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HomeMy WebLinkAboutC.W. FrancisSUFFOLK COUNTY CLERK RECORDS OFFICE RECORDING PAGE Type of Instrument: DECLARATION Number of Pages: 10 Receipt Number : 09-0029588 District: 1000 Recorded: At: 03/19/2009 03:13:26 PM LIBER: D00012583 PAGE: 379 Section: Block: Lot: 019.00 01.00 014.007 EXAMINED AND CHARGED AS FOLLOWS Received the Following Fees For Above Instrument Exempt Exempt Page/Filing $50.00 NO Handling $20.00 NO COE $5.00 NO NYS SRCHG $15.00 NO TP-584 $0.00 NO Notation $0.00 NO Cert. Copies $0.00 NO RPT $30.00 NO Fees Paid $120.00 THIS PAGE IS A PART OF THE INSTRUMENT THIS IS NOT A BILL Judith A. Pascale County Clerk, Suffolk County This document will be public record. Please remove all Social Security Numbers prior to recording. Deed / Mortgage Instrument Deed / Mortgage Tax Stamp 20]0 i%r 15 03:i3:25 YJc~ith ~. c .....',- P 579 Recording / Filing Stamps ,I Page / Filing Fee Handling TP-584 Notation EA-52 17 (County) EA-5217 (State) R.P.T.S.A. Comm. of Ed. Affidavit Certified Copy NYS Surcharge Other 4 I Dist./'d~ Real Property Tax Service Agency Verification 8 5. O0 15. 00 Sub Total FEES Sub Total Grand Total 1000 01900 0100 014007 Satisfactions/Discharges/Releases List Property Owners Mailing Address RECORD & RETURN TO: Mail to: Judith A. Pascale, Suffolk County Clerk 310 Center Drive, Riverhead, NY 11901 www. suffolkcountyny, gov/cler k Mortgage 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 improved by a one or two family dwelling only. YES or NO If NO, see appropriate tax clause on ,p~ge # of this instrument. Community Preservation Fund This page forms part of the attached Consideration Amount $ CPF Tax Due $ Improved Vacant Land TD TD TD Title Company Information ~',-%-~,,~ ,~ ..~- Suffolk County Recording & Endorsement Page /)Ec~-,'~,e. sr/Ol/ ~P I~V,E-,t/II&rT-5' t:)I03 l~-.~-.'iet¢,'"7~A/.~-- ,. '- made by: (SPECIFY TYPE OF INSTRUMENT) /gtC . The premises herein is situated in SUFFOLK COUNTY, NEW YORK. TO In the TOWN of In the VILLAGE or HAMLET of BOXBS 6 THRU 8 MUST BE TYPBD OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING. (over) IMPORTANT NOTICE If the document you've just recorded is your SATISFACTION OF MORTGAGE, please be aware of the following: If a portion of your monthly mortgage payment included your property taxes, *you will now need to contact your local Town Tax Receiver so that you may be billed dlrectlg for all future property tax statements. Local property taxes are payable twice a year: on or before January 10~ and on or before May 31't. Failure to make payments in a timely fashion could result in a penalty. Please contact your local Town Tax Receiver with any questions regarding property tax payment. Babylon Town Receiver of Taxes 200 East Sunrise Highway North Llndenhurst, N.Y. 11757 (631) 957-3004 Riverhead Town Receiver of Taxes 200 Howell Avenue Riverhead, N.Y. 11901 {631) 727-3200 Brookhaven Town Receiver of Taxes One Independence Hill Farmingville, N.Y. 11738 (631) 451-9009 Shelter Island Town Receiver of Taxes Shelter Island Town Hall Shelter Island, N.Y. 11964 (631) 749-3338 East Hampton Town Receiver of Taxes 300 Pantigo Place East Hampton, N.Y. 11937 (631) 324-2770 Smithtown Town Receiver of Taxes 99 West Main Street Smithtown, N.Y. 11787 (631) 360-7610 Huntington Town Receiver of Taxes 100 Main Street Huntington, N.Y. 11743 (631) 351-3217 Southampton Town Receiver of Taxes 116 Hampton Road Southampton, N.Y. i 1968 (631) 283-6514 Islip Town Receiver of Taxes 40 Nassau Avenue Islip, N.Y. 11751 (631) 224-5580 Southold Town Receiver of Taxes 53095 Main Street Southold, N.Y. 11971 (631) 765-1803 Sincerely, Judith A. Pascale Suffolk County Clerk · 01~.o~ DECLARAT1'ON OF COVENANTS AND RESTR1'CTTONS THIS DECLARATZON, made as of this 3rd day of March, 2009, by C.W. FRANCIS & SON, INC.,~ereinafter referred to as the "DECLARANT"; as owner of the premises designated as SCTM #1000-19-1-14.7 and shown on a survey prepared by Nathan Taft Corwin ][][! Land Surveyor dated August 23, 2005 and last revised February 12, 2009, described in the metes and bounds description attached hereto and made a part hereof as Schedule "A", and portions of which are separately described as the "Reserve Area", the "Development Rights Easement Area" and the "Agricultural Structure Area", respectively, in the additional metes and bounds descriptions attached hereto and made a part hereof· W~TNESSETH: WHEREAS, DECLARANT is the owner of certain real properb/situate at 32400 Route 25, Orient, in the Town of Southold, County of Suffolk and State of New York, (the "Property"); and WHEREAS, the DECLARANT has granted to Town of Southold (the "Town") a Grant of Development Rights Easement dated March 3, 2009 over a part of SCTM #1000- 19-1-14.7, designated as the "Development Rights Easement Area"; and WHEREAS, the remaining portion of SC'TM #1000-19-1-14.7 has been designated by the DECLARANT and the Town Board of the Town of Southold (the "Town Board'~ and the Town Land Preservation Committee ("LPC") as a "Reserve Area" for possible future