BANK OF CLEARWATER (2)
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STATE OrFLOalDA ) i
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COUNTY OF P1"'~LA..)
THlSUID..,UU.,;'.... the 5th ~,ot<.........l'Y. A.,p. 1171.
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pay the City" CJea....... & ....l'y ill lb. amouat of
Two HWMheclD.U... ($200.00) .... mea6 fo.. ..eh moDth
....ed .ftei't11. Ar., ..... (I) yeal", wWeh ..iei ,.ym.at
.ball c_tln_ ....1,..U tit. cOIIItI'UGt'. COJDDUIJlC".
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tIl, lame.
TO HAVE AICDTOHOLD tJM .... -.to the .... pal't,. of tM ..cOAd .....1:,
it. 81100"'01'1 ........... to 1.... pzooper .........,tt aacl behoof 1_lvI...
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IN WITNEII.WHJCa:JOI'. ",.ny of .. 'lnt ..rt Jau caua.. the..
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CITY OJ" CUAaWATJi:a. I"LOIUDA
C..ter.tp.ch
Is I H.. EverettJd'rui~a. .
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llII&yol'-Commllal.,...
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B, IS/Merrett R. Stierheim
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A....tt 1131 R. G. Whitehead
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Is I Herbert M. Br,~Wn
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City A.....y
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I s I Judi D. Stone)
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Is / Betty A . RU88~1l
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ITATZor FLOIUW. >>
COVNTYOF,PUm't.\i .
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m.tciJ*! CO.,..._._ .. __to ...................'...... cIIf1cet. ....cd.. in
aM who exec.__ .' f............ of c_..~. aM .....rAl'ly .....W._ th.
....UioD ther." to,'" ....... 'N. act 'aM ....'.. _.Il otftC...8 th......... duly
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WlT_..Qti"',...._.'...':...lal..~~.~C~""'~1' I. 'tJae c;....ty of
P..u.. ...:8.....!~1_....t ,,'ct.i.Y ...,.... I..t....... wrltten.
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My Coma'.............:
IsI'1JettyA. Russell
:..i'Y Pabllc
Aug. I, 1974
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CLOSING STATEMENT
Clearwater, Florida
February 5, 1971
Seller: City of Clearwater, Florida
Purchaser: Bank of Clearwater
Property Description: W. 18 feet of S. 200 feet of P:Joperty
in Sec. 16-29-15
Credits to Seller:
Sales Price
$14,400.00
Credits to Purchaser:
Cash to Close
$14,400.00
$14,400.00
$14,400.00
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AGREE ME NT FOR SA LE AND PURCHASE
THIS AGREEMENT made and entered into this 30th day of
Dee erribe r
, 1970, by and between BANK OF CLEARWATER, a
Florida banking corporation, or its as signs (hereinafter referred to as
"Bankll}, and the CITY OF CLEARWATER, FLORIDA, a municipal corporation
existing under the laws of the State of Florida (hereinafter referred to as
"C ity II);
WITNESSETH
WHEREAS, Bank desires to construct a modern, multi-story
banking and office building at the Northeast corner of Cleveland and Garden
Streets in the downtown area of the City of Clearwater, Florida; and
WHEREAS, Bank desires to acquire a small portion of City-owned
property in order to facilitate such construction; and
WHEREAS, the City desires to improve and upgrade .the quality of
structures in downtown Clearwater; and
WHEREAS, the City desires to facilitate ingress and egress from
its off-street parking area on the former Atlantic Coast Railroad Property
and to provide adequate room for potential future expansion of Garden Avenue;
NOW, THEREFOREa in consideration of the premises and the
covenants herein contained, ttle parties hereto mutually agree as follows:
1. Bank agrees to lease to the City the real property situated in
Pinellas County, Florida, described in Exhibit I attached hereto and made
a part hereof by reference (which shall hereafter be referred to as Parcell).
