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MARTIN D. FINNEGAN TOWN ATTORNEY mar tin.finnegan@town.southold.ny.us JENNIFER ANDALORO ASSISTANT TOWN ATTORNEY jenni fer.andaloro@town.southold.ny.us LORI M. HULSE ASSISTANT TOWN ATTORNEY lori.hulse(~town.southold.ny.us SCOTT A. RUSSELL Supervisor Town Hall Annex, 54375 Route 25 P.O. Box 1179 Southold, New York 11971~0959 Telephone (631) 765-1939 Facsimile (631) 765-6639 OFFICE OF THE TOWN ATTORNEY TOWN OF SOUTHOLD August18,2009 Ms. Ellen Kramer, EA Kandell, Farnworth & Pubins, CPA's, P.C. 727 Union Avenue Aquebogue, NY 11931 Re: Stacia Ficner to Town of Southold SCTM No. 1000-95-4-6.2 Dear Ms. Kramer: Pursuant to your letter dated July 29, 2009 in connection with the referenced transaction, I am enclosing Form 8283, which has been executed by the Town Attorney. If I can be of further assistance in this regard, please do not hesitate to call me. Very truly yours, Secretary to the Town Attorney Ilk Enclosure cc: Ms. Elizabeth Neville, Town Clerk (w/encl.) / RUG-05-~009 09:19 From: To:6~12905779 P.3/4 8283 I Internal Revenue Se~ioo Soquo~Y'-..~ No 155 STACi~ FI~R 132-36-5639 Note F ~ure the amount of ~uut u~ ' huron deduction ~fore ~m~etin~ hi~ ~. S~ yqu~ tax return In.tractions. Noncash Charitable Contributions · At, ach ~ your tax return if you claimed s total dedu=tlon of ovor $$00 for all oontributod property. · See separate instructloee. Section A. Pa~t I 1 A C O E Donated Property of $5,000 or Le~s and Ce~ain Publicly Traded Securities- List in this section only items (or groups of similar items) for which you claimed · deduction of $5,000 or less, Also, list certain publicly traded securities even if the deduction is more than $5,000 (see instructions). Information on Donated Property. If you n.e.ed moro space, attach a statement. TOWN OF SOUTHOLD MAIN ROAD SOUTHOLD N~ 11972 DEVELOPMENT RIGHTS TOWN OF SOUTHOLD,NY N ore. if the amount ,ou claimed as a deduction for an item ia $5u0 of less you do not have to oomplete ~Olumns (dL (el, and A 11/20/08 11/09/97 INHERITANC~ 30,6,507 606t000 ~/~GAIN SALE CAL B Part II Partial Interests and Restricted Use Property- Complete lines 2a through 2e if you gave less than an entire interest in a property listed in Part I. Complete lines 3a through 3c if conditions were placed on a contribution listed in Part I; also attach the required stateme~.lsee InstructionsI, 2a Enterthe~tt~r~r~mP~rt~hatiden~e~thep~p~¢~yf~rwhichy~ugavetessthananen~r~temst ~ If Part II applies io mu~ tl~ao one prope~ly, attach a separate statement, b Total emmJnt claimed as e deduction for the property listed In Part I: [I ) Fei [his lax year · (2) For any prior tax years ~ ~ Name end address of each organization te wl~ich any such contribution was made i" a p~io~ year (complete onlyh~ different from the donee o~a~izallon above): d For tengil~e p~opt~rly, enter the pla~e where the property is located or kept I~ e Name of any person, othe~' then the donce organ[z-etlon, hawng a~ual P°ssassion of the propertyI~' 3a Is there a restriction, either temporary or permanent, 0n the donee's right to use or dispose of the donated ~ pr0pe~iy? ............................................................................................... b Did you g ye to anyone (other than the donee organization or another orgeni~:ati0o parllcipating with the donee or~aoization in cooperative ruled raising) the right to the i.come from the donated property or to toe posseesion of th~ property including the right to vote donated securities, to aoquite file p~0perty by purchase or othenvi~e, or to designate the pe~3on having such income, possession, or right to acquire? ........................................................ c IS [hero a rest~ctlon limllJnf:I the donated prepprty f~r a @artmular use? ~,,, ..... , .......................................... For Paperwork ReductiOn Act No[leo, see separate instructionS, Form 82~3 (Rev. 1Z-2o05) AUG-.05-2009 09:19 From: To:6512985?T9 P.2x4 Fo~rm 8283,(Rev 12-2096) Page 2 Name{s) shown on your income tax return Identifying number STACIA FICNER 132-36-5639 Section B. Donated Property Over $~,000 (Ex~ept Certain Publicly Traded Seouritie$)- LISt in this section only items (o[ ,qmups ot similar items) for which you daim~l a deduclk~ of more Ulafl $5.000 per item or group (except c~tribulions d certain p~blic~y lradad securities repealed. In Sea,lea A'~. An aa0misal Is ~enorall¥ required f~r pmpedy listed in SecUon B (see inslmclionS). Part I Information on Donated Property. T_O be completed bv the taxpayer and/or the appraiser. 4 Check the box Ihat describes the type of property donuted: ~ ^ri '(contribufion of $~'0,000 e~' mere) ~ Q ualified Censer'etlon ConU'lbutlon ~ Equipment (d) Date acquired by donor {mo,, yr.) DEVELOPMENT RIGHTS SCH A A I ii/O.9_/9 Part II Taxp; I I]~]~RI TANC1 (f) DonoPe cost or I 306t 507 ph ~K-.JI [z~dil~ O~ I1~ propeqy al i~e lime nf ~e g~ 517,000 'er (Donor) Statement- List each item included in Part I above that the appraisal identifies as having a value of $500 or less. See instructions. I declare that the following item(s) included in Part I above has tn the best of my knowledge and belief un appraised value of nol more than $500 (per item) Enler identif~ng letter f~om PeK I and describe the specific Item, ~e inatruohons. I~ S~gnsmre of taxpayer (donor) · Date b' Part III Declaration of Appraiser I declare that I am not Ihs dono~ the dOt.e, a pady to the transection in which the done{ acqldmd the p,'opa~7, employed by. or mia{ed t0 mE of file foregoing pe?ons, or marri~toanypemonwholsmlatbat~anyoflhaf(]mgoingpem0~./~d, freguarlyusedbythedonor, donee. 0rpatytothetransaotlon, pedormad tho maJority o~ my appraisals during my lax yeaf {of other persons. Also. I declare thai I ~old mysell OH{ tO the appraisal, I am qualili~l to mak~ Ihe penalh resultlnI afl0 that because of my qualifications as desorthed in the . I cedlf~ not based on a pmcenlege of the appraised property overstatement ot the property value as desaibed in the qualified appraisal or this F~'m 8283 may sublect mfi to und~mtatement ot lex liability). In eddilion, I undor~t~nd that a subSist§al or gr~s valuation ml~s~t~ment ~t I know, cr ma~ocehly shouid Imow. would ba used in senn~O6o~ wlih e return er claim for rotund, may subject ~ aot boon barred from pre~enti~l avi~nce or tastimony~ the Office of Profesalo~al,~espo~$1blll~/. / idonqf~.0 nuj~ber Part IV Don ~ the charitable organization. This charitable 0~ganization ecknowledgas thai il ia a qualified orgmtization tamer section 170(o) and that it received the donated prop~dy aa des(~ribed in Seclien B. Pa, I. above on the following date · Furthermore. this organization affirms that in the event it sells, exchanges, or otne~vise disposes of the property clescdbed In Section B, Part I (or any port[on thereof) wfihin 3 yeats alter the date of receipt, it will file Fo{re a283, Donee Information Return. with the IRS and give the donor ~J copy el thai form. This acknowledgment doe~ net cepresent agreement with Ihs Claimed {air markef value Does the organization intend lo uae the [or an .nrelatad usa? and ZIP code Focm 89-83 (Rev AU~-05-200S 09:19 From: To:6312985?T9 P.4~4 Jul. 23. 2009 10:41AM KFP CPA$ PC ~O.U~l r. q 2008 I:ORM 828~ SCHEDULE A Sale of below fair market value of 6.Sacres +- of unimproved lands located on the south side of Oregon Road, approximately 1,0~1~ w/o 0epot Lane In the hamlet of Cutchol~Ue, township of $outhold, county of Suffolk, state of New York, shown on suffolk County Tax Map as ~.000-95-4-6.2 MELISSA A. SPIRO LAND PRESERVATION COORDINATOR melissa.spiro @ town.southold.ny.us Telephone (631) 765-5711 Facsimile (631 ) 765-6640 OFFICE LOCATION: Town Hall Annex 54375 State Route 25 (corner of Main Road & Youngs Avenue) Southold, New York MAILING ADDRESS: P.O. Box 1179 Southold, NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD To: From: Date: Re: Elizabeth A. Neville Town Clerk Melanie Doroski Sr. Administrative Assistant Januaw 14,2009 FICNER, et al. to TOWN OF SOUTHOLD Development Rights Easement (8.5443 acres) SCTM #1000-95.-4-6.2 Location: 7990 Oregon Road, Cutchogue Betty: Enclosed for safekeeping in your office, please find the following documents: · Suffolk County Clerk Records Office Recording Page · Suffolk County Recording & Endorsement Page · Original Grant of Development Rights Easement dated November 20, 2008, between Carolyn Blaskiewicz, Barbara Bokina, Susan Cheshire, Jeanette Sayre and Stacia Ficner and the Town of Southold, recorded in the Suffolk County Clerk's office on 12/22/08, in Liber D00012575 at Page 578 · Title insurance policy #O-8911-487278 issued by Stewart Title Insurance Company on November 20, 2008, in the insured amount of $516,999.70 (title #ST08-01917) · Closing Statement Thank you. Melanie encs. cc: Assessors w/copy of recorded deed Jack Sherwood w/copy of recorded easement and survey map SUFFOLK COUNTY CLERK RECORDS OFFICE RECORDING PAGE Ty~e of Instrument: EASEMENT Number of Pages: 19 Receipt Number : 08-0120673 TRANSFER TAX NUMBER: 08-11764 District: 1000 Deed Amount: Recorded: At: LIBER: PAGE: Section: Block: 095.00 04.00 EXAMINED AND CHARGED AS FOLLOWS $0.00 Received the Following Fees For Above Instrument Exempt Page/Filing $95.00 NO Handling COE $5.00 NO NYS SRCHG TP-584 $5.00 NO Notation Cert. Copies $0.00 NO RPT Transfer tax $0.00 NO Comm. Pres Fees Paid TRANSFER TAX NUMBER: 08-11764 THIS PAGE IS A PART OF THE INSTRUMENT THIS IS NOT A BILL 2009 " I Judith A. Pascale County Clerk, Suffolk County 12/22/2008 09:40:22 ~ D00012575 578 Lot: 006.002 Exempt $20.00 NO $15.00 NO $0.00 NO $30.00 NO $0.00 NO $Z70.00 Number of pages TORRENS Serial # Certificate # , Prior Ctfi # Deed / Mortgage Lnstmment Deed / Mortgage Tax Stamp RECORDED 20X ;,cc 22 09:40:22 CLERK OF SUFFOLK COUNT'/ L D000i2575 r. 57S CT~ 08-I 1764. Recording / Filing Stamps FEES Page / Filing Fee Handling TP-584 Notation EA-52 i7 (County) EA-5217 (State) R.P.T.S.A. Comm. of Ed. Affidavit Certified Copy NYS Surcharge Other 23G' ,~ oo 5. 