Warranty Deed, Closing, Survey & Title Insurance LARRY R. ERSKINE, P.A.
ATTORNEY AT LAW
P.O. Box 4035
Key West, FL 33041
305 - 872 - 8401 -phone
keyszen@bellsouth.net
November 21, 2011
Danny L. Kolhage
Clerk of the Circuit Court
Monroe County, Florida
500 Whitehead Street
Key West, FL 33040
Re: 5671 MacDonald, LLC, R & S of Key West, Inc., and H -TRY, LLC to Monroe County
Dear Danny:
The transaction referenced above closed recently. Accordingly, I enclose the following:
/
1. Original Warranty Deed recorded in Book 2536 at page 1246;
2. Original, fully executed closingement;
3. Two sealed surv�,ys; and
4. Original Old Republic National Title Insurance Company Owner's Policy Number
OF6- 8024020.
As always, it has been a pleasure to participate in this matter on behalf of the County. If you have
questions or concerns, feel free to contact me.
A7L.
Sincerely,
' -- / t-r-----
Larry R. Erskine
enc.
cc: Suzanne Hutton
l
Doc# 1853350 10/03/2011 9 : 07AM
Filed & Recorded in Official Records of
MONROE COUNTY DANNY L. KOLHAGE
THIS INSTRUMENT PREPARED BY AND RETURN TO: 10/03/2011 9:07AM
Larry R. Erskine DEED DOC STAMP CL: DS $4,550.00
P.O. Box 4035
Key West, Florida 33041
Property Appraisers Parcel Identification (Folio) Number: 00124460 000000; 00124470 000000
SPACE ABOVE THIS LINE FOR RECORDING DATA
THIS WARRANTY DEED, made the 36" day of September, 2011, by 5671 MACDONALD, LLC, a Florida
limited liability company, R & S OF KEY WEST, INC, a Florida corporation, and H -TRY, LLC, a Florida
limited liability company, whose post office address is 20 Driftwood Drive, Key West, FL 33040, herein called the
grantors, to Monroe County, a political subdivision of the State of Florida whose post office address is 1100
Simonton Street, Key West, FL 33040, hereinafter called the Grantee:
(Wherever 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)
W I T N E S S E T H: That the grantors, for and in consideration of the sum of TEN AND 00 /100'S ($10.00)
Dollars and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells,
aliens, remises, releases, conveys and confirms unto the grantee all that certain land situate in MONROE County,
State of Florida, viz.:
Lots 12, 13, 14, and 15, Block 31, McDonald's Plat, Stock Island, according to the plat thereof, as
recorded in Plat Book 1, page 55, of the Public Records of Monroe County, Florida.
Subject to easements, restrictions and reservations of record and taxes for the year 2011 and
thereafter.
THE PROPERTY CONVEYED HEREIN IS NEITHER THE DOMICILE NOR THE HOMESTEAD
OF THE GRANTOR HEREIN NOR HIS/HER SPOUSE NOR ANY OF HIS/HER IMMEDIATE
HOUSEHOLD AS DEFINED BY THE LAWS OF THE STATE OF FLORIDA.
TOGETHER, with all the tenements, hereditaments and appurtenances thereto belonging or in anywise
appertaining.
TO HAVE AND TO HOLD, the same in fee simple forever.
AND, the grantors hereby covenant with said grantee that the grantors are lawfully seized of said land in fee simple;
that the grantors have good right and lawful authority to sell and convey said land, and hereby warrant 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, 2010.
IN WITNESS WHEREOF, the said grantors have signed and sealed these presents the day and year first above
written.
Signed, sealed and delivered ' the presence of:
5671 MACDONALD, LLC, a Florida limited
Witness #1 Signature (as to Eid anj Smith) liability company
Witness #1 'ri ed ame f
B
-h 144.-
Lc.�Q
h 0.412 Steven A. Eid, Managing Member
itne. Si n (as to Es and Smith) R & S OF KEY WEST, /2 INC a Florida
I `' 41/, corporation
W tness #2 Printer f ame / G
By:
Kit Carson Smith, President
Witness # Signature (.. I •,,eza) H -TRY, LLC, a Florida limited liability V
Company
Witness #1 Printed Name L'' /2 , 1(4) LJt
�- Sco tt G. Oropeza, Managing Member
A-j
Witnes 2 Si nat6re (as to Oropeza)
1 eC.Th A S S c�, a �- Doc# 1853350
Witness #2 Printed Name Bk# 2536 Pg# 1246
File No.: 11100
Doc# 1853350
STATE OF FLORIDA Bk# 2536 Pg# 1247
COUNTY OF MONROE rr ^-��
The foregoing instrument was acknowledged before me this �v da .�f- September, 2011, by Steven A. Eid, as
Managing Member of 5671 MACDONALD, LLC, who i personally known me or has produced
as identification.
