LOAN POLICY OF TITLE INSURANCE
..
ISSUED By
LOAN POLICY OF TITLE INSURANCE
POLICY NUMBER
GSI-00993bl
~wyers lide Insurance@rpg!i!tiQll
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE
CONDITIONS AND STIPULATIONS, LAWYERS TITLE INSURANCE CORPORATION, a Virginia 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;
5. The invalidity or unenforceability of the lien of the insured mortgage upon the title;
6. The priority of any lien or encumbrance over the lien of the insured mortgage;
7. Lack of priority of the lien of the insured mortgage over any statutory lien for services, labor or material:
(a) arising from an improvement or work related to the land which is contracted for or commenced prior to Date of Policy; or
(b) arising from an improvement or work related to the land which is contracted for or commenced subsequent to Date of Policy and which is
financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage which at Date of Policy the insured has
advanced or is obligated to advance;
8. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule A, or the failure of the
assignment shown in Schedule A to vest title to the insured mortgage in the named insured assignee free and dear of all liens.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the insured mortgage, as insured, but only
to the extent provided in the Conditions and Stipulations.
IN WITNESS WHEREOF, LAWYERS TITLE INSURANCE CORPORATION has caused its corporate name and seal to be hereunto affixed by its duly
authorized offICers. the Policy to become valid when countersigned by an authorized officer or agent of the Company.
LAWYERS TITLE INSURANCE CORPORATION
Attest: _/ J L? V 4-
V ..... Secretary
.............-....,"-,
:-- ,liS un".;""
.;' ,,,~ ........--... ~ '.
F ~ .... ..... ('0 .~
;..1 -.- \?o~
~t5fS.l:' Jl:I. \~~
I;; ~ 1I'L J~~
\~\ 1925 /~j
"1 ........ ..... S
I,,,,,,,'c;;~;;~ ..y
,,,,",....~-
By:
?tCtu-t (j. ~
President
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 which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting,
regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any
improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any
parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or
governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting
from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien
or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from
coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the 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 (except to the extent that this policy insures the priority of the lien of the insured mortgage
over any statutory lien for services, labor or material); or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage.
4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of any
subsequent owner of the indebtedness, to comply with applicable doing business laws of the state in which the land is situated.
5. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction evidenced by the insured
mortgage and is based upon usury or any consumer credit protection or truth in lending law.
6. Any statutory lien for services, labor or materials (or the claim of priority of any statutory lien for services, labor or materials over the lien of the
insured mortgage) arising from an improvement or work related to the land which is contracted for and commenced subsequent to Date of Policy and
is not financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage which at Date of Policy the insured has
advanced or is obligated to advance.
7. Any claim, which arises out of the transaction creating the interest of the mortgagee insured by this policy, by reason of the operation of federal
bankruptcy, state insolvency, or similar creditors' rights laws, that is based on:
(a) the transaction creating the interest of the insured mortgagee being deemed a fraudulent conveyance or fraudulent transfer; or
(b) the subordination of the interest of the insured mortgagee as a result of the application of the doctrine of equitable subordination; or
(c) the transaction creating the interest of the insured mortgagee being deemed a preferential transfer except where the preferential transfer
results from the failure:
(i) to timely record the instrument of transfer; or
(i1) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
~1I111111"''''''"l1l11l1l1llllllllll'''''lIIlllllnllallllllnlll_'RI''''.'III''' ___....,.,IIUIIIII..IEIlII_IIIII..'_._...._IIIII...,IIIIDIllIIIIiIIIIIIIIlIIIIIIIIIUIIIIIIIUIIIIIllIIIllIIUIIIIIIUlIIIIIDIIDIIUIIDIIII-
.._81l111lllll1l1l1l11l1l11nllllllllllllnllllll..,IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'
ALTA Loan Policy (10-17-92)
With Florida Modifications
Form.1191-71
Valid only if Schedules A and B are attached
ORIGINAL
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS.
The following terms when used in this policy mean:
(a) "insured": the insured named in Schedule A. The term "insured" also
includes
(i) the owner of the indebtedness secured by the insured mortgage and
each successor in ownership of the indebtedness except a successor who is an
obligor under the provisions of Section 12(c) of these Conditions and Stipulations
(reserving, however, all rights and defenses as to any successor that the Company
would have had against any predecessor insured, unless the successor acquired
the indebtedness as a purchaser for value without knowledge of the asserted
defect, lien, encumbrance, adverse claim or other matter insured against by this
policy as affecting title te the estate or interest in the land);
(ii) any governmental agency or governmental instrumentality which
is an insurer or guarantor under an insurance contract or guaranty insuring or
guaranteeing the indebtedness secured by the insured mortgage, or any part
thereof, whether named as an insured herein or not;
(iii) the parties designated in Section 2(a) of these Conditions and
Stipulations.
(b) "insured claimanf': an insured claiming loss or damage.
