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HomeMy WebLinkAboutL 10823 P 413 .wt k � "liWA"« "gwtwrr wu— «rM M 901"?YON►AWY A WO8111144 a 7*6 tetMYMMfT-THIS 1MIisYMMft tt10WO N UUO IY IAWYta1 OMIY 10823 K413 0:)SMIES + 7Fi18INDLNNIti,mads tlw Q� day of Dfr'rj.,,ya ,nlneMes hundred and oi;llty-sight W11411211111 QALY P. RIDM AY, residing at 250 Hartshorn Drive, Short Hills, Now Jersey, 07078 pang of the fleet pan,end HAY !ARBOR CUIB c/o John Hesse, President, c/o Plant Resources Venture, 124 Mt. Auburn Street, Suite 310, Cambridge, Massachusetts 2138 F . `` MAR 27 I?&9 pasty of the mond part, WfTNMKTH.that the pang of the ant part,in eortaidotadon of y---- dollen, lawful money of the United Mat% and other good and valuable consideration paid by the patty of the wand part,dose herby grant and roleau unto the party of the mood part, the heirs or suce"mon and assigns of the party of the ascend port forever, YN ALL that certain plo4 pica or poral of lend, with RAs buildings and improvemenu thereon erected, .ousts, 3 DIST. tying and being ib-r at risher's Island, in the Town of Southhold, County of 1 ,1, Suffolk, Surto of New York being bounded and described as followst ��SyyE.�CC..� 2 \d.G3.-rD Beginning at a drill hole in the walk on the Southeasterly line of f3LK. Winthrop Drive, said drill hole bring South 620 21' West 669,95 feet from the ocuthwastarly line of Equestrian Avenue, said drill hole also being 466,98 feet North of a point which is bu46.28 feet West of said "PROS" monument and LOT. thence turtnintq along said Winthrop Drive lire North 620 21' Fest 72,70 font to a drill holy thertes South 270 39' Fest 183.80 feet) thence South 620 21' West 72.70 feetf thimcm North 210 39' west 163.60 lest to the point of beginning. Containing 0.30 acres mon or less. Together with the right to use in catelon with Race Point and others Winthrop Drive (SO feet in width), Reservoir Road (50 feet in width), Equestrian Avenue and other private roods of Race Point for ingress to and egress from the Promises until such tLrM a■ such private roads are dedicated to public read and highway purposes and accepted by a Town or Village for such purposes. ` Being a portlort of the premises described on a survey, dated September, 1964, made by Chandler i Palmer, a copy of which survey is attached hereto and marked Schedule A. \1 Being and intended to be a portion of the premises conveyed by �\\ I Race Point Corporation to Tinily P. Ridgway by deed dated December 23, 1964 and recorded 1n Suf+olk County Clerk's Office on JAnuaryl1,1965, in Libor 5681 at page 223., (tho 111964 Dood") 1 'Re promises hereby conveyed therein scematimae referred to as the "Premises") are conveyed subject to (i) the state of facts shown on the survey attached hereto and marked Schedule At (11) the restrictiont set forth in the annexed Schedule e. , e,' 1 TOG!< M with all right,lite add Interco,if any,of the party of the first part In and to Any dreete end made sbuttlnit the above described pcemlaes to the center lines Unroof, '}lfOGLTHIIR with to appurtseteasw And all the slate And rights of the party of the first pari in and to d premim HAVI< AND TO HOLD the primim havoin `farted unto the party of Uhs second part, the heir, or end Assigns of the path of the Mond part lonwr. AND the party of the first part covseants that the party of the fist part hese not done or suffered anything whereby the Bald premises have been Incumbered In any way whatever,except as aforesaid, AND the party of the Ant part, to cotnpllartce with 'iamluo 11 of the Lion Iwaw, corsnanls that the rsrty of the prat pan wilt receive the consideHtion for this oonveyance and will hold Ow right to receive wait consid. rratlon at a trust fund to be applied Ant for to purpose of paying the cost of the Improvement and will Apply the came first to the payment of the cat of the ittptovemm Wore using any parr of the total of iltw same for any other purpose. Tho ward "Darty" shall be constru«I ea If 11 read "parlim" whenever the sense of this indenture so requite. IN WITNL73 WHLRIKOR,to party of the fins part has duly executed this dead the day and year first above E wrltesrt. O10a7 tA'~K roes-V ter Ih lllxaCNC�,t��t,��r,�l M•y�•a t,.v,.,..a r t�.tHWr, ��l•.ti: � I 1 (� STATII of Willis 011111m. C of Qv4,j,r,1 ser tTAh of tow Von, CoNMT1►of N, on ike 1�, day of t`\,1.r•-r�..k ..19 88,before me On the dey of 1,r �a before lne ke Personally cams i9nily P. RidgwayJIM plrrwuelly calm I„ tide known to he the individual dercrAwd M and who h1 nIr known to Ln the indiVV%l%l desrrll.r.11 its end who eseeuled the tureaolnR instrument, end trltnowlailtal thea executed the forapuing Instrument, and sdutvte{edNN1 the, C she eeecuted tM yma, eaecuterl use arms. T'I R11NIN1M Mell'TINWr Mpary►Is11M.NMa al Mew.Mrenpr ol►htatalettengsrtlM�affep,R IMt 1TAT1 of POW YORK, Cot Rff of All •ntre W m1w T"It.Govill"01 � I sli Ille lily of 19 ,Ix1•fnrr me On the day of 19 , before aM ;.,.,011111, Canso Ilerilimal1v came