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File Ref. #099 r fur: OYT-J(/l/ /';/7 7(F CITY OF MIAMI BEACH TO: Robert Parcher City Clerk Lawrence A. Levy ~ First Assistant City Attorney FROM: DATE: September 18, 1998 RE: Purchase of Property at 23rd Street, Miami Beach Attached hereto are the original deed from Polkin, Inc. to the Miami Beach Redevelopment Agency and the original policy of title insurance with respect to such property. Please place these in the Official Records of the Miami Beach Redevelopment Agency. I have retained copies for my file. , , 0:) I. . c::J :::v -,"- (l,) ,~ [n LAUbfg u () I r'7 c:> rn ,~ ,.r'o < (J) J:IlO 3 0 - rn - .,., .. 0 .,., N n N f"Tl F:'A lTO\,U:vv MEMOS'2J-STPlJR,PAR I'l GERALD K. SCHWARTZ ATTORNEY AT L.\W 110 I BRICKELL A VENCE SUITE M-IOO \11.\..\11. FLORIDA JJ 131 (305) 374-5822 F.\..\: (305) 372-1491 July 24/ 1998 Mr. Lawrence Levy Assistant City Attorney City of Miami Beach Legal Department 1700 Convention Center Drive Miami Beach, FL 33139 .~- , ' -' .:-..... RE: MIAMI BEACH REDEVELOPMENT AGENCY -.l r-: Dear Mr. Levy: Enclosed herewith you will find the following documents in connection with the above referenced transaction: Owner's Title Policy #OPM-1341170 Recorded Warranty Deed Please keep these documents in a secure place. Very truly yours/ .~~J Marilyn Molina Enclosures File: gks\opmltr.wpd This instrument was prepared by: Gerald K Schwartz, Esquire 1101 Brickell Awnue, Suite M-100 Miami, FL 33131 ~n: , 80 I 9:[0886 98R 11829 1 1993 MAR 16 13: 13 Folio No. 02-3226-001-0460 (Space above this linc for recording data.) WARRANTY DEED (Statutory Form - Section 689.02,F.S.) THIS INDENTURE, made this @'~ay of February, 1998, Between John King, Jr. as President of Pol kin, Inc., a Florida corporation, 881 Ocean Drive, Unit #7, Key Biscayne, Florida 33149, of the County of Dade, State of Florida, grantor*, and Miami Beach Redevelopment Agency, whose post office address is 1700 Convention Center Drive, Miami Beach 33139, of the County of Dade, State of Florida, grantee*, WITNESSETH that said grantor, for and in consideration of the sum of Ten ($10.00) Dollars, and other good and valuable considerations to said grantor in hand paid by said grantee, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the said grantee, and grantee's heirs and assigns forever, the following described land, situated, lying and being in Dade County, florida, to wit: Lot 7, less the North 10 feet, and Lots 9 and 11, and the North 25 feet of Lots 10 and 12, Block 2, AMENDED MAP OF THE OCEANFRONT PROPERlY OF THE MIAMI BEACH IMPROVEMENT COMPANY, according to the Plat thereof, as recorded in Plat Book 5, Page 7, of the Pu blic Records of Dade County, Florida. .-./ SUBJECT TO; 1. Taxes for the year 1998 and all subsequent years 2. Conditions, restrictions, easements and zoning ordinances appearing of record without reimposing same. and said grantor does hereby fully warrant the title to said land, and will defend the same against the lawful claims of all persons whomsoever. *"Grantor" and "grantee" are used for singular or plural, as context requires. IN WITNESS WHEREFORE, grantor has hereunto set grantor's hand and seal the day and year first above written. THIS DEED IS EXECUTED AND DELIVERED IN LIEU OF CONDEMNATION. Signed, sealed and delivered in our presence: I) ( . " . .;,"' .... ~ .. ',1.1',,' IN OPFIC'flL m:GOI'!'lJSf3fJIJIl'S , " '"".1' ,..::>tJNr'y. !'tOPIO'A. .,u.c>hr'I'(,(W1/';11 IIARvEY RUVIM d ",.m t~I"'(;"'i couRT I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State aforesaid and in the County aforesaid to take acknowledgments, the foregoing instrument was acknowledged before me by John King, Jr., President and Amy King, Secretary, of Polkin, Inc., a Florida corporation, who are personally known ~o me or who have produced ""'fl..- l::5K::r::-i~ L..T('t=:l-ol.:SP as identification and who Jid/did not take an oath. ~~~~ ~~~o~ ,(~lfeN~c- -II. LEY ~ STATE OF FLORIDA ) ) ) r ~ " POLKIN, INC., a F1orida,f~rPa~ati~., ~/--} '1 _", '..z, (' ~ .. ;.~ . / ~(,~.p,;: ~ ~~'::" ( I "f./l'~~r~."" .'./( ~, . ",' '...~ By: (Seal) Attest: COUNTY OF DADE [998. WITNESS my hand and official seal in the County and State last aforesaid thisA..1~ay of February, \1y Commission Expires: ."".