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Purchase of Property at 23rd Street, Miami Beach DEED from Polkin, Inc. f t? rig: 099- fermi ///9 9d CITY OF MIAMI BEACH TO: Robert Parcher City Clerk FROM: Lawrence A. Levy First Assistant City Attorney 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. LAL /bfg "� b Q C) N m F''A717 LEVL`MEMI S2I.S1711Rp. GERALD K. SCHWARTZ ATTORNEY AT LAW 1 101 BRICKELL AVENUE- SUITE M -100 MIAMI. FLORIDA 33131 (305) 374 -5822 FAX (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 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, 270 Marilyn Molina Enclosures File: gks \opmltr.wpd • This instrument was prepared by: OE F' 180 1 i 888 Gerald K. Schwartz, Esquire 1101 Brickell Avenue, Suite M -100 98R 1 1829 1 1998 MAR 16 13:13 Miami, FL 33131 Folio No. 02 3226 - 001 - 0460 (Space above this line for recording data.) WARRANTY DEED (Statutoorryy Form - Section 689.02, F.S.) THIS INDENTURE, made this ° Or' may of February, 1998, Between John King, Jr. as President of Polkin, 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 (510.00) 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 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 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 sane. 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: POLKIN, INC., a Florida corporatign 4 y � �t ` ��� By: (S e ... ,� ' . eal) JOHN G, ; PRESD � ,-- Attest: /6 eettc7e 7 �` • •C � AMY :1 ''G, S CRETdA STATE OF FLORIDA ) V .; w. : ' IN OPFICIAL RtCOflL"+9flXPS nonlvA COUNTY OF DADS ) e:c.ck7C+ VArirIro I IAfV V fiUVIM ry. rrtW evrec411T 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 to me or who have produced - -=y s as identification and who lid /did not take an oath. WITNESS my hand and official seal in the County and State last aforesaid thisZ lay of February, 1998. Dominique Te) Notary Public, State of Florida VIy Commission Expires: a * =9 *MY Commission CC889806 3�u:#0 Expires November 28, 2001 Printed Name of Notary Public F4 n ' ;z 5. yu STATE OF FLORIDA COUNTY OF DADE: !, ROBERT PARCHER, eft Clerk of City dt Miami Beach, Florida, do hereby certify that the above and foregoing is a true and cored copy of the original thereof on file in this office. WITN B, my hand and the seal of said Cit't this itaay of SL -7T'40A.D. 19 R Y ROBERT PARCHER pi:_ the City of Miami,Beach, Florida auh aA.dluA. did.„ By: Dewy OWNER'S TITLE INSURANCE POLICY Attorneys' Title Insurance Fund, Inc. ORLANDO, FLORIDA 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 of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the 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 title, as insured, but only to the extent provided in the Conditions and Stipulations. _ In Witness Whereof, ATTORNEYS' 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. Npf4rMUyy r _ `, 4NSU•':r., Attorneys' Title Insurance Fund, Inc. 14.1 c ogrORA,_ Y L 7 SEAL ce.4elk oR,or By _ Charles J. Kovaleski President SERIAL OPM- 1341170 SSUED BY: 32 TERALD K. SCHWARTZ AGED X11 n.4,4o11 Avoo..n C..i *n M_11111 FUND FORM OPM (rev. 1/96) 1 i .;•" <,. i. . ... - . ; v. 't vc. i .i. '. * - 1 1 A , "- f' I 1 -:. A , ' : 1 4 ; , 1 1 STATE OF FLORIDA i COUNTY OF DADE: q , ROBERT PARCHER, City Clerk of C:;ty of Miami Beach, Florida, do hereby malty that the above and foregoing is a true and cori copy of the original thereof on file In this office. , , my hand and the sea of said City ible I, . of %Faulk:a-A.D. 19't ROBERT PARCHER • '- aly Clesk,pf the C1 of Miami eoch, Flonda JL faActA.. 6a4, &n1, • J YY 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 1HE 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 � r GERALD K. SCHWARTZ AGENT NO. AGENT' ' ! 1101 Brickell Avenue, Suite M -100, Miami, Florida 33131 � STATE OF FLORIDA COUNTY OF DADE: I, ROBERT PARCHER, City Clerk of City of Miami Beach, Florida, do hereby certify that the above and foregoing isatrueandcarrect copy of the ofiginal thereof on file in this office. WTTN , my hand and the seal of said City this I $��tl y of Sc e WA. A.D.19 4 1 ? ROBERT PARCHER City Cleric of the City of Miami Beach, Florida By: ne 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, including submerged, filled and artificially exposed ands, and lands accreted to such lands. STATE OF FLORIDA COUNTY OF DADE: ROBERT PARCHER, City Clerk of City of Miami Bet Fiorde, do hereby certify that the above end foregoing is a true and coliect CO py of the original thereof on file ;ri this MU*. INTTNC my hand and the seal of said City It Of Arle totw-A,D. 194e P . cay ROB PAR CHER 1 P dL eitfTh 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 improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement 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. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to THE 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 a judgment or lien creditor. Conditions and Stipulations (below insert) COUNTY OF DADE: I, ROBERT PARCHER, City Clerk of City of Miami Beach, Florida, do hereby certify that the above and foregoing is a true and correct copy of the origlnal thereof on file in this office. War, my ittInd end the seal of said City this 4,11 r.:1 icriesek"- AD.19i y ROBERT PARCHER okyo of the City of Miami Beach, Florida By CEA1JA--- R-141. evitt- Conditions and Stipulations 1. Definition of Terms any third party asserts a claim adverse to the title or interest as • The following terms when used in this policy mean: insured, but only as to those stated causes of action alleging a (a) "insured ": the insured named in Schedule A, and, subject to defect, lien or encumbrance or other matter insured against by any rights or defenses THE FUND would have had against the this policy. THE FUND shall have the right to select counsel of its named insured, those who succeed to the interest of the named choice (subject to the right of the insured to object for reasonable insured by operauon of law as distinguished from purchase inclu- cause) to represent the insured as to those stated causes of action ding, but not limited to, heirs, distributees, devisees, survivors, and shall not be liable for and will not pay the fees of any other personal representatives, next of kin, or corporate or fiduciary counsel. THE FUND will not pay any fees. costs or expenses successors. incurred by the insured in the defense of those causes of action (b) "insured claimant ". an insured claiming loss or damage. which allege matters not insured against by this policy. (c) "knowledge" or "known ": actual knowledge, not constructive (b) THE FUND shall have the right, at its own cost, to institute knowledge or nonce which may be imputed to an insured