The term of said lease shall be for ten (l0) years which shall be considered
as having commenced on July 1, 1970
The City shall pay as rent
one-half of the parking meter revenue received from the meters on said
property after first deducting therefrom the sum of $5,725.45, which
represents the total cost of the parking meters, installation thereof and
paving,for the said property. The City shall either payor reimburse the Bank
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to renew the lease for an additional ten (10) year period provided that the I
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rent for such period shall be in such amounts then to be agreed upon by the
parties, taking into consideration the investment of $36,000. 00 in said
property by the Bank. During the term of the lease or any renewed thereof,
the City shall have an option to purchase said property for the sum of
$36,000.00 in accordance with the appraisal attached hereto as Exhibit 3
provided that the sale is approved by Federal and State banking regulatory
agencies.
It is understood that the City shall give to the Bank quarterly accountings
of the revenue received from the parking meters on said property and make
any payment that may be due at that time.
It is also understood that the said property is to be used by the City
as a metered public parking lot; and in the event that the City discontinues this
use, and has not exercised its option to purchase, this lease shall become
null and void and the Bank may reenter and take possession thereof. In the
event, however, that the City and the Bank agree that the meters may be
removed from the parking lot, then it is agreed that a payment in lieu of
meter revenue may be made in amounts monthly as may be agreed upon
considering the amount of revenues derived therefrom during the preceding
two (2l year period so long as the property shall remain open to the public.
2. The City agrees to sell and Bank agrees to purchase for the
sum of $14,400.00 the described real property situate in Pinellas County,
Florida, the description of which is attached hereto and made a part hereof
by reference and marked Exhibit 2, or as much thereof as Bank shall
designate (which shall hereafter be referred to as Parcel 2).
3. The prices at which the City shall pay for PCl:rcel i in the event
it exercises its option to purchase, and at which it will.sell Parcel 2, or
the designated portions thereof, have been determined from appraisals of
the parcels that it has obtained at its own cost from an M. A. I. appraiser,
copies of said appraisals being attached as Exhibit 3.
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4. As an additional inducement to the City to sell Parcel 2, Bank
agrees to pay the City a sum not exceeding $2,500.00 for the purpose of
landscaping an area, to be designated by the City, immediately adjacent to
and including Parcel 2 but excluding any portion of Parcel 2 necessary for
the propos ed building.
5. Bank agrees to use Parcel 2 as an"integra1 part of the area on
which it proposes to construct a modern, multi-story banking aIl1 office
building, provided, however, that a majority of the area must be used for
sidewalks and open area beautification purposes.
6. It is also agreed that Bank may use such portions of Parcel 2
as it desires for storage of construction equipment and materials during
construction of the subject building, provided, however, that the construction
of the building shall not interfere with the public IS us e of the adjacent public
parking 10t"un1ess approved by the City Commission.
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7. It is agreed between the parties he reto that any office building
constructed by Bank on Parcel 2 and the area adjacent thereto shall be set
back from the existing lot line on Cleveland Street, as determined by the
Resolution of the City Commission of August 2, 1948, no less than twenty-five
(25) feet and set back from the existing lot line on Garden Avenue no less
than ten (10,) fee,t, provided that the ten '(10), foot set back on Garden A venue
shall be retained as an open area for sidewalk and beautification purposes and
provided further that an appraisal of the Garden A venue setback has been
obtained in the same/appraisal as defined in Paragraph 3 hereof and said
appraised price shall be used as the purchase price in .the event the City
determines at any time in the future that it needs further right of w.ayfor
the widening of Garden A venue.
8. Bank, in addition, agrees to make available at all times for its
employees and the tenants of its proposed building no less than one hundred
f\f~'f C1501
private parking spaces off the premises and near the area of
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of the Bank construction. To insure this Bank agrees that should the City
bring an action for specific performance to compel Bank to provide the afore-
said required number of parking spaces, to pay all costs of court action
and 'to reimburse the City reasonable attorney fees on account of court action
involved.
This paragraph shall supersede the closing of the transactions contemplated
herein and shall be binding on both parties so long as Bank or its successbrs
or assigns operates a bank on the premises as contemplated herein.
