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Opinion of Title OPINION on Abstract of Title prepared by Dade County Title Insurance and Trust Company under Certificate No. 5'35'69, containing entries numbered 1 to 39, inclusive, covering that period of time from the Beginning to and including July 20, 1925', at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 5'45'32, containing entries numbered 1 to 3, inclusive~ covering that period of time extending from July 20, 1925', at ~:OO A.M., to and including August 14, 1925' at 8:00 A.M.; and continuation thereof by Florida Title Company under Certificate No. 67209t, containing entries 1 to 3, inclusive, covering that period of time extending from August 14, 1925, at 8:00 A.M., to and including July 1, 1927, at 5':00 P.M.; and continuation thereof by Dade County Abstract Title Insurance and Trust Company under Certificate No. 84195', containing entries 1 to 2, inclusive! cover- ing that period of time extending from July 1, 1927, at 5':OU P.M., to and including May 22 1929, at 8:00 A.M.; and continuation thereof by Southern Title Company under Certificate No. 22348, containing entries 1 to 5 inclusive, covering that period of time extending from May 2~, 1929, at 8:00 A.M.l to and including January 19, 1935', at 8:00 A.M.; and continuat~on thereof by the same company under Certificate No. 22407, containing entries num- bered 1 to 2, inclusive, covering that period of time extending from January 19, 1935', at 8:00 A.M., to and including January 27, 1935', at 8:00 A.M.; and continuation thereof by the same company, under Certificate No. 23783, containing entries 1 to 4, inclusive, covering that period of time extending from January 27, 1935', at 8:00 A.M., to and including June 7, 1935', at 8:00 A.M.; and con- tinuation thereof by the same company under Certificate No. 23889, containing entries 1 to 6, inclusive, covering that period of time extending from June 7, 1935', at 8:00 A.M., to and including July 3, 1935', at 8:00 A.M.; and continuation thereof by National Title Insurance Company under Certificate No. 33217, containing entries 1 to 5', inclusive~ covering that period of time extending from July 3, 1935, at ~:OO A.M.; to and including August 21, 1937, at 8:00 A.M.; and continuation thereof by Dade Commonwealth Title Company under Certificate No. 1094G6 containing entries 1 to 7, inclusive, covering that period of time extending from August 20, 1937, at 1:00 P.M., to and including September 8, 1937, at 5':00 P.M.; and continuation thereof by Miami Title and Abstract Company under Certificate No. 70645', containing entries 1 to 5', inclusive, covering that period of time extending from September 8, 1937, at 5':00 P.M., to and including October 26, 1946, at 8:00 A.M.; and continuation thereof by the same company under Certifi- cate No. 76971, containing entries 1 to 3, inclusive, covering that period of time extending from October 26, 1946, at 8:00 A.M., to and including August 12, 1947, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 8395'3, contain- ing entries 1 to 7, inclusive, covering that period of time ex- tending from August 12, 1947 at 8:00 A.M., to and including June 3, 1948, at 8:00 A.M.; and con~inuation thereof by the same company under Certificate No. 88220, containing entries 1 to 8, inclusive, covering that period of time extending from June 3, 19~8, at 8:00 A.M. to and including December 21, 19481 at 8:00 A.M., and continua- tion thereof by the same company under Certificate No. 88401, con- taining entries 1 to 10, inclusive, covering that period of time extending from December 21, 1948, at 8:00 A.M., to and includiDg January 3, 1949, at 8:00 A.M.; and contim18tion thereof by Florida Title Company under Certificate No. 243026, containing entries 1 to 9, inclusive! covering that period of time extending from January 3, 1949, at 8:0u A.M., to and including June 13, 1949, at 8:00 A.M. AND, Abstract of Title prepared by Southern Title Company under Certificate No. 275'94, containing entries 1 to 5'3, inclusive, covering that period of time from the Beginning to and including May 7, 1936, at 8:00 A.M.; and continuation thereof by the same -1- OFFICE OF CITY ATTORNEY - CITY HALL- MIAMI BEACH 39, FLORIDA company under Certificate No. 27881, containing