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HomeMy WebLinkAbout2011-139AGREEMENT TO PURCHASE AND SELL UTILITY EASEMENT ���j' BETWEEN aQ %' - 139' INDIAN RIVER COUNTY AND HEON YONG KIM and AE JA KIM, HUSBAND AND WIFE THIS AGREEMENT TO PURCHASE A_N_D SELL REAL ESTATE ("Agreement") is made and entered into as of the 2lstday of; Juni ; 2011, by and between Indian River County, a political subdivision of the State of Florida ("the County"), 1801 27T" Street, Vero Beach, FL 32960 and Heon Yong Kim and Ae Ja Kim, his wife, 1921 Wyoming Avenue, Ft. Pierce, FL 34982-5636, ("Sellers"), who agree as follows: WHEREAS, Heon Yong Kim and Ae Ja Kim, his wife, own two contiguous parcels of property consisting of 1.941 acres located at 2106 U.S. Highway 1, Vero Beach, FL. The western edge of the property abuts U.S Highway 1. An aerial photograph depicting the properties is attached to this agreement as Exhibit "A" and incorporated by reference herein; and WHEREAS, the County, is scheduled to improve water and sewer service in the vicinity of the Seller's properties in the near future and the utility improvement will impact and affect the Seller's properties; and WHEREAS, in order for the County to proceed with its utility improvement plans, the County needs to purchase property to be used as utility easements from affected landowners; and WHEREAS, in order for the County to proceed with its improvement plans, the County needs to acquire an interest in property to be used as a utility easement from the Sellers; and WHEREAS, the County has contacted the Sellers and has offered to purchase a 6,370 square foot (0.146 acre) parcel of property from Seller to be used as a utility easement as depicted on Exhibit."B" attached and incorporated by reference herein (the Easement Property); and WHEREAS, the County is prepared to take the Properties by using its power of eminent domain; and WHEREAS, Sellers and. the County wish to avoid the risk, -time and expense of litigation by entering into this agreement for sale and purchase of the utility easement; 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 aff rmed as being true and correct and are 1 i incorporated herein. 2.1 Agreement to Purchase and Sell Utility Easement. The Seller hereby agrees to sell to the County, and the County hereby agrees to purchase from Seller, upon the terms and conditions set forth in this Agreement, a perpetual, exclusive utility easement over those certain parcels of real property more specifically described in the sketch and legal descriptions attached as Exhibit "B", (the "Utility Easement"). A copy of the Utility Easement is attached hereto as Exhibit "B". The County shall have the right but not the obligation to perform emergency maintenance on the Utility Easement. 3. Purchase Price. Effective Date. The purchase price for the Easement shall be Thirteen Thousand Nine Hundred Twenty -Five Dollars, ($13,925.00) subject to and conditioned upon the approval of the Indian River County Board of County Commissioners at a formal meeting of the Board. The purchase price was established. by an appraisal of the properties performed by an MA! appraiser who was mutually agreed upon by the parties. The County shall pay and Seller shall accept the appraised value of the Utility Easement as the Purchase and Sale price of the Utility Easement. The Purchase Price shall be paid on the Closing Date. The Effective Date of this Agreement shall be the date upon which the Board of County Commissioners shall have approved the execution of this Agreement. 4. Title. Seller shall convey the Utility Easement free of claims, liens and encumbrances of record or known to Seller; but subject to 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"). Seller shall obtain a consent and joinder to the utility lien from any mortgage holder. 4.1 County may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Utility Easement. 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 its 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 this Agreement 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. Representations of the Seller. 5.1 Seller is indefeasibly seized of marketable, fee simple title to the Properties, and is the sole owner of and has good right, title, and authority to convey and transfer the Utility easement which is the subject matter of this Agreement, free and clear of all liens and 2 r encumbrances. 5.2 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 Utility Easement ,and shall record no documents in the Public Records which would affect title to the Utility Easement, without the prior written consent of the County. 