedule A 10f2 ,/.Of'/' Recordin & Endorsement Pa D&__j L F ,I (SPECIFY TYPE OF INSTRUMENT) -rhtJrrJ 1J:;tJc;. J S'm I +"1 The premises herein is situated in SUFFOLK COUNTY, NEW YORK. "J-. -,./ ," . . ~. 11760 PC694 1121 0hL!!J 20450 Number of pages TORRENS I o '.E;'>!OJ Serial # FEB I 1996 Certificate # TRAiiSrT '~^X f;f.;~:'~:"'~': . '-', J'''',~''~'' . \.>".......1>. Prior Clf. # ---.......... Deed / Mortgage Instrwnent Deed / Mortgage Tax Stamp FEES Page / Filing Fee Handling ~'- '- &, '- TP-584 Notation ~, S~Thtal ~--- c9.?:- '- (fO I~.- EA.52l7 (County) EA-52l7 (State) R.P.T.S.A. Comm. of Ed. 5 ..!l2- Affidavit Certified Copy Reg. Copy Other Sub Total GRAND TOTAL Real Property Tax Service Agency Verirlcation Dis!. Section Block Lot IZI/d.t> 01100 /ooC) S J~I-1L, 001100 Initials I'imII Commonwealth ~ ~ Land Title Insurance Company A Reliance Group Holdings Company 177 OLD COUNTRY ROAD, P,O, BOX 419, RIVERHEAD, NY 11901 . a RECORD Ii: RETURN TO (ADDRESS) Suffolk Count This page fonns pan of the attached RECORDED [1] 96 FES -I AM 10: 56 E""" ." r" C' -,',' ,\ ".IE - ; I ".~' ,,; , " . tl, '. i . j i".. ; j 1 ,.' . ;-'LEPI' OF t.. _" \ SUFFOU( COUNTY 204 0 Recording / Filing Stamps Mortgage AmL '- 1. Basic Tax '- 2. Additional Tax Sub Total SpecjAssiL or Spec./ Add. '- TOT.MTG. TAX Dual Town _ Dual County _ Held for Apportionment _ Transfer Tax ~ Mansion Tax -124- . _ The property covered by this mortgage is or will be improved by a one or two family dwelling only. YES_orNO If NO, see appropriate tax clause on page # _ of this instrument. Title Company Information Co;nhumt.vV/j .J.j, 1.cvzd-1i~ Company Name RH <1509717 Title Number made by: TO ) IntheTownshipof Slc:Jl.cfI1oL--..-I thp 'l t!/W71 CJ;: ~l(i-k~. In the VILLAGE or HAMLET of lI1allJ'lz.iA' ~k BOXES 5 THRU 9 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING. ." ~q{-D9'70 /0 DEED OF DEVELOPMENT RIGHTS LEGIBILITY I'OOR FOR MICROFIlM THIS INDENTURE. made this 25th day of January, 1996, BETWEEN THORNTON E. SMITH. residing at 44 Brookside Drive, Plandome, New York, party of the first part, and THE TOWN OF SOlITHOID. a municipal corporation of the State of New York, having its office and principal place of business at 53095 Main Road, Town of Southold, County of Suffolk and State of New York, party of the second part. WITNESSETH That the party of the first part, in consideration of ten ($ I 0.00) dollars, lawful money of the United States, and other good and valuable consideration paid by the party of the second part, DOES HEREBY GRANT AND RELEASE unto the party of the second part, its successors and assigns forever, the DEVEWPMENT RIGHTS. by which is meant the permanent legal interest and right, as authorized by Section 247 of the New York State General Municipal Law, as amended, to permit, require or restrict the use of the premises exclusively for agricultural production as that term is presently defined in Chapter 25 of the Code of the Town of Southold, and the right to prohibit or restrict the use of the premises for any purpose other than agricultural production, to the properties described in the attached Schedule A. TOGETHER with the non-exclusive right, if any, of the party of the first part as to the use for ingress and egress of any streets and roads abutting the described premises to the center lines thereof, ".- . , . . LEGl81.1TY POOR FOR MICROFIlM TOGETIIER. with the appurtenances and all the estate and rights of the party of the first part in and to said premises, insofar as the rights granted hereunder are concerned. TO HAVE AND TO HOLD the said DEVEWPMENT RlGIITS herein granted unto the party of the second part, its successors and assigns 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. The party of the first part, as a covenant running with the land in perpetuity, further covenants and agrees for the party of the first part, and its heirs, legal representatives, successors and assigns of the party of the first part, to use the premises on and after the date of this instrument solely for the purpose of agricultural production. AND the party of the first part, covenants in all aspects to comply with Section 13 of the Lien Law, as same applies with said conveyance. The definition of "Agricultural