development, in accordance with applicable zoning regulations and these Covenants and Restrictions; and WHEREAS, DECLARANT, the Town Board, therPlanning Board of the Town of Southold (the "Planning Board'3 and the LPC wish to permanently limit the number of dwellings adjacent to the Development Rights Easement Area; and WHEREAS, the DECLARANT, the Town Board, the Planning Board and the LPC recognize that current zoning would allow for the construction of one single family dwelling on the Reserve Area; and WHERE.AS, for and in consideration of the acceptance of the Grant of Development Rights Easement, the Town Board has deemed it in the best interests of the Town of $outhold (the "Town") and the owner and prospective owners of the Property that the within covenants and restrictions be imposed on the Property, and as a condition of the acceptance of the Grant of Development Rights Easement, the Town Board has required that the within Declaration be recorded in the Suffolk County Clerk's Office; and WHEREAS, the DECLARANT has considered the foregoing and has determined that this declaration of covenants and restrictions will be in the interests of the DECLARANT and subsequent owners of the Property, NOW, THEREFORE, be it declared as follows: The DECLARANT, for the purpose of carrying out the intentions above expressed does hereby make known, admit, publish, covenant and agree that the Property shall hereinafter be subject to the covenants and restrictions as set forth herein, which shall run with the land and shall be binding upon all purchasers and holders of the Property, their heirs, executors, legal representatives, distributees, successors and assigns, to wit: 1. DECLARANT shall not make application for and seek any relief from the Town of Southold for the following: (a) permission to divide the Reserve Area in any manner into more than one lot, except as provided in Paragraph 3 below; (b) with respect to residential uses on the Reserve Area, permission to construct any dwelling other than a single-family dwelling and customary accessory structures, or permission to construct more than one single family dwelling on the Reserve Area. 2. Notwithstanding the restrictions contained in Paragraph I above, DECLARANT retains the right to make application for and seek any relief from the Town of Southold for: (a) permission to subdivide the Reserve Area from the Development Rights Easement Area; (b) permission to reconfigure lot lines in order to combine the Reserve Area with an adjacent lot, provided that such combination shall not result in increased density or more than one single-family dwelling within the Reserve Area described in the metes and bounds description attached and made a part hereof. ,3. Tn any such application set forth in Paragraph 2(a) or (b) above, DECLARANT shall provide for access to the Development Rights Easement Area over the 57.21' wide x 440.18 long portion of the Reserve Area beginning at Main Road (S.R. 25) (the "flag pole") or in the alternative, DECLARANT may request permission to subdivide the flag pole into two access drives. Except for the right to construct new structures and to construct, maintain and replace any existing structures, as provided under applicable laws and these Covenants and Restrictions, DECLARANT hereby grants to the Town of Southold any other existing development rights on the Reserve Area (and any further development rights that may be created through a rezoning or transfer of development rights of the Reserve Area), and DECLARANT agrees that any other such development rights shall be terminated and extinguished and may not be used or transferred to any other parcels. Furthermore, no development rights may be transferred to the Reserve Area from any other lot. These covenants and restrictions shall be construed to be in addition to and not in derogation or limitation upon any local, state, and federal laws, ordinances, regulations or provisions in effect at the time of execution of this agreement, or at the time such laws, ordinances, regulations and/or provisions may hereafter be revised, amended or promulgated. These covenants and restrictions shall be enforceable by the Town of Southold, by injunctive relief or any other remedy in equity or at law. The failure of the Town of $outhold or any of its agencies to enforce same shall not be deemed to affect the validity of this covenant nor to impose any liability whatsoever upon the Town of Southold or any officer or employee thereof. If any section, subsection, paragraph, clause, phrase or provision of these covenants and restrictions shall, by a Court of competent jurisdiction, be adjudged illegal, unlawful, invalid or held to be unconstitutional, the same shall not affect the validity of these covenants as a whole, or any other part or provision hereof other than the part so adjudged to be illegal, unlawful, invalid, or unconstitutional. This Declaration is made subject to the provisions of all laws required by law or by their provisions to be incorporated herein and they are deemed to be incorporated