DENNIS AND LINDA PEINSIPP
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-'7Retumto~-St;~;rt-Ficlelity Title Co.
11500 Seminole Boulevard
Largo, Florida 34648
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marranttl 111 .e.eb (STATUTORY FORM - SECTION 689,02 F,S.)
W~i6 1Jnbenture. Made this 25TH day of JUNE
19 90
q
, iaetween
DENNIS M. PEINSIPP AND LINDA W. PEINSIPP , HIS WIFE
, grantor~ and
CITY OF CLEARWATER
P.O. BOX 4748, CLearwater, FL.
34618
, grantee~
I!litne66et~. That said grantor, for and in consideration ofthe sum ofTen ($10.00) Dollars, and other good and valuable considerations
to said grantor in hand paid by said grantee, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the said grantee,
and grantee's heirs and assigns forever, the following described land, situate. lying and being in pine 11 as
County, Florida, to-wit:
Lots 5, 6, 7, 8, 9, 10, 11, and 12, Block 2, OVERBROOK
SUBDIVISION, according to the Plat thereof, as recorded in Plat
- Book 8, page 23;- of the -Publi-c"Recbras"-oT Pinella:s-Cou.nty.,--
Florida.
ALSO BEING KNOWN AS PARCEL NU~BER 15/29/15/64890/002/0050
Subject to easements, restrictions and
Subject to taxes for the year 1990 and
cocumeTlt.,. ~ ~
$ ..~. V I ,,;, Pc:. t.-77S:!m
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By _ . ',ljC,,:,,;~, ;..
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reservations of record.
subsequent years.
26092657 NSB
Ot
RECORDING
DOC STAMPS
06-27-90
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$6.00
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CHECK AMT.TENDEREO:
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$QO,i., utn
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~996. 00
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and said grantor does hereby fulIywarrantthe"titl"e t()s~i~ I~n~~, (l~<:!.~iIl ~e!~nd the sa.nl~"a_~i~st t~~a~fu~claim~,,~! allp~rsons whoTT1~oever.
*"Grantor" and "grantee" are used for singular or plural. as context requires.
J
itne66 l!I~erenf, Grantor has hereunto set grantor's hand an ..eal the day and y. ve written,
. sealed and delr1d In our presence: /
. -..~.... _ . , j~~ (bt./I.dl......,.. ..,- ..~~~}jP..........,(Seal)
E ~D~{i~~::rtpr. ". ............... ...is,,''
. , , . , , , , ' . . , . ' , . , ' , , ' , , . . , . , , , , . . . , . . . . . , , , . , . . , , , . . . , , , . . , , . . . , (Seal)
..., ,.,.." ,.., .,...,., ..,.", ,.."",., ,." ,.,.""" ,..".." '. '.. ,..,(Seal)
STATE OF FLORIDA
COUNTY OF PINELLAS
I HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared
DENNIS M. PEINSIPP AND LINDA W. PEINSIPP , HIS WIFE
to me known to be the persQ!l described in and who execut
that h} executed same, .._,Ci.'
WITNESS my hand and offici,al.~~~I~~,~M~<l.B,tlty a
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My commi'5ion~X?l~&.>'ttf;lfj'
, '" !iicf;t;JJ~)~;~ot~.;,}~,~~y~ . ;,': .
E REL-\Ril#,i,\t>B1"PEJ~l}.}1:;'.L.~ ,..TA?E.4,!1'EL /I-J,.'. '_
STEWARTt:J:DEIiE'PY 'T I/:rt:E:\'CO~IP ANY
11500 SEMr~OLE utYIJI;"""'"
Li\RGO: FL 34648" l:t.F'L;
(813) 393-5481 _____i~~_
9C1()90427sm.'l
ledged before me
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I
OMS No 2502-0265
MIS (1099)
