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HomeMy WebLinkAboutBaxter, William J (2) "', , . GREGORY F. YAKABOSKI TOWN ATTORNEY JEAN W. COCHRAN Supervisor Town Hal!, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Telephone (516) 765-1889 Fax (516) 765-1823 OFFICE OF THE TOWN ATTORNEY TOWN OF SOUTHOLD August 26, 1998 Elizabeth Neville, Town Clerk Town of Southold Town Hall Main Road Southold, NY 11971 Re: Purchase by Town of Southold of Fort CorchauQ Park from William J. Baxter, Jr., individually and as Co-Executor of the Estate of William J. Baxter and North Fork Bank, as Co-Executor of the Estate of William J. Baxter SCTM #: 1000-116-1-3.3 (formerly part of 1000-116-1-3) Dear Betty: Enclosed please find for filing the oriainal Owner's Policy of Title Insurance for the above referenced purchase of property by the Town. The title policy was issued by Commonwealth Land Title Insurance Company. Thank you for your attention to this matter. cc: Jim McMahon o ISSUED BY COMMONWEALlli LAND TrrLE INSURANCE CoMPANY OwNER'S POLICY OF TITLE INSURANCE Commonwealth 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 A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A. sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of 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: ~/fJlr:~ "II 11[([ l-t ,,~ , J'c:- ~ ~ z ~ - n ~ ~ ~ ~ o~ ',' -!' 'YOJ. ,,,~ By: '/ President EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improve- ment now or hereafter erected on the land; (Hi) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regula- tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances. adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) 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. 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 the 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) "unmarketability of the title": an alleged or apparent matter affecting the title to the land. not excluded or excepted from coverage. which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. The coverage of this policy shall continue in force as of 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 covcnants of warranty made by the insured in any transfcr or conveyance of the estate or interest. This policy shaH not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest. as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest. as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company. then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required: provided. however. that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company. at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company wiH not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the 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 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 detennination by a court of competent jurisdiction and ex.pressly 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 proceedmg, the msured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding. and all appeals therein. and permit the Company to use. at its option, the, name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's ex.pense, 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 rcasonably 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, books, ledgers, checks. correspondence and memoranda, whether bearing a datc before or after Date of Policy, which reasonably pertain to the loss or damage. Further. if requested by any authorized representativc of the Company, the insured claimant shall grant Its permission, in writing, ror 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 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 additional options: (alTo Payor Tender Payment of the Amount or Insurance. To payor tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to thc time of paymant or tcnder of payment and which the Company is obliga- ted to pay. Upon the exercise by the Company of this option. all liability and obligations to the insured under this policy, other than to makc the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Payor Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to payor otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs. attorneys' fees and expenses incurrcd 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 damagc provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Compan~' is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate. including any liability or obligation to defend, prosecute or continue any litigation. B 1190-1 Conditions and Stipulations Continued Inside Conr CONTROL NO. 20b-lSbOOS SCHEDULE A AMOUNT OF INSURANCE: $ 1,198,500.00 POLICY NO. 206-156005 DATE OF POLICY: 06/30/97 TITLE NO. RH970698 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 WILLIAM J. BAXTER, JR., individually and as Co-Executor of the Estate of William J. Baxter AND NORTH FORK BANK, as Co-Executor of the Estate of William J. Baxter to THE INSURED, dated 6-30-97 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 ~b- SCHEDULE B EXCEPTIONS FROM COVERAGE POLICY NO. 206-156005 TITLE NO. RH970698 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. Boundary Line Agreement in Liber 4673, cp 203; as amended by Agreement in Liber 6908, cp 356; (to include Right of Way) . 