~ DomInIque Tejeda <In to *Jjf *My Commlssion CC88t8Ol \.,..,,~ Expires November 28, 200t ~l'~ Notary Public, State of Florida ~fY'\.'3:j.::n-~\. ~ -re.~Eb~ Printed Name of Notary Public STATE OF FLORIDA COU,.rrv OF DADE: I, ROBERT PARCHER. City Clerk of City dt Miami Beach, Ftoooe, do hereby certify trlat the aoove and fm-egoi:-:q is a tme and correct COP'f of tt.\) ori~:jim:i H,ersJf en file in this, office. WlTN~rS, my hand and tha seal of said Cj~ tnis/f flay of ~f(If4WA.D. 19'11 ROBERT PARCHER (/) " CIty Cietk~ the City of Miami, Beach, Floricm ~6' ~~ , d..d; ~~ Br: Depti4y OWNER'S TITLE INSURANCE POllCY Attorneys' TItle Insurance FWld, Inc. ORLANDO, FLORIDA I I I I I i , I I I I SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, ATTORNEYS' TITLE INSURANCE FUND, INC., a Florida corporation, herein called THE FUND, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount ofInsurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Tide 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 tide; 3. Unmarketability of the tide; 4. Lack of a right of access to and from the land. THE FUND will also pay the costs, attorneys' fees and expenses incurred in defense of the tide, as insured, but only to the extent provided in the Conditions and Stipulations. In Witness Whereof, ATIORNEYS' TITLE INSURANCE FUND, INC. 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. ",tHIUU'I,.. ,,~~ -J. \N~U~~~ !~':'~(.~,,""'>' L; _._ ~'i ~ ~~. S.....a.. S' : ~ _' t.n L .. ~j \-.... l'li '.'" .........." ...'.. ""'I~~j~~'\"'\" Attorneys' Tide Insurance Fund, Inc. ~~ By Charles J. Kovaleski President SERIAL OPM - 1 3 4 1 1 7 0 SSUED BY: ;ERALD K. SCHWARTZ 32 AGEl' <\1 Rri..Ir..1I A.,........ lO:..it.. M_ll\l\ Mi......: FUND FORM OPM (rev. 1/96) ~ .;1~ l ';'''. ! . r .: ' . ~ -.' " l. RO!3i<rtf F"Af~Ci'~~~~:~ Citv C.h.~i k I d- ,:".,ty IJ~ Mi.afrd B~~!J.G.n. F.larf{J~\ (;..1 tcrc1-_'y ~....c!-:.;l/ ~r;;-d t!"t~ r:~")".."t:~ cP1J l i',,~ U tl'~)'~~ Jr~r: ~>.:j",\--:C~ CV{li Of t~,\\ :.:.-r;;;;\;(L! .i'-r Jt ,-,'J ~,:-' ':1 t;~I'" offiro. ~;;;~~~'~.~~1~~~,.f ",'"i(1 Cjt~ t: '.('-.SEpr F :":-<("-.;1' f' ~~,~:;,. ........ ,....". d I .~: 'q~.~ .;_ r-1 ~~.:. f D J1.~r~c1.:0f ~.". :.~d",. ,".' , ~..-.....-J~_--~~ ~,--- ~~ :~ , . / OWNER'S FORM SCHEDULE A Policy No.: OPM-1341170 Effective Date: May 3, 1998 at 11:00 P.M. Agent's File Reference: CMB-4 Polkin Amount of Insurance: $670,000.00 1. Name of Insured: Miami Beach Redevelopment Agency 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 hereon vested in the named insured as shown by instrument recorded March 16, 1998, in Official Records Book 18019, Page 886, of the Public Records of Miami-Dade County, Florida. 3. The land referred to in this policy is described as follows: Lot 7, less the North 10 feet, and Lots 9 and 11, and the North 25 feet of Lots 10 and 12, Block 2, AMENDED MAP OF THE OCEANFRONT PROPERTY OF THE MIAMI BEACH IMPROVEMENT COMPANY, according to the Plat thereof, as recorded in Plat Book 5, Page 7, of the Public Records of Miami-Dade County, Florida. I, the undersigned agent, hereby certify that the transaction insured herein is governed by RESPA, and that I have performed all "core title agent-services". ISSUED BY: 3262 GERALD K. SCHWARTZ AGENT NO. 1101 Brickell Avenue, Suite M-100, Miami, Florida 33131 jZT' STATE OF FLOHiDA COUNTY OF DADE: I, ROBERT PARCHER, City Clerk of City of MJaml Beach, Florida, do hereby c~rtify that the above and fowooing j., a true and correct copy of tha original thereof on file in this Office. \NTTNgt~, my hGnd and the seal of said City WlI~'UaYOf>~IM~A.O.19q f ~. ROBERT PARCHER . CIty Clerk of the City of Miami f)~ach. Flcrida ~~~~4 By: ~ --t FUND OWNER'S FORM SCHEDULE B Policy No.: OPM-1341170 This policy or guarantee does not insure against loss or damage by reason of the following exceptions: 1. Taxes for the year 1998 and subsequent years which are not yet due and payable. 2. Restrictions, conditions, reservations, easements, and other matters contained on the Plat of MIAMI BEACH IMPROVEMENT COMPANY OCEANFRONT PROPERTY AMENDED, as recorded in Plat Book 5, Page 7. 3. Any lien as 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 property described herein. ' 4. This policy does not insure or guarantee title to any interest in or to personal property. 