A. U.S. DEPARTMENT DF HDUSING AND URBAN DEVELOPMENT B, TYPE DF LOAN
1 0 FHA 2, 0 FMHA 3, 0 CONV UNINS
4.0 VA 5. 0 CONV INS.
6, FILE 17. LOAN
NUMBER 90090427 NUMBER
8 MORTG, INS, CASE NO.
C. NDTE: This form is furnished to tve you a statement of actual settlement costs. Amounts paid to and by the S1lttlement agent are shown, Items marked
("p.o,c,") were paid outsi e the closing: they are shown here for information purposes and are not included in the totals,
D. NAME OF BORROWER::: I TY OF CLEARWATER
ADDRESS:
E. NAME OF SELLER: DENNIS M. PEINSIPP, LINDA W. PEINSIPP
ADDRESS: SELLER TIN: EXEMPT
F. NAME OF LENDER: CASH DEAL
ADDRESS:
G. PROPERTY LOCATlONLOT S 5-12, BLOCK 2, OVER BROOK *BLKS 1 TO 6
1344 CLEVELAND STREET CLEARWATER, FL 34615
H, SETTLEMENT AGENTSTEWART FIDELITY TITLE CO. SETTLEMENT AGENT TIN: 59-1173288
I ADDRESS:41 3 4 CENTRAL AVE. , ST. PETE. , FL
PLACE OF SETTlEMENTSTEWART FIDELITY TITLE CO. I. SETTLEMENT DATE:
ADDRESS11 5 0 0 SEMINOLE BLVD. , LARGO, FL Closing date: 06/25/90
J. SUMMARY DF BORRDWER'S TRANSACTION K. SUMMARY OF SELLER'S TRANSACTION
100 GROSS AMOUNT DUE FROM BORROWER: 400. GROSS AMOUNT DUE TO SELLER:
101. Contracl sales pri~e 180,000.00 401 Conlracl sales price 180,OnO.00
102, Personal property 402, Personal property 1
103. Setttement charges to borrow lime 1400) 6.00 403 i
104 404
105 405
Adjustments for items paid by seller in advance
Adjustments for items paid for seller in advance
~ I
i 106, City/lown taxes to 406 City /lown laxes to
I I
1 107. County taxes to 407. County ta'es to
I
I ,
108. Assessments 10 408 Assessmenls to
I 109 10 409 to
I t 10. to 410 to
111 "11
i 112 412
T
120. GROSS AMOUNT DUE FROM BORROWER: 420 GROSS AMOUNT DUE TO SELLER::
180 006.00 180,000.00
200, AMOUNTS PAlO BY OR IN BEHALF OF BORROWER: 500. REDUCTIONS IN AMOUNT DUE TO SELLER:
201. Deposit or earnesl money 10 000.00 501. Excess depOSit (see Instructions)
202, Principal amount 01 new toan(s) 502. Settlement charges to seller lIine 1400) 15,815.50
203. EXisting loan(s) taken subject to 503 EXI~tlng loan(sl taken subject to
204. 504 Payotl ot lirst morlgage loan 137,294.94
205 505 Payott 01 second mortgage loan
206 506
"FR F n T 'T' c: T r: 1\1 T, V ~ c: F hi?l hi? 5OZ, . f< ' ) SIGN LEASE 521.52
208. 508
209, 509
Adjustments for items unpaid by seller: Adjustments for items unpaid by seller:
210, City ftown laxes to 510, City ftown taxes to
211 County laxes to 511. County taxes to
212. Assessments to 512, Assessments to
213 to 513. to
214, 514.
215. 515
216. 516
217 517
218. 518.
219. 519
220. TOTAL PAID BY/FOR BORROWER: 520, TOTAL REDUCTION IN AMOUNT DUE SELLER:: 1"~ h~1 Qh
1 n ,,') 1 ,,')
300. CASH AT SETTlEMENT FROM/TO BORROWER: 600. CASH AT SETTLEMENT TO/FROM SELLER:
301. Gross amount due from borrower (line 120) lQn nnh nn 601, Gross amount due to seller (line 420) 1An nnn nn
302 Less amounts paid by Ifor borrower (line 220) In <:;.,1 <:;., 602 Less total reductions in amount due seller (line 520) 1"~ h~'l Qh
303. CASH [0 FROM) (0 TOI BORROWER: I1Q 603. CASH (0 TO] [0 FROM] SELLER: 'Jh <hA n.1
v 1hCl :IQ I( y
SUBSTITUTE FORM 1099 SELLER STATEMENT-The information contained in Blocks E, G. H and I and on line 401 (or, if line 401 is asterisked, lines 403 and 404) is important tax information and is being
furnished to the Internal Revenue Service, If you are required to file a return, a negligence penalty or other sanction will be imposed on you if this item is required to be reported and the IRS
determines that it has not been reported,
SEllER INSTRUCTION-If this real estate was your principal residence, file form 2119, Sale or Exchange of Principal Residence, for any gain, with your income tax return: for other transactions,
complete the applicable parts of form 4797, Form 6252 and/or Schedule 0 (Form 1040).
