HomeMy WebLinkAboutTitle Commitment-CMB Auction
(American Land Tme Association Commitment - 1966 Rev,)
COMMITMENT
AND
CLOSING PROTECTION LETTER
Attorneys' Title Insurance Flmd, Inc.
ORLANDO, FLORIDA
Commitment To Insure Title
ATTORNEYS' TITLE INSURANCE FUND, INC., a Florida corporation, herein called THE FUND,
for a valuable consideration, hereby commits to issue its policy or policies of title insurance, as
identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or
mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule
A; subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof! '
This Commitment shall be effective only when the identity of the proposed Insured and the
amount of the policy or policies committed for have been inserted in Schedule A hereof by THE
FUND, either at the time of the issuance of this Commitment or by subsequent endorsement.
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all
liability and obligations hereunder shall cease and terminate six months after the effective date
hereof or when the policy or policies committed for shall issue, whichever first occurs, provided
that the failure to issue such policy or policies is not the fault of THE FUND.
In Witness Whereof, ATTORNEYS' TITLE INSURANCE FUND, INC. has caused this Commitment
to be signed and sealed as of the effective date of Commitment shown in Schedule A, the
Commitment to become valid when countersigned by an authorized signatory.
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Attorneys' Title Insurance Fund, Inc.
By ~~
Charles J. Kovaleski
President
SERIAL
CF - 147005 5
FUND FORM CF (rev, 5/99)
Standard Exceptions
The owner policy will be subject to the mortgage, if any, noted under item two of Section I of Schedule B
hereof. All policies will be subject to the following exceptions: (1) taxes for the year of the effective date of
this Commitment and taxes or special assessments which are not shown as existing liens by the public
records; (2) rights or claims of parties in possession not shown by the public records; (3) encroachments,
overlaps, bOlmdary line disputes, and any other matters which would be disclosed by an accurate survey
and inspection of the premises; (4) easements, or claims of easements, not shown by the public records; (5)
any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law
and not shown by the public rec<,>rds,
Conditions and Stipulations
1. The term "mortgage," when used herein, shall include deed of trust, trust deed, or other security
instnunent.
2, If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse
claim or other matter affecting the estate or interest or mortgage thereon covered by this
Commitment other than those shown in Schedule B hereof, and shall fail to disclose such hlOwledge
to THE FUND in writing, THE FUND shall be relieved from liability for any loss or damage resulting
from any act of reliance hereon to the extent THE FUND is prejudiced by failure to so disclose such
knowledge, If the proposed Insured shall disclose such knowledge to THE FUND, or if THE FUND
otherwise acquires actual knowledge of any such defect, lien. encumbrance, adverse claim or other
matter, THE FUND at its option may amend Schedule B of this Commitment accordingly, but such
amendment shall not relieve THE FUND from liability previously incurred pursuant to paragraph
3 of these Conditions and Stipulations,
3, Liability of THE FUND under this Commitment shall be only to the named proposed Insured and such
parties included under the definition of Insured in the form of policy or policies committed for and
only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the
requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the
estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability
exceed the amount stated in Schedule A for the policy or policies committed for and such liability is
subject to the insuring provisions, the Exclusions from Coverage and the Conditions and Stipulations
of the form of policy or policies committed for in favor of the proposed Insured which are hereby
incorporated by reference and are made a part of this Commitment except as expressly modified
herein.
4. Any action or actions or rights of action that the proposed Insured may have or may bring against THE
FUND arising out of the status of the title to the estate or interest or the status of the mortgage thereon
covered by this Commitment must be based on and are subject to the provisions of this Commitment
FUND COMMITMENT
Schedule A
Commitment No.:
Effective Date:
CF-1470055
January 4,2005 at 11:00 PM
Fund File Number: 01-2005-002275
Agent's File Reference: City MB 97052,13
],
Policy or Policies to be issued:
Proposed Amount of Insurance
OWNER'S: ALTA Owner's Policy (10/17/92), (If other, specify)
To be detemlined
Proposed Insured:
To be Determined
MORTGAGEE:
To be detemlined
To be Determined
2. The estate or interest in the land described or referred to in this commitment is a fee simple and
title thereto is at the effective date hereof vested in:
City of Miami Beach, a Florida municipal corporation
3, The land referred to in this commitment is described as follows:
See Exhibit A attached,
AGENT NO.: 2331801
ISSUED BY: Bloom & Minsker, P.L.