by reason and prosecute any action or proceeding or to do any other act of the public records as defined in this policy or any other records which in its opinion may be necessary or desirable to establish the which impart constructive notice of matters affecting the land. title to the estate or interest, as insured, or to prevent or reduce (d) "land ": the land described or referred to in Schedule A, and loss or damage to the insured. THE FUND may take any appropri- improvements affixed thereto which by law constitute real prop- ate action under the terms of this policy, whether or not it shall erty. The term "land" does not include any property beyond the he liable hereunder, and shall not thereby concede liability or lines of the area described or referred to in Schedule A, nor any waive any provision of this policy. If THE FUND shall exercise its right, title, interest, estate or easement in abutting streets, roads, rights under this paragraph, it shall do so diligently. avenues, alleys, lanes, ways or waterways, but nothing herein shall (c) Whenever THE FUND shall have brought an action or modify or limit the extent to which a right of access to and from interposed a defense as required or permitted by the provisions the land is insured by this policy. of this policy, THE FUND may pursue any litigation to final (e) "mortgage ": mortgage, deed of trust, trust deed, or other determination by a court of competent jurisdiction and expressly security instrument. reserves the right, in its sole discretion, to appeal from any (f) "public records ": records established under state statutes at adverse judgment or order. Date of Policy for the purpose of imparting constructive notice of (d) In all cases where this policy permits or requires THE FUND to matters relating to real property to purchasers for value and prosecute or provide for the defense of any action or proceeding, the without knowledge. With respect to Section 1(a) (iv) of the Exclu- insured shall secure to THE FUND the right to so prosecute or sions from Coverage, "public records" shall also include environ- provide defense in the action or proceeding, and all appeals therein, mental protection liens filed in the records of the clerk of the and permit THE FUND to use, at its option, the name of the insured United States district court for the district in which the land is for this purpose. Whenever requested by THE FUND, the insured, located. at THE FUND's expense, shall give THE FUND all reasonable aid (i) (g) "unmarketability of the title ": an alleged or apparent matter in any action or proceeding, securing evidence, obtaining witnesses, affecting the title to the land, not excluded or excepted from prosecuting or defending the action or proceeding, or effecting coverage, which would entitle a purchaser of the estate or interest settlement, and (ii) in any other lawful act which in the opinion of described in Schedule A to be released from the obligation to THE FUND maybe necessary or desirable to establish the title to the purchase by virtue of a contractual condition requiring the estate or interest as insured. If THE FUND is prejudiced by the delivery of marketable title. failure of the insured to furnish the required cooperation, THE FUND's obligations to the insured under the policy shall terminate, 2. Continuation of Insurance After Conveyance of Title including any liability or obligation to defend, prosecute, or con - The coverage of this policy shall continue in force as of Date of tinue any litigation, with regard to the matter or matters requiring Policy in favor of an insured only so long as the insured retains an such cooperation. estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the 5. Proof of Loss or Damage insured, or only so long as the insured shall have liability by In addition to and after the notices required under Section 3 of reason of covenants of warranty made by the insured in any these Conditions and Stipulations have been provided THE transfer or conveyance of the estate or interest. This policy shall FUND, a proof of loss or damage signed and sworn to by the not continue in force in favor of any purchaser from the insured insured claimant shall be furnished to THE FUND within 90 days of either (i) an estate or interest in the land, or (ii) an indebted - after the insured claimant shall ascertain the facts giving rise to ness secured by a purchase money mortgage given to the insured. the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the tide, or other matter 3. Notice of Claim To Be Given by Insured Claimant insured against by this policy which constitutes the basis of loss or The insured shall notify THE FUND promptly in writing (i) in damage and shall state, to the extent possible, the basis of case of any litigation as set forth in Section 4(a) below, (ii) in case calculating the amount of the loss or damage. If THE FUND is knowledge shall come to an insured hereunder of any claim of prejudiced by the failure of the insured claimant to provide the title or interest which is adverse to the title to the estate or interest, required proof of loss or damage, THE FUND 's obligations to the as insured, and which might cause loss or damage for which THE insured under the policy shall terminate, including any liability or FUND may be liable by virtue of this policy, or (iii) if title to the obligation to defend, prosecute, or continue any litigation, with estate or interest, as insured, is rejected as unmarketable. If regard to the matter or matters requiring such proof of loss or prompt notice shall not be given to THE FUND, then as to the damage. insured all liability of THE FUND shall terminate with regard to In addition, the insured claimant may reasonably he required to the matter or matters for which prompt notice is required, submit to examination under oath by any authorized representa- provided, however, that failure to notify THE FUND shall in no the of THE FUND and shall produce for examination, inspection case prejudice the rights of any insured under this policy unless and copying, at such reasonable times and places as may he THE FUND shall he prejudiced by the failure and then only to the designated by any authorized representative of THE FUND, all extent of the prejudice. records, books, ledgers, checks, correspondence and memo- randa, whether bearing a date before or after Date of Policy, 4. Defense and Prosecution of Actions; Duty of Insured Claim - which reasonably pertain to the loss or damage. Further, if ant To Cooperate requested by any authorized representative of THE FUND, the (a) Upon written request by the insured and subject to the insured claimant shall grant its permission, in writing, for any options contained in Section 6 of these Conditions and Stipula- authorized representative of THE FUND to examine, inspect and bons, THE FUND, at its own cost and without unreasonable delay, copy all records, books, ledgers, checks, correspondence and shall provide for the defense of an insured in litigation in which memoranda in the custody or control of a third party, which Conditions and Stipulations (continued on following page) ti a y of 1, ROBERT PARCHER, City Cell( o . t that the of Fbrida, do hereby the ®bOV1 an d foregoing is a true oriel co t� copy of the original thereof on tile in this office. my hand and the seal of said City this�r ay of 5 L („0,A,D. i91 r7 ROBERT PARCHE Rohde, C�;� Burn Beech, 1 ,1 By: dons, THE FUND, at its own cost and without unreasonable delay, cop) an i et ui us, a Duna, icu6t.. lilt_ ,P • ,••� • •... • ••.