herein and made a part hereof, as though fully set forth. This Declaration shall run with the land and shall be binding upon DECLARANT, its successors and assigns, and upon all persons or entities claiming under them, and may not be annulled, waived, changed, modified, terminated, revoked or amended by DECLARANT or any subsequent owners of the premises unless and until approved by the LPC, and by a majority plus one vote of the Town Board and the Planning Board, or their legal successors, following a public hearing. · Notwithstanding the above, no amendment, modification or other change shall be granted to permit the construction or creation of more than one single-family dwelling on the Reserve Area. :IN WITNESS WHEREOF, the DECLARANT above named, has duly executed the foregoing Declaration the day and year first above written. DECLARANT: STATE OF NEW YORK) SS.: COUNTY OF -~ ~) On the op/''t day of March in the year 2009 before me, the undersigned, personally appeared William F. Trinkle, personally known to me or proved to me on the basis of satisfactory evidence to be the individuals whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their capacity, and that by their signature on the instrument, the individuals, or the persons upon behalf of which the individuals acted, executed the instrument, and that such individuals made such appearance before the undersigned. Sworn to before me this ,~day of March, 2009 Notary Public Commi~,'~or~ E~ ~,p~i 24, ~ I/ ,g t,. IAR - 3 2009 COMPOSITE DESCRIPTION Al J~ ~a~ ~rt~n plo~, piece ~ p~cel of land, si~ate, lying ~d ~ing a~ ~ient, Town of Southold, County of Suffo~, Sm~e of New Yor~ being bo~d~ and described as follows: BEG~G a~ a concrete mon~em se~ on ~e somherly ~ide of M~n Road (S.~ 2~) &s~t 32~ fee~, more or less, from ~e imer~cfion of ~he sou~erly side of M~n Road (S.R. 2~) ~d ~e easterly side of N~ow ~ver Road, s~d ~im being where ~e easterly ~ne of land nowor formerly of Eleanor C. ~d Rober~ E. Webber imersec~s ~ ~e sou~erly side of ~n Road (S.R. 2~); R~G T~CE ~ong ~e sou~erly side of M&n Road (S.~ 2~) Sou~ 7~ de~s ~9 ~nutes ~ 'seconds ~s~ ~7.21 fee~ ~o ~he land now or fo~erly of STG Associmes ~c.; T~NCE along s~d I~d Sou~ 18 de~ees 24 ~nu~es 19 seconds ~st 436.~1 feet; T~NCE Sou~ 77 de~ees 14 ~nmes 10 se~nds ~st ~73.~ feeq T~CE Sou~ 20 de~s 33 ~nutes 01 s~nds ~st 1529.~ feet; T~CE Sou~ 53 de~e~ 59 ~nutes 20 semnds West 23.47 feet; T~CE Sou~ 15 de~ees 57 ~nutes 21 se~nds ~st 329.52 feet; T~CE Sou~ 68 de~ees 00 ~nutes ~ seconds West 525.~ feet; T~NCE Nor~ 19 de~ees 54 ~nutes 51 semnds West 1379.38 feet to a broken concrete monment; T~CE Nor~ 18 de~ees 24 ~nutes 19 se~nds West 1282.23 feet to ~e sou~erly side ofM~n R~ (S.R. 25) the point or place of BEG~G. RESERVE AREA ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York~ being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road (S.R~ 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); RUNNING THENCE along the southerly side of Main Road (S.R. 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes 01 seconds East, 369.21 feet; THENCE South 69 degrees 26 minutes 59 seconds West, 260.00 feet; THENCE North 20 degrees 33 minutes 01 second West, 516.16 feet; THENCE North 77 degrees 14 minutes 10 seconds West, 320.42 feet; THENCE North 18 degrees 24 minutes 19 seconds West, 440.18 feet to the southerly side of Main Road (S.R. 25), the point or place of BEGINNING. title insurance company~' C o~,,/ NEW YORK METRO 800-8,5,3-4803 212-922-1503 fax stewa~tnev~ork, com AMENDED 3/2/2009 Title No.: ST08-02718 DEVELOPMENT RIGHTS EASEMENT ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York, being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road tS.P,. 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); RUNNING THENCE along the southerly side of Main Road (S.R. 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes O1 seconds East 1529.84 feet; THENCE South 53 degrees 59 minutes 20 seconds West 23.47 feet; THENCE South 15 degrees 57 minutes 21 seconds East 329.52 feet; THENCE South 68 degrees 00 minutes 00 seconds West 525.00 feet; THENCE North 19 degrees 54 minutes 51 seconds West 1379.38 feet to a broken concrete monument; THENCE North 18 degrees 24 minutes 19 seconds West 1282.23 feet to the southerly side of Main Road (S.R. 25) the point or place of BEGINNING. EXCEPTING THEREFROM the "Reserved Area" described as follows: ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York, being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); - 3 2009 RUNNING THENCE along the southerly side of Main Road (S.IL 25) South 76 degrees 59 radnutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees t4 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes 01 seconds East, 369.21 feet; THENCE South 69 degrees 26 minutes 59 seconds West, 260.00 feet; THENCE North 20 degrees 33 minutes 01 second West, 516.16 feet; THENCE North 77 degrees 14 minutes 10 seconds West, 320.42 feet; THENCE North 18 degrees 24 minutes 19 seconds West, 440.18 feet to the southerly side of Main Road (S.R. 25), the point or place of BEGINNING. A.iMENDED 3/312009 NOT TO BE INSURED: FOR INFORMATIONAL PURPOSES ONLY AGRICULTURAL STRUCTURE AREA ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York being bounded and described as follows: BEGINNING at a concrete monument set on the Southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the Southerly side of Main Road (S.R. 25) and the Easterly side of Narrow River Road, said point being where the Easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the Southerly side of Main Road (S.R. 25); RUNNING THENCE along the Southerly side of Main Road (S.R. 