9. The closing of this transaction shall be within thirty (30) days from
the date of Bank's and the City's acceptance, as the case may be, or later
by mutual agreement of th,e parties hereto. At least fifteen ('15). days prior
to the date for closing the City agrees to deliver to the Bank a commitment for
title insurance or commitment to guarantee title in the amount of the purchase
price, insuring the title of the purchaser to said parcel, excepting only unpaid
mechanic's and materialmen's liens, taxes, assessments for the current year,
and for the standard conditions and expenses as usually are warranted in the
policy issued by the title insuror. The Bank shall have ten (10) days from
date of receipt of said commitment to examine same and make an objection
thereto. If no objection is made thereto within said ten-day period, title
will be deemed to be acceptable. If such written objection is made by the
Bank, the Seller shall have ninety (90) days from the date of receipt of such
written objection by said purchaser in which to remedy such defect. Should
the City remedy such defect, then this transaction shall thereafter be closed
within the time limits hereinabove set forth. Should the City fail to remedy
such defect, then the Bank shall have the option of terminating this Agreement
and having returned to purchaser all considerations theretofore given by it
or it may accept title in its then condition and this transaction shall be closed
within the time hereinabove set forth, without rebate in the purchase price.
All costs of procuring said commitment and ultimate title insurance policy
shall be borne by the City.
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10. It is mutually understood and agreed between the parties hereto
that taxes, if any, for the current year shall be prorated as of closing.
11. In the event that the City exercises its option to purchase, as
set out in paragraph I, the Bank shall comply with the provisions of paragraph
9 in respect to the obligations of a seller, and it is agreed that Bank will
convey Parcell by good and sufficient warranty deed free and clear of all
encumbrances save and except taxes for the current year and restrictions
and reservations of record, if any. Bank shall place the required documentary
stamps on said warranty deed and the City will pay for recording the same.
120 It is agreed that the City will convey Parcel 2 by good and
sufficient warranty deed free and clear of all encumbrances save and except
taxes, if any, for the current year and restrictions and reservation~ of record
and subject to the following conditions which shall be inserted in said deed,
to wit:
"Upon the condition that grantee, or its assigns, shall not have
commenced construction of a multi-story office building on and or adjacent to
the above described premises within three (3) years from the date hereof
(commencement of construction to be deemed the pouring of the facility's
foundation), grantor may enter and terminate the estate hereby conveyed;
provided, that grantor shall grant the grantee, or its assigns, a five (51
year extension, in recordable form, of the period in which it shall be allowed
to commence construction, upon reasonable evidence presented by grantee,
or its assigns, to the City Commission of the City of Clearwater, in open
hearing, that construction will commence within the said five (5) year period."
With the additional proviso that Bank shall pay the City of Clearwater a
penalty in the amount of Two Hundred Dollars ($200.00) per month for each
month elapsed after the first three (3) years, which said payment shall continue
monthly until the construction commences.
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13. In the event that the City exercises its rights, pursuant to the
terms of the preceding paragraph, the City shall tender to Bank the price
theretofore paid by Bank for said property, and in such eve.nt, Bank agrees
to pay for the costs of paving of Parcel 2 comparable to the adjacent City-owned
parking area.
14. Both parties hereby mutually agree that this agreement, the
covenants contained therein and the provisions thereof shall be binding upon
the assignees and assigns of the respective parties.
IN WITNESS WHEREOF a the parties hereto have caused these presents
to be executed the day and year first written in Clearwater, Florida.
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Signed, sealed and delivered
iJ:? the presence of:
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As to Bank of~earwater
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correctness:
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STATE OF FLORIDA )
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COUNTY OF PINELLAS )
I HEREBY CERTIFY that on this day, before me,an officer duly
authorized in the State and County aforesaid to take acknowledgments,
personally appeared Joa. F. ComeUu. and
Harry Hammock, Jr. .' well known to me to be the Ch.im.~ of the
and As.t. Vice Prell;espectively of the corporation named in the foregoinrr
instrument,and that they severally acknowledged executing the same in the
presence of two subscribing witnesses freely.and voluntarily under authority
duly vested in them by said corporation and that the seal affixed thereto is
the true corporate seal of the corporation.
