HomeMy WebLinkAbout1989 Kirkland, ElmoAeEurn to: (e_pelose self - addressea stamped envelope)
Name: Recud Ca
gessional T itie ct in, i3n hiteer, Inc.
Address: 1546 N.U.S.I,, Setpostiae, FL 32958
This Instrument Prepared by:
This Instrument Wu is pt' �Sr,
I Titi c` I,I.fl n I .'J4or Inc.
Address: Prof,,s510n8
1545 H.U.S.I., s�ient`i0 the issuance 8
As necessary �tt�nn.,,, nn e Policy.
Property Appraiser§400 R'. 'Wollo) Number(s):
06- 31 -39- 00003 - 003 - 00005/0
Grantee(sl S.S. #(s): I
SUOle
WARRANTY DEED
INDIVID. TO INDIVID
80 JUL 27 PH 3: 20
CLE
11
BY ^N
RAMCO FORM 01
608359
SPACE ABOVE THIS LINE FOR PROCESSING DATA SPACE ABOVE THIS LINE FOR RECORDING DAT►
P10159 17th
This warranty Beed Made the day of July A. D. 19 89 by
ELMO RONALD KIRKLAND, JR.
hereinafter called the grantor, to
THE CITY OF SEBASTIAN, a Municipal Corporation, existing under the
laws of the State of Florida
whose postoffice address is P.O. BOX 780127, Sebastian, F1. 32978
hereinafter called the grantee:
IWherever used herein the terms "grantor" and "..grantee" include all the parties to this instrument and
the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations)
bitnesseth: That the grantor, for and in consideration of the sum of $ 10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, re-
mises, releases, conveys and confirms unto the grantee, all that certain land situate in Indian River
County, Florida, viz:
Lots 5, 6, 7 and 8, Block 3, Hardee Subdivision, Unit B, according
to the Plat thereof, as recorded in Plat Book 4, Page 74, Public
Records of St. Lucie County, Florida.; said land now lying and
being in Indian River County, Florida.
Subject to all valid restrictions, reservations, easements and
zoning of record.
THIS PROPERTY IS NOT HOMESTEAD PROPERTY. GRANTOR'S RESIDENCE
IS PROPERTY OTHER THAN THAT WHICH IS BEING CONVEYED.
together with all the tenements, hereclitaments and appurtenances thereto belonging or in any-
wise appertaining.
To Have and to Vold, the same in fee simple forever.
And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land
in fee simple; that the grantor has good right and lawful authority to sell and convey said land; that the
grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of
all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent
to December 31, 19 88
®OC. ST. • AMT. 4 & S
A BARTOR Clerk of Ciroue COUrl
indlan River CounlY - by .-3 .
In witness whereof, the said grantor has signed and sealed these presents the day and year
first above written.
sealed and delivered in our presence:
i
Witness.(; ... ---- X. ..... ..... .. .. -- . - --
ELMO ONAL KIR A D, J .
witness iFA.2,1DA. l
STATE OF D
COUNTY OF 02A 14rrj
I HEREBY CERTIFY that on this day, before me, an
officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared
ELMO RONALD KIRKLAND, JR.
to me known to be the person described in and who :executed the foregoing instrument and Who acknowledged
before me thathe excc14gd``the
WITNESS my hand and o_fl'tctal: seal i-n — "the •County and State last aforesaid this � day of
A. D. ISO 9
Notary Seal `
My commission expires:: -.
NOTARY PUBLIC STATE OF FLORIOA ............................... ..... ........... ..
NY COMMISSION EXP. FEB; ti,1994�. No ary Pub c, S of
BONDED THRU GENERAL INS.
O. R. 837 P8 2171
BUYERS CLOSING STATEMENT
PROFESSIONAL TITLE OF INDIAN RIVER, INC.
1546 N. U.S. 1, SEBASTIAN, FLORIDA 32958 PHONE: (407) 589 -3231
SELLER: Elmo Ronald Kirkland, Jr.
PURCHASER: The Cit:v of Sebastian
LEGAL DESCRIPTION: Lot: 5-6., Block 3, Hardee Sub
FILE #: P- 10139
PRORATION DATE:
BROKER: La.anbet
Charges for water, rents, gas, electricity, taxes, etc. on personal property are not adjusted. This company
assumes no liability for any of these items.
EXPENSES
16,000.00
$
Purchase Price
$
lu ° `- ul
Recording Fees
$
Title Insurance
$
State Documentary Stamps
$
Hazard Insurance
$
Membership Fee
$
Maintenance Fee
$
Mobile Home Fee
$
Amortization Schedule
$ ?` °f'10 °�0
TOTAL EXPENSES
CREDITS
$
11U 0 ° (i,i
Deposit Held by Nzzisi? &
$
Mortgage to Seller
$
` 12,_ 37
Real Estate Tax Proration
From 1,/1 to 7 /'Z0 /F,1
(Based upon a yearly estimate of $ /year. If
different from actual tax bill, purchaser and seller agree
to adjust same.)
$ 512 ° "7
TOTAL CREDITS
$ 15 0 "9 7 ° 63 BALANCE DUE FROM PURCHASER
(Cashier's or Bank - Issued Check made payable to Professional Title of Indian River,
Inc.)
I have read this Closing Statement and hereby approve same.
The City of 5eba. tiara
WHITE . ORIGINAL GREEN - BUYER'S COPY CANARY - REALTOR'S COPY PINK • REALTOR'S COPY GOLDENROD • FILE COPY
CONTRACT FOR SALE AND PURCHASE
_PARVES: ELMO RONALD KIRKLAND, JR. ( "Seller "),
of C/o LAMBERT REAL ESTATE,INC., Se astian:,. Florida (Phone 589 -8700 )
and THE CITY OF SEBASTIAN, a Florida Municipal c
Cornra ti on ("Buyer"),
of c f o NASH AT T ACE, P •.A- , M 1 bo trn , Fl nrida (Phone 984 -3300 ),
hereby agree that the Seller shall sell and Buyer shall buy the following real property ( "Real Property ") and personal property ( "Personalty ") (collectively "Property ") upon the following
terms and conditions which INCLUDE the Standards for Real Estate Transactions printed on the reverse or attached ( "Standards ") and any addendum to this instrument.