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes 01 seconds East 329.21 feet to the true point or place of beginning; THENCE from said true point or place of beginning, South 68 degrees 07 minutes 12 seconds West 562.90 feet; THENCE North 19 degrees 54 minutes 51 seconds West 379.38 feet to a broken concrete monument; THENCE North 18 degrees 24 minutes 19 seconds West 822.05 feet; THENCE South 77 degrees 14 minutes 10 seconds East, 320.42 feet; THENCE South 20 degrees 33 minutes 01 seconds East, 516.16 feet; T~CE North 69 degrees 26 minutes 59 seconds East, 260.00 feet to the true point or place of BEGINNING. ALTA Owner's Policy (6-17-06) POLICY OF TITLE INSURANCE ISSUED BY 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 properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to pedorm 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 survey 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 dght 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 relating 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. Countersigned: Stewart Title insurance Company New York, New York resident Serie~ No O-8911-487408 If ~u warn information about coverage or need assistance to resolve complaints, please call our toll free number: 1-800-433-0014. If you make a claim under your policy, ~u must furnish wdtten notice in accordance ~th Section 3 of the Conditions. Visit our Word-Wide Web site at http://www. Stewa~NewYork.com File No.: ST08~02718 COVERED RISKS (Continued) Title being vested other than as stated in Schedule A or being defective (a) (b) (i) to be timely, or as a result of the avoidance in whole or in part, or from a court order (ii) to impar[ notice of its existence to a purchaser for value or to a providing an alternative remedy, of a transfer of all or any part of the judgment or lien creditor, title to or any interest in the Land occurring prior to the transaction 10, Any defect in or lien or encumbrance on the Title or other mat~er 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 pber 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 adse 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) environmental protection; or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion l(a) does not modify or limit the coverage provided under Covered Risk 5. (b) Any govemmental 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 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 prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify 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 Title 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 g of this policy, Any lien on the Title for real estate taxes or assessments 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 foilowing 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 term "Insured" also includes (A) successors ta 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, distdbution, 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 affiliated 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 instrument established by the Insured named in Schedule A for estate planning purposes. (ii) With regard to (A), (B), (C), and (D) reserving, however, all 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 impart 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 fight, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy (h) "Mortgage": Mortgage, deed of trust, trust deed, or other secudty 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 filed 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 marketable title. I[ Pa~e 2 Sedal No.: O-8911-487408 ]1 File No.: ST08-02718 CONDITIONS (Continued) 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 farce in favor of any purchaser from the Insured of either (il an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notify the Company promptly in writing (il in case of any litigation as set forth in Section 5(al of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be 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. 