00 4 I Dist. ~ectlon Real Property Tax Service Agency Verification SnbTotal 15. O0 SubTotal Grand Total I Bloo q' 1000 09500 0400 006002 %0-- Satisfactions/Discharges/Releases List Property Owners Mailing Address RECORD & RETURN TO: 5 Moitgage Amt. 1. Basic Tax 2. Additional Tax Sub Total Spec./Assit. or Spec./Add. TOT. MTG. TAX Dual Town __ Dual County __ Held for Appointment Transfer Tax ~ Mansion Tax The property covered by this mortgage is or will be knproved by a one or two family dwelling 6nly. YES or NO If NO, see appropriate tax clause on page # of this instrument. Community p~eservatlon Fund Consideration Amount $~c_~1 CPF Tax Due $. - 0 - Improved Vacant Land TD TD TD I7 I []tle Company Information TO In the ToWnShip'°f ~'(5 t/--/]~O ~d~ "~t'~O O~ ~ ~ ~ o~ ~ the ~LAGE of BO~S 6 ~U 8 MUST BE TYPED OR P~D ~ BLACK ~ O~Y P~OR TO ~CO~G OR ~O. (over) nmde by: 8 This page forms part of the attached I I,~_ tq-r /~ ~ ~ ' (SPEC~Y TYP~ OF ~STRU~NT) The presses hereM is situated in SU~OLK CO~Y, NEW YORK. Suffolk County Recording & Endorsement Page IMPORTANT NOTICE If lhe document you've Just recorded is your SATIfFACTION OF MORTGAGE, please be aware of tbe following: If a portion of your monthly mortgage payment included your property taxes, ~ou will now need to contact your local Town Tax Receiver so that you may be billed directly for all futm'e property tax statements. Local property taxes m-e payable twice a year: on or before January !0~ and on or before May 31". FaJhu'e to make payments In a timely faslflon could result in a penalty. Please contact your local Town Tax Receiver with any questions regarding property tax payment. Babylon Toual Receiver of Taxes 200 East Sunrise Highway North Llndenhurst, N.Y. 11757 (631) 957-3004 Rlverhead Town Receiver of Taxes 200 Howell Avenue Rlvefhead, N.Y. 11901 (631) 727-3200 Brooldmven Town Receiver of Taxes 250 East Main Street Port Jefferson, N.Y. 11777 (631) 473-0236 Shelter Island Town Receiver of Taxes Shelter Island Towa~ Hall Shelter Island, N.Y. 11964 (631) 749-3338 East Hmnpton Town Receiver of Taxes 300 Pantlgo Place East Hampton, N.Y. 11937 (631) 324-2770 Smithtown Town Receiver of Taxes 99 West Maln Street Smlthtown, N.Y. 11787 {631) 360-7610 Huntington Toum Receiver of Taxes 100 Maha Street Hu_ntlngton, N.Y. 11743 (631) 351-3217 Southampton Town Receiver of Taxes 116 Hampton Road Southalnpton, N.Y. 11968 (631) 283-65 Vt Isllp Town Receiver oiTaxes 40 Nassau Avenue Isllp, N.Y. 11751 {631) 224-5580 Southold Town Receiver of Taxes 53095 Main Street Southold, N.Y. 11971 {631) 765-1803 Sincerely, Edward P. Romaine Suffolk County Cleric aw 2/99 GRANT OF DEVELOPMENT RIGHTS EASEMENT THIS GRANT OF DEVELOPMENT RIGHTS EASEMENT, is made on the /~ day of November, 2008 at Southold, New York. CAROLYN BLASKIEWICZ, 443 52nd Street, Lindenhurst, NY 11757, BARBARA BOKINA, 1704 Pebble Beach Path, Riverhead, NY 11901, SUSAN CHESHIRE, 2463 River Road, Calverton, NY 11933, ]EANEI-I'E SAYRE, 970 Highland Road, Cutchogue, NY 11935 and STACIA FICNER (Life Tenant), 7990 Oregon Road, Cutchogue, New York 11935 (herein collectively called "Grantor"), and the TOWN OF SOUTHOLD, a municipal corporation, having its principal office at 53095 Main Road, P.O. Box 1179, Southold, New York 11971(herein called "Grantee"). INTRODUCTION WHEREAS, Grantor is the owner in fee simple of certain real property located in the Town of Southold, Suffolk County, New York, identified as part of SCTM# 1000-95-4-6 more fully described in SCHEDULE A attached hereto and made a part hereof (the "Property") and shown on the survey prepared by _lohn C. Ehlers Land Surveyor dated September 25, 2008 and last revised November 19, 2008, (the "Survey"); and WHEREAS, the Property is located in the A-C Zoning District of the Town of Southold; and WHEREAS, the Property contains soils classified as Class I and Class II worthy of conservation as identified by the United States Department of Agriculture Soil Conservation Service's Soil Survey of Suffolk County, New York; and WHEREAS, the Property is part of the New York State Agricultural District #1, and the Grantor wishes to continue using the Property for agricultural production as defined in this Easement; and WHEREAS, the Property is currently used as field and grain crops; and WHEREAS, it is the policy of the Town of Southold (the "Town"), as articulated in the Town's Master Plan of 1973, amended in 1986 and 1989 as adopted by the Town Board, Town of Southold, and Section 272-a of the New York Town Law ("Town Law") to protect environmentally sensitive areas, preserve prime agricultural soils, to protect the scenic, open space character of the Town and to protect the Town's resort and agricultural economy; and WHEREAS, the Property in its present scenic and agricultural condition has substantial and significant value as an aesthetic and agricultural resource since it has not been subject to any development; and WHEREAS, Grantor and Grantee recognize the value and special character of the region in which the Property is located, and Grantor and Grantee have, in common, the purpose and objective of protecting and conserving the present state and inherent, tangible and intangible values of the Property as an aesthetic, natural, scenic and agricultural resource; and WHEREAS, Grantee has determined it to be desirable and beneficial and has requested Grantor, for itself and its successors and assigns, to grant a Development Rights Easement to Grantee in order to restrict the further development of the Property while permitting compatible uses thereof; NOW THEREFORE, in consideration of Five Hundred Sixteen Thousand Nine Hundred Ninety-Nine and 70/100 DOLLARS ($5:16,999.70) and other good and valuable consideration paid to the Grantor, the receipt of which is hereby acknowledged, the Grantor does hereby grant, transfer, bargain, sell and convey to the Grantee a Development Rights Easement, in gross, which shall be binding upon and shall restrict the premises shown and designated as the Property herein, more particularly bounded and described on Schedule "A' annexed hereto and made a part of this instrument. TO HAVEAND TO HOLD said Development Rights Easement and the rights and interests in connection with it and as hereinafter set forth with respect to the Property unto the Grantee, its successors and assigns forever, reserving, however, for the direct use and benefit of the Grantor, its legal representatives, successors and assigns, the exclusive right of occupancy and of use of the Property, subject to the limitations, condition, covenants, agreements, provisions and use restriction hereinafter set forth, which shall constitute and shall be servitudes upon and with respect to the Property. The Grantor, for himself, and for and on behalf of his legal representatives, successors and assigns, hereby covenants and agrees as follows: 0.01 Grantor's Warranty Grantor warrants and represents to the Grantee that Grantor is the owner of the Property described in Schedule A, free of any mortgages or liens and possesses the right to grant this easement. The Seller shall convey and the Purchaser shall accept the Grant of Development Rights Easement subject to existing covenants and easements of record. 0.02 Grantee's Status Grantee warrants and represents to Grantor that Grantee is a municipal corporation organized and existing under the laws of the State of New York State and is authorized under Section 64 of Town Law and Section 247 of the New York General Municipal Law ("General Municipal Law") to acquire fee title or lesser interests in land, including development rights, easements, covenants, and other contractual rights which may be necessary or desirable for the preservation and retention of agricultural lands, open spaces and natural or scenic resources. 0.03 Purpose The parties recognize the environmental, natural, scenic and agricultural values of the Property and have the common purpose of preserving these values. This instrument is intended to convey a Development Rights Easement on the Property by Grantor to Grantee, 2 exclusively for the purpose of preserving its character in perpetuity for its environmental, scenic, agricultural and natural values by preventing the use or development of the Property for any purpose or in any manner contrary to the provisions hereof, in furtherance of federal, New York State and local conservation policies. 0.04 Governmental Recoqnition New York State has recognized the importance of private efforts to preserve rural land in a scenic, natural, and open condition through conservation restrictions by the enactment of General Municipal Law Section 247. Similar recognition by the federal government includes Section 170(h) of the fnternal Revenue Code and other federal statutes. 0.05 Baseline Documentation Grantee acknowledges by acceptance of this Development Rights Easement that present uses of the Property are compatible with the purposes of this Easement. [n order to aid in identifying and documenting the present condition of the Property's natural, scenic, agricultural, and aesthetic resources and otherwise to aid in identifying and documenting the Property's agricultural values as of the date hereof, to assist Grantor and Grantee with monitoring the uses and activities on the Property and ensuring compliance with the terms hereof, Grantee has prepared, with Grantor's cooperation, an inventory of the Property's relevant features and conditions (the "Baseline Documentation"). This baseline documentation includes, but need not be limited to a survey dated September 25, 2008 last revised November 19, 2008 prepared by .lohn C. Ehlers Land Surveyor, and a Phase I Environmental Site Assessment dated October 1, 2008, by Cashin Associates, P.C., an aerial photograph of the Property, a photograph taken November :12, 2008 showing a portion of the 25' wide strip of the Property with a well or cesspool cover within the area, and maps on file with the Town Land Preservation Department. Grantor and Grantee acknowledge and agree that in the event a controversy arises with respect to the nature and extent of the Grantor's uses of the Property or its physical condition as of the date hereof, the parties shall not be foreclosed from utilizing any other relevant or material documents, surveys, reports, photographs or other evidence to assist in the resolution of the controversy. 