WITNESS my hand and official seal in the County and State last
aforesaid this 30th day of December , A.D. 1970.
My Commission Expires:
S/Ronald E. Dorey
Notary Public
June 8. 1973i;
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STATE OF FLORIDA )
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COUNT Y OF PINE LLAS )
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I HEREBY CERTIFY that on this S- -- day of .::t ~ ,
A. D. 1971, before me personally appeared Merrett R. Stierheim, He'~bert M.
Brown, R. G. Whitehead and H. Everett Hougen, respectively, City Manager,
City Attorney, City Clerk and Mayor-Commissioner of the City of Clearwater,
a municipal corporation existing under the laws of the State of Florida, to me
known to be the individuals and officers described in and who executed the
foregoing instrument and severally acknowledged the execution thereof to be
their free act and deed as such officers thereunto duly authorized, and that
the official seal of said municipal corporation is duly affixed thereto, and the
said instrument is the act and deed of said corporation.
WITNESS my signaturE;l and official seal at Clearwater in the County
of Pinellas and State of Florida, the day and year last above written.
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Nota y Public ...-=.- .. - ~~.,. . "~
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My Commission Expires:
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Notarv Public. St~.~ of Florida at Lar~e
My Commission Expires Aug. 1, 1974
BUlldt:d L,. T,C1I..)o.rl-~....nea IRIS.wraRse C,
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Addition (t!; recorded in ;'lnt Book J ~'{\ge 5:i o[ tlHl !'lIhUc: nt'l'ord:; of; )!111!,hot"(II1l.'.h
County, Floridn, of \-:hlell Pinc:l1ns County \:as formerly a part.
r herehy certify t)wt Lhe rutvey n~p;'cst'l\ted herCl1l1 1:lects tlle ninii.:uil1 ~'('r:uirc-
mc-ot <1d(lpt(,(~ b/ the F.~;.j'.L.S. <\lId the F.1..T.:\. .:JI\O thc'C'c .ire'no encro~lchl~l(,l1t~;
other thnn slIm...1l hereon.
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The City of Clearwater should get from the Bank of
(500 Cleveland Street Corp.) Lots I and 2 of Block
Gould and Ewing First Addition as
'Page 53, of the Public Records of Hillsborough
Florida, of which Pinellas County '\'Tas formerly
This 1s for the Parkin~ Lot South df
the East side of Garden Avenue.
The Bank of
should get from the
describeu property:
The West 18.00 feet
following described property:
For R point of reference, commence at th6 Northeast corn~~
of Section 16, tl'ovmship 29 South, Rnnee 15 East, and run
thence South B80 58' 40't'West, along tho North line of said
Section, 734.50 f~ct to a point on the Westorly boundary
line of Seaboard Coast J.Jine Rr.d.lroad Company's ma1.n trac1r.',
right pf way; thence South 30, 06' 40" vJest, along said Hest'"':'
erly boundary line 632.80 feet to a point on the Westerly
, extension oftha South line of Laura StreEt, ~he point of
beginning; F~om the point of beginning thus described.,
continue South 30 06' 40" Hest 263.16 feet to the North
line of Cleveland Street, as established by City Ordinance;
thence North 880 21' 56" East, along said North line of
Cloveland Streot, 60.21 feet; thenec North 30 06' 4,011, East
. 262.68 foet to a point on the Westerly extension of sald
South line of Laura Street; thence South 8Go 4'9' 10" I'lest
60.17 feet to the point of beginning. .
Both described properties are in NE 1/4 of Section 16,
~ TO,iYlship 29 South, Range 15 East, City of Clearwater, Pinet6~~r
,--.,'. Florida.., ,-' 'J,
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1(088 Alexander' & Co.
Ross A. Alexander, M. A, 1, S. R, A.