(c) "knowledge" or "known": actual knowledge, not constructive knowledge
or notice which may be imputed to an insured by reason of the pUblic records as
defined in this policy or any other records which impart constructive notice of
matters affecting the land.
(d) "land": the land described or referred to in Schedule A, and
improvements affixed thereto which by law constitute real property. The term "land"
does not include any property beyond the lines of the area described or referred to
in Schedule A, nor any right, title, interest, estate or easement in abutting streets,
roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify
or limit the extent to which aright of access to and from the land is insured by this
policy.
(e) "mortgage": mortgage, deed of trust, trust deed, or other security
instrument.
(f) "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 Section
1 (a)(iv) of the Exclusions From Coverage, "public records" shall also include
environmental protection liens filed in the records of the clerk of the United States
district court for the district in which the land is located.
(g) "unmarketability of the title": an alleged or apparent matter affecting the
title to the land, not excluded or excepted from coverage, which would entitle a
purchaser of the estate or interest described in Schedule A or the insured mortgage
to be released from the obligation to purchase by virtue of a contractual condition
requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE.
(a) After Acquisition of Title. The coverage of this policy shall continue in
force as of Date of Policy in favor of (i) an insured who acquires all or any part of
the estate or interest in the land by foreclosure. trustee's sale, conveyance in lieu of
foreclosure, or other legal manner which discharges the lien of the insured
mortgage; (ii) a transferee of the estate or interest so acquired from an insured
corporation, provided the transferee is the parent or wholly-owned subsidiary of the
insured corporation, and their corporate successors by operation of law and not by
purchase, subject to any rights or defenses the Company may have against any
predecessor insureds; and (iii) any govemmental agency or govemmental
instrumentality which acquires all or any part of the estate or interest pursuant to a
contract of insurance or guaranty insuring or guaranteeing the indebtedness
secured by the insured mortgage.
(b) After Conveyance of Title. The coverage of this policy shall continue
in force as of Date of Policy in favor of an insured only so long as the insured
retains an estate or interest in the land, or holds an indebtedness secured by a
purchase money mortgage given by a purchaser from the insured, or only so long
as the insured shall have liability by reason of covenants of warranty made by the
insured in any transfer or conveyance of the estate or interest. 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 indebtedness secured by a purchase money mortgage
given to the insured.
(c) Amount of Insurance. The amount of insurance after the acquisition
or after the conveyance shall in neither event exceed the least of:
(i) the Amount of Insurance stated in Schedule A;
(ii) the amount of the principal of the indebtedness secured by the
insured mortgage as of Date of Policy, interest thereon, expenses of foreclosure,
amounts advanced pursuant to the insured mortgage to assure compliance with
laws or to protect the lien of the insured mortgage prior to the time of acquisition of
the estate or interest in the land and secured thereby and reasonable amounts
expended to prevent deterioration of improvements, but reduced by the amount of
all payments made; or
(iii) the amount paid by any govemmental agency or governmental
instrumentality, if the agency or instrumentality is the insured claimant, in the
acquisition of the estate or interest in satisfaction of its insurance contract or
guaranty.
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 4(a) below. (ii) in case knowledge shall come to an
insured hereunder of any claim of title or interest which is adverse to the title to the
estate or interest or the lien of the insured mortgage. as insured. and which might
cause loss or damage for which the Company may be liable by virtue of this policy,
or (iii) if title to the estate or interest or the lien of the insured mortgage, as insured.
is rejected as unmarketable. If prompt notice shall not be given to the Company,
then as to the insured all liability of the Company shall terminate with regard to the
matter or matters for which prompt notice is required; provided, however, that failure
to notify the Company shall in no case prejudice the rights of any insured under this
policy unless the Company shall be prejudiced by the failure and then only to the
extent of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED
CLAIMANT TO COOPERATE.
(a) Upon written request by the insured and subject to the options
contained in Section 6 of these Conditions and Stipulations, the Company, at its
own cost and without unreasonable delay, shall provide for the defense of. an
insured in litigation in which any third party asserts a claim adverse to the title or
interest as insured, but only as to those stated causes of action alleging a defect,
lien or encumbrance or other matter 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 and 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 which allege matters not insured against by
this policy.
(b) The Company shall have the right, at its own cost, to institute and
prosecute any action or proceeding or to do any other act which in its opinion may
be necessary or desirable to establish the title to the estate or interest or the lien of
the insured mortgage, 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 hereunder, and shall not thereby concede
liability or waive any provision of this policy. If the Company shall exercise its rights
under this paragraph, it shall do so diligently.
(c) Whenever the Company shall have brought an action or interposed
defense as required or permitted by the provisions of this policy, the Company may
pursue any litigation to final determination by a court of competent jurisdiction and
expressly reserves the right, in its sole discretion, to appeal from any adverse
judgment or order.