0.06 Recitation [n consideration of the previously recited facts, mutual promises, undertakings, and forbearances contained in this Development Rights Easement, the parties agree upon its provisions, intending to be bound by it. ARTICLE ONE THE EASEMENT 1.01 Type This instrument conveys a Development Rights Easement (herein called the "Easement"). This Easement shall consist of the limitations, agreements, covenants, use restrictions, rights, terms, and conditions recited herein. Reference to this "Easement" or its "provisions" shall include any and all of those limitations, covenants, use restrictions, rights, terms and conditions. 1.02 Definition "Development Rights" shall mean the permanent legal interest and right to prohibit or restrict the use of the Property for anything other than agricultural production as that term is presently referenced in §247 of the General Municipal Law and/or defined in Chapter 70 of the Town Code of the Town of Southold (the "Town Code" or the "Code") and including the production of crops, livestock and livestock products as defined in Section 301(2)(a)-(i) of the New York Agriculture and Markets Law ("Agriculture and Markets Law"), now or as such Laws and/or Code may be amended. No future restrictions or limitation in the definition shall preclude a use that is permitted under the current Laws and/or Code. "Equestrian Rights" shall mean the right to use the Property and to erect structures for the purpose of boarding, breeding, raising and training of horses or other equines. The term 'equestrian rights' shall not include riding academies or equine events, such as rodeos, horse shows or polo matches where spectators are expected to attend. "Riding Academy" shall mean a business use of a lot for any of the following purposes: the letting of horses for hire to individuals or groups whether supervised or unsupervised, horseback riding instruction or the holding of horse shows or other equine events. 1.03 Duration This Easement shall be a burden upon and run with the Property in perpetuity. 1.04 Effect This Easement shall run with the Property as an incorporeal interest in the Property, and shall extend to and be binding upon Grantor, Grantor's agents, tenants, occupants, heirs, personal representatives, successors and assigns, and all other individuals and entities. The word "Grantor" when used herein shall include all of those persons or entities. Any rights, obligations, and interests herein granted to Grantee shall also be deemed granted to each and every one of its subsequent agents, successors, and assigns, and the word "Grantee" when used herein shall include all of those persons or entities. ARTICLE TWO SALE GRANTOR, for good and valuable consideration, hereby grants, releases, and conveys to Grantee this Easement, in perpetuity, together with all rights to enforce it. Grantee hereby accepts this Easement in perpetuity, and undertakes to enforce it against Grantor. ARTICLE THREE PROHIBITED ACTS From and after the date of this Easement, the following acts, uses and practices shall be prohibited forever upon or within the Property: 3.01 Structures No structures may be erected or constructed on the Property except as permitted by the Town Land Preservation Committee and other applicable provisions of the Town Code and Section 4.06 of this Easement. For purposes of this Easement, "structure" shall be defined as anything constructed or erected on or under the ground or upon another structure or building, including walkways. Structures shall not include trellis, fences, posts and wiring, farm roads or farm irrigation systems, nursery mats, or fencing used in connection with bonafide agricultural production, including without limitation fencing to keep out predator animals. Approvals for these shall be as required by applicable provisions of the Town Code. 3.02 Excavation and Removal of Materials; Mininq The excavating or filling of the Property, except as may be necessary to construct and maintain permitted structures and improvements on the Property or in connection with necessary drainage or soil conservation programs, shall be prohibited, without the prior written consent of Grantee. Mineral exploitation, and extraction by any method, surface or subsurface, is prohibited. The removal of topsoil, sand, or other materials shall not take place, nor shall the topography of the Property be changed, except to construct and maintain the permitted structures and improvements on the Property and for purposes of erosion control and soil management, or in connection with normal agricultural/horticultural activities, without the prior written consent of Grantee. 3.03 Subdivision The Property may not be further subdivided pursuant to Town Law Sections 265, 276 or 277 or Section 335 of the New York Real Property Law, as they may be amended, or any other applicable State or local law. "Subdivision" shall include the division of the portion of the Property from which the development rights are acquired into two or more parcels, in whole or in part. Notwithstanding this provision, the underlying fee interest may be divided by conveyance of parts thereof to heirs or next of kin by will or operation of law. 3.04 Dumpinq The dumping or accumulation of unsightly or offensive materials including, but not limited to trash, garbage, sawdust, ashes or chemical waste on the Property shall be prohibited. This prohibition shall exclude materials used in the normal course of sound agricultural practices, including fertilization, composting and crop removal. 3.05 Siqns The display of signs, billboards, or advertisements shall be prohibited, except signs whose placement, number, and design do not significantly diminish the scenic character of the Property and only for any of the following purposes: (a) to state the name of the Property and the names and addresses of the occupants and the character of the business conducted thereon, (b) to temporarily advertise the Property or any portion thereof for sale or rent, (c) to post the Property to control unauthorized entry or use, or (d) with the consent of the Grantor, to announce Grantee's easement. Signs are subject to regulatory requirements of the Town. 3.06 Utilities The creation or placement of overhead utility transmission lines, utility poles, wires, pipes, wells or drainage systems ("utilities") on the Property to service structures approved pursuant to Section 4.06 shall be prohibited without the prior written consent of the Grantee. Overhead utilities must, to the extent possible, be constructed within 30 feet of the centerline of any roads or driveways, and may be used solely to service the permitted structures on the Property. The Property may not be used for the creation or placement of utilities to service any other properties. 3.07 Prohibited Uses The use of the Property or structures on it for any residential, commercial or industrial uses, permanent or temporary, including but not limited to a riding academy, shall be prohibited. For the purposes of this section, agricultural production, as that term is presently referenced in Section 247 of the General Municipal Law and/or defined in Chapter 70 of the Town Code and including the production of crops, livestock and livestock products as defined in Section 301(2)(a)-(i) of the Agriculture and Narkets Law, now or as such Laws and/or Code may be amended, shall not be considered a commercial use. Uses, improvements and activities permitted now or in the future on agricultural land protected by a development rights easement or other instrument, shall not be considered a commercial use. No improvements, uses or activities inconsistent with current or future agricultural production shall be permitted on the Property. 3.08 Soil and Water Any use or activity that causes or is likely to cause soil degradation or erosion or pollution of any surface or subsurface waters shall be prohibited. This prohibition shall not be construed as extending to agricultural operations and practices (including, without limitation, the use of agrochemicals such as fertilizers, pesticides, herbicides, and fungicides) that are in accordance with sound agricultural management practices. 3.09 Drainaqe The use of the Property for a leaching or sewage disposal field shall be prohibited. The use of the Property for a drainage basin or sump shall be prohibited, except in accordance with sound agricultural management practices and in order to control flooding or soil erosion on the Property. 6 3.10 Development Rights The use of the acreage of this Property for purposes of calculating lot yield on any other Property shall be prohibited. Grantor hereby grants to Grantee all existing development rights (and any further development rights that may be created through a rezoning of the Property) on the Property, except for the right to construct, maintain and replace any pre-existing structures, and to construct new structures, as such rights may be provided in Section 4.06, and the parties agree that any other such development rights shall be terminated and extinguished and may not be used or transferred to any other parcels. ARTICLE FOUR GRANTOR'S RIGHTS 4.01 Ownership Subject to the provisions of ARTfCLE THREE, Grantor shall retain all other rights of ownership in the Property, some of which are more particularly described in this ARTfCLE FOUR. 4.02 Possession Grantor shall continue to have the right to exclusive possession of the Property. 4.03 Use Grantor shall have the right to use the Property in any manner and for any purpose consistent with and not prohibited by this Easement as well as applicable local, State, or federal law. 4.04 Landscapinq Activities Grantor shall have the right to continue the current and/or customary modes of landscaping, pruning and grounds maintenance on the Property, as evidenced by the documentation set forth in Section 0.05. Grantor shall have the right to remove or restore trees, shrubs, or other vegetation when dead, diseased, decayed or damaged or interfering with agricultural production, to thin and prune trees to maintain or improve the appearance of the Property, and to mow the Property. 