HomeMy WebLinkAboutRich, Franklin Overton (Cochran Park)1000-74-5-6
Baseline Documentation
Premises:
2405 Peconic Lane
Peconic, New York
13.85 acres
Open Space Acquisition
(JEAN W. COCHRAN PARK)
FRANKLIN OVERTON RICH
to
TOWN OF SOUTHOLD
Deed dated December 10, 1998
Recorded December 24, 1998
Suffolk County Clerk- Liber 11936, Page 096
SCTM #:
Premises:
Hamlet:
Purchase Price:
Funding:
CPF Project Plan:
Total Parcel Acreage:
Zoned:
Existing Improvements:
1000-74-5-6
2405 Peconic Lane
Peconic
$200,000.00
Serial Bond
Yes
13.85 acres
R-80
In November 1998 -
(as per survey) fallow field
A. Description of the Site
The subject property is located on the west side of Peconic Lane in Peconic, New York. It hms westerly
along land of Mazzei; then north along land ofB & J Realty; then easterly along the L.I. Railroad tracks; south
along land of Blackburn then east to Peconic Lane. It is an irregular shape, somewhat resembling a square. There
are slight variations in topography. The view varies from residential to vacant land to storage buildings along the
railroad tracks.
The site can be subdivided under the current zoning into residential parcels. It can also accommodate
retail, office and service type businesses.
At time of inspection, no improvements were noted.
It is not in a flood zone. The National Flood Insurance Program indicates a Zone C classification on Map
#360813 0091E, revised August 16th, 1993.
S te. dimensions as shown on the Suffolk County Tax Map are: 420'x 966'x 746'x 748'x 314'x 220'.
Access to subject property is from Peconic Lane.
Peconic Lane is a concrete road and publicly maintained. There are sidewalks and street lights. Public
utilities such as electric, telephone and cable are available. Private water and septic systems are common in the
area.
The soils are vary from HaA, HaB - haven loam with 0 to 2% slopes to RdA, B and C - good to very
stony, containing many large stones and boulders. These soils are well suited to a mixed use including crops
commonly grown in the area and because of the nearly level slope and ease of excavation, are also suitable for
housing developments.
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Part 4.
SUBJECT
LOOKING
NORTH
SUBJECT
LOOKING
SOUTH
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Part 4
SUBJECT
LOOKING
EAST
SUBJECT
LOOKING
WEST
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Part 4.
SUBJECT
STREET
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l{rix~d on Estates
LEGEND
Side Route
Oeo Feature
Town, Small Oil}/
Pork
Pooulation Center
--. Stree[, Road
Hog
v Suffolk %'~ ~
Major' %freer/Poad
,,,, ,Slate I,~ out ~
-- Eive~
Scale 1:62,500 (at center)
1 Miles
Mag 13.00
Mon Feb 16 09:28:53 199
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ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (516) 765-1823
Telephone (516) 765-1800
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION WAS
ADOPTED AT A REGULAR MEETING OF THE SOUTHOLO TOWN BOARD
HELD ON JULY 21, 1998:
WHEREAS, The Town of Southold is considering the purchase of a parcel of
property from Franklin Rich for public park purposes which property is
located on the west sidle of Peconlc Lane known as Suf;folk County Tax Map
No. 1000-74-5-6 and is approximately 13.58 a~:res; and
WHEREAS, the above described action is required to be subject to an
environmental review pursuant to Article 8 of the Environmental Conservation
Law, State Environmental Quality Review Act, and 6 NYCRR Part 617 et seq.,
and Chapter Ltq of the code of the Town of Southold; Now, therefore, be it
RESOLVED that pursuant to SEQRA this action is an Unlisted Action; and be it
FURTHER RESOLVED that the Town of Southold has conducted an
uncoordinated review of this unlisted action and completed and reviewed a
Short Environmental Assessment; and be it
FURTHER RESOLVED AND CONCLUDED, that the above described action will
not have a significant adverse impact on the environment and the Town Board
pursuant to SEQRA hereby issues a "negative declaration" with respect to the
above described action.
Southold Town Clerk
July 22. 1998
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1 B.-Moved by Councilwoman Hussie, seconded by Supervisor Cochran,
;.. ~ND .I~ESOLU~rlON'OF THE To~/N OF SOUTMOLD, NEW
YORK, ADOPTED JULY 21, 1998, AUTHORING THE
ACQUISITION OF THE CERTAIN PIECE OR PARCEL OF
LAND. CONTAINING 13.85 ACRES, MORE OR 'LESS;
,SI rUATE ON THE WEST SIDE OF PECONIC kANE, N
~IE TOWN OF SOUTHOLD~' AT THE ESTIMATED
~ 3(IMUM CO.ST' OF $210,000, INCLUDING
EL!MINAR¥ COSTS AND COSTS' INCIDENTAL
~[ ER~TO TO THE FINANCING THEREOF IN THE
[OU!N~ OF $i0,000, SAID LAND TO BE USED FOI
=~1~ BL~CiEARK PURPOSES; APPROXIMATING $210,0(
ER~EFOR AND AUTHORIZING THE ISSUANCE OF
~21'0,(~0~ SERIAL BONDS 'O'F SAID TOWN TO FINAN :E
.~-ID ~A~PP~oPRIATiONS.
THE TOWN BOARD OF T~E TOWN OP gOUT~O~.~, IN T~ COUNTY OP
SUFFOLK, NEW YORK, HEREBY RESOLVES .(by the favorable ore of not
less than two~thirds of all the members of said Town oard) AS
FOLLOWS:
Section 1. The Town of Southold, in the Cou ty of
Suffolk, New York (herein called "Town.), is hereby a~thorized to
acquire by purchase, the certain piece or parcel of land
containing 13.85 acres, more or less, situate on the west side of
Peconic Lane, in the Town of Southold, said piece or parcel of
· land being described on the Suffolk County Tax Map as 1000-74-5-
6, said 1and, when acquired, to be used for public park purposes.
The estimated maximum cost Of said specific object or ~az"i:)ose is
$210,000, including preliminary costs and costs 'incidental
thereto and to the ~inancing thereof in the amount of $10,000,
and the said amount of $210,000 is hereby appropriated therefor.
The plan of financing includes the issuance of $210,400 serial
bonds of the Town to finance ~aid appropriation, and the levy and
collection of taxes on all the 'taxable real property in ~he Town
to pay the principal of sai~ bonds and'the interest thereon as
the same shall become due and payable.
Section 2. Serial bonds of the Town in the principal
amount of $210~000 are hereby authorizad to be issued p%trsuan~ to
the .provisions of the Local Financ~ Law, constituting. Chapter 33-
a of the Consolidated Laws of the.State of New York (herein
called "Law"),' to finance said ap~ropriation.
Section ~. The following additional matcers are hereby
determined and declared:
(a) The period of probable usefulness applicable to the
specific object or purpose.for which the $210,000 serial bonds
authorized pursuant to this resolution are to be issued, within
the limitations of Section 11.00 a. 21 of the Law, is hereby
determined to be thirty (30) years; however, %he maturity of the
bonds herein authorized shall not exceed five (5) years.
(b) The proceeds of the bonds herein authorized and any
bon~ anticipation notes issued in anticipation of said bonds may
be applied to reimburse the Town for expenditures made after the
effective date oi this resolution for the purpose for which said
bonds are authorized. The foregoing statement of intent with
respect to reimbursement is made in conformity Pith Treasury
Regulation Section ~.150-2 of the United States 'Treasury
Department.
(c) The Town Board acting in t~e role of t~e Lead
Agency, after having identified and considered the relevant areas
of environmental concern associated with the acquisition of said
land authorized as hereinabove refmrred =o in Section I (the
"Project"), has issued a negative declaration for purposes of the
JULY :21, 1998
State Environmental Quality Review Act ("SEQRA"), Article 8 Of
the New York Envlr~nmental ConserVation Law, and has determined
that the PrOjeCt will not have a "significant effect" upon the
environment, and has satisfied the requirements imposed by SEQRA.
(d) The proposed maturity of the bonds authorized by
this resolution will not exceed five years.
Section 4. Each of the bonds authorized by this
resolution and any bond anticipation notes issued in anticipation
of the Sale of said bonds shall contain the recital of validity
as'prescribed by Section 52.00 of the Law and said bonds and. any
notes issued in anticipation of said bonds shall be general
obligations of the Town, payable as to ~oth principal and
interest by general tax upon all the taxable real property within
the Town without limitation of rate or amount. The faith and
credit of the Town are hereby irrevocably pledged to the punctual
payment of the principal of and interest on said bonds and any
notes issued in anticipation of the sale of said bonds and
provision shall be made annually in the budget of the Town by
appropriation for (a) the amortization and redemption of the
bonds and an~ notes 'in anticipation thereof to ~ature in such
year and (b) the payment of interest .to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 21.00
relative to the adthorization Of the issuance of bonds with
substantially level or declining annual debt service, Section
30.00 relative to the authorization of the issuance of bond
anticipation notes and Section 50.00 a~d Sections 56.00 to 60.00
and 168~00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and a~y other bonds heretofore or
hereafter authorized, and of any bond anticipation notes issued
in anticipation of said bonds, and the renewals of said bond
42:8
JULY 21, 1998
anticipation notes,, and relative to executing contracts for
credit enhancements and provi~ing for, substantially level or~
declining annual~ debt service, are hereby delegated to the
Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized bythis
resolution, and of any no~esissued in anticipation of the sale
of said bonds, ~may be contested only if:
(a) such,obligations ~re authorized for an object or
purpose for'which the Town Xs not a~th0rized to expend money,
or
(b) the provisions of law which should be complied wi~h
au the date of the publication of such resolution are
substantially complied with,
and an action, suit or proceeding contesting such validity is
commenced with~n twenty days after the date of such publication,
or
(c) such obligations are authorized in violation of the
provisions of the constitution.