I. Id'. lm+++u, whoy m , heinir be duly sworn, did rkse Anil the subscribuyp will'M to Ole foregoing instrument, with ,.,+ Ibat he resides at Ni,. whom 1 41111 prrxnnally Anplailtted, who, tlehtg by me duly sworn,1114 depuse still say ifim he reakles at No, Ih.11 he 1.the ; „i that he knows the corplltallun dNatiheAl +,, awl Mbi0i rsrruted the forepoinp inalrummlt; that Ise to Ix Ilse Individual k1,1• Ihr sal of mill corporation; that the Mal of sal deacrihett in and who executed the foregoing Inetrunlent; r, and In+tnutuait is suCb eorpurale seal; that it was eu that he, said eubscrNsing witness, wag preient and sAw all. l -% Order of the Ismail 61 directore of mid oerpora, execute the same;and that be.sold witness, Id..n. null that he clpned h name iheteto by like order, at the units time subscribed h namt as wiltwu thereto. 1 �{ttrQAln AAO •Alt �tt0 tthCl'il7N Mill C+We11AAt AGA111"GAAMttla's Acta DWCK •TITLE 1u, I.s.' ,..11110 IAT EPl1LY P. R};IXaYAY t'ouNTY ON iR)wN 8authhold, Suffolk TO HAY HAROM CUM RtTVRN RY MAIL TO Hobart H. Goldie, Satterlaea Stall ta Durk. d Durko 230 Park Avanue Now York, Naw Y k Zip N.d 10169 1 1 ��••w-:` r --�1 .. �___.._��__.�a,�__._-.�J kl,�-' .-- ---... '�• - v' -: - - --. .--•- -' -,-�--- 'w..�.�V . ..._.. . ti`s: .m . . 1 1 823 K417 EMILY P,- RIDGWAY TO HAY HARBOR CLUB Schedule B It is hereby expressly understood and agreed thatt (a) The Promisee may be used for single family residential purposes only and no building, outbuilding or structure shall be erected within five (5) feet of any houn- dary thereofi and (b) In the event that during the period of twenty (20) years from the date of this Deed the party of the second part shall desire to sell or any other way dispose of the Premises, the party of the second part shall first notify the four children of the party of the first parte William C. Ridgway, III, currently residing at 34 Land's End, 174 Ocean Avenue, Sea Bright, Now Jersey 07760, Charles P. Ridgway currently residing at P.O. Box 989, Eagle, Colorado 81631, Emily R. Crisp currently residing at Horseshoe Road, Mill Mock, Now York 11765, and Sara R. McLean currently residing at 1 Phillimore, London, W8 78B, England, of its intention to offer the Premises for sale. Within thirty (30) days after receipt of said notice by tho above-referenced children, any one or more of said children may elect to purchase the Premises by notifying the party of the second part in writinq that he or she intends to pur- 11823 ?[418 chase same. If one or more of said children elect to pur- chase the Premises, the aggregato sales price shall be cal- culated as the sum of ( 1) $75,000 plus ( il) an "Inflation Factor" calculated an set forth below. The inflation Factor shall equal the product obtained by multiplying $75,000 by a fraction the numerator of which is the amount, if any, by which the Consumer Price Index (All items) for the New York- tiortheastern New Jersey region for the month In which the first child elects to purchase the Promises exceeds the name Index for the month in which this Deed is executed (herein- after referred to as the "Base Price Index"), and the de- nominator of which is the Base Price Index. In no event shall the purchase price be less than $75,000. Thereafter, within sixty (60) days after the expiration of the aforesaid 30 day option period, the party of the second part shall de- liver to the purchasing child or children a bargain and sale deed with covenants against grantor's acts in recordable form conveying marketable title to the Premises, free and clear of all liens, claims and encumbrances not in existence on the date of this Deed and in all respects satisfactory to said child or children. If there be more than one purchas- ing child, then unless the purchasing children shall other- wise agree in writing, said deed shall convey title to the purchasing children as tenants in common, each having an equal undivided interest in the Premises, and each purchas- -2- 10823 N419 inq child's share of the purchase price shall be a fraction determined by dividinq one by the number of children elect- lnq to purchase. Upon delivery of such deed, the party of the second part shall vacate and surrender possession of the Premises to the purchasinq child or children, if none of such children shall elect to purchase the Premises, the party of the second part shall be free to sell or otherwise transfer the Premises subject to the re- strictions hereinafter not forth in this Deed for a period of five (5) months from the date the first notice to the children was sent, It no such transfer occurs, the Premises shall again become subject to the terms and restrictions of this paraqraoh (b) . (c) if, following the expiration of the twenty (20) year period from the date of this need but prior to the death of the last survivor of the children of the party of the first part and the following named grandchildren of the party of the first part (who, together with the aforesaid children are