4.05 Agricultural Activities Grantor shall have the right to engage in all types of agricultural production as the term is referenced in Section 247 of the General Municipal Law and/or defined in Chapter 70 of the Town Code, and including the production of crops, livestock and livestock products as defined in Section 301(2)(a)-(i) of the Agriculture and Markets Law, now or as such Laws and/or Code may be amended. No future restrictions in said Laws and/or Code or limitation in the definitions set forth in said Laws and/or Code shall preclude a use that is permitted under the current Laws and/or Code. Notwithstanding the definition of agricultural production in Chapter 70 of the Town Code or any successor chapter, structures shall be prohibited except as set forth in Section 4.06 and as permitted by the Town Code now or in the future on agricultural lands protected by a development rights easement or other instrument. 4.06 Structures A. Allowable Improvements. Grantor shall have the right to erect and maintain the following improvements on the Property, now or as may be permitted by the Town Code as same may be amended and subject to the approval of the Town of Southold Land Preservation Committee, provided the improvements are consistent with and do not derogate from or defeat the Purpose of this Easement: (i) Underground facilities used to supply utilities solely for' the use and enjoyment of the Property; (ii) Unused well or septic system, the cover of which is noted on the Survey and located within the 25' wide area of the Property shown on the Survey; Grantor shall abandon said well or septic system according to all applicable regulations if the landowner applies and the Town Planning Board approves a subdivision of the 80,000 sq. ft. Reserve Area from the Development Rights Easement Area (the Property herein), both Areas shown on the Survey; (iii) New construction, including drainage improvement structures, provided such structures are necessary for or accessory to agricultural production; any new construction as permitted by this 4.06 shall only be located in the Agricultural Structure Area described in Schedule "B" attached and made a part hereof; (iv) Renovation, maintenance and repairs of structures built or permitted pursuant to this Section 4.06, except the well or septic system described in (ii) above. B. Conditions. Any allowable improvements shall protect prime agricultural soils, agricultural production, open space and scenic vistas, and otherwise be consistent with the Purpose of this Easement. No construction is permitted outside of the Agricultural Structure Area described in this 4.06. C. Environmental Sensitivity During Construction. The use and location of any improvement permitted hereunder shall be consistent with the purposes intended herein, and construction of any such improvement shall minimize disturbances to the environment. Grantor shall employ erosion and sediment control measures to mitigate any storm water runoff, including but not limited to minimal removal of vegetation, minimal movement of earth and minimal clearance of access routes for construction vehicles. D. Replacement of Improvements. In the event of damage resulting from casualty loss to an extent which renders repair of any existing improvements impractical, erection of a structure of comparable size, use, and general design to the damaged structure shall be permitted in kind and within the same general location subject to the review and written approval of Grantee, pursuant to applicable provisions of the Town Code. 4.07 Notice Grantor shall notify Grantee, in writing, before the construction of any permanent or temporary structures as permitted in Section 4.06 herein and shall file all necessary applications and obtain all necessary approvals that may be required by this Easement or by the Town Code, and shall provide documentation as may be required for such applications. 4.08 Alienability Grantor shall have the right to convey, mortgage or lease all of its remaining interest in the Property, but only subject to this Easement. Grantor shall promptly notify Grantee of any conveyance of any interest in the Property, including the full name and mailing address of any transferee, and the individual principals thereof, under any such conveyance. The instrument of any such conveyance shall specifically set forth that the interest thereby conveyed is subject to this Easement, without modification or amendment of the terms of this Easement, and shall incorporate this Easement by reference, specifically setting for the date, office, liber and page of the recording hereof. The failure of any such instrument to comply with the provisions hereof shall not affect Grantee's rights hereunder. 4.09 Further Restriction Nothing in this Easement shall prohibit or preclude Grantor from further restricting the use, improvements or structures on the Property. Any such further restrictions shall be consistent with and in furtherance of the general intent and purpose of this Easement as set forth in Section 0.03. ARTICLE FTVE GRANTOR'S OBLTGAT~[ONS 5.01 Taxes and Assessments Grantor shall continue to pay all taxes, levies, and assessments and other governmental or municipal charges, which may become a lien on the Property, including any taxes or levies imposed to make those payments subject, however, to Grantor's right to grieve or contest such assessment and defer payment pending such action. The failure of Grantor to pay all such taxes, levies and assessments and other governmental or municipal charges shall not cause an alienation of any rights or interests acquired herein by Grantee. 5.02 Tndemnification Grantor sl~all indemnify and hold Grantee harmless for any liability, costs, attorneys' fees, judgments, expenses, charges or liens to Grantee or any of its officers, ernployees, agents or independent contractors, all of which shall be reasonable in amount, except those due solely to acts of Grantee arising from injury due to the physical maintenance or condition of the Property caused by Grantor's actions or inactions, or from any taxes, levies or assessments upon it or resulting from this Easement, all of which shall be considered Grantor's obligations. 5.03 Third Party Claims Grantor shall indemnify and hold Grantee harmless for any liability, costs, attorneys' fees, judgments, or expenses, charges or liens to Grantee or any of its officers, employees, agents or independent contractors, all of which shall be reasonable in amount resulting: (a) from injury to persons or damages to property arising from any activity on the Property, except those due solely to the acts of the Grantee, its officers, employees, agents, or independent contractors; and (b) from actions or claims of any nature by third parties arising out of the entering into or exercise of rights under this easement, excepting any of those matters arising solely from the acts of Grantee, its officers, employees, agents, or independent contractors. 5.04 Grounds Maintenance Requirement If Grantor leaves the Property open and does not engage in agricultural production for five (5) consecutive years, then Grantor shall implement a Natural Resources Conservation Plan (the "Plan") approved by Grantor (which approval by Grantor shall not be unreasonably withheld) and by Grantee, to maintain or restore the Property to the condition in which it existed on the date of this Easement, as evidenced by the Baseline Documentation referred to in Section 0.05, in order to protect the environmental, natural, scenic and agricultural values of the Property. In the event Grantor fails to comply with the provisions of this section after reasonable notice is given to Grantor by Grantee, then, in addition to all other remedies set forth herein, Grantee or its agents are hereby authorized to enter upon the Property to implement the Plan. ARTICLE SIX GRANTEE'S RIGHTS 6.01 Entry and Inspection Grantee shall have the right to enter upon the Property at reasonable times, upon prior notice to Grantor and in a manner that will not interfere with Grantor's quiet use and enjoyment of the Property, for the purpose of inspection to determine whether this Easement and its purposes and provisions are being upheld. Grantee shall not have the right to enter upon the Property for any other purposes, except as provided in Section 5.04 and 6.03, or to permit access upon the Property by the public. 6.02 Restoration Grantee shall have the right to require the Grantor to restore the Property to the condition required by this Easement and to enforce this right by any action or proceeding that Grantee may reasonably deem necessary. However, Grantor shall not be liable for any changes to the Property resulting from causes beyond the Grantor's control, including, l0 without imitation, fire, flood, storm, earth movement, wind, weather or from any prudent action taken by the Grantor under emergency conditions to prevent, abate, or mitigate significant injury to persons or to the Property or crops, livestock or livestock products resulting from such causes. 6.03 Enforcement Riqhts of Grantee Grantor acknowledges and agrees that Grantee's remedies at law for any violation of this Easement may be inadequate. Therefore, in addition to, and not in limitation of, any other rights of Grantee hereunder at law or in equity, in the event any breach, default or violation of any term, provision, covenant or obligation on Grantor's part to be observed or performed pursuant to this Easement is not cured by Grantor within ten (10) days notice thereof by Grantee (which notice requirement is expressly waived by Grantor with respect to any such breach, default or violation which, in Grantee's reasonable judgment, requires immediate action to preserve and protect any of the agricultural values or otherwise to further the purposes of this Easement), Grantee shall have the right at Grantor's sole cost and expense and at Grantee's election, (i) To institute a suit to enjoin or cure such breach, default or violation by temporary and/or permanent injunction, (ii) To enter upon the Property and exercise reasonable efforts to terminate or cure such breach, default or violation and/or to cause the restoration of that portion of the Property affected by such breach, default or violation to the condition that existed prior thereto, or To seek or enforce such other legal and/or equitable relief or remedies as Grantee deems necessary or desirable to ensure compliance with the terms, conditions, covenants, obligations and purposes of this Easement; provided, however, that any failure, delay or election to so act by Grantee shall not be deemed to be a waiver or a forfeiture of any right or available remedy on Grantee's part with respect to such breach, default, or violation or with respect to any other breach, default or violation of any term, condition, covenant or obligation under this Easement. The cure period in this Section 6.03 may be extended for a reasonable time by Grantee if such restoration cannot reasonably accomplished within ten (10) days. 6.04 Notice All notices required by this Easement must be written. Notices shall be delivered by hand or registered mail, return receipt requested, or by certified mail, with sufficient prepaid postage affixed and with return receipts requested. Mailed notice to Grantor shall be addressed to Grantor's address as recited herein, or to such other address as Grantor may designate by notice in accordance with this Section 6.04. Mailed notice to Grantee shall be addressed to its principal office, recited herein, marked to the attention of the Supervisor and the Town Attorney, or to such other address as Grantee may designate by notice in accordance with this Section 6.04. Notice shall be deemed given and received as of the date of its manual delivery or three (3) business days after the date of its mailing. 