Section 7. This bond resolution shall take effect
immediately and the Town Clerk is hereby authorized and directed
to publish this bond resolution, in full, together with a notice
attached in substantially the form prescribed by Section 81.00 of
the Local Finance Law in The Traveler~at.~..n~ a newspaper published
in Soutk~14. New York, having a general circulation in the Town
and hereby designated the official newspaper of the Town for such
publication.
lB.-Vote of the Town Board: Ayes: Councilman Murphy, Councilman
Romanelll, Councilwoma~ Hussie, Supervisor Cochran. Abstain: Councilman
Moore.
Thls resolution was duly adopted.
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O .lointly prepared by the Real Proparty Section of the New York State B~ Association, thc New York State Land Title Association, thc Commi _t~_, on Real
Property Law of the Association of the Bar of the City of New York and the Committee on Real Property Law of the New York County Lawyer s Association
WARNING: NO REPRBSRHTATION IS MADE THAT THIS FORM OF CONTRACT FOR THE SALE AND PURCHASE OF REAL
BSTATE COMPLIES WITH SECTION 5-?02 OF THE GENERAL OBLIGATIONS LAW ("PLAIN LANGUAGE").
CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT
NOTE: FIRE AND CASUALTY LOSSES AND CONDEMNATION.
This contract form does not provide for what happens in the event of fire, or other casualty loss or condcmantion before thc tiflc closing. Unless different
provision is made in this onnlra~ Section 5-1311 of thc General Obligations Law will apply. One part of that hw makes a Purchaser ~sponsiblc for fire and
cesnalty loss upon taking possession of thc Premises before the title clo~ing.
Residential Contract of Sale
Contract of Sale med~ ax of , ~99s
Franklin Oveax)n Pdch
Address: 146 Cove Road, Stonington, CT 06378
Social Security Number / Fed. I.D. No(s):
The Town of Southold
Address: 53095 Main Road, South'old, NY 11971
Social Security Number/Fed I.D. No(s):
BETWEEN
hereinafter called 'Seller* and
hereinalter called 'Purehaxer'.
The parties hereby agree as follows:
1. Premis~. Seller shall sell and convoy and Purchaser shall purchase the
property, together with all buildings and improvements thereon
(collectively the "Premises'), more fully described on a separate page
marked 'sehedule A", annexed hereto and mede a part hereof and also
known as:
Street Address:No # Peconic Lane, Peconic, NY 11958
Tax Map Designation:
1000-074.00-05.00.006.000
Together with Seller's ownership and rights, if any, to land lying in the bed
of any street or highway, opened or proposed, adjoining the Premises to
the center line thereof, including any right of Seller to any unpaid award
by reason of any taking by condemnation and/or for any damage to the
Premises by reason of change of grade of any street or highway. Seller
shall deliver at no additional cost to Purchaser, at Closing (as hereinafter
defined), or thereafter, on demand, any documents that Purchaser may
reasonably require for the conveyance of such title and the assignment
and collection of such award or damages.
I property now attached or appurtenant to the Premises, unlev, s
excluded below. Seller represents and warrants that at Closing
the :l for and owned by Seller, free and clear of all liens and
encumbmnem. .' to which this gale may be
cooking
sw~teh plates and doe
statuary, tcol shed, dishwasher
and installations, wall to wall cerpofing
(strife out inapplicable items)
"AS IS" CONDITION.
to,plumbing,heating,lighting and
, mantels, door mirrors,
window boxes, mailbox, TV
outdoor
garbega
r conditioning equipment
AND IN
VACANT LAND
3. Purchase Price. The purchase price is
$200,000.00 payable as follows:
(a) on the signing of this onntnmt, by Purchases check payable
to thc Eserowee (as hereinafter defined), subject to collection, the receipt
of which is hereby acknowledgad, to be held in escrow pursuant to
paragraph 6 of this contract (the "Downpaymant"):
$1,000.00
Co) by allowance for the principal amount unpaid on the
existing mortgage on the date hereof, payment of which Purchaser shall
assume by joinder in the deed:
Snone
~ by a purchase money note and mortgage from Purchaser to
Seller:
Shone
(d) balance at Closing in accordance with paragraph 7:
$199,000.00
4. Existing Mortgage- [Deleted]
5. Purchase Money Mortgage. [Deleted].
6. Downpayment in Escrow. (a) Seller's at~moy ("Eserowec~) shall
hold the Downpayment for Seller's account in escrow in a segregated
bank account at North Fork Bank, Southold, NY until Closing or
sooner termination of this contract and shall pay over or apply the
Downpaymcnt in accordance with thc terms of this paragraph. Escrowec
shall (not) (Delete if inapplicable) hold the Downpayment in an interest-
bearing acetunt for the benefit of the parties. If interest is held for the
benefit of the parties, it shall be paid to the party entitled to the
Downpayment and the party receiving the interest shall pay any income
taxes thereon, ffinterest is not held for the benelit of the parties, the
Downpayment shall be placed in an IOLA account or as otherwise
permit'tad or required by law. The Social Security or Federal Identification
numbers of the parties shall be furnished to Eserowec upon request. At
Closing, the Downpayment shall be paid by Esorowec to Seller. If for any
reason Clceing does not occur and either party gives Notice (as defined in
parsgrsph 25) to Esorowce demanding payment of the Downpayment,
Escrowec shall give prompt Notice to the other pafly of such demand, ff
Escrowee does not receive Notice of objection from such other party to
SCHEDULE A
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon
erected, situate, lying and being in the Hamlet of Peconic, Town of Southold, County of Suffolk
and State of New York, more particularly bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic Lane, 316.96 feet southerly along
said westerly line from land of Long Island Railroad Company, said point of beginning being the
south-easterly corner of land of Grathwohl, from said point of beginning running along said
westerly line of Peconic Lane, S.30 degrees 03 minutes 20 seconds E. - 423.78 fe~; thence along
land ofMazzei, S. 59 degrees 43 minutes W. - 886.39 feet to land of Catalano & others; thence
along said land, N. 33 degrees 47 minutes W. - 739.96 feet to said land of Long Island Railroad
Company; thence along said land, N. 59 degrees 37 minutes 40 seconds E. - 712.81 feet; thence
along land of Howell, S. 30 degrees 10 minutes 20 seconds E. - 213.33 feet; thence along said
land of Grathwohl, two courses:
(1) S. 30 degrees 16 minutes 20 seconds E. - 101.47 feet; thence
(2) N. 60 degrees 01 minutes 40 seconds E. - 220.89 feet to the point of beginning.
Containing 13.851 acres.
thc ~ payment within 10 business days ~ thc giving of such
Notice, Esemwce is hereby authorized and directed to make such
payment ffEsemw~ docs :z~-ive such Notice of objection from such
other party to thc proposed payment within such 10 day period or if for
any other r~acon Eecfow~ in good faith shall elect not to make such
payment, Esemwec shall continue to hold such amount until otbeo~ise
ditz~ted by Notice from thc pardes to this contract or a final,
noenppealablc judgment, order or deoren of a enourt. However, Esemwce
shall have thc tight at any time to deposit thc Downpayment and thc
interest therenn with thc clcrk ofs court in thc county in which thc
P~cmises arc located and shall give Notice of such deposit to Seller and
Pumbascr. Upon such deposit or other disbor~ment in accordance with
thc terms of this paragraph, Esemwcc shall be relieved and discharged of
all further obligations and responaibllities hereunder.
CO) Thc peedes acknowledge that, although Eserowce is holding thc
Downpayment for Sailor's account, for all otlm' 0uqx)s~ Esemw~ is
acting solely as a stakeholder at their request and for their convenience
and lbut Eserowen shall not be liable to either party for any act or omission
on its part uolex$ taken or suffered in bad faith or in willful disregard of
thia enntract or involving gross negligence on tlw part of Eserowce. Seller
and Purchmer jointly and severally agren to defend, indemnify and hold
Esemwec harmless from and against all costs, claims and expenses
(including reasonable attorneys' fees) inaorred in connection with the
gerfonnance of E-scmwce's duties hereunder, except with respect to
actions or omissions taken or sufftn~t by Esorowec in bad faith or in
willful disregard of this contract or involving gross negligence on part of
O Eserowec may act or refrain from acting in respect of any matter
mfoned to herein in full reliance upon and with thc advice of counsel
which may bc selented by it (including any member of its firm) and shall
be fully protected in so acting or refraining from action upon the advice of
such counsel.
(d) E~rowce acknowledges rec. cipt of the Downpayment subject to
collection and Eserowec's agreement to the previsions of this paragraph by
singing in the place indicated on the signature page of this contracl.
(¢) Eserewce or any member of its firm shall be permitled to act as
counsel for Seller in any dispute as to thc disbursement of the
Downpayment or for any other dispute between the parties whether or not
F.~crowen is in possessinn of thc Downpaymcnt and continues to act as
Eserowce.
7. Acceptable Funds. All money payable under this enntract, unless
oth~tnvis~ specified, shall b~ paid by:
(a) Cash, but not over $1,000.00;
Co) Good certified check of Purchaser drawn on or official check issued
by eny bank, savings bank, trust company or savings and lean association
having a banking office in thc State of New York, unendorsed and
payable to thc order of Seller, or as Seller may otherwise direct upon not
less than 3 business days notice (by tclcphona or otherwise) to Purchaser,
C) A~ to money other than the pu~hase price payable to Seller at
Closing, uncertified check of Purchaser up to the amount of $$00; and
(d) As otherwise agreed to in writing by Seller or Seller's attorney.