Notary P ublic Stab of Florid* .
A. r toy Decker
'� ^i - missbn EE102709 -4 �_,A 1..—A a Expires 0010W2015 No ' ublic v1 - / 1 , De--(...i-el\-- )
A' v
�-- � e Printed Notary Nam
My Commission Expires: q I � got
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this 6- day of September, 2011, by Kit Carson Smith, as
President of R & S of Key West, Inc., who is personally known to me or has produced
L— 0L as identification. Nil De
q tr Public Stab of Florid. �rN A Deck — 411&A /11. ' j CP�
My Commission EE102708
4
.. o,,,d Expires 09/00/2015 Notar Public / �
't V Dc. e,.
Printed Notary Name
My Commission Expires: r �, �'1 �
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this i' day of September, 2011, by Scott G. Oropeza, as
Managing Member -TRY, LLC, who is personally known to me or has produced
C--...fee- '
as identification.
I- 1 !' R. SHANE HALVORSON ro Notary Public - State of Florida t
SEAL , , `. g My Comm. Expires Jul 10, 2015 �� '�
Commission # EE 110345 No . y Public
Seeded Through National Notary Assn. e c ,?/ %''',LIKO, so /
Prints Notary Name /�,
My Commission Expires: r ue.-y/ / p/c"
MONROE COUNTY
OFFICIAL RECORDS
File No.: 1 1100
■
A. Settlement Statement U.S. Department of Housing OMB Approval No. 2502 -0265
al l r
t. i( and Urban Development
B. Type of Loan
1. =FHA 2. = RHS 3. _� Corn. Unins.
6. File Number 7. Loan Number I 8. Mortgage Insurance Case Number
11100 •
4. - VA 5. , Com. Ins.
C. Note: This form is furnished 10 give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items
marked'(p.o.c.)' were paid outside the closing; they are shown here for information purposes and are not included in the totals. -
D. Name and Address of Borrower E. Name and Address of Seller F. Name and Address of Lender
Monroe County. a political subdivision of the State of Florida 5671 MACDONALD. LLC
1100 Simonton Street R 8 S OF KEY WEST, INC
Key West, FL 33040 Fl-TRY, LLC
20 Driftwood Drive
Key West. FL 33040
G. Property Location H. Settlement Agent
Lots 12, 13, 14, and 15, Block 31 Larry R. Erskine. P.A.
MCDONALD'S PLAT. Stock Island
Place of Settlement I. Settlement Date
1200 Truman Avenue 09/30/11
Suite 207
Key West, Florida 33040
J. SUMMARY OF BORROWERS TRANSACTION: K. SUMMARY OF SELLERS TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER 400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price 650,000.00 401. Contract sales price 650,000.00
102. Personal ...e 402. Personal.ro. -
103. Settlement charges to borrower (line 1400) _- 3,968.50 403.
• 104. 404.
105. 405.
Adjustments for items paid by seller in advance Adjustments for items paid by seller in advance
106. City/town taxes to 406. City/town taxes to
107. County taxes to 407. County taxes to
108. Assessments to 408. Assessments to
109. 409.
110. 410.
111. 411.
112. 412.
120. GROSS AMOUNT DUE FROM BORROWER 653.968.50 420. GROSS AMOUNT DUE TO SELLER , 650,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER 500. REDUCTIONS IN AMOUNT TO SELLER
201. Deposit or eamest money 501. Excess Deposit (see instructions)
202. Principal amount of new loan(s) 502. Settlement charges to seller (line 1400) 4,640.00 •
203. Existing loan(s) taken subject to 503. Existing loans taken subject to
204. 504. Payoff of first mortgage loan
205. 505. Payoff of second mortgage loan
•
206. 506. 2009 taxes (all lots inc. lot 16) ,_ 13,994.02
207. __ 507. 2010 taxes (all lots inc. lot 16) 7,780.64
208. 508. 2011 taxes prorated (all lots inc. lot 161 01/01 10 09(29 5,055.31
209. 509. Monroe County code Bens -_ 400.00
Adjustments tor items unpaid by seller Adjustments for items unpaid by seer
210. CWttown taxes to 510. Ciyttown taxes to
211. County taxes to 511. County taxes to
212. Assessments to 512. Assessments to
213. 513.