entries 1 to 4, inclusive, covering that period of time extending from May 7, 1936, at 8:00 A.M., to and including May 27, 1936, at 8:00 A.M.; and continuation thereof by the Miami Beach Abstract and Title Company under Certificate No. 11275, containing entries 1 to 8, inclusive, covering that period of time extending from May 27, 1936, at 8:00 A.M., to and including September 2, 1944, at 8:00 A.M.; and con- tinuation ~hereof by the same company under Certificate No. 11322, containing entries 1 to 4, inclusive, covering that period of time extending from September 2 1944, at 8:00 A.M., to and including September 23, 1944, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 11413 containing entries 1 to 3, inc1usive~ covering that period o~ time extending from September 23, 1944, at d:OO A.M., to and includ1ng November 1, 1944, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 12041, containing entries 1 to 3, inclusive, covering that period of time extending from November 1, 1944, at 8:00 A.M., to and including May 1, 1945, at 8:00 A.M.; and continuation thereof by National Title Insurance Company under Certificate No. 62018, containing entries 1 to 2, inclusive, covering that period of time extending from May 1, 1945, at 8:00 A.M., to and including October 26, 1945, at 8:00 A.M.; and continuation thereof by Miami Title and Abstract Company under Certificate No. 70626, containing entries 1 to 5, inclusive, covering that period of time extending from October ~ 1945 at 8:00 A.M., to and including October 26 1946, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 84043, containing entries 1 to 13, inclUSive, covering that period of time extending from October 26, 1946, at 8:00 A.M., to and including June 8, 1948, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 85588, containing entries 1 to 4, inclusive, covering that period of time extending from June 8, 1948, at 8:00 A.M., to and including August 11, 19481 at 8:00 A.M.i. and continuation thereof by the same company under Cert~ficate No. 88 61, containing entries 1 to 7, inclusive, covering that period of time extending from Hay 27, ,.l2.l6, at 8: 00 A.H. to and including December 17, 1948, at 8:00 A.H.; and continuation thereof by the same company under Certificate No. 88652, containing entries numbered 1 to 10, inclusive, covering that period of time extending from December 17, 1948, at 8:00 A.H., to and including January 12, 1949, at 8:00 A.M.; and continuation thereof by the same coroB~~~ ~d~~~~ert1ficat~ ~o. 8qOh6 containing entries 1 to 8, inc~lsive,TrtOM5J~rtfi~ryel~~al~49,1~~ ex~e^ding 8:00 A.H., to and including February 8, 1949, at 8:00 A.H.; and continuation thereof by the same company under Certificate No. 89288, containing entries 1 to 2, inclusive~ covering that period of time extending f rom February 8, 1949, at d:OO A.M., to and including February 16, 1949, at 8:00 A.M.; and continuation thereof by Florida Title Company under Certificate No. 243025, containing entries 1 to 3, inclusive~ covering that period of time extending from February 16, 1949, at d:OO A.M., to and including June 13, 1949, at 8:00 A.M. AND, Abstract of Title prepared by Florida Title Company under Certificate No. 243072, containing entries 1 to 4, inclusive, covering that period of time extending from June 13, 1949, at 8:00 A.M., to and including June 23, 1949, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 243354, containing entries 1 to 6, inclusive, covering that period of time extending from June 23, 19491 at 8:00 A.M., to and including August 4, 1949, at 8:00 A.M.; and cont~nuation thereof by Miami Title and Abstract Company under Certificate No. 96634, containing entries 1 to 10, inclusive, covering that period of time extending from August 4, 1949, at 8:00 A.M., to and including January 5, 1950, at 8:00 A.M.