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 Claimant furnish a signed proof of loss. The proof of loss must describe the dofect, 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. DEFENSE AND PROSECUTION OF ACTIONS (al Upon written 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 right to select counsel of its choice (subject to the dght 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 right, in addition to the options contained in Section 7 of these Conditions, at its ow~ cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to 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. obtaining witnesses, prosecuting or defending the action or proceeding, or affecting 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 matters requiring such cooperation. (b) 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 bearing a date before or after 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 c[aim. 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 expenses incurred by the Insured Claimant that were authorized 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, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. (b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (il To pay or otherwise settle with other padies 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 po[icy, together with any costs, attomeys' 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 obligatad to pay, Upon the exercise by the Company of either of the options 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 terminate, including any liability or obligation to defend, prosecute, or continue any litigation. DUTY OF INSURED CLAIMANT TO COOPERATE (al 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 proceeding, including the dght 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, Page3 Serial No.: 0-8911-487408 II File No.: ST08-02718 CONDITIONS (Continued) 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) theAmount 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 po[icy. (b) If the Company pursues its dghts 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 Claimant shall have the dght 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 right 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 whffen consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY Ali 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 insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is 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 shall have settled and paid a claim under this policy, it shall be subrogatad and entitled to the rights of the insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any pemon or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company, if requested by the Compeny, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights 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 I Pa[le 4 File No.: ST08-02718 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 dght of subrogation includes the dghts of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation rights, 14. ARBITRATION Either the Company or the Insured may demand that the claim or controversy 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 arising out of or relating to this policy, any service in connection with its issuance or the breach of a po[icy provision, or to any other controversy or claim arising out of the transaction giving rise 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, attached to it by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage that adses 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 wTiting and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. (d) 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 pdor 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 unenforceable under applicable law, the policy shall be deemed not to include that provision or such part 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 underV, Titten 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, dghts, 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 judsdiction where the Land is Iccated 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 territories having appropriate jurisdiction. 18, NOTICES, WHERE SENT Any noPce 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 Claims Department at 300 East 42¢ St, 10t~ Floor, New York, NY 10017. Serial No.: O-8911-487408 ALTA OIArNER' S POLICY (6/17/06) $CHEDULEA File No.: ST08-02718 Policy No.: O-8911-487408 Amount of $1~788,720.00 Premium: $7,395.00 Insurance: Date of March 3. 2009 Policy: 1. Name of Insured: Town of Southold 2. The estate or interest In the land described herein and which is covered by this policy is: EaS~l-aeru 3. Title vested in: Town of Sou~hold who acquired Development Rights by virtue of an Easement from CoW. Frauc{s & Son, Inc. dated 3/3/2009 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: 019A}O Block: 01.0t} Lot: Part of I}14.007 ALTA OWNER'S POLICY (6/17/06) File No.: ST08-02718 SCHEDULE A DESCRIPTION Policy No.: AMENDED 3/2]2009 DEVELOPMENT RIGHTS EASEMENT ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York, being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); RUNNING THI?2qCE along the southerly side of Main Road (S.R. 