Production" as defined in Section 25-30 of Chapter 25 of the SouthoId Town Code is as follows: Agricultural Production - shall mean the production for commercial purposes of crops, livestock and livestock products, but not land or portions thereof used for processing or retail merchandising of such crops, livestock or livestock products. Land used in agricultural production shall also include fences, equipment storage buildings, livestock barns, irrigation systems, and any other structures used exclusively for agricultural purposes. The party of the first part and the party of the second part do hereby covenant and agree in perpetuity that either of them or their respective heirs, successors, legal repre- sentatives or assigns, shall only use the premises on and after this date for the purpose of such agricultural production and the grantor covenants and agrees that the underlying fee title may not be subdivided into plots by the filing of a subdivision map pursuant to Sections 265 and 277 of the Town Law and Section 335 of the Real Property Law, or any , " " lEG18llTY IIOOR FOR M1CROFU.M of such sections of the Town or Real Property Law or any laws replacing or in furtherance of them. The word "party" shall be construed as if it reads "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. ~6-f1i-~ f-r/;tt f7I6 Thornton E. Smith STATE OF NEW YORK) COUNTY OF SUFFOLK) On the 25th day of January, 1996, before me personally came Thornton E. Smith to me known to be the individual described in and who executed the foregoing instrument, and acknowledged that he executed the same. NZ:u;i)~ KAREN J. HAGEN Notary PUblic, StS!l> of NswYork NL'.4827029 !i6 Qualified i;-. Sulk,;!: County CommiSSIon !?-Xiwes ~)i;;<cl-, 21,19 ' .... 11760 PC 694 January 16, 1996 Surveyor's Description: Lot No.1 "Thornton Smith". Development Rights To Be Conveyed To The Town of Southold. Suffolk County Tax Map 1000-121-1-Part of 1.1 All that certain plot, piece, or parcel of land with the buildings and improvements thereon erected, situate, lying and being, at Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 deg. 34 min. 43 sec. West a distance of 267.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenue; RUNNING thence North 32 deg. 34 min. 43 sec. West along the easterly side of Bergen Avenue a distance of 720.07 feet to land now or formerly Harry Checkla and Don Schulman; RUNNING thence North 61 deg. 11 min. 17 sec. East along land now or formerly Harry Checkla and Don Schulman a distance of 668.61 feet to land now or formerly Minas Mihaltses and vassilik Mihaltses; RUNNING thence North 64 deg. 04 min. 27 sec. East along land now or formerly Minas Mihaltses and Vassilik Mihaltses a distance of 824.90 feet to land now or formerly Catherine Simicich; RUNNING thence along land now or formerly Catherine Simicich the following two (2) courses and distances: 1. South 32 deg. 11 min. 03 sec. East 201.48 feet, 2. North 56 deg. 08 min. 37 sec. East 366.94 feet to a point; RUNNING thence South 33 deg. 51 min. 23 sec East through land now or formerly Thornton Smith a distance of 648.73 feet to the northerly side of a proposed Right of Way; RUNNING thence along the northerly side of said proposed Right of Way and still through land now or formerly Thornton Smith the following eight (8) courses and distances: 1. along the arc of a curve to the right having a radius of 685.00 feet a distance of 236.06 feet, 2. South 83 deg. 08 min. 22 sec. West 50.00 feet, 3. along the arc of a curve to the left having a radius of 735.00 feet a distance of 336.63 feet, 4. South 56 deg. 53 min. 53 sec. West 50.00 feet, 5. along the arc of a curve to the right having a radius of 685.00 feet a distance of 243.99 feet, 6. South 77 deg. 18 min. 24 sec. West 50.00 feet, 7. along the arc of a curve to the left having a radius of 760.00 feet a distance of 263.77 feet, 8. South 57 deg. 25 min. 17 sec. West 675.00 feet to the easterly side of Bergen Avenue and the point or place of BEGINNING. CONTAINING an area of 28.8633 Acres. Schedule ^ 2of2 . " , , January 15, 1996 Surveyor's Description: Lot No.2 "Thornton Smith". Development Rights To Be Conveyed To The Town of Southold. Suffolk County Tax Map 1000-121-1-Part of 1.1 All that certain plot, piece, or parcel of land with the buildings and improvements thereon erected, situate, lying and being, at Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 deg. 34 min. 43 sec. West a distance of 177.