5. Restrictions regarding a 20 foot setback contained in Warranty Deed recorded in Deed Book 290, Page 40, of the Public Records of Dade County, Florida, which contains a reverter clause. NOTE: This exception will be deleted if a Surveyor's Certificate is provided certifying that the subject property is not included in this Deed. 6. Easement to City of Miami Beach recorded July 5, 1946, in Official Records Book 2723, Page 294, of the Public Records of Dade County, Florida. NOTE: This exception will be deleted if a Surveyor's Certificate is provided certifying that the subject property is not included in this Deed. 7. Any claim of Lotus Investments, Inc. by virtue of Deed from Daniel Retter, Trustee, recorded in Official Records Book 11165, Page 1669, of the Public Records of Dade County, Florida, recorded after recording of Notice of Lis Pendens in Polkin, Inc. vs. Daniel Retter, Trustee, and before Certificate of Title to Polkin, Inc., recorded December 15, 1981, in Official Records Book 11296, Page 1580, of the Public Records of Dade County, Florida. 8. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder., jncluding submerged, fIlled and artificially exposed ands, and lands accreted to such lands. ft'; '-/\ r ~", ~. ~ ~ : (~~" : t ~, . '. f',..\.)i..:;..n~'( r.w C'..!\DE: t, ROBE:RT PAP-CHEt\, City ClerK "f :_~iiy ('.f MIamI Booct.. Ffon>:"c, I,"J t,crt'~~'J (".1.< ." t; !;')[ tlhe ct)O\t~l q:.~.l :r.;...\_"...<.~: '_. "" 'OJ t,-.\ 'l4.j ,",:--.:--1 ';:c~ tr~>py ljJf 1';,...\4' ~.,."~ :""<I,~'IU 'r-"r.J ,'. ;t ,)(i!,'1a:I. . t " ::~:; v~<'!/n'e,"f:' ".-(~" "'.r' :"" . '.~:<'.,(. r ' " ~ii~l;;~>~Ie';;~~ r;~ 1SQf/ ROSEm~ PA..~G!'ft:.!;: r. . -r.. r4<li!wC~JofM"'~I::~X'\~'~ ,J~ ~- .!~ lkv:- r' Cl4.~.-:.,1;~~ ':.:~: '\, j \, '~~':' ,':'Y ... .' ...... Exclusions from Coverage The following matters are expressly excluded from the coverage of this policy and THE FUND 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 improvemen t 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 that a notice of the enforcemen t thereof or a notice of a defect, lien or encumbrance resul ting 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 ofthe exercise thereofhas 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 FUND, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to THE FUND 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 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 ajudgment or lien creditor. Conditions and Stipulations (below insert) ~..~{);"~~",~ :..,/, i,)~-:' ;',~r-..:~;E~: I, HOB[RT PA\~CHEP.. C:ty C.:el i<. of en'll of Miami Bc.:::ch. flofid<1, co Iy~rot~'j c(:.ury \ ~'!at the nty)'>li'J w:1d fo'tc'};);r:fj j', a tiln 8r~d C'):(\:~ct (;l')p)' (:1 lL0 c!t:~~nc.l ~i':r.;.reof 0:1 file in thiS omce. W(t't"i~8S. nw hand snd tile ~~eal c.i said City this I~,w Q'f ~~,Jt1V1#- A.D.19~ Y ROBERT PARCHER I?~ CII)'~ of Ole c" of M~ -" F"""" ~r ~l (1A tQ..uL.. By: eeptrtr Conditions and Stipulations 1. Defmition of Tenns The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any righ t~ or defenses THE FUND would. have had agaiust the named insured. those who succeed to the Interest of the named insured by operation oflaw as distinguished from purchase inclu- ding. but not limited to. heirs, distributees, devisees. survivors. personal representatives. 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 bv 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 i\, and improvements affixed thereto which by law constitute real prop- erty. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A. nor anv right, title. interest. estate or easement in abutting streets. roads. avenues. alleys, lanes, ways or waterways, but nothing herein shall modity 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. (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 Sectionl(a) (iv) of the Exclu- sions from Coverage. "public records" shall also include environ- mental 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) "unmarketability 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 bv a purchase money mortgage given by a purchaser from th~ 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) an estate or interest in the land. or (ii) an indebted- ness secured by a purchase money mortgage given to the insured. 