5.3 There are no existing or pending special assessments affecting the utility easement, which are or may be assessed by any governmental authority, water or sewer authority, school district, drainage district or any other special taxing district. 6. Representations of the Countv. County and Seller acknowledge that during the course of .construction of their building and excavating this easement that there may be additional utilities or users of this easement. Seller acknowledges that County is paying full value for an exclusive easement and as a result, shall receive an exclusive easement from Sellers. As it has paid full market price for this easement, and not a proportional share, County retains the sole right to contact any and all additional users of this easement in order to collect a fee. for use of the County's exclusive easement in order to defray the costs of this easement to the County. Seller may not, gArant any other entities easement rights in the utility easement that is the subject of this Agreement. 7. Default. 7.1 In the event the County shall fail to perform any of its obligations hereunder, the Seller 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 Effective Date of this agreement. The parties agree that the Closing shall be as follows: (a) 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. (b) -The Seller shall execute and deliver to the County a perpetual, exclusive Utility Easement over, upon and across the property described and depicted in Exhibit "B", free and clear of all liens and encumbrances and in the condition required by paragraph 4. (c) If the Seller is anon -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. (d) 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: 10.1.1 The cost of recording the easement and any release or consent and joinder obtained by Seller pursuant to this Agreement. 10.1.2 Documentary Stamps required to be affixed to the easement. 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 to MBV Engineering, Inc. in the amount of $12,472.31 as a result of additional engineering services created by the existence of the County's water and sewer lines discovered in the easement. Unpaid invoices shall be paid directly to MBV Engineering, Inc. 10.1.5 Attorney's fees and costs of $4,132.67 to Michael O'Haire. 10.1.6 Attorney's fees and costs of $3,500.00. to Charles A. Sullivan, Sr. 10.1.7 Construction costs in the amount of $10,821.92 to Chilberg Construction Company incurred by Seller as a result of additional construction work created by the existence of the County's water and sewer lines discovered in the easement. Unpaid invoices shall be paid directly to Chilberg Construction. 10.1.8 Architectural .costs in the amount of $400.00 to John H. Dean .Architect & Associates, PA incurred by Seller as a result of additional architectural services created. by the existence of the County's water and sewer lines discovered in the easement. Unpaid invoices shall be paid directly to John H. Dean Architect &Associates, PA. D 10.2 Seller shall pay the following expenses at or prior to Closing: 10.2.1 All costs necessary to cure title defects) or encumbrances, other than the Permitted Exceptions, and to satisfy or release of record all existing mortgages, liens or encumbrances upon the Properties. 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 cft ourt 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 Binding 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: Heon Yong Kim or Ae Ja Kim 1921 Wyoming Avenue Ft, Pierce, FL 34982-5636 If to County: Indian River County 180127th Street Vero Beach, FL. 32960 Attn: County Attorney's Office 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 3 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 may be executed in two or more counterparts, each one of which shall constitute an original. 11.8 Counts Approval Required: This Agreement is subject to approval by the Indian River County 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 anon -public entity, that Seller is not required to disclose persons or entities holding less than five (5%) percent of the beneficial interest in Seller. IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. INDIAN RIVER COUNTY, FLORIDA - BOARD OF COUNTY COMMISSIONERS .�/I �J/ iLL� .I LI .