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenue; RUNNING thence North 32 deg. 34 min. 43 sec. West along the easterly side of Bergen Avenue a distance of 40.00 feet to the southerly side of a proposed Right of Way; RUNNING thence along the southerly side of a proposed Right of Way and through land now or formerly Thornton Smith the following four (4) courses and distances: 1. North 57 deg. 25 min. 17 sec. East 675.00 feet, 2. along the arc of a curve to the right having a radius of 710.00 feet a distance of 246.41 feet, 3. North 77 deg. 18 min. 24 sec. East 50.00 feet, 4. along the arc of a curve to the left having a radius of 735.00 feet a distance of 164.19 feet to a point; RUNNING thence still through land now or formerly Thornton Smith the following two (2) courses and distances: 1. South 15 deg. 24 min. 03 sec. East 520.17 feet, 2. South 74 deg. 35 min. 57 sec. West 160.89 feet to land now or formerly Thomas Zaweski and Christine Zaweski; RUNNING thence along land now or formerly Thomas Zaweksi a~d Christine Zaweski the following two (2) courses and distances: 1. North 15 deg. 24 min. 03 sec. West 87.57 feet, 2. South 80 deg. 00 min. 35 sec. West 220.16 feet to land now or formerly Suffolk County Industrial Development Agency; RUNNING thence along land now or formerly Suffolk County Industrial Development Agency the following two (2) courses and distances: 1. North 31 deg. 29 min. 01 sec. West 338.83 feet, 2. South 57 deg. 25 min. 17 sec. West 644.58 feet to the easterly side of Bergen Avenue and the point or place of BEGINNING. CONTAINING an area of 5.0295 Acres. Schedule A 1 of2 RECORD & RETURN TO (ADDRESS) Suffolk Count Recordin This page fonns part of the attached D&./ j . L E" ,/ (SPECIFY TYPE OF INSTRUMENT) 7h,(17---r7~ } S'1771 +f:l The premises herein is situated in SUFFOLK COUNTY, NEW YORK. ~ 11760 p~ 694 ""0 ;,1' 2; t!i:. .,,,.:.:,.... 20450 Number of pages TORRENS ! (0 1 I TR/:,. ,.T.'~,X I ,. . . I ,j,<".)... ! "'---""""~'~",.....J '~'tE'.:;tl'~' ,;g. "-. ~"r ,-:~....~__...____ ~'''''' , .;: "~".'..,'- '-'" -'"'' ",..-;1 c:' Serial # FEB 1 f9S'6 Certificate # Prior Ctf. # Deed / Mortgage Instrument Deed / Mortgage Tax Stamp FEES ",!n -W;j",:~~~ Page / Filing Fee -1f '- '- (., '- Handling TP-584 Notation '- ~~ EA-5217 (County) EA-5217 (State) R.P.T.S.A. 5 . _ Sub Total r9.~_ . --- (fO ~'- Comm. of Ed. 5.~ Affidavit '- Certified Copy Reg. Copy Other '- '- Sub Total GRAND TOTAL Real Property Tax Service Agency Verification Dis!. Section Block Lot /OOG) /Z.II~ t? 0/100 OO/,IfJO Initials rriiiII Commonwealth," ~ Land Title Insurance Company A Reliance Group Holdings Company 1 n OLD COUNTRY ROAD, P.O. BOX 419, RIVERHEAD, NY 11901 II . .. , RECORDED o 96 FEG -I AM 10: 56 1"'.~"" ~-'.l ~ f\'''''''i'/''' P"E c.U \u.\.~,... j".\t.) 'l/"\ll'i CLEHI~ OF SUFFOLK COUNTY 204 0 Recording / Filing Stamps Mongage Amt I. Basic Tax '- 2, Additional Tax '- Sub Total '- SpecjAssit or Spec. / Add, '- TOT. MTG. TAX '_ Dual Town _ Dual County _ Held for Apportionment _ Transfer Tax ~ . Mansion Tax .~ . The property covered by this mortgage is or will be improved by a one or two family dwelling only. YES_orNO_ If NO, see appropriate tax clause on page # _ of this instrument. Title Company Information UJ/ri/'n Ln7L~ //-/ If., &vzd'1i~ Company Name I<H 1509717 Title Number & Endorsement Pa e made by: TO ) IntheTownshipof !]'c?l(-f~<.::>L~.J 7hP 7c"W71 ~f' ~t(/f/YJI<,,- In the VILLAGE or HAMLET of !If "1# h f/f"" /1 BOXES 5 THRU 9 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING. ""~C"",. SCHEDULE A AMOUNT OF INSURANCE: $ 271,600.00 POLICY NO. 206-081772 TITLE NO. RH950970 DATE OF POLICY: 01/26/96 1. NAME OF INSURED: THE TOWN OF SOUTHOLD 2. THE ESTATE OR INTEREST IN THE LAND WHICH IS COVERED BY THIS POLICY IS: DEVELOPMENT RIGHTS 3 . TITLE TO THE ESTATE OR INTEREST IN THE LAND IS VESTED IN: Deed made by THORTON E. SMITH to THE INSURED, dated 1-25-96 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. 