6.05 No Waiver Grantee's exercise of one remedy or relief under this ARTTCLE SIX shall not have the effect of waiving or limiting any other remedy or relief, and the failure to exercise or delay in exercising any remedy shall not constitute a waiver of any other remedy or relief or the use of such other remedy or relief at any other time. 6.06 Extinguishment/Condemnation At the mutual request of Grantor and Grantee, a court with jurisdiction may, if it determines that conditions surrounding the Property have changed so much that it becomes impossible to fulfill the Purpose of this Easement described in Section 0.03, extinguish or modify this Easement in accordance with applicable law. In that case, the mere cessation of farming on the Property shall not be construed to be grounds for extinguish of this Easement. If at any time the Property or any portion thereof shall be taken or condemned by eminent domain, by the Grantee or by any other governmental entity, then this Easement shall terminate with respect to the Property, or portions thereof so taken or condemned, and the Property shall not be subject to the limitations and restrictions of this Easement. In such event, the Grantor, his successors or assigns, shall not be required to pay any penalties, but the value of the Property shall reflect the limitations of this Easement. Any condemnation award payable to the Grantor shall be in proportion to the value attributable to the residual agricultural and/or open space value of the Property and if the condemnation is undertaken by an entity other than the Grantee, then the remaining portion of the condemnation award shall be payable to the Grantee in proportion to the value attributable to the development rights transferred hereby. ARTICLE SEVEN MISCELLANEOUS 7.01 Entire Understandinq This Easement contains the entire understanding between its parties concerning its subject matter. Any prior agreement between the parties concerning its subject matter shall be merged into this Easement and superseded by it. 7.02 Amendment This easement may be amended only with the written consent of Grantee and current Grantor and in accordance with any applicable State and local law. Any such amendment shall be consistent with the Town Code and any regulations promulgated thereunder and with the Purpose of this Easement as set forth in Section 0.03 and shall be duly recorded. ]2 This Easement is made with the intention that it shall qualify as a Conservation Easement in perpetuity under Internal Revenue Code Section :~70(h). The parties agree to amend the provisions of this Easement if such amendment shall be necessary, to entitle Grantor to meet the requirements of Section 170(h). Any such amendment shall apply retroactively in the same manner as if such amendment or amendments had been set forth herein. 7.03 Alienation No property rights acquired by Grantee hereunder shall be alienated except pursuant to the provisions of Chapter 70 of the Town Code or any successor chapter and other applicable laws, upon the adoption of a local law authorizing the alienation of said rights and interest, following a public hearing and, thereafter, ratified by a mandatory referendum by the electors of the Town of Southold. No subsequent amendment of the provisions of the Town Code shall alter the limitations placed upon the alienation of those property rights or interests which were acquired by the Town prior to any such amendment. 7.04 Severability Any provision of this Easement restricting Grantor's activities, which is determined to be invalid or unenforceable by a court, shall not be invalidated. Instead, that provision shall be reduced or limited to whatever extent that court determines will make it enforceable and effective. Any other provision of this Easement that is determined to be invalid or unenforceable by a court shall be severed from the other provisions, which shall remain enforceable and effective. 7.05 Governing Law New York Law applicable to deeds to and easements on land located within New York shall govern this Easement in all respects, including validity, construction, interpretation, breach, violation and performance. 7.06 l~nterpretation Regardless of any contrary rule of construction, no provision of this Easement shall be construed in favor of one of the parties because it was drafted by the other party's attorney. No alleged ambiguity in this Easement shall be construed against the party whose attorney drafted it. if any provision of this Easement is ambiguous or shall be subject to two or more interpretations, one of which would render that provision invalid, then that provision shall be given such interpretation as would render it valid and be consistent with the purposes of this Easement. Any rule of strict construction designed to limit the breadth of the restrictions on use of the Property shall not apply in the construction or interpretation of this Easement, and this Easement shall be interpreted broadly to effect the purposes of this Easement as intended by the parties. The parties intend that this Easement, which is by nature and character primarily negative in that Grantor has restricted and limited his right to use the Property, except as otherwise recited herein, be construed at all times and by all parties to effectuate its purposes. 7.07 Public Access Nothing contained in this Easement grants, nor shall it be interpreted to grant, to the public, any right to enter upon the Property, or to use images of the property. Grantee may use images of the Property for non-commercial reporting of this Easement. 7.08 Warranties The warranties and representations made by the parties in this Easement shall survive its execution. 7.09 Recordinq Grantee shall record this Easement in the land records of the office of the Clerk of the County of Suffolk, State of New York. 7.10 Headinqs The headings, titles and subtitles herein have been inserted solely for convenient reference, and shall be ignored in its construction. TN W][TNESS WHEREOF, Grantor has executed and delivered and Grantee has accepted and received this Deed of Easement on the day and year set forth above. ACKNOWLEDGED AND ACCEPTED: CAROLYN Bt~ASK][EWICZ, Gra~ BARA BOKINA, Grantor SUSAN CHESHIRe,, Grantor JEAI~-FI-E SAYRE, Grantor D S~A FICNER, Grantor ACKNOWLEDGED AND ACCEPTED: 14 TOWN OF SOUTHOLD, Grantee BY: J~'hn P. Sepenoski Deputy Supervisor STATE OF NEW YORK ) COUNTY OF SUFFOLK ) SS: On thisbe) day of November in the year 2008 before me, the undersigned, personally appeared CAROLYN BLASKIEWlCZ personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(les), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public STATE OF NEW YORK ) COUNTY OF SUFFOLK ) SS: PATRICI^ L. FALLON Notary Public, State Of New York No. 01FA~950148 ©,~-:iifi d In S:~,ffolk County Commission Expires April 24, ,24'// On this~0 day of November in the year 2008 before me, the undersigned, personally appeared BARBARA BOKINA personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(les), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public STATE OF NEW YORK ) COUNTY OF SUFFOLK ) SS: pATR'C!* L F~%Lt. ON No~--~,y !:'uhiic, ~??Je O~ ;';ow Yolk o, ,,, ..... .; PATRIC1A [. Notaw Public ~" , York No. O~ Qualified; Oommissio, On this~(~ day of November in the year 2008 before me, the undersigned, personally appeared SUSAN CHESHIRE personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(les), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public " ~h ',' ,',C)urty STATE.OF NEW YORK ) r.V,'i:~riCs~l'o~ ~',~h~s April 24, ,Z~,¢ COUNT~Q.F~FOLK ) SS: On this o~y of November in the year 2008 before me, the undersigned, person~y..appeared .1EANE1-FE SAYRE personally known to me or proved to me on thebes of satisfactory evidence to be the individual(s) whose name(s) is (are) subk'~bed to the within instrument and 15 executed the instrument. Notary Public STATE OF NEW YORK ) COUNTY OF SUFFOLK ) SS: P~TF, Im, l~ I. FALLON ~ ~,, O; New York No_ ~,, ~, ..~ 2411 On this ~ day of November in the year 2008 before me, the undersigned, personally appeared STACIA FICNER personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(les), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public STATE OF NEW YORK ) COUNTY OF SUFFOLK ) SS: On this~O day of November in the year 2008 before me, the undersigned, personally appeared John P. Sepenoski, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(les), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Public ~ ir'~ L. FALLON PA R.,,A , ~ ,, o.~¢~Of ewYork Not?fy , _,,k County .,. C._~,~,m...