.Pure__er. are ennditioned upon issuance on or be fore 45 days
from the date Pu~na~.~ attorney receives a fugy executed copy of
this contract of s~le (thc ~C~lmm~ent Date') of a written commllment
from any In .~tufio_nal Lender purs~such Institotional Lender
to ?, other or other
gevemmentally insured loan, ~ l~rehaser,.a! Purcbaseds~d
~o ........ o l),,,,-ho ~'~I miI
~"-cl~mg ~f title o;date of ~nitn~nt (whichever may be the policy of
the b.uding imtitution), f,x~d ;~ ,,,£~;~,,.~: .i,A ~, ¢~ v, .'. ....
.~,.j,.o-,,T..~ ..............,~t ~ ,~;.~' ,'or a tonn of at least 30 y~ars
and on other custora~y commitment ms, whether or not conditional
upon any fairs other than an appmiaal satisfactory to thc Inatitotional
Lendm'. Purch~r shall (a) make prompt application to an Inshtofinnal
der c Co) fu sh umZ, om¢cte
information r~,u'd~ Pumha~' and mombera of Purebuser's family, as
required, 0 pay all fe~ points and charges required in connection with
such application and k~(d) pursue such application with diligence, (¢)
coop~, te in good fei~ wi~such Institutional ~ to obtain Much
commie, pt p,omp, ve otice to Sel of thc and
eddresa of such Inatitotional Le~ to which Purchaser has mada such
application. Purchaser shall comp~with all requirements of such
commitm.en, t _(o.r. of en~.other comnn,~ent accepted by Purchaser) and
shall furnish. Seller. with ? copy th~en~l~romptly ~ receipt thoreof. If
such commilmcnt is not issnad on or bel~{e thc Commitment Date then
thc requi .muc~ts_ set_f~ord'~ abuve, EITHER P)~tTY may rnncel this
contrnot by giving Notice to THE OTHER ul~ the Comndlmeut
Date, in which case this enntract shall bc deemed ~t.nce]ed and thc~af~
neither patay s~l bave any further fights s~alnst, or o~lisations or
liabilities to, the ~ ~ reason of ~'s contract, ex. pt ~q~t thc
Downpaymcnt shall be proml~y refunded to Pu~has~ un. except as set
forth in paragraph 27~'~ ~-.; ,,,~ ~£~ ...... ~
9. Penultted Exceptions. Thc Premises arc sold end shall bc conveyed
subject to:
(a) Zoning and subdivision laws and reSuiationa, end landmark, histodc
or wetlands designation, previded they are not violated by thc exiating
buildings and imprevoments erected on thc property or their use;
(b) Consents for thc erection of any stmctorcs on, under or above any
streets on which thc l~cmises abu~
(c) Eucroachments of stoops, areas, cellar steps, trim and cornices, if
uny, upon any street or highway,
(d) Reel eslate taxes that are a lian, but arc not yst duc and payshlc; and
(c) Thc other matters, if any, including a survey cxccptinn, set forth in a
Rider attached.
(0 Any state of fac~s un aecurnte survey may show ppovkled thst
title is not rendered unmarbtabk thereby (~ariations betwern
fence, hedge and record IIne~ of not more than 18 Inches shall be
deemed not to render title unmarketable and purchaser shag accept
such variations); and
(g) Covenants, restrictions, and easements of record, if any,
affecting the Premises, providad they do not prohibit the
maIntenance or present use of the existIng strnctures.
10. Governmental Violations and Orders. (a) Sellar shall comply with
all notes or notices of violations of law or municipal ordinances, orders or
~cquirements noted or issued as of thc date hereof by any governmental
department having authority as to lands, housing, buildings, fire, hcshh,
cnvironmcntal and labor conditions affecting th~ Premises. Thc Premises
shall be conveyed free of them at Closing. Seller shall furnish Purchaser
with any authorizations nccessmy to make thc searches that enuld disclose
(b) (Delete if inapplicable) All .b|~e~-'.' .....
11. Seller's Representations. (a) Seller represents and warrants to
Purchaser thai:
(i) The F,~,,ises abut or have a right of eccess to a public mad;
(ii) Seller is the sclc owner of thc Pmnises and has full right, power and
terms of this centruct,
(iii) Seller is not a "foreign person", as that term is defined for purposes
of the Foreign InvesUnant in Rsal Property Tax Act, Internal Reverme
Code ('IRC') Section 1445, as amcoded, and thc regulations promulgated
ther~nd~ (collcetively 'FIRPTA
(iv) The Premais~ ate not affected by any exemptions or ahatcmcnts of
tax~ and
(v) Seller has not heon known by any other name for thc past tco ye, a~,
(b) Seller covcoants and warrants that all of the rcprcecntations and
warranfias ~ fo rth in this contnw, t shall he tmc and correct at Closin8.
(c) Except as otherwise expressly act forth in this contract, none of
Sell~s covanan~ repr~'ntafions, warranties or other obligations
containcd in this contract shall survive Closing.
12. Condition of Property. Purchaser acknolwedgcs and represents that
P urch~-r is fufly aware of thc physical condition and state of repair of
thc Premi~ and of all other property included in this sclc, bansed on
Purchasers own insl~tion and inve~gation and no~ upon any
infcematlon, data. statcmcots or ~tations, writtco or oral, as to thc
physical condition, state of repair, usc, cost of operation or any other
matter rela~d to ~he l~nnises or thc othcr property included in thc sale,
8{vco or nrade by Seller o~ its representatives, and shall accept thc semc
"as is" in their present condition and state of repair, subject to rsasonable
use, wear, tear and natural deterinration bctwcco thc date hereof and the
date ofClosin8 (except as otherwise set forth in paragraph 16(0), without
any reduction in the purchase price or claim of any kind for any change in
such condition by reason thercof subsequente to the date of this contract.
Purchaser and its authorized representatives shall have thc right, at
reasonable times and upon reasonable notice (by telephone or otherwise)
to Seller, to inspect the Premises before CIosin8.
13. Insurable Title. Seller shall give and Purchaser shall accept such title
as any reputable title company doing business in Suffolk County,
NY, shall be willing to approve and insure in accordance with its standard
forum of title policy approved by the New York State insurance
Depa~ment. subject only to the matters provided for in this contract.
14. Closing, Deed and Title. (a) "Closing" means the settlement of the
obligations of Seller and Purchaser to each other under this contract,
including thc payment of the purchase price to Seller, and the delivery to
Purchaser cfa Bargain and Sale Deed with covenants against
Grunter's acts in proper statutory short form for record, duly executed
and ecknowledsed, so as to convey to Purchaser fcc simple title to thc
Premises, free of all encumbrances, except as otherwise herein stated.
The decd shall contain a covenant by Seller as required by subd. 5 of
Section 13 of thc Lice Law.
(b) If Seller is a corporation, it shall deliver to Purchaser at the time of
Closing (i) a recointion of its Board of Directors authoriz~n8 thc sale and
delivery of the deed, and (ii) a ce~l/ficate by the Secretary or Assistant
Secretary of the coquomtion ce~fying such resolution and setting forth
facts showing that the transfer is in conformity with thc requirements of
Section 909 of the Business Corporation Law. The d~l in such case shall
contain a recital sufficient to establish compliance with that Section.
1.5. Closing Date and Place. Closing shall take place at the office of
Patricin C. Moore, Esq., 51020 Main Rd., Seuthold, NY on or about
30 days from the passage cfa resolution authorizing this purchase
16. Conditions to Closing. This contract and PurchaseFs obligation to
purchase thc F~'mises arc also subject to and conditioned upon thc
fulfillmcot of{he following ~onditinns pre~d~t:
(a) The eccumcy, as of Ihs date of C{osing, of the represontations and
wananhes of Sellor made in this contn~t
(b) Thc del/very by Seller to Pu~haser of a valid and subsisting
C~dficate of O~upaucy or other nxluired ~ of compl/an~, er
~vidauce that none was t~lui~l, covemin8 the building(s) and all of the
other improvemants located on the property anthodzin8 their use as a con
fangly dw~llin8 at the date of CIosin$ roi' zoning p~ In the event
that a current survey is required by the munlcipuliiy in order to
obtain said certificute of uccuupancy or equivuisnt, it shall he the
responsibilily of the purchaser to provide such survey to the seller st
the purehssor's sole cost und expense, In the event of the inubl[i/y of
the seller to convey title pursuunt to the terms of the conlruct, the
seller shall re{mburee the purchaser for the cest of the
aforementioned survey..
(c) Thc delivery by Seller to Pu~haser of a duly executed and sworn
affidavit (in forum prescribed by law) cia/ming exemption of thc sclc
contempl//ted hereby, if such he the cese, under Artinle 3 l-B of thc Tax
Law of thc State of New York and thc P-,egulations promulgated
thereunder, as the same may be amcoded from tima to time (collectively
thc *Oains Tax Law"); or if such sale shall not be exempt under the Gains
Tax Law, Seller and Purchaser agree to comply in a timely manner with
thc requiremcots of thc Oains Tax Law and, at Closing, Seller shall
deliver to Purchaser (i) an officis{ return showing no tax du~, or (ii) an
official return accompanied by a certified or off]c/al bank check drawn on
a New York Stete banking institution payable to the order of the New
York State Departmcot of Taxation and Finance in thc emouut of thc tsx
shown to be duc thereon. Seller shall (x) pay promptly any additional tax
that may b~xx)m¢ due nader thc Oains Tax Law, together with interest and
pena{tics thereon, if any, which may he assessed or {xn:on~ duc after
Closing, and / or executed any other documents that may be rexiui~d in
respect the~of, and (y) indemnify, dafead and save Purchaser harmless
from and against any of the foregoing and any damage, tiabillty, oost or
expense (including reasonable attorneys' fees) which may he soff~d or
incun'ed by Purchaser by reason of thc nonpayment thereof. Thc
provisions of this subparagraph (c) shall survive Closing.