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes 01 seconds East 1529.84 feet; THENCE South 53 degrees 59 minutes 20 seconds West 23.47 feet; THENCE South 15 degrees 57 minutes 21 seconds East 329.52 feet; THENCE South 68 degrees 00 minutes 00 seconds West 525.00 feet; THENCE North 19 degrees 54 minutes 51 seconds West 1379.38 feet to a broken concrete monument; THENCE North 18 degrees 24 minutes 19 seconds West 1282.23 feet to the southerly side of Main Road (S.R. 25) the point or place of BEGINNING. EXCEPTING THEREFROM the "Reserved Area" described as follows: ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York, being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); RUNNING THENCE along the southerly side of Main Road (S.R. 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; ALTA OX,VNER'S POLICY (6117106) THENCE South 20 degrees 33 minutes 01 seconds East, 369.21 feet; THENCE South 69 degrees 26 minutes 59 seconds West, 260.00 feet; THENCE North 20 degrees 33 minutes 01 second West, 516.16 feet; THENCE North 77 degrees 14 minutes 10 seconds West, 320.42 feet; THENCE North 18 degrees 24 minutes 19 seconds West, 440.18 feet to the southerly side of Main Road (S.R. 25), the point or place of BEGINNING. ALTA OWNER'S FOLICY (6/17/06) ALL that certain plol, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York, being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); RUNNING THENCE along the southerly side of Main Road (S.R~ 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STO Associates Inc.~ THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE Soulh 20 degrees 33 minutes 01 seconds East, 369.21 feet; THENCE South 69 degrees 26 minutes 59 seconds West, 260.00 feet; THENCE North 20 degrees 33 minutes 01 second West, 516.16 feet; THENCE North 77 degrees 14 minutes 10 seconds West, 320.42 feet; THENCE North 18 degrees 24 minutes 19 seconds West, 440.18 feet to the southerly side of Main Road (S.R. 25), the point or place of BEGIiXrNING. ALTA O1ArNER ' S POLICY (6/17/06) COMPOSITE DESCRIPTION ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York, being bounded and described as follows: BEGINNING at a concrete monument set on the southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the southerly side of Main Road (S.R. 25) and the easterly side of Narrow River Road, said point being where the easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the southerly side of Main Road (S.R. 25); RUNNING THENCE along the southerly side of Main Road (S.R. 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STO Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes 01 seconds East 1529.84 feet; THFaNCE South 53 degrees 59 minutes 20 seconds West 23.47 feet; THF_IqCE South 15 degrees 57 minutes 21 seconds East 329.52 feet; THENCE South 68 degrees 00 minutes 00 seconds West 525.00 feet; THENCE North 19 degrees 54 minutes 51 seconds West 1379.38 feet to a broken concrete monument; THENCE North 18 degrees 24 minutes 19 seconds West 1282.23 feet to the southerly side of Main Road (S.R. 25) the point or place of BEGINNING. AMENDED 3/312O09. NOT TO BE INSURED: FOR INFORMATIONAL PURPOSES ONLY AGRICULTURAL STRUCTURE AREA ALL that certain plot, piece or parcel of land, situate, lying and being at Orient, Town of Southold, County of Suffolk, State of New York being bounded and described as follows: BEGINNING at a concrete monument set on the Southerly side of Main Road (S.R. 25) distant 3200 feet, more or less, from the intersection of the Southerly side of Main Road (S.R. 25) and the Easterly side of Narrow River Road, said point being where the Easterly line of land now or formerly of Eleanor C. and Robert E. Webber intersects with the Southerly side of Main Road (S.R. 25); RUNNING THENCE along the Southerly side of Main Road (S.IL 25) South 76 degrees 59 minutes 02 seconds East 57.21 feet to the land now or formerly of STG Associates Inc.; THENCE along said land South 18 degrees 24 minutes 19 seconds East 436.51 feet; THENCE South 77 degrees 14 minutes 10 seconds East 573.44 feet; THENCE South 20 degrees 33 minutes 01 seconds East 329.21 feet to the true point or place of beginning; THENCE from said true point or place of beginning, South 68 degrees 07 minutes 12 seconds West 562.90 feet; THENCE North 19 degrees 54 minutes 51 seconds West 379.38 feet to a broken concrete monument; THENCE North 18 degrees 24 minutes 19 seconds West 822.05 feet; THENCE South 77 degrees 14 minutes 10 seconds East, 320.42 feet; THENCE South 20 degrees 33 minutes 01 seconds East, 516.16 feet; THENCE North 69 degrees 26 minutes 59 seconds East, 260.00 feet to the true point or place of BEGINNING. ALTA OWNER'S FOLICY (6/17/06) SCHEDULE B PART I File No.: $T08-02718 Poligy No.: O-8911-487408 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) ~at arise by reason of: Declaration of Covenants and Restrictions as set forth in Liber 10303 Page 564. a) No title is insured to any land nor under the waters of Narrow River. b) Subject to the rights of others to navigate the waters of Narrow River. c) Subject to the riparian fights of others to Narrow River. d) Riparian rights of the owner of the subject pre~rdses, are not insured. e) Rights of the governmental authorities to improve navigation and change bulkhead and shore lines without compensation to upland