You are required by law to provide with your correct taxpayer identification number.
If you do not provide With your correct taxpayer identification number, you may be subject to civil or criminal penalties,
Under penalties of perjury, I certify that the number shown on this statement is my correct taxpayer identification number.
MIS LDI
PAGE 2 OF OMB No, 2502-0265
I:'lle '::J U U 'fUlfZ / PAID FROM PAID FROM
L. SETTLEMENT CHARGES BORROWER'S SELLER'S
~ ~ FUNDS FUNDS
700. TOTAL SALES/BROKER'S COMMISSION Baled on price' -LUV, '.'vv. vu @ 'to= .L.<.,U\.Iv.vv AT SETTLEMENT AT SETTLEMENT
Division 01 commission (line 700) as follows:
701$ b,JUU.UU to t{UNTt{UN REALTY
702. $ 6,300.00 to BOBBY BYRD REAL ESTATE
703. Commission paid at settlement '-,I 12 , 600 .0lJ
704,
800.ITEMS PAYABLE IN CONNECTION WITH LOAN.
801 Loan Origination fee %
802. Loan Discount %
803, Appraisal Fee to
804. Credit Re~ort to
805, Lender's inspection fee
806, Mortgage Insurance application fee to
807, Assumption Fee
808.
809.
810,
811
9OO.ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE.
901 Interest from to @$ /day
902, Mortgage insurance premium for mo. to
903, Hazard insurance premium for yrs, to
904. yrs, to
905,
1000. RESERVES DEPOSITED WITH LENDER
1001, Hazard insurance mo, @$ per mo "
1002 Mortgage insurance mo.@$ i-"
per mo,
1003, City property taxes mo, @$ per mo,
1004, County property taxes mo, @$ per mo,
1005. Annual assessments (Maint.) mo, @$ per mo,
1006 mo. @$ per mo
1007 mo. @$ per,mo
1008 mo.@$ per mo.
1100, TITlE CHARGES:
1101 Settlement or closing fee to
1102, Abstract or tille search to
1103. Title examination to
1104, Title ,"surance binder to
1105, Document preparation to
1106, Notary lees to
1107, Attorney's fees to to
(includes above items No.:
1108, Title insurance to STEWART FIDELITY TITLE CO. 975.00
(includes above items No..
1109, Lender's coverage 0.00 $
1110, Owner's coverage 180 000.00 $ 975.00
1111,
1112
1113
12oo.GOVERNMENT RECORDING AND TRANSFER CHARGES
1201, Recording fees: Deed $ 6.00 Mortgage $ Releases $ 6.00
1202, City /county tax Istamps: Deed $ Mortgage $
1203, State tax/stamps: Deed $ 990.00 Mortgage $ 990.00
12~ECORD RELEASE to CLERK OF THE CIRCUIT COURT 6.00
1205,
1300. ADDITIONAL SETTLEMENT CHARGES
1301 Survey to
1302. Pest inspection to
1303] q q n 'T'i\ XRS to O. SANFORD JASPER 1 244.50
1304.