(d) In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding, the insured shall
secure to the Company the right to so prosecute or provide defense in the action or
proceeding, and all appeals therein, and permit the Company 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 any action or proceeding, securing evidence, obtaining witnesses, prosecuting
or defending the action or proceeding, or effecting settlement, and (ii) in any other
lawful act which in the opinion of the Company may be necessary or desirable to
establish the title to the estate or interest or the lien of the insured mortgage, 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.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 of these
Conditions and Stipulations have been provided the Company, a proof of loss or
damage signed and sworn to by the insured claimant shall be furnished to the
Company within 90 days after the insured claimant shall ascertain the facts giving
rise to the loss or damage. The proof of loss or damage shall describe the defect
in, or lien or encumbrance on the title, or other matter insured against by this policy
which 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. If the
Company is prejudiced by the failure of the insured claimant to provide the required
proof of loss or damage, 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 proof of loss or
damage.
In addition, the insured claimant may reasonably be required to submit to
examination under oath by any authorized representative of the Company and shall
produce for examination, inspection and copying, at such reasonable times and
places as may be designated by any authorized representative of the Company, all
records, books, ledgers, checks, correspondence and memoranda, whether bearing
a date before or after Date of Policy. which 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 records, books,
ledgers, checks, correspondence and memoranda in the custody or control of a
third party, which 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 other
reasonably requested information or grant permission to secure reasonably
necessary information from third parties as required in this paragraph, unless
prohibited by law or governmental regulation, shall terminate any liability of the
Company under this policy as to that claim.
6. 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 Payor Tender Payment of the Amount of Insurance or to
Purchase the Indebtedness.
(i) to payor tender payment of the amount of insurance under this
policy together with any costs, attorneys' fees and expenses incurred by the insured
claimant. which were authorized by the Company, up to the time of payment or
tender of payment and which the Company is obligated to pay; or
(ii) to purchase the indebtedness secured by the insured mortgage
for the amount owing thereon together with any costs, attorneys' fees and expenses
incurred by the insured claimant which were authorized by the company up to the
time of purchase and which the Company is obligated to pay.
If the Company offers to purchase the indebtedness as herein provided, the
owner of the indebtedness shall transfer. assign. and convey the indebtedness and
the insured mortgage, together with any collateral security. to the Company upon
payment therefor.
Upon the exercise by the Company of either of the options provided for in
paragraphs a(i) or (ii). all liability and obligations to the insured under this policy,
other than to make the payment required in those paragraphs, shall terminate,
including any liability or obligation to defend, prosecute, or continue any litigation,
" and the policy shall be surrendered to the Company for cancellation.
Continued on next page of cover sheet
LAWYERS TITLE INSURANCE CORPORATION
NATIONAL HEADQUARTERS
Richmond, Virginia
ENVIRONMENTAL ENDORSEMENT
CODE NAME: Greenwood Apartments
CASE NO. 52112131LA/11478.017
Attached to and made a part of Lawyers Title Insurance Corporation Loan Policy No. G51-0099361.
The insurance afforded by this endorsement is only effective if the land is used or is to be used primarily for residential purposes.
The company insures the insured against loss or damage sustained by reason oflack of priority of the lien of the insured mortgage over:
a. any environmental protection lien which, at Date of Policy, is recorded in those 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, or filed in the records of the clerk of the United States district court for the district in which the land is located,
except as set forth in Schedule B; or
b. any environmental protection lien provided for by any state statute in effect at Date of Policy, except environmental protection
liens provided for by the following state statutes:
NONE.
This endorsement is made a part of this policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date ofthe policy and any prior endorsement, nor does it increase
the face amount thereof.
IN WITNESS WHEREOF, the Company has caused this Endorsement to be signed and sealed as of the 6th day of May, 2002, to be valid when countersigned by an authorized officer
or agent of the Company, all in accordance with its By-Laws.
CO
150 West Flagler Street, Suite 2200
Miami, Florida 33130
Issued at:
LA WYERS TITLE INSURANCE CORPORATION
By: Robert C. Dawson, President
Steams Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
PATRICIA K. GREEN, ESQ.
Attest: R.W. Jordan III, Secretary
Form 91-186
035-2-091-1869/1
G:\W-BJM\1147S\OI7\T1TLEIALTA-S.1-CITYwpd
ORIGINAL
ALTA Endorsement - Form 8.1
(Environmental Protection Lien) (3/27/87)
LAWYERS TITLE INSURANCE CORPORATION
NATIONAL HEADQUARTERS
Richmond, Virginia
FLORIDA ENDORSEMENT FORM 9
(ReatrictiolU, Easements, Minerals)
CODE NAME: Greenwood Apartments
CASE NO. 52112131LAl11478.017
Attached to and made a part of Lawyers Title Insurance Corporation Loan Policy No. G51-0099361 dated April 4, 2002.