~ion d. xi~iles Apdi 24, Z:/Town of Southold/Ficner/Ficner easement 10208cleanversion 16 SCHEDULE A - DESCRIPTION NEW YORK METRO 800-853-4803 212-922-1593 fax stewartnewyork.com Title No.: ST08-01917 AMENDED 11/10/2008 DEVELOPMENT RIGHTS EASEMENT AND AGRICULTURAL STRUCTURE'AREA V~ITHIN DEVELOPMENT RIGHTS EASEMENT ~ ALL that certain plot, piece or parcel of land, situate, lying and being at Cutchogue, in the Town of Southold, County of Suffolk and State of New York, being bounded and described as follows: BEGINNING at a monument located on the southerly side of Oregon Road distant 1029.15 feet westerly from the comer formed by the intersection of the southerly side of Oregon Road with the westerly side of Depot Lane; RUNNING THENCE from said monument along land now or formerly of Mat.tituck Farms Holdings LLC South 37 degrees 27 minutes 20 seconds East, 1990.88 feet to a monument; THENCE along land now or formerly of the Town of Southold South 53 degrees 45 minutes 40 seconds West, 190.53 feet to a monument; THENCE along land now or formerly of Mattituck Farms Holding LLC and County of Suffolk the following two (2) courses and distances: North 37 degrees 00 minutes 00 seconds West, 1067.78 feet to a point; and North 37 degrees 15 minutes 20 seconds West, 402.38 feet to a point; THENCE North 52 degrees 44 minutes 40 seconds East, 155.59 feet to a point; THENCE North 37 degrees 27 minutes 20 seconds West, 517.31 feet to a point on the southerly side of Oregon Road; THENCE N~rth 52 degrees 39 minutes 40 seconds East, 25.00 feet to the monument first above mentioned, the point or place of BEGINNING. Schedule B AGRICULTURAL STRUCTURE AREA WITHIN DEVELOPMENT RIGHTS EASEMENT FOR INFORMATION ONLY ALL that certain plot, piece or parcel of land, situate, lying and being at Cutchogue, in the Town of Southold, County of Suffolk and State of New York, being bounded and d6scribed as follows: BEGINNING at a monument located on the southerly side of Or~gbn Road distant 1029.15 feet westerly from the corner formed by the intersection of the southerly side of Oregon Road with the westerly side of Depot Lane; RUNNING THENCE from said monument along land now or formerly of Mattituck Farms Holdings LLC South 37 degrees 27 minutes 20 seconds East, 933.32 feet to a point; THENCE South 57 degrees O0 minutes 53 seconds West, 182.55 feet to a point; THENCE North 37 degrees 15 minutes 20 seconds West, 402.38 feet to a point; THENCE North 52 degrees 44 minutes 40 seconds East, 155.59 feet to a point; THENCE North 37 degrees 27 minutes 20 seconds West, 517.31 feet to the southerly side of Oregon Road; THENCE North 52 degrees 39 minutes 40 seconds East, 25.00 feet to the monument first above mentioned, the point or place of BEGINNING. ALTA Owner's Policy (6~17-06) POLICY OF TITLE INSURANCE ISSUED BY title insurance company Any notice of claim and any other notice or statement in writing required to be given the Company under this Policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS, STEWART TITLE INSURANCE COMPANY, a New York corporation, (the "Company") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the insured be reason of: 1. Title being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the Title caused by (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; (ii) failure of any person or Entity to have authorized a transfer or conveyance; (iii)a document affecting Title not propedy created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to pen~orm those acts necessary to create a document by electronic means authorized by law (v) a document executed under a falsified, expired, or otherwise invalid power of attorney (vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or (vii) a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. (c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land sur,/ey of the Land. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 3. Unmarketable Title. 4. No right of access to and from the Land. 5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or ralating to (a) the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; (c) the subdivision of land; or (d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. 6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records. 8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. Countemigned: Stewart Title Insurance Company New York, New York Secretary Part I of Sedal No O-8911-487278 If you want information about coverage or need assistance to resolve complaints, please call our toll free number: 1-800~,33-0014. If you make a claim under your policy, you must furnish written notice in accordance with Section 3 of the Conditions. Visit our Word-Wide Web site at htip://vwvw. StewartNewYork.com File No.: ST08-01917 h 1~ i~l~ ALTA OWNER'S POLICY (6/17/06) SCHEDULE A File No.: ST08-01917 Policy No.: O-8911-487278 Amount of $516,~)9,70 Premium: S2,197.00 Insmance: Date of November 20, 21108 Policy: 1. Name of Insured: Totem of Southold 2. The estate or interest in the land described herein and which is covered by this policy is: Developmm'~t Rights 3. Title vested In: Town (ff Soullmld who acquired title by Grant of Development Rights Easement from Can)ly(~ BluslOewlcz and Barbara Boklna ami Susan Cheshire and Jeanette Sayn~ and Stacia I~lcm.~r dated 11/20/2(~)8 to be duly recorded in the Suffolk County Clerk' s/Registers Office. 4. The Land referred to in this policy is described as follows: See Schedule A Description, attached hereto and made a part hereof. Section: 095~00 Block: 04.(H} Lot: 0C~6d)00 STEWARTTITLE INSURANCE COMPANY HEREIN CALLED THE COMPANY STANDARD NEW YORK ENDORSEMENT (Owner's Policy) Title No.: ST08-01917 Date of Issue: November 20, 2008 ATTACHED TO AND MADE A PART OF POLICY NUMBER O-8911-487278 1. The following is added as a Covered Risk: "11. 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. Exclusion Number 5 is deleted, and the following is substituted: 5. Any lien on the Title for real estate taxes, assessments, water charges or sewer rents imposed by governmental authority and created or attaching between Date of Policy and the date of recordmg of the deed or other instrument of transfer in the Public Records that vests Title as Shown in Schedule A. This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements. DATED: November 20, 2008 Countersigned By: Authorized Office or Agent Stewart Title Insurance Company 300 East 42nd St., 10th Fl New York, New York 10017 STEWART TITLE INSURANCE COMPANY STANDARD NEW YORK ENDORSEMENT (11/1/08) FOR USE WITH ALTA OWNER'S POLICY (6-17-06) ALTA OWNER'S POLICY (6117106) File No.: ST0g-01917 SCHEDULE A DESCRIPTION Policy No.: O-8911-487278 AMENDED 11/10/2008 DEVELOPMENT RIGHTS EASEMENT AND AGRICULTURAL STRUCTURE AREA WITHIN DEVELOPIVlENT RIGHTS EASEMENT ALL that certain plot, piece or parcel of land, situate, lying and being at Cutchogue, in the Town of Southold, County of Suffolk and State of New York, being bounded and described as follows: BEGINNING at a monument located on the southerly side of Oregon Road distant 1029.15 feet westerly from the corner formed by the intersection of the southerly side of Oregon Road with the westerly side of Depot Lane; RUNNING THENCE from said monument along land now or formerly of Mattituck Farms Holdings LLC South 37 degrees 27 minutes 20 seconds East, 1990.88 feet to a monument; THENCE along land now or formerly of the Town of Southold South 53 degrees 45 minutes 40 seconds West, 190.53 feet to a monument; THENCE along land now or formerly of Mattituck Farms Holding LLC and County of Suffolk the following two (2) courses and distances: North 37 degrees 00 minutes 00 seconds West, 1067.78 feet to a point; and North 37 degrees 15 minutes 20 seconds West, 402.38 feet to a point; THENCE North 52 degrees 44 minutes 40 seconds East, 155.59 feet to a point; THENCE North 37 degrees 27 minutes 20 seconds West, 517.31 feet to a point on the southerly side of Oregon Road; THENCE North 52 degrees 39 minutes 40 seconds East, 25.00 feet to the monument first above mentioned, the point or place of BEGINNING. AGRICULTURAL STRUCTURE AREA WITHIN DEVELOPMF2qT RIGHTS FAkSEMENT FOR INFORMATION ONLY ALL that certain plot, piece or parcel of land, situate, lying and being at Cutchogue, in the Town of Southold, County of Suffolk and State of New York, being bounded and described as follows: BEGINNING at a monument located on the southerly side of Oregon Road distant 1029.15 feet westerly from the corner formed by the intersection of the southerly side of Oregon Road with the westerly side of Depot Lane; RUNNING TItENCE from said monument along land now or formerly of Mattituck Farms Holdings LLC South 37 degrees 27 minutes 20 seconds East, 933.32 feet to a point; TItENCE South 57 degrees 00 minutes 53 seconds West, 182.55 feet to a point; TItENCE North 37 degrees 15 minutes 20 seconds West, 402.38 feet to a point', TItENCE North 52 degrees 44 minutes 40 seconds East, 155.59 feet to a point; TItENCE North 37 degrees 27 minutes 20 seconds West, 517.31 feet to the southerly side of Oregon Road', THENCE North 52 degrees 39 minutes 40 seconds EasL 25.00 feet to the monument first above menlioned, the point or place of BEGI3YNING. ALTA OWNER'S POLICY (6/17106) COMPOSITE DESCRIPTION OF DEVELOPMENT RIGHTS EASEMENT AND AGRICULTURAL STRUCTURE AREA WITHIN DEVELOPMENT RIGHTS EASEMENT AND RESERVED AREA FOR INFORMATION ONLY - NOT TO BE INSURED ALL that certain plot, piece or parcel of land, situate, lying and being at Cutchogue, in the Town of Southold, County of Suffolk and State of New York, being bounded and described as follows: BEGINNING at a monument located on the southerly side of Oregon Road distant 1029.15 feet westerly from the comer formed by the intersection of the southerly side of Oregon Road with the westerly side of Depot Lane; RUNNING THENCE from said monument along land now or formerly of Mattituck Farms Holdings LLC South 37 degrees 27 minutes 20 seconds East, 1990.88 feet to a monument; THENCE along land now or formerly of the Town of Southold South 53 degrees 45 minutes 40 seconds West, 190.53 feet to a monument; THENCE along land now or formerly of Mattituck Farms Holding LLC and County of Suffolk the following two (2) courses and distances: North 37 degrees 00 minutes 00 seconds West, 1067.78 feet to a point; and North 37 degrees 15 minutes 20 seconds West, 918.63 feet to a point on the southerly side of Oregon Road; THENCE along the southerly side of Oregon Road the following two (2) courses and distances: North 48 degrees 50 minutes 00 seconds East, 10.85 feet North 52 degrees 39 minutes 40 seconds East, 167.99 feet to the monument first above mentioned, the point or place of BEGINNING. ALTA OWNF~'S POLICY (6/17/06) SCHEDULE B PART I File No.: ST08-01917 Policy No.: O-89H-487278 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of: Survey made by John C. Ehlers Land Surveyor, dated 9/25/2008 and last revised 10/24/2008, shows premises and more. Subject premises shown as vacant land. (a) Agricultural sa'ucture area shown thereon. (b) Dirt farm road varies along northerly and westerly lines. No other variations or encroachments shown. 