1305, I
1400. TOTAL SETTLEMENT CHARGES (entered on lines 103, Section J and 502, Sect/on K) J ./ ~nn lC; Alc;~n
CERTlFICA nON: I have ~~~UIlY revlew~~~'1 Settlement Sti\ment and to the beVf m'~Wledge end belief, It Is a true and accri~recelPts and tSbu~da on~ by ma IlI1hls transaction, I further certify
that I have received a copy f H~~ Se..ttl e .Stateme~t.-;, /7 _ ~ f.L/ L - A. ,'I ...., -A ~ ~
r~ '.( 1 L- /'1_ T"'1 I ~"'7"?7 ,j t' L/ ff J~ ~ .. ..<' 7'7i'""
80rrowb~ k\C V' ~UD" ~ttle~lInt Sta'jm/w;,! ....:~are~nd accurala":::unt o~the funds which W~d I.d ~:e been :rf' be ~isbur~e und:'signed as part Of~~t of this lransaction,
To the be of my k owl
Settle nl A.lIent ' Date
SELLER Nu/O CHASER'S STATEMENT Seller's and Purchase signature hereon ack wledges his/their approval offlX prorationsand alg les their u erstandlng that prorations were baaed on tIXes for the preceding year, orestlmates
for the curr r, and in the event of any change for tho current ye ,all necessary adJustmenll must be made between Seller and Purchaaer; likewise any default In delinquent taxes will be reimbursed to Title Company by the Seller,
Title Company, in its capacity as Escrow Agent, Is and hu been thorlzod to deposit all funds It receives In this traneactlon In any f1nanclallnatltutlon, whether 1IIIIIIted or not. Such f1nanclallnslltutlon may provide TIlle Company computer
;'accounting and audit services directly or Ihrough I separate entl hlch,ll alii lilted with TItle Compeny, may charge the f1nlnclallnstltutlon reasonable and propar componsltlon therefore and retain any prollts therefrom, Any escrow fees paid by any
party involvll1 in this transaction shall only be for checkwrltlng nd Input to the computers, but nollor aloresald accounting Ind ludlt services, Title Company shall not bo liable lor any Interest or other charges on the ea,nost moner, and shall be under no
duty to invesl or reinvest funds held by It at any time, Sellers Ind Purchuers herlaCknOWledge and conllnllo the deposit of the Hcrow money In f1nancla Institutions with which Tille Company has or may have other banking re atlonshlps and further
consent to the re,tention by Title Company and/or Ita allillatea ollny and III bone .(lnCIUdlng advantageouslntereat ratea on loana) TItle Company and/o Its a"lIia!. ay receive from such f1nancllllnstltutlons by reason of their maintenance of said
escrow accounts.
" The parties have read the above sentencea, recognize that the recltatlona he are material, agrea to same, Ind recognize TitIa Company is r I on the sa
Purohasers/Bohowers Sailors
waUI.a, It i. . ,,1m. tn knowinolv makelalse statements to the United Statea on this or Iny other similar form. Ptnaltios upon convk:tlon can include a fino and Imprisonment. For details see: TItle 18: U,S, Code Section 1001 and Section 1010,
CONTRACT FOR SALE AND PURCHASE x~l ~
Dennis Peinsipp f _J ~.) JI!:? '
'OPfARTIES: A . CJ '"' ~Nf6A /A./ ' f - e I ~.5 f>P 1 J
(Phone )
~ City of Clearwater .
!- and , ("Buyer"),
of (Phone ),
hereby agree that the Seller shall sell and Buyer shall buy the following real property ("Real Property") and personal property ("Personalty") (collectively "Property") upon the following
terms and conditions which INCLUDE the Standards for Real Estate Transactions printed on the reverse or attached ("Standard(s)") and any addendum to this instrument
pinellas
DESCRIPTION: (a) Legal description of Real Property located in
Overbrook, Blk 2, Lots 5-12
, ("Seller"),
I.
County. Florida:
(b) Street address, city, zip. of the Property is:
(c) Personalty:
1344 Cleveland St., Clearwater, FL
Stewart Fidelity Title
in the amount of
180,000.00
xJ Cb
10 , 800 .'8-0 Cd')t!>
II,
One Hundred Eighty Thousand Dollars
PURCHASE PRICE.", ".,.., '" ,..,." '" '" " ""." ".,.., ..,." ,.. ,."., ".".,....,.".,.""." "'" , '" ,.. '.', '" ,.",...,."", '..'"" ".,.., ",. $
PAYMENT:
(a) Deposit(s) to be held in escrow by
(b) Subject to AND assumption of mortgage in good standing in favor of
having an approximate present principal balance of
(c) Purchase money mortgage and mortgage note bearing a~ual interest at % on terms set forth herein, in amount of . ,X" ,
(d) Other: Ad J,.,., IJ~A L g 9-~~D - ~r~i1- "'"i~-- At:C''''JOTAA,l'f;!t!}1=' BA..1j ~,... .