REAL TORS & APPl?AISE1?S
Member:
American Institute of R. E. AppraISers
Sociery of R. E, Appraisers
Clearwater . Largo . Dunedin
Board of Realtors
511 PARK STREET" CLEARWATER, FLORIDA 33516
TELEPHONE '446-'1057
July 17, 1970
'"
Mr. Gerald B. Weimer
Assistant City Manager
City of Clearwater
Clearwater, Florida
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Dear Mr. Weimer:
Pursuant to your request, I have made an appraisal of the
three vacant tracts located in Gould & Ewings, First Addition
as recorded in Plat Book 1, Page 24, of the Public Records
of Pinellas County, Florida, as requested by you in your
letter of June 10, 1970.
My report of 15 pages, including Addenda, is submitted here-
with describing my methods of approach and containing data
and exhibits gathered in my investigation.
,I have made a careful, detailed inspection of the properties
and after analyzing all the data and facts gathered in my
investigation, I estimate the Market Value of the three pro-
pertie~, as of June 10th, 1970, to be:
SIXTY FOUR THOUSAND FOUR HUNDRED DOLLARS ($64,400.00)
.
~R~_S .ectfU...llY. submitted,
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. Ros A. Alexander, MAl, SRA
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EXHIBIT 3
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PURPOSE OF APPRAISAL
The purpose of this appraisal is to estimate the
market value of three parcels of land, further
described in this report, as of June 10, 1970.
LOCATION OF THE PROPERTY AND LEGAL DESCRIPTION
Parcel No.1 is legally described as Lots 1 and 2,
Block 8, Gould & Ewings First Addition as recorded
in Plat Book 1, Page 24, of the Public Records
of Pinellas County, Florida.
Parcel No.2 is legally described as the west 10
feet of Lots 3, 4, 5, 6, 7, and 8, Block 8, Gould
& Ewings First Addition as recorded in Plat Book 1,
Page 24, of the Public Records of Pinellas County,
Florida.
Parcel No. 3 is legally described as the west 18
feet of the south 200 feet, Block 8, Gould & Ewings
First Addition as recorded in Plat Book 1, Page 24,
of the Public Records of Pine lIas County, Florida.
Parcels 1 and 2 are located in the first block north
of Cleveland Street on the east side of Garden Avenue.
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Parcel No. 3 has 19 feet frontage on Cleveland
Street, approximately 75 feet east of Garden Avenue.
MARKET VALUE
Market Value, as used in this report, is the highest
price estimated in terms of money which a property
will bring if exposed for sale in the open market,
allowing a reasonable time to find a purchaser who
buys with knowledge of all the uses to which it is
adapted and for which it is capable of being used.
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ANALYSIS AND CONCLUSIONS
Th~ Sales Comparison Chart shows the date of sale,
sales price, size and square foot value for each
sale.
These sales range in price from $1.63 to $5.54 per
square foot. The oldest sale took place in Septem-
ber 1965, while the latest sale was made in June
1970 and is not yet closed as of this date.
Many more sales made in the area over the past
few years were analyzed bu these, located near
subject properties, were deemed more appropriate.
Sale No.4 is subject Parcel No.,l. Sale No.3
was verified by a local Realtor to be correct
although stamps on the deed only indicate a sales
price of $22,000. Sale No.4 was also verified
by the same Realtor although this transaction has not
been closed and thus the deed has not been recorded.
These two sales were purchased by the Bank of
Clearwater because of necessity for expansion
purposes.
All the factors, indicative of market value, were
analyzed and considered in arriving at market value
of subject properties. The improvements on the
land were disregarded and the values estimated are
for vacant land only.
The sellers of Sale No.5 no longer had any use
for this tract. The property's shape, long and
narrow but containing many square feet, was re-
flected in the price per square foot. It is
generally accepted that tracts with smaller square
, footage will sell for more per square foot than
larger square fo~tage tracts.
After due consideration of all the facts, it is my
opinion that the estimates of value are as follows:
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ANALYSIS AND CONCLUSIONS (Cont'd.)
Parcel #1 10,676 sq. ft. @ $3.37 or $35,978.
Rounded at $36,000.
