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HomeMy WebLinkAbout1992 GDC - Properties acquired by the City�. 19.5n a This instrument prepared by and return to: Gary B. Frese, Esquire, FRESE, FALLACE, NASH & TORPY, P.A. RECORD VERIFIF.0 930 S. Harbor City Blvd., #505 JEFFREY K. BARTON Melbourne, FL 32901 CLERK CIRCUIT COURT SPECIAL WARRANTY DEED INDIAN RIVER CO., FLA THIS DEED is made as of the 171'1�day of March, 1992, between GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as debtor - in- possession under U.S. Bankruptcy Court Case No. 90- 12231 -BKC- AJC, whose address is 2601 South Bayshore Drive, Miami, Florida 33131 ( "Grantor "), and CITY OF SEBASTIAN, a municipal corporation organized under the laws of the State of Florida, whose address is 1225 Main Street, Sebastian, Florida 32958 ( "Grantee "). W I T N E S S E T H: Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration paid by Grantee, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained and sold, and by these presents does grant, bargain and sell, to Grantee, and Grantee's successors and assigns forever, the following property located in Indian River County, Florida (the "Property "), to wit: See Exhibit "A" attached hereto and by this reference made a part hereof SUBJECT TO: 1. Ad valorem real estate taxes for 1992 and subsequent years. 2. All laws, ordinances, regulations, restrictions, prohibitions and other requirements imposed by governmental authority, including, but not limited to, all applicable building, zoning, land use and environmental ordinances and regulations. 3. Easements, conditions, restrictions, matters, limitations and reservations of record, without hereby reimposing the same. 4. Matters which would be disclosed by an accurate survey of the Property. TO HAVE AND TO HOLD unto Grantee and Grantee's successors and assigns in fee simple forever. Grantor hereby specially warrants the title to the Property, subject to the foregoing matters, and will defend the same against the lawful claims of all persons claiming by, through or under Grantor, but against no others. IN WITNESS WHEREOF, Grantor has executed this Deed on the day and year first above written. Sigr..id, sealed and delivered in the presence of: P inted Na 3ar_%s #1_de,eFe•e. Witness Witthess 0 a0ClIN41 'd'`+ARY `_� TAMPS $ o(P0 JEF`REY K. BARTON, CLERK INDIAN RIVER COUNTY GENERP L DEVELOPMENT CORPORATION, a Delaware corporation, as debtor -in- possession under Bankruptcy Court Case No. 90- 12231 -BKC�c By: PFERSICH, ice President 01 . Bayshore Drive Fiamii, FL 33133 e &at. <_-� STATE OF FLORIDA ) COUNTY OF DADE ) The foregoing instrument was acknowledg eA e ore me this day of March, 1992, by GORDON J. PFERSICH, as a President of GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as debtor -in- possession under U.S. Bankruptcy Court 'Case: .Nak 90- 12231- BKC -AJC, on behalf of said cor ration. He is peorially`' known to me or has produced 07 Ld as ident :1c iob and did not take an oath. /jam My Commission Expires: NOTARY `Vv 0, r9 M'! foNA 9T'. .; - > Tt;S lif R State of G�`E?eitAL 0 co --o �3 2 t9 � r EXHIBIT "All PARCEL 1: Lot 2, Block 12 and Tract C, adjacent to Block 41; Tract D, adjacent to Block 21; Tract E, adjacent to Block 17; Tract F, adjacent to Block 14; Tracts H and I, adjacent to Block 12, SEBASTIAN HIGHLANDS, according to the plat thereof as recorded in Plat Book 5, Pages 14 and 15, of the Public Records of Indian River County, Florida. PARCEL 2: Tract O, adjacent to Block 65, SEBASTIAN HIGHLANDS, UNIT 2, according to the plat thereof as recorded in Plat Book 5, Page 34, of the Public Records of Indian River County, Florida. PARCEL 3: Tract Y, adjacent to Block 121, SEBASTIAN HIGHLANDS, UNIT 4, according to the plat thereof as recorded in Plat Book 5, Page 100, of the Public Records of