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HomeMy WebLinkAbout2010 - Title InsuranceLand Title Association Owes Policy — 1!}17-92) (With Florida Old Republic National Title Insurance Company OWNER'S TITLE INSURANCE POLICY Issued Through Attorneys' Title Fund Services, LLC SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE BAND THE CONDITIONS AND STIPU- LATIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Minne- sota corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. In Witness Whereof, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANYhas caused this policy to be signed and sealed as of Date of Policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. * OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Stock Company 460 Second Avenue South, Minneapolis,'Minnesota 55461 16121371-1111 By President 1 Attest (� Q �� �,t%0 Secretary SERIAL OPM_ 4013335 FORM OPM (rev. 07/09) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent thata notice of the enforcement thereof ora notice of defect, lien orencumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured tinder this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. 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 would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representa- tives, next of kin, or corporate or fiduciary successors (b) "insured claimant": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, or 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": records established tinder state statutes at date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section l(a) (iv) of the Exclusions from Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "un marketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. Continuation of Insurance After Conveyance of Title The -coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) all estate or interest in the land, or (ii) all indebtedness secured by a purchase money mortgage given to the insured. 3. Notice of Claim To Be Given by Insured Claimant The insured shall notify the Company promptly in writing (i) in case of any litigation assetforth in Section 4(a) below, (ii) in case knowledgeshall come to an insured hereunder of any claim of title or interest which is adverse 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 prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rightsofany insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. Defense and Prosecution of Actions; Duty of Insured Claimant To Cooperate (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Com- pany, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title orinterestas insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against bythis policy. The Companyshall have the right toselect counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY OWNER'S POLICY Schedule A Policy No.: OPM-4013385 Effective Date: July 1, 2010 Agent's File Reference: @ 2:14 P.M. 014151-09001 Amount of Insurance: $2,300,000.00 1. Name of Insured: CITY OF SEBASTIAN, a Florida municipal corporation 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 effective date hereof vested in the named insured as shown by instrument recorded in Official Records Book 2429, Page 1531, of the Public Records of Indian River County, Florida. 3. The land referred to in this policy is described as follows: SEE LEGAL DESCRIPTION ATTACHED HERETO AS EXHIBIT "All A ll Brinkley, Morgan, Solomon, Tatum, Stanley, Lunny & Gordon, LLP ISSUING AGENT 200 E. Las Olas Boulevard, Suite 1900 MAILING ADDRESS FORM OPM Sch. A (rev. 05/10) OLD REPUBLIC NATIONAL TI INSURANCE COMPANY 5201 AGENT N AG S SIGNATURE Fort auderdale , Florida 33301 \ CITY ZIP CODE EXHIBIT A Lots 1, 2 and 3, Block 2, Middleton's Subdivision of City of Sebastian, according to the map or plat thereof as recorded in Plat Book 2, Page 56, Public Records of Indian River County, Florida. TOGETHER WITH From a point of beginning at the intersection of the South line of Government Lot 2, of Section 31, Township 30 South, Range 39 East, Indian River County, Florida, and the Mean High Water Mark of the West bank of Indian River, run West along said South line of Governmental Lot 2 a distance of 80.05 feet, more or less, to the East right-of-way of Old U.S. Highway No. 1, said right-of-way being 66 feet in width; thence run North 25°22' West along said East right-of-way line a distance of 71.45 feet; then run East, parallel to the South line of said Governmental Lot 2, a distance of 94.89 feet; thence run North 70°45' East a distance of 132.03 feet to the established bulkhead line; thence run South 25°22' East along said bulkhead line a distance of 66.43 feet; thence run South 70°45' West a distance of 145.50 feet to the point of beginning on the Mean High Water Line of Indian River and on the South line of said Government Lot 2; AND ALSO all of that part of Lot 1, Block 1, MIDDLETON'S SUBDIVISION OF CITY OF SEBASTIAN, according to plat thereof recorded in Plat Book 2, Page 56, Public Records of Indian River County, Florida lying East of Indian River Drive (Old U.S. Hwy #1) and described as follows: From a point beginning at the Mean High Water line of the West shore of the Indian River on the Township Line between Township 30 South and Township 31 South, run West along said Township line (same being the North line of said Lot 1, Block 1, MIDDLETON'S SUBDIVISION OF CITY OF SEBASTIAN, a distance of 80.05 feet more or less, to the East right-of-way of Indian River Drive (Old U.S. Highway No. 1) said right-of-way being 66 feet in width; thence run South 25°22' East along said East right-of-way a distance of 90 feet; thence run North 80°00'00" East a distance of 113 feet more or less to the Mean High Water Line of the Indian River; thence meander the Mean High Water Line in a Northwesterly direction to the point of beginning. OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY OWNER'S POLICY Schedule B Policy No.: OPM-4013385 Agent's File Reference: 014151-09001 This policy does not insure against loss or damage by reason of the following exceptions: 1. The lien of all taxes for the year 2010 and thereafter, which are not yet due and payable. 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. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder, including submerged, filled and artificially exposed lands, and lands accreted to such lands. 7. Riparian and littoral rights are not insured. 8. All matters contained on the Plat of Middleton's Subdivision of City of Sebastian, as recorded in Plat Book 2, Page 56, Public Records of Indian River County, Florida. 9. Rights of the United States of America and/or the State of Florida to any portion of said land which has been created by artificial means or has accreted to any such portion as so created. 10. Those portions of the property herein described being artificially filled in land in what was formerly navigable waters, are subject to the right of the United States Government arising by reason of the United States Government control over navigable waters in the interest of navigation and commerce. (continued on next page) FORM OPM Sch. B (rev. 05/10) (b) The Companyshall have the right, at its own cost, to institute and 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, or to prevent or reduce loss or damage to the insured.The Company may take any appropriate action tinder the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights tinder this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or inter- posed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense ofanyaction or proceeding, the insuredshall secure to the Company the right toso prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Companyall reasonableaid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecut- ing or defending the action or proceeding, oreffectingsettlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. Proof of Loss or Damage In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Companywithin 90 (lays afterthe insured claimantshall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, orother matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claiman tshall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memo- randa in the custody or control of a third party, which reasonably pertain to the Iossordaniage.All information designatedasconfidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information orgrant permis- sion to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim. 6. Options To Pay or Otherwise Settle Claims; Termination of Liability In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized bythe Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against tinder this policy, togetherwith any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b) (i) or (ii), the Company's obligations to the insured underthis policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obliga- tion to defend, prosecute or continue any litigation. 7. Determination, Extent of Liability and Coinsurance This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who hassuffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b)(ThisparagraphdealingwithCoinsurance wasremovedfromFlorida policies.) (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations S. Apportionment If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but 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 parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. Limitation of Liability (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land,orcurestheclaim of unniarketabilityof title, all as insured, in a reasonabhydiligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have full performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) Intheeventofanvlitigation,includinglitigationl)wtheCompam orwith the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, ad- verse to the title as insured. (c) Tile Compamshallriot beliable for loss ordamagetoanwinsured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. Reduction of Insurance; Reduction or Termination of Liability All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. Liability Noncumulative It is expressly understood that the amount of insurance under this policy shall be reduced byany amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and 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 tinder this policy to the insured owner. 12. Payment of Loss (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or'de- stroved, in which case proof of loss or destruction shall be furnished to the satisfaction of the Compam. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. Subrogation Upon Payment or Settlement (a) The Company's Right of Subrogation. Whenever.the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimantshall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to site, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-insured Obligors. The Company's righ t of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwith- standingany terms orconditions contained in those instrumentswhich provide for subrogation rights by reason of this policy. 14 Arbitration Unless prohibited by applicable law, arbitration pursuant to the Title Insur- ance Arbitration Rules of the American Arbitration Association may be demanded ifagreed to by both the Company and the insured. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, and service of the Company in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effecton the date the demand forarbitration is made or, atthe option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permita court to award attorneys'fees to a prevailing party. judgment upon the award rendered by theArbitrator(s) may be entered in any court havingjurisdiction thereof. The law of the sittis of the land shall apply to an arbitration Linder the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. Liability Limited to this Policy; Policy Entire Contract (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negli- gence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, or Agent of the Company. 16. Severability In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. Notices, Where Sent All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at its principal office at 400SecondAvenueSouth, Minneapolis, Minnesota 55401, (612) 371-1111. y O 0 leeed y'� Go ... y CA 0)z o Cr ` v < o R; " -4O �CA O o n op aQ n � o -A 0 BRINKLEY, MORGAN, SOLOMON, TATUM, .STANLEY & LUNNY, LLP ATTORNEYS AT LAW 19TM FLOOR SUN -SENTINEL BUILDING 200 EAST LAS OLAS BOULEVARD FORT LAUDERDALE, FLORIDA 33301-2248 KENNETH J. JOYCE, PARTNER E-MAIL: KENNETH.JOYCE@BRINKLEYMORGAN.COM July 28, 2010 Ms. Rebecca Grohall, AICP Growth Management Director City of Sebastian 1225 Main Street Sebastian, FL 32958 Re: Sebastian Harbour, Ltd. and Dancu Holding, Inc. Sale to City of Sebastian Dear Rebecca: TELEPHONE (954)522-2200 FACSIMILE (954) 522-91 23 E-MAIL: LAWFIRM@BRINKLEYMORGAN.COM MAILING ADDRESS: POST OFFICE BOX 522 FORT LAUDERDALE, FLORIDA 33302-0522 li �v 2 2010 Enclosed are the following documents for your records: 1. Old Republic National Title Insurance Company Owner's Policy No. OPM- 4013385. 2. Original recorded Warranty Deed. If you have any questions, do not hesitate to contact us. V truly yours, J Halowi eal Estate Paralegal /jh encls. cc: Kristen Coons, Esq. (w/enclosures)