The Company insures the owner of the indebtedness secured by the insured mortgage against loss or damage sustained by reason of:
1. Any incorrectness in the assurance that, at Date of Policy:
a. There are no covenants, conditions or restrictions under which the lien of the mortgage referred to in Schedule A can be divested,
subordinated or extinguished, or its validity, priority or enforceability impaired.
b. Unless expressly excepted in Schedule B:
(1) There are no present violations on the land of any enforceable covenants, conditions or restrictions, nor do any existing
improvements on the land violate building setback lines shown on a plat of subdivision recorded or filed in the public
records.
(2) Any instrument referred to in Schedule B as containing covenants, conditions or restrictions on the land does not, in
addition, (i) establish an easement on the land; (ii) provide a lien for liquidated damages; (iii) provide for a private
charge or assessment; (iv) provide for an option to purchase, a right of ftrst refusal or the prior approval of a future
purchaser or occupant.
(3) There is no encroachment of existing improvements located on the land onto adjoining land, or any encroachment onto
the land of existing improvements located on adjoining land.
(4) There is no encroachment of existing improvements located on the land onto that portion of the land subject to any
easement excepted in Schedule B.
2. Any future violation on the land of an existing covenant, condition or restriction occurring prior to the acquisition of title to the estate
or interest in the land, provided the violation results in:
a. impairment or loss of the lien of the insured mortgage; or
b. loss of title to the estate or interest in the land if the insured shall acquire title in satisfaction of the indebtedness secured by the
insured mortgage.
3. Damage to existing improvements (excluding lawns, shrubbery or trees):
a. which are located on or encroach upon that portion of the land subj ect to any easement excepted in Schedule B, which damage
results from the exercise of the right to maintain the easement for the purpose for which it was granted or reserved; or
b. which results from the future exercise of any right to use the surface of the land for the extraction or development of minerals
excepted from the description of the land or excepted in Schedule B.
4. Any ftnal court order or judgment requiring the removal from any land adjoining the land of any encroachment excepted in Schedule B.
5. Any ftnal court order or judgment denying the right to maintain any existing improvement on the land because of any violation of
covenants, conditions or restrictions or building setback lines shown on a plat of subdivision recorded or filed in the public records.
Wherever in this endorsement the words "covenants, conditions or restrictions" appear, they shall not be deemed to refer to or include the terms,
covenants, conditions or limitations contained in an instrument creating a lease.
'.
The total liability of the Company under said policy, binder or commitment and under this and any prior endorsements thereto shall not exceed, in the aggregate, the amount ofliability
stated on the face of said policy, binder or commitment, as the same may be specifically amended in dollar amount by this or any prior endorsements, and the costs which the Company
is obligated to pay under the Conditions and Stipulations of the policy.
This endorsement is made a part of said policy, binder or commitment and is subject to all the terms and provisions thereof, except as modified by the provisions hereof.
Nothing herein contained shall be construed as extending or changing the effective date of the aforesaid policy, binder or commitment unless otherwise expressly stated.
IN WITNESS WHEREOF, the Company has caused this Endorsement to be signed and sealed as of May 6, 2002, to be valid when countersigned by an authorized officer or agent of
the Company, all in accordance with its By-Laws.
Issued at Miami, Florida
LAWYERS TITLE INSURANCE CORPORATION
Marvin C. Bowling, Jr.
President
Authorized Officer or Agent
PATRICIA K. GREEN, ESQ.
R.W. Jordan, III
Secretary
Form 91.208
G:\ W -BJM\1147B\O I1\TITLE\FORM9-CfIY.wpd
ORIGINAL
2-091-0908
'.
LAWYERS TITLE INSURANCE CORPORATION
NATIONAL HEADQUARTERS
Richmond, Virginia
SURVEY ENDORSEMENT
CODE NAME: Greenwood Apartments
CASE NO. 52112131LAl11478.017
Attached to and made a part of Lawyers Title Insurance Corporation Loan Policy No. G51-0099361.
"The Company hereby acknowledges the lands described in Schedule A are the same lands described in the survey prepared by American
Surveying Company of Tampa, Inc. last revised on March 29,2002, however the Company does not insure the accuracy or completeness of
said survey."
The total liability of the Company under said policy, binder or commitment and under this and any prior endorsements thereto shall not exceed, in the aggregate, the amount ofliability
stated on the face of said policy, binder or commitment, as the same may be specifically amended in dollar amount by this or any prior endorsements, and the costs which the Company
is obligated to pay under the Conditions and Stipulations of the policy.
This endorsement is made a part of said policy, binder or commitment and is subject to all the terms and provisions thereof, except as modified by the provisions hereof.
Nothing herein contained shall be construed as extending or changing the effective date of the aforesaid policy, binder or commitment unless otherwise expressly stated.
IN WITNESS WHEREOF, the Company has caused this Endorsement to be signed and sealed as of May 6,2002, to be valid when countersigned by an authorized officer or agent of
the Company, all in accordance with its By-Laws.
Issued at Miami, Florida
LA WYERS TITLE INSURANCE CORPORATION
COUNTERSIGNED: STEARNS WEAVER MILLER
WEI EFF & SITTERS ON, P.A.