MAILING ADDRESS:
II 10 Brickell Ave 7th Floor
Miami, FI 33131-3107
AGENT'S SIGNATURE
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Rev. 1.2
FUND COMMITMENT
Schedule B
Commitment No.: CF-1470055
Fund File Nunlber 01-2005-002275
1. The following are the requirements to be complied with:
1. Payment ofthefiill consideration to, orfor the account of, the grantors or mortgagors.
2. Instruments creating the estate or interest to be insured which must be executed, delivered
and filed for record:
A. Warranty Deed from The City of Miami Beach, a Florida municipal corporation, to the
proposed insured purchaser(s), Note: Deeds hy a municipal corporation usually are
signed in the name of the city or town by the mayor or some other person authorized by
the charter, in the presence of two subscribing witnesses, The conveyance also should be
attested by the city clerk, sealed with the municipal seal, and made upon a proper
resolution by the municipality's governing body authorizing a sale of the property, The
Fund Agent should determine that such a deed is executed by an official authorized by
the charter and that it is duly attested to by the city clerk. A Certificate from the City
Attorneys' Office evidencing the proper adoption of the resolution should be attached to
the deed of conveyance and recorded with it.
3.
A determination must be made that there are no unrecorded special assessment liens or
unrecorded liens arising by virtue of ordinances, unrecorded agreements as to impact or
other development fees, unpaid waste fees payable to the county or municipality, or unpaid
service charges under Ch, 159, F. S" or county ordinance.
4,
Attorneys' Title Insurance Fund, Inc, has no liability under this commitment until an
endorsement is issued stating the amount of the proposed policy,
5,
Attorneys' Title Insurance Fund, Inc. has no liability until an Endorsement is issued stating
the proposed insureds, Once Attorneys' Title Insurance Fund has been provided proper
names, The Fund reserves the right to make additional requirements and/or exceptions,
6,
Affidavit to be executed by seller stating: I) There are no matters pending against the affiant
that could give rise to a lien that would attach to the property between 0 I -04-05 and the
recording of the interest to be insured, 2) That the affiant(s) have not and will not execute
any instruments that would adversely affect the interest to be insured,
7,
Closing funds are to be disbursed by or at the direction of the agent of The Fund identified at
bottom of Schedule A,
8,
A search commencing with the effective date of this commitment will be performed at or
shortly prior to the closing of this transaction. If this search reveals a title defect or other
objectionable matters, an endorsement will be issued requiring that this defect or objection be
cleared on or before closing,
9,
Affidavit from the owner of the subject property, or some other person having actual
knowledge, establishing that no person other than the owner is in possession,
Page 2 of5
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FUND COMMITMENT
Schedule B
Commitment No.: CF-1470055
Fund File Number 01-2005-002275
10. A survey meeting The Fund's requirements must be furnished, If such survey reveals any
encroachments, overlaps, boundary line disputes, or other adverse matters, they will appear as
exceptions in the policy to be issued based upon this commitment.
II, Affidavit from a reliable person must be furnished establishing that more than 90 days has
lapsed since the completion of all improvements for which payment has not been made in
fulL
II. Schedule B of the policy or policies to be issued will contain exceptions to the following matters
unless the same are disposed of to the satisfaction o.f The Fund:
1. Defects, liens, encumbrances, adverse claims or other matters, ifany, created,first
appearing in the public records or attaching subsequent to the effective date hereof but
prior to the date the proposed insured acquires for value of record the estate or interest or
mortgage thereon covered by this commitment
2. Any owner and mortgagee policies issued pursuant hereto will contain under Schedule B
the standard exceptions set forth at the inside cover hereof unless an affidavit of possession
and a satisfactory current survey are submitted, an inspection of the premises is made, it is
determined the current year's taxes or special assessments have been paid, and it is
determined there is nothing of record which would give rise to construction liens which
could take priority over the interest(.) insured hereunder (where the liens would otherwise
take priority, submission of waivers is necessary).
3. F ederalliens andjudgment liens, if any, filed with the Florida Departme1lt of State
pursuant to Sec, 713.901, et seq., F,S., and Sec. 55.201, et seq., F.S., respectively, which
designate the Florida Department of State as the place for filing federal liens andjudgment
liens against personal property. For insuring purposes:
(a) Pursuant to Sec. 713.901, et seq., F,S., personal property includes, but is not
limited to, mortgages, leaseholds, mortgages on leaseholds, interests in cooperative
associations, vendees' interests, and options when those interests are held by a
partnership, corporation, trust or decedent's estate; and
(b) Pursuant to Sec. 55.201, et seq., F,S., personal property includes, but is not limited
to, leaseholds, interests in cooperative associations, vendees' interests, and options
regardless of the type of entity holding such interests, including individuals, (Note:
Mortgages have been specifically excluded from the personal property interests in
which a judgment lien may be acquired under the provisions of Sec. 55.201, et seq"
F,S.)