214. _ 514.. _ --- - - - - -- _. - - --
' 215. 515. _ _ -_ _ - - - - - -- __- - - __ - - - -- 216. 516.
217. , 517.
218. 518._....
219 519.
220. TOTAL PAID BY / FOR BORROWER • 520. TOTAL REDUCTION AMOUNT DUE SELLER 31.869.97
300. CASH AT SETTLEMENT FROM OR TO BORROWER _ _ 600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120) ___ 653,968.50 601. Gross amount due to seller (line 420) 650,
302. Less amounts paid by/for borrower (line 220) __ -_ 602. Less reduction amount due to seller (line 520) _ -- _ -_- 31,869.97
303. CASH FROM BORROWER __. 653,968.50 603. CASH TO SELLER 618.130.0:
SUBSTITUTE FORM 1099 SELLER STATEMENT: The information contained herein is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return. a negligence
penalty or other sanction will be imposed on you if this item is required to be reported and the IRS determines that it has not been reported. The Contract Sales Price described on Line 401 above constitutes the
Gross Proceeds of this transaction.
SELLER INSTRUCTIONS: To determine if you have to report the sale or exchange 01 your primary residence on your tax retum. see the Schedule D (Form 1040) instructions. If the real estate was not your primary
residence. complete the applicable parts of Form 4797. Form 6252. and /or Schedule D (Form 1040).
You are required by law to provide the settlement agent with your correct taxpayer identification number. If you do not provide your correct taxpayer identification number. you may be subject to civil or criminal
penalties imposed by law. Linder penalties of perjury. I certify that the number shown on this statement is my correct taxpayer identification number.
09 -23 -2011 at 7:48 AM form HUD -1 (3/86) ref Handbook 4305.2
NIL
r U.4. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT PAGE 2
L. SETTLEMENT CHARGES: File Number: 11100 - PAID FROM PAID FROM
BORROWER'S SELLER'S
700. TOTAL. SALES/BROKER'S COMMISSION based on price S R = FUNDS AT FUNDS AT
Division of commission (line 700) as follows: SETTLEMENT SETTLEMENT
701. S to -
702. $ to
703. Commission paid at Settlement
704.
800. ITEMS PAYABLE IN CONNECTION WITH LOAN P.O.C.
801. Loan Origination Fee o
802. Loan Discount
803. Appraisal Fee to
804. Credit Report to
805. Lenders Inspection Fee to
806. Mtg. Ins. Application Fee to
807. Assumption Fee to
808.
809.
810.
811.
812. .
813.
814. •
815.
900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE ,
901. Interest from to @S /day i
902. Mortgage Insurance Premium to
903. Hazard Insurance Premium yrs. to
904.
905.
1000. RESERVES DEPOSITED WITH LENDER FOR
1001. Hazard Insurance mo. @$ / mo.
1002. Mortgage Insurance mo. @S / mo.
1003. City property taxes mo. CS / mo.
1004. County property taxes mo. @$ / mo.
1005. Annual Assessments mo. OS / mo.
1006. -_ mo. 05 / mo.
1007. mo. @S 1 mo. I
1008. Aggregate Reserve for Hazard/Flood Ins. City/Count I '
1100. TITLE CHARGES - - -
1101. Settlement or closing fee to
1102. Abstract or title search to Larry R. Erskine. P.A. 125.00
1103. Title examination to
1104. Title insurance binder to
1105. Document preparation to
1106. Notary fees to
1107. Attorneys fees to Larry R. Erskine. P.A. 500.00
(includes above item No: )
1108. Title insurance to Larry R. Erskine. P.A. 3,325.00
(includes above item No: - -_ )
1109. Lenders coverage
1110. Owners coverage 650,000 00 -- 3,325.00
1111.
1112.
1113. - - -- - -. - _.. - -. --- i_ -.- -- --- --- - --
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201. Recording fees Deed S 18.50 ; Mortgage S : Releases S 18.50 j
1202. City/county /stamps Deed S __ -- : Mortgage S --
1203. State tax /stamps _ Deed S 4.550.00 :Mortgage S 4,550.00
1204. Intangible Tax Deeds _ -- ;Mortgages _._ -. - - - -..._ _.__ - - -, -- - - -- - . -. - --
1205. Rec. partial release, code releases, affs. - -_ - -_ -._ -_ -_ -_- -- - _. ---_- 90.00
1300. ADDITIONAL SETTLEMENT CHARGES
1301. Survey to
1302. Pest inspection - -- - -- 10 _ - -- - --
1303. I
1304. -__ - - -- -- - -._ -.