206-081772 TITLE NO. RH950970 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. Subject to second half 1995/96 real estate taxes. 2. Rights or claims of parties other than THE INSURED in actual possession of any or all of the property. 3. 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. '. COMMONWEALTH LAND TITLE INSURANCE COMPANY STANDARD NEW YORK ENDORSEMENT OWNER'S POLICY To be attached and made a part of Policy Number: 206-081772 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 interest 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: U(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. 11 Nothing herein contained shall be construed as extending or changing the effective date of sai 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: 01/26/96 COMMONWEALTH LAND TITLE INSURANCE COMPANY BY: ~~ VICE PRESIDENT BRANCH MANAGER '. . COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE NO. RH950970 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 Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 degrees 34 minutes 43 seconds West a distance of 177.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenuei RUNNING THENCE North 32 degrees 34 minutes 43 seconds West along the easterly side of Bergen Avenue a distance of 40.00 feet to the southerly side of proposed Right of Way; RUNNING THENCE along the southerly side of proposed Right of Way and through land now or formerly Thornton Smith the following four (4) co~rses and distances: 1. North 57 degrees 25 minutes 17 seconds East, 675.00 feet; 2. Along the arc of a curve to the right having a radius of 710.00 feet a distance of 246.41 feet; 3. North 77 degrees 18 minutes 24 seconds East, 50.00 feet; 4. Along the arc of a curve to the left having a radius of 735.00 feet a distance of 164.19 feet to a point; RUNNING THENCE still through land now or formerly Thornton Smith the following two (2) courses and distances: 1. South IS degrees 24 minutes 03 seconds East, 520.17 feet; 2. South 74 degrees 35 minutes 57 seconds West, 160.89 feet to land now or formerly Thomas Zaweski and Christine Zaweski; RUNNING THENCE along land now or formerly Thomas Zaweski and Christine Zaweski the following two (2) courses and distances: 1. North 15 degrees 24 minutes 03 seconds West, 87.57 feet; 2. South 80 degrees 00 minutes 35 seconds West, 220.16 feet to land now or formerly Suffolk County Industrial Development Agency; RUNNING THENCE along land now or formerly Suffolk County Industrial Development Agency the following two (2) courses and distances: 1. North 31 degrees 29 minutes 01 seconds West, 338.83 feet; 2. South 57 degrees 25 minutes 17 seconds West, 644.58 feet to the easterly side of Bergen Avenue and the point of 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. '. . COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE NO. RH950970 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 Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows, BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 degrees 34 minutes 43 seconds West a distance of 177.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenue; RUNNING THENCE North 32 degrees 34 minutes 43 seconds West along the easterly side of Bergen Avenue a distance of 40.00 feet to the southerly side of proposed Right of Way; RUNNING THENCE along the southerly side of proposed Right of Way and through land now or formerly Thornton Smith the following four (4) codrses and distances, 1. North 57 degrees 25 minutes 17 seconds East, 675.00 feet; 2. Along the arc of a curve to the right having a radius of 710.00 feet a distance of 246.41 feet; 3. North 77 degrees 18 minutes 24 seconds East, 50.00 feet; 4. Along the arc of a curve to the left having a radius of 735.00 feet a distance of 164.19 feet to a point; RUNNING THENCE still through land now or formerly Thornton Smith the following two (2) courses and distances: 1. South 15 degrees 24 minutes 03 seconds East, 520.17 feet; 2. South 74 degrees 35 minutes 57 seconds West, 160.89 feet to land now or formerly Thomas Zaweski and Christine Zaweski; RUNNING THENCE along land now or formerly Thomas Zaweski and Christine Zaweski the following two (2) courses and distances: 1. North 15 degrees 24 minutes 03 seconds West, 87.57 feet; 2. South 80 