I. DESCRIPTION: (a) Legal description of Real Property located in Tndi an Ri vPr County, Florida:
Lots 5, 6, 7 and 8, Block 3, HARDEE'S SMIVISION 4B, according to the Plat thereof,
as recorded in Plat Book 4, Page 74.;of the Public Records of Indian River County,
Florida
(b) Street address, city, zip, of the Property is:
(c) Personalty: NONE VACANT LAND
II. PURCHASE PRICE ........ : .......................................... ............... ............................... $ 16,000-00
PAYMENT:
(a) Deposit( -) to be held in escrow by NASH & FALLACE, P.A. in the amount of 4P. 100.00
(b) Subject to AND assumption of mortgage in good standing in favor of NA
Ixft having an approximate present principal balance of $ 0.00
(c) Purchase money mortgage and mortgage note bearing annual interest at NA % on terms set forth herein, in amount of .......... $ 0.00
(d) Other: NA $ 0.00
(e) Balance to close (U.S. cash, LOCALLY DRAWN certified or cashier's check), subject to adjustments and prorations ....................... $ 15.900.00
111. TIME FOR ACCEPTANCE; EFFECTIVE DATE: If this offer is not executed by and delivered to all parties
on or before May 3, 1989 , the deposit(s) will, at Buyer's option, be returned to Buyer and the offer withdrawn.
The date of this Contract ( "Effective Date' ) will be the date when the last one of the Buyer and the Seller has signed this offer.
IV. FINANCING: (a) If the purchase price or any par[ gf it is to be financed by a third party loan, this Contract for Sale and Purchase ( "Contract ") is conditioned on the Buyer
obtaining a written commitment for the loan within days from Effective Date, at an initial interest rate not to exceed NA %; term of NA years;
and in the principal amount of $ NA Buyer will make application within NA days from Effective Date, and use reasonable diligence to obtain the loan com-
mitent and, thereafter, to meet the terms and conditions of the commitiment and to close the loan. Buyer shall pay all loan expenses. If Buyer fails to obtain the loan commitment and,
promptly notifies Seller in writing, or after diligent effort fails to meet the terms and conditions of the commitment or to waive Buyer's rights under this subparagraph within the time
stated for obtaining the commitment, then either party may cancel the Contract and Buyer shall be refunded the deposit(s).
(b) The existing mortgage described in Paragraph II(b) above has (CHECK (1) OR (2)): (1) ❑ a variable interest r OR (2) ❑ a fixed interest rate of N_ % p annum.
At time of title transfer some fixed interest rates are subject to increase. If increased, the rate shall not exceed % per annum. Seller shall, within —
days from Effective Date, furnish a statement from all mortgagees stating principal balances, method of payment, interest rate and status of mortgages. If Buyer has agreed to assume
a mortgage which requires approval of Buyer by the mortgagee fc�rssumption, then Buyer shall Rromptly obtain all required applications and will diligently complete and return them
to the mortgagee. Any mortgagee charge(s) not to exceed $ LVL-1 shall be paid by LVH (if not filled in, equally divided). If the Buyer is not accepted
by mortgagee or the requirements for assumption are not in accordance with the terms of the Contract or mortgagee makes a charge in excess of the stated amount, Seller or
Buyer may rescind this Contract by prgmpt written notice to the other party unless either elects to pay the increase in interest rate or excess mortgagee charges.
V. TITLE EVIDENCE: At least lU days before closing date, Seller shall, at Seller's expense, deliver to Buyer or Buyer's attorney, in accordance with Standard A, (Check (1)
or (2)): (1) ❑ abstract of title OR (2) [X title insurance commitment. 06/14/89
VI. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on unless extended by other provisions of Contract.
VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions
and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be located contiguous to Real Property lines and
not more than 10 feet in width as to the rear or front lines and 71/2 feet in width as to the side lines, unless otherwise specified herein); taxes for year of closing and subsequent
years; assumed mortgages and purchase money mortgages, if any; other: none
provided, that there exists at closing no violation of the foregoing and none of them prevents use of Real Property for public purpose( -).
Vlll. OCCUPANCY: Seller warrants that there are no parties in occupancy other than Seller, but if Property is intended to be rented or occupied beyond closing, the fact and terms
thereof shall be stated herein, and the tenant(s) or occupants disclosed pursuant to Standard F. Seller agrees to deliver occupancy of Property at time of closing unless otherwise
stated herein. If occupancy is to be delivered before closing, Buyer assumes all risk of loss to Property from date of occupancy, shall be responsible and liable for maintenance from
that date, and shall be deemed to have accepted Property in their existing condition as of time of taking occupancy unless otherwise stated herein or in a separate writing.
IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions shall control all printed provisions of Contract in conflict with them.
X. INSULATION RIDER: If Contract is utilized for the sale of a new residence, the Insulation Rider or equivalent may be attached.
XI. COASTAL CONSTRUCTION CONTROL LINE ( "CCCL ") RIDER: If Contract is utilized for the sale of Property affected by the CCCL, Chapter 161, F.S., (1985), as amended,
shall apply and the CCCL Rider or equivalent may be attached to this Contract.
XII. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ( "FIRPTA ") RIDER: The parties shall comply with the provisions of FIRPTA and applicable regulations which could
require Seller to provide additional cash at closing to meet withholding requirements, and the FIRPTA Rider or equivalent may be attached to this Contract.
XIII. ASSIGNABILITY: (CHECK (1) or (2)): Buyer (1) M may assign OR (2) ❑ may not assign Contract.
XIV. SPECIAL CLAUSES: (CHECK (1) or (2)): Addendum (1) M is attached OR (2) [1 is not applicable.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR.
Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms
and conditions should be negotiated based upon the respective interests, objectives and bargaining positions of all interested persons.
COPYRIGHT 1988 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS, INC. x
THE CITE OF SEBASTIAN, A Florida — — — — — ' — —
Mun 1 Cor oj8 rat
V - / 5,30 8 Date 2Z
�o. /
(Buyer) 601
/ (Seller) ELM _'g0KAL.D �c JR. .
Social Security or Tax I.D. # S9-460 SLa� Social Security or Tax I.D. # 21 �10 Zzi
—c-- 5
v-
Date
(Buyer)
Social Security .or Tax I.D. # _-
(Seller)
_ Social Security or Tax I.D. #
Date
Deposit(s) under Paragraph I I received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. NASH & FAr ,T -ACE, P. A. (Escrow Agent)
BROKER'S FEE: (CHECK & COMPLETE THE ONE APPLICABLE) By:
-t IF A LISTING AGREEMENT IS CURRENTLY IN EFFECT:
OR Seller agrees to pay the Broker named below, including cooperating sub - agents named, according to the terms of an existing, separate listing agreement:
❑ IF NO LISTING AGREEMENT IS CURRENTLY IN EFFECT:
10 Seller shall pay the Broker named 1 Belot, dt„timg, of closing, from the disbursements of the proceeds of the sale, compensation in the amount of (COMPLETE ONLY ONE)
% of gross purchase price OR $ " UU UU U , for Broker's services in effecting the sale by finding the Buyer ready, willing and able to purchase pursuant to the foregoing
Contract. If Buyer fails to perform and deposit(s) is retained, 50% thereof, but not exceeding the Broker's fee above provided, shall be paid Broker, as full consideration for Broker's
services including costs expended by Broker, and the balance shall be paid to Seller. If the transaction shall not close because of refusal or failure of Seller to perform, Seller shall
pay the full fee to Broker on demand. In any litigation arising out of the Contract concerning the Broker's fee, the prevailing party shall recover reasonable attorney fees and costs.
EST INC
(fir a of BrdwL
By:
(authorized signatory)
(name of cooperating sub - agent)
RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS OR THE FLORIDA BAR.
FAR /BAR 002- 87b(1/88)
! "IP
STANDARDS FOR REAL ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE: (1) An abstract of title prepared or brought current by a reputable and existing abstract firm (if not existing then certified as correct by an existing firm)
purporting to be an accurate synopsis of the instruments affecting title to Real Property recorded in the public records of the county wherein Real Property is located, through Effective
Date and which shall commence with the earliest public records, or such later date as may be customary in the county. Upon closing of this transaction the abstract shall become
the property of Buyer, subject to the right of retention thereof by first mortgagee until fully paid. (2) A title insurance commitment issued by a Florida licensed title insurer agreeing
to issue to Buyer, upon recording of the deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's title to Real Property, subject only
to liens, encumbrances, exceptions or qualification set forth in this Contract and those which shall be discharged by Seller at or before closing. Seller shall convey a marketable
title subject only to liens, encumbrances, exceptions or qualifications set forth in Contract. Marketable title shall be determined according to applicable Title Standards adopted by
authority of The Florida Bar and in accordance with law. Buyer shall have 30 days, if abstract, or 5 days, if title commitment, from date of receiving evidence of title to examine
it. If title is found defective, Buyer shall, within 3 days, notify Seller in writing specifying defect(s). If the defect(s) render title unmarketable, Seller will have 120 days from receipt
of notice within which to remove the defect(s), failing which Buyer shall have the option of either accepting the title as it then is or demanding a refund of deposit(s) paid which
shall immediately be returned to Buyer; thereupon Buyer and Seller shall release one another of all further obligations under the Contract. Seller will, if title is found unmarketable,
use diligent effort to correct defect(s) in title within the time provided therefor, including the bringing of necessary suits.
e even a and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shall
not permit acceleration or interest adjustmen in ert shall require all prior lien and encumbrances to be kept in good standing and forbid modifications
of or future advances under prior mortgage(s); and the mortgage, note and securi ty agree orm and content required by Seller; but Seller may only require
clauses customarily found in mortgages, mortgage notes, and security agreements generally utilized by saving and loan insti u ions, located in the county
wherein Real Property is located. All Personalty, and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a securit a reement evidence
mg s a a v gag shall
C. SURVEY08DMat�xpense, within time allowed to deliver evidence of title and to examine same,peey have Real Property surveyed and certified by a registered Florida
surveyor. If survey shows encro chment on Real Property or that improvements located on Real Property encroach on setback lines, easements, lands of others, or violate any restrictions,
Contract covenants or applicable governmental regulation, the same shall constitute a title defect.
D. TERMITES: Buyer, at Buyer's `expense, within time allowed to deliver evidence of title and to examine same, may have Real Property inspected by a Florida Certified Pest Control
Operator to determine if there is any visible active termite infestation or visible existing damage from termite infestation in the improvements. If either or both are found, Buyer will
have 4 days from date of written notice thereof, wittiin which to have all damages, whether visible or not, inspected and estimated by a licensed builder or general contractor. Seller
shall pay valid costs of treatment and repair of all damage up to 2% of purchase price. Should such costs exceed that amount, Buyer shall have the option of cancelling Contract
within 5 days after receipt of contractor's repair estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction, in which event Buyer shall receive
a credit at closing of an amount equal to the total of the treatment and repair estimate not in excess of 2% of the purchase price. "Termites" shall be deemed to include all wood
destroying organisms required to be reported under the Florida Pest Control Act.
E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for the intended use as described in Paragraph VII hereof,
title to which is in accordance with Standard A.