owners. Survey made by Nathan Taft Corwin IH Land Surveyor, dated 8/23/2005 and last updated 2/12/2009, shows subject premises as unimproved vacant land. (a) Edge of farm field shown over southerly part of premises. Co) Edge of flagged wetlands traverses southeasterly part of premises. (c) 12-inch concrete pipe shown varies with part of easterly line. (d) Dirt road varies with westerly fine and encroaches an unspecified distance onto parts of premises adj scent west. (e) 15-foot DEC fight of way shown over westerly part of premises. (e) Dirt road encroaches an unspecified distance onto easterly part of premises from premises adjacent west. Policy will except the terms and conditions of the Grant of Development Rights Easement to be executed by the grantor and the Town of Southold: STEWART TITLE INSURANCE COMPANY HEREIN CALLED THE COMPANY STANDARD NEW YORK ENDORSEMENT (Owner's Policy) Title No.: ST08-02718 Date of Issue: March 3, 2009 ATTACHED TO AND MADE A PART OF POLICY NUMBER O-8911-487408 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: 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 recording of the deed or other instrnment 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: March 3, 2009 Countersigned By: Authorized Office or Agent Stewart Title Insurance Company 300 East 42nd St., 10th FI New York, New York 10017 STEWART TITLE INSURANCE COMPANY Secretary STANDARD NEW YORK ENDORSEMENT (11/1/08) FOR USE WITH ALTA OWNER'S POLICY (6-17-06) CLOSING STATEMENT C.W. FRANCIS & SON, INC. to TOWN OF SOUTHOLD Total Development Rights Easement- 23.132 acres Total Parcel Acreage - 26.482 acres Reserved Area - 3.350 acres DEC Right of Way - 0.756 acre Wetland Area - 0.017 acre Premises: 32400 Route 25, Orient Part of SCTM #1000-19-1-14.7 Closing took place on Tuesday, March 3, 2008 at 11:00 a.m,, Southold Town Hall Annex Purchase Price of $1,788,720.00 (based upon 22.359 buildable acres $80,000/buildable acre) disbursed as follows: Payable to C. W. Francis & Son, Inc. Check ~99980 (3~3~09) $ 1,788,720.00 Expenses of Closing: Appraisal Payable to Brunswick Appraisal Corp. Check #97544 (9/9/08) $ 3,000.00 Survey Payable to Nathan Taft Corwin III Land Surveyor Check #99665 (2/3/09) $ 2,400.00 Environmental Report (Phase I ESA) Payable to Nelson, Pope & Voorhis, LLC Check #99669 (213/09) $ 1,000.00 Title Report Payable to Stewart Title Insurance Company Check #99982 (3/3/09) Title insurance policy $ 7395.00 Recording easement & $ 325.00 certified copy Recording C&R's $ 175.00 $ 7,895.00 Title Closer AttendanCe Fee Payable to Patricia Fallon Check #99981 (3/3/09) $ 100.00 Those present at Closing: Scoff A. Russell LiSa Clare Kombrink, Esq. William Trinkle Juan Granados David Dubin, Esq. Patricia 'Fallon Melissa Spiro Melanie Doroski Southold Town Supervisor Attorney for Town of Southold Seller Partner Attorney for Seller Title Company Closer Land Preservation Coordinator Land Preservation Sr Administrative Asst TOWN OF SOUTHOLD VENqDOR 002997 C.W. FRANCIS & SON, INC. o /o3 zoo9 CHECK 99980 FU~D & ACCOUNT H2 .8686.2. 000.00J~ ~ ' P.0.$$ TBR86 INVOICE 090309 DESCRIPTION AMOUNT DEV RIGHTS-22.35 ACRES 1,788,720.00 TOTAL 1,788,720.00 BRUNSWICK APPRAISAL CORP. REAL ESTATE APPRAISERS AND CONSULTANTS 44 Elm Sm:et, Suite 7 HUNTINGTON, NEW YORK 11743 (631 ) 421-2344 FAX (631 ) 424-9246 E-Mail: Bmnswickappraisalcorl:4~MSN.com Ssnford S, Brunswick Elinor Brunswick, MAI Stgte Cetlifiefl C~neral Apprmsers August 20, 2008 Armand Brunswick. MAI 1881-1960 Town of Southold Department of Land Preservation Southold Town Hall Annex 54375 State Route 25 P.O. Box ! 179 Southoid, New York 11971-0959 Attention: Melissa A. Spiro, Land Preservation Coord/nator C.W. Francis & SOn, Inc. Property Development Rights Easement Acquisition Tax Map #: 1000-19-1-14.7 Location: 2."~ L'_. ::,; ~%-~_~,.-_~.-~ 3ZoOo v.i, INVOICE# 1000-07 Real Estate Appraisal $3,000 GL108S 20- TOWN OF SOUTHOLD View i ** Actual Hi Vendor.. 005409 ELINOR BRUNSWICK, M Y=Select JE Date Trx. Date Fund Account ............................. Begi .. 3/11/2008 3/11/2008 H3 .600 5/06/2008 5/06/2008 H3 .600 ~ 9/09/2008 9/09/2008 B3 .600 9/23/2008 9/23/2008 H3 .600 · 12/16/2008 12/16/2008 H3 .600 · ,1/20/2009 1/20/2009 H3 .600 .. 2/24/2009 2/24/2009 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-09092008-589 Line: 73 Formula: 0 : Account.. H3 .600~ : Acct Desc ACCOUNTS PAYABLE : Trx Date.;.,. 9/09/2008 SDT 9/08/08 : Trx Amount... 3,000..00 : Description.. APPRAISAL-FRANCIS : Vendor Code.. 005409 : Vendor Name.. ELINOR BRUNSWICK, MAI : Alt Vnd.. : CHECK ........ 97544 SCNB : Invoice Code. 1000-07 : VOUCHER · P.O. Code .... 18892 : Project Code. : Final Payment F Liquid. : T~pe of 1099. N BOX. Addl. : Fixed Asset.. ¥ : Date Released 9/09/2008 : Date Cleared. 9/30/2008 : F3=Exit F12=Cancel : : NATHAN TAFT CORWIN III LAND SURVEYOR, P.C. 322 ROANOKE AVE. P.O. BOX 1931 RIVERHEAD, NY 11901 Phone # 631-727-2090 Fax # 631-727-I 727 Invoice Date Invoice ~ I 1/21/2009 2293 BilI To Town of Southold P.O. Box 1179 Southold, New York 11971 AR: Melanie Job # Client: Terms 29-001 C.W. Francis and Son, Inc. Description UIxlate survey (32400 Route 25, Orient - PO~ 19282) 30 DAYS S.C. Tax Lot No. I000-19-01-14.7 Amount- 2,400.00 GL108S 20 TOWN OF SOUTHOLD View 1 ** Actual Hi . Vendor.. 