degrees 00 minutes 35 seconds West, 220.16 feet to land now or formerly Suffolk County Industrial Development Agency; RUNNING THENCE along land now or formerly Suffolk County Industrial Development Agency the following two (2) courses and distances: 1. North 31 degrees 29 minutes 01 seconds West, 338.83 feet; 2. South 57 degrees 25 minutes 17 seconds West, 644.58 feet to the easterly side of Bergen Avenue and the point of 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. , AU96-D9fD /0' DEED OF DEVEWPMENT RIGHTS LEGIBILITY I"OOR FOR MICROI'1I.M THIS INDENTURE, made this 25th day of January, 1996, BETWEEN THORNTON E. SMITII, residing at 44 Brookside Drive, Plandome, New York, party of the first part, and THE TOWN OF SOlITHOLD, a municipal corporation of the State of New York, having its office and principal place of business at 53095 Main Road, Town of Southold, County of Suffolk and State of New York, party of the second part. WITNESSETH That the party of the first part, in consideration of ten ($10.00) dollars, lawful money of the United States, and other good and valuable consideration paid by the party of the second part, DOES HEREBY GRANT AND RELEASE unto the party of the second part, its successors and assigns forever, the DEVELOPMENT RIGHTS, by which is meant the permanent legal interest and right, as authorized by Section 247 of the New York State General Municipal Law, as amended, to permit, require or restrict the use of the premises exclusively for agricultural production as that term is presently defined in Chapter 25 of the Code of the Town of Southold, and the right to prohibit or restrict the use of the premises for any purpose other than agricultural production, to the properties described in the attached Schedule A. TOGETHER with the non-exclusive right, if any, of the party of the first part as to the use for ingress and egress of any streets and roads abutting the described premises to the center lines thereof, " ~ , ' I lEGl8l.lTY POOR fOR MICROFILM TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises, insofar as the rights granted hereunder are concerned. TO HAVE AND TO HOlD the said DEVELOPMENT RIGHTS herein granted unto the party of the second part, its successors and assigns 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. The party of the first part, as a covenant running with the land in perpetuity, further covenants and agrees for the party of the first part, and its heirs, legal representatives, successors and assigns of the party of the first part, to use the premises on and after the date of this instrument solely for the purpose of agricultural production. AND the party of the first part, covenants in all aspects to comply with Section 13 of the Lien Law, as same applies with said conveyance. The definition of "Agricultural Production" as defined in Section 25-30 of Chapter 25 of the Southold Town Code is as follows: Agricultural Production - shall mean the production for commercial purposes of crops, livestock and livestock products, but not land or portions thereof used for processing or retail merchandising of such crops, livestock or livestock products. Land used in agricultural production shall also include fences, equipment storage buildings, livestock barns, irrigation systems, and any other structures used exclusively for agricultural purposes. The party of the first part and the party of the second part do hereby covenant and agree in perpetuity that either of them or their respective heirs, successors, legal repre- sentatives or assigns, shall only use the premises on and after this date for the purpose of such agricultural production and the grantor covenants and agrees that the underlying fee title may not be subdivided into plots by the filing of a subdivision map pursuant to Sections 265 and 277 of the Town Law and Section 335 of the Real Property Law, or any . l'" " lEGlBUTY IIOOR FOR M1CAOFU.M of such sections of the Town or Real Property Law or any laws replacing or in furtherance of them. The word "party" shall be construed as if it reads "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. $4(6-Ui'~ f4{Rfj Thornton E. Smith STATE OF NEW YORK) COUNTY OF SUlTOLK) On the 25th day of January, 1996, before me personally came Thornton E. Smith to me known to be the individual described in and who executed the foregoing instrument, and acknowledged that he executed the same. NZ~~~ KAREN J. HAGEN Notary Pub:ic, St~;re af Nsw York Ni.1.4927029 . Qoalif;':Oc;" Su!i::<!: County Q L CommissIon fx,,;lres ~!iD;cI121. ~9---/...LJ ,..