2. Rights of tenants or par6es in possession, if any. COVERED RISKS (Continued) Title being vested other than as stated in Schedule A or being defective (a) as a result of the avoidance in whole or in part, or from a court order (b) (i) to be timely, or (ii) to impart notice of its existence to a pumhaser for value or to a providing an altamative remedy, of a transfer of all or any part of the judgment or lien c~editor. title to or any interest in the Land occurring pedr to the transaction 10. Any defect in or lien or encumbrance on the Title or other matter included vesting Title as shown in Schedule A because that prior transfer in Covered Risks 1 through 9 that has been created or attached or has constituted a fraudulent or preferential transfer under federal been filed or recorded in the Public Records subsequent to Date of Policy bankruptcy, state insolvency, or similar creditors' dghts laws; or and prior to the recording of the deed or other instrument of transfer in the because the instrument of transfer vesting Title as shown in Public Records that vests Title as shown in Schedule A. Schedule A constitutes a preferential transfer under federal The Company will also pay the costs, attorneys' fees, and expenses incurred in bankruptcy, state insolvency, or similar creditors' rights laws by defense of any matter insured against by this Policy, but only to the extent reason of the failure of its recording in the Public Records provided in the Conditions. 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 that arise by reason of: 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (i) the occupancy, use, or enjoyment of the Land; (ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or (iv) envirenmental protection; or the effect of any violation of these laws, ordinances, or governmental regulalions. This Exclusion l(a) does not modify or limit the coverage provided under Covered Risk 5. (b) Any governmental police power. This Exclusion l(b) does not modify or limit the coverage provided under Covered Risk 6. 2. 2. Rights of eminent domain. This Exclusion does not modify or limit the 5. coverage provided under Covered Risk 7 or 8. 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 pdor to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) aQaching or created subsequent to Date of Policy (however, this does not rnedify or limit the coverage provided under Covered Risk 9 and 10); or (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' dghts laws, that the transaction vesting the Tifie as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy. Any lien on the Title for real estate taxes or assessmenls imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. CONDITIONS DEFINITION OF TERMS The following terms when used in this policy mean: (a) "Amount of Insurance': The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. (b) "Date of Policy": The date designated as "Date of Policy" in Schedule A. (c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity, (d) "Insured": The Insured named in Schedule A (i) The lerm "insured" also includes (A) successors to the Title of the Insured by oberation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; {B) successors to an Insured by dissolution, merger, consolidation, distdbugon, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, {2) if the grantee wholly owns the named insured, (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiiiatad Entity and the named Insured are both wholly-owned by the same person or Entity, or (4) if the grantee is a trustee or beneficiary of a trust created by a written instrumenl established by the Insured named in Schedule A for estate planning purposes. (ii) With regard to (A), (B), (C), and (D) reserving, bewover, rights and defenses as to any successor that the Company would have had against any predecessor Insured. (e) "Insured Claimant": An Insured claiming loss or damage, (f) "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impad constructive notice of matters affecting the Title, (g) "Land": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutttng streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a dght of access to and from the Land is insured by this policy. (h) "Mortgage": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law. (i) "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 Covered Risk 5(d), "Public Records" shall also include environmental protection liens flied in the records of the clerk of the United States District Court for the district where the Land is located. (j) "Title": The estate or interest described in Schedule A. (k) "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketabie title. II Page2 Serial No.: O-8911-487278 II File No.: ST08-01917 CONDITIONS (Continued) 2. CONTINUATION OF INSURANCE The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation 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 warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation 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 5(a) of these Conditions, (ii) in case Knowledge shall come to an insured hereunder of any claim of title or interest that is adverse to lhe Title, as insured, and that might cause loss or damage for which the Company may pa liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice, 4. PROOF OF LOSS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimanl furnish a signed proof of loss, The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that 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. 5. DEFENSE AND PROSECUTION OF ACTIONS (a) Upon w~itten request by the Insured, and subject to the options contained in Section 7 of these Conditions, 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 covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the dght 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. It 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 that allege matters not insured against by this policy. (b) The Company shall have the dght, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable 1o establish the Title, 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 to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. (c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or precseding, including the right to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, (b) obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter 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 mattem requiring such cooperation. The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether beedng a date before or alter Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that 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 judgment of the Company, it is necessary in the administration of the claim. Failure of the insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim. 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: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expanses incurred by the Insured Claimant that were authedzed by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shatl terminate, including any liability or obligation to defend, prosecute, or continue any litigation, (b) To Pay or Otherwise Settle With Par~ies Other Than the Insured or With the Insured Claimant. (i) To pay or othen~qse settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or (ii) To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expanses incurred by the Insured Claimant that were authedzed by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the oplions provided for in subsections (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 terminale, including any liability or obligation to defend, prosecute, or continue any litigation. II Page3 Serial No.: O-8911-487278 II File No.: ST08-01917 'CONDI'TI~NS (Continued) 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contracl of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of mat[em insured against by this policy. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of insurance; or (ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy, (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimanl shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions. 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 righl of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured, (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 all appeals, adverse to the Title, as insured, (c) The Company shall not be liable for loss or damage to the 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 Insurance by the amount of the payment, 11. LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced by any amount the Company pays under any policy insudng a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy, 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. v 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a) Whenever the Company shah have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that lhe Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these dghts and remedies. 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 and remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss, (b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bends, notwithstanding any terr~s or conditions contained in those instruments that address subrogation rights. 14. ARBITRATION Either the Company or the Insured may demand that the claim or contreversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the Amedcan Land Title Association ('Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured adsing out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving dse to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 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 $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, at[ached to it by the Company is the entire policy and contract beb/veen 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 that edses out of the status of the Title or by any action asserting such claim shall be restricted to this policy. (c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authedzed person, or expressly incorporated by Schedule A of this policy. (dj Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy. or (iv) increase the Amount of Insurance. 