1305. _ - -_ ..
1306. _----- ---- _. -._ - -. - - .-. - -- •
1307. -._ _ - - - -- ._ _. ___.. _._- _- _.. -
•
1308. _ -_ - - - - -. - - -- -- 1400. TOTAL SETTLEMENT CHARGES (enter on lines 103 and 502. Sections J and K) _ 3,968.50 4,640.00
I alBdivision of the State of Florida
Date
09-23 -2011 at 7:48 AM form HUD-1 (3/86) ref Handbook 4305.2
r
The Sellers' proceeds of $618,130.03 are to be distributed via three checks as follows:
1. A check payable to 5671 Macdonald, LLC in the amount of $206,043.34;
2. A check payable to H -Try, LLC in the amount of $206,043.34;
3. A check payable to R & S of Key West, Inc. in the amount of $206,043.35.
I have carefully reviewed the HUD -1 Settlement Statement and to the best of my
knowledge and belief, it is a true and accurate statement of all receipts and
disbursements made on my account or by me in this transaction. I further certify that I
have received a copy of the HUD -1 Settlement Statement.
MONROE C • NTY
By:
/ / if / ?/11//(
II Q • ' Q.r Cce.rru - • � /t1ayor Date
56 MACD • ' ' LD, LLC
u, B y: Ce-Ai ii— 1/3olti
Y Steven A. Eid, Managing Member Date
o • w
?y h R &SOF ES I
3df .i
«. �,
Kit arson Smith, resident Date
*1 ,_,
A
i rH -TRY, LC
h e \''s 'j
S . Oropeza, Managing Member Da e
The HUD -1 Settlement Statement which I have prepared is a true and accurate account
of this transaction. I have caused or will cause the funds to be disbursed in accordance
with this tatement.
e3ak
Larry R. Erskine Date
WARNING: It is a crime to knowingly make false statements to the United States on this
or any other similar form. Penalties upon conviction can indude a fine or imprisonment.
For details see: Title 18 U.S. Code Section 1001 and Section 1010.
3 of 3
as.►
(American Land Tide Association - Owner's Policy Adopted 6/ 1'+ / 2006) (With Florida Modifications)
OWNER'S POLICY OF TITLE INSURANCE
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given
to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B,
AND THE CONDITIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Minnesota corporation (the "Company ")
insures, as of Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by
reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from
(a) A defect in the Title caused by
(1) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii) failure of any person or Entity to have authorized a u or conveyance;
(iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law;
(v) a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by
electronic means authorized by law; or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed
by an accurate and complete land sunny of the Land. The term "encroachment" includes encroachments of existing
improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements
located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building
and zoning) restricting, regulating, prohibiting, or relating to
(a) the occupancy, use, or enjoyment of the Land;
(b) the character, dimensions, or location of any improvement erected on the Land;
(c) the subdivision of land; or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public. Records setting forth the violation or intention to enforce
but only to the extent of the violation or enforcement referred to in that notice.
(Covered Risks continued)
In Witness Whereof, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, has 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 of the Company.
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
400 Second Avenue South, Minneapolis, Minnesota 55401
(612)371 1111
* * *
* (t * *
* *
By • President
* * *
Attest -t4)(4 Secretary
SERIAL
OF6 -8024020
FORM OF6 (rev. 12210)(Wi h Florida Modifications) ePolicyManager 1 of 6
Fie Number 11100
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
OWNER 'S POLICY
Schedule A
Policy No: OF6- 8024020 Date of policy: October 3, 2011 @ Agent's Reference: 11100
9:07am
Amount of Insurance: $650,000.00 Premium: $3,325.00
Address Reference:
1. Name of Insured:
Monroe County, a political subdivision of the State of Florida
2. The estate or interest in the land described herein and which is covered by this policy or guarantee is Fee Simple.
3. Title is vested in Monroe County, a political subdivision of the State of Florida, as shown by instrument recorded in
Official Records Book 2536, Page 1246, of the Public Records of MONROE County, Florida.
4. The land referred to in this Policy is described as follows:
Lots 12, 13, 14, and 15, Block 31, McDonald's Plat, Stock Island, according to the plat thereof, as recorded in
Plat Book 1, page 55, of the Public Records of Monroe County, Florida.