(d) The del/very by Seller to Purchaser of a certification stating that
Seller is not a foreign person, which certifical/on shall be in a form then
required by, FIRPTA. If Seller fails to deliver the aforesaid c~tit]cafion or
if Purchaser is not entilled under FIRPTA to rely on such ceflif{cation,
Purchaser shall deduct and withhold from thc purehaso pdce a sum equal
to 10% thereof(or any lesser amount permitted by law) and shall at
Closing remit thc withheld amount with the required forms to thc Internal
Rcvenu Serv/ce,
(c) The del/very of thc Fi~mises and all building(s) and improvcmcots
comprising a part thereof in broom clean condition, vacant and free of
Iceses or tenancies, together with thc k~3,s to thc Premises.
(0 All plumbing (including water supply and septic systcmsa, if any),
hostins, and air conditioning, if any, electrical and mechanical systcms,
cquipmcot and machinery in thc building(s) loeated on the properly bein8
in working order as of thc date of Closing.
(8) Iftbe Premises are a one or two family house, delivery by thc panics
at Closing of affgiavits in compliance with state and local hw
~luiremants to the effect that there is installed in the Premises a smoke
detecting alarm device or devices.
(h) Thc dalive~/by the parties of any other affidavits required as a
condition of recording the deed.
17. Deed Transfer and Recording Taxes At Closing, cerlified or
off:c'ml bank checks payable to thc order of the eppmpriata State, City or
County officer in the amount of any applicable transfar and / or recording
tax payable by reason of thc dalivery or recording of the deed or morigagc,
ffany, ~aall be dalivered by thc paa'y required by law or by this cootrect to
pay such Ir snarer and/or recording tax, together with any required tax
retoms duly executed and sworn to, and such party shall cause any such
checks and retoms to be delivered to the eppropdate officer promptly after
Closing. The obligation to pay any additional tax or deficiency and any
interest or panaltics thereon shall survive Closing.
18. Apporltonment and Other Adjnsiments; Water Meter and
Installment Aseessmen~ (a) To the extent applicable, the following
shall be epporgoned as of midnight of the day before the day of Closing:
(i) taxes, water charges and sewer rents, on the basis of the ,~.~I lien year
for which assessed; (ii) fuel; (iii) interest on the existing mortgage; (iv)
premiums on existing transferable insurance policies and renewals of
ihene expiring prior to Closin~ (v) vanld charges; (vi) rents as and when
eollecl~.
(b) ff Clceing shall occur before a new tax rote is fixed, thc
apportionment of texcs shall be upon the basis of the tax rate for the
immed'mtely preceding fiscal period appliced to the latest assessed
(e) H'there is a water meter on the Premises, Seller shell furnish a
reading to a date not more than 30 days before Closing and the unfcied
meier charge and sewer ~nt, if any, shall be apportioned on thc basis of
such la~ reading.
(d) If at the date of Clceing the Premises am affected by an assessment
which is or my bec, omc payable in annual installments, and the first
installment is then alian, or has been paid, then for the purposes of this
contract all th~ unpaid installments shall be paid by Seller at or prior to
Closing.
(e) Any errors or omissions in computing apportionments or other
adjustments at Closing shall be cerrected within · reasonable time
following Closing. This subparagraph shall survive Closing.
19. Allowance for Unpaid Taxes, etc. Seller has the option to credit
Pumbascr as an adjustment to the purchase price with the amount of any
unpaid laxcs, assessments, water charges and sewer rents, together with
any interest and penalties thereon to a date not less than five business days
after Closing, provided that official bills therefor computed to said date are
produced at Closing.
20. Use of Purchase Price to Remove Encumbrances. If at Closing
there are other liens or encumbrances that Seller is obligaied to pay or
discharge, Seller may use any portion of the cash balance of the purchase
price to pay or discharge them, provided Seller shall simultaneonsly
deliver to Pumbaser at Closing insh'uments in recerdable form and
su~ciant to satisfy such liens or encumbrances of record, togcthcr with
the cost of recording or filing said instruments. As an altercalive Seller
may deposit su flieient monies with the title insurance company employed
by Pumbas~ acceptable to and required by it to assure their discharge, but
only if the lille insurance company will insure Purchaser's tide clear of the
matters or insure against their enforcement out of the Premises and will
insure Pumhnser's institutional Lender clear of such matt~s. Upon notice
(by telephone or otherwise), given not less than 3 bnaine~ days before
Closing, Pumhaser shall pmvida separate ce~ified or official bank checks
as requested to assist in cleating up these matters.
21. Title Examination; Seller's Inability to Convey; Limitations of
Liability. (a) Purchaser shall ordar an examination of title in respect of
thc Premises from a litlc company licensed of authorized to issue title
insurance by the New York State Insurance Depadmont or any agent for
such lids company promptly after the execution of tiffs contract or, if this
contract is subject to the mortgage contingency sc~ fo~h in paragraph g,
after a mortgage commitment has been accepted by Purchaser. Pumhaser
shall cause a copy of the lille report and of any additions thereto to be
dalivered to the at~mey(s) for Seller promptly after receipt thereof.
(bXi) If at the date of Closing Seller is unable to tmnsfcr title to Pumbaser
in accordance with this contract; or Pumhaser has other valid IFounda for
refusing to close, wbatbar by mason oflicos, eacumbranc~ or other
objections to title or otherwise (hewn collectively called 'Defects'), otber
than those subject to which Purchaser is obligated to accept title
bereondcr or which Purchaser may have waived and other ~ those
which Sclicr has berein cxprcssly agrced to n~aove, remedy or discharcge
and if Pumbasor shall be unwilling to waive the same and to close lille
without abetement of the purchase price, then, except as inneinat~ set
foRh, Seller shall bavc the right, at Sellcfs ~4e election, cithcs to take
such action as Seller may deem advisable to remove, reraedy, discharge or
comply with such Defects or to cancel this contract; (ii) if Seller elects to
lake action to remove, remedy or comply with such Defects, Seller shall
be entitled from time to time, upon Notice to Purchaser, to adjoum the
date for Closing bemuodcr for n perind or periods not exceeding 60 days
in the aggregate (but not extending bayond the date upon which
Purcbascffs mortgage commiiment; if any, shall expLre), and the date for
Closing shall be edjoumed to n date spccified by Sellcr not beyond such
pcriod, ff for any reason wbatsovevr, Sellcr shall not have succeeded in
removing, remedying or complying with such Defects at thc expriahon of
such adjournment(s), and if Pumbaser shall still be unwilling to waive the
same and to clesc thle withoul abatement of the porcbase price, then
either party may cancel this contract by Notice to the otlgr given within
10 days after such edjonmcd date; (iii) notwithstanding thc foccgoing, the
existing mortgage (unless this sale is subject to Ihs same) and any matter
created by Scller after the date be~of sball be released, discharged or
otherwise cured by Seller at or prior to Closing.
(c) If this contract is cancelled pursuant to its terms, otlgr than as · result
of Pumbaser's default, this contract shall terminate and come to an end,
and neither party shall have any further rights, obligations of liabilities
against or to the other hereunder or othem4se, except that: (i) Seller shall
promptly refund or cause the Eserowec to refund the Downpaymcot th
Purchaser and, unless cancelled as a result of Purchaseffs default or
pursuant to paragraph 8, to reimborsc Porchaser for the net cost of
examintion of title, including any eppropriatc additional charges related
thereto, and the net cost, if actually paid or incurred by Purcha~r, for
updating the existing survey of the Premises or cfa new survey, and (ii)
the obligations under paragraph 27 shall survive the termination of this
contmct.
22. Affidavit ns to Judgments, Bankruptcies, etc. ifa title examination
discloses judgments, bankruptcies or other returns against pe~ons having
names thc same as or similar to that of Seller, Seller shall deliver an
affidavit at Closing showing that they are not against Seller.
2.3. Defaults and Remedies. (a) ffPurchaser defaults hereunder, Seller's
Osole t~mady shall be to te~ive and retain th~ Downpayment ns liquidatad
damages, it being agreed that Sellers damages in case of Purchasers
default might be hnpoasibie to asco~ain and that the Downpaymcot
eon~itutes a fair and reasonable amount of damages under the
cir~mnstanc~ and is not a penalty.
0o) If Seller defaults ho~under, Pumhasor shall have such remedies as
Pumha,ser shall be antitled to at law or in equity, including, but not limited
to, specific p,:tformame.
24. Purchaser's Lien. All mon~ paid on account of this contract, and
the reasonable expenses of examination of title to thc Pr~mises and of any
sun, ny and sm'ray inspection charges, arc heresy made liens on thc
Pr~niscs, but such linns shall not continue after default by Pumhasor
under this cont~uct.