■ • . shall provide for the defense of an insured in litigation in which memoranda in the custody or control of a third party, which Conditions and Stipulations (cont on following page) . Conditions and Stipulations (continued) reasonably pertain to the loss or damage. All information desig- affecting one or more of the parcels but not all, the loss shall be nated as confidential by the insured claimant provided to THE computed and settled on a pro rata basis as if the amount of FUND pursuant to this Section shall not be disclosed to others insurance under this policy was divided pro rata as to the value on unless, in the reasonable judgment of THE FUND, it is necessary Date of Policy of each separate parcel to the whole, exclusive of in the administration of the claim Failure of the insured claimant any improvements made subsequent to Date of Policy, unless a to submit for examination under oath, produce other reasonably liability or value has otherwise been agreed upon as to each parcel requested information or grant permission to secure reasonably by THE FUND and the insured at the time of the issuance of this necessary information from third parties as required in this policy and shown by an express statement or by an endorsement paragraph shall terminate any liability of THE FUND under this attached to this policy • policy as to that claim. 9. Limitation of Liability 6. Options To Pay or Otherwise Settle Claims; (a) If THE FUND establishes the title, or removes the alleged Termination of Liability defect, lien or encumbrance, or cures the lack of a right of access to In case of a claim under this policy, THE FUND shall have the or from the land, or cures the claim of unmarketability of title, all as following additional options• insured, in a reasonably diligent manner by any method, including (a) To Pay or Tender Payment of the Amount of Insurance. litigation and the completion of any appeals therefrom, it shall To pay or tender payment of the amount of insurance under this have fully performed its obligations with respect to that matter and policy together with any costs, attorneys' fees and expenses shall not be liable for any loss or damage caused thereby. incurred by the insured claimant, which were authorized by THE (b) In the event of any litigation, including litigation by THE FUND, up to the time of payment or tender of payment and which FUND or with THE FUND's consent, THE FUND shall have no THE FUND is obligated to pay. liability for loss or damage until there has been a final determina- Upon the exercise by THE FUND of this option, all liability and tion by a court of competent jurisdiction, and disposition of all obligations to the insured under this policy, other than to make appeals therefrom, adverse to the title as insured. the payment required, shall terminate, including any liability or (c) THE FUND shall not be liable for loss or damage to any obligation to defend, prosecute, or continue any litigation, and insured for liability voluntarily assumed by the insured in settling the policy shall be surrendered to THE FUND for cancellation. any claim or suit without the prior written consent of THE FUND. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. 10. Reduction of Insurance; Reduction or Termination (i) to pay or otherwise settle with other parties for or in the of Liability name of an insured claimant any claim insured against under this All payments under this policy, except payments made for costs, policy, together with any costs, attorneys' fees and expenses attorneys' fees and expenses, shall reduce the amount of the incurred by the insured claimant which were authorized by THE insurance pro tanto. FUND up to the time of payment and which THE FUND is obligated to pay; or 11. Liability Noncumulative (ii) to pay or otherwise settle with the insured claimant the It is expressly understood that the amount of insurance under loss or damage provided for under this policy, together with any this policy shall be reduced by any amount THE FUND may pay costs, attorneys' fees and expenses incurred by the insured claim- under any policy insuring a mortgage to which exception is taken ant which were authorized by THE FUND up to the time of in Schedule B or to which the insured has agreed, assumed, or payment and which THE FUND is obligated to pay. taken subject, or which is hereafter executed by an insured and Upon the exercise by THE FUND of either of the options which is a charge or lien on the estate or interest described or provided for in paragraphs (b) (i) or (ii), THE FUND's obliga- referred to in Schedule A, and the amount so paid shall be Lions to the insured under this policy for the claimed loss or deemed a payment under this policy to the insured owner. damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, pros- 12. Payment of Loss ecute or continue any litigation. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or 7. Determination, Extent of Liability and Coinsurance destroyed, in which case proof of loss or destruction shall be This policy is a contract of indemnity against actual monetary furnished to the satisfaction of THE FUND. loss or damage sustained or incurred by the insured claimant who (b) When liability and the extent of loss or damage has been has suffered loss or damage by reason of matters insured against definitely fixed in accordance with these Conditions and Stipula- by this policy and only to the extent herein described. dons, the loss or damage shall be payable within 30 days thereafter. (a) The liability of THE FUND under this policy shall not exceed the least of: 13. Subrogation Upon Payment or Settlement (i) the Amount of Insurance stated in Schedule A; or, (a) THE FUND's Right of Subrogation. (ii) the difference between the value of the insured estate or Whenever THE FUND shall have settled and paid a claim under interest as insured and the value of the insured estate or interest this policy, all right of subrogation shall vest in THE FUND subject to the defect, lien or encumbrance insured against by this unaffected by any act of the insured claimant. policy. THE FUND shall be subrogated to and be entitled to all rights (b) (This paragraph dealing with Coinsurance was removed from and remedies which the insured claimant would have had against Florida policies.) any person or property in respect to the claim had this policy not (c) THE FUND will pay only those costs, attorneys' fees and been issued If requested by THE FUND, the insured claimant expenses incurred in accordance with Section 4 of these Condi- shall transfer to THE FUND all rights and remedies against any dons and Stipulations. person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit THE FUND to 8. Apportionment sue, compromise or settle in the name of the insured claimant If the land described in Schedule A consists of two or more and to use the name of the insured claimant in any transaction or r '� parcels which are not used as a single site and a loss is established litigation involving these rights or remedies. P' Conditions and Stipulations (continued on reverse page) ? "` ' STATE OF FLORIDA COUNTY OF DADE: i, ROBERT PARCHER, City Clerk of City of Miami Beath, Florida, do hereby certify that the above ors: foregoing is a true and correct copy of the original thereof on file in this office. WITWS , my hand and the seai of said City this I," ray of t.-- A.D. 19 8 ROBERT PARCHER Clerk of the City of Miami Beach, Florida paA.J.,„_. utmita By: Deputy of the uuured claimant, THE FUND shall be subrogated to these The law of the situs of the land shall apply to an arbitranon rights and remedies in the proportion which THE FUND's pay- under the Title Insurance Arbitration Rules. ment bears to the whole amount of the loss. A copy of the Rules may be obtained from THE FUND upon If loss should result from any act of the insured claimant, as request. 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 15. Liability Limited to this Policy; Policy Entire Contract insured against by this policy which shall exceed the amount, if (a) This policy together with all endorsements, if any, attached any, lost to THE FUND by reason of the impairment by the hereto by THE FUND is the entire policy and contract between insured claimant of THE FUND's right of subrogation. the insured and THE FUND. In interpreting any provision of this (b) THE FUND's Rights Against Non - insured Obligors. policy, this policy shall be construed as a whole. THE FUND's right of subrogation against non - insured obligors (b) Any claim of loss or damage, whether or not based on shall exist and shall include, without limitation, the rights of the negligence, and which arises out of the status of the title to the insured to indemnities, guaranties, other policies of insurance or estate or interest covered hereby or by any action asserting such bonds, notwithstanding any terms or conditions contained in claim, shall be restricted to this policy. those instruments which provide for subrogation rights by reason (c) No amendment of or endorsement to this policy can be of this policy. made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, or Agent of THE 14. Arbitration FUND. Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration 16. Severability Association may be demanded if agreed to by both THE FUND and the In the event any provision of the policy is held invalid or insured. Arbitrable matters may include, but are not limited to, unenforceable under applicable law, the policy shall be deemed any controversy or claim between THE FUND and the insured not to include that provision and all other provisions shall remain arising out of or relating to this policy, and service of THE FUND in full force and effect. in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and 17. Notices, Where Sent under the Rules in effect on the date the demand for arbitration All notices required to be given THE FUND and any statement is made or, at the option of the insured, the Rules in effect at Date in writing required to be furnished THE FUND shall include the of Policy shall be binding upon the parties. The award may include number of this policy and shall be addressed to THE FUND at its attorneys fees only if the laws of the state in which the land is located principal office at Post Office Box 628600, Orlando, Florida permit a court to award attorneys' fees to a prevailing party. 32862 -8600. Judgment upon the award rendered by theArbitnator(s) may be entered Via* ,, or E PARGHER, Cfly Cief' of cit r?f e ;R t o he reby' i F ft that w i ve roan ciot -�,a, c a true a � ing i ±his E�� e and fore thereof on fi in copy of f the e o n g oftiCO. Vtii 't�! �, my hand and the seai of sa4d Cty o S ,,,I,�( A•D• 19 g this f RCHER °I""" ROBERT PA .;iii ':etic of the City of Mtam Be i lords 6j 3 ® .Z • 1 w , 1 ; City of Miami Beach - CITY CLERK'S OFFICE July 2,1997 \ MIAMI BEACH REDEVELOPMENT AGENCY AGENDA 3. NEW BUSINESS July 2, 1997 \ MIAMI BEACH REDEVELOPMENT AGENCY AGENDA \ 3. NEW BUSINESS A. Redevelopment Agency Memo No. 97 -22 A Resolution of the Chairman and Members of the Redevelopment Agency Deeming and Declaring Acquisition of Certain Properties Having Street Addresses of 340 23rd Street, 300 23rd Street, 313 22nd Street, 224 23rd Street, 227 and 245 22nd Street, and 211 22nd Street, Miami Beach, Florida, Each Being Legally Described on Exhibit "A" Attached Hereto and Incorporated by Reference Herein; to be a Public Necessity for a City Center /Historic Convention Village Cultural Center Project, and Deeming and Declaring the Acquisition as Necessary for, and in connection with, Community Redevelopment and Related Activities; and Authorizing the Acquisition of the Properties by Purchase, Donation, or the Filing of Eminent Domain Proceedings, and a Declaration of Taking, As Necessary, As a Potential Site for a Cultural Center. ACTION: Resolution No. 278 -97 adopted. Motion made by Commissioner Liebman; seconded by Commissioner Pearlson; vote: 5 -0; absent: Commissioners Eisenberg and Gottlieb. 