Q- 5@1101; Mot less thaR 45 Glays befsFe fkfFRi8I4 liB suyeic 8813iee 8f all fflfiNen leases evid estoppel letteis Feit eael ke .... d dointiel
of the tenant's occupancy, rental rates, advanced rent and security de osits aid om each tenant, the same information shall be
furnished by S e orm o a eller's affidavit, and Buyer may thereafter contact tenants to confirm such information. Seller shall, at closing,
G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claims of lien or
potential lienors known to Seller and further attesting that there have been no improvements or repairs to Property for 90 days immediately preceding date of closing. If Property
has been improved, or repaired within that time, Seller shall deliver releases or waivers of mechanics' liens executed by all general contractors, subcontractors, suppliers, and materialmen
in addition to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements
or repairs which could serve as a basis for a mechanic's lien or a claim for damages have been paid or will be paid at closing.
H. PLACE OF CLOSING: Closing shall be held in the county where Real Property is located, at the office of the attorney or other closing agent designated by '. WffiZ.
I. TIME: Time is of the essence of this Contract. Time periods herein of less than 6 days shall in the computation exclude Saturdays, Sundays and state or national legal holidays,
and any time period provided for herein which shall end on Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next business day.
J. DOCUMENTS FOR CLOSING: Seller shall furnish deed, bill of sale, mechanic's lien affidavit, assignments of leases, tenant and mortgagee estoppel letters, and corrective instruments.
Buyer shall furnish closing statement, mortgage, mortgage note, security agreement, and financing statements.
K. EXPENSES: Documentary stamps on the deed and recording corrective instruments shall be paid by Seller. Documentary stamps, intangible tax and recording purchase money
mortgage to Seller, deed and financing statements shall be paid by Buyer.
L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses and revenue of Property shall be prorated through day before closing. Buyer shall have
the option of taking over any existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at closing shall be increased or decreased as may be
required by prorations. Prorations will be made through day prior to occupancy if occupancy occurs before closing. Advance rent and security deposits will be credited to Buyer and
escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount,
homestead and other exemptions. If closing occurs at a date when the current year's millage is not fixed, and current year's assessment is available, taxes will be prorated based
upon such assessment and the prior year's millage. If current year's assessment is not available, then taxes will be prorated on the prior year's tax. If there are completed improvements
on Real Property by January 1st of year of closing which improvements were not in existence on January 1st of the prior year then taxes shall be prorated based upon the prior
year's millage and at an equitable assessment to be agreed upon between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment
taking into consideration available exemptions. Any tax proration based on an estimate may, at request of either Buyer or Seller, be subsequently readjusted upon receipt of tax bill
on condition that a statement to that effect is in the closing statement.
M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing (and not as of Effective Date) are to be paid by Seller. Pending
liens as of date of closing shall be assumed by Buyer. If the improvement has been substantially completed as of Effective Date, such pending lien shall be considered as certified,
confirmed or ratified and Seller shall, at closing, be charged an amount equal to the last estimate of assessment for the improvement by the public body.
N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that, as of 10 days prior to closing, the ceiling, roof (including the fascia and soffits) and exterior and interior walls
do not have any VISIBLE EVIDENCE of leaks or water damage and that the septic tank, pool, all major appliances, heating, cooling, electrical, plumbing systems and machinery are
in WORKING CONDITION. Buyer may, at Buyer's expense, have inspections made of those items by an appropriately Florida licensed person dealing in the construction, repair or
maintenance of those items and shall report in writing to Seller such items that do not meet the above standards as to defects together with the cost of correcting them, prior to
Buyers occupancy or not less than 10 days prior to closing, whichever occurs first. Unless Buyer reports such defects within that time Buyer shall be deemed to have waived Seller's
warranties as to defects not reported. If repairs or replacement are required, Seller shall pay up to 3% of the purchase price for such repairs or replacements by an appropriately
Florida licensed person selected by Seller. If the cost for such repairs or replacement exceeds 3% of the purchase price, Buyer or Seller may elect to pay such excess, failing which
either party may cancel this Contract. If Seller is unable to correct the defects prior to closing, the cost thereof shall be paid into escrow at closing. Seller will, upon reasonable
notice, provide utilities service for inspections. Between Effective Date and the closing, Seller shall maintain Property including but not limited to the lawn and shrubbery, in the condition
herein warranted, ordinary wear and tear excepted. Buyer shall be permitted access for inspection of Property prior to closing in order to confirm compliance with this Standard.
O. RISK OF LOSS: If the Property is damaged by fire or other casualty before closing and cost of restoration does not exceed 3% of the assessed valuation of the Property so
damaged, cost of restoration shall be an obligation of the Seller and closing shall proceed pursuant to the terms of Contract with restoration costs escrowed at closing. If the cost
of restoration exceeds 3% of the assessed valuation of the improvements so damaged, Buyer shall have the option of either taking Property as is, together with either the 3% or
any insurance proceeds payable by virtue of such loss or damage, or of cancelling Contract and receiving return of deposit(s).
P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If abstract, evidence of title shall be continued at Buyer's expense to show
title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence. Proceeds of the sale shall be held in escrow
by Seller's attorney or by such other mutually acceptable escrow agent for a period of not longer than 5 days from and after closing date. If Seller's title is rendered unmarketable,
through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such notification to cure
the defect. If Seller fails to timely cure the defect, all deposit(s) shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneously with
such repayment, Buyer shall return Personalty and vacate Real Property and reconvey it to Seller by special warranty deed. If Buyer fails to make timely demand for refund, Buyer
shall take title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of warranties contained in the deed. If a portion
of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for closing, and for
disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that
it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer- mortgagor. The escrow and closing procedure required by this Standard
may be waived if title agent insures adverse matters pursuant to Section 627.7841, F.S. (1987), as amended.