(e) Balance to close (U,S, cash. LOCALLY DRAWN certified or c ier's heck), subject to adjustments and prorations
III, TIME FOR ACCEPTANCE; EFFECTIVE DATE: If this offer is n by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties
Sr7 ~O. / _ X
on or before toP ~ , the deposit(s) will, at Buyer's option, be returned to Buyer and the offer withdrawn,
The date of this Contract ("Effective Date") will be the date the last one of the Buyer and the Seller has signed this offer,
IV, FINANCING: (a) If the purchase price or any part of it is to be financed by a third party loan, this Contract for Sale and Purchase ("Contract") is conditioned on the Buyer
obtaining a written commitment for the loan within days from Effective Date, at an initial interest rate not to exceed %; term of years;
and in the principal amount of $ , Buyer will make application within days from Effective Date, and use reasonable diligence to obtain the loan com.
mitent ,and. thereafter, to meet the terms and conditions of the commitiment and to close the loan, Buyer shall pay all loan expenses, If Buyer fails to obtain the loan commitment and.
promptly notifies Seller in writing, or after diligent effort fails to meet the terms and conditions of the commitment or to waive Buyer'S rights under this subparagraph within the time
stated for obtaining the commitment, then either party may cancel the Contract and Buyer shall be refunded the deposit(s),
(b) The existing mortgage described in Paragraph lI(b) above has (CHECK (1) OR (2)): (1) D a variable interest rate OR (2) D a fixed interest rate of % per annum,
At time of title transfer some fixed interest rates are subject to increase. If increased, the rate shall not exceed % per annum, Seller shall, within
days from Effective Date, furnish a statement from all mortgagees stating principal balances. method of payment, interest rate and status of mortgages, If Buyer has agreed to assume
a mortgage which requires approval of Buyer by the mortgagee for assumption, then Buyer shall promptly obtain all required applications and will diligently complete and return them
to the mortgagee, Any mortgagee charge(s) not to exceed $ shall be paid by (if not filled in. equally divided), If the Bu r is not accepted
by mortgagee or the requirements for assumption are not in accordance with the terms of the Contract or mortgagee makes a charge in excess of the st t amount, Seller or
Buyer may rescind this Contract by r:].~pt written notice to the other party unless either elects to pay the increase in interest rate or excess mortgagee charg s, rl
V, TITLE EVIDENCE: At least _ days before closing date, Seller shall. at Seller's expense. deliver to Buyer or Buyer's attorney, in accordance, riard, (Check (1)
or(2)):(1) DabstractoftitleOR(2)!Ititleinsurancecommitmen t. 7-~ ::!,v";e';'~ ICftjo /' '(
VI. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on ' ~;:;IV , unless extended by other 0 i~;o of Contract.
VII, RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions r;
and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be located contiguous to Real Property lines d i.
not more than 10 feet in width as to the rear or front lines and 7'12 fee if"( width as to the side Jines, unless ptherwise specified her in); taxes for year of clo ing and sub e ,t '\
years; assu"eff!efoer~ecifWcl.'~g'ilseC'f.g,ey ~1:~~rrbo;rer: .. t! ,. .",
provided, that there exists at closing no violation of the foregoing and none of them prevents use of Real Property for Conunercial Genera purpose( ,
VIII. OCCUPANCY: Seller warrants that there are no parties in occupancy other than Seller, but if Property is intended to be rented or occupied beyond closing, the fact and terms
thereof shall be stated herein, and the tenant(s) or occupants disclosed pursuant to Standard F, Seller agrees to deliver occupancy of Property at time of closing unless otherwise
stated herein, If occupancy is to be delivered before closing, Buyer assumes all risk of loss to Property from date of occupancy, shall be responsible and liable for maintenance from
that date, and shall be deemed to have accepted Property in their existing condition as of time of taking occupancy unless otherwise stated herein or in a separate writing,
IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions shall control all printed provisions of Contract in conflict with them,
X, INSULATION RIDER: If Contract is utilized for the sale of a new residence, the Insulation Rider or equivalent may be attached,
XI. COASTAL CONSTRUCTION CONTROL LINE ("CCCL") RIDER: If Contract is utilized for the saie of Property affected by the CCCL, Chapter 161, F.S" (1987), as amended,
shall apply and the CCCL Rider or equivalent may be attached to this Contract.