16. SEVERABILITY In the event any provision of this policy, in whole or in part, is held invalid or unenfomeable under applicable law, the policy shall be deemed not to include that provision or such pat[ held to be invalid, but all other provisions shall remain in full force and effect 17. CHOICE OF LAW; FORUM (a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefore in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdiction where the Land is located. Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy~ In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. (c) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States of America or its territedes having appropriate jurisdiction. 18. NOTICES, WHERE SENT Any nobce of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at C~aims Department at 300 East 42~ St, 10~h Floor, New York, NY 10017. II II Page4 Serial No.: O-8911-487278 File No.: ST08-01917 CLOSING STATEMENT CAROLYN BLASKIEWICZ, BARBARA BOKINA, SUSAN CHESHIRE, JEANETTE SAYRE and STACIA FICNER to TOWN OF SOUTHOLD Development Rights Easement- 8.5443 acres Total Parcel Acreage - 8.3808 acres Reserved Area - 1.8365 acre (80,000 sq ft) Premises: 7990 Oregon Road, Cutchogue SCTM #1000-95-4-plo 6 Closing took place on Thursday, November 20, 2008 at 11:00 a.m., Southold Town Hall Annex Purchase Price of $ 516,999.70 (based upon 6.5443 buildable acres $79,000/buildable acre) disbursed as follows: Payable to Stscia Ficner Check #98784 (11120/08) $ 516,999.70 Expenses of Closing: Appraisal Payable to Given Associates LLC Check #93202 (11/18/07) $ 2,800.00 Survey Payable to John C. Ehlers Land Surveyor Check #98664 (11/18/08) $ 2,000.00 Environmental Report (Phase I ESA) Payable to Cashin Associates, P.C. Check #98209 (10/21/08) $ 1,200.00 Title Report Payable to Stewart Title Insurance Company Check ~98785 (11/20108) Title insurance policy $ 2197.00 Recording easement & $ 305.00 Certified copy $ 50.00 $ 2,552.00 Title Closer Attendance Fee Payable to Patricia Fallon Check #98783 (11120108) $ 100.00 Closing Attendees: John P. Sepenoski Lisa Clare Kombrink, Esq. Stacia Ficner Carolyn Blaskiewicz Barbara Bokina Susan Cheshire Jeanette Sayre Patricia Fallon Melissa Spiro Melanie Doroski Southold Town Deputy Supervisor Attorney for Town of Southold Seller Seller Seller Seller Seller Title Company Closer Land Preservation Coordinator Land Preservation Sr Administrative Asst TOWN OF SOUTHOLD VENDOR p06179 STACIA FICNER 11/20/2008 CHECK 98784 FUND & ACCOUNT P.O.~ INVOICE H3 .8660.2.600.100 TBR/917 112008 DESCRIPTION AMOD/~T / ~EV RIGHTS-6.5443~ACRES 516,999.70 ~ TOTAL 516,999.70 _GIVEN ASSOCIATES 548 Route 111 / PO Box 5305 Hauppauge, NY 11788 631-360-3474 Fax 631-360-3622 Invoice Date Invoice # 10/2/2007 422 Bill To I Town of Southold P.O. Box 1179 Southold NY 11971-0959 Please make check payable to: GIVEN ASSOCIATES, LLC. Descdption Property of Stacia Ficner Located 7990 Oregon Road Cutchogue, NY S.C.T.M. #1000-95-4~6 File No. Terms 2007362 Due upon Receipt Amount GL108S 20 TOWN OF SOUTHOLD View i ** Actual Hi Vendor.. 007416 GIVEN ASSOCIATES LL Y=Select JE Date Trx. Date Fund Account ......................... Use Acti 1/30/2007 1/30/2007 H3 .600 2/27/2007 3/13/2007 3/13/2007 3/27/2007 5/22/2007 5/22/2007 5/22/2007 7/31/2007 7/31/2007 8/14/2007 9/25/2007 10/09/2007 10/23/2007 2/27/2007 H3 .600 3/13/2007 H3 .600 3/13/2007 H3 .600 3/27/2007 H3 .600 5/22/2007 H3 .600 5/22/2007 H3 .600 5/22/2007 H3 .600 7/31/2007 H2 .600 7/31/2007 H2 .600 8/14/2007 H2 .600 9/25/2007 H2 .600 10/09/2007 A .600 10/23/2007 H2 .600 .. 12/18/2007 12/18/2007 H2 .600 ......................... Use Acti F2=Shift Up F3=Exit F10=Prev View Select Record(s) or Use Action Code Disburs Inquiry by Vendor Name .............. Detail--GL100N .............. : W-10232007-493 Line: 173 Formula: 0 : : Account.. H2 .600 : : Acct Desc ACCOUNTS PAYABLE : Trx Date ..... 10/23/2007 SDT 10/19/07 : Trx Amount... 2,800.00 : Description.. A~PRAISAL-FICNER : Vendor Code.. 007416 : Vendor Name,.. GIVEN ASSOCIATES LLC : Alt Vnd.. : CHECK ........ 93202 SCNB : Invoice Code. 422 : VOUCHER ...... : P.O. Code .... 17448 : Project Code. : Final Payment F Liquid. : Type of 1099. M BOX. 07 Addl. : Fixed Asset.. Y : Date Released 10/23/2007 : Date Cleared. 6/30/2008 : F3=Exit F12=Cancel : : JOHN C. EHLERS LAND SURVEYOR 6 East Main Street Riverhead, NY 11901 Phone: 631-369-8288 Fax: 631-369-8287 Invoice Date Invoice # 10/15/2008 2006931 Bill To Town of Southold Dept. of Land Preservation Town Hall Annex Southold, NY 11971 Your Client st ' ' SCTM~ My Job # 1000-95-4-6 08-186 Date of Service Description Amount 10/1/2008 Current survey of approx. 8 Acres ~7990 Oregon Road, 2,000.00 Cutchogue, N.Y. to include 5 feet outward from the property lines. Mapping to include computations to cut out approx. 2 acre Reserve ama and approx. 6 acre development rights easemenL ~ (..~,ji~.~L ?~~ GL108S 20 TOWN OF SOUTHOLD View 1 ** Actual Hi Vendor.. 005322 EHLERS/JOHN C. Y=Select - JE Date Trx. Date Fund Account ......................... Use Acti . 12/19/2006 12/19/2006 H3 3/13/2007 5/08/2007 7/03/2007 9/11/2007 4/08/2008 6/03/2008 .600 3/13/2007 H3 .600 5/08/2007 H2 .600 7/03/2007 H2 .600 9/11/2007 H2 .600 4/08/2008 H3 .600 6/03/2008 H3 .600 .600 11/18/2008 11/18/2008 H3 F2=Shift Up F3=Exit F10=Prev View Select Record(s) or Use Action Code Disburs Inquir~ by Vendor Name .............. Detail--GL100N .............. : W-11182008-200 Line: 130 Formula: 0 : : Account.. H3 .600 : : Acct Desc ACCOUNTS PAYABLE : : Trx Date .. 11/18/2008 SDT 11/14/08 : : Trx Amount... 2,000.00 : : Description.. SURVE~-FICNER PROPERTY : : Vendor Code.. 005322 : : Vendor Name.. EHLERS/JOHN C. : : Alt Vnd.. : : CHECK ........ 98664 SCNB : : Invoice Code. 2006931 : : VOUCHER ...... : : P.O. Code .... 18898 : : Project Code. : : Final Payment F Liquid. : : T~pe of 1099. M BOX. 07 Addl. : : Fixed Asset.. Y : : Date Released 11/18/2008 : : Date Cleared. : : F3=Exit F12=Cancel : : Melanie Domski Town of Southold PO Box 1179 Southold NY 11971 October 2, 2008 Project No: 8003.038 Invoice No: 0019067 Phase '1 Environmental Site Assessment for property located at 7990 Oregon Road, Cutchogue, NY scTM No. 1000~95.-4-6 Professional Services: AuRust 30, 2008 throuRh October 2, 2008 Fee 1,200.00 Total this invoice $1,200.00 GL108S 20 TOWN OF SOUTHOLD View I ** Actual Hi Vendor.. 003079 CASHIN ~SOCIATES, Y=Select - JE Date Trx. Date Fund Account ............................. Begi ,, 10/21/2008 10/21/2008 H3 .600 ~ 10/21/2008 10/21/2008 H3 .600 F2=Shift Up F3=Exit F10=Prev View Select Record(s) or Use Action Code Disburs Inquiry by Vendor Name .............. Detail--GL100N .............. : W-10212008-978 Line: 74 Formula: 0 : : Account.. H3 .600 : : Acct Desc ACCOUNTS PAYABLE : : Trx Date ..... 10/21/2008 SDT 10/20/08 : : Trx Amount... 1,200.00 : : Description.. PHASE i ESA-FICNER : : Vendor Code~.. 003079 : : Vendor Name,. CASHIN ASSOCIATES, P.C. : : Alt Vnd.. : : CHECK ........ 98209 SCNB : : Invoice Code. 0019067 : : VOUCHER ...... : : P.O. Code .... 18897 : : Project Code. : : Final Payment F Liquid. : : Type of 1099. N BOX. Addl. : : Fixed Asset.. Y : : Date Released 10/21/2008 : : Date Cleared. 10/31/2008 : : F3=Exit F12=Cancel : : : STEWART TITLE INSURANCE COMPANY 125 Baylis Road, Suite 201, Melville, New York 11747 Phone: 631-501-9615 Fax: 631-501-9623 ~E~SUP. A~CE COVZRAGE ~/~ ~?. 7~ PP. ZM~UM FA~ ~T VALUE ~ER fOoflonal~ PREMIUM MORTGAGE ~S~CE CO~GE PREM~M E~O~EME~: En~mnmen~l Waiver of Arbiffnfion R~denflnl Adj~ble ~te ~der ~ YO~ ~A~ ~S~SION T~ MOR~AGE T~ ~o~) MOR~AGE T~ ~o~r) ~ P~ERVA~ON ~ S~Y ~SPE~ON DEP~T~AL S~ ~RT ~CROW DE~ ~ROW DE~W ~E PA~ SE~ ( ) ~A~O~(S) ( ) MOR~AGE(S) ( ) ~L~A~ON, ~NSION & MOD~CATION AG~E~(S) ( ) MORTGAGE fl~ ~'~ ~ ~o.~ CLO~ER CHARGES, IF ANY: PICK-UP FEE OTHER: PATRICIA L. FAIJ~/t Title Cto~er TOWN OF SOUTHOLD VENDOR 019624 STEWART TITL~E INSUP~ANCE CO. FUND & ACCOUNT P. O. ~ INVOICE / Ii/2o/2oo8 ; / C~ECX DESCRIPTION 98785 ~AMOUNT H3 .8660.2.600.100 H3 .~660.2.1600.100 H3 .8660.2.600.100 ( TBRgI7 ST08-01917 , TBR917 ST08-01917 TBR917 ST08-01917 TITLE POLICY-FICNE~ REC EASEMEAFI~FI~NER CERT COPY-FICNER TOTAL 2,197.00 305.00 50.00 2,552.00 TOWN OF SOUTHOLD ~ VENDOR 006013 PATRICIA~ALLON 11/20/2008 CHECK 98783 FUND & ACCOUNT H3 .8660.2.600.100 P.O.# INVOICE DESCRIPTION TBR9~7 ST08-01917 TITLE CLOSER-FICNER 100.00 TOTAL 100.00 MELISSA A. SPIRO LAND PRESERVATION COORDINATOR melissa, spiro~town.southold.ny.us Telephone (631) 765-5711 Facsimile (631) 765-6640 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD OFFICE LOCATION: Town Hall Annex 54375 State Route 25 (corner of Main Rd & Youngs Ave) Southold, New York MAILING ADDRESS: P.O. Box 1179 Southold, NY 11971-0959 To: Supervisor Russell Town Board Town Clerk Land Preservation Committee Town Attorney Planning Board Suffolk County Division of Real Estate Tax Assessors Building Department Data Processing Town Comptroller Stewardship Manager Peconic Land Trust, Inc. The Nature Conservancy From: Melissa Spiro, Land Preservation Coordinator Date: November 20, 2008 Re.' FICNER~ et al. to TOWN OF SOUTHOLD plo SCTM #1000-95.-4-6 Please be advised that the Town has acquired a development rights easement on the property listed below. If you would like additional information regarding the purchase, please feel free to contact me. LOCATION: 7990 Oregon Road, Cutchogue SCTM #: part of 1000-95.-4-6 PROPERTY OWNERS: Carolyn Blaskiewicz, Barbara Bokina, Susan Cheshire, Jeanette Sayre and Stacia Ficner PURCHASE DATE: Thursday, November 20, 2008 PURCHASE PRICE: $515,999.70 (based on 6.5443 acres @ $79,000/buildable acre) TOTAL PARCEL ACREAGE: 8.3808 acres EASEMENT ACREAGE: 6.5443 acres RESERVED AREA: 1.8365 acre (80,000 sq ft) ZONING: A-C FUNDING: CPF 2% Land Bank MISCELLANEOUS: This property is listed on the Community Preservation Project Plan list. The land is leased and actively farmed.