3. Notice of Claim To Be Given bv Insured Claimant The insured shall notify THE FC:\D promptly in writing (i) in case of am litigation as set forth in Section 4(a) below. (ii) in case knowledge shall come to an insured hereunder of anv 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 FCND mav be liable by virtue of this policv. or (iii) if title to the estate or interest. as insured. is rejected as unmarketable. If prompt notice shall not be given to THE FC;\;D, then as to l.he insured all liability of THE FCND shall terminate with regard to the matter or matters for which prompt notice is required; provided, however. that failure to notity THE FU:'-lD shall in no case prejudice the rights of any insured under this policy unless THE FlJ0:D shall be prejudiced by the failure and then onlv to the extent of the prejudice. 4. Defense and Prosecution of Actions; Dutv of Insured Claim- ant To Cooperate . (a) Cpon written request by the insured and subject to the options contained in Section 6 of these ConditiollS and Stipula- tIOIlS. THE FCND. at its own cost and without unre;Lsonable delay. shall provide for the defense of an insured in litigation in whic'h any third party asserts a claim adverse to the title or interest as insured. but onlv as to those stated causes of action alleging a defect. lien or e~cumbrance or other matter insured against by this policy. THE FlJND 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 and shall not be liable for and will not pay the fees of anv other counsel. THE FUND will not pay anv fees. costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against bv this policy. (b) THE FUND shall 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 mav 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 FC0:D mav take any appropri- ate action under the terms of this polin'. whether or not it shall be liable hereunder. and shall not thereby concede liability or waive anv provision of this policv. If THE FCND shall exercise its rights under this paragraph. it shall do so diligently. (c) Whenever THE FC:\D shall have bronght an action or interposed a defense as required or permirted by the provisions of this policy. THE Fl':\D mav pursue anv litigation to final determination bv a court of competent jurisdiction and express Iv 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 FUND to prosecute or provide for the defense of anv action or proceeding. the insured shall secure to mE FUND the right to so prosecute or provide defense in the action or proceeding. and all appeals therein, and pennit TI-IE FUND to use, at its option. the name of the insured for this purpose. Whenever requested by mE FUND. the insured. at THE FUND's expense. shall give mE FC:\D all reasonable aid (i) in any action or proceeding. securing evidence. obtaining wimesses. prosecuting or defending the action or proceeding, or effecting settlement. and (ii) in anv other lawful act which in the opinion of mE FUND may be necessat\! or desirable to establish the title to the estate or interest as insured. If THE F1..':\D is prejudiced by the failure of the insured to furnish the required cooperation. mE FUND's obligations to the insured under the policy shall tenninate, including any liability or obligation to defend, prosecute, or con- tinue 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 FUND, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to THE FUND within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proofofloss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis ofloss or damage and shall state. to the extent possible. the basis of calculating the amount of the loss or damage. If THE FUND is prejudiced bv the failure of the insured claimant to provide the required proof ofloss or damage. THE FC:\D's obligations to the insured under the policv shall terminate. including anv liability or obligation to defend. prosecute, or continue anv litigation. with regard to the matter or matters requiring such proof of loss or damage. In addition. the insured claimant mav reasonablv be required to submit to examinationnnder oath bv ;nv autllOri'zed reprt'serlla- tive of THE FUND and shall produc~ for ~xamination. inspection and copying, at such reasonable times and places as mav be designated by anv authorized representative of THE FL\iD, all records, books. ledgers, checks. correspondence and memo- randa, whether bearing a date before or after Date of Policy. which reasonably pertain to the loss or damage. Fnrther. if requested by any authorized representative of THE FC:\D. rhe insured claimant shall grant its permission. in writing. for anv authorized representative of THE FUND to examine. IllSpt'ct and copv all records, books. ledgers. checks, correspondenu' and memoranda in the custodv or control of a third party. which Conditions and Stipulations (continued on following page) , / ..... ~'..'I .< T "" . . '.'-,'.lV 1 ! I 1'\ 1_.,: ~ (: f 1/ ~\~., .i~ .-....j('. ~, l~., :.". . ~_ :' ~ ~.C' .1. \._t"-:'11'.~ 1;1at ~ : ',' "f' __ ~)~ ~~:, ,:i\r~ in \ r~\s, i.: ~~ ~ ~)., i' J _"'~~C' \,...<:. l" . . ..' J \.1""; ,;; Suid c~ty ~k~~;\'O. tFt{1 ''1'''' .::.. ~"I'::I~/(~~" ".. ,._ 1),1 , . _".;-"C.F"<~ ;~!:I(: \.;'<"'" X me Git)> of il/'l?,.-ni ueo(;h. pyj,.i~ ~,"~~r~J'41:~J-'-C!Ji,-~- f~~."'~, tions,11-it.. t U;'\u, at n~ln\1l LU~I LlJlU nlunJlH lUU ....u...n....II....H'- ,.____.O-~]' shall provide for the defense of an insured in litigation in which ---I memoranda in the custody or control of a third party, which Conditions and Stipulations (continued on following page) Conditions and Stipulations (continued) reasonably pertain to the loss or damage. All information desig- nated as confidential by the insured claimant provided to THE Fl'!\D pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of THE FU"-ID, 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 or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liabilitv of THE FU"-ID under this polin' as to that claim, 6. Options To Payor Otherwise Settle Claims; Termination of Liability In case of a claim under this polin>, THE Fl'ND shall have the following additional options: (a) To Payor Tender Payment of the Amount of Insurance. To payor tender payment ofthe amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred bv the insured claimant, which were authorized bvTHE Fl'ND, up to the time of payment or tender of payment and' which THE FUND is obligated to pay, Upon the exercise by THE FUND 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 FUND for cancellation, (b) To Payor Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to payor otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred bv the insured claimant which were authorized bv THE FUND up' to the time of payment and which THE niND is obligated to pay; or (ii) to payor 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 claim- ant which were authorized by THE FUND up to the time of payment and which THE FUND is obligated to pay. Upon the exercise by THE FUND of either of the options provided for in paragraphs (b) (i) or (ii), THE FUND's obliga- tions 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, pros- ecute 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 has suffered loss or danlage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of THE FUND 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 ilHeresl subject to the defect, lien or encumbrance insured against by this policy. (b) (This paragraPh dealing with Coinsurance was removed from Rorida policies.) (c) THE FUND will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Condi- tions and Stipulations, \ \, 8. 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 establislwd 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 polin' 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 orvalue has otherwise been agreed upon as to each parcel bv THE FLTND and the insured at the time of the issuance of this poliC\' and shown by an express statement or by an endorsement attached to this policy, ' 9. Limitation of Liability (a) If THE FC!