Charles H. Foster, Jr.
President
Russell W. Jordan, III
Secretary
Authorize Officer or Agent
PATRICIA K. GREEN, ESQ.
Form 91-2152-091-0915
ORlGINAL
G:\W-BJM\11478\017\TITLEISURVEY-END-CITY.wpd
'.
LAWYERS TITLE INSURANCE CORPORATION
NATIONAL HEADQUARTERS
Richmond, Virginia
SCHEDULE A
LOAN POLICY
Case No.
Date of Polic
Amount of Insurance
Endorsements
Polic Number
52112131LA/11478.017
April 4, 2002 at 4:39 P.M.
$700,000.00
Florida Form 9
Survey
Alta 8.1
G51-0099361
1. Name of Insured:
CITY OF CLEAR WATER, its successors and assigns, as their interests may appear
2. The estate or interest in the land which is encumbered by the insured mortgage is:
FEE SIMPLE
3. Title to the estate or interest in the land is vested in:
GREENWOOD APARTMENTS, LLC, a Florida limited liability company
4. The insured mortgage and assignments thereof, if any, are described as follows:
Mortgage and Security Agreement dated April 3, 2002, between Greenwood Apartments, LLC, a Florida limited liability company, as
mortgagor, and City of Clearwater, as mortgagee, recorded on April 4, 2002, in Official Records Book 11928, Page 2494; as subordinated
to the insured mortgage by Subordination Agreement recorded on April 4, 2002, in Official Records Book 11928, Page 2476. Note: The
foregoing Mortgage is of equal dignity and priority as the mortgage in favor of the Housing Finance Authority of Pin ell as County, Florida
described in Item 1 of Schedule B, Part II of this Policy.
5. The land referred to in this policy is described asfollows:
See Exhibit A attached hereto and made a part hereof.
150 West Flagler Street, Suite 2200
Miami. Florida 33130
Issued at (Location)
Countersignature Authorized Officer or Agent
PATRICIA K. GREEN, ESQ.
Policy 135 Litho in USA
035-0-135-0906
This Policy is invalid unless the cover
sheet and Schedule B are attached
ALTA Loan Policy 1970 (Rev. 10-17-84
ORIGINAL
'.
EXHffiIT "A"
LEGAL DESCRIPTION
Parcell:
All that certain parcel of land lying and being in the County of Pinellas, State of Florida, more
particularly described as follows:
The Southwest 1/4 of the Southeast 1/4 of the Northwest 1;4 of Section 10, Township 29 South, Range
15 East, less and except each of the following: The North 122 feet of the West 175 feet thereof, and
the portion thereof described as: Begin at the Southwest corner of said Southwest 1/4 of Southeast 1/4
of Northwest 1/4 for Point of Beginning; and run thence North 007'41'1 East 663.23 feet along the
fractional section line; thence South 89023'29" East 13.6 feet; thence South 004'7" East 643.96 feet;
thence along a curve to the left whose chord bears South 44037'21 II East 21.45 feet and whose radius
is 15 feet; thence South 89016'7" East 633.86 feet; thence South 006'30" West 2.9 feet; thence North
89023'8" West 664.76 feet to Point of Beginning, lying and being in Pinellas County, Florida.
And Less and Except the Following Parcel:
A portion of the Northwest V4 of Section 10, Township 29 South, Range 15 East, Pinellas County,
Florida, more particularly described as follows:
From the Southwest corner of the Southeast 1/4 of the Northwest 1;4 of said Section 10, Township 29
South, Range 15 East, run North 30.0 feet; thence East 30.0 feet for a point of beginning; thence S
89023'45.35" East, 60.0000 feet; thence N 50000'00.00" West, 30.0000 feet; thence N 15000100.00"
West, 100.0000 feet; thence N 05000'00.00" West, 115.7269 feet; thence S 00015'36.94" West,
230.5325 feet to the point of beginning.
Parcell.:
Lots 13 and 14, Block B, of NO. 1 SPRINGFIELD SUBDN., LESS AND EXCEPT the South 6 feet
of said Lot 13, according to the map or plat thereof, as recorded in Plat Book 3, Page 56, of the
Public Records of Pin ell as County, Florida.
Tax Folio Numbers: 10-29-15-85014-002-0130
10-29-15-00000-240-0200
G:\ W -BJM\l14 78\0 l7\Legal Description-nl. wpd
. '.
LAWYERS TITLE INSURANCE CORPORATION
LOAN POLICY
Case Number
SCHEDULE B
Policy Number
52112131LA/11478.017
Part I
G51-0099361
EXCEPTIONS FROM COVERAGE
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
1. Taxes and assessments for the year 2002 and subsequent years, not yet due and payable.
2. Easement(s) in favor of City of Clearwater set forth in instrument recorded in Official Records Book 294, Page 222 (As to Parcell).