Parcel #2 3,500 sq. ft. @ $4.00 or 14,000.
Parcel #3 - 3,600 sq. ft. @ $4.00 or 14,400.
Total $64,400.
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7i-11208
AMERICAN LAND TITLE ASSOCIATION
OWNER'S POLICY FORM A-1970 (Amended 10-17-70)
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ST. PAUL TITLE INSURANCE CORPORATION
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN
SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF,
ST. PAUL TITLE INSURANCE CORPORATION, a Missouri 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, and costs, attorneys' fees and expenses which the Company may become
obligated to pay hereunder, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested otherwise than as stated
therein;
2. Any defect in or lien or encumbrance on such title;
3. Lack of a right of access to and from the land; or
This Policy shall not be valid or binding until Schedules A and B are countersigned by an
authorized signatory.
In Witness Whereof, the ST. PAUL TITLE INSURANCE CORPORATION has caused its corporate
name and seal to be hereunto affixed by its duly authorized officers as of the date shown in Schedule A.
ST. PAUL TITLE INSURANCE CORPORATION
BY: ~v~sltJ
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President
ATIEST, O~ IJ;, ~
Secretary
42001 SFA Rev.10.70 Printed in U. S. A.
Copyright 1969 American Land Title Association
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71-11208
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AL TA 1970 OWNER'S FORM
SCHEDULE A
Number
A 18659
Date of Policy
January 25, 1971
Amount of Insurance
$47,183.00
1. Name of Insured:
CITY OF CLEARWATER
2. The estate or interest in the land described herein and which is covered by this Policy is:
Fee simple
3. The estate or interest referred to herein is at Date of Policy vested in: Insured
4. The land referred to in this Policy is situated in the.........,..~9.~~,!:y,...........,...,.........,....oL,...m.....,~,~~,~U~,~.,......m.............
State oL..mm..m'..nr~9.!;,:h~~'m'mmmmm..mmm' and is described as follows:
For a point of reference, commence at the Northeast corner of Section 16,
Township 29 South, Range 15 East, and run thence South 88058'40" West,
along the North line of said Section, 734.50 feet to a point on the Westerly
boundary line of Seaboard Coast Line Railroad Company's main track right of
way; thence South 3006'40" West along said Westerly boundary line 632.80 feet
to a point on the Westerly extension of the South line of Laura Street, the point
of beginning thus described, continue South 3006'40" West 263.16 feet to the North
line of Cleveland Street, as established by City Ordinance; thence North 88021'56"
East, along said North line of Cleveland Street, 60.21 feet; thence North 3006'40"
East 262.68 feet to a point on the Westerly extension of said South line of Laura
Street; thence South 88049'10" West 60.17 feet to the point of beginning.
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Authorized Signatory
42001 SAA Rev. 10-70 Printed in U. S. A.
This Policy valid only if Schedule B is attached.
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71-11208
,
AL TA 1970 OWNER'S FORM
SCHEDULE B
Number., ..,~...~!?~??....n....'..."n"""",..
This Policy does not insure against loss or damage by reason of the following:
1. Rights of dower, curtesy, homestead or other marital rights of the spouse, if any, of any individual insured.
2. Any lien, or right to lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and
not shown by the public records.
3. Survey: Any encroachments, measurements, party walls, or other facts which a correct survey of the premises
would show.
4. Easements, or claims of easements, not shown by the public records.
5. Rights or claims of parties in possession not shown by the public records.
6. The lien of the General Taxes for the year 19....?.1....." and thereafter.
7. Subject to roads rights-of-way.
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Schedule B of this Policy consists oL..._.n~,..pages.
42001 SAB Rev. 10.70 Printed in U. S. A.
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ICONDITIONS AND STIPULATIONS I
- 1. Definition of Terms
The following terms when used in this policy mean:
(a) "insured": the insured named in Schedule A, and, subject to
any rights or defenses the Company may have had against the named
insured, those who succeed to the interest of such insured by operation
of law as distinguished from purchase including, but not limited to,
heirs, distributees, devisees, survivors, personal representatives, next of
kin, or corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or damage here-
under.