Old Republic National Title Insurance Company
400 Second Avenue South, Minneapolis, Minnesota 55401, (612) 371 -1111
Larry R. Erskine 28965
ISSUING AGENT AGENT NO. AGENT'S SIGNATURE
1200 Truman Avenue Suite 207 Key West, Florida 33040
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
OWNER'S POLICY
SCHEDULE B
Policy or
Guarantee No. OF6 8024020 File No. #: 11100
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that arise
by reason of:
1. The excroachment of a wood fence along the northern boundary of lots 12 and 13; the encroachment of a structure on the
eastern boundary of lot 12; the encroachment of a concrete pad on the southern boundary of lot 15, all as indicated on the
survey by Island Surveying, Inc., dated March 25, 2011.
2. Any adverse ownership claim by the State of Florida by right of sovereignty to and portion of the Lands insured hereunder,
including submerged, filled and artificially exposed lands, and lands accreted to such lands.
3. Any lien provided by County Ordinance or by Chapter 159, Florida Statutes, in favor of any city, town, village or port
authority, for unpaid service charges for services by any water systems, sewer systems or gas systems serving the land
described herein; and any lien for waste fees in favor of any county or municipality.
4. Outstanding legal and equitable interest and federal tax liens now or hereafter attached or which no notice has been filed
among the Public Records of Monroe County, Florida, at the effective date hereof.
5. State law under Chapter 76 -190 and Chapter 22 F -8.02 of the Florida Administrative Code for Land Planning for the
Florida Keys Area of Critical State Concern, recorded in Official Records Book 668, page 43, of the Public Records of
Monroe County, Florida.
6. Any law, ordinance or governmental regulation (including, but not limited to building and zoning ordinance) 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 reduction in the
dimensions or area or the land, or the effect of any violation of any such law, ordinance or governmental regulation.
7. This policy does not insure title to land comprising the shores or bottoms of navigable waters or to artificial accretions or
fill, bay bottoms, tide lands, land between high and low water marks, submerged lands, nor riparian rights and water
privileges incident to ownership of subject property.
8. House Bill No. 634, Chapter 70 -231, an Act relating to the bureau of beaches, shores and coastal construction; amending
Chapter 161, Florida Statutes, by adding Section 161.052; providing a setback line for coastal construction and excavation;
providing for the granting of variances by the Department of Natural Resources; providing penalties; and providing an
effective date.
9. Subject to County Ordinance No. 10 -1977, providing for annual levy on garbage and trash collection fees to be assessed
upon this parcel of land, and amendment thereof, County Ordinance No. 13 -1978.
10. Subject to the restrictions, conditions, limitations, and covenants contained in the plat of McDonald's Plat, Stock Island,
recorded in Plat Book 1, page 55, of the Public Records of Monroe County, Florida.
• (Covered Risks continued)
6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement
action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9. Title being vested other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any
part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that
prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors'
rights laws; or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy,
state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records
(i) to be timely, or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Tide or other matter included in Covered Risks 1 through 9 that has been created or
attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other
insuvment of transfer in the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to
the extent provided in the Conditions.
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 that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating,
prohibiting, or relating to
(i) the occupancy. use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land;
(iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the
coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1 (b) does not modify or limit the coverage provided under Covered Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
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 under 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 that would not have been sustained if the Insured Claimant had paid value for the Title.
4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction
vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and
the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.
FORM OF6 (rev. 12/10)(With Florida Modifications) 2 of 6
m.
CONDITIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance ": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased
by Section 8(b). or decreased by Sections 10 and 11 of these Conditions.
(b) "Date of Policy ": The date designated as "Date of Policy" in Schedule A.
(c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity.
(d) "Insured ": The Insured named in Schedule A.
(i) the term "Insured" also includes
(A) successors to the Tide of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors,
personal representatives, or next of kin;
(B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization;
(C) successors to an Insured by its conversion to another kind of Entity;
(D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title
(1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named
Insured are both wholly-owned by the same person or Entity, or
(1) if the grantee is a trustee or beneficial} of a trust created by a written instrument established by the Insured named in
Schedule A for estate planning purposes.
(ii) with regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company
would have had against any predecessor Insured.
(e) "Insured Claimant ": An Insured claiming loss or damage.
(1) "Knowledge" or "Known ": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of
the Public Records or any other records that impart constructive notice of matters affecting the Title.
(g) "Land ": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does
not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in
abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to
and from the Land is insured by this policy.
(h) "Mortgage ": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means
authorized by law.