O. ESCROW: Any escrow agent ( "Agent ") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject
to clearance, disburse them in accordance with terms and conditions of Contract. Failure of clearance of funds shall not excuse Buyer's performance. If in doubt as to Agent's duties
or liabilities under the provisions of Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties mutually agree to its disbursement,
or until a judgment of a court of competent jurisdiction shall determine the rights of the parties or Agent may deposit with the clerk of the circuit court having jurisdiction of the
dispute. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered
out of escrow. If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S. (1987), as amended. Any suit between Buyer and Seller where Agent is made
a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs
incurred with the fees and costs to be charged and assessed as court costs in favor of the prevailing party. Parties agree that Agent shall not be liable to any party or person
for misdelivery to Buyer or Seller of items subject to this escrow, unless such misdelivery is due to willful breach of Contract or gross negligence of Agent.
R. ATTORNEY FEES; COSTS: In any litigation arising out of this Contract, the prevailing party shall be entitled to recover reasonable attorney's fees and costs.
S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified (including payment of all deposit(s)), the deposit(s) paid by Buyer may be retained
by or for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller
shall be relieved of all obligations under Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. If, for any reason other than failure
of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek specific performance or elect to receive
the return of Buyers deposit(s) without thereby waiving any action for damages resulting from Seller's breach.
T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract nor any notice of if shall be recorded in any public records. This Contract shall bind and
inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include all. Notice given by or
to the attorney for any party shall be as effective as if given by or to that party.
U. CONVEYANCE: Seller shall convey title to Real Property by statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the status of Seller, subject
only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personalty shall, at request of Buyer, be transferred by an absolute bill of sale with warranty
of title, subject only to such matters as may be otherwise provided for herein.
V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No modification or change in
this Contract shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it. -
W. WARRANTIES: Seller warrants that there are no facts known to Seller materially affecting the value of the Real Property which are not readily observable by Buyer or which
have not been disclosed to Buyer.
e
Copyright 1988 by The Florida Bar and The Florida Association of REALTORS, Inc.
ADDENDUM TO CONTRACT FOR SALE AND PURCHASE
BY AND BETWEEN: THE CITY OF SEBASTIAN, A FLORIDA MUNICIPAL
CORPORATION, AS BUYER AND ELMO RONALD KIRKLAND, JR. AS SELLER
The parties hereto agree as follows:
1. Buyer and Seller represent to each other that no
brokerage commissions are due other than the fees to the
brokers identified on the face of this Contract. Seller
shall hold Buyer harmless from any additional brokerage fees
and any costs, expenses or attorney fees incurred by Buyer as
a result of any claims for fees or commissions.
2. This Contract and the Buyer's obligations pursuant to
this contract are expressly contingent upon the following
conditions:
A. Ten (10) days prior to closing, Seller shall at
Seller's expense, deliver to Buyer a current
survey, satisfactory to the Buyer, of the property
identified in the face of this Contract by a
licensed land surveyor showing all improvements, if
any, including buildings, fences, patios, decks,
sidewalks, driveways, are within the lot lines, and
showing no easement violations and no encroachments
o r veme s fr d' ining ropert
� `, 2 / %6
The Bu er obtaining at least ten (10) days prior to CEO) 6�
closing,the ratification and approval of the City
Council of the City of Sebastian of this Contract
and the terms and provisions contained in this
Contract for the purchase of the subject property.
C. The Buyer, at its option, obtaining an appraisal
satisfactory to Buyer verifying that the fair
market value of the property is a minimum of
$16,000.00.
Should any of the above contingencies not be met to the
satisfaction of the Buyer, the Buyer will have the right, but
not the obligation, to declare this Contract null and void;
all earnest money deposits paid by the Buyer will immediately
be returned to the Buyer; and all parties will be relieved of
any further responsibilities or obligations pursuant to the
terms and provisions of the Contract.
3. Closing of this transaction shall occur at the Sebastian
City Hall or at a place mutually agreed upon by the parties.
Signed this 30 :tl day of M4 -, 1989;
ATTEST:
r )_� -1/1
KATHRYPf M. O'HALLORAN, CMC /AAE
CITY AERK
BUYER:
THE CITY OF SEBASTIAN, A
MUNICIPAL
FLORIDA
CORPORATION /�
By: 4�
RICHARD B. VOTAPKA,
AS MAYOR
n
Signed this /J^= day of
1989;
SELLER
ELMO RONALD IRK , R.
This instrument prepared by and return to: Charles Ian Nash,
Esquire, NASH & FALLACE, P.A., 930 S. Harbor City Blvd.,
Suite 505, Melbourne, Florida 32901, (407) 984 -3300
COMMONWEALTH
LAND TITLE INSURANCE COMPANY
A Reliance Group Holdings Company
OWNER'S POLICY OF TITLE INSURANCE
POLICY NUMBER
101-bi118b
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTiAINED IN SCHEDULE B AND THE
PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, 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, and cost, attorneys' fees and expenses
which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein;
2. Any defect in or lien or encumbrance on such title;
3. Lack of a right of access to and from the land; or
4. Unmarketability of such title.
IN WITNESS WHEREOF, the Commonwealth Land Title Insurance Company has caused its 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: J G By
Secretary President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy:
1. (a) Governmental police power.
(b) Any law, ordinance or governmental regulation relating to environmental protection.
(c) Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances)
restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character,
dimensions or location of any improvement now or hereafter erected on the land, or prohibiting 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.
(d) The effect of any violation of the matters excluded under (a), (b) or (c) above, unless notice of a defect, lien or
encumbrance resulting from a violation has been recorded at Date of Policy in those records in which under state
statutes deeds, mortgages, lis pendens, liens or other title encumbrances must be recorded in order to impart constructive
notice to purchasers of the land for value and without knowledge; provided, however, that without limitation, such
records shall not be construed to include records in any of the offices of federal, state or local environmental protection,
zoning, building, health or public safety authorities.
2. Rights of eminent domain unless notice of the exercise of such rights appears in the public records at Date of Policy.
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 and not shown by the public records but known to the insured claimant either
at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy and not disclosed in
writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder;
(c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; (e)
resulting in loss or damage which would not have been sustained if the insured claimant had value for the estate or
interest insured by this policy.