3. Rights of tenants in possession, as tenants only, under wrrecorded residential leases for a term of 2 years or less.
4. Land Use Restriction Agreement dated as of April 1, 2002, among Greenwood Apartments, LLC, a Florida limited liability company,
Housing Finance Authority of Pin ell as County, Florida, and U.S. Bank National Association, as Trustee, recorded on April 4, 2002, in
Official Records Book 11928, Page 2256.
5. The following state of facts as disclosed by survey prepared by American Surveying Company of Tampa, Inc., last revised on March 29,
2002:
(a) Overhead lines throughout property and crossing easternmost portion of West property line and southernmost portion of North
property line.
(b) Right of public to use North (Palm Bluff Street), South (Palmetto Street), East (W estA venue) and West (N. Greenwood Avenue)
perimeter of property as right of way.
(c) Asphalt drive along northern boundary of subject property encroaches by 6.6 feet onto Southeasterly corner of the North 122
feet of the West 175 feet of the SW 1/4 of the SE 1/4 of the NW 1/4 of Section 10, Township 29 South Range 15 East.
6. Multifamily Mortgage, Assignment of Rents and Security Agreement dated as of April 1, 2002, from Greenwood Apartments, LLC, a
Florida limited liability company, to Housing Finance Authority of Pinellas County, Florida, and Fannie Mae, as their interests may
appear, recorded on April 4, 2002, in Official Records Book 11928, Page 2316, as assigned by Assignment and Intercreditor Agreement
among the Housing Finance Authority of Pin ell as County, Florida, U.S. Bank National Association, as Trustee, and Fannie Mae, and
acknowledged by Greenwood Apartments, LLC, recorded on April 4, 2002, in Official Records Book 11928, Page 2373.
7. UCC-1 Financing Statement between Greenwood Apartments, LLC, as debtor, and Housing Finance Authority of Pin ell as County, Florida,
and Fannie Mae, as secured parties, recorded on April 4, 2002, in Official Records Book 11928, Page 2364. The interest of the Housing
Finance Authority of Pin ell as County, Florida was assigned to U.S. Bank National Association, as Trustee, by UCC-3 Statement recorded
on April 12, 2002, in Official Records Book 11943, Page 1403.
8. Mortgage and Security Agreement dated April 1, 2002, between Greenwood Apartments, LLC, a Florida limited liability company, as
mortgagor, and Bank of America, N.A., as mortgagee, recorded on April 4, 2002, in Official Records Book 11928, Page 2433.
9. Assignment of Rents and Leases dated April 1, 2002, between Greenwood Apartments, LLC, a Florida limited liability company, as
assignor, and Bank of America, N.A., as assignee, recorded on April 4, 2002, in Official Records Book 11928, Page 2456.
10. UCC-1 Financing Statement between Greenwood Apartments, LLC, as debtor, and Bank of America, N.A., as secured party, recorded
on April 4, 2002, in Official Records Book 11928, Page 2466.
11. Land Use Restriction Agreement dated April 1 , 2002 between Greenwood Apartments, LLC, and the City of Clearwater, recorded on April
4,2002, in Official Records Book 11928, Page 2470.
Policy 135 Litho in U.S.A
035-0-135-0906
ALTA Loan Policy 1970 (Rev. 10-17-84
ORIGINAL
~~
. '.
LAWYERS TITLE INSURANCE CORPORATION
LOAN POLICY
Case Number
SCHEDULE B
Policy Number
52112131LA/11478.017
Part II
G51-0099361
SUBORDINATE MATTERS
PART II
In addition to the matters set forth in Part I of this Schedule, the title to the estate or interest in the land described or referred to in Schedule A
is subject to thefollowing matters, if any be shown, but the Company insures that these matters are subordinate to the lien or charge of the insured
mortgage upon the estate or interest.
1. Mortgage and Security Agreement dated April 3, 2002, between Greenwood Apartments, LLC, a Florida limited liability company, as
mortgagor, and Housing Finance Authority of Pin ell as County, Florida, as mortgagee, recorded on April 4, 2002, in Official Records Book
11928, Page 2526; as subordinated to the insured mortgage by Subordination Agreement recorded on April 4, 2002, in Official Records
Book 11928, Page 2557. Note: The foregoing Mortgage is of equal dignity and priority as the mortgage in favor of the City of Clearwater
described in Item 4 of Schedule A of this Policy.
2. Mortgage (Securing Forward Commitment Deposit Fee Note) dated April 1, 2002, by Greenwood Apartments, LLC, a Florida limited
liability company, as mortgagor, to Investment Property Mortgage, L.L.C., as mortgagee, recorded on April 4, 2002, in Official Records
Book 11928, Page 2585, as assigned to Fannie Mae by Assignment of Mortgage recorded on April 4, 2002, in Official Records Book
11928, Page 2596.
3. Notice of Commencement recorded in Official Records Book 11928, Page 2608.
NOTES: All recording references contained in this Policy are to the Public Records of Pin ell as County, Florida.