2. No title insured to any lands now under the waters of Down's Creek. 3. Subject to the rights of the public to navigate the waters of Down's Creek. 4. Subject to the Riparian rights of others fronting on Down's Creek. 5. Riparian rights of the owners of the subject premises are not insured. 6. Rights of the Governmental Authorities to improve navigation and change bulkhead lines without compensation to upland owners. 7. Survey made by Young & Young, dated May 27, 1997 shows premises improved by a one story frame building. a) Frame garage, two frame buildings, two frame barns and chicken pen. b) Fort site shown thereon. c) Landward limit of freshwater wetlands as designated by Young & Young on 6/26/95. d) Earth roadway that traverses subject premises. e) Guy wire from N.Y. Telephone utility pole situated on premises. No other variations shown. f) Survey must be amended to reflect distance along the Main Road from Linden Avenue. 8. Company excepts easement rights of others in, to and over the earth roadway as shown on survey herein. COMMONWEALTH LAND TITLE INSURANCE COMPANY STANDARD NEW YORK ENDORSEMENT OWNER'S POLICY To be attached and made a part of Policy Number: 206-156005 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: II (d) . If the recording date of the instruments creating the insured interest is later than the policy date, such policy shall also cover intervening liens or encumbrances, except real estate taxes, assessments, water charges and sewer rents. II Nothing herein contained shall be construed as extending or changing the effective date of said policy, unless otherwise expressly stated. This endorsement, when countersigned below by a validating signatory, is made a part of the policy and is subject to the Exclusions from Coverage, Schedules, Conditions and Stipulations therein, except as modified by the provisions hereof. Dated: 06/30/97 COMMONWEALTH LAND TITLE INSURANCE COMPANY ~b- BY: VICE PRESIDENT AND BRANCH MANAGER COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE NO. RH970698 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 Cutchogue, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the southerly side of Main Road (N.Y.S. Rte 25) where the same is intersected by the westerly line of land now or formerly William Jimenez; said point being situate 1419.76 feet westerly as measured along the southerly side of Main Road (N.Y.S. Rte 25) from intersection with the westerly side of Linden Avenue; RUNNING THENCE from said point of beginning along land now or formerly William Jimenez the following two (2) courses and distances: 1. South 16 degrees 11 minutes 14 seconds East 146.16 feet; and 2. North 75 degrees 03 minute 56 seconds East 69.73 feet to the approximate center line of Downs Creek and Lot 30 of Subdivision - "Map of Country Club Estates" filed in the Office of the Clerk of Suffolk County as File Number 6737; RUNNING THENCE along the approximate centerline of Downs Creek and along Lot 30, and along land designated as Marsh Area on Subdivision - "Map of County Club Estates" the following twenty nine (29) tie-line courses and distances: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13 . 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. South 01 degrees 54 minutes 14 seconds East, South 24 degrees 52 minutes 56 seconds West, South 28 degrees 48 minutes 16 seconds West, South 16 degrees 57 minutes 26 seconds West, South 00 degrees 15 minutes 54 seconds East, South 15 degrees 03 minutes 36 seconds West, South 33 degrees 40 minutes 54 seconds East, South 38 degrees 26 minutes 34 seconds East, South 00 degrees 28 minutes 44 seconds East, South 16 degrees 39 minutes 56 seconds West, South 14 degrees 14 minutes 16 seconds West, South 00 degrees 20 minutes 26 seconds West, South 03 degrees 36 minutes 24 seconds East, South 64 degrees 26 minutes 34 seconds East, South 03 degrees 30 minutes 56 seconds West, South 14 degrees 23 minutes 36 seconds West, South 05 degrees 11 minutes 14 seconds East, South 37 degrees 58 minutes 26 seconds West, South 69 degrees 04 minutes 46 seconds West, South 07 degrees 29 minutes 04 seconds East, South 88 degrees 51 minutes 44 seconds East, South 37 degrees 23 minutes 24 seconds East, South. 