NM 1
American Land Title Association Owner's Policy - 1970 - Form B (Rev. 10 -17 -70 and 10- 17.84)
Form 1005 -22 Face Page
ORIGINAL
Valid Only If Schedules A, B and Cover Are Attached
CONDITIONS AND STIPULATIONS
(Continued)
, 7. LIMITATION OF LIABILITY
No,claim shall arise or be maintainable under this policy (a) if the
Company, after having received notice of an alleged defect, lien or
encumbrance insured against hereunder, by litigation or otherwise, removes
such defect, lien or encumbrance or establishes the title, as insured, within
a reasonable time after receipt of such notice; (b) in the event of litigation
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, as provided in paragraph 3 hereof; or (c) for liability voluntarily
assumed by an insured in settling any claim or suit without prior written
consent of the Company.
8. REDUCTION 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. No payment shall be made without producing this policy for
endorsement of such payment unless the policy be lost or destroyed, in
which case proof of such loss or destruction shall be furnished to the
satisfaclion of the Company.
9. LIABILITY NONCUMULATIVE
It is expressly understood that the amount of insurance under this
policy shall be reduced by any amount the Company may pay under any
policy insuring either (a) a mortgage shown or referred to in Schedule B
hereof which is a lien on the estate or interest covered by this policy, or (b)
a mortgage hereafter executed by an insured which is a charge or lien on
the estate or interest described or referred to in Schedule A, and the
amount so paid shall be deemed a payment under this policy. The
Company shall have the option to apply to the payment of any such
mortgages any amount that otherwise would be payable hereunder to the
insured owner of the estate or interest covered by this policy and the
amount so paid shall be deemed a payment under this policy to said
insured owner.
10. 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 said parcels but not all, the loss shall be computed 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 such
parcel by the Company and the insured at the time of the issuance of this
policy and shown by an express statement herein or by an endorsement
attached hereto.
11. SUBROGATION UPON PAYMENT OR SETTLEMENT
Whenever the Company shall have settled 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 such insured claimant would have had
against any person or property in respect to such claim had this policy not
been issued, and if requested by the Company, such insured claimant shall
transfer to the Company all rights and remedies against any person or
property necessary in order to perfect such right of subrogation and shall
permit the Company to use the name of such insured claimant in any
transaction or litigation involving such rights or remedies. If the payment
does not cover the loss of such insured claimant, the Company shall be
subrogated to such rights and remedies in the proportion which said
payment bears to the amount of said loss. If loss should result from any
act of such insured claimant, such act shall not void this policy, but the
Company, in that event, shall be required to pay only that part of any
losses insured against hereunder which shall exceed the amount, if any, lost
to the Company by reason of the impairment of the right of subrogation.
12. LIABILITY LIMITED TO THIS POLICY
This instrument together with all endorsements and other
instruments, if any, attached hereto by the Company is the entire policy
and contract between the insured and the Company.
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 any action asserting such claim, shall be restricted to the
provisions and conditions and stipulations of this policy.
No amendement of or endorsement to this policy can be made
except by 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.
13. NOTICES, WHERE SENT
All notices required to be given the Company and any statement in
writing required to be furnished the Company shall be addressed to
Commonwealth Land Title Insurance Company, Eight Penn Center,
Philadelphia, Pennsylvania 19103.
NM 1
American Land Title Association Owner's Policy - 1970 - Form B (Rev. 10 -17 -70 and 10- 17-84)
Cover Fage
Form 1005 -8 Valid Only If Schedules A and B Are Attached
Issued with Policy No.
SCHEDULE A
Policy No.10 7— 6 717 8 6 Effective Date: July 27, 1989 @ 3:20 pm
File Number P 1015 9
Amount of Insurance: $ 16,000.00
1. Name of Insured:
THE CITY OF SEBASTIAN, a Municipal Corporation, existing
under the laws of the State of Florida
2. The estate or interest in the land described herein and which is covered by this policy is a fee simple (if other, specify same)
and is at the effegti3ve date hereof vested in the named insured a� lshfwn by instrument recorded in Official Records Book
Indian River , Page of the Public Records
Of County, Florida.
3. The land referred to in this policy is described as follows:
Lots 5,6,7, and 8, Block 3, Hardee subdivision, Unit B,
according to the Plat thereof as recorded in Plat Book 4
Page 74, Public Records of St. Lusie County said lands
now lying in Indian River County, Florida.
Countersigned`.
Authorized Officer or Agent
American Land Title Association Owner's Policy
Form 1021 -11 Schedule A ORIGINAL
m
SCHEDULE
File Number P 1015 9
Policy No. 107-671786
This policy does not insure against loss or damage by reason of the following exceptions:
1. Taxes for the year of the effective date of this policy and taxes or special assessments which are not shown as existing liens by
the public records.
2. Rights or claims of parties in possession not shown by the public records.
3. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey and
inspection of the premises.
4. Easements or claims of easements not shown by the public records.
5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by
the public records.
6-The nature, extent, or existance of riparian rights, if any, appurtenant
to the subject property are neither guaranteed nor insured, and the
riparian rights of others as the same may affect the subject property,
are hereby excepted.
7 The right or interest of the Public, if any, to use any part of the land
seaward and /or lakeward of the most inland of either the natural line
of vegetation or the most extreme high water line.
8-Personal property is neither guaranteed nor insured.
9-Taxes and assessments for the year 1989 and all subsequent years.
10. Items #2 and #5 are hereby excepted.
American Land Title Association Owner's Policy
Schedule B
Form 1021 -12
ORIGINAL
Schedule B of this Policy consists of Pages
COMMONWEALTH LAND
TITLE INSURANCE COMPANY
A Reliance Group Holdings Company
Commitment For Title Insurance
COMMITMENT NUMBER
814- 477150
COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania corporation, herein called the company, for a
valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of
the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land
described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of
Schedules A and B and to the Conditions and Stipulations hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies
committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this
Commitment or by subsequent endorsement.