� � -� -. / = � ,. ._ Date Signed: Approved as to form and le al sufficiency: �Iliam K. a raal, Deputy County Atty. G'! ��C By: Bob Solari, Chairman �ny• - pprove June 21, 20];1 Attest: J. K. Barton, Clerk Prepared by and return to: Jason A. Beal Atlantic Coastal Land Title Company, LLC 3850 20" Street, Suite 4 Vero Beach, FL 32960 For Documentary Stamp Tax purposes the consideration is $13,925.00 GRANT OF EASEMENT 2f 54899 THIS DOCUMENT HAS BEEN RECORDED IN THE PUBLIC RECORDS OF INDIAN RIVER COUNTY FL BK: 2515 PG:33, Pagel of 2 08/02/2011 at 09:21 AM, D DOCTAX PD $98.00 JEFFREY K BARYON, CLERK OF COURT THIS INDENTURE, made this'N"day of July, 2011, by Heon Yong Kim and Ae Ja Kim, husband and wife, hereinafter called the Grantor, to Indian River County, Florida, a political subdivision of the State of Florida, whose post office address is 1801 27`h Street, Vero Beach, FL, hereinafter called 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, wherever the context so admits or requires.) Witnesseth: That the said Grantor, for and in consideration of the sum of $10.00 and/or other valuable consideration, the receipt whereof is hereby acknowledged, hereby grants In easement for location, installation and maintenance of utilities unto Grantee on, over, across and under the following described property, situate, lying, and being in Indian River County, Florida, to -wit: From the intersection of the North line of the Northwest one quarter of the Southeast one quarter of Section 31, Township 33 South, Range 40 East, with the East right of way line of US Highway No. _ 1 as the Point of . Beginning of the easement hereby granted, run East and along the said North line a distance of 249:00 feet; thence run South and perpendicular to said North line a distance of 37.00 feet; thence run East and parallel to said North line a distance of 30.00 feet; thence run South and perpendicular to said North line 23.00 feet; thence run West and parallel to said North line a distance of 50.00 feet; thence run North and perpendicular to said North line a distance of 40.00 feet; thence run West parallel to and 20.00 feet South of said North line to a point on the East right of way line of U.S. Highway No. 1; thence Northwesterly and along said East right of way line to the Point of Beginning. TO HAVE AND TO HOLD the same together with all and singular the appurtenances thereunto, for the use, benefit and profit of the said Grantee, its Successors and/or Assigns. JUL witness whereof, the said Grantor has signed and sealed these presents the day and year first above written. Si ned, sealed &delivered^n presence of: (Signature of�irst V�itness) (Printed name�rst Witness) (Printed name Witness) STATE OF FLORIDA COUNTY OF INDIAN RIVER .PAn lMA &ft4 Heon Y g Mm A CA. Ae Ja Kim Address of Grantor: The foregoing instrument was acknowledged before me, this � day of July, 2011, by Heon Yong Kim and Ae Ja Kim, who was personally known to me, or who produced the following identification. Commission Number: Commission Expires: _ Notary Public Stab of Floods MaridoN Halflsld My Commission EE104878 Ezpims 08/19/2015 (Printed Name of Notary) OWNER'S POLICY OF TITLE INSURANCE (with Florida Modifications) Policy Number pXFL-08040835 File Number: 41078585 Issued by Old Republic National Title Insurance Company Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Minnesota corporation (the "Company")insures, as of Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. Title being vested other than as stated in Schedule A. 2. Any defect in or Jien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from la) A defect in the Title caused by (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; lit► failure of any person or Entity to have authorized a transfer or conveyance; (iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (v) a document executed under a falsified, expired, or otherwise invalid power of attorney; Ivi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized bylaw; or (vii) a defective judicial or administrative proceeding. (bl The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. (c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by ao accurate and complete land survey of the Land. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 3. Unmarketable Title. 