2~ Notices. Any notice or other communication (*lqoticc") shall be in
raining and either (a) sent by either of thc parties hereto or by their
m~ctiw attorneys who arc hereby authorized to do so on their behalf or
by thc Esemwec, by registered or certified mail, po~tagc prepaid, or
(b) detive~l~in person or by overnight courier, with ~ceipt
acknowledged, to thc respective addresses given in this contract for thc
party and thc E~rowec, to whom thc Notice is to be givco, or to such
other address as such pafly or Esorowec shall herc~r designat~l by
Notice given to thc other party or paflies and the Esemwec pursuant to
this panigrsph. Each Notico mailed shall be deemed given on thc third
business day following the data of mailing thc same, except that any
notice to Escrowec shall be deemed givco only upon recoipt by Eecrowcc
and each Notice delivered in person or by overnight courier shall be
deemed given when delivered.
~26. No Assignment. This contract may not be assigned by Purchaser
without thc prior vnittcn conscot of Seller in each instance and any
pu~posted assignmcot(s) made without such consent shall bc void.
27. Broker. Seller and Purchaser each represents and warrants 1o the
other that it has not dealt with any broker in connection with this sale
other than NONE("Broker*) and Seller shall pay Broker any commission
craned pursuant to a separata agreement between Seller and Broker. Seller
and Purchaser shall indemnify and defend ~ch other against any costs,
claims and expanses, including reasonable at. mays' fcos, arising out of
thc b~ach on their respective parts of any representation er agreancot
contained in this paragraph. Thc provisions of this paragraph shall survlvc
Ck~ing er, if C!ozln8 docs not occur, thc termination of this contract.
28. Miscellaneous, (a) All prior understandings, agrecmcots,
representations and warrsntics, oral or written, between Seller and
Pumhaser arc marged in this contract; it completely expresses their full
agmcmeot and has b~n entered into aftar full invcsfigafion, neither pafly
relying upon any statement made by anyone else that is not set forth in
this contract.
(b) Naither this contract nor any provision thcmof may be waived,
changed or cancelled except in writing. This contract shall also apply to
and bind the heirs, distfibutaes, legal rcpresonl~tivcs, successors and
i~nnittad assigns of thc respective parfics. The parties hereby authorize
their respective attorneys to agree in writing to any changes in dates and
time I~riods provided for in this contract.
(c) Any singular word or term hercin shall also be read as in thc plural
and the ucuter shall include thc masculine and fcminiuc gcndar, whcoevcr
the sense of this contract may require it.
(d) The captions in this contract arc for convcnicoce of mferenca only
and in no way define, limit or describe the scope of this contract and shall
not be considered in thc inta~pretafion of this contrect or any provision
he,of.
(c) This contract shall not be binding or effective until duly executed
and delivered by Seller and Pumhaser.
(0 S~ller and Pumhaser shall comply with IRC reporting rexluiremcnts,
if applicable. This subpan~greph shall survive Closing.
(g) Each party shall, at any time and from time to time, executa,
acknowledge where appropriata and deliver such further instruments and
dcoumcnts and take such other action as may be reasonably requastad by
thc other in order to carry out the intant and purpose of this contract. This
subpan~raph shall survive Closin8.
(h) This contract is intanded for thc exclusive bancfit of thc patties
hereto and, except as otherwise expressly provided he,in, shall not be for
thc benefit of, and shall not ercata any rights in, or be enfom~bie by, any
other person or entity.
R1DER TO STANDARD PROVISIONS OF THE
STANDARD CONTRACT OF SALE FORM 26/3~R~5~ IF
THE TERMS OF THIS RIDER ARE INCONSISTENT WITH
THE STANDARD CONTRACT HEREIN, THIS RIDER SHALL
CONTROL AND TAKE PRECEDENCE OVER SA1D
STANDARD FORM CONTRACT.
29. Purchaser's legal oblications.
Purchaser wat~ants and represents that it has taken all legal steps
necessa~ to proceed with this pumhase.
]bi' WITNESS WHEREOF, this contract has boon exo~utod by thc pa~cs heroto,
FfimkFm Ovorton Rich, Sellor
Town of Southold
By.~n C~h~r~n, Purchaser
Attorney for Seller:
Attorney For Purchaser:
Patricin C. Moore, Esq.
51020 Main Rood
Southold, NY 11971 .
765-4330
Gregory Yakaboski, Esq.
53095 Main Road
P.O. Box 1179
Southold, NY 11971
765-1939
Receipt of the Downpa)anent is acknowledged and the undersigned agrees to act in accordance with the provisions of paragraph 6 above.
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CLOSING STATEMENT
FRANKLIN OVERTON RICH
to TOWN OF SOUTHOLD
Open Space for Parkland
13.85 acres
Premises: 2405 Peconic Lane, Peconic
SCTM #1000-74-5-6
Closing took place on December 10, 1998
at Southold Town Hall
Purchase Price of $ 200,000.00 disbursed as follows:
Payable to Patricia C. Moore, Esq.
(11/10/98)
Payable to Franklin Overton Rich
(12/10/98)
$ 1,000.00
$ 199,000.00
Expenses of Closing:
Appraisal
Payable to Stype Real Estate
(8~4~98)
$ 750.00
Survey
John C. Ehler Land Surveyor
(12/22/98)
$ 3,250.00
Title Report
Payable to Commonwealth Land Title Ins. Co.
(12/10/98)
Fee insurance $1117.00
Recording deed $ 86.00
$ 1,203.00
Those present at Closing:
Jean W. Cochran
Gregory F. Yakaboski, Esq.
Patricia C. Moore, Esq.
Franklin Overton Rich
Elizabeth A. Neville
Nancy
Southold Town Supervisor
Attorney for Town of Southold
Attorney for Seller
Seller
Southold Town Clerk
Title Company Closer
FROM:
Stype Brothers Real Estate, Inc.
P.O. Box 63
Mattituck, N.Y. 11952
TO:
For professional appraisal services rendered.
Premises located at:
W/S Peconic Lane
Peconic, N.Y.
SCTM# 1000-74-5-6
JOHN C. EHLERS LAND SURVEYOR
6 EAST MAIN STREET
EVERHEAD, NY 11901
L: 516-369-8288 FAX: 516-369-8287
STATEMENT
DATE INVOICE #
11/30/98 980224
Town of Southold
53095 Main Road
P.O. Box 1179
Southold, N.Y. 11971
BILL TO
TAX MAP NUMBER
MY JOB NUMBER
1000-74-5-6 98-280
DATE DESCRIPTION CHARGES CREDITS
11/30/98 3,250.00
Survey of 13.85 acres of vacant land on Peconic Avenue,
in Peconic, Town of Southold
BALANCE
Commonwealth
Title No.: 70982749
Applicant: TOWN OF SOUTHOLD ATTORNEY
Premises: 0 PECONIC LN PECONIC, NY 11958
Date of Closing:
Purchaser: TOWN OF SOUTHOLD
TrEM
Fee insurance $200,000.00
Mortgage Insurance $ O.00
Survey Redate
Departmental Searches
Certificate of Occupancy
Street Repo~
Bankz uptcy
Sewer Search
Housing and Bullding
Fi re
mergency
ddiUonal Taxes
Survey Inspection
ucc's County
UCC's State
8.! Environmental
Waiver of Arbitration
Condo Endorsement
Escrow Service Charge
Escrow
Special Delivery
Date Printed: September :)8, 1998
Order.Type: Fee Only
Sale~ Rep: Chris iVIcKeever
County; Suffolk
Closer:
CLOSZNG BZLL
AMOUNT TI'EM
1,117.00 Recording Fees
Deed
Mortgage
Satisfaction of Mortgage
Transfer Taxes
NY5 Transtar Tax
NYC RPT
Gains Tax
Hortgage Tax
Hortgagor
Mortgagee
TOTAL CHARGES
RECE]rpTS
AMOUNT
CHECKS PAYABLE TO COMMONWEALTH (Circle One)
Buyer/Seller $
Buyer/Seller $
Buyer/Seller
Buyer/Seller $
CHECKS PAYABLE TO OTHER THAN COMMONWEALTH (Circle One)
Buyer/Seller
j er/Seller
er/Seller $
TOTAL RECEZPTS
*NOTE Rates & charges herein are subject: t:o change based on t:he rat:es in effect at the time of closing.
1;'77 Veterans Memorial Hi§hway eSuite 6 · [slandJa, NY 11722
Phone 1(888) 332-5842 * (516) ~32-3503 * Fax (5[6) 232-3617
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I~v~o RECORBEO
' Number of pages .~
~RR~NS DEC 2'4 ~98 tqq8 BEC
TRANSFER TAX
C~fi~t~ ff SUFFOLK
cou.~ 21058
~ / MO~e Ins~t ~d /Mongag¢ T~ S~p R~or~ng / Fi~ng S~
~-5217 (C~my) ~ Sub To~ . · S~Assit.
BA-5217 (State) S~./Add.
C~m. of E~ 5. ffi ~ ~ Held for Ap~ffi~me .
Reg. C~ ]~ ~ ~ will be improved by a one or two family
~ R~I ~my 1~ ~rvi~ l~en~ Verir~ation ~ ~tle Company Informtlon
1000 07~. 00 05.00 006. 000 Comply N~e
~fle N~r
r E PAID BY:
Commonwealth ~and ca~ ~k C.~e
Titl~ Insuraneo ~ompan~ ~y~ s~e(or if
different)
1 ~7 - ~ Votorans Momodal Highway
Islandia, ~ow York 11722
;SS:
RECORD ~ RET~N TO
~ Suffolk County Recording & Endorsement Page
~s ~ge fo~s p~ of ~e a~ch~ Bead made by:
(SPEC~Y T~E OF INS~U~)
Franklin Ovorton R~eh ~e p~mises h~ is situated
S~LK COU~Y, ~W YORK.