- , 11760 PC 694 January 16, 1996 Surveyor's Description: Lot No.1 "Thornton Smith". Development Rights To Be Conveyed To The Town of Southold. Suffolk County Tax Map 1000-121-1-Part of 1.1 All that certain plot, piece, or parcel of land with the buildings and improvements thereon erected, situate, lying and being, at Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 deg. 34 min. 43 sec. West a distance of 267.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenue; RUNNING thence North 32 deg. 34 min. 43 sec. West along the easterly side of Bergen Avenue a distance of 720.07 feet to land now or formerly Harry Checkla and Don Schulman; RUNNING thence North 61 deg. 11 min. 17 sec. East along land now or formerly Harry Checkla and Don Schulman a distance of 668.61 feet to land now or formerly Minas Mihaltses and Vassilik Mihaltses; RUNNING thence North 64 deg. 04 min. 27 sec. East along land now or formerly Minas Mihaltses and Vassilik Mihaltses a distance of 824.90 feet to land now or formerly Catherine Simicich; RUNNING thence along land now or formerly Catherine Simicich the following two (2) courses and distances: 1. South 32 deg. 11 min. 03 sec. East 201.48 feet, 2. North 56 deg. 08 min. 37 sec. East 366.94 feet to a point; RUNNING thence South 33 deg. 51 min. 23 see East through land now or formerly Thornton Smith a distance of 648.73 feet to the northerlT side of a proposed Right of Way; RUNNING thence along the northerly side of said proposed Right of Way and still through land now or formerly Thornton Smith the following eight (8) courses and distances: 1. along the arc of a curve to the right having a radius of 685.00 feet a distance of 236.06 feet, 2. South 83 deg. 08 min. 22 sec. West 50.00 feet, 3. along the arc of a curve to the left having a radius of 735.00 feet a distance of 336.63 feet, 4. South 56 deg. 53 min. 53 sec. West 50.00 feet, 5. along the arc of a curve to the right having a radius of 685.00 feet a distance of 243.99 feet, 6. South 77 deg. 18 min. 24 sec. West 50.00 feet, 7. along the arc of a curve to the left having a radius of 760.00 feet a distance of 263.77 feet, 8. South 57 deg. 25 min. 17 sec. West 675.00 feet to the easterly side of Bergen Avenue and the point or place of BEGINNING. CONTAINING an area of 28.8633 Acres. Schedule ^ 20f2 p , , January 15, 1996 Surveyor's Description: Lot No.2 "Thornton Smith". Development Rights To Be Conveyed To The Town of Southold. Suffolk County Tax Map 1000-121-1-Part of 1.1 All that certain plot, piece, or parcel of land with the buildings and improvements thereon erected, situate, lying and being, at Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 deg. 34 min. 43 sec. West a distance of 177.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenue; RUNNING thence North 32 deg. 34 min. 43 sec. West along the easterly side of Bergen Avenue a distance of 40.00 feet to the southerly side of a proposed Right of Way; RUNNING thence along the southerly side of a proposed Right of Way and through land now or formerly Thornton Smith the following four (4) courses and distances: 1. North 57 deg. 25 min. 17 sec. East 675.00 feet, 2. along the arc of a curve to the right having a radius of 710.00 feet a distance of 246.41 feet, 3. North 77 deg. 18 min. 24 sec. East 50.00 feet, 4. along the arc of a curve to the left having a radius of 735.00 feet a distance of 164.19 feet to a point; RUNNING thence still through land now or formerly Thornton Smith the following two (2) courses and distances: 1. South 15 deg. 24 min. 03 sec. East 520.17 feet, 2. South 74 deg. 35 min. 57 sec. West 160.89 feet to land now or formerly Thomas Zaweski and Christine Zaweski; RUNNING thence along land now or formerly Thomas Zaweksi a~d Christine Zaweski the following two (2) courses and distances: 1. North 15 deg. 24 min. 03 sec. West 87.57 feet, 2. South 80 deg. 00 min. 35 sec. West 220.16 feet to land now or formerly Suffolk County Industrial Development Agency; RUNNING thence along land now or formerly Suffolk County Industrial Development Agency the following two (2) courses and distances: 1. North 31 deg. 29 min. 01 sec. West 338.83 feet, 2. South 57 deg. 25 min. 17 sec. West 644.58 feet to the easterly side of Bergen Avenue and the point or place of BEGINNING. CONTAINING an area of 5.0295 Acres. Schedule A lof2 .' t- I I I -1'-l 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 STIPULATIONS. 