4: No right of access to and from the Land. 5. The violation or enforcement of any law, ordinance, permit, or governmental regulation lincluding those relating to building and zoning) restricting, regulating, prohibiting, or relating to (al the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; Ic) the subdivision of land; or ►d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. In Witness Whereof, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, has caused this policy to be signed and sealed as of Date of Policy shown tri Schedule A, the policy to become valid when countersigned by an authorized signatory of the Company. Policy Issuer: Countersigned: ATLANTIC COASTAL LAND TITLE COMPANY, LLC 3850 20TH STREET, STE 4 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY VERO BEACH,. FL 32960 A Stock Company PHONE: 772-569.4364 400 Second Avenue South, Minneapolis, Minnesota 55401 (612J 371-1111 F. �z gy ��/' ����� President Authorized Officer or Licensed Agent oAT Form asos Fi. Attest �� _Secreta ALTA owners Policy of Title Insurance 6-17.06 (with Flodda Modifications) ��' ry 6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Lantl, is recorded in the Public Records. 8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. 9. Title being vested other than as stated in Schedule A or being defective (a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or (b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records (i) to be timely, or (ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has. been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of: 1. (al Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (i) the occupancy, use, or enjoyment of the Land; (ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or (iv) environmental protection; or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit The coverage provided under Covered Risk 5. (b) Any governmental police power. This Exclusion 11b) does not modify or limit the coverage provided under Covered Risk 6. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; OR7 Form 4309 FL ALTA Owners Policy of Title Insurance 6.17-06 (with Florida Modifications) (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company 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 le) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. 4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the trahsaction vesting the Title as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b► a preferential transfer for any reason not stated in Covered Risk 9 of this policy. 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. Page 2 i CONDITIONS 1. DEFINITION OF TERMS The following terms when used in this policy mean: (a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 81b), or decreased by Sections 10 and 11 of these Conditions. (bl "Date of Policy": The date designated as "Date of Policy" in Schedule A. - (c► "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity. (d) `'Insured": The Insured named in Schedule A. (i►The term `'Insured" also includes (A) successors to the Title of the insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; IB) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; IC► successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (2) if the grantee wholly owns the named Insured, (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity, or (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes. (ii) With regard to (A), IB►, (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessorinsured. (e) "Insured Claimant": An Insured claiming loss or damage. (f) "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. (g) "Land": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Landis insured by this policy. (h) "Mortgage": Mortgage, deed of truss, trust deed, or other security instrument, including one evidenced by electronic means authorized bylaw. (i) "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d►, "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. (j) "Title": The estate or interest described in Schedule A. (k) "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to ORT Form 4309 FL ALTA Owners Policy of Title Insurance 6.17.06 (with Florida Modifications) purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE The coverage of this policy shall coritinue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given bjr a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii► an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii► incase Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title: If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice. 4. PROOF OF LOSS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage: 5. DEFENSE AND PROSECUTION OF ACTIONS (al Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, ants own cost and without unreasonable delay, steal! provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy. (b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion maybe necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or. damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. (c► Whenever the Company