hereinafter collectively referred to an the "Descendants"), namelyj Elizabeth M. Ridgway, Ashley L. Ridgway, Charles Stuart Ridgway, children of William C. Ridgway, I111 Charles P. Ridgway, Jr., Alexander L. Ridgway, and Stephen C. Ridgway, children of Charles P. Ridgwayi Wendy P. Crisp, Ann G, Crisp, Tina 0. Crisp, children of Emily R. Crisps George R, McLean and Emily R. McLean, chil- -7- 10823 K420 dren of Sara R. McLean, the party of the second part re- ceives a bona fide offer ( " the offer" ) to sell or in any other way dispose of the Preminex In a transaction involving the receipt of consideration by the party of the second part , then the party of the second part shall notify the Descendants of the intention of the party of the second part to accept same, including with such notice a copy of the proposed contract, including the name of the buyer . As long as William C. Ridgway, 111 , is alive and fully competent , the party of the second part shall be deemed to have given full and sufficient notice to the Descendants by mailing game exclusively to William C. Ridgway, IIi , Any one or more of the Descendants shall have the riqht within thirty ( 30) days from the receipt of said copy of the proposed con- tract , to accept the terms of the contract In writing by consenting to the name terms and conditions of the offer or alternative provisions acceptable to the party of the second part, If any one or more of Descendants so elect to pur- chase the Premises, the party of the second part and the purchasinq Descendants will enter into a contract of sale for the Premises containinq the terms and conditions of the offer at such alternative provision■ as may have been ac- cepted by the party of the second part . Within sixty (60 ) days after the signinq of the contract for sale by the last r�+ 11823 M21 of the purchasinq Deacendanta , the party of the second part shall deliver to the purchasing Descendants, a bargain and sale deed with covenants against grantor' s acts In record- able form conveylnq marketable title In accordance with the terms of the contract executed by the purchasinq 0excendantrs and in all respecter satisfactory to them, if there be more than ane purchasinq Des}c*ndant , then unless the purchasing Descendants shall otherwise agree in writing, said deed shall convey title to the purchasing Descc^.denta as tenants in common, each having an equal undivided interest In the Premises, and each purchasing Descendant ' s share of the pur- chase price shah, be a fraction determined ty dividing one by the number of Desrcendanta executinq the contract . Upon delivery of such deed, the party of the second part nhail vacate and surrender possession of the Premises to the pur- chasinq Descendants and the waiver by FISHRRs ISLAND DEVRL- OPMZNT CORPORTION ( "FIDCO" ) of the option to purchase the Premises described in the 1964 Deed ( the "Option" ) contained in the Waivor Agreement between FIDCO and the party of the second part dated of even plate herewith and intended to tie recorded simultaneously with this deed ( the "Waiver" ) shall cease and terminate , If none of the Descendants elect to purchase the Premises within the thirty day option exercise period then FIDCO's rights under the Option shall apply to the offer r S w 10823 X1-422 and, if F11DC0 elrcts not to purchaRe the Premises pursuant to the option, then the party of the second part may then Accept the offer and sell the premise% to the W eror on ►he terms and conditions of the offer subject to FIDCO' s right under the Option. If no such sale to that offeror in com- pleted Within five ( 5) months from the elate the first notice to the Descendants was sent , or it the terma of the offer change , then the Promises shall again become subject to the terms and restrictions of this subparagraph ( c) . The provisions of this subparagraph ( c) shall ap- ply to any proposed transfer without any consideration by the party of the second part, except that the purchase price at which the Descendants may exercise their option shall he an amount equal to the fair market value of the Premises as determined by an independent appraiser and/or licensed real estate broker chosen by the Descendants, (dl Any transfer or conveyance of the Premises by the party of the second part in violation of the foregoing subdivisions ( b) and (c) shall be void . (e) The party of the second part further agrees to use the Promises only for housinq employees of the Hay Harbor Club and their families as an adjunct to the activi- ties of the Olay Harbor Club. This restriction shall exist � only to as long as the Hay Harbor Club is the owner of the Premises . .Q� 11823 K423 ( f) The foregoinq covenants , agreements , and re- strictions not forth in this Schedule R shall run with the land , shall bind the successors and aRnigns of the party of the second part and nhall inura to the benefit of the uvasors and assigns of the children and Descendants of 9mily F. Ridgway . � ' ' v 'n • �n �4 W -7-