In accordance with Florida Statutes, Section 627.4131, please be advised that the Insured hereunder may present inquiries, obtain
information about coverage, or receive assistance in resolving complaints, by contacting the Lawyers Title Insurance Corporation
Regional Office, 201 South Orange Avenue, Suite 1350, Orlando, FL 32801. Telephone Number 407-481-8181.
Policy 135 Litho in U.S.A
035-0-135-0906
AL T A Loan Policy 1970 (Rev. 10-17-84
ORIGINAL
~ ----:------;- --=-c- ,---.. _.~__
CONDITIONS AND STIPULATIONS - continued
.. .,
taken subject, or which is hereafter executed by an insured and which is a charge
or lien on the estate or interest described or referred to in Schedule A, and the
amount so paid shall be deemed a payment under this policy.
11. PAYMENT OF LOSS.
(a) No payment shall be made without producing this policy for
endorsement of the payment unless the policy has been lost or destroyed, in which
case proof of loss or destruction shall be furnished to the satisfaction of the
Company.
(b) When liability and the extent of loss or damage has been definitely fixed
in accordance with these Conditions and Stipulations, the loss or damage shall be
payable within 30 days thereafter.
12. SUBROGATION UPON PAYMENT OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a claim under this policy,
all right of subrogation shall vest in the Company unaffected by any act of the
insured claimant.
The Company shall be subrogated to and be entitled to all rights and
remedies which the insured claimant would have had against any person or
property in respect to the claim had this policy not been issued. If requested by the
Company, the insured claimant shall transfer to the Company all rights and
remedies against any person or property necessary in order to perfect this right of
subrogation. 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 or remedies.
If a payment on account of a claim does not fully cover the loss of the insured
claimant, the Company shall be subrogated to all rights and remedies of the insured
claimant after the insured claimant shall have recovered its principal, interest, and
costs of collection.
(b) The Insured's Rights and Limitations.
Notwithstanding the foregoing, the owner of the indebtedness secured by the
insured mortgage, provided the priority of the lien of the insured mortgage or its
enforceability is not affected, may release or substitute the personal liability of any
debtor or guarantor, or extend or otherwise modify the terms of payment, or release
a portion of the estate or interest from the lien of the insured mortgage, or release
any collateral security for the indebtedness.
When the permitted acts of the insured claimant occur and the insured has
knowledge of any claim of title or interest adverse to the title to the estate or interest
or the priority or enforceability of the lien of the insured mortgage, as insured, the
Company shall be required to pay only that part of any losses 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 of the Company's right of subrogation.
(c) The Company's Rights Against Non-Insured Obligors.
The Company's right of SUbrogation against non-insured obligors shall exist
and shall include, without limitation, the rights of the insured to indemnities,
guaranties, other policies of insurance or bonds, notwithstanding any terms or
conditions contained in those instruments which provide for subrogation rights by
reason of this policy.
The Company's right of subrogation shall not be avoided by acquisition of the
insured mortgage by an obligor (except an obligor described in Section 1 (a)(ii) of
these Conditions and Stipulations) who acquires the insured mortgage as a result of
an indemnity, guarantee. other policy of insurance, or bond and the obligor will not
be an insured under this policy, notwithstanding Section 1 (a)(i) of these Conditions
and Stipulations.
13. ARBITRATION
Unless prohibited by applicable law, arbitration pursuant to the Title Insurance
Arbitration Rules of the American Arbitration Association may be demanded if
agreed to by both the Company and the insured. 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 attomeys'
fees only if the laws of the state in which the land is located permit a court to award
attomeys' fees to a prevailing party. Judgment upon the award rendered by the
Arbitrator(s) 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 may be obtained from the Company upon request.
14. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT.
(a) This policy together with all endorsements, if any, attached hereto 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 or loss of damage, whether or not based on negligence, and
which arises out of the status of the lien of the insured mortgage or of the title to the
estate or interest covered hereby or by any action asserting such claim, shall be
restricted to this policy.
(c) No amendment of or endorsement to this policy can be made except by
a writing endorsed hereon or attached hereto signed by either the President, a Vice
President, the Secretary, an Assistant Secretary, or validating officer or authorized
signatory of the Company.
15. SEVERABILITY.
In the event any provision of this policy is held invalid or unenforceable under
applicable law, the policy shall be deemed not to include that provision and all
provisions shall remain in full force and effect.
16. NOTICES, WHERE SENT.
All notices required to be given the Company and any statement. in writing
required to be furnished the Company shall include the number of this policy and
shall be addressed to: Consumer Affairs Department, P.O. Box 27567, Richmond,
Virginia 23261-7567.
'.
(b) To Payor Otherwise Settle With Parties Other than the Insured or
With the Insured Claimant.
(i) to payor otherwise settle with other parties for or in the name of
an insured claimant any claim insured against under this policy, together with any
costs, attorneys' fees and expenses incurred by the insured claimant which were
authorized by the Company up to the time of payment and which the Company is
obligated to pay; or
(ii) to payor 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 which were authorized by the Company
up to the time of payment and which the Company is obligated to pay.