brings an action or asserts a defense ' as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order. . Page 3 _ CONDITIONS (con't) 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. (b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage. All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or contin- ue any litigation. (b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this ORT Form 4309 FL ALTA Owners Policy of Title Insurance 6m17-06 (with Florida Modifications) policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or (ii) to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of Insurance; or (ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy. (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions. 9. LIMITATION OF LIABILITY (a1 If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. .. CONDITIONS (coni) 11. LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced by anyamount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT la► Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company; the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss. (b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bands, notwithstanding any terms or conditions contained in those ..instruments that address subrogation rights. 14. ARBITRATION Unless prohibited by applicable law, arbitration pursuant tothe Title Insurance Arbitration Rules of the American Arbitration Association may be demanded if agreed to by both the Company and the Insured at the time of a controversy or claim. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, and service of the Company in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the Insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the Land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitratoris) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules maybe obtained from the Company upon request.. ORT Form 4309 FL ALTA Owners Policy of Title Insurance &17-06 (with Florida Modifications) 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim whether or not based on negligence shall be restricted to this policy. Ici Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. (dj Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, liii) extend the Date of Policy, or liv) increase the Amount of Insurance. 16. SEVERABILITY In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. 17. CHOICE OF LAW; FORUM la► Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies; or enforcement of policies of title insurance of the jurisdiction where the Land is located. Therefore, the court or an arbitrator shall apply the law of the - jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts of law principles todeter- minethe applicable law. (b1 Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction. 18. NOTICES, WHERE SENT Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at 400 Second Avenue South, Minneapolis, Minnesota 55401-2499, Phone: 612-371-1111. T 11 wI o OLD REPUBLIC NAI. TIONAL TITLE INSURANCE COMPANY tort +Ir4 of 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. Agent's File No: Policy No: Effective Date Amount of Insurance: Address: SCHEDULE A 41078585 OXFL-08040835 August 2, 2011 at 9:21 AM $13,925.00 1. .The Insured hereunder, in whom title to the Easement interest is vested at the date hereof, is: Indian River County, 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: From the intersection of the North line of the Northwest one quarter of the Southeast one quarter of Section 319 Township 33 South, Range 40 East, with the East right of way line of US Highway No.1 as the Point of Beginning of the easement hereby granted, run East and along the said North line a distance of 249.00 feet; thence run South and perpendicular to said North line a distance of 37.00 feet; thence run East and parallel to said North line a distance of 30.00 feet; thence run South and perpendicular to said North line 23.00 feet; thence Poll -Policy Insert Page 1 i OLD REPUBLIC. NATIONAL..TITLE INSURANCE COMPANY - - 3, Owner's Title Insurance Policy. run West and parallel to said North line a distance of 50.00.fe%W thence run North and perpendicular to said North line a distance of 40.00 feet; thence run West, parallel to and 20.00 feet South of said North line to a point on the East right of way line of U.S. Highway No. 1; thence Northwesterly and along said East right of way line to the Point of Beginning. Signatory ATLANTIC COASTAL LAND TITLE COMPANY, LLC 3850 201' Street, Suite 4, Vero Beach, Florida 32960 Telephone: 772-5694364 Poll -Policy Insert Page 2 ,. <OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY Owner's Title Insurance Policy Agent's File No: 41078585 Policy No: OXFL-08040835 SCHEDULE B 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: 1. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the Public Records or att aching subsequent to the Effective Date 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 encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. The term "encroachment: includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments on the Land of existing improvements located on adjoining land. 3. Rights or claims of parties in possession. 4. Construction, Mechanic's, Contractors' or 1Vlaterialmen's lien claims, if any, where no notice thereof appears of record. S. Easements or claims of easements not shown by the public records. 6. General or special taxes and assessments required to be paid in the year 2011 and subsequent years. 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 or artificially exposed lands and lands accreted to such lands. 8. State road right reservations(s), if any. 9. Oil, gas and mineral right reservations, if any. Poll -Policy Insert Page 3 OLD REPUBLIC NATIONAL TITLE PANY INSURANCE COM - .... t Owner's Title Insurance Policy . 10. Any lien provided by County Ordinance or by Ch. 159, F.S., in favor of any city, town, village or port authority, for unpaid service charges for services by any water systems, sewer systems or gas systems serving the land described herein, and any lien for waste fees in favor of any county or municipality. 11. :All matters contained on the Plat of Vero Shores Unit One, as recorded in Plat Book 5, Page 52. 12. Assignment of Plat and Other Easements recorded in O.R. Book 995, Page 519. 13. Perpetual Easement recorded in O.R. Book 1829, Page 2402. 14. Restrictrions as set forth in Special Warranty Deed recorded in O.R. Book 875, Page 2370. In accordance with Title 42 United States Code, Section 3604, any covenants, conditions or restrictions referred to herein, which indicate any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, are hereby deleted. Note 1: This policy does not insure.against loss or damage arising as the result of unpaid charges for public utilities furnished by any county, municipality, or public service corporation, which maybe or may become alien 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. Note 2: All references herein to recorded instruments, refer to recordations contained with in 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. Poll -Policy Insert Page 4 A. Settlement Statement Prepared by: Atlantic Coastal land Title Company, LLC (HUD -4) 3850 20th Street, Suite 6, Vero Beach, Florida 32960 U. S. Department of Housing and Urban Development OMB No. 2502-0265 B. TvDe of Loan 1. o FHA 2. o FmHA 3. o Conv. Unins. e. File Number 7, Loan Number a. Mortgage Insurance Case No. 4. a VA 5. o Conv. Ins. 41078585 C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(p.o.a.)" were paid outside the closing; they are shown here for informational r rposes and are not included in the totals. D. NAME ANDADDRESS OFeORROWEA: Indian River County, a political subdivision of the State of Florida 1801 2r Street, Vero Beach, FL 32960 E. NAME AND ADDRESS OF SELLER: Heon Yong Kim and Ae Ja Kim, his wife 1921 Wyoming Avenue, Ft. Pierce, FL 34982-5636 F, NAME AND ADDRESS OF LENDER: None • Cash G. PROPERTY LOCATION: 2106 U.S. Highway 1, Vero Beach, FL N. SETTLEMENT AGENT: Atlantic Coastal Land Title Company, LLC J. PLACE OF SETTLEMENT: 3850 20th Street, Suite 6, Vero Beach, Florida 32960 JUIX 2011 U A.Y <.R� , A.W kms_ A h - ..__ 1 • AMOUNT • • • • • • 400.• • • TO 101. Contract Sales Price $ 139925.00 401. Contract Sales Price 13,925.00 102. Personal Property 402. Personal Property 10_3. Settlement charges to borrower: $ 32,211.20 403. 104. -_--- 404. 105 405 _ AWtJ, TktENTS t:OR•ITEMS PAIp BYSELLER IMADyANGE;, ADDU&TMENTSF,OR . h�$ PAD$Y3$ELk7R IN AI7kAGE �� v ,` 107. County Taxes Closing Date to $ 0.00 407, County Taxes Closing Date to 0.00 108. Assessments to 408. Assessments to 109. _ 4099- ---- ----- 110. ---- -- 410. 111. 411. 112. 4120 - -- - -- 120. GROSS DUE FM BORROWER: $ 469136.20 420. GROSS DUE TO SELLER: $ 139925.00 1 • • : • • • • • • • 201. Deposit or earnest money 501. Excess deposit (see instructions) _ _ _ 202. Princ ipal amt of new loan $ 502. Settlement Chimes to seller $ 0.00 -_0.0.0 -- 203. Existin loans takensubject to 503. Existing loans taken subject to 2040 Partial release of first mortgage_ $ 13,925.00 _504. 205. 505. Payoff of secondmortgage loan _ _- 2060 506.