Page 3 of5
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4, Riparian and littoral rights are not insured,
FUND COMMITMENT
Schedule B
Commitment No.: CF-1470055
Fund File Number 01-2005-002275
5, Those portions of the property herein described being artificially fi1led in land in what was
formerly navigable waters, are subject to the right of the United States Government arising by
reason of the United States Government control over navigable waters in the interest of
navigation and COlnn1erce.
6, The rights, if any, of the public to use as a public beach or recreation area any part of the land
lying or formerly lying between the body of water abutting the subject property and the natural
line of vegetation, bluff, extreme high-water line or other apparent boundary lines separating
the publicly used area from the upland private area, as it may have existed prior to the
construction, if any, of sea wall or bulkhead thereon,
7, 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 lands and
lands accreted to such lands,
8, Taxes for the year ofthe effective date of this policy,
9, Subject to rights of tenants under unrecorded leases, if any,
10, The Policy when issued shall have attached thereto a Florida Form 9,1 Endorsement. The
coverage shall be given only after (review of all exceptions under Schedule B and) compliance
with Items No, 6, 7, 8, 9, 10 and 11 (survey, affidavits, gap updates, etc,), The company
reserves the right to add any additional exceptions to affirmative coverage under said
Endorsement upon review of matters required in said items,
END OF COMMITMENT.
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Page 40fS
FUND COMMITMENT
Commitment No,: CF-1470055
Fund File Number 01-2005-002275
EXHIBIT A
LEGAL DESCRIP TION
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Commence at the northwest of 46A, NORMANDY GOLf COURSE
SUSElIVlSION. accord>ng to Ihe plat tHereof, recor<:i<ld in PI~I Book 44, at PO))\!
62, Public Records of f.llaml.-Dade COU!1ty, Florida. Sold point al~o known as
the northwest COfner of lot SU!l0f\l1SI0N Of TRilCT 4.6-11 OF NORMANDY
GOlf COURSE SUBDIVISION, re,crded '" 1"101 600" 5;>, at POlle 9,5, PUblic
Records of Miami-Dade County. Florkla; thence. from the northeriy lIl":! of sold
l"ract 46A, deflecting 79" 34" to the 'eft to th<l longenl of <l circular curve
c""cay,e 10 Ihe soulheast, hovln,\! 0' centrol "ngle of 12' 52' 32" and a roolus
of 2225,00 f",,1 and run ol0l'l9 tl1<il arc 01 so,a curye lor 0 dlstonclll of 500,00
teet to the POINT OF' BEGINNING of the troel of lend herein d~~ctlb~,d, Sold
point being the 5oulhw~llt corner of lot 1, 81od, 65, NORMANDY GOLF COURSE
SUBDIVISION, recordild in Plat BQOk 44. at 'Page 62'. Public Records or
Miami-Dode COl.lnty, Florida, thence North 76' 30' 00' Eost, along the south
line soid lot 1 for a dlstaMa of 182,99 feel \'0 Ihe sOLlthll<lst com$" of
: soid lot 1; Iherlce South 24' 39' 44" West, "long the SOLllhtWly "xl"", sion of
the e,ost Iir,(!: of said Lot 1 For <J d/slonee of 79.41 feet to IJ pOint of
. t"n"l!lrlcy. Ihooce run along the are of 0 curve COil GOvC' to the southeast,
having a central "n91.. 3' 'j2' 33" "no a r"dlu. 01 544, feot for a
, di$lanCe of 30.51 fe..t; thence South 85' 12' 32" We~t far a distance of 152.11
feet; the'nce 010119 the orc Of a CQn'cav.e 10 the sO\Jlheast, whose todil.ls
bears Soulh ro' 59' 45" Ea,,.I having a "en teel on91.. of 01' 52' 23" and a
radius af 22215,00 feet for 0 dlstcmce of 72,73 feet to Ihe POINT OF
8EGINNlNG, SQld lond", l"caIM, lyin<;l Gnd being in Miami Seach,
MIQmi-Dade County. Florida.
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Page 5 of5
Closing Protection Letter
The operation and scope of the follmving Closing Protection Letter ("Letter") is limited to the transaction which is the
subject of the commitment to which this Letter is attached and is also directed to those person(s) and/or entity (ies) set
forth in the Letter and identified as a proposed insured in the conunitment.
RE: Issuing Agent: Agent countersigning the attached corrunitment.
When title insurance of Attorneys' Title Insurance Fund, Inc. is specified for your protection in connection with closings
of real estate transactions in which you are to be the lessee or purchaser of an interest in land or a lender secured by a
mortgage (induding any other security instrument) of an interest in land, Attorneys' Title Insurance Fund, Inc., subject to
the Conditions and Exclusions set forth below, hereby agrees to reimburse you for actual loss incurred by you in connection
with sLlch closing when conducted by said Issuing Agent 'IiI/hen such loss arises out of:
1. Failure of said Issuing Agent to comply with your written closing instructions to the extent that they relate
to (a) the status of the title to said interest in land or the validity, enforceabilit~y and priority of the lien of said
mortgage on said interest in land, including the obtaining of documents and t.he disbursement of funds
necessary to establish such status of title or lien, or (b) the obtaining of any other document, specifically
required by you, but not to the extent that said instructions require a determination of the validity,
enforceability or effectiveness of such other document, or (c) the collection and payment of funds due you,
or
2. Fraud or dishonesty of said Issuing Agent in handling your funds or documents in connection with such
dosing.
If you are a lender protected under the foregoing paragraph, your borrower in connection with a loan secured by a
mortgage on a one-ta-four family dwelling shall be protected as if this letter were addressed to your borrower.
Conditions and Exclusions
A. Attorneys' Title Insurance Fund, Inc. will not be liable to you for loss arising out of:
1. Failure of said Issuing Agent to comply with your closing instructionS which require title insurance protection
inconsistent with Jhat set forth in the title insurance binder or commitment issued by Attorneys' Title Insurance
Fund, Inc. Instructions which require the removal of specific exceptions to title or compliance with the
requirements contained in said binder or commitment shall not be deemed to be inconsistent.
2. Loss or impairment of your funds in the course of collection or while on deposit with a bank due to bank failure,
insolvency or suspension, except such as shall result from failure of said Issuing Agent to comply with your
written closing instructions to deposit the funds in a bank which you designated by name.
3. Mechanics' and materialmen's liens in con..'1ection with your purchase or lease or construction loan
transactions, except to the extent that protection against such liens is afforded by a title insurance binder,
commitment or policy of Attorneys' Title Insurance Fund, Inc.
4. The periodic disbursement of construction loan proceeds or funds furnished by the owner to pay for construction
costs during the construction of improvements on the land to be insured, unless an officer of the company has
specifically accepted the responsibility to you for such disbursement program in writing.
B. When Attorneys' Title Insurance Fund, Inc. shall have reimbursed you pursuant to this letter, it shall be subrogated
to all rights and remedies which you would have had against any person or property had you not been so reimbursed.
Liability of Attorneys' Title Insurance Fund, Inc. for such reimbursement shan be reduced to the extent that you have
knowingly and voluntarily impaired the value of such right of subrogation.
C Any liability of Attorneys' Title Insurance Flmd, [ne. for loss incurred by you in connection with closings of real
estate transactions by said Issuing Agent shall be limited to the protection provided by this letter. However, this letter
shall not affect the protection afforded by a title insurance binder, commitment or policy of Attorneys Title
Insurance Fund, Inc. The dollar amount of liability hereby incurred shall not be greater than the amount of the title
insurance binder, conunitment or policy of title insurance to be issued, and liability hereunder as to any particular loan
transaction shall be coextensive with liability under the policy issued to you in connection with such transaction.
Payment in accordance with the terms of this letter shall reduce by the same-amount the liability under such policy
and payment under such policy shall reduce by the same amount the company's liability under the terms or this letter.
D. Claims of loss shall be made promptly to Attorneys' Title Insurance Fund, Inc. at its principal office at 6545 Corporilte
Centre Boulevard, P.O. Box 628600, Orlando, Florida 32862-8600. When the failure to give prompt notice shall prejudice
Attorneys' Title Insurance Fund, Inc., then liability of Attorneys' Title Insurance Fund, Inc., hereunder shall be reduced
to the extent of such prejudice. Attorneys' Title Insurance Fund, Inc. shall not be liable hereunder unless notice of loss
in writing is received by Attorneys' Title Insurance Fund, Inc. within ninety (90) days from the date of discovery of
such loss.
E, Nothing contained herein shall be construed as authorizing compliance by any issuing agent with any such closing
instructions, compliance with which would constitute a violation of any applicable law, nIle or regulation relating to
the activity of title insurers, their issuing agents, and their failure to comply with any such dosing instructions shall
not create any liability under the terms of this letter.
F. Tbe protection herein offered will be effective until cancelled by written notice from Attorneys' Title Insurance Fund,
Inc. Any previous insrned Closing Service letter or similar agreement is hereby cancelled, except as to closings of your
real estate transactions regarding which you have previously sent (or within 30 days hereafter send) written closing
instructions to said Issuing Agent.
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