XII. FOREIGN INVESTMENT IN REAL PROPERTY' TAX ACT ("FIRPTA") RIDER: ~~ ar ies shall comply with the provisions of FIRPTA and applicable regulations which could
require Seller to provide additional cash at closing to meet withholding requirements, a ~ 'A Rider or eqUivalent may be attached to thiS Contract
XIII. ASSIGNABILITY: (CHECK (1) or (2)): Buyer (1) D may assign OR (2) 1it4y n a"" n C tr~\~
XIV. SPECIAL CLAUSES, 'CHECK (i) ~ (211 ""',"""m , , I 0 . 0,""""')0I"'2~' _ '_ _ y _ . .
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
. . THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION F REALTORS AND THE FLORIDA BAR,
Approval dOCj>'not constiMe, an ep!Oion that any of the terms and conditions in this Contract s ould be accepted by the parties in a particular ttansaction. Terms
atld conr:J!tJ.Qnj_!?hfIuJ!I9i hegotiated based upon the respective interests, obje ti es and bargaining positions of all interested persons.
~~~n .\~~ '98SBY THEFL~R~DA_BA~:~D ~HC'LO ~~~TION OF ~
on :R,,~, x.;J;.;, y' nager ( eller)
~ "c/~,~.. - ''', 3
~- -'l 0.1
erk
:!;: J? -90 Date
J-
1
Z-./
(Seller)
SoOO~";r'D' Ui:}j;J31
Deposit(s) under Paragraph II received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE, ~1fJ.../
BROKER'S FEE: (CHECK & COMPLETE THE ONE APPLICABLE) B/
D IF A LISTING AGREEMENT IS CURRENTLY IN EFFECT:
Seller agrees to pay the Broker named below, including cooperating sub-agents named, according to the terms of an existing, separate listing agreement:
Date
- L::. C/l
-.... 7 - r5a'ti
(Escrow Agent)
OR
D IF NO liSTING AGREEMENT IS CURRENTLY IN EFFECT:
Seller shall pay the Broker named below, at time of closing, from the disbursements of the proceeds of the sale, compensation in the amount of (COMPLETE ONLY ONE)
_ % of gross purchase price OR $ , for Broker'S services in effecting the sale by finding the Buyer ready, willing and able to purchase pursuant to the foregoing
Contract. If Buyer fails to perform and deposit(s) is retained, 50% thereof, but not exceeding the Broker's fee above provided, shall be paid Broker, as full consideration for Broker's
services including costs expended by Broker, and the balance shall be paid to Seller. ~ the transaction shall not close because of refusal or failure of Seller to perform, Seller shall
pay the full fee to Broker on demand, In any litigation arising out of the Contract concerning the Broker's fee, the prevailing party shall recover reasonable attorney fees and costs,
Rontron Realty & Investments, Inc.
(firm name of Broker)
(name of cooperating sub-agent)
(Seller)
By:
(authorized signatory)
(Seller)
RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS OR THE FLORIDA BAR.
'001-88b (1/88)
......
~
STANDARDS FOR REAL ESTATE TRANSACTIONS
A, EVIDENCE OF TITLE: (1) An abstract of title prepared or brought current by a reputable and existing abstract firm (if not exi,sting then certified as correct by an existing firm)
purporting to be an accurate synopsis of the instruments affecting title to Real Property recorded in the public records of the county wherein Real Property is located, through Effective
Date and which shall commence with the earliest public records, or such later date as may be customary in the county, Upon closing of this transaction the abstract shall become
the property of Buyer, subject to the right of retention thereof by first mortgagee until fully paid, (2) A title insurance commitment issued by a Flori1;la licensed title insurer agreeing
to issue to Buyer, upon recording of the deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring Buyer'S title to Real Property, subject only
to liens, encumbrances, exceptions or qualification set forth in this Contract and those which shall be discharged by Seller at or before closing, Seller shall convey a marketable
title subject only to liens, encumbrances, exceptions or qualifications set forth in Contract. Marketable title shall be determined according to applicable Title Standards adopted by
authority of The Florida Bar and in accordance with law, Buyer shall have 30 days, if abstract, or 5 days, if title commitment, from date of receiving evidence of title to examine
it. If title is found defective, Buyer shall, within 3 days, notify Seller in writing specifying defect(s), If the defect{s) render title unmarketable, Seller will have 120 days from receipt
of notice within which to remove the defect{s), failing which Buyer shall have the option of either accepting the title as it then is or demanding a refund of deposit(s) paid which
shall immediately be returned to Buyer; thereupon Buyer and Seller shall release one another of all further obligations under the Contract. Seller will, if title is found unmarketable,
use diligent effort to correct defect(s) in title within the time provided therefor, including the bringing of necessary suits,
B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a 30 day grace period in
the event of default if a first mortgage and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shall
not permit acceleration or interest adjustment in event of resale of Real Property; shall require all prior lien and encumbrances to be kept in good standing and forbid modifications
of or future advances under prior mortgage(s); and the mortgage, note and security agreement shall be otherwise in form and content required by Seller; but Seller may only require
clauses customarily found in mortgages, mortgage notes,. and security agreements generally utilized by saving and loan institutions, or state or national banks located in the county
wherein Real Property is located, All Personalty and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded
financing statements, If a ba%lon mortgage, the final payment will exceed the periodic payments thereon,
C. SURVEY: Buyer, at Buyer'S expense, within' time allowed to deliver evidence of title and to examine same, may have Real Property surveyed and certified by a registered Florida
surveyor, If survey shows encroachment on Re.al Property or that improvements located on Real Property encroach on setback lines, easements, lands of others, or violate any restrictions,
Contract covenants or aDP,!icable governmental regulation, the same shall constitute a title defect.