~ and continuation thereof by the same company under Cer~ificate No. 9d21l, containing entries 1 to 7, inclusive, covering that period of time extending from January 5, 1950 -2- OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA at 8:00 A.M., to and including February 27, 1950, at 8:00 A.M.; and continuation thereof by the same company under Certificate No. 101336, containing entries 1 to 4, inclusive, covering that period of time extending from February 27, 1950, at 8:00 A.M., to and including May 16, 1950, at 8:00 A.M.; and continuation thereof by Miami Beach Abstract and Title Company under Certificate No. 18061, containing entries 1 to 7, inc1usive~ covering that period of time extending from May 16, 1950, at 6:00 A.M., to and including April 13, 1951, at 8:00 A.M.; and continuation thereof by Dade Commonwealth Title Insurance Company under Certificate No. 193456, containing entries 1 to 10, inc1usive~ covering that period of time extending from April 13, 1951, at 6:00 A.M., to and including May 11, 1951, at 8:00 A.M., purporting to delineate the title to that certain parcel of land situate, lying and being in Miami Beach, Florida, to-wit: All of Block ffN" of ATLANTIC HEIGHTS, according to the Plat thereof, recorded in Plat Book 9, at page 14, of the pub- lic records of Dade County, Florida. From an examination of the said Abstracts of Title and basing my Opinion solely upon the same, I am of the opinion that on May 11, 1951, at 8:00 A.M., the fee simple title to the above described land was vested in BLUE OCEAN VILLAS, INC., a Florida Corporation /' subject to the following: 1. That certain 99-year lease dated November 13, 1946, from Blue Ocean Villas, Inc., to Ludlow Corporation, a Florida Corporation, recorded in Deed Book 2800, at page 530, of the Public Records of Dade County, Florida. This lease (supplemented as in this Opinion ! hereinafter set forth) was, until recently, held by Efrem Properties, J.' Inc., a Florida Corporation, but Efrem Properties, Inc., by instrument dated April 11, 1951, recorded in Deed Book 3435, at page 562, assigned the 99-year lease to Ludlow Corporation, a Florida Corporation, ex- cepting from the description contained in the assignment, a parcel covered by an agreement with the City of Miami Beach and which con- sists of a strip off the easterly side of the block measuring approxi- mately 9 feet wide at the southerly end and approximately 10 feet wide at the northerly end thereof; and thereafter by assignment dat~d Ludlow Corporation r April 14, 1951, and recorded inDeed Book 3435, at page 565, /~ssigned 1/~ the identical lease to Oakton Villas, Inc., a Florida Corporation, again excepting from the description covered by the lease so assigned, the same strip covered by the agreement with the City of Miami Beach. -3- OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39. FLORIDA 2. Supplement to the 99-year lease mentioned in Item 1 hereof, being dated December 27, 1948, between Blue Ocean Villas, Inc., a Florida Corporation, and Ludlow Corporation, a Florida Corporation, recorded in Deed Book 3095, at page 265. 3. Supplement to the 99-year lease mentioned in Item 1 hereof, said Supplement being dated January 27, 1948, and between Blue Ocean Villas, Inc., a Florida Corporation, and Ludlow Corporation, a Florida Corporation, recorded in Deed Book 3095, at page 259. 4. Supplement to the 99-year lease mentioned in Item 1 hereof, being dated August 26, 1948, between the same parties, recorded in Deed Book 3095, at page 254. 5. Supplement to the 99-year lease mentioned in Item 1 hereof, being dated November 23, 1948, between the same parties, recorded in Deed Book 3395, at page 13. 6. That certain mortgage dated December 27, 1948, and filed for record on December 31, 1948, under Clerk's File No. 117343, from Blue Ocean Villas, Inc., a Florida Corporation, to Reliance Life In- surance Company of Pittsburgh, which mortgage secures an indebtedness in the sum of $150,000.00 and encumbers the following described portion of the block, described as follows: All of Block "N" of ATLANTIC HEIGHTS, according to the Plat thereof recorded in Plat Book 9, at page 14 Public Records of Dade County, Florida, except ihe northerly portion thereof, being more particularly described as follows: Beginning at the intersection of the westerly line of Indian Creek Drive with the northerly line of Block "N" as shown on the above mentioned recorded plat run southeasterly along the westerly line of indian Creek Drive a distance of 89.9 feet toa point, thence run in a westerly direction along a line deflecting 119 degrees 56 minutes to the right, along a line parallel to and 77.91 feet distan~ southerly from the northerly line of said Block "N", a distance