Indian River County, Florida. PARCEL 4: All of Block 193 and Tract C, Block 223, SEBASTIAN HIGHLANDS, UNIT 8, according to the plat thereof as recorded in Plat Book 6, Page 9, of the Public Records of Indian River County, Florida. PARCEL 5: All of Blocks 268 and 300 and Tract A, Block 211; Tract B, Block 267 and Tract C, Block 264, SEBASTIAN HIGHLANDS, UNIT 10, according to the plat thereof as recorded in Plat Book 6, Page 37, of the Public Records of Indian River County, Florida. PARCEL 6: Lot 19, Block 364; Lot 12, Block 365; Tracts A and B, adjacent to Block 282; Tract C, adjacent to Block 372; Tract D, and Tract E, Block 347, SEBASTIAN HIGHLANDS, UNIT 11, according to the plat thereof as recorded in Plat Book 7, Page 56, of the Public Records of Indian River County, Florida. PARCEL 7: Tracts A and Tract B, SEBASTIAN HIGHLANDS, UNIT 13, according to the plat thereof as recorded in Plat Book 7, Page 82, of the Public Records of Indian River County, Florida. PARCEL 8: Tract D, Block 333, SEBASTIAN HIGHLANDS, UNIT 13, according to the plat thereof as recorded in Plat Book 7, Page 82, of the Public Records of Indian River County, Florida; LESS AND EXCEPT those portions conveyed in Official Record Book 524, Page 416; Official Record Book 530, Page 465 and Official Record Book 539, Page 525, Public Records of Indian River County, Florida. PARCEL 9: Tract B, adjacent to Block 507, SEBASTIAN HIGHLANDS, UNIT 14, according to the plat thereof as recorded in Plat Book 8, Page 43, of the Public Records of Indian River County, Florida. PARCEL 10: Tract G, adjacent to Block 488, SEBASTIAN HIGHLANDS, UNIT 15, according to the plat thereof as recorded in Plat Book 8, Page 44, of the Public Records of Indian River County, Florida. PARCEL 11: Tract P, adjacent to Block 560; Tracts R, S and T, adjacent to Block 559, SEBASTIAN HIGHLANDS, UNIT 16, according to the plat thereof as recorded in Plat Book 8, Page 45, of the Public Records of Indian River County, Florida. PARCEL 12: Lots 1 to 11, inclusive, Block 449; Lots 1, 2, 3 and 4, Block 451; Lots 11 and 12, Block 462; Lots 4, 6, 7, 8, 11, 12, 13, 14, 15, 16, 17 and 18, Block 570; Lots 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 19 and 20, Block 578; Lots 12, 13, 14, 19, 20 and 21, Block 579; Lots 1, 2, and 3, Block 580; and Lots 4 0� and 5, Block 589; SEBASTIAN HIGHLANDS, UNIT 17, according to the plat thereof as recorded in Plat Book 8, Page 46, of the Public 0 Records of Indian River County, Florida. ND CD PARCEL 13: Tract A, Block 441; Tract B, adjacent to Block 445; -p Tracts H and I, Block 574; Tract K, adjacent to Block 588; Tract G' M, adjacent to Block 599; Tract O, adjacent to Block 593; The r-J Westerly 115 feet of Tract P, adjacent to Block 602; Tract Q, r.3 adjacent to Block 604; Tract R, adjacent to Block 613; Tract S, adjacent to Block 616; Tract T, Block 606; Tract U, Block 598; 4 M � Tract V, Block 599; Tract W, Block 595; Tract X, Block 462 and Tract Y, Block 580, SEBASTIAN HIGHLANDS, UNIT 17, according to the plat thereof as recorded in Plat Book 8, Page 46, of the Public Records of Indian River County, Florida. PARCEL 14: A portion of Section 18, Township 31 South, Range 39 East, lying in Indian River County, being bounded as follows: On the West and North by the southerly and a portion of the easterly lines of the lands described in a Warranty Deed recorded in Official Records Book 818, at Page 341 of the Public Records of Indian River County, Florida, and also On the South and West by the easterly boundary line of the plat of SEBASTIAN HIGHLANDS, UNIT - 16, as recorded in Plat Book 8, Page 45, Public Records of Indian River County, Florida; On the East by the westerly boundary line of the plat of REPLAT OF PORTIONS OF SEBASTIAN HIGHLANDS -UNIT 9, as recorded in Plat Book 7, at Page 2 of the Public