------- -- ---- ---- ------ 507. --..----------- - ----- -- --- - 207. 2080 508. 209 509 AQJUSTMENTS FOR ITEMS UNFAIR BY;SEt l E F y 7. x - ITEiSAS,U,.NPAID BY,$(:LLER,,, -,; , 211. County Taxes 1/1 - Closing Date $ 0.00 .;ANUSTMENTS:FOR 511. County taxes 1/1 - Closing Date $ 0.00 212. Assessments to 512. Assessments to 213. 513. 214, 514. 215. 515. 216. 516. 217. 517. 218.-- --------------- ----- -518. 21_9. 519. _ 520, TOTAL REDUCTIONS IN $ 130925.00 220, TOTAL PAID BY/FOR _ $ 0.00 BORROWER: AMOUNT DUE TO SELLER: awn Gross amt due from borrower $ 601. Gross amt due to seller $ 139925.00 _301_. 302. Less amt aid by/for borrower _46_,136.20 $ 0.00 602. Less reductions in amt due seller $ 13,925.00 303. CASH FROM BORROWER: $ 469136.20 603. CASH FROM SELLER: $ 0.00 HUD -1 (3-86) RESPA, HB 43052 m L. SETTLEMENT CHARGES 700. TOTAL SALES/BROKER'S COMMISSION: $, BASED ON PRICE OF $13925.00 %= DIVISIONOF • • r • • 701. $ to 702. $ to 703. Commission aid at settlement • • • PAID FROM BORROWERS FUNDS AT SETTLEMENT PAID FROM SELLER'S FUNDS AT SETTLEMENT 801. Loan Origination fee %to 802. Loan Discount %to 803. Appraisal Fee to: 804. Credit Report to: 805. Lender's Inspection fee to: 806. Mortgage Insurance application fee to: 807. Assumption fee to: 808. 809. -- 810. - --- -- -- 811. •0r 901. ITEMS REQUIREDe • BE PAID IN ADVANCE: Interest from to @ $ /da 902. Mortgage insurance premium for mos to 903. Hazard insurance premium for yrs to 904. Flood Insurance premium for yrs to 905. rrr 1001. RESERVES • ••LENDER: Hazard insurance months @ $ per month 1002. Mortgage insurance months @ $ per month 1004. County property taxes months @ $ per month 1006. Flood insurance months @ $ per month 1007. 1100, 1101. Aggregate Adjustment Amount Settlement or closing fee to Atlantic Coastal Land Title Company, LLC $ 500.00 $ 0.00 1102. Abstract or title search to $ 0.00 $ 0.00 1103. 1104. Title Examination to Atlantic Coastal Land Title Company, LLC Title insurance binder to Old Republic National Title Insurance Co. $ 150.00 $ 0.00 1105. Document preparation to 1106. 1107. Attorney's fees to O'Haire, Quinn, Candler Attorney's fees to Sullivan & Sullivan $ $ 4,132.67 39500.00 1108. 1109. 1110. Title insurance to Atlantic Coastal Land Title Company, LLC $100.00 Lender's coverage $ _ Owner's coverage $ 13,925.00 $ 100.00 $ 0.00 1111. Florida Comprehensive Endorsement (Form 9) 1112. ALTA Environmental Protection Lien Endorsement Fonn 8.1 1113 1114. 1115. rr. 1201. GOVERNMENT RECORDING Recording fees: Easement: $18.50; Release of Mortgage: $18.50 $ 37.00 1203. State tax/stamps: Easement $97.30 $ 97.30 $ 1204. Intangible tax on Mortgage $ 0.00 1205. 1206. rr 1301. ADDITIONAL Survey to 1302. 1303. Pest inspection to Express delivery fees to Atlantic Coastal Land Title Company, LLC 1304. Chilberg Construction Company Lien Payoff, c/o Collins, Brown, Caldwell $ 10,821.92 1305. John H. Dean Architect & Associates, PA $ 400.00 1306. MBV Engineering $ 12,472.31 1307. 1308. 1309. 1310. _ 1311 1312. 1400. TOTAL SETTLEMENT CHARGES (Enter online 103, Section J • and - line 502, Section K) $ $2,211.20 $ 0.00 I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction. t further certify that I have received a copy of HUD -1 Settlement Statement. Sellers: Heon Yong Kim Ae Ja Kim Buyers: Indian River County, a polltigal subflFv{slon gfifielState of Florida William K. DeBraal its Deputy County Attorney Some costs reflected hereon may be based on good faith estimates that require post -closing adjustment. Any variations in actual costs from those reflected hereon that result in overcharges or undercharges not in excess of $25.00 to any party shall be credited to or debited against closing fees charged by Atlantic Coastal Land Title Company, LLC. It is further understood, and the parties hereto agree, that all funds received by Atlantic Coastal Land Title Company, LLC may be placed in escrow accounts that may be subject to Overnight Repurchase Agreements between Atlantic Coastal and its depository bank. Interest earned as the result of such agreements, if any, is the property of Atlantic Coastal Land Title Company, LLC. The HUD -1 Settlement Statement which I have prepared is a true and accurate account of this transaction. 1 have caused or will cause the funds to be disbursed in accordance with this statement. Atlantic Coastal Land Titie Company, LLC (Settlement Agent) Closing Date: July _, 2011 WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can include a fine or imprisonment. For details see: Title 18 U. S. Code Section 1001 and Section 1010.