013975 NATHAN T CORWIN III : Y=Select : JE Date Trx. Date Fund Account : ............................. Begi : .. 10/09/2007 10/09/2007 H3 .600 ~ 2/03/2009 2/03/2009 H3 .600 F2=Shift Up F3=Exit F10=Prev View Select Record(s) or Use Action Code .Disburs Inquir~ by Vendor Name ............. Detail--GL100N .............. W-02032009-944 Line: 228 Formula: 0 : Account.. H3 .600 : Acct Desc ACCOUNTS PAYABLE : TrX Date. .... 2/03/2009 SDT 2/02/09 : Trx Amount... 2,400.00 : Description.. BOUNDARY SURVEY-FRANCIS : Vendor Code.. 013975 : Vendor Name.. NATHAN T CORWIN III : /tlt Vnd.. : CHECK ........ 99665 SCNB : Invoice Code. 2293 : VOUCHER ...... : P.O.'Code .... 19282 : Project Code. : Final Palrment F Liquid. : T~pe of 1099. N BOX. Addl: : Fixed Asset.. Y : Date Released 2/03/2009 : Date Cleared. : F3=Exit F12=Cance1 : : Nelson, Pope & Voorhis, LLC 572 Walt Whitman Road Phone: 631-427-5665 Melville NY 11747 Fax: 631-427-5620 Invoice Property: 08279 Project: Francis Property, Orient Manager: McGinn. Steven VA02782 To; Town of Southold Debt of Land Preserv Town Hall 53095 State Rt 25, PO Box 1179 Southold NY 11971 Attention: Melissa A Spiro Invoice #: 6381 Invoice Date: January 20, 2009 MAKE CHECKS PAYABLE TO NELSON POPE & VOORHIS Contract dated December 19, 2008 - Item #1: Prepare Phase I Environmental Site Assessment Work Performed thru 1/5/09 Invoice Amount $1,000. O0 Contract Amount: $1,000.00 Percent Complete: 100.00% Fcc Earned: $1,000.00 Prior Fcc Billings: $0.00 Current Fee To~l: $1,000.00 *** Total Project Invoice Amount $1,000.'00 GL108S 20 TOWN OF SOUTHOLD View 1 ** Actual Hi Vendor~. 014161 N~LSON, POPE & VOOR Y=Select JE Date Trx. Date Fund AccounE ............. ~ ........... Use Acti 10/21/2008 10/21/2008 B .600 11/05/2008 11/05/2008 B .600 12/02/2008 12/02/2008 H3 .600 1/06/2009 1/06/2009 B .600 .. 1/06/2009 1/06/2009 B .600 1/06/2009 1/06/2009 B .600 2/03/2009 2/03/2009 H3 .600 2/03/2009 2/03/2009 B .600 ~ 2/03/2009 2/03/2009 H3 .600 F2=Shift Up F3=Exi5 F10=Prev View Select.Record{s) or Use Action Code Disburs Inquir~ by Vendor Name ............. Detail--GL100N .............. W-02032009-944 Line: 234 Formula: 0 : Account.. H3 .600 : Acct Desc ACCOUNTS PAYABLE : : Trx Date ...... ' Trx Amount... : Description.. : Vendor Code.. : Vendor Name.. : Alt Vnd.. : CHECK ........ 99669 : Invoice Code. 6381 : VOUCHER ...... : P.O. Code .... 19283 : Project Code. : Final Payment F Liquid. : Type of 1099. M BOX. 07 : Fixed Asset.. Y : Date Released 2/03/2009 : Date Cleared. : F3=Exit F12=Cance1 : 2/03/2009 SDT 2/02/09 1,000.00 ESA-FRANCIS PROPERTY 014161 NELSON, POPE & VOORHIS, SCNB Addl. STEWART TITLE INSURANCE COMPANY 707 Westchester Avenue, Suite 411, White Plains, New York 10604 Phone: 800-433-4698 or 914-993-9393 Fax: 914-997-1698 gEE INSURANCE COVERAGE PREMIUM $ /'~,.~ ¢~'. ~ FAIR ~T VALUE ~ER P~M MORTGAGE ~S~NCE CO~GE , P~M E~E~: En~nmeu~l Waiver of Arbl~flon R~ldenflal A~usaMe hte ~der ~W YO~ ~A~ ~$~SlON T~ MOR~AGK T~ ~o~) MORTGAGE T~ (Motor) S~Y ~SPE~ON DEP~T~ SE~CH~ ~ ~RT E~ROW DE~ ~OW DE~ ~ B~ S~CH ( ) MOR~AG~S) ( ) ~N~A~ON, ~ENSION & MODUlaTION AG~EMENT(S) ( ) MORTGAGE ~A~(S) ( ) ~G~(S) · CLOSER CHARGES, IF ANY: PICK-UP FEE OTHER: PATRICIA L. FALLON Title Closer TOWN OF SOUTHOLD VENDOR 019624 STEWART TITLE INSURANCE CO. 03/03/2009 CHECK 99982 FUND & A~COUNT P.O.~ INVOICE DESCRIPTION H2 .8686.2.000.000 H2 .8686.2.000.000 H2 ,8686.2.000.000 TBR86 ST08-02718 TBR86 ST08-02718 TBR86 ST08-02718 T/?TLE POLICY-CW~FRANCIS REC/CERT ~OPY-FRANCIS REC C & R 'S TOTAL 7,395.00 325.00 175.00 7,895.00 TOWN OF SOUTHOLD VENDOR Q06013 P~TRICIA FALLON 03/03/2009 CHECK 99981 FUND & ACC©U~T P.O.~ INVOICE DESCRIPTION AMOUNT H2 .8686.2.000.000 TBR86 ST08-2718 TITLE CLOSER-FRANCIS 100.00 TOTkL 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 Hail Annex 54375 State Route 25 (comer 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 Managers Peconic Land Trust, Inc. The Nature Conservancy From: Melissa Spiro, Land Preservation Coordinator Date: Mamh 4, 2009 Re: C.W. FRANCIS & SON~ INC. to TOWN OF SOUTHOLD plo SCTM #1000-19.-1-14.7 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 pumhase, please feel free to contact me LOCATION: 32400 Route 25 (Main Rd) Orient SCTM #: part of 1000-19.-1-14.7 PROPERTY OWNER: C. W. Francis & Son, Inc. PURCHASE DATE: Tuesday, Mamh 3, 2009 PURCHASEPRICE: $1,788,720.00 (based on 22.359 buildable acres @ $80,000/buildable acre) TOTAL PARCELACREAGE: 26.482 acres EASEMENT ACREAGE: 23.132 acres (includes 0.756 DEC right-of-way and 0.017 acre wetland area) RESERVED AREA: 3.350 acres ZONING: R-80/R-200 FUNDING: CPF 2% Land Bank MISCELLANEOUS: This property is listed on the Community Preservation Project Plan list. The land is rented to a local farmer. The easement area is bordered on the west by Town preserved farmland, to the south and southeast by the State of New York preserved lands.