(c) "knowledge": actual knowledge, not constructive knowledge or
notice which may be imputed to an insured by reason of any public
records.
(d) "land": the land described, specifically or by reference in Schedule
A, and improvements affixed thereto which by law constitute real prop-
erty; provided, however, the term "land" does not include any property
beyond the lines of the area specifically 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 shaIl modify or limit the extent to which a right 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": those records which by law impart constructive
notice of matters relating to said land.
2. Continuation of Insurance after Conveyance of Title
The coverage of this policy shaIl continue in force as of Date of
Policy in favor of an insured so long as such insured retains an estate
or interest in the land, or holds an ind'ebtedness secured by a purchase
money mortgage given by a purchaser from such insured, or so long
as such insured shaIl have liability by reason of covenants of warranty
made by such insured in any transfer or conveyance of such estate or
interest; provided, however, this policy shaIl not continue in force in
favor of any purchaser from such insured of either said estate or
interest or the indebtedness secured by a purchase money mortgage
given to such insured.
3. Defense and Prosecution of Actions-Notice of Claim
to be given by an Insured Claimant
(a) The Company, at its own cost and without undue delay, shall
provide for the defense of an insured in all litigation consisting of
actions or proceedings commenced against such insured, or a defense
interposed against an insured in an action to enforce a contract for a
sale of the estate or interest in said land, to the extent that such litiga-
tion is founded upon an alleged defect, lien, encumbrance, or other
matter insured against by this policy.
(b) The insured shall notify the Company promptly in writing (i) in
case any action or proceeding is begun or defense is interposed as set
forth in (a) above, (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, 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, as insured, is rejected as
unmarketable. If such prompt notice shall not be given to the Com-
pany, then as to such insured all liability of the Company shaIl cease
and terminate in regard to the matter or matters for which such
prompt notice is required; provided, however, that failure to notify
shaIl in no case prejudice the rights of any such insured under this
policy unless the Company shall be prejudiced by such failure and
then only to the extent of such prejudice.
(c) The Company shaIl have the right at its own cost to institute
and without undue delay 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 as insured, and the Company
may take any appropriate action under the terms of this policy, whether
or not it shaIl be liable thereunder, and shaIl not thereby concede
liability or waive any provision of this policy.
(d) Whenever the Company shaIl have brought any action or inter-
posed a defense as required or permitted by the provisions of this
policy, the Company may pursue any such litigation to final determi-
nation by a court of competent jurisdiction and expressly reserves the
right, in its sole discretion, to appeal from any adverse judgment or
order.
(e) 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 hereunder shaIl secure to the Company the right to so
prosecute or provide defense in such action or proceeding, and all
appeals therein, and permit the Company to use, at its option, the name
of such insured for such purpose. Whenever requested by the Com-
pany, such insured shaIl give the Company all reasonable aid in any
such action or proceeding, in effecting settlement, securing evidence,
obtaining witnesses, or prosecuting or defending such action or pro-
ceeding, and the Company shaIl reimburse such insured for any
expense so incurred.
4. Notice of Loss-llmitatlon of Action
In addition to the notices required under paragraph 3(b) of these
Conditions and Stipulations, a statement in writing of any loss or dam-
age for which it is claimed the Company is liable under this policy
shall be furnished to the Company within 90 days after such loss or
damage shaIl have been determined and no right of action shall accrue
to an insured claimant until 30 days after such statement shaIl have
been furnished. Failure to furnish such statement of loss or damage
shall terminate any liability of the Company under this policy as to
such loss or damage.
5. Options to Payor Otherwise 5e"le Claims
The Company shaIl have the option to payor otherwise settle for
or in the name of an insured claimant any claim insured against or to
terminate all liability and obligations of the Company hereunder by
paying or tendering payment of the amount of insurance under this
policy together with any costs, attorneys' fees and expenses incurred
up to the time of such payment or tender of payment, by the insured
claimant and authorized by the Company.