1,,,, nal Printed on: 9/18/98 at 11:39:43 AM Source Database: C: \DATA \AFTERACT \CLERK50.NFO City of Miami Beach - CITY CLERK'S OFFICE July 2, 1997 \ REGULAR AGENDA \ R7 - Resolutions R7F Commission Memorandum No. 477 -97 A Resolution Ratifying the Miami Beach Redevelopment Agency Resolution Adopted on July 2, 1997, regarding Acquisition of Certain Properties Having Street Addresses of 340 23rd Street, 300 23rd Street, 313 22nd Street, 224 23rd Street, 227 and 245 22nd Street, and 211 22nd Street, Miami Beach, Florida, Legally Described on Exhibit "A ", Said Acquisition Deemed and Declared to be Necessary in Conjunction with Community Redevelopment and Related Activities and a City Center /Historic Convention Village Redevelopment and Revitalization Area Cultural Center Project; and Specifically Approving and Authorizing the Acquisition of the Property by the Miami Beach Redevelopment Agency by Purchase, Donation or through the Filing of Eminent Domain Proceedings, Including a Declaration of Taking, as Necessary. Administration Recommendation: Approve the Resolution. (Development, Design and Historic Preservation) (Hear in Conjunction with R5E and RDA Item 3A) ACTION: Resolution No. 97 -22456 adopted. Motion made by Commissioner Liebman; seconded by Commissioner Pearlson; vote: 5 -0; absent: Commissioners Eisenberg and Gottlieb. Harry Mavrogenes to handle. Printed on: 9/18/98 at 11:39:32 AM Source Database: C: \DATA \AFTERACT \CLERK50.NFO City of Miami Beach - CITY CLERK'S OFFICE July 16, 1997 \ MIAMI BEACH REDEVELOPMENT AGENCY AGENDA 3. NEW BUSINESS July 16, 1997 \ MIAMI BEACH REDEVELOPMENT AGENCY AGENDA A. Redevelopment Agency Memo No. 97 -23 Acquisition of the property identified as 224 - 23rd Street within the site of the proposed Cultural Center ACTION: Resolution No. 279 -97 adopted. Motion made by Commissioner Gottlieb; seconded by Commissioner Liebman; vote: 7 -0. Printed on: 9/18/98 at 11:39:17 AM Source Database: C: \DATA \AFTERACT \CLERK50.NFO City of Miami Beach - CITY CLERK'S OFFICE July 16, 1997 \ REGULAR AGENDA \ R7 - Resolutions R7F Commission Memorandum No. 531 -97 A Resolution Appropriating Funds to the Miami Beach Redevelopment Agency and Approving the Acquisition by Said Agency, Pursuant to a Purchase and Sale Agreement in the Amount of $670,000 for the Property Located at 224 - 23rd Street, Miami Beach, Florida. Administration Recommendation: Approve the Resolution. (Development, Design and Historic Preservation) ACTION: Resolution No. 97 -22488 adopted. Motion made by Commissioner Gottlieb; seconded by Commissioner Eisenberg; vote: 7 -0. Harry Mavrogenes to handle. Printed on: 9/18/98 at 11:39:04 AM Source Database: C: \DATA \AFTERACT \CLERK50.NFO 1 City of Miami Beach - CITY CLERK'S OFFICE July 16, 1997 \ REGULAR AGENDA \ R5 - Ordinances R5E Commission Memorandum No. 521 -97 An Ordinance Ratifying the City of Miami Beach Resolution Adopted on July 2, 1997 and the Miami Beach Redevelopment Agency Resolution Adopted on July 2, 1997, regarding Acquisition of Certain Properties Having Street Addresses of 340 23rd Street, 300 23rd Street, 313 22nd Street, 224 23rd Street, 227 and 245 22nd Street, and 211 22nd Street, Miami Beach, Florida, Each Being Legally Described on Exhibit "A "; Said Acquisition Deemed and Declared to be Necessary in Conjunction with Community Redevelopment and Related Activities and a City Center /Historic Convention Village Redevelopment and Revitalization Area Cultural Center Project; and Specifically Approving and Authorizing the Acquisition of the Property by the Miami Beach Redevelopment Agency through the Filing of Eminent Domain Proceedings, Including a Declaration of Taking, as Necessary; and Providing for Repealer, Severability, and an Effective Date. 11:45 a.m. Public Hearing, Second and Final Reading Administration Recommendation: Adopt the Ordinance. (Development, Design and Historic Preservation) (First Reading 7/2/97) ACTION: Public hearing held. Ordinance No. 97 -3090 adopted. Motion made by Commissioner Pearlson; seconded by Commissioner Liebman; vote: 6 -0; absent: Commissioner Kasdin. Harry Mavrogenes to handle. Printed on: 9/18/98 at 11:38:54 AM Source Database: C:\DATA\AFTERACT\CLERK5O.NFO City of Miami Beach - CITY CLERK'S OFFICE March 4,1998 \ MIAMI BEACH REDEVELOPMENT AGENDA F. Redevelopment Agency Memo No. 98 -7 A Resolution of the Chairman and Members of the Miami Beach Redevelopment Agency, Approving a Revised Purchase and Sale Agreement in the Amount of $670,000 for the Property Located at 224 23rd Street, Miami Beach, Florida, as a Site for the Cultural Center; Authorizing the Chairman and Secretary of the Miami Beach Redevelopment Agency to Execute the Revised Purchase and Sale Agreement. ACTION: Resolution No. 290 -98 adopted. Motion made by Commissioner Gottlieb; seconded by Commissioner Liebman; vote: 7 -0. Printed on: 9/18/98 at 11:38:42 AM Source Database: C:\DATA\AFTERACT\CLERK5O.NFO CITY OF MIAMI BEACH TO: Robert Parcher City Clerk FROM: Lawrence A. Levy tot First Assistant City Attorney 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. � LAL/bfg �_ co rn n C7 N rn F \ATFO\IEVL MEMOS \2]- STPl1R.PAR GERALD K. SCHWARTZ ATTORNEY AT LAW 1101 BRICKELL AVENUE SUITE M -100 MIAMI, FLORIDA 33131 (305) 374 -5822 FAX (305) 372 -1491 July 24, 1998 Mr. Lawrence Levy Assistant City Attorney T r. City of Miami Beach Legal Department c 1700 Convention Center Drive =r Miami Beach, FL 33139 cr: RE: MIAMI BEACH REDEVELOPMENT AGENCY 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, 2K22(44() Marilyn Molina Enclosures File: gks \opmltr.wpd 1 This instrument was prepared by: F ' 180197L0886 Gerald K. Schwartz, Esquire 1101 Brickell Avenue, Suite M -100 93R 1 1829 1 1993 MAR 16 13:13 Miami, FL 33131 Folio No. 02 3226 - 001 - 0460 (Space above this line for recording data.) WARRANTY DEED (Statutory Form - Section 689.02, F.S.) THIS INDENTURE, made this ° er ay of February, 1998, Between John King, Jr. as President of Polkin, 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 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 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. ��� i '5 , ' -, Q i���� Signed, sealed and delivered in our presence: s. r" POLKIN, INC., a Florida corparation ` / ► 1 `6,;? , By: Y� , , Y (Seal) , JOHN KISTG, ' , PRESIMENT Attest: Al° ) SEC ,{,ET yj 7 �` • ,e&- - v AMY �1 G, R � r STATE OF FLORIDA ) _.,,,,...�.., /NQI ICIAL PWCOMSEK196 COUNTY OF DADS ) C> a'SRIFiEI? HARVEY RUVIN r4. cr.&rvnr.0 G CART 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 to me or who have produced y ca3 as identification and who did /did not take an oath. WITNESS my hand and official seal in the County and State last aforesaid this2- of February, 1998. 