of 184.58 feet to a point on the westerly face of the bulkhead on the easterly shore of Indian Creek, thence meander in a north- westerly direction along the westerly face of said bulkhead a distance of 89.28 feet to a point, said point being the intersection of the westerly face of said bulkhead with the northerly line of said Block "N", thence run in an easterly direction along the northerly line of said Block "N" a dis- tance of 183.30 feet to the point of beginning, said tract containing 0.33 acres, more or less. //~ -4- OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA 7. That certain mortgage dated February 1, 1949, filed for record February 7, 1949, under Clerkls File #Y-I0023, from Ludlow Corporation, a Florida Corporation, and Blue Ocean Villas, Inc., a Florida Corporation, to Reliance Life Insurance Company of Pittsburgh, securing an indebtedness in the sum of $100,000.00 and encumbering the following: Northerly portion of Block "N", corrected Plat of ATLANTIC HEIGHTS as recorded in Plat Book 9, at page 14, Public ftecords of Dade County, Florida, being more particularly described as follows: Beginning at the intersection of the Westerly line of Indian Creek Drive with the northerly line of Block "N" as shown on the above mentioned recorded Plat, run Southeasterly along the Westerly line of Indian Creek Drive, a distance of 89.9 feet to a point, thence run ~n a Westerly direction along a line deflecting 119 degrees 56 minutes to the right, along a line parallel to and 77.91 feet distance Southerly from the Northerly line of said Block "N" a distance of 184.58 feet to a point on the Westerly face of the bulkhead on the Easterly shore of Indian Creek; thence meander in a northwesterly direction along the Westerly face of said bulkhead a distance of 89.28 feet to a point, said point being the in- tersection of the Westerly face of said bulkhead with the northerly line of said Block "N"; thence run in an Easterly direction along the Northerly line of said Block "N" a distance of 183.30 feet to the point of beginning. TOGETHER with all the right, title and interest of the Mortgagor Ludlow Corporation and in and to that certain Ninety Nine Year Lease executed and delivered to it by the Mortgagor Blue Ocean Villas, Inc., dated Novem- ber 13, 1946, and recorded in Deed Book 2800, page 530 public records of Dade County, Florida, as supplemented by three Supplements, one dated January 27, 1948) recorded in Deed Book 3095, page 254, and one dated Decemoer 27, 1948, recorded in Deed Book 3095, page 265, public records of said county, 8. That certain mortgage dated February 7, 1950, from Efrem Properties, Inc., a Florida Corporation, to Alex Van Straaten, re- corded in Mortgage Book 2239, at page 79, and secured an indebted- ness in the sum of $50,000.00, said mortgage encumbering the 99-year lease mentioned in Item 1 hereof as supplemented by the supplemental // i/ !.-. instruments hereinbefore referred to. 9. That certain mortgage dated May 1, 1951, from Oakton Villas, Inc., a Florida Corporation, to Ludlow Corporation, a Florida -5- OFFICE OF CITY ATT'ORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA Corporation, recorded in Mortgage Book 2487, at page 99, securing an indebtedness in the sum of $137,870.00 and encumbering all of the Lessee's interest in the 99-year lease mentioned in Item 1 hereof and assigned to Oakton Villas, Inc., as set forth in said Item 1. 10. That certain mortgage dated May 1, 1951, from Oakton Villas, Inc., a Florida Corporation, to Ludlow Corporation, a Florida Corporation, filed for record May 4, 1951, under Clerk's File #AA-462l5, securing an indebtedness in the sum of $17,000.00 and encumbering the same interest of the Lessee as is covered by the mortgage between the same parties set forth in the preceding item. 11. Restrictions of record; zoning ordinances of the City of Miami Beach, Florida; taxes for the year 1951, which, although not yet due or payable, constitute a lien against the land. 12. Questions of survey; rights of parties in possession; possible mechanics' liens for work done and materials furnished on or about the premises during the past three months. Respectfully submitted: Ben Shep ard City Attorney -6- OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA