HomeMy WebLinkAbout2010-093 r
AGREEMENT FOR THE PURCHASE AND SALE OF REAL ESTATE PALM TREES AND FOR
THE SALE AND CARE OF ORNAMENTAL
BETWEEN
INDIAN RIVER COUNTY AND THE BANACK FAMILY LIMITED PARTNERSHIP
THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ( "Agreement" ) is made
and entered into as of the 6th day of Apri 1 , 20101 by and between Indian River County ,
a political subdivision of the State of Florida ("the County " ) , and the Banack Family Limited
Partnership ( " Seller" ) , who agree as follows :
WHEREAS , Seller owns a 37 ± acre parcel of property located adjacent to 66th Avenue
south of 41St Street in the unincorporated section of Indian River County , Florida . An aerial
photograph of the property is attached to this Agreement as Exhibit "A " and incorporated by
reference herein ; and
WHEREAS , the County , is scheduled to expand 66th Avenue in the near future and the
road expansion will impact and affect the Seller' s property ; and
WHEREAS , in order for the County to proceed with its road expansion plans , the County
needs to purchase property to be used as right- of-way from landowners adjacent to 66th Avenue ;
and
WHEREAS , the County has contacted Seller and has offered to purchase a 3 . 838 parcel
of property from the Banack Family Limited Partnership to be used as right- of-way as depicted
on Exhibit " B " (the " Property" ) ; and
WHEREAS , the Banack Family Limited Partnership is represented by Raymer F . Maguire
III of the law firm of Fixel , Maguire & Willis , 605 East Robinson Street , Suite 140 , Orlando ,
Florida ; and
WHEREAS , Seller is willing to sell to the County the fee simple interest in the 3 . 838 acres ,
and
WHEREAS , the County is prepared to take the Property by using its power of eminent
domain ; and
WHEREAS , Seller and the County wish to avoid the risk , time and expense of litigation by
entering into this Agreement for sale and purchase of the Property ;
NOW , THEREFORE , in consideration of the mutual terms , conditions , promises ,
covenants and premises hereinafter , the County and Seller agree as follows :
1 . Recitals . The above recitals are affirmed as being true and correct and are incorporated
herein
1
f • + 1
2 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County , and the
om Seller , upon the terms and conditions set forth in this
County hereby agrees to purchase fr
Agreement that certain parcel of real property located adjacent to 66t" Avenue south of 41St
Street , Vero Beach , Florida , and more specifically described in the sketch and legal description
attached as Exhibit " B " , containing approximately 3 . 838 acres , and all improvements thereon ,
except for specific palms , fencing and irrigation improvements together with all easements , rights
and uses now or hereafter belonging thereto ( collectively , the " Property" ) .
3 . Purchase Price Effective Date . The purchase price (" Purchase Price I " ) for the Property
shall be Two Hundred Thirteen Thousand Three Hundred Ninety Two Dollars and eighty cents
( $ 213 , 392 . 80 ) . The Purchase Price was established by the Cherry Lane Cattle LLC appraisal ,
which is mutually agreed upon by the parties . The County shall pay and the Banack Family
Limited Partnership shall accept , $ 213 , 392 . 80 as the Purchase Price of the Property . The
Purchase Price shall be paid on the Closing Date . The Effective Date of this Agreement shall be
the date upon which the County shall have approved the execution of this Agreement , either by
approval by the Indian River County Board of County Commissioners at a formal meeting of
such Board or by the County Administrator pursuant to his delegated authority .
4 . Title . Seller shall convey marketable title to the Property by warranty deed free of claims ,
liens , easements and encumbrances of record or known to Seller except as noted in Exhibit "A" ;
but subject to property taxes for the year of Closing and covenants , restrictions and public utility
easements of record provided ( a ) there exists at Closing no violation of any of the foregoing ; and
( b ) none of the foregoing prevents County ' s intended use and development of the Property
(" Permitted Exceptions " ) .
4 . 1 County may order an Ownership and Encumbrance Report or Title Insurance
Commitment with respect to the Property . County shall within fifteen ( 15 ) days following the
Effective Date of this Agreement deliver written notice to Seller of title defects . Title shall be
deemed acceptable to County if ( a ) County fails to deliver notice of defects within the time
specified , or ( b ) County delivers notice and Seller cures the defects within thirty ( 30 ) days from
receipt of notice from County of title defects ( " Curative Period " ) . Seller shall use best efforts to
cure the defects within the Curative Period and if the title defects are not cured within the
Curative Period , County shall have thirty ( 30 ) days from the end of the Curative Period to elect ,
by written notice to Seller , to : ( i ) terminate this Agreement , whereupon it shall be of no further
force and effect , or ( ii ) extend the Curative Period for up to an additional 90 days ; or ( iii ) accept
title subject to existing defects and proceed to closing .
5 . Palm Trees . The 3 . 838 acres being purchased by the County contains 565 palm trees
planted in five rows . There are 243 Washingtonia palms and 322 Queen palms . The County
agrees to purchase the trees for the sum of Fifty Five Thousand Seven Hundred Twenty Two
Dollars . ( $ 55 , 722 . 00 ) . The value of the trees was established by taking an inventory of the five
rows of trees and each tree was measured as to its height . The Sellers currently charge $ 12 . 00
per foot for a Washingtonia palm dug and loaded on the buyer' s vehicle and $ 6 . 00 per foot for a
Queen palm dug and loaded onto ls havehe ea value ole .f $ 25 , 176 . 00 en the total height and the Queen enl palmsWashingtonia
atoeia
palms is added together the p
2
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value of $ 30 , 546 . 00 for a total inventory value of $ 55 , 722 . 00 .
5 . 1 Relocation of Palms . The County will notify the Sellers when the County wants to relocate
some or all of its palm trees , and the Seller will dig the desired number of palms trees and load
them onto County vehicles . The County shall be responsible for planting the palm trees .
5 . 2 Maintenance of Palms by Seller . Until such time as the road project is ready for
construction , the Sellers agree to continue to care for the 565 trees purchased by the County .
The Sellers shall water , fertilize , mow and herbicide the County owned palm trees in the same
manner as Seller cares for its trees on the remainder parcel . The annual maintenance cost is
estimated to be $ 1 , 746 . 21 per acre . The cost of maintaining 3 . 838 acres would be $ 6 , 701 . 95
per year . As more of the trees are removed , the maintenance cost to the County would
decrease also . On a quarterly basis , Seller shall send a bill for maintenance to Buyer in an
amount no more than $ 1 , 675 . 50 . The Sellers agree not to plant any additional trees in the area
of take .
5 . 3 Compensation for Fencing and Irrigation As a result of the take , Seller will lose irrigation
equipment and 1 , 296 linear feet of 5 strand barb wire fence . The County agrees to compensate
Seller in the amount of $ 6 , 664 . 00 for the lost fence and $ 1 , 125 . 30 for the loss of irrigation parts
within the area of take and $473 . 26 for modification of the irrigation after the take .
5 . 4 Purchase Price for Palms Fencing and Irrigation Improvements . The purchase price
(" Purchase Price II " ) for the palms , fencing and irrigation improvements shall be Sixty Three
Thousand Nine Hundred Eighty Four Dollars and fifty - six cents ( $ 55 , 722 . 00 , $ 6 , 664 . 00 and
$ 1 , 125 . 30 and 473 . 26 = $ 63 , 984 . 56 ) . The total purchase price ( " Purchase Price " ) is the total of
Purchase Price 1 ( $ 213 , 392 . 80 ) and Purchase Price II ( $ 63 , 984 . 56 ) _ $ 277 , 377 . 36 , which shall
be paid on closing date with the other attorney ' s and engineering fees included herein .
6 . Representations of the Seller .
6 . 1 Seller is indefeasibly seized of marketable , fee simple title to the Property , and is the sole
owner of and has good right , title , and authority to convey and transfer the Property which is the
subject matter of this Agreement , free and clear of all liens and encumbrances .
6 . 2 From and after the Effective Date of this Agreement , Seller shall take no action which
would impair or otherwise affect title to any portion of the Property , and shall record no
documents in the Public Records which would affect title to the Property , without the priorwritten
consent of the County .
6 . 3 There are no existing or pending special assessments affecting the Property , which are or
may be assessed by any governmental authority , water or sewer authority , school district ,
drainage district or any other special taxing district .
7 . Default .
7 . 1 In the event the County shall fail to perform any of its obligations hereunder , the Seller
3
shall , at its sole option , be entitled to : ( i ) terminate this Agreement by written notice delivered to
the County at or prior to the Closing Date and thereupon neither the Seller nor any other person
or party shall have any claim for specific performance , damages , or otherwise against the
County ; or ( ii ) waive the County' s default and proceed to Closing .
7 . 2 In the event the Seller shall fail to perform any of its obligations hereunder , the County
shall , at its sole option , be entitled to : ( i ) terminate this Agreement by written notice delivered to
the Seller at or prior to the Closing Date and thereupon neither the County nor any other person
or party shall have any claim for specific performance , damages or otherwise against the Seller ;
or ( ii ) obtain specific performance of the terms and conditions hereof; or ( iii ) waive the Seller' s
default and proceed to Closing :
8 . Closing .
8 . 1 The closing of the transaction contemplated herein ( " Closing " and " Closing Date " ) shall
take place within 45 days of the approval of this Agreement by the Indian River County Board of
County Commissioners . The parties agree that the Closing shall be as follows :
( a ) The Seller shall execute and deliver to the County a warranty deed conveying marketable
title to the Property , free and clear of all liens and encumbrances and in the condition required by
paragraph 4 .
( b ) The Seller shall have removed all of its personal property and equipment from the
Property , and Seller shall deliver possession of the Property to County vacant and in the same or
better condition that existed at the Effective Date hereof.
( c) If Seller is obligated to discharge any encumbrances at or prior to Closing and fails to do
so , County may use a portion of Purchase Price funds to satisfy the encumbrances .
( d ) If the Seller is a non - resident alien or foreign entity , Seller shall deliver to the County an
affidavit , in a form acceptable to the County , certifying that the Seller and any interest holders
are not subject to tax under the Foreign Investment and Real Property Tax Act of 1980 .
(e ) The Seller and the County shall each deliver to the other such other documents or
instruments as may reasonably be required to close this transaction .
9 . Taxes . All taxes and special assessments which are a lien upon the Property on or prior
to the Closing Date ( except current taxes which are not yet due and payable ) shall be paid by the
Seller .
10 . Closing Costs -, Expenses . County shall be responsible for preparation of all Closing
documents .
10 . 1 County shall pay the following expenses at Closing :
4
10 . 1 . 1 The cost of recording the warranty deed and any release or satisfaction obtained by Seller
pursuant to this Agreement .
10 . 1 . 2 Documentary Stamps required to be affixed to the warranty deed .
10 . 1 . 3 All costs and premiums for the owner' s marketability title insurance commitment and
policy , if any .
10 . 1 . 4 Engineering costs incurred by Seller of $ 2 , 068 . 50 . The costs shall be paid directly to the
engineering firm .
10 . 1 . 5 Attorney ' s fees and costs of $ 20 , 803 . 30 ( 7 . 5 % X $ 277 , 377 . 36 = $ 20 , 803 . 30
) which
represents 7 . 5 % of the Purchase Price .
10 . 2 Seller shall pay the following expenses at or prior to Closing :
10 . 2 . 1 All costs necessary to cure title defect ( s ) or encumbrances , other than the
Permitted Exceptions , and to satisfy or release of record all existing mortgages , liens or
encumbrances upon the Property .
11 . Miscellaneous .
11 . 1 Controlling Law . This Agreement shall be construed and enforced in accordance with the
laws of the State of Florida . Venue shall be in Indian River County for all state court matters ,
and in the Southern District of Florida for all federal court matters .
11 . 2 Entire Agreement , This Agreement constitutes the entire agreement between the parties
with respect to this transaction and supersedes all prior agreements , written or oral , between the
Seller and the County relating to the subject matter hereof . Any modification or amendment to
this Agreement shall be effective only if in writing and executed by each of the parties .
11 . 3 Assignment and Bindinq Effect . Neither County nor Seller may assign its rights and
obligations under this Agreement without the prior written consent of the other party . The terms
hereof shall be binding upon and shall inure to the benefit of the parties hereto and their
successors and assigns .
11 . 4 Notices . Any notice shall be deemed duly served if personally served or if mailed by
certified mail , return receipt requested , or if sent via " overnight" courier service or facsimile
transmission , as follows :
If to Seller : The Banack Family Limited Partnership
6125 Atlantic Boulevard
Vero Beach , FL 32966
If to Seller' s Attorney : Raymer F . Maguire III
Fixel , Maguire & Willis
5
605 East Robinson Street , Ste . 140
Orlando , FL 32801
If to County : Indian River County
1801 27th Street
Vero Beach , FL . 32960
Attn : Public Works Director
Either party may change the information above by giving written notice of such change as
provided in this paragraph .
11 . 5 Survival and Benefit . Except as otherwise expressly provided herein , each agreement ,
representation or warranty made in this Agreement by or on behalf of either party , or in any
instruments delivered pursuant hereto or in connection herewith , shall survive the Closing Date
and the consummation of the transaction provided for herein . The covenants , agreements and
undertakings of each of the parties hereto are made solely for the benefit of , and may be relied
on only by the other party hereto , its successors and assigns , and are not made for the benefit
of , nor may they be relied upon , by any other person whatsoever .
11 . 6 Attorney' s Fees and Costs . In any claim or controversy arising out of or relating to this
Agreement , each party shall bear its own attorney' s fees , costs , and expenses .
11 . 7 Counterparts . This Agreement maybe executed in two or more counterparts , each one of
which shall constitute an original .
11 . 8 County Approval Required : This Agreement is subject to approval by the Indian River
County Board of County Commissioners as set forth in paragraph 3 .
11 . 9 Beneficial Interest Disclosure : In the event Seller is a partnership , limited partnership ,
corporation , trust , or any form of representative capacity whatsoever for others , Seller shall
provide a fully completed , executed , and sworn beneficial interest disclosure statement in the
form attached to this Agreement as an exhibit that complies with all of the provisions of Florida
Statutes Section 286 . 23 prior to approval of this Agreement by the County . However , pursuant
to Florida Statutes Section 286 . 23 ( 3 ) ( a ) , the beneficial interest in any entity registered with the
Federal Securities and Exchange Commission , or registered pursuant to Chapter 517 , Florida
Statutes , whose interest is for sale to the general public , is exempt from disclosure ; and where
the Seller is a non - public entity , that Seller is not required to disclose persons or entities holding
less than five ( 5 % ) percent of the beneficial interest in Seller .
6
IN WITNESS WHEREOF , the undersigned have executed this Agreement as of the date
first set forth above .
SELLER :
BANACK FAMILY LIMITED INDIAN RIVER COUNTY , FLORIDA
PARTNERSHIP BOAR OF COUNTY COMMISSIONERS
By :
Sidney M4. na k r . Peter D . O ' Bryan , Chia •q� ,,,oc
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Approved as to form an legal sufficiency : Attest : J . K . Barton , Clerk `'• RiVA 00. 6066
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William K . DeBraal Deputy Clerk
Deputy County Attorney Date Signed :
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LEGAL DESCRIPTION ; PARCEL 120
A PARCEL OF LAND BEING TIME EAST 126 . 00 FEET CF TRACT 9 , INDIAN
RIVER FARMS CO , PLAT OF LANDS , ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 2 , PAGE 251 PUBLIC RECORDS , SAINT LUCIE
COUNTY , FLORIDA, ALI_ LYING WITHIN SECTION 30 , TOWNSHIP 32 SOUTH ,
RANGE 39 EAST, INDIAN RIVER COUNTY , FLORIDA .
LESS AND EXCEPT THE NORTH 30 :00 FEET OF SAID TRACT 9 .
CONTAINING 3. 838 ACRES , MORE OR LESS
SAID PARCEL OF LAND LYING WITHIN THOSE LANDS AS DESCRIBED IN
OFFICIAL RECORDS BOOK 1665 , PAGE 1107 , PUBLIC RECORDS , INDIAN
RIVER COUNTY, FLORIDA .
CERTIFICATION :
I HEREBY CERTIFY THAT THE DESCRIPTION AND ATTACHED SKETCH OF DESCRIPTION WERE PREPARED IN
FLORIDA ADMINISTRATIVE CODE; AS SET
ACCORDANCE WITH THE SURVEYING STANDARDS, CHAPTER 61017 - 6 , ,
FORTH BY THE FLORIDA BOARD OF PROFESSIONAL. SURVEYORS & MAPPERS , PURSUANT TO SECTION
472 .027 , FLORIDA STATUTES, AND, IS TRUE: AND CORRECTTO THE BEST OF MY KNOWLEDGE AND BELIEF,
UNLESS IT BEARS THE SIGNATURE AND THE ORIGINAL RAISED SEAL OF A FLORIDA LICENSED SURVEYOR AND
MAPPER , THIS LEGAL DESCRIPTION AND SKETCH IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT VALID ,
NOTE; THIS IS , 140T A SKETCH OF SURVEY, BUT ONLY A
GRAPHIC DEPICTION OF THE DESCRIPTION SHOWN HEREON ,
1 .THERE HAS BEEN No FIELD WORK , VIEWING OF THE
PERRY C , WHITE SUBJECT PROPERTY, OR MONUMENTS SET IN CONNECTION
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LICENSE N0 , 4213 , STATE OF FLORIDA ERON, NOTE ; LANDS SHOWN HEREON WERE NOT
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This instrument was prepared incident to
the issuance of a title insurance contract,
and is to be returned to :
2063488
Jason A . Beal THIS DOCUMENT HAS BEEN
RECORDED IN THE PUBLIC RECORDS
Atlantic Coastal Title Corporation OF INDIAN RIVER COUNTY FL
3BK: 2417 PGA99 . Pagel of 2
850 20"' Street, Suite 6
05%042010 at 1032 AM , D DOCTAX PD
Vero Beach , Florida 32960 $ 1941 80
JEFFREY K BARTON , CLERK OF COURT
ACTC File Number : 30078058
Parcel ID Number : 32 -39 -30- 00001 -0090-00001 .0
GENERAL. WARRANTY DEED
This deed , made as of this ,2 '007/day of April , 2010 , by Banack Family Limited Partnership , a
Florida limited partnership (as Grantor) ; and Indian River County Florida , a political
subdivision of the State of Florida , whose postoffice address is : 180127th St, Vero Beach , FL
32960 (as Grantee) ;
( Wherever used herein, the terms "grantor" and "grantee " ,shall include singular and plural, heirs, legal representatives, and
assigns of individuals, and the successors and assigns of corporations, partnerships or other entities; wherever the context
so admits or requires. )
WITNESSETHID
That the grantor, for and in consideration of the sum of $ 10 .00 in hand paid by grantee, the receipt whereof is hereby
acknowledged, does hereby grant, bargain , sell , alien , remise, release, convey and confirm unto the grantee forever, all
the right, title, interest, claim and demand which the said grantor has in and to the following described parcel of land,
to wit:
A parcel of land being the East 126 . 00 feet of Tract 9 , lying in Section 30 ,
Township 32 South , Range 39 East, of INDIAN RIVER FARMS COMPANY,
according to the Plat thereof, as recorded in Plat book, 2 , at Page 25 , of the
Public Records of St. Lucie County, Florida. Said lands now lying and being in
Indian River County, Florida.
LESS AND EXCEPT the North 30 feet of said Tract 9 .
TOGETHER with all the tenements , hereditaments and appurtenances thereto belonging or in anywise appertaining .
TO HAVE AND TO HOLD the same in fee simple forever.
AND grantor hereby covenants with grantee that grantor is lawfully seized of said land in fee simple ; that grantor has
good right and lawful authority to sell and convey said land ; that grantor hereby fully warrants the title to said land and
will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances ,
except taxes for the year in which this deed is given ; and restrictions , reservations, limitations , covenants , conditions and
!111 111 M
ATLANTIC COASTAL TITLE CORPORATION
A Full Service , Florida Title Insurance Agency
4
easements of record , if any ; insofar as same are valid and enforceable (however, this clause shall not be construed to
reimpose same) .
IN WITNESS WHEREOF , the said grantor has caused these presents to be signed and sealed in its name, as of the day
and year first above written .
Banack Family Limited Partnership , a Florida
limited partnership
[ AFFIX CORPORATE SEAL]
By -
Sidney M. Bat ack , Jr.
its Managing Member
Grantor' s Mailing Address :
6125 Atlantic Blvd
Vero Beach , FL 32966
Signed, sealed and delivered in the presence of.-
b
Wit ess 1 •
Witne s 2 . kle A , N ;,e, �_ SAJ e...s /at
State of Florida
County of Indian River
The foregoing instrument was acknowledged before me the date hereinafter given , by Sidney M .
Banack, Jr. ; as Managing Member of the corporation/partnership named herein as the grantor ,
on behalf of the corporation/partnership ; and who was/were either personally known to me ; or
produced as identification of sufficient character so as to identify said individual with reasonable
certainty ; and who did/did not take an oath .
Witness my hand and official seal in the County and State last aforesaid , this2- Fday of April ,
2010 .
��;Y J
ASONAL
x := MD 8233271 , 2012Bon UrKbwWrs
ATLANTIC COASTAL TITLE CORPORATION
A Full Service, Florida Title Insurance Agency
GENERAL ENDORSEMENT
Attached to and forming a part of
Fife Number: 30078058
ATLANTIC COASTAL TITLE CORPORATION
SUBJECT POLICY IS HEREBY AMENDED AS FOLLOWS :
1 , Policy Number is hereby changed to : SDC -08 (} 65577
All ether conditions remain uncharged and in full force and effect.
This endorsement is made a part of the policy referred to above . it is subject to all the terns of the policy and
prior endorsements . Except as expressly stated on this endorsement , the terms , dates and amounts of the
policy and prier endorsements are not changed .
Bated : July 8 , 2010
By:
,Atlantic Coastal Title Corporation , a Florida corporation
its Autborized Agent
t
Authorized sign fors
Note : This endorsement shall not be valid or binding until signed by an autl od2ed si0riat01 Y .
Owners Policy
American Land Title Association Owner' s Policy 10- 17-92
with Florida modifications
Policy Number 'SC ' 08065577
File Number : 30078058
SUBJECT TO THE EXCLUSIONS FROM COVERAGE , THE EXCEPTIONS FROM COVERAGE CONTAINED
IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS ,
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY , a Minnesota corporation , herein called the
Company, 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 Company 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, the said Old Republic National Title Insurance Company has caused its
corporate name and seal to be hereunto affixed by its duly authorized officers as of the date shown in Schedule A , the policy to
be valid when
countersigned by an authorized officer or agent of the Company .
Issued through the Office of: OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Policy Issuer: A Stock Company
ATLANTIC COASTAL TITLE CORPORATION 400 Second Avenue South, Minneapolis, Minnesota 55401
3850 20TH STREET SUITE 6 (612) 371 - 1111
VERO BEACH , FL 32960
PHONE : 772 -569 -4364
_--_ By President
Authorized Signatory J
ORT Form 331 - ALTA owner's Policy 10- 17-92 _ \f/
with Florida modifications Attest Secretary
EXCLUSIONS FROM COVERAGE by reason of the public records as defined in this policy or any other
records which impart constructive notice of matters affecting the land .
The following matters are expressly excluded from the coverage ( d ) " land " : the land described or referred to in Schedule A,
and
of this policy and the Company will not pay loss or damage , costs , improvements affixed thereto which by law constitute real property
.
attorneys ' fees or expenses which arise by reason of: The term " land " does not include any property beyond the lines of
1 . ( a ) Any law, ordinance or governmental regulation ( including , but the area described or referred to in Schedule A , nor
any
not limited to , building and zoning laws , ordinances , or regulations ) right, title , interest, estate or easement in abutting streets
, roads ,
restricting , regulating , prohibiting or relating to ( i ) the occupancy, avenues , alleys , lanes , ways or waterways , but nothing herein
shall
use , or enjoyment of the land ; ( ii ) the character, dimensions or modify or limit the extent to which a right of access to and
from the
location of any improvement now or hereafter erected on the land ; land is insured by this policy .
( iii ) a separation in ownership or a change in the dimensions or area ( e ) " mortgage " : mortgage , deed of trust , trust deed ,
or other
of the land or any parcel of which the land is or was a part; or ( iv ) security instrument .
environmental protection , or the effect of any violation of these laws , ( f ) " public records " : records established under state
statutes at
ordinances or governmental regulations , except to the extent that a Date of Policy for the purpose of imparting constructive notice of
notice of the enforcement thereof or a notice of a defect, lien or matters relating to real property to purchasers for value and
without
encumbrance resulting from a violation or alleged violation affecting knowledge . With respect to Section 1 ( a )( iv ) of the Exclusions
from
the land has been recorded in the public records at Date of Policy. Coverage , " public records " shall also include environmental
protection
( b ) Any governmental police power not excluded by ( a ) above , liens filed in the records of the clerk of the United States District
except to the extent that a notice of the exercise thereof or a notice Court for the district in which the land is located .
of a defect, lien or encumbrance resulting from a violation or alleged ( g ) " unmarketability of the title an alleged or apparent
matter
violation affecting the land has been recorded in the public records affecting the title to the land , not excluded or excepted from
at Date of Policy. coverage , which would entitle a purchaser of the estate or interest
2 . Rights of eminent domain unless notice of the exercise thereof described in Schedule A to be released from the obligation
to
has been recorded in the public records at Date of Policy , but not purchase by virtue of a contractual condition requiring the delivery
of
excluding from coverage any taking which has occurred prior to Date marketable title .
of Policy which would be binding on the rights of a purchaser for
value without knowledge . 2. Continuation of Insurance After Conveyance of Title.
3 . Defects , liens , encumbrances , adverse claims , or other matters : The coverage of this policy shall continue in force as of
Date of
( a ) created , suffered , assumed or agreed to by the insured Policy in favor of an insured only so long as the insured retains
an
claimant; estate or interest in the land , or holds an indebtedness secured by a
( b) not known to the Company, not recorded in the public purchase money mortgage given by a purchaser from the insured , or
records at Date of Policy, but known to the insured claimant and not only so long as the insured shall have liability by reason
of covenants
disclosed in writing to the Company by the insured claimant prior to of warranty made by the insured in any transfer or conveyance of
the
the date the insured claimant became an insured under this policy; estate or interest. This policy shall not continue in force
in favor of
(c) resulting in no loss or damage to the insured claimant; any purchaser from the insured of either ( i � an estate or interest
in
( d ) attaching or created subsequent to Date of Policy; or the land , or ( ii ) an indebtedness secured by a purchase money
( e ) resulting in loss or damage which would not have been mortgage given to the insured .
sustained if the insured claimant had paid value for the estate or 3. Notice of Claim to be Given by Insured Claimant.
interest insured by this policy.
4 . Any claim , which arises out of the transaction vesting in the The insured shall notify the Company promptly in writing
( i ) in
case of any litigation as set forth in Section 41a ) below, ( ii ) in case
insured the estate or interest insured by this policy , by reason of the
knowledge shall come se an insured hereunder to any claim , title or
operation of federal bankruptcy , state insolvency, or similar creditors 'rights interest which is adverse to the title
to the estate or interest, as
rhts laws , that is based on :
rigthe transaction creating the estate or interest insured by this insured , and which might cause loss or damage for which the
Company may be liable by virtue of
policy being deemed a fraudulent conveyance or fraudulent transfer; or this policy, or ( iii ) if title to the
( b ) the transaction creating the estate or interest insured by this estate or interest, as insured , is rejected as unmarketable
. If prompt
policy being deemed a preferential transfer except where the notice shall not be given to the Company, then as to the insured all
preferential transfer results from the failure : liability of the Company shall terminate with regard to the matter or
matters for which prompt notice is required ; provided , however, that
( i ) to timely record the instrument of transfer; or failure to notify the Company shall in no case prejudice the rights of
( ii ) of such recordation to impart notice to a purchaser for any insured under this policy unless the Company shall be prejudiced
value or a judgment or lien creditor.
CONDITIONS AND STIPULATIONS by the failure and then only to the extent of the prejudice .
1 . Definition of Terms. 4. Defense and Prosecution of Actions, Duty of Insured Claimant to
The following terms when used in this policy mean : Cooperate.
( a ) " insured " : the insured named in Schedule A , and , subject to ( a ) Upon written request by the insured and subject to
the
any rights or defenses the Company would have had against the options contained in Section 6 of these Conditions and Stipulations
,
named insured , those who succeed to the interest of the named the Company, at its own cost and without unreasonable delay , shall
insured by operation of law as distinguished from purchase including , provide for the defense of an insured in litigation in which
any third
but not limited to , heirs , distributees , devisees , survivors , personal party asserts a claim adverse to the title or interest as insured
, but
representatives , next of kin , or corporate or fiduciary successors . only as to those stated causes of action alleging a defect, lien
or
( b ) " insured claimant" : an insured claiming loss or damage . encumbrance or other matter insured against by this policy. The
( c ) " knowledge " or " known " : actual knowledge , not Company shall have the right to select counsel of its choice ( subject
constructive knowledge or notice which may be imputed to an insured to the right of the insured to object for reasonable cause ) to
represent the insured as to those stated causes of action and shall
not be liable for and will not pay the fees of any other counsel . The and memoranda in the custody or control of a third party ,
which
Company will not pay any fees , costs or expenses incurred by the reasonably pertain to the loss or damage . All information designated
insured in the defense of those causes of action which allege matters as confidential by the insured claimant provided to the Company
not insured against by this policy. pursuant to this Section shall not be disclosed to others unless , in
( b ) The Company shall have the right, at its own cost, to the reasonable judgment of the Company, it is necessary in the
institute and prosecute any action or proceeding or to do any other administration of the claim . Failure of the insured claimant to
submit
act which in its opinion may be necessary or desirable to establish for examination under oath , produce other reasonably requested
the title to the estate or interest , as insured , or to prevent or reduce information or grant permission to secure reasonably necessary
loss or damage to the insured . The Company may take any information from third parties as required in this paragraph shall
appropriate action under the terms of this policy, whether or not it terminate any liability of the Company under this policy as to that
shall be liable hereunder, and shall not thereby concede liability or claim .
waive any provision of this policy. If the Company shall exercise its 6. Options to Pay or Otherwise Settle Claims; Termination of
rights under this paragraph , it shall do so diligently.
Liability.
( c ) Whenever the Company shall have brought an action or In case of a claim under this policy, the Company shall have
the
interposed a defense as required or permitted by the provisions of
this policy , the Company may pursue any litigation to final following additional options :
determination by a court of competent jurisdiction and expressly la ) To Pay or Tender Payment of the Amount of Insurance .
reserves the right, in its sole discretion , to appeal from any adverse To pay or tender payment of the amount of insurance under
this
J he order. policy, together with any costs , attorneys ' fees and expenses incurred
by the insured claimant, which were authorized by the Company, up to
( e In all cases where this policy permits or requires the
Cthe time of payment or tender of payment and which the Company is
Company to prosecute or provide for the defense of any action or
proceeding , the insured shall secure to the Company the right to so obligated to pay.
prosecute or provide defense in the action or proceeding , and all Upon the exercise by the Company of this option , all liability
and
obligations to the insured under this policy, other than to make the
appeals therein , and permit the Company to use , at its option , the
payment required , shall terminate , including any liability or obligation
name of the insured for this purpose . Whenever requested by the
to defend , prosecute , or continue any litigation , and the policy shall be
Company, the insured , at the Company' s expense , shall give the
surrendered to the Company for cancellation .
Company all reasonable aid ( i ) in any action or proceeding , securing
evidence , obtaining witnesses , prosecuting or defending the action or ibl To Pay or Otherwise Settle With Parties Other Than the
Insured or With the Insured Claimant.
proceeding , or effecting settlement, and ( ii ) in any other lawful act ( i ) to pay or otherwise settle with other parties for
or in
which in the opinion of the Company may be necessary or desirable
to establish the title to the estate or interest as insured . If the the name of an insured claimant any claim insured against
under this
Company is prejudiced the failure of the insured to furnish the policy , together with any costs , attorneys ' fees and expenses incurred
' by the insured claimant which were authorized by the Company up to
required cooperation , the Companys obligations to the insured under
the time of payment and which the Company is obligated to pay; or
the policy shall terminate , including any liability or obligation to
defend , prosecute , or continue any litigation , with regard to the ( ii ) to pay or otherwise settle with the insured claimant
matter or matters requiring such cooperation . the loss or damage provided for under this policy , together with any
costs , attorneys ' fees and expenses incurred by the insured claimant
5. Proof of Loss or Damage. which were authorized by the Company up to the time of payment
In addition to and after the notices required under Section 3 of and which the Company is obligated to pay .
these Conditions and Stipulations have been provided the Company, a Upon the exercise by the Company of either of the options
proof of loss or damage signed and sworn to by the insured claimant provided for in paragraphs ( b )( i ) or ( ii ) , the Company'
s obligations to
shall be furnished to the Company within 90 days after the insured the insured under this policy for the claimed loss or damage
, other
claimant shall ascertain the facts giving rise to the loss or damage . than the payments required to be made , shall terminate ,
including any
The proof of loss or damage shall describe the defect in , or lien or liability or obligation to defend , prosecute , or continue
any litigation .
encumbrance on the title , or other matter insured against by this 7 Determination, Extent of Liability and Coinsurance.
policy which constitutes the basis of loss or damage and shall state , This policy is a contract of indemnity against actual monetary
to the extent possible , the basis of calculating the amount of the loss loss or damage sustained or incurred by the insured claimant
who
or damage . If the Company is prejudiced by the failure of the insured has suffered loss or damage by reason of matters insured
against by
claimant to provide the required proof of loss or damage , the this policy and only to the extent herein described .
Company' s obligations to the insured under the policy shall terminate , ( a ) The liability of the Company under this policy shall
not
including any liability or obligation to defend , prosecute , or continue exceed the least of :
any litigation , with regard to the matter or matters requiring such ( i ) the Amount of Insurance stated in Schedule A;
or,
proof of loss or damage .
In addition , the insured claimant may reasonably be required to ( ii ) the difference between the value of the insured estate
sor interest as insured and the value of the insured estate or interest
submit to examination under oath by any authorized representative of
the Company and shall produce for examination , inspection and subject to the defect, lien or encumbrance insured against by this
copying , at such reasonable times and places as may be designated policy .
pV 9 ' ( b ) The Company will pay only those costs , attorneys ' fees and
by any authorized representative of the Company, all records , books ,
expenses incurred in accordance with Section 4 of these Conditions and
ledgers , checks , correspondence and memoranda , whether bearing a
date before or after Date of Policy , which reasonably pertain to the Stipulations .
loss or damage . Further, if requested by any authorized representative 8. Apportionment.
of the Company, the insured claimant shall grant its permission , in If the land described in Schedule A consists of two or more
wparcels which are not used as a single site , and a loss is established
writing , for any authorized representative of the Company to examine ,
inspect and copy all records , books , ledgers , checks , correspondence affecting one or more of the parcels but not all , the
loss shall be
computed and settled on a pro rata basis as if the amount of If a payment on account of a claim does not fully cover the
loss
insurance under this policy was divided pro rata as to the value on of the insured claimant, the Company shall be subrogated
to these
Date of Policy of each separate parcel to the whole , exclusive of any rights and remedies in the proportion which the Company'
s payment
improvements made subsequent to Date of Policy, unless a liability or bears to the whole amount of the loss .
value has otherwise been agreed upon as to each parcel by the If loss should result from any act of the insured claimant , as
Company and the insured at the time of the issuance of this policy stated above , that act shall not void this policy, but the
Company, in
and shown by an express statement or by an endorsement attached that event , shall be required to pay only that part of any losses
to this policy. insured against by this policy which shall exceed the amount , if any ,
lost to the Company by reason of the impairment by the insured claimant
9. Limitation of Liability. of the Company' s right of subrogation .
( a ) If the Company establishes the title , or removes the alleged ( b ) The Company' s Rights Against Non - insured Obligors .
defect, lien or encumbrance , or cures the lack of a right of access to The Company ' s right of subrogation against non - insured
obligors
or from the land , or cures the claim of unmarketability of title , all as shall exist and shall include , without limitation , the
rights of the insured
insured , in a reasonably diligent manner by any method , including to indemnities , guaranties , other policies of insurance or bonds
,
litigation and the completion of any appeals therefrom , it shall have notwithstanding any terms or conditions contained in those instruments
fully performed its obligations with respect to that matter and shall which provide for subrogation rights by reason of this policy
.
not be liable for any loss or damage caused thereby .
( b) In the event of any litigation , including litigation by the 14. Arbitration.
Company or with the Company' s consent, the Company shall have no Unless prohibited by applicable law, arbitration pursuant to
liability for loss or damage until there has been a final determination the Title Insurance Arbitration Rules of the American Arbitration
by a court of competent jurisdiction , and disposition of all appeals Association may he demanded if agreed to by both the Company
therefrom , adverse to the title as insured . and the insured . Arbitrable matters may include , but are not
( c ) The Company shall not be liable for loss or damage to any limited to , any controversy or claim between the Company and
insured for liability voluntarily assumed by the insured in settling any the insured arising out of or relating to this policy,
any service of
claim or suit without the prior written consent of the Company. the Company in connection with its issuance or the breach of a
policy provision or other obligation . Arbitration pursuant to this
10. Reduction of Insurance; Reduction or Termination of Liability. policy and under the Rules in effect on the date the demand for
All payments under this policy, except payments made for costs , arbitration is made or, at the option of the insured , the Rules
in
effect at Date of Policy shall be binding upon the parties. The
attorneys ' fees and expenses , shall reduce the amount of the
insurance pro tanto . award may include attorneys' fees only if the laws of the state in
which the land is located permit a court to award attorneys' fees
11 . Liability Non-cumulative. to a prevailing party. Judgment upon the award rendered by the
It is expressly understood that the amount of insurance under Arbitrator( s ) may be entered in any court having jurisdiction
this policy shall be reduced by any amount the Company may pay thereof.
under any policy insuring a mortgage to which exception is taken in The law of the situs of the land shall apply to an
Schedule B or to which the insured has agreed , assumed , or taken arbitration under the Title Insurance Arbitration Rules .
subject, or which is hereafter executed by an insured and which is a A copy of the Rules may be obtained from the Company
charge or lien on the estate or interest described or referred to in upon request.
Schedule A, and the amount so paid shall be deemed a payment 15. Liability Limited to this Policy, Policy Entire Contract.
under this policy to the insured owner. ( a ) This policy together with all endorsements , if any, attached
12. Payment of Loss. hereto by the Company is the entire policy and contract between the
(a ) No payment shall be made without producing this policy insured and the Company. In interpreting any provision of this policy,
for endorsement of the payment unless the policy has been lost or this policy shall be construed as a whole .
destroyed , in which case proof of loss or destruction shall be ( b ) Any claim of loss or damage , whether or not based on
furnished to the satisfaction of the Company. negligence , and which arises out of the status of the title to the
( b) When liability and the extent of loss or damage has been estate or interest covered hereby or by any action asserting such
definitely fixed in accordance with these Conditions and Stipulations , claim , shall be restricted to this policy .
the loss or damage shall be payable within 30 days thereafter. ( c ) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed by either
13. Subrogation Upon Payment or Settlement. the President, a Vice President, the Secretary , an Assistant Secretary , or
( a ) The Company' s Right of Subrogation . Validating Officer or Authorized Signatory of the Company .
Whenever the Company shall have settled and paid a claim
under this policy, all right of subrogation shall vest in the Company 16. Severability.
unaffected by any act of the insured claimant. In the event any provision of the policy is held invalid or
unenforceable under the applicable law, the policy shall be deemed not to
The Company shall be subrogated to and be entitled to all
include that provision and all other provisions shall remain in full
rights and remedies which the insured claimant would have had
against any person or property in respect to the claim had this policy force and effect .
not been issued . If requested by the Company, the insured claimant 17. Notices, Where Sent.
shall transfer to the Company all rights and remedies against any All notices required to be given the Company and any statement
in
person or property necessary in order to perfect this right of writing required to be furnished the Company shall include the number
of
subrogation . The insured claimant shall permit the Company to sue , this policy and shall be addressed to the Company at its home office
,
compromise or settle in the name of the insured claimant and to use 400 Second Avenue South , Minneapolis , Minnesota 55401 , ( 612
) 371 - 1111 .
the name of the insured claimant in any transaction or litigation
involving these rights or remedies .
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Owner ' s Title Insurance Policy
Note : This policy consists of insert pages labeled " Schedule A" and " Schedule B " and is of no force or effect unless all
schedules are included, along with any Rider pages incorporated by reference in the insert pages .
1HILF. E A
SC
Agent' s File No : 30078058
Policy No : FLIT - 206943
Effective Date : May 4 , 2010 at 10 : 32 AM
Amount of
Insurance : $ 277 ,377 .36
1 , The Insured hereunder, in whom title to the fee simple estate is vested at the date hereof, is :
Indian River County Florida , a political subdivision of the
State of Florida
2 . In addition to those referred to in Schedule B hereof, the land herein described is encumbered
by the following mortgage ( s) , and assignments thereof (if any) :
None !
3 . The land referred to in this policy is situated in the County of Indian River , State of Florida,
and is described as follows :
A parcel of land being the East 1. 26 . 00 feet of Tract 9 , lying in Section 30 ,
Township 32 South , Range 39 East, of INDIAN RIVER FARMS COMPANY,
according to the Plat thereof, as recorded in Plat Book 2 , at Page 25 , of the
Public Records of St . Lucie County, Florida . Said lands now lying and being in
Indian River County, Florida .
LESS AND EXCEPT the North 30 feet of said Tract 9 .
Poll - Policy Insert Page I
OLD REPUBLIC NATIONAL TITTLE INSURANCE COMPANY
Owner ' s Title Insurance Policy
Countersigned :
C� llfr
. 1 orized Signatory
ATLANTIC COASTAL TITLE CORPORATION
3850 20111 Street, Suite 6, Vero Beach , Florida 32960
Telephone : 772 -569-4364
Poll - Policy Insert Page 2
;;Illlliliillllilllllllllllllll1:1111:1 IN
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Owner ' s Title insurance Policy
Agent's File No : 30078058
Policy No :
FLH -206943
SCHEI) ULE
This policy does not insure against loss or damage ( and the Company will not pay costs , attorneys ' fees or expenses)
which arise by reason of:
GENERAL, EXCEPTIONS :
I . (a) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate
survey and inspection of the premises .
(b) Easements , or claims of easements , not shown by the public records .
(c) If the land described herein abuts a river, lake, stream or other waterway --- the nature and extent of riparian
and/or littoral rights , title to any portion of the land which is submerged , title to any portion below the mean high water
mark of a tidal waterway, and title to any portion which consists of " filled-in lands " ; and/or any claim that any portion
of said lands are sovereign lands of the State of Florida .
(d) Taxes or special assessments which are not shown as existing liens by the public records .
SPECIAL EXCEPTIONS :
2 . The mortgage referred to in item 2 of Schedule A hereof, if any .
3 . General and special real property taxes and assessments for tax year 2010 and subsequent years .
4 . Ditches , canals and road rights of way (if any) , as reserved or described on the plat of
INDIAN RIVER FARMS COMPANY, as recorded in Plat Book 2 , at Page 25 , of the Public
Records of St. Lucie County, Florida .
In accordance with Title 42 United States Code, Section 3604, any covenants, conditions or restrictions referred to
herein, which indicate airy preference, limitation or discrimination based on race, color, religion, sex, handicap, familial
status or national origin, are hereby deleted.
Note is This policy does not insure against loss or damage arising as the result of unpaid charges for public utilities
fiirnished by any county , municipality, or public service corporation , which may be or may become a lien upon the land
insured hereby under any provision of the Florida Statutes including Section 159 . 17 ; and/or any county, municipal, or
special taxing district assessment, including those levied under the provisions of Chapter 190 , Florida Statutes .
Pol l - Policy Insert Page 3
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Owner ' s Title Insurance Policy
Note 2 : All references herein to recorded instruments , refer to recordations contained within the Public Records of the
county in which the land is located . Reference to instruments among the Public Records refer to the First recorded page
of the instrument, but include by reference all pages recorded under the Clerk's File Number assigned to the instrument
referred to .
Pol l - Policy Insert Page 4