D, TERMITES: Boyar, at Buyer's expense, within time allowed to deliver evidence of title and to examine same, may have Real Property inspected by a Florida Certified Pest Control
Operator to detern1Jne. ~- there is-any vi~l:!..aCtive-lermite infestation or visible existing damage from termite infestation in the improvements, If either or both are found, Buyer will
have 4 days from -Qale:of writte/'l' notice !hereof, -wlinin which to have all damages, whether visible or not, inspected and estimated by a licensed builder or general contractor. Seller
shall pay valid costi of treatment and ~pi!ir of all damage up to 2% of purchase price, Should such costs exceed that amount. Buyer shall have the option of cancelling Contract
within 5 days aftQl:..!eceipt af' contrac.t-'Jr's-.epair: ~$imate by giving written notice to Seller or Buyer may elect to proceed with the transaction, in which event Buyer shall receive
a credit at clo:>in~::an amolirir.eqt1ati> the total of the treatment and repair estimate not in excess of 2% of the purchase price, "Termites" shall be deemed to include all wood
destroying organism~aquired to_ be repOl'ted unde~' the Florida Pest Control Act.
. ~. .... _, ' . - "0 __ _.
E. INGRESS AND ~SS: Seller'.varrants alJ1l r~resents that there is ingress and egress to the Real Property sufficient for the intended use as described in Paragraph VII hereof.
title to which is in-accordance with Standard A,.'. -
- -- - .... .~"
F. LEASES: Seller shall, not -less ~ban ~5 'do!l9S before closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature and duration
of the tenant's occupanc1, renttJ1 rates, arJv<ll'lCed rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each tenant, the same information shall be
furnished by Seller to Sayer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact tenants to confirm such information, Seller shall, at closing.
deliver and assign all original leases to Buyer,
G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claims of lien or
potential Iienors known to Seller and further attesting that there have been no improvements or repairs to Property for 90 days immediately preceding date of closing, If Property
has been improved, or repaired within that time, Seller shall deliver releases or waivers of mechanics' liens executed by all general contractors, subcontractors, suppliers, and materialmen
in addition to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements
or repairs which could serve as a basis for a mechanic'S lien or a claim for darT)ages have been paid or will be paid at closing,
H. PLACE OF CLOSING: Closing shall be held in the county where Real Property is located, at the office of the attorney or other closing agent designated by Seller.
I. TIME: Time is of the essence of this Contract. Time periods herein of less than 6 days shall in the computation exclude Saturdays, Sundays and state or national legal holidays.
and any time period provided for herein which shall end on Saturday, Sunday or legal holiday shall extend to 5:00 p,m, of the next business day,
J. DOCUMENTS FOR CLOSING: Seller shall furnish deed, bill of sale, mechanic's lien affidavit, assignments of leases, tenant and mortgagee estoppel letters, and corrective instruments,
Buyer shall furnish closing statement, mortgage, mortgage note, security agreement, and financing statements,
K. EXPENSES: Documentary stamps on the deed and recording corrective instruments shall be paid by Seller. Documentary stamps, intangible tax and recording purchase money
mortgage to Seller, deed and financing statements shall be paid by Buyer.
