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HomeMy WebLinkAbout1992 Title Insurance®Commonwealth Land Title Insurance Company OWNER'S POLICY OF TITLE INSURANCE POLICY NUMBER I b 5- -01 }If 551f 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: / G By {iirVVV ii�� Secretary President EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy: I. (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 he 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. American land Title Association Owner's Policy - 1970 - Form B (Rev. 10 -17 -70 and 10- 17 -84) Form 1005-96 Face Page Valid Only If Schedules A, B and Cover Are Attached Issued with Policy No. IMCommonwealth. Land Title Insurance Company SCHEDULE A Policy No. 165 - 044554 Effective Date: June 9, 1992 @ 1:09 PM File Number P-14622 Amount of Insurance: $ 2,400.00 1. Name of Insured: The City of Sebastian, Florida, a Florida Municipal Corporation, existing under the Laws 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 effective date hereof vested in the named insured as shown by instrument recorded in Official Records Book 0936 , Page 2133 of the Public Records of Indian River County, Florida. 3. The land referred to in this policy is described as follows: See attachment A. Countersigned: American Land Title Association Owner's Policy Schedule A Form 1021 -11 Authorized Officer or Agent IGINAL P -14622 LEGAL DESCRIPTION FOR Bettina Boudrot to The City of Sebastian, Florida A parcel of land being the north 2.00 feet of the south 15 feet of Lot 4, Block 3, of Hardee Subdivision, as recorded in Plat Book 4, Page 74, of the Public Records of St. Lucie (now Indian River) County, Florida, being more particularly described as follows: Beginning at the intersection of the east right -of -way line of Indian River Drive (66 foot right -of -way) and the north line of the south 15 feet, of Lot 4, proceed S 870 36' 23" E along said north line a distance of 33.88 feet to a point on the safe upland line (S.U.L., Elev. 0.9 N.G.V.D., located on 7/12/88) of the Indian River; thence S 010 15' 33" E along the S.U.L. a distance of 2.00 feet; thence leaving the S.U.L., N 870 36' 23" W along a line 2.00 feet southerly of (when measured perpendicular) and parallel to the north line of the south 15 feet of Lot 4 a distance of 33.91 feet to a point on aforementioned east right -of -way line of Indian River Drive; thence N 000 26' 42" W along said east right -of -way line a distance of 2.00 feet to the POINT OF BEGINNING. SCHEDULE B File Number P -14622 Policy No. 165 - 044554 This policy does not insure against loss or damage by reason of the following exceptions: I . Taxes for the year 19 9 2 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 and inspection of the premises. 4. Easements or claims of easements not shown by the public records. i. 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. .The nature, extent or existence of riparian and /or littoral rights, if any, appurtenant to the insured land are neither guaranteed nor insured, and the riparian rights of others as the same may affect the said land, are hereby excepted. g,The right, title, or interest, if any, of the public to use any part of the land seaward and /or lakeward of the most inland of any of the following: a) the natural line of vegetation; b) the most extreme highwater line; c) the bulkhead line; and d) any other line which has been legally established as relating to such public use. 9,The consequences of any claim or determination that any part of the insured land is owned by the State of Florida by right of sovereignty. 1 O.Any adverse claim to any portion of the insured land which has been created by artificial means or has accreted to any such portion of said land so created. ll.Title to no portion of the insured land below the mean high water mark of any navigable water body is insured. 12. Exceptions numbered 2 and 5 are hereby deleted. Schedule B of this Policy consists of Pages ALTA Owner's Policy Schedule B Form 1005 -92 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 tanlo. No payment shall he 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 h 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, U M i , a _l_ 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 he 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, Fight Penn Center, Philadelphia, Pennsylvania 19103. NMI American Land Title Association Owner's Policy - 1970 - Form B (Rev. 10 -17 -70 and 10- 17-84) r'-- De PROFESSIONAL TITLE OF INDIAN RIVER, INC. 1546 N. U.S. 1 • SEBASTIAN, FLORIDA 32958 (407) 589 -3232 • (407) 589 -3231 • FAX (407) 589 -3233 June 19, 1992 The City of Sebasrian P.O. Box 780127 Sebastian, FL 32978 Re: Purchase of Our fi 1 c No. P- 14622 Dear Customer: Enclosed please find the following items regarding the above - described property purchase: 1. original recorded Warranty Deed ( X) 2. Owner's Title Insurance Policy X) 3. Copy of recorded mortgage 4. Please note that the insurance policy is for the present purchase price. If you increase the value of your property by construction, you must endorse the enclosed policy to reflect the total value of the home. Be advised that if upon construction, you neglect to endorse this policy, you will only be reimbursed the dollar amount of this policy and not your total investment, in the event of a title loss. If upon construction, you bring in the enclosed policy, we wi 1 l be able to give you a discount on your future endorsements or transactions. Please keep this recorded deed and title policy in a safe place along with your other valuable documents. It has been a pleasure being of service to you and we look forward to being able to meet your future title insurance needs. Sincerely, Nancy Mauro