TO B ~e Tow~t~p of Southold
To~ of Southold
~ ~e V~LAGE
or H~ET of Pecon~c
BO~ 5 ~U 9 ~ BE TYPED OR P~D ~ BLACK ~K O~Y P~OR TO ~CO~ING OR F~G,
Standard N.Y.S.L.T.A. Form 8~3~7. Page 1 I)a~lain & Sale Deed, wit~ Covenant against Grantor's Acts -'"
CONSULT YOUR LAWYER BEFORE SIGNING YHIS INS'i:RUMENT-THIS INSTRUMENT SHOULD BE USED BY LAINYERS ONLY.
tHIS INDENTURE, made the ~ 0 day of
BETWEEN
Franklin Overton Rich
146 Cove Road
Stonington, CT 06378
December
ninety-eight
party ofthe firstpart, and
Town of Southold
53095 Main Road
Southold, NY 11971
party of the second'part,
WITNESSETIt, that the party of the first part, in consideration of Two Hundred Thousand and 00/100
............ ($200,000.00 ................................................... dollars
lawful money of the United States, paid
by the party of the second part, does hereby grant and release unto the pa~y of the second part, the heirs or successors
and assigns of the party of the second part forever,
ALL that certain plot, piece or parcel of land, with the building and improvements thereon erected, situate, lying and
being in the
SEE SCHEDULE A ATTACHED HERETO
.00~DI~F:
6
a part of
BEING AND INTENDED TO BE/the same premises conveyed~by Deed dated 6/1/78 and
recorded on 9/6/78 in Liber 8492 cp. 142 and by Deed dated 7/13/74, recorded
7/17/74 in Liber 7676 cp 216, re-recorded in Liber 7688 cp 576 in the Suffolk County
Clerk's Office.
SCHEDULE A'
File No. 70982749
AMENDED 12/7/98
ALL t'hat certai~ plot, piece,' or parcel of iand, 'situate, lying and being in the'Town of Southold, County 6f
Suffolk and State of New York, being a descriptive parcel of land, bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic, Lane, 316.96 feet (316.35 survey), (316.94 deed)
southerly along said westerly line from land of Long Island Railroad Company, said point of beginning
being the southeasterly corner of land formerly of Grathwohl now or formerly of .tohnsen; from said point
of beginning;
RUNNING along said westerly line of Peconic Lane, South 30 degrees 03 minutes 20 seconds East 423.78
feet;
THENCE along land of Mazzei, South 59 degrees 43 minutes West, 886.39 feet to land of Catalano &,
others;
THENCE along said land, North 33 degrees 47 minutes West, 739.96 feet to said'land of Long Island
Railroad Company;
THENCE along said land, North 59 degrees 37 minutes 40 seconds East, 712.81 feet;
THENCE along land of Howell, South 30 degrees 10 minutes 20 seconds East, 213.33 feet;
THENCE along.said land formerly of Grathwohl, now or formerly of .lohnsen the following two (2) courses
and distances:
1. South 30 degrees 16 minutes 20 seconds East 101.47 feet;
2. North 60 degrees 01 minutes 40 seconds East 220.89 feet to the westerly side of Peconic Lane, the
point of BEGINNING.
For conveyancing only, if
intended to be conveyed.
Together with all right, title and interest of, in and to any streets and roads
abutting the above described premises, to the center line thereof.
Date Printed December 7, 1998
TOGE'rI~R with all right, title and interest, if any,~ of the party of the first part in and to any streets and roads
abutting the above described premises to the center lines thereof;
TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises;
TO HAVE AND TO HOLD the premises herein granted unto the party of the second part, the heirs or successors and
assigns of the party of the second part forever.
AND the party of the first part covenants that the party of the first part has not done or suffered anything whereby the
said premises have been encumbered in any way whatever, except as aforesaid.
AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of the fn:st part
will receive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to
be applied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the
cost of the improvement before using any part of the total of the same for any other purpose.
The word "party" shall be construed as if it read "parties" whenever the sense of this indenture so requires.
IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above written.
IN PRESENCE OF:
STATE OF ~EW YORI~ COUNTY OF SUFFOLK SS:
Onth¢]~day of December , 19 9~,
before me pemonally came
Eranklin Overton Rich
to me known to be the mthwdual desbnbed m and who executed
the foregoMg instruraent, and acknowledged that
he executed the same.
ELIZABETH A '~
Notary Public, State of New York
No. 52-8126850, Suffolk Counry~
Tert~ Expires October 31, ~Z2P-:
STATE OF N~W YORK, COUNTY OF
SS:
On thc day of 19 , before me
personally came
to mc known, who, being by me duly sworn, did depose and say
that be reaides at No.
of
, the corporation described in
and which executed the foregoing instrument; that hc knows
the seal of said corporation; that thc seal affixed to Said
instrument is such corporate seal; that it wes so affixed by order
of the beard of directors of said cOrporation, and that he
signed h name thereto by like order.
STATE OF NEW YORK, COUNTY OF SS:
On the day of ,19 ,;
before me personally came /
to me known to be the individual described in and whol;t~exe ted
the foregoing instrument, and acknowledged that
executed the sam
STATE OF NEW YORK, COUNTY (2 SS:
On the day of 19 , before me
personally came
to me known, who, being by me duly s,~ n, did depose and say
that he resides at No. //~
that he is the
of
, the corporation described in
and which executed the foregoing instrument; that he knows
the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order
of the board of directors of said corporation, and that he
signed h name thereto by like order.
~ COVENANT AGAINST GRANTOR'S ACTS
TITLE NO.
Franklin Overton Rich
' TO
Tovm of South01d
OFideHW National Title
ssc~oN 074.00
BLOCK 05.00
LOT 006.000
Coubrl~c~ll:4~tl~ Suffolk
Gregory F. Yakaboski, Esq. ZipNo
53095 Main Road
P.O. Box 1179
Southold, NY 11971
T
I
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0
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OWNER'S POLICY OF TITLE INSURANCE
[SS[lED BY
COMMONWEALTI~ LAND TITLE INSURA~C£ COMPANY
COmmonwealth
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND
THE CONDITIONS AND STIPULATIONS, COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania corporation, herein
called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of insurance stated
in Schedule A, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of~ the title, as insured, but only to the extent provided
in the Conditions and Stipulations.
IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused it~ corporate name and seal to be
hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
COMMONWEALTH LAND TITLE INSURANCE COMPANY
Attest: ~/~/ ~ By:~~
Secretary President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this pulicy and the Company will not pay loss or damage, costs, attorneys'
fees or expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting,
regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improve-
ment now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of
which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regula-
tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or
alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect,
lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding
from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without
knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed
in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured
by this policy.
4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation
of federal bankruptcy, st. ate insolvency, or similar creditors' rights laws, that is based on:
(a) the transaction creating the esta.te or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
Co) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer
results from the failure:
(i) to timely record the instrument of transfer; or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor,
NM 1 PA10
ALTA Owner's Policy (10-17-92) Valid Only If Schedules A and B and Cover Are Attached
Form 1190-1 Face Page
Commonwealth
Amount of Insurance: $200,000.00
Date of Policy: 12/10/98
1.
$CHEDULE A
Policy/File No.: 70982749
Name of Insured:
TOWN OF SOUTHOLD
The estate o~ interest in the land described in this Schedule and which is
encumbered by the insured mortgage is:
Fee Simple
Title to the estate or interest in the land is vested in:
Deed made by FRANKLIN OVERTON RICH to the INSURED dated 12/10/98 and recorded
12/24/98 in Liber 11936 page 096 in the Office of the Clerk of the County of Suffolk.
The land referred to in this policy is described on the annexed schedule.
Countersigned:
ALTA Owner's Policy
Authorized Officer or Agent
SCHEDULE A
AMENDED i2/7/98
Policy/File No. 709~82749
ALL that certain plot, piece, or parcel of land, situate, lying and being in the Town of Southold, County of
Suffolk and State of New York, being a descriptive parcel of land, bounded and described as follows:
BEGINNING at a point on the westerly line of Peconic Lane, 316.96 feet (316.35 survey), (316.94 deed)
southerly along said westerly line from land of Long Island Railroad Company, said point of beginning
being the southeasterly corner of land formerly of Grathwohl now or formerly of .lohnsen; from said point
of beginning;
RUNNING along said westerly line of Peconic Lane, South 30 degrees 03 minutes 20 seconds East 423.78
feet;
THENCE along land of I~lazzei, South 59 degrees 43 minutes West, 886.39 feet to land of Catalano &
others.;
THENCE along said land, North 33 degrees 47 minutes West, 739.96 feet to said land of Long Island
Railroad Company;
THENCE along said land, North 59 degrees 37 minutes 40 seconds East, 712.81 feet;
THENCE along land of Howell, South 30 degrees 10 minutes 20 seconds East, 213.33 feet;
THENCE along said land formerly of Grathwohl, now or formerly of ]ohnsen the following two (2) courses
and distances:
1. South 30 degrees 16 minutes 20 seconds East 101.47 feet;
2. North 60 degrees 01 minutes 40 seconds East 220.89 feet to the westerly side of Peconic Lane, the
point of BEGINNING.
ALTA Owner's Policy
Schedule A - Description
SCHEDULE B
Exceptions from Coverage
Policy/File No. 70982749
This.policy does not insure against loss or damage (and the Company will not pay costst
attorneys' fees or expenses) which arise by reason of the following:
Company excepts all unpaid water charges, sewer charges~ street charges, frontage charges
or pending certiorari proceedings, and does not make searches for same.
Electric agreement recorded in Liber 13:~7 cp 321.