4„ * Dominique Teeda Notary Public, State of Florida My Commission Expires: * _+ f 9 *My commission CC889806 S' n� E=xpires November 28, 2 00 A Printed Name of Notary Public / �, 4, 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 /c I GERALD K. SCHWARTZ AGENT NO. AGENT' 4 I 1101 Brickell Avenue, Suite M -100, Miami, Florida 33131 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 Pubic Records of Dade County, Florida, recorded after recording of Notice of Lis Penders in Polkin, Inc. vs. Daniel Retter, Trustee, and before Certificate of Title to Polkin, Inca 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, including submerged, filled and artificially exposed ands, and lands accreted to such lands. (American Land Title Association Owner's Policy - 10- 17 -92) (With Florida Modifications) OWNER'S TITLE INSURANCE POLICY Attorneys' Title Insurance Fund, Inc. ORLANDO, FLORIDA 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 of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. THE FUND will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. In Witness Whereof ATTORNEYS' 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. '»suR. . ,s'r/ Attorneys' Title Insurance Fund, Inc. SEAL By Charles J. Kovaleski President SERIAL OPM- 1341170 ■ FUND FORM OPM (rev. 1/96) OWNER'S TITLE INSURANCE POLICY Attorneys' Title Insurance Fund, Inc. ORLANDO, FLORIDA Fum For information about coverage or assistance in resolving complaints, call 407 -240 -3863. r 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 improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement 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. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to THE 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 a judgment or lien creditor. Conditions and Stipulations (below insert) r Conditions and Stipulations 1. Definition of Terms any third party asserts a claim adverse to the title or interest as The following terms when used in this policy mean: insured, but only as to those stated causes of action alleging a (a) "insured": the insured named in Schedule A, and, subject to defect, lien or encumbrance or other matter insured against by any rights or defenses THE FUND would have had against the this policy. THE FUND shall have the right to select counsel of its named insured, those who succeed to the interest of the named choice (subject to the right of the insured to object for reasonable insured by operation of law as distinguished from purchase inclu- cause) to represent the insured as to those stated causes of action ding, but not limited to, heirs, distributees, devisees, survivors, and shall not be liable for and will not pay the fees of any other personal representatives, next of kin, or corporate or fiduciary counsel. THE FUND will not pay any fees, costs or expenses successors. incurred by the insured in the defense of those causes of action (b) "insured claimant ": an insured claiming loss or damage. which allege matters not insured against by this policy. (c) "knowledge" or "known": actual knowledge, not constructive (b) THE FUND shall have the right, at its own cost, to institute knowledge or notice which may be imputed to an insured by reason and prosecute any action or proceeding or to do any other act of the public records as defined in this policy or any other records which in its opinion may be necessary or desirable to establish the which impart constructive notice of matters affecting the land. title to the estate or interest, as insured, or to prevent or reduce (d) "land": the land described or referred to in Schedule A, and loss or damage to the insured. THE FUND may take any appropri- improvements affixed thereto which by law constitute real prop- ate action under the terms of this policy, whether or not it shall erty. The term "land" does not include any property beyond the be liable hereunder, and shall not thereby concede liability or lines of the area described or referred to in Schedule A, nor any waive any provision of this policy. If THE FUND shall exercise its right, title, interest, estate or easement in abutting streets, roads, rights under this paragraph, it shall do so diligently. avenues, alleys, lanes, ways or waterways, but nothing herein shall (c) Whenever THE FUND shall have brought an action or modify or limit the extent to which a right of access to and from interposed a defense as required or permitted by the provisions the land is insured by this policy. of this policy, THE FUND may pursue any litigation to final (e) "mortgage ": mortgage, deed of trust, trust deed, or other determination by a court of competent jurisdiction and expressly security instrument. reserves the right, in its sole discretion, to appeal from any (f) "public records ": records established under state statutes at adverse judgment or order. Date of Policy for the purpose of imparting constructive notice of (d) In all cases where this policy permits or requires THE FUND to matters relating to real property to purchasers for value and prosecute or provide for the defense of any action or proceeding, the without knowledge. With respect to Section 1(a) (iv) of the Exclu- insured shall secure to THE FUND the right to so prosecute or lions from Coverage, "public records" shall also include environ- provide defense in the action or proceeding, and all appeals therein, mental protection liens filed in the records of the clerk of the and permit THE FUND to use, at its option, the name of the insured United States district court for the district in which the land is for this purpose. Whenever requested by THE FUND, the insured, located. at THE FUND's expense, shall give THE FUND all reasonable aid (i) (g) "unmarketability of the title ": an alleged or apparent matter in any action or proceeding, securing evidence, obtaining witnesses, affecting the title to the land, not excluded or excepted from prosecuting or defending the action or proceeding, or effecting coverage, which would entitle a purchaser of the estate or interest settlement, and (ii) in any other lawful act which in the opinion of described in Schedule A to be released from the obligation to THE FUND maybe necessary or desirable to establish the title to the purchase by virtue of a contractual condition requiring the estate or interest as insured. If THE FUND is prejudiced by the delivery of marketable title. failure of the insured to furnish the required cooperation, THE FUND's obligations to the insured under the policy shall terminate, 2. Continuation of Insurance After Conveyance of Title including any liability or obligation to defend, prosecute, or con - The coverage of this policy shall continue in force as of Date of tinue any litigation, with regard to the matter or matters requiring Policy in favor of an insured only so long as the insured retains an such cooperation. estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the 5. Proof of Loss or Damage insured, or only so long as the insured shall have liability by In addition to and after the notices required under Section 3 of