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: rIN~~ ..~1ITlE/+ y'O;f. ., <J'v ~ ' ~ z ~ - ;;; ~ "~ o~ '", ~ 'VOJ. ,\\~ By: 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; (iii) 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 (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 CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. 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, thme who succeed to the interest of the named insured hy operation of law as distinguished from purchase including, hut not limited la, 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, n01 constructive knowledge or notice which may be imputed 10 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" 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) "unmarketabi]ity 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 thc 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 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 (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, (ii) in case knowledge shall comc 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 extenl 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. (h) 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 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 polley, whether or not it 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. 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 thercin, 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 (il in any action or proceeding, secunng 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 thc 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 thc insured under the policy shall terminate, including any liahility 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 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, hooks. ledgers, checks. correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to Ihe loss or damage. Further. if requested by any authorized representative of the Company, the insured claimant shall gnln\ 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. 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 Iiahility 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 or 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 10 make the payment required. shall terminate, including any Iiabi]ity 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 wbich 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 th(~ insured under this policy for the claimed loss or damage. other than the payments required to be made, shall terminate, including an) Iiabilily pr obligation to defend, prosecute or continue any litigation. 8 ~190.1 Conditions and Stipulations Continued Inside Co\'er CONTROL NO. -' -:, " SCHEDULE A AMOUNT OF INSURANCE: $ 271,600.00 POLICY NO. 206-081772 DATE OF POLICY: 01/26/96 TITLE NO. RH950970 1. NAME OF INSURED: THE TOWN OF SOUTHOLD 2. THE ESTATE OR INTEREST IN THE LAND WHICH IS COVERED BY THIS POLICY IS: DEVELOPMENT RIGHTS 3. TITLE TO THE ESTATE OR INTEREST IN THE LAND IS VESTED IN: Deed made by THORTON E. SMITH to THE INSURED, dated 1-25-96 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. 206-081772 TITLE NO. RH950970 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. Subject to second half 1995/96 real estate taxes. 2. Rights or claims of parties other than THE INSURED in actual possession of any or all of the property. 3. 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. COMMONWEALTH LAND TITLE INSURANCE COMPANY STANDARD NEW YORK ENDORSEMENT OWNER'S POLICY To be attached and made a part of Policy Number: 206-081772 1. The following is added to the insuring provisions of the face page of this policy: 115. 