Records of Indian River County, Florida, and the westerly line (labeled westerly face of existing bulkhead) of Exhibit "B" of a Quit Claim Deed as recorded in Official Record Book 346, at Page 499 of the Public Records of Indian River County, Florida, and the westerly limit of BAILEY DRIVE as shown on the plat of SEBASTIAN HIGHLANDS - UNIT 9, as recorded in Plat Book 6, at Page 36, of the Public Records of Indian River County, Florida and a portion of the easterly line of said Official Records Book 818, at Page 341, all as recorded in the Public Records of Indian River County, Florida. PARCEL 15: Lake Hardee, as shown on the Plats of SEBASTIAN HIGHLANDS -UNIT 2 as recorded in Plat Book 5, Page 34, and SEBASTIAN HIGHLANDS -UNIT 4, as recorded in Plat Book 5, Page 100, both of the Public Records of Indian River County, Florida, being further described as follows: Those portions of Sections 11 and 12, Township 31 South, Range 38 East, bounded on the southerly side by LAKE DRIVE; on the Easterly side by the westerly line of Lots 1 to 9, inclusive, of said UNIT 2 and Lots 10, 11 and 12 of said UNIT 4, both of Block 73 as shown on both said plats; on the westerly side by "HARDEE PARK" conveyed in Official Records Book 724, Page 1020, of the Public Records of Indian River County, Florida; and on the northerly side by the northeasterly and southeasterly block line of Block 120 (being the northeasterly and southeastly lot lines of Lots 1, 2 and 3, of said Block 120) of said UNIT 4 and the southeasterly Right of Way line of that certain Drainage Right of Way lying Northwesterly of said Blocks 73 and 120, both of said UNIT 4. All lying and being in the City of Sebastian, Indian River County, Florida. 0 C� N CO �y r QUIT -CLAIM ASSIGNMENT For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, GENERAL DEVELOPMENT CORPORATION, a Delaware corporation ( "GDC "), as Debtor -in- Possession, under U.S. Bankruptcy Court Case No. 90- 12231 - BKC -AJC, hereby quit - claims to the CITY OF SEBASTIAN, a Florida municipal corporation, on a non - recourse and non - exclusive basis, all of its rights under the Grant of Easement between Shiloh Youth Ranch, Inc. and GDC, recorded in Official Records Book 654, Page 1228, and the Grant of Easement among Gulf Stream Council, Inc., Boy Scouts of America and GDC, recorded in Official Records Book 574, Page 2698, all of the Public Records of Indian River County, Florida. Signed, sealed and delivered in the presence of: GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as Debtor - in- Possession under U.S. Bankruptcy Court Case No. 90- 12231 -BYZ -AJC By: J-e PFERSICH ce President V d&AoeAddress: 2601 South Bayshore Drive N me: ls Miami, Florida 33133 STATE OF FLORIDA) ) ss: COUNTY OF DADE ) The foregoin 2% day of g%X,rkh, � Vice Pres ' dent Delaware corporation, Bankruptcy Court Case corporation, who is p, oath. es iI ument was acknowledged before me this 't , 1992 by GORDON J. PFERSICH, as of GENERAL DEVELOPMENT CORPORATION, a as Debtor -in- Possession under U.S. No. 90- 12231 - BKC -AJC, on behalf of said arsonally known to me and who did take an ac v a "J. y r u i -- State of F o ida at Large My commission expires: r P', LIC STATE OF FLORIDA j PP. MAY 12,1393 WNDED THRU GENERAL INS. URID. a FRESE, NASH & TORPy, P.A. ATTORNEYS AT LAW GARY B. FRESEt CHARLES IAN NASH' VINCENT G. TORPY. JR. RICHARD E. TORPY GREGORY S. HANSEN J. PATRICK ANDERSON LAURA L. ANDERSON WILLIAM A. GRIMM OF COUNSEL April 22 1992 Robert S. McClary, City Manager City of Sebastian 1225 Main Street Sebastian, FL 32958 Re: City of Sebastian /GDC Our File No. 92 -7850 Dear Rob: 930 S. HARBOR CITY BLVD. SUITE 606 MELBOURNE. FLORIDA 32901 (407) 984 -3300 PAX (407) 951 -3741 t BOARD CERTIFIED IN TAxAnoN • BOARD CERTIFIED IN ESTATE PLANNING AND PROBATE Enclosed please find the following original documents in connection with closing on the above - referenced transaction: 1. Special Warranty Deed which has been recorded in the Public Records of Indian River County at Official Records Book 928, Page 2018; 2. Quit -Claim Assignment from GDC; and 3. Owner's Policy of Title Insurance. As you are aware, we are still moving forward with regard to Exhibits "B" and "C" to the property. I will keep you informed as the matter proceeds. If you have any questions, please do not hesitate to contact me. GBF /clg Enclosures Sinc ely, GARY B. FRESE FRE SE , NASH & ToRPY, P.A. ATTORNEYS AT LAW GARY B. FRESE t CHARLES TAN NASH VINCENT G. ToRPY. JR. j RIOHARD E. ToRPY GREGORY S. HANSEN $ J. PATRICK ANDERSON LAURA L. /ANDERSON T CHAR FS A, .SCHILLINOER .STEPHEN P. HEuSTON Wit LIAm A. GRrmm OF COUNSEL CRIS BATES FOSTER OF COUNSEL August 30, 1993 Ms. Sally Maio City of Sebastian 1225 Main Street Sebastian, FL 32958 Re: General Development Corp. Title Policy Dear Sally: 930 S. HARBOR CITY BLVD. SurrE 505 MELBOURNE, FLORIDA 32901 (407) 984 -3300 FAX (407) 951 -3741 t BOARD CERTIFIED IN TAXATION 4 BOARD CERTIFIED IN ESTATE PLANNING AND PROBATE $BOARD CERTIFIED IN CIVIL TRIAL LAW Enclosed is page 2 of Exhibit "A" for the original title policy which you have in your possession regarding the closing between the City of Sebastian and General Development Corporation. If you have any questions, please let me know. Sincerely, FRESE, AS & TORPY, P.A. Richard E. Torpy RET /lb Enclosure •11. -ry nepY }{'A'J or::' "- ~i:.1:'M1 ayp.,y wt.... .. a. r. w«,....... .r�..aow++s.u�vwv6awro",A.Vlnraw RECEIPT FOR AMOUNT PAID FOR REDEMPTION OF TAX CERTIFICATE (SECTION 197.472(5) FS) INDIAN RIVER COUNTY TAX COLLECTOR KARL ZIMMERMANN Received of: CITY OF SEBASTIAN, Receipt #: 59334 132799 Payment date: 3/02/99 33 Payment amount: 462.88 Tax year: 1992 Tax account ID: 447730 Dr the redemption of the following tax certificate in INDIAN RIVER COUNTY Late of Florida, which was assessed and sold as the property of: Described as: 193139000015780000080 SEBASTIAN HIGHLANDS SUB UNIT 1 7 BLK 578 LOT 8 PBI 8 -46 TO 46P Certificate year / number: 1993 930774 Certificate holder: MARTIN OR FRIEDA KIESOW Face: 299,43 Fee: 6.25 Interest: 157.20 447730 $462.88 TR Total : 462.88 CK Date: 3/02/99 33 Receipt: 0059334 CHECK Ref Nbr: 000132802 o y r." a �t1vEk r` �r y '�Ult1u�` k99 FEB 26 , _ fln 11 35, February 263999 KARL ZIMMERMANN, C.F.C.` Tax C llecior c:r:rrrrrr r> rt.cirirt>,� cr�r.r er rc art City of Sebastian 1225 Main Street Sebastian. FL 32958 RE: CERTIFICATE /PARCEL #93- 0774/19 31 39 00001 5780 00008 0 Dear Taxpayer The Tax Collector's office has been contacted concerning the certificate holders interest in beginning the Tax Deed Application process for the property covered by the certificate /parcel noted above. Payment for the redemption of tax certificates involved with this Tax Deed Application must be in CERTIFIED FUNDS, I.E. CASHIER'S CHECK, MONEY ORDER OR CASH AND MADE PAYABLE TO KARL ZIMMERMANN, TAX COLLECTOR. Please contact this office within the next ten days to avoid further costs with the redemption of this certificate(s). If you need further information or have questions, please call Judy Monnin at 561/567 -8000, ext. 339 or Cathy Williams at ext. 343. PLEASE BE AWARE, THE TAX DEED PROCESS CAN RESULT IN YOUR LOSS OF THE OWNERSHIP OF THIS PROPERTY. Sincerely, L k t: l i� I TLC 1 112� 1 It I.. Karl Zimmermann Tax Collector KZ /cw P.O. Box 1509 • Wrtn BEACH. FL 32961 Pntr.vr: (561) 567 -8000 . FAX: (561) 770 -5009 Su-wo,m #224 -1338 ®Commonwealth® Land Title Insurance Company OWNER'S POLICY OF TITLE INSURANCE POLICY NUMBER 10�- 8b2082 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED 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: Ir,4 Secre By tary 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 