reason of covenants of warranty made by the insured in any these Conditions and Stipulations have been provided THE transfer or conveyance of the estate or interest. This policy shall FUND, a proof of loss or damage signed and sworn to by the not continue in force in favor of any purchaser from the insured insured claimant shall be furnished to THE FUND within 90 days of either (i) an estate or interest in the land, or (ii) an indebted - after the insured claimant shall ascertain the facts giving rise to ness secured by a purchase money mortgage given to the insured. the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter 3. Notice of Claim To Be Given by Insured Claimant insured against by this policy which constitutes the basis of loss or The insured shall notify THE FUND promptly in writing (i) in damage and shall state, to the extent possible, the basis of case of any litigation as set forth in Section 4 (a) below, (ii) in case calculating the amount of the loss or damage. If THE FUND is knowledge shall come to an insured hereunder of any claim of prejudiced by the failure of the insured claimant to provide the title or interest which is adverse to the title to the estate or interest, required proof of loss or damage, THE FUND's obligations to the as insured, and which might cause loss or damage for which THE insured under the policy shall terminate, including any liability or FUND may be liable by virtue of this policy, or (iii) if title to the obligation to defend, prosecute, or continue any litigation, with estate or interest, as insured, is rejected as unmarketable. If regard to the matter or matters requiring such proof of loss or prompt notice shall not be given to THE FUND, then as to the damage. insured all liability of THE FUND shall terminate with regard to In addition, the insured claimant may reasonably be required to the matter or matters for which prompt notice is required; submit to examination under oath by any authorized representa- provided, however, that failure to notify THE FUND shall in no tive of THE FUND and shall produce for examination, inspection case prejudice the rights of any insured under this policy unless and copying, at such "reasonable times and places as may be THE FUND shall be prejudiced by the failure and then only to the designated by any authorized representative of THE FUND, all extent of the prejudice. records, books, ledgers, checks, correspondence and memo- randa, whether bearing a date before or after Date of Policy, 4. Defense and Prosecution of Actions; Duty of Insured Claim which reasonably pertain to the loss or damage. Further, if ant To Cooperate requested by any authorized representative of THE FUND, the (a) Upon written request by the insured and subject to the insured claimant shall grant its permission, in writing, for any options contained in Section 6 of these Conditions and Stipula- authorized representative of THE FUND to examine, inspect and tions, THE FUND, at its own cost and without unreasonable delay, copy all records, books, ledgers, checks, correspondence and shall provide for the defense of an insured in litigation in which memoranda in the custody or control of a third party, which !',__.1:..:..— ....—.,1 Cti.....1•.+4.....* Ines. *i.»>o!l nn fnllnwinar rlairP' Conditions and Stipulations (continued) reasonably pertain to the loss or damage. All information desig- affecting one or more of the parcels but not all, the loss shall be nated as confidential by the insured claimant provided to THE computed and settled on a pro rata basis as if the amount of FUND pursuant to this Section shall not be disclosed to others insurance under this policy was divided pro rata as to the value on unless, in the reasonable judgment of THE FUND, it is necessary Date of Policy of each separate parcel to the whole, exclusive of in the administration of the claim. Failure of the insured claimant any improvements made subsequent to Date of Policy, unless a to submit for examination under oath, produce other reasonably liability or value has otherwise been agreed upon as to each parcel requested information or grant permission to secure reasonably by THE FUND and the insured at the time of the issuance of this necessary information from third parties as required in this policy and shown by an express statement or by an endorsement paragraph shall terminate any liability of THE FUND under this attached to this policy. policy as to that claim. 9. Limitation of Liability 6. Options To Pay or Otherwise Settle Claims; (a) If THE FUND establishes the title, or removes the alleged Termination of Liability defect, lien or encumbrance, or cures the lack of a right of access to In case of a claim under this policy, THE FUND shall have the or from the land, or cures the claim of unmarketability of title, all as following additional options: insured, in a reasonably diligent manner by any method, including (a) To Pay or Tender Payment of the Amount of Insurance. litigation and the completion of any appeals therefrom, it shall To pay or tender payment of the amount of insurance under this have fully performed its obligations with respect to that matter and policy together with any costs, attorneys' fees and expenses shall not be liable for any loss or damage caused thereby. incurred by the insured claimant, which were authorized by THE (b) In the event of any litigation, including litigation by THE FUND, up to the time of payment or tender of payment and which FUND or with THE FUND's consent, THE FUND shall have no THE FUND is obligated to pay. liability for loss or damage until there has been a final determina- Upon the exercise by THE FUND of this option, all liability and tion by a court of competent jurisdiction, and disposition of all obligations to the insured under this policy, other than to make appeals therefrom, adverse to the title as insured. the payment required, shall terminate, including any liability or (c) THE FUND shall not be liable for loss or damage to any obligation to defend, prosecute, or continue any litigation, and insured for liability voluntarily assumed by the insured in settling the policy shall be surrendered to THE FUND for cancellation. any claim or suit without the prior written consent of THE FUND. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. 