32 degrees 36 minutes 56 seconds West, South 36 degrees 46 minutes 24 seconds East, South 80 degrees 24 minutes 34 seconds East, North 37 degrees 40 minutes 56 seconds East, South 67 degrees 00 minutes 24 seconds East, South 30 degrees 11 minutes 06 seconds West, South 00 degrees 26 minutes 26 seconds West, North Fork Country Club. 38.99 feet; 17.05 feet; 105.00 feet; 40.01 feet; 69.14 feet; 58.93 feet; 86.84 feet; 82.01 feet; 31. 91 feet; 64.33 feet; 137.89 feet; 149.20 feet; 93.42 feet; 26.51 feet; 192 .18 feet; 122.47 feet; 28.46 feet; 26.44 feet; 24.55 feet; 68.97 feet; 42.40 feet; 31. 85 feet; 110.72 feet; 31. 05 feet; 45.53 feet; 51.88 feet; 32.23 feet; 82.39 feet; and 74.47 feet to land now or formerly RUNNING THENCE along the approximate High Water Mark of Downs Creek the following twenty six (26) tie-line courses and distances: (Continued) SCHEDULE A: (continued) 1. Sout.h 69 degrees 59 minutes 32 seconds West 69.92 feet; 2. North 38 degrees 45 minutes 36 seconds West, 49.53 feet; 3. South 61 degrees 11 minutes 28 seconds West, 80.19 feet; 4. Sout.h 00 degrees 38 minutes 14 seconds East, 83.10 feet; 5. South 34 degrees 46 minutes 35 seconds West, 87.05 feet; 6. South 00 degrees 00 minutes 33 seconds East, 40.37 feet; 7. South 33 degrees 42 minutes 05 seconds East, 104.20 feet; 8. South 25 degrees 35 minutes 39 seconds West, 52.73 feet; 9. South 66 degrees 31 minutes 07 seconds West, 113.81 feet; 10. South 03 degrees 12 minutes 11 seconds West, 95.73 feet; 11. South 03 degrees 49 minutes 31 seconds West, 47.36 feet; 12. North 29 degrees 21 minutes 15 seconds East, 35.41 feet; 13. South 85 degrees 26 minutes 16 seconds East, 20.48 feet; 14. South 69 degrees 15 minutes 28 seconds East, 81.98 feet; 15. South 49 degrees 12 minutes 43 seconds East, 32.59 feet; 16. South 01 degrees 32 minutes 05 seconds East, 89.72 feet; 17. South 18 degrees 57 minutes 45 seconds West, 199.95 feet; 18. South 33 degrees 35 minutes 15 seconds West, 279.92 feet; 19. South 02 degrees 43 minutes 21 seconds East, 98.15 feet; 20. South 03 degrees 42 minutes 44 seconds West, 88.32 feet; 21. South 08 degrees 30 minutes 13 seconds West, 32.38 feet; 22. South 70 degrees 11 minutes 06 seconds East, 45.60 feet; 23. South 09 degrees 24 minutes 30 seconds East, 91. 99 feet; 24. South 03 degrees 31 minutes 17 seconds West, 168.36 feet; 25. South 15 degrees 04 minutes 39 seconds West, 223.31 feet; and 26. South 24 degrees 01 minutes 15 seconds West, 145.01 feet to land now or formerly Hadley B. Williams; RUNNING THENCE along land now or formerly Hadley B. Williams the following four (4) courses and distances: 1. South 84 degrees 42 minutes 40 seconds West, 285.24 feet; 2. South 10 degrees 48 minutes 40 seconds West, 99.65 feet; 3. South 17 degrees 54 minutes 10 seconds West, 242.96 feet; and 4. South 15 degrees 50 minutes 40 seconds West, 327.04 feet to the northerly side of New Suffolk Avenue; RUNNING THENCE North 64 degrees 58 minutes 20 seconds West along the northerly side of New Suffolk Avenue a distance of 30.40 feet to a monument and to other lands of Hadley B. Williams; RUNNING THENCE along other lands of Hadley B. Williams the following four (4) courses and distances: 1. North 15 degrees 50 minutes 40 seconds East, 322.73 feet; 2. North 17 degrees 54 minutes 10 seconds East, 241. 63 feet to a monument; 3. South 64 degrees 26 minutes 40 seconds West, 380.00 feet to a monument; and 4. South 13 degrees 39 minutes 20 seconds West, 270.00 feet to a monument and the northerly side of New Suffolk Avenue; RUNNING THENCE North 64 degrees 58 minutes 20 seconds West along the northerly side of New Suffolk Avenue a distance of 1107.06 feet to land now or formerly Richard I. Ginsberg and Marvin M. Brown; (Continued) SCHEDULE A: (continued) RUNNING THENCE along land now or formerly Richard I. Ginsberg and Marvin M. Brown the following four (4) courses and distances: 1. North 83 degrees 50 minutes 00 seconds East, 536.10 feet; 2. North 11 degrees 28 minutes 30 seconds East, 1055.34 feet; 3. North 12 degrees 24 minutes 10 seconds East, 847.95 feet; and 4. North 08 degrees 06 minutes 00 seconds West, 1076.79 feet to the southerly side of Main Road (N.Y.S. Rte 25) ; RUNNING THENCE along the southerly side of Main Road (N.Y.S. Rte 25) the following five (5) courses and distances: 1. North 60 degrees 20 minutes 20 seconds East, 236.28 feet; 2. North 55 degrees 17 minutes 30 seconds East, 471. 65 feet; 3. North 58 degrees 21 minutes 50 seconds East, 238.69 feet; 4. North 62 degrees 08 minutes 50 seconds East, 274.26 feet; and 5. North 65 degrees .10 minutes 40 seconds East, 288.16 feet to land now or formerly William Jimenez 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. CONDITJO'\'S Al\'D STJPl:LATJONS 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURAN:E. This policy is a contract of indemnity against actual monetar~ Ius:, or damage sustained or incurred by the insured claimant who has ~;uff'~rcd less or damage by reason of matters insured against by this policy and onll to the extent herein described. (a) The liability of the Company under this policy shall nol 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 detect, 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. cr if subsequent to the Date of Policy an improvement is erected on the I md which increases the value of the insured estate or interest by at least ::!O 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 paltial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value' of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A hears to the sum of the Amount of Insurance stated in Schedule A and the amoLlnt expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liab]e 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 Stipulaticns. 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 0'1 a pro rata basis as if the amount of insurance under this policy was divided pro rata as to th(~ 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 dekcL lien or encumbrance. or cures the lack of a right of access to or from lhe land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and I he 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 lor 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 Iiabi]ity voluntarily assumed by the insured in settling any claim or Slit 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 COS1:S, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. UABIUTY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under My policy insuring a mortgage to which exception is taken in Schedule Bar 10 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 this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished 10 the satisfaction of the Company. NM 1 PA 10 AlTA Owne(s Policy (10.17-92) Form 1190-3 Cover Page ORIGINAL (C ontinued) (h) When liability '-Ind the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall ;~c payabk within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. \Vhcnever 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 he subrogated to and be entitled to all rights and remedies which the in:-;ured 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 insurt=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 insured claimant and 10 use the namc 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 insuretl claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities. guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Tit]e Insurance Arbitration Rules of the American Arbitration Association. Arbitrab]e 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 thc 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 Ru]es 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 Ru]es. A copy of the Rules may be obtained from the Company upon requcst. 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 interpretin.g 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 sigp.ed 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, PerulSylvania 19103-2198. Valid Only If Face Page, Schedules A and B Are Attached American Land Title Association Owner's Policy (10-17-92) 1 r POLICY OF TITLE INSURANCE fsaud by Commonwealth. Land Title Insurance Company I Title Insumnce Since 1876 i : I HOME OFFICE EIGHT PENN CENTER PHilADELPHIA, PA 19103-2198 'Ii ~i B "90-3 , 1!\eal1tstate 'apers belonging to Name \/')(,);)C'\ D-t- S6\)...-\-\-.0 \ d. ('I ... ... Street '""" r M~r ~)( -\e r ~(1) ~-\'f CityCu.-\c...~()'6t.<-L State~ Please safeguard these documents. They may entitle you to substantial discounts on future real estate transactions. Compliments of g ~ d~ IAAJ ~z ~ z~1 @ o-~ 'T1(~ N IAAJ (!:I;~t or;;/ ... = c<' I -',;1 E5 ,.1-.. c~,'-\\ _.. l b-_- 1M] ( o. :~~:;.=-..; -~ o Commonwealth COMMONWEALTH LAND TITLE INSURANCE COMPANY 177 Old Country Road. Riverhead. NY 11901 (516) 727-7760 . FAX (516) 727-7818 ~!&,.:;:: CUMMONWEALTH LAND Trm ~'\=;~ INi:URA~JCE CUMI'AillV --. ~ 1777-6 Veterans Mem. Hwy, ISlandia, NY 11722