Upon the exercise by the Company of either of the options provided for in
paragraphs 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.
7. 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 and only to the extent herein
described.
(a) The liability of the Company under this policy shall not exceed the least
of:
(i) the Amount of insurance stated in Schedule A, or, if applicable,
the amount of insurance as defined in Section 2(c) of these Conditions and
Stipulations;
(ii) the amount of the unpaid principal indebtedness secured by the
insured mortgage as limited or provided Under Section B of these Conditions and
Stipulations or as reduced under Section 9 of these Conditions and Stipulations, at
the time the loss or damage insured against by this policy occurs. together with
interest thereon; or
(iii) the difference between the value of the insured estate or interest
as insured and the value of the insured estate or interest subject to the defect, lien
or encumbrance insured against by this policy.
(b) In the event the insured has acquired the estate or interest in the
manner described in Section 2(a) of these Conditions and Stipulations or has
conveyed the title, then the liability of the Company shall continue as set forth in
Section 7(a) ofthese Conditions and Stipulations.
(c) The Company will pay only those costs, attorneys' fees and expenses
incurred in accordance with Section 4 of these Conditions and Stipulations.
8. LIMITATION OF LIABILITY.
(a) 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 unmarketability of title, or otherwise establishes the lien of the insured
mortgage, all as insured, in a reasonably diligent manner by any method, including
litigation and the completion of any appeals therefrom. it shall have fully performed
its obligations with respect to that matter and shall not be liable for any loss or
damage caused thereby.
(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 ail appeals therefrom, adverse to the title or to the lien of the insured
mortgage, as insured.
(c) The Company shall not be liable for loss or damage to any insured for
liability voluntarily assumed by the insured in settling any claim or suit without the
prior written consent of the Company.
(d) The Company shall not be liable for: (i) any indebtedness created
subsequent to Date of Policy except for advances made to protect the lien of the
insured mortgage and secured thereby and reasonable amounts expended to
prevent deterioration of improvements; or (ii) construction loan advances made
subsequent to Date of Policy, except construction loan advances made subsequent
to Date of Policy for the purpose of financing in whole or in part the construction of
an improvement to the land which at Date of Policy were secured by the insured
mortgage and which the insured was and continued to be obligated to advance at
and after Date of Policy.
9. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF
LIABILITY.
(a) All payments under this policy, except payments made for costs,
attomeys' fees and expenses, shall reduce the amount of the insurance pro tanto.
However, any payments made prior to the acquisition of title to the estate or interest
as provided in Section 2(a) of these Conditions and Stipulations shall not reduce
pro tanto the amount of the insurance afforded under this policy except to the extent
that the payments reduce the amount of the indebtedness secured by the insured
mortgage.
(b) Payment in part by any person of the principal of the indebtedness, or
any other obligation secured by the insured mortgage, or any voluntary partial
satisfaction or release of the insured mortgage, to the extent of the payment,
satisfaction or release, shall reduce the amount of insurance pro tanto. The amount
of insurance may thereafter be increased by accruing interest and advances made
to protect the lien of the insured mortgage and secured thereby. with interest
thereon, provided in no event shall the amount of insurance be greater than the
Amount of Insurance stated in Schedule A.
(c) Payment in full by any person or the voluntary satisfaction or release of
the insured mortgage shall terminate all liability of the Company except as provided
in Section 2(a) of these Conditions and Stipulations.
10. LIABILITY NONCUMULATIVE.
If the insured acquires title to the estate or interest in satisfaction of the
indebtedness secured by the insured mortgage, or any part thereof. it is expressly
understood that the amount of insurance under this policy shall be reduced by any
amount the Company may pay under any policy insuring a mortgage to which
exception is taken in Schedule B or to which the insured has agreed, assumed, or
B 1191-71
1
I
f
\
I
\
.,
I\.
~wyers pde
Insurance @rpQr~!\Qn
LOAN POLICY OF
TITLE INSURANCE
AMERICAN LAND TITLE AsSOCIATION
(10-17-92)
ISSUED By
.@.wyersptle Insurance wpQmtAg!!
HOME OFFICE:
101 Gateway Centre Parkway, Gateway One
Richmond, Virginia 23235-5153
A WORD OF THANKS .....
As we make your policy a part of our permanent
records, we want to express our appreciation of
this evidence of your faith in Lawyers Title
Insurance Corporation.
There is no recurring premium.
This policy provides valuable title protection and
we suggest you keep it in a safe place where it
will be readily available for future reference.
If you have any questions about the protection
provided by this policy, contact the office that
issued your policy or you may write to:
Consumer Affairs Department
~wyers pde
Insurance @rpQU!!~Qn
P.O. Box 27567
Richmond, Virginia 23261-7567
TOLL FAEE NUMBEA: 1-800-446-7086