(i) "Public Records ": Records established under 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 Covered Risk 5(d), "Public
Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the
district where the Land is located.
(j) "Tide ": The estate or interest described in Schedule A.
(k) "Unmarketable Title ": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title
or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the
delivery of marketable title.
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate
or interest in the Land, or holds an obligation 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 warranties in any transfer or conveyance of the Title. This policy shall not continue in
force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation 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 as set forth in Section 5(a) of these Conditions, (ii) in
case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Tide, as insured, and that might
cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable
Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured
Claimant under the policy shall be reduced to the extent of the prejudice.
t PROOF OF LOSS
In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of
payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other
matter insured against by this policy that 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.
FORM OF6 (rev. 12/10)(Wiith Florida Modifications) 3 of 6
MIL
5. DEFENSEAND PROSECUTION OF ACTIONS
(a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, 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 covered
by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by
this policy. The Company shall have the right to select 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. It 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 that allege matters
not insured against by this policy.
(b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and
prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as
insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this
policy, whether or not it shall be liable to the Insured. The exercise of these nghts shall not be an admission of liability or waiver of any
provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently.
(c) Whenever the C,ompany brings an action or a&serts a defense as required or permitted by this policy, the CAmpany may pursue the litigation
to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any
adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and
any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including
the right 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 Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or
proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable
to establish the Title or any other matter 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 requiting such cooperation.
(b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of
the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by
the authorized representative of the Company, all records, in whatever medium maintained, including hooks, ledgers, checks,
memoranda, correspondence, reports, e- mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that
reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant
shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records
in the custody or control of a third party that reasonably pertain to the loss or damage. All information designated as confidential 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 any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as
required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the ('Company under this
policy as to that claim.
7. 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 that were authorized by the Company up to the time of payment or tender of payment and that the Company
is obligated to pay.
Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than
to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue
any litigation.
(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 under this policy.
In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized
by the Company up to the time of payment and that 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 that were authorized by the Company up to the time of payment
and that the Company is obligated to pay.
Upon the exercise by the Company of either of the options provided for in subsections (b) (i) or (ii), the Company's obligations to the
Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any
liability or obligation to defend, prosecute, or continue any litigation.
& DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by this policy.
(a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of
(i) the Amount of Insurance; or
(ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy.
(b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured,
FORM OF6 (rev. 12/10XWith Florida Modifications) 4 of 6
•
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the
Insured Claimant or as of the date it is settled and paid.
(c) In addition to the extent of liability under (a) and (b), the Company witl also pay those costs, attorneys' fees, and expenses incurred in
accordance with Sections 5 and 7 of these Conditions.
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, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including
litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be
liable for any loss or damage caused to the Insured.
(b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability
for loss or damage unu`l there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse
to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the Insured 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 Insurance by the
amount of the payment
11. LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the Company pays 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 executed by an Insured after Date of Policy
and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Lisured under this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be
made within 30 days.
13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the
Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any
person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by
the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies.
The Insured Claimant shall permit the Company to sue, 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 and remedies.
If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right
to recover until after the Insured Claimant shall have recovered its loss
(b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds,
notwithstanding any terms or conditions contained in those instruments that address subrogation rights.
14. ARBITRATION
Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association may be
demanded if agreed to by both the Company and the Insured at the time of the controversy or claim. 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 effect on the date the
demand for arbitration is made or, at the 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 permit a court to award attorneys' fees to a prevailing party. Judgment
upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under 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 to it 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.
(h) Any claim of loss or damage that arises out of the status of the Tide or by any action asserting such claim whether or not basedonnegligence
shall be restricted to this policy.
(c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated
by Schedule A of this policy.
(d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except
as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any poor endorsement,
(iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.
FORM OF6 (rev. 12/10)(With Florida Modifications) 5 of 6
•
• 16. SEVERABILITY
the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed
not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium
charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or
enforcement of policies of title insurance of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of
claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the
court or arbitrator apply its conflicts of law principles to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or
federal court within the United States of America or its territories having appropriate jurisdiction.
18. NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to
the Company at 400 Second Avenue South, Minneapolis, Minnesota 55401 -2499, Phone: (612) 371 -1111.
FORM OF6 (rev. 12/10)(With Florida Modifications) 6 of 6
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FREORCK�ry,HLOEDI 4N0.V eevls ous u"o/oa Acwrlrm.. ENGINEERS PLANNERS SURVEYOR,
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State of Florid NOT VALID UNLESS BOSSED IIIH RAISEDGNATURE