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations
hereunder shall cease and terminate 120 days after the effective date hereof or when the policy or policies committed for
shall be issued, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the
company.
In Witness Whereof, the said Company has caused its Corporate Name and Seal to be hereunto affixed; this instrument,
including Commitment, Conditions and Stipulations attached, to become valid when countersigned on Schedule A by an
Authorized Officer or Agent of the Company.
` n / COMMONWEALTH LAND TITLE INSURANCE COMPANY
_ Attest:
i Secretary President
..J
American Land Title Association Commitment — 1966
Form 1004 -34 Face Page Valid Only If Schedules A, B and Cover Are Attached
ORIGINAL
COMMONWEALTH
LAND TITLE INSURANCE COMPANY
A Reliance Group Holdings Company
814- 477150
Commitment For Title Insurance
SCHEDULE A
Commitment NO.. Effective Date: 5/31/89
File Number: p 1015 9
1. Policy or Policies to be issued:
OWNER'S: 16,000.00
Proposed Insured: THE CITY OF SEBASTIAN, a Municipal Corporation, existing
under the laws of the State of Florida
LOAN: $
Proposed Insured:
2. The estate or interest in the land described or referred to in this Commitment and covered herein is a fee simple, and title
thereto is at the effective date hereof vested in:
ELMO RONALD KIRKLAND, JR.
3. The land referred to in this Commitment is described as follows:
Lots 5, 6, 7 and 8, Block 3, Hardee Subdivision, Unit B, according
to the Plat thereof, as recorded in Plat Book 4, Page 74, Public
Records of St. Lucie County, Florida; said land now lying and being
in Indian River County, Florida.
CoUnterslgned:
American Land Title
Schedule A
Form 1004 -35
4
I Authorized Officer or Agent
tion Commitment Valid Only If Face Page, Schedule B and Cover Are Attached
ORIGINAL
SCHEDULE B —SECTION 1
Commitment No.: 814-477150
File Number: P 1015 9
The following are the requirements to be complied with:
1. Payment of the full consideration to or for the account of, the grantor's or mortgagors.
2. Instrument(s) creating the estate or interest to be insured must be approved, executed and filed for record:
a. Record warranty deed from owner of record to proposed
insured.
b. Execute Owner's Affidavit.
C. Secure and record Death Certificates of Elmo R. Kirkland, Sr.
and Lucy B. Kirkland.
3. Payment of all taxes, charges, assessments, levied and assessed against subject premises, which are due and payable.
4. Satisfactory evidence should be had that improvements and /or repairs or alterations thereto are completed; that
contractor, subcontractors, labor and materialmen are all paid.
Schedule B — Section 1 — ALTA Commitment
Form 1004 -36
ORMONAL
SCHEDULE B- SECTION 2
Commitment No.: 814-477150
File Number:
P10159
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed
of to the satisfaction of the company:
1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or
attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record
the estate or interest or mortgage thereon covered by this Commitment.
Z• Any owner's policy issued pursuant hereto will contain under Schedule B the standard exceptions set forth at the inside
cover hereof. Any loan policy will contain under Schedule B the standard exceptions set forth at the inside cover hereof
unless an affidavit of possession and a satisfactory current survey are submitted, an inspection of the premises is made, it is
determined the current year's taxes or special assessments have been paid, and it is determined there is nothing of record
which would give rise to mechanic's liens which could take priority over the mortgage (where the liens would otherwise
take priority, submission of waivers is necessary).
3. Taxes and assessments for the year 1989 and all subsequent years.
4. The nature, extent, or existance of riparian rights, if any, appurtenant
to the subject property are neither guaranteed nor insured, and the
riparian rights of others as the same may affect the subject property,
are hereby excepted.
5. The right or interest of the Public, if any, to use any part of the land
seaward and /or lakeward of the most inland of either the natural line
of vegetation or the most extreme high water line.
6. Personal property is neither guaranteed nor insured.
Schedule B — Section 2 — ALTA Commitment
Form 1004 -37
ORIGINAL
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "insured ": the insured named in Schedule A, and, subject
to any rights or defenses the Company may have had against the
named insured, those who succeed to the interest of such insured by
operation of law as distinguished from purchase including, but not
limited to, heirs, distributees, devisees, survivors, personal represen-
tatives, next of kin, or corporate or fiduciary successors.
(b) "insured claimant ": an insured claiming loss or damage
hereunder.
(c), "knowledge ": actual knowledge, not constructive knowledge
or notice which may be imputed to an insured by reason of any
public records.
(d) "land ": the land described, specifically or by reference in
Schedule A, and improvements affixed thereto which by law constitute
real property; provided, however, the term "land" does not include
any property beyond the lines of the area specifically described or
referred to in Schedule A, nor any right, title, interest, estate or
easement in abutting streets, roads, avenues, alleys, lanes, ways or
waterways, but nothing herein shall modify or limit the extent to
which a right of access to and from the land is insured by this policy.
(e) "mortgage ": mortgage, deed of trust, trust deed, or other
security instrument.
(f) "public records ": those records which by law impart con-
structive notice of matters relating to said land.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE
The coverage of this policy shall continue in force as of Date
of Policy in favor of an insured so long as such insured retains an
estate or interest in the land, or holds an indebtedness secured by a
purchase money mortgage given by a purchaser from such insured,
or so long as such insured shall have liability by reason of covenants
of warranty made by such insured in any transfer or conveyance
of such estate or interest; provided, however, this policy shall not
continue in force in favor of any purchaser from such insured of
either said estate or interest or the indebtedness secured by a pur-
chase money mortgage given to such insured.
3. DEFENSE AND PROSECUTION OF ACTIONS—NOTICE OF
CLAIM TO BE GIVEN BY AN INSURED CLAIMANT
(a) The Company, at its own cost and without undue delay, shall
provide for the defense of an insured in all litigation consisting of
actions or proceedings commenced against such insured, or a defense
interposed against an insured in an action to enforce a contract for
a sale of the estate or interest in said land, to the extent that such
litigation is founded upon an alleged defect, lien, encumbrance, or
other matter insured against by this policy.