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: U(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: 01/26/96 COMMONWEALTH LAND TITLE INSURANCE COMPANY BY: ~ VICE PRESIDENT BRANCH MANAGER COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE NO. RH950970 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 Mattituck, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of Bergen Avenue, said point being situate North 32 degrees 34 minutes 43 seconds West a distance of 177.89 feet as measured along the easterly side of Bergen Avenue from the intersection of the easterly side of Bergen Avenue and the northerly side of Sound Avenue; RUNNING THENCE North 32 degrees 34 minutes 43 seconds West along the easterly side of Bergen Avenue a distance of 40.00 feet to the southerly side of proposed Right of Way; RUNNING THENCE along the southerly side of proposed Right of Way and through land now or formerly Thornton Smith the following four (4) Courses and distances: 1. North 57 degrees 25 minutes 17 seconds East, 675.00 feet; 2. Along the arc of a curve to the right having a radius of 710.00 feet a distance of 246.4l feet; 3. North 77 degrees 18 minutes 24 seconds East, 50.00 feet; 4. Along the arc of a curve to the left having a radius of 735.00 feet a distance of l64.l9 feet to a point; RUNNING THENCE still through land now or formerly Thornton Smith the following two (2) courses and distances: 1. South 15 degrees 24 minutes 03 seconds East, 520.17 feet; 2. South 74 degrees 35 minutes 57 seconds West, 160.89 feet to land now or formerly Thomas Zaweski and Christine Zaweski; RUNNING THENCE along land now or formerly Thomas Zaweski and Christine Zaweski the following two (2) courses and distances: 1. North 15 degrees 24 minutes 03 seconds West, 87.57 feet; 2. South 80 degrees 00 minutes 35 seconds West, 220.16 feet to land now or formerly Suffolk County Industrial Development Agency; RUNNING THENCE along land now or formerly Suffolk County Industrial Development Agency the following two (2) Courses and distances: 1. North 31 degrees 29 minutes 01 seconds West, 338.83 feet; 2. South 57 degrees 25 minutes 17 seconds West, 644.58 feet to the easterly side of Bergen Avenue and the point of 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. . -.. . CONDITIONS AND STIPULATIONS 7. DETERMINATION, EXTENT DF 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, IO 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, 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 damage until there has been a final determination by a court of competent jurisdiction, and disposition of aU 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 8 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 withouf producing Ihis policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of Joss or destruction shall be furnished to (he salisfaction of the Company. NM 1 PA 10 ALTA OWner's Policy (10-17.92) Form 119ll-3 Cover Page ORIGINAL (Continued) (b) When Iiabi]ity 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 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 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 shalI 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 Ru]es of the American Arbitration Association. Arbitrable matters may include, but arc 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, Penmylvania 19I03~2198. Valid Only If Face Page, Schedules A and B Are Attached (~ \1: Ii I,] II; iti II: I!, 1,1, '! I _._-----~--~_.. .--- --------~--- ~ -~~~~ American Land Title Association Owner's Policy (10-17-92) NEW YORK OFFICES POLICY OF TITLE INSURANCE " LJ NEW YORK CITY 655 Third Avenue New York, New York 10017 (212) 949-{)100 " LJ BUFFALO 298 Main Street Buffalo, New York 14202 (716) 853-6800 " LJ " LJ " LJ GARDEN CITY 370 Old Country Road Garden City, New York 11530 (516) 742-7474 @ 855 Third Avenue New York, New York 10017 Phone: (212) 949-{)1oo NEW YORK STATE OFFICE RIVERHEAD 177 Old Country Road Riverhead, New York 11901 (516) 727-7760 llIU<<l by WHITE PLAINS 131 Court Street White Plains, New York 10601 (914) 949-{)002 Commonwealth. Land Title Insurance Company Title Insurance Since 1876 NATIONAL TITLE SERVICE 655 Third Avenue New York, New York 10017 (212) 949-{)100 HOME OFFICE EIGHT PENN CENTER PHILADELPHIA, PA 19103-2198 B 1190-3