paid 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 Valid Only If Schedules A, B and Cover Are Attached 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 fi luciary 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. (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 a B 1005 -7 COMMONWEALTH LAND TITLE INSURANCE COMPANY OWNER'S POLICY SCHEDULE A Policy No. 107 - 862382 Company File No. VB65851 Agent File No. GDC /CITY OF SEB Effective Date: March 30, 1992 at 4:22 PM Amount of Insurance: $1,600,000.00 1. Name of Insured: CITY OF SEBASTIAN, A MUNICIPAL CORPORATION 2. The Estate or interest in the land described herein and which is covered by this policy is a fee simple, and is at the effective date hereof vested in the named insured as shown by instrument recorded in Official Records Book 928, page 2018, of the Public Records of Indian River County, Florida. 3. The land referred to in this policy is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. FRESE, FALLACE, NASH & TORPY 930 S. HARBOR CITY BLVD. SUITE 505 MELBOURNE„ FL 32901 /�/?/ Countersigned: thorized Officer or Agent A81 1 Policy No. 107 - 862382 Company File No. VB65851 Agent File No. GDC /CITY OF SEB SCHEDULE B This policy does not insure against loss or damage by reason of the following exceptions: 1. Taxes for the year 1992 and taxes or assessments which are not shown as existing liens by the public records or which may be levied or assessed subsequent to the date hereof. 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 or 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. Any claim that any part of said land is owned by the State of Florida by right of sovereignty, and riparian rights, if any. 7. This policy does not insure against county and /or municipal improvement liens which are not recorded in the Official Records of Indian River County, Florida. 8. Any lien provided by Chapter 159, Florida Statutes, in favor of any city, town, village or port authority for unpaid service charges for service by any water, sewer or gas system supplying the insured land. 9. Easements as shown on the individual plats of the units of SEBASTIAN HIGHLANDS, recorded in Plat Book 5, page 14; Plat Book 5, page 34, UNIT 2; Plat Book 5, page 100, UNIT 4; Plat Book 6, page 9, UNIT 8; Plat Book 6, page 37, UNIT 10; Plat Book 7, page 56. UNIT 11; Plat Book 7, page 82, UNIT 13; Plat Book 8, page 43, UNIT 14; Plat Book 8, page 44, UNIT 15; Plat Book 8, page 45, UNIT 16 and Plat Book 8, page 46, UNIT 17, all of the Public Records of Indian River County, Florida. 10. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 26, page 434 (Sebastian Highlands Unit One), of the Public Records of Indian River County, Florida. 11. Easement Declaration as to Sebastian Highlands, as recorded in Plat Book 5, page 14, as contained in that certain instrument recorded in Official Record Book 359, page 186, of the Public Records of Indian River County, Florida. r. Policy No. 107 - 862382 Company File No. VB65851 Agent File No. GDC /CITY OF SEB 12. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 33, page 309 and amended in Official Record Book 69, page 232 (Sebastian Highlands, Unit Two, pages One, Two and Four), of the Public Records of Indian River County, Florida. 13. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 100, page 205 (Sebastian Highlands, Unit 4), of the Public Records of Indian River County, Florida. 14. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 99, page 366 (Sebastian Highlands, Unit 10), of the Public Records of Indian River County, Florida. 15. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 222, page 1 (Sebastian Highlands, Unit 11), of the Public Records of Indian River County, Florida. 16. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 272, page 265, except as that portion as released in Official Record Book 525, page 862, lying Southerly and Westerly of the Sebastian River Drainage District Easement (Sebastian Highlands, Unit 13)`, of the Public Records of Indian River County, Florida. 17. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 389, page 145 and Amendment recorded in Official Record Book 393, page 521 (Sebastian Highlands, Unit 14), of the Public Records of Indian River County, Florida. 18. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 389, page 154 and Amendment recorded in Official Record Book 393, page 523 ( Sebatian Highlands, Unit 15), of the Public Records of Indian River County, Florida. 19. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 389, page 160 (Sebastian Highlands, Unit 16), of the Public Records of Indian River County, Florida. 3 Policy No. 107 - 862382 Company File No. VB65851 Agent File No. GDC /CITY OF SEB 20. Restrictions, covenants and conditions as contained in the Declaration of Restrictions recorded in Official Records Book 389, page 164 and Amendment recorded in Official Record Book 393, page 522 (Sebastian Highlands, Unit 17), of the Public Records of Indian River County, Florida. 21. Drainage Easement to the Sebastian River Drainage District as contained in that certain instrument recorded in Official Record Book 112, page 655, Public Records of Indian River County, Florida, as pertains to Tract D, Sebastian Highlands, Unit 13. THE FOLLOWING AS TO TRACT D, ADJACENT TO BLOCK 333, SEBASTIAN HIGHLANDS, UNIT 13, ONLY: 22. Reservations in favor of Trustees of the Internal Improvement Fund, as contained in Deed No. 382, dated April 19, 1944 and recorded May 13, 1944 in Deed Book 35, page 375, of the Public Records of Indian River County, Florida, which provide as follows: a) "AS TO LANDS IN TRACTS OR COMPOSITE TRACTS AGGREGATING TEN (10) ACRES OR MORE: RESERVING unto the State of Florida the title to an undivided one -half of all petroleum and petroleum products and title to an undivided three- fourths of all other minerals which may be found on or under the said land, together with the right to explore for and to mine and develop the same." b) "RESERVING unto the State of Florida easement for state road right of way two hundred (200) feet wide lying equally on each side of the center line of any state road existing on the date of this deed through so much of any parcel herein described as is within one hundred (100) feet of said center line." 23. TRACTS C, D, E AND F, OF SEBASTIAN HIGHLANDS, according to the plat thereof as recorded in Plat Book 5, pages 14 and 15, of the Public Records of Indian River County, Florida, are reserved for utility easements. 24. TRACT I, ADJACENT TO BLOCK 12, SEBASTIAN HIGHLANDS, according to the plat thereof as recorded in Plat Book 5, pages 14 and 15, Public Records of Indian River County, Florida, is reserved as a drainage right of way. 25. Any rights of the Public and the owners of lands in Sebastian Highlands, Units 2 and 4, to use Lake Hardee as shown on Parcel 15 on Exhibit A, and to insist that Parcel 15 be kept open as a lake or other public area. 26. Subject to taxes for prior years which maybe imposed pursuant to Section 193.092 Florida Statutes. (as to Tract I, adjacent to Block 12, Sebastian Highlands, Unit 1) 4 Policy No. 107- 862382 Company File No. VB65851 Agent File No. GDC /CITY OF SEB END OF SCHEDULE B 5- 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 satisfaction 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 al!, 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'hercon 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. American Land Title Association Owner's Policy - 1970 - Form B (Rev. 10 -17 -70 and 10- 17-84) Cover Page Form 1005 -8 Valid Only If Schedules A and B Are Attached