Survey made by John C. Ehlers, L.S. dated 11/20/98 shows vacant land. (a) Lawn, on
premises adjoining on the north, extends onto premises herein by as much as 13 feet. (b)
Overhead wires traversing the southeast corner of premises (c) Hedge along part of the
southerly line.
ALTA Owner's Policy
Schedule B
Commonwealth
STANDARD NEW YORK ENDORSEHENT
(OWNER'S PoLTcY) **
Attached ~o and made a part of Policy Number: 70982749
1. :Insuring provision Number 7 is deleted and the following is substituted:
"5. Any statutory lien for services, labor or materials furnished prior to the date
hereof, and which has now gained or which may hereafter gain priority over the
estate or interest of the insured as shown in Schedule A of this policy."
2. The followin~ is added to Paragraph 7 of the Conditions and Stipulations of the policy:
"(d) ]if the recording date of the instruments creating the insured interest is later
than the policy date, such policy shall also cover intervening liens or
encumbrances, except real estate taxes, assessments, water charges and sewer
rents."
Nothing herein contained shall be construed as extending or changing the effective date of
the policy unless otherwise expressly stated.
This endorsement is made a part of the policy and is subject to all terms and provisions
thereof and of any prior endorsements thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy and any of prior endorsements,
nor does it extend the effective date of the policy and any prior endorsements, nor does it
increase the amount of insurance.
Dated: 12/10/98
Countersigned:
Standard New York Endorsement (9/1/93)
For Use With Alta Owner's Policy (10/17/92)
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS.
The following terms when used i~ this policy mean:
· ( ) msured . the insured named m Schedule A, and subject to any
rights or defenses the Company woud have had against the named insured,
those who succeed to the interest of the named insured by operation of law
as distinguished from purchase including but no m ted to hers,
distr butees, devisees, survivors, persona representatives, nexl of kin, or
corporate or fiduciary successors.
Cb) "insured la mant. an nsured c mmmg oss or damage.
Cc) "knowledge" or "known": actual knowledge, not constructive
knowledge or notice which may be imputed to an insured by reason of the
public records as defined in this policy or any other records which imparl
constructive notice of matters affecting the land,
Cd) "land": the land described or referred to in Schedule A, and
improvements affixed thereto which by law constilute real property. The
term "land" does not include any property beyond the lines of the area
described or referred to in Schedule A, nor any right , title, interest, estate
or easement in abutting streets, roads, avenues, alleys, lanes, ways or
waterways, but nothing herein shall modify or limit the extent to which a
right of access to and from the land is insured by this policy,
Ce) "mortgage": mortgage, deed of trust, trust deed, or other security
instrument,
(O "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 1o Section ICa) (iv) of the Exclusions From Coverage, -public
records" shall also include environmental protection liens filed in the
records of the clerk of the United States district court for the district in
which the land is located.
(g) "unmarketability of the title": an alleged or apparent matter affecting
the title lo the land. not excluded or excepted from coverage, which would
entitle a purchaser of the estate or interest described in Schedule A to be
released from the obligation to purchase by virtue of a contractual
condition requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE.
The coverage of this policy shall continue in force as of Date of Polic~r in
favor of Jill insured ou[y so long as the insured retains all estate or interest
in the land, or holds an indebtedness secured by a purchase money
given by a purchaser from the insure& or only so long as the
have liability by reason of covenants of warranty made by the
m any transl~r or conveyance of the estate or interest. This policy
shall not continue in force in favor of any purchaser from the insured of
either ti) an estate or inlerest in Ihe ]and. or (ii) an indebtedness secured by
a purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
Thc insured shall notify Ihe Company promptly m writing (i) in case of
any litigation as set forth in Section 4(a) below. {ii) in case knowledge shall
come to an insured hereunder of any claim of tide or iutercsl which is
adverse Io Ihe title to the eslate or interest, as insured, and which might
cause loss or damage for which the Company may be liable by virtue of
this po]icy, or (iii) if title to Ihe estate or interest, as insured, is rejected as
unmarketable. If prompt notice shall not be given lo the Company. Ihen as
to Ihe insured all liability of the Company shall terminate with regard to
the matter or mailers for which prompt notice i~ required; provided.
however, that failure to notify the Company shall in Ilo case prejudice the
rights of any insured under Ihis policy unless the Company shall be
prejudiced by Ihe failure and then only to the extent of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE.
(a) Upon written request by the insured and subject to the options
contained in Section 6 of these Conditions and Stipulations. the Company.
at its own cost and without unreasonable delay, shall provide for the
defense of an insured in litigation in which any third party asserts a claim
adverse to the title or interest as insured, but only as to those stated causes
of action alleging a defect, lien or encumbrance or other matter insured
against by this policy The Company shall have tbe right to select counsel
of ils choice (subjecl to the right of the insured to o[~ject for reasonable
cause) to represent the insured as to those sta~cd causes of actinn and shall
not be liable for and will not pay the fees of any other counsel. The
Company will not pay any fees. costs or expenses incurred by the insured
in the defense of those causes of action which allege matter~ not insured
agamsl by this po]icy.
(b) The Company shall have the right, al its own cos ) s ute and
rosecutc any action or proceeding or o do a y o ~cr acl which m its
~,9pinion may be necessary or desirable lo es ablish the title to Ihc estale or
interest, as insured, or to prevent or reduce loss or damage to thc'instired.
The Company may take any appropriate action under the terms of this
p~icy, whether or not it shall be liable hereunder, and shall not 'thereby
concede liability or waive any provision of this policy Il the Companir
shall cxere~sc its rights under this paragraph, il sha] do so diligenlly
Cc) Whenever the Company shall have brought an action or interposed a
defense as required or permitted by the provisions of this policy, the
Company may pursue any litigation to final determination by a court of
competent jurisdiction and expressly reserves the right, in ts so e d scretion,
to appea from any adverse judgment or order.
Cd) In all cases where this policy permits or reguires the Company to
prosecute or provide for the defense of any ac on or proceed ng, the
insured shall secure to the Company the right to so prosecute or provide
defense in the action or proceeding, and all appeals therein, and permit the
Company to use, at its option, 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 ti) in any action or
proceeding, securing evidence obtaining witnesses prosecu ng or
defend ng the action or proceeding, or effecting settlement, and (ii) in any
other lawful act which in the opinion of the Company may be necessary or
desirable to establish the title to the estate or interest as insured. If the
Company is prejudiced by the failure of the insured to furnish the required
cooperation, the Company's obligations to the insured under the po cy
shall terminate, including any liability or obligation to defend, prosecute, or
continue any litigation, with regard to the matter or matters requiring such
cooperation.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 of these
Conditions and Stipulations have been provided the Company, a proof of
loss or damage signed and sworn to by the insured claimant shall be
furnished to the Company within 90 days after the insured claimant shall
ascertain the facts giving rise to the loss or damage. The proof of loss or
damage shall describe the defect in, or lien or encumbrance on the title, or
other matter insured against by this policy which constitutes the basis of
loss or damage and shall state, to the extent possible, the basis of
calculating the amount of the loss or damage. If the Company is prejudiced
by the failure of the insured claimant to provide the required proof of loss
or d~mage, the Company's obligations to the insured under the policy shall
terminate, includinl~ any liability or obligation to defend~ prosecute, or
continue any liligatmn, with regard to the matter or matters requiring such
proof of loss or damage.
In addition, the insured claimant may reasonably be required to submit
to examination under oath by any authorized representative of the
Company and shall produce for examination, inspeclinn and copying al
such reasopable times and places as may be designaled by any au hor zed
representative of the Company, all records, books, ledgers, checks.
correspondence and memoranda, whether bearing a date before or after
Date of Po]icy. which reasonably pertain to the loss or damage. Further. if
requested by any authorized representative of the Company . the insured
clainlant shall grant ils permission, in writing, for any aulhorized
represenlalive of the Company lo examine , inspect and copy ali records.
books, ledgers, checks, correspondence and memoranda in the custody or
control of a third party, which reasonably pertain to the loss or damage.
All information designated as confidential by the insured claimant provided
to the Company pursuant to this Section shall not be disclosed to others
unless, in the reasonable judgement of the Company. it is necessary in Ihe
administratmn of the claim Failure of the insured claimant to subnfil for
examinatinn under oath. produce other reasonably requested information
or grant permtssinn to secure reasonably necessary information from third
parties as required in this paragraph shall terminale any liability of the
Company under this policy as to that claim.
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under this policy, the Company shall have the
following options:
Ca)To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the amount of insurance under
this policy together wilh any costs, attorneys' fees and expenses incurred by
the insured claiman{, which were authorized by the Company. up Io the
time of paymant or tender of payment and which the Company is obliga-
ted to pay.
Upon the exercise by the Company of Ihis option, all liability and
obligations to the insured under this policy, other than to mak~ the
payment required, shall terminate, including any liabilily or obligation to
defend, prosecute, or conhnue any litigation, and tile policy shall be
surrendered to the Company for cancellation.
Cb) To Pay or Otherwise Settle With Parties Other than the Insured or
With the Insured Claimant
ti) to pay or odmrwise settle with other parties Ibr or m thc name
of an insured chinnant any claim insurcd against under this po]icy. Iogether
with any costs, attorneys' fees and expenses incurred by the insured
claimant which were au.thorizcd by the Company up to lime of paymenl
and which the Company is obligated to pay; or
(ii) to pay or otherwise settle wilh thc insured claPnanl the loss or
damage provided for under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimanl which were aulhorized
by the Company up ~o the lime of payment and which the Company is
obligated to pay
Upon the exercise by the Company of either ol the options provided for
in paragraphs b (i or (ii), the Company's ob ga iong to Ihe insured under
this po]icy for the ciaimed loss or' damage, other than the payments
required to be made, shall terminalc, including any liability or obligalinfCto
defend, prosecute or continue any litigation
Conditions and Stipulations Continued Inside Cover
7, DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE.