\D 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 unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby, (b) In the event of any litigation, including litigation by THE FLTND or with THE FU:--\D's consent, THE FUND shall have no liability for loss or damage until there has been a final determina- tion bva court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured, (c) THE FUND shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of THE FUND, 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. II. Liability Noncumulative It is expressly understood that the amount of insurance under this policy shall be reduced by any amount THE FUND 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 under this policy to the insured owner. 12. Payment of Loss (a) No payment shall be made without producing this policy for endorsement of the pannent unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of THE FUND. (h) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipula- tions, the loss or damage shall be payable wi thin 30 days thereafter. 13. Subrogation Upon Payment or Settlement (a) THE FUND's Right of Subrogation. v"henever THE FUND shall have settled and paid a claim under this policy, all right of subrogation shall vest in THE FUND unaffected bv any act of the insured claimant. THE FUND sh~ll be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or propertv' in respect to the claim had this policy not been issued. If requested by THE FUND, the insured claimant shall transfer to THE Fl'ND all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit THE FUND to sue, compromise or settle in the name of the insured cla!manl and to use the name of the insured claimant in any transacuon or " litigation involving these rights or remedies. Conditions and Stipulations (continued on reverse page) ST,\TE OF FLORIDA COUN1Y OF DADE: I, ROBERT PARCHEH, City Clerk of City of Miami Ser!e-h, Florida, do hemtJY certify that the eb0vp ;J~;\j forc~)':I,::g is a true and correct copy of U:c Q":gir.ai ti'ereJf on file in this OttiCt."l. WIT"$SS, my hand and the seai of said City this 1~lA.day of ~bl'~ l,..c..-A.D. 19't f ROBERT PARCHER _ ~~e:eZ:~iad4ae&t E3y: DefJuly -orIlle lIlsured dallllant, THE FUND shaUl:>e subr;'gated to these rights and remedies in the proportion which THE FUND's pay- ment 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 FUND. 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 FUND by reason of the impairment by the insured claimant of THE FUND's right of subrogation. (b) THE FUND's Rights Against Non-insured Obligors. THE FUND's right 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, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 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 FUND and the insured. Arbitrable matters may include, but are not limited to, any controversy or claim between THE FUND and the insured arising out of or relating to this policy, and service of THE FUND 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 CJ/Jtion 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 Arbitmtor( s) TOOY be entered . -' -.-. - ...-......;<tSJ",-..u.&.uu.-a 1I1~ 111e law ot the situs of the land shall apply lO an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from THE FUND upon request. 15. Liability Limited to this Policy; Policy Entire Contract (a) This policy together with all endorsements. if any, attached hereto by THE FUND is the entire policv and contract between the insured and THE FUND, 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 negligence, and which arises out of the status of the title to the estate or interest covered hereby or by anv 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 FUND. 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 FUND and any statement in writing required to be furnished THE FUND shall include the number of this policy and shall be addressed to THE FUND at its principal office at Post Office Box 628600, Orlando, Florida 32862-8600. .,..'" 'J'/~'J.. _. ....'r'j" Of r.V".D . \'" ! ioo..ftJ'" . f ...."" '. . .. .,,,, ........, CIano( ,} '_"'1 . AI:'l('U>'::,-" \,Jll7 th'" ~>/'''r-:':,'';''''{ f'1;",,, .ntc...., . ~.., :,,('.tity ", \ " ,...151;;.' ,'.' ,.;,\') ('c. r.f,~rOvJ t . :-1 "" , .. . ;:.cnt>'C M1b': ' .< . '. ;',:' 'i\J;,:,n:'j .-/ ',C',., in Itll':' "f.: ,,)' \ .. l~H~ - i St7f'~(,..v-: '~'<: . ~. g '( \ ",'" ~,).\; .: ,~ ~i .:)~: ~ '; " , ',j" ~f"'..!..i, .' ',' J:; , '''''' !.>n< A {~1': :,-,.~ ,.,.,.",..~..~L ',i ~..k "y- r1 ~ ~ I.,...UII.~...- ~t.-iJi!. ' d~'~--- i!'." ~" j ~ , ..i":'-I'~~~ .f .t~J is' , " ('.~\i '"J t )