10. Reduction of Insurance; Reduction or Termination (i) to pay or otherwise settle with other parties for or in the of Liability name of an insured claimant any claim insured against under this All payments under this policy, except payments made for costs, policy, together with any costs, attorneys' fees and expenses attorneys' fees and expenses, shall reduce the amount of the incurred by the insured claimant which were authorized by THE insurance pro tanto. FUND up to the time of payment and which THE FUND is obligated to pay; or 11. Liability Noncumulative (ii) to pay or otherwise settle with the insured claimant the It is expressly understood that the amount of insurance under loss or damage provided for under this policy, together with any this policy shall be reduced by any amount THE FUND may pay costs, attorneys' fees and expenses incurred by the insured claim- under any policy insuring a mortgage to which exception is taken ant which were authorized by THE FUND up to the time of in Schedule B or to which the insured has agreed, assumed, or payment and which THE FUND is obligated to pay. taken subject, or which is hereafter executed by an insured and Upon the exercise by THE FUND of either of the options which is a charge or lien on the estate or interest described or provided for in paragraphs (b) (i) or (ii), THE FUND's obliga- referred to in Schedule A, and the amount so paid shall be tions to the insured under this policy for the claimed loss or deemed a payment under this policy to the insured owner. damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, pros- 12. Payment of Loss ecute or continue any litigation. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or 7. Determination, Extent of Liability and Coinsurance destroyed, in which case proof of loss or destruction shall be This policy is a contract of indemnity against actual monetary furnished to the satisfaction of THE FUND. loss or damage sustained or incurred by the insured claimant who (b) When liability and the extent of loss or damage has been has suffered loss or damage by reason of matters insured against definitely fixed in accordance with these Conditions and Stipula- by this policy and only to the extent herein described. lions, the loss or damage shall be payable within 30 days thereafter. (a) The liability of THE FUND under this policy shall not exceed the least of: 13. Subrogation Upon Payment or Settlement (i) the Amount of Insurance stated in Schedule A; or, (a) THE FUND's Right of Subrogation. (ii) the difference between the value of the insured estate or Whenever THE FUND shall have settled and paid a claim under interest as insured and the value of the insured estate or interest this policy, all right of subrogation shall vest in THE FUND subject to the defect, lien or encumbrance insured against by this unaffected by any act of the insured claimant. policy. THE FUND shall be subrogated to and be entitled to all rights (b) (This paragraph dealing with Coinsurance was removed from and remedies which the insured claimant would have had against Florida policies.) any person or property in respect to the claim had this policy not (c) THE FUND will pay only those costs, attorneys' fees and been issued. If requested by THE FUND, the insured claimant expenses incurred in accordance with Section 4 of these Condi- shall transfer to THE FUND all rights and remedies against any tions and Stipulations. person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit THE FUND to 8. Apportionment sue, compromise or settle in the name of the insured claimant If the land described in Schedule A consists of two or more and to use the name of the insured claimant in any transaction or parcels which are not used as a single site, and a loss is established litigation involving these rights or remedies. Conditions and Stipulations (continued on reverse page) r Conditions and Stipulations Conditions and Stipulations (continued) If a payment on account of a claim does not fully cover the loss in any court having jurisdiction thereof of the insured claimant, THE FUND shall be subrogated to these The law of the situs of the land shall apply to an arbitration rights and remedies in the proportion which THE FUND's pay- under the Title Insurance Arbitration Rules. ment bears to the whole amount of the loss. A copy of the Rules may be obtained from THE FUND upon If loss should result from any act of the insured claimant, as request. 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 15. Liability Limited to this Policy; Policy Entire Contract insured against by this policy which shall exceed the amount, if (a) This policy together with all endorsements, if any, attached any, lost to THE FUND by reason of the impairment by the hereto by THE FUND is the entire policy and contract between insured claimant of THE FUND's right of subrogation. the insured and THE FUND. In interpreting any provision of this (b) THE FUND's Rights Against Non - insured Obligors. policy, this policy shall be construed as a whole. THE FUND's right of subrogation against non - insured obligors (b) Any claim of loss or damage, whether or not based on shall exist and shall include, without limitation, the rights of the negligence, and which arises out of the status of the title to the insured to indemnities, guaranties, other policies of insurance or estate or interest covered hereby or by any action asserting such bonds, notwithstanding any terms or conditions contained in claim, shall be restricted to this policy. those instruments which provide for subrogation rights by reason (c) No amendment of or endorsement to this policy can be of this policy. made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, or Agent of THE 14. Arbitration FUND. Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration 16. Severability Association may be demanded if agreed to by both THE FUND and the In the event any provision of the policy is held invalid or insured. Arbitrable matters may include, but are not limited to, unenforceable under applicable law, the policy shall be deemed any controversy or claim between THE FUND and the insured not to include that provision and all other provisions shall remain arising out of or relating to this policy, and service of THE FUND in full force and effect. in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and 17. Notices, Where Sent under the Rules in effect on the date the demand for arbitration All notices required to be given THE FUND and any statement is made or, at the option of the insured, the Rules in effect at Date in writing required to be furnished THE FUND shall include the of Policy shall be binding upon the parties. The award may include number of this policy and shall be addressed to THE FUND at its attorneys' fees only if the laws of the state in which the land is located principal office at Post Office Box 628600, Orlando, Florida permit a court to award attorneys' fees to a prevailing party. 32862 -8600. Judgment upon the award rendered by theArbitrator(s) may be entered