· This policy is a contract of indemnity against actual monetary loss or
damage sustained or incurred by the insured claimant who has suffered loss
· or damage by rei~on of matters insured against by this policy and only tb
the extent herein de~cribed.
(al The liability of thc Company under this policy shall not exceed thc
least of:
(il the Amount of Insurance stated in Schedule A; or,
(ii) thc difference between the value of the insured estate or interest as
insured and thc value of the insured estate or interest subject to the defect,
lien or encumbrance insured against by this policy.
(b) In the event thc Amount of Insurance stated in Schedule A at thc
Date of Policy is less than 80 percent of the value of thc insured estate or
interest or thc full consideratio0 paid for the land, whichever is less, or if
subsequent to thc Date of Policy an improvement is erected on thc land
which increases the value of the insured estate or interest by at least 20
~erccnt over the Amount of Insurance stated in Schedule A, then this
olicy is subject to the fo ow ng
(il where no subsequent improvement has been made, as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
the amount otinsurancc at Date of Policy bears to the total valud of the
insured estate or interest at Date of Policy; or
(ii) where a subsequent improvement has been made, as to any partial
loss, thc Company shall only pay the loss pro rata in the proportion tha
1:20 percent o~tbe Amount of lnsurhnce stated in Schedule A bears to the
sum of Ibc Amount of Insurance stated in Schedule A and the amount
expended for thc improvement.
The provisions of this paragraph shall not apply to costs, attorneys' fees
and expenses for which thc Company is tiablc under this policy, and shall
only apply to that portion of any loss which exceeds, in the aggregate, 10
percent oftbe Amount of Insurance stated in Schedule A.
(c) The Company will pay only those costs, attorneys' fees and expenses
recurred in accordance with Section 4 of these Cond tions and Stipulations.
8. APPORTIONMENT.
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and a loss is established affecting one or
more of the parcels but hot all, the loss shall be compared and settled on a
pro rata basis as if the amount of insurance under this policy was divided
pro rata as to the value on Date of Policy of each separate parcel to the
whole, exclusive of any improvements made subsequent to Date 'of Policy,
unless a liability or value has otherwise been agreed upon as to each parcel
by the Company and the insured at the time of the issuance of this policy
and shown by an express statement or by an endorsement attached to this
policy.
9. LIMITATION OF LIABILITY.
(al If the Company establishes the title, or removes the alleged defect,
lien or ehcumbrance, or cures the lack of a right of access to or from the
land, or cures the claim of unmarketability of title, all as insured, in a
reasonably diligent manner by any method including litigation and the
completion of any appeals therefrom, it shall have fully performed its
obligations with respect to that matter and shall not be liable for any loss
or damage caused thereby.
(b) In the event of any litigation including litigation by the Company
or with the Company's consent the Company shall have no liability for
loss or damage until there has been a final determination by a court of
competent jurisdiction, and disposition of all appeals therefrom, adverse to
the title as insured.
(c) The Company shall not be liable for loss or damage to any insured
for liability voluntarily assumed by the insured in settling any claim or suit
without the prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY.
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance pro
tanto.
11. UABIUTY NONCUMULATIVE
It is expressly understood thai the amount of Insurance under this
policy shall be reduced by any amount the Company may pay under any
policy insuring a mortgage to which excep~on is taken in Schedule B or to
which the Insured has agreed, ,assumed, or taken subject, or which is
herealtor executed by an insured and which is a che~ge or lien on the
estate or Interest described or referred to in Schedule A, end the amount
so peld shall be deemed a payment under this policy to the Insured owner.
12. PAYMENT OF LOSS.
(a) No payment shall be made wit hour producing this policy for endorsemen
of the payment unless the policy has been os or destroyed, in which case proof
of loss or destruction shall be furnished to the satisfaction of the Company·
him ] PA 10
ALTA Owner's Policy (10-17-92)
Form 1190-3 Cover Page ORIGINAL
(Continued)
(b) When liability and the extent of loss or damage has been definitely
fixed in accordance with these Conditions and Stipulations, the lo~s
damage shall be payable within 30 days theregfter.
13. SUBROGATION UPON PAYMENT OR' SETTLEMENT.
(al The Company's Right ~f Subrogation.
Whenever the Company shall have settled and paid a claim under this
policy, all right of subrogation shall vest in the Company unaffected by
any act of the insured claimant.
The Company shall be subrogated to and be entitled to all rights and
remedies which the insured claimanl would have had against any person or
property in respect 1o the claim had this policy nol been issued. If
requested by the Company, the insured claimant shall transfer to the
Company all righls and remedies against any person or property necessary
in order to perfect this right of subrogation. The insured claimant shall
permit thc Company to sue, compromise or settle in the name of the
Insured claimant and to usc the name of the insured claimant in any
transaction or litigation involving these rights or remedies.
If a payment on account of a claim does not fully cover thc loss of the
insured claimant, the Company shall be subrogated to these rights and
remedies in the proportion which the Company's payment bears lo the
whole amount of the loss.
If loss should result from any act of the insured claimant, as stated
above, that act shall not void this policy, but the Company, in that event,
shall be required to pay only that part of any losses insured aga ns by th s
policy which shall exceed the amount, if any, lost to thc Company by
reason of the impairment by the insured claimant of the Company's righl
of subrogation.
(b) The Company's Rights Againsl Non-insured Obligors.
Thc Company's right of subrogation against non-insured obligors shall
exist and shall include, without limitation, the fights of the insured to
indemnities, guaranties, other policies of insurance or bonds,
notwithstanding any terms or conditions contained in those instruments
which provide for subrogation rights by reason of this policy.
14. ARBITRATION
Unless prohibited by applicable law, either the Company or the insured
may demand arbitration pursuant to the Title Insurance Arbitration Rules
of the American Arbitration Association. Arbitrable matters may include,
but are not limited to, any controversy or claim between the Company and
the insured arising out of or relating to this policy, any service of the
Company in connection with its issuance or the breach of a polic
provision or other obligation. All arbitrable matters when the Amo~n
Insurance is $1,000,000 or less shall be arbitrated at the option of either the
Company or the insured. All arbitrable matters when the Amount of
Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to
by both the Company and the insured. Arbitration pursuant to this policy
and under the Rules in effect on the date the demand for arbitration is
made or, at the option of the insured, the Rules in effect at Date of Policy
shah be binding upon the parties, The award may include attorneys' fees
only if the laws of the state in which the land is located permit a court to
award attorneys' fees to a prevailing party. Judgment upon the award
rendered by the Arbitrator(s) may be entered in any court having
jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the
Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT.
(al This policy together with all endorsements, if any, attached hereto
by the Company is the entire policy and contract between the insured and
the Company. In interpreting any provision of this policy, this policy shall
be construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or by any action asserting such claim, shall be restricted to
this policy.
(c) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed by either the
President, a Vice President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the Company.
16. SEVERABILITY.
In thc event any provision of thc policy is held invalid or unenforceable
under applicable law, the policy shall be deemed not to include hat prov
sion and all other provisions shall remain in full force and effect.
17. NOTICES, WHERE SENT.
All notices required to be given the Company and any statement in writing
lequired to be furnished the Company shall include the number of this policy and
shall be addressed to Commonwealth Land Tide Insurance Company, Eight Penn
Cen~er, Philadelphia, Pennsylvania 19103-2198.
Valid Only If Face Page, Schedules A and B Are Atlached
American Land Title Association
Owner's Policy
(10-17-92)
POLTCY
OF
TITLE
INSURANCE
l..ed by
Commonwealth.
Land Title Insurance Company
Title Insun~nce Since 1876
HOME OFFICE
EIGHT PENN CENTER
PHILADELPHIA, PA 19103-2198
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COUNTY OF SUFFOLK ~. SOUfHOLB SECT'ON NO
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On December 10, 1998, the Town of Southold
purchased 13.85 acres of land located along the westerly
side of Peconic Lane in Peconic from Franklin Overton
Rich for the sum of $200,000.00. The purchase of this
parcel, identified as SCTM #1000-74-5-6, was authorized
by bond resolution adopted by the Southold Town Board
on July 21, 1998, and its acquisition was solely intended
for public park purposes.
At a dedication ceremony in the autumn of 2002, the
park was officially designated the "JEAN W. COCHRAN
PARK" in honor of Mrs. Cochran's years of devoted service
to the Town. Mrs. Cochran served as Southold Town
Supervisor from 1996 to 2001. As Supervisor, Mrs.
Cochran was instrumental in securing the purchase of
this parkland for the use and enjoyment of all Town
residents.
This once fallow farm field now hosts a roller hockey
rink, softball field with lights, three tennis courts, a
football/soccer field, and 2 baseball fields for our young
T-ball players, in addition to a one-half mile track around
the property's perimeter. Many residents enjoy year
round use of these recreational facilities that are
maintained by the Town of Southold - Department of
Public Works under the management of James McMahon,
Director.
September 2005
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2004 Aerial SCTM #1000-74-5-6 2405 Peconic Lane, Peconic 13.85 acres JEAN W. COCHRAN PARK
2001 Aerial SCTM #1000-74-5-6 2405 Peconic Lane, Peconic 13.85 acres JEAN W. COCHRAN PARK
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®RAPHIC SC, ALE I"= ~60'