(b) The insured shall notify the Company promptly in writing
(i) in case any action or proceeding is begun or defense is inter-
posed as set forth in (a) above, (ii) in case knowledge shall come
to an insured hereunder of any claim of title or interest which is ad-
verse to the title to the estate or interest, as insured, and which might
cause loss or damage. for which the Company may be liable by
virtue of this policy, or (iii) if title to the estate or interest, as
insured, is rejected as unmarketable. If such prompt notice shall
not be -given to the Company, then as to such insured all liability of
the Company shall cease and terminate in regard to the matter or
matters for which such prompt notice is required; provided, however,
that failure to notify shall in no case prejudice the rights of any such
insured under this policy unless the Company shall be prejudiced
by such failure and then only to the extent of such prejudice.
B 10054
(c) The Company shall have the right at its own cost to institute
and without undue delay prosecute any action or proceeding or to do
any other act which in its opinion may be necessary or desirable to
establish the title to the estate or interest as insured, and the Company
may take any appropriate action under the terms of this policy,
whether or not it shall be liable thereunder, and shall not thereby
concede liability or waive any provision of this policy.
(d) Whenever the Company shall have brought any action or
interposed a defense as required or permitted by the provisions of this
policy, the Company may pursue any such litigation to final deter-
mination by a court of competent jurisdiction and expressly reserves
the right, in its sole discretion, to appeal from any adverse judg-
ment or order.
(e) In all cases where this policy permits or requires the Com-
pany to prosecute or provide for the defense of any action or pro-
ceeding, the insured hereunder shall secure to the Company the right
to so prosecute or provide defense in sueh action or proceeding, and
all appeals therein, and permit the Company to use, at its option, the
name of such insured for such purpose. Whenever requested by
the Company, such insured shall give the Company all reasonable
aid in any such action or proceeding, in effecting settlement, securing
evidence, obtaining witnesses, or prosecuting or defending such action
or proceeding, and the Company shall reimburse such insured for any
expense so incurred.
4. NOTICE OF LOSS—LIMITATION OF ACTION
In addition to the notices required under paragraph 3(b) of these
Conditions and Stipulations, a statement in writing of any loss or
damage for which it is claimed the Company is liable under this
policy shall be furnished to the Company within 90 days after such
loss or damage shall have been determined and no right of action
shall accrue to an insured claimant until 30 days after such statement
shall have been furnished. Failure to furnish such statement of loss
or damage shall terminate any liability of the Company under -this
policy as to such loss or damage.
5. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS
The Company shall have the option to pay or otherwise settle
for or in the name of an insured claimant any claim insured against
or to terminate all liability and obligations of the Company hereunder
by paying or tendering payment of the amount of insurance under
this policy together with any costs, attorneys' fees and expenses in-
curred up to the time of such payment or tender of payment, by the
insured claimant and authorized by the Company.
6. DETERMINATION AND PAYMENT OF LOSS
(a) The liability of the Company under this policy shall in no
case exceed the least of:
( i) the actual loss of the insured claimant; or
( ii) the amount of insurance stated in Schedule A.
(b) The Company will pay, in addition to any loss insured
against by this policy, all costs imposed upon an insured in litigation
carried on by the Company for such insured, and all costs, attorneys'
fees and expenses in litigation carried on by such insured with the
written authorization of the Company.
(c) When liability has been definitely fixed in accordance with
the conditions of this policy, the loss or damage shall be payable
within 30 days thereafter.
Conditions and Stipulations Continued Inside Cover
c
Commitment For Title Insurance
STANDARD EXCEPTIONS
The policy will be subject to the mortgage, if any, noted under item two of Section I of Schedule B hereof and to the
following exceptions: (1) rights or claims of parties in possession not shown by the public records; encroachments, overlaps,
boundary line disputes, and any other matters which would be disclosed by an accurate survey and inspection of the
premises; (2) unrecorded easements, or claims of easements, not shown by the public records; (3) any lien, or right to a lien,
for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records.
CONDITIONS AND STIPULATIONS
1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.
2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter
affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B
hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability
for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so
disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company
otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company
at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company
from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included
under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance
hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in
Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event
shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is
subject to the insuring provisions, the Conditions and Stipulations, and the Exclusions from Coverage of the form of
policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are
made a part of this Commitment except as expressly modified herein.
4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising
out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment
must be based on and are subject to the provisions of this Commitment.
American Land Title Association Commitment 1966
Cover Page
Form 1004 -38
ISSUED FROM THE
OFFICE OF
PROFESSIONAL TITLE
OF INDIAN RIVER, INC.
1546 North U.S. Highway One
Sebastian, Florida 32958
Phone: (305) 589 -3231
COMMITMENT
FOR
TITLE
INSURANCE
American Land Title Association
1966
COMMONWEALTH
LAND TITLE INSURANCE COMPANY
A Reliance Group Holdings Company
B 1004 - 38
Title Insumnce Since 1876
HOME OFFICE
EIGHT PENN CENTER
PHILADELPHIA, PA 19103
ISSUED FROM THE
OFFICE OF
PROFESSIONAL. TITLE
OF INDIAN RIVER, INC.
1546 North U.S. Highway One
Sebastian, Florida 32958
Phone: (305) 589 -3231
An1erican Land Title Association
Owner's Policy — Form B — 1970
(Rev. 10 -17 -70 and 10- 17 -84)
POLICY
OF
TITLE
INSURANCE
Issued By
COMMONWEALTH
LAND TITLE INSURANCE COMPANY
A Reliance Group Holdings Company
B- 1005 -8
Title Insumnce Since 1876
HOME OFFICE
EIGHT PENN CENTER
PHILADELPHIA, PA 19103