6. Determination and Payment of Loss
(a) The liability of the Company under this policy shaIl in no case
exceed the least of:
(i) the actual loss of the insured claimant; or
(ii) the amount of insurance stated in Schedule A.
(b) The Company wiIl pay, in addition to any loss insured against
by this policy, all costs imposed upon an insured in litigation carried
on by the Company for such insured, and all costs, attorneys' fees and
expenses in litigation carried on by such insured with the written
authorization of the Company,
(c) When liability has been definitely fixed in accordance with the
conditions of this policy, the loss or damage shaIl be payable within
30 days thereafter.
7. limitation of Liability
No claim shall arise or be maintainable under this policy (a) if the
Company, after having received notice of an aIleged defect, lien or
encumbrance insured against hereunder, by litigation or otherwise,
removes such defect, lien or encumbrance or establishes the title, as
insured, within a reasonable time after receipt of such notice; (b) in
the event of litigation until there has been a final determination by a
court of competent jurisdiction, and disposition of all appeals there-
from, adverse to the title, as insured, as provided in paragraph 3
hereof; or (c) for liability voluntarily assumed by an insured in settling
any claim or suit without prior written consent of the Company.
8. Reduction of Liability
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shaIl reduce the amount of the insurance
pro tanto, No payment shall be made without producing this policy
for endorsement of such payment unless the policy be lost or destroyed,
in which case proof of such loss or destruction shall be furnished to
the satisfaction of the Company.
9. Liability Noncumulative
It is expressly understood that the amount of insurance under this
policy shall be reduced by any amount the Company may pay under
CONDITIONS AND STIPULATIONS (Continued on Reverse Side)
CONDITIONS AND STIPULATIONS {Continued}
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any policy insuring either (a) a mortgage shown or referred to in
Schedule B hereof which is a lien on the estate or interest covered by
this policy, or (b) a mortgage hereafter executed by an insured which
is a charge or lien on the estate or interest described' or referred to in
Schedule A, and the amount so paid shaH be deemed a payment under
this policy. The Company shall have the option to apply to the pay-
ment of any such mortgages any amount that otherwise would be pay-
able hereunder to the insured owner of the estate or interest covered
by this policy and the amount so paid shall be deemed a payment
under this policy to said insured owner.
10. Apportionment
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and. a loss is established affecting
one or more of said parcels but not all, the loss shall be computed
and settled on a pro rata basis as if the amount of insurance under
this policy was divided pro rata as to the value on Date of Policy of
each separate parcel to the whole, exclusive of any improvements made
subsequent to Date of Policy, unless a liability or value has otherwise
been agreed upon as to each such parcel by the Company and the
insured at the time of the issuance of this policy and shown by an
express statement herein or by an endorsement attached hereto.
11. Subrogation Upon Payment or Settlement
Whenever the Company shall have settled 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 such insured claimant
would have had against any person or property in respect to such
claim had this policy not been issued, and if requested by the Com-
pany, such insured claimant shall transfer to the Company all rights
and remedies against any person or property necessary in order to
perfect such. right of subrogation and shall permit the Company to use
the name of such insured claimant in any transaction or litigation
involving such rights or remedies. If the payment does not cover the
loss of such insured claimant, the Company shall be subrogated to
such rights and remedies in the proportion which said payment bears
to the amount of said loss. If loss should result from any act of such
insured claimant, such act shall not void this policy, but the Com-
pany, in that event, shall be required to pay only that part of any losses
insured against hereunder which shall exceed the amount, if any, lost
to the Company by reason of the impairment of the right of subrogation.
12, Liability Limited to thl. Polley
This instrument together with all endorsements and other instru-
ments, if any, attached hereto by the Company is the entire policy and
contract between the insured and the Company.
Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or any action asserting such claim, shall be restricted
to the provisions and conditions and stipulations of this policy.
No amendment oforeridorsemenno this policy can be made except
by 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.
13. Notice.. Where Sent
All notices required to be given the Company and any statement in
writing required to be furnished the Company shall be addressed to its
Home Office at 7701 Forsyth, St. Louis, Missouri 63105.