L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest. insurance and other expenses and revenue of Property shall be prorated through day before closing, Buyer shall have
the option of taking over any existing policies of insurance, if assumable, in which event premiums shall be prorated, Cash at closing shall be increased or decreased as may be
required by prorations, Prorations will be made through day prior to occupancy if occupancy occurs before closing, Advance rent and security deposits will be credited to Buyer and
escrow deposits held by mortgagee will be credited to Seller, Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount,
homestead and other exemptions, If closing occurs at a date when the current year's millage is not fixed, and current year's assessment is available, taxes will be prorated based
upon such assessment and the prior year's millage, If current year's assessment is not available. then taxes will be prorated on the prior year's tax, If there are completed improvements
on Real Property by January 1st of year of closing wh1Ch improvements were not in existence on January 1.st of t~e prior year . them taxes shall, be prorated based upon the prior
year's millage and at an equitable assessment to be agreed upon between the parties, failing which, reql:lest will be made to the County Property Appraiser for an informal assessment
taking into consideration available exemptions, Any tax proration based on an estimate may, at request of either Buyer or Seller, be subsequently readjusted upon receipt of tax bill
on condition that a statement to that effect is in the closing statement.
M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing (and not as of Effective Date) are to be paid by Seller, Pending
liens as of date of closing shall be assumed by Buyer. If the improvement has been substantially completed as of Effective Date, such pending lien shall be considered as certified,
confirmed or ratified and Seller shall, at closing, be charged an amount equal to the last estimate of assessment for the im-provement by the public body,
N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that. as of 10 days prior to closing, the ceiling, roof (including the fascia and soffits) and' exterior and interior walls
do not have any VISIBLE EVIDENCE of leaks or water damage and that the septic tank, pool, all major appliances, heating, cooling, electrical, plumbing systems and machinery are
in WORKING CONDITION, Buyer may, at Buyer's expense, have inspections made of those items by an appropriately Florida licensed person dealing in the construction, repair or
maintenance of those items and shall report in writing to Seller such items that do not meet the above standards as to defects together with the cost of correcting them, prior to
Buyer's occupancy or not less than 10 days prior to closing, whichever occurs first. Unless Buyer reports such defects within that time Buyer shall be deemed to have waived Seller's
warranties as to defects not reported, If repairs or replacement are required, Seller shall pay up to 3% of the purchase price for such repairs or replacements by an appropriately
Florida licensed person selected by Seller. If the cost for such repairs or replacement exceeds 3% of the purchase price, Buyer or Seller may elect to pay such excess. failing which
either party may cancel this Contract. If Seller is unable to correct the defects prior to closing, the cost thereof shall be paid into escrow at closing, Seller will, upon reasonable
notice, provide utilities service for inspections, Between Effective Date and the closing, Seller shall maintain Property including but not limited to the lawn and shrubbery, in the condition
herein warranted, ordinary wear and tear excepted, Buyer shall be permitted access for inspection of Property prior to closing in order to confirm compliance with this Standard,
O. RISK OF LOSS: If the Property is damaged by fire or other casualty before closing and cost of restoration does not exceed 3% of the assessed valuation of the Property so
damaged, cost of restoration shall be an obligation of the Seller and closing shall proceed pursuant to the terms of Contract with restoration costs escrowed at closing, If the cost
of restoration exceeds 3% of the assessed valuation of the improvements so damaged, Buyer shall have the option of either taking Property as is, together with either the 3% or
any insurance proceeds payable by virtue of such loss or damage, or of cancelling Contract and receiving return of deposit(s),
P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds, If abstract, evidence of title shall be continued at Buyer's expense to show
title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence, Proceeds of the sale shall be held in escrow
by Seller's attorney or by such other mutually acceptable escrow agent for a period of not longer than 5 days from and after closing date, If Seller's title is rendered unmarketable,
through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such notification to cure
the defect If Seller fails-to timely cure the defeCt, all deposit(s) shall. upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneOUSly with
such repayment, Buyer shall return Personalty and vacate Real Property and reconvey it to Seller by special warranty deed, If Buyer fails to make timely demand for refund, Buyer
shall take title as is, waiving all rights against Seller as to any intervening defect except. as may be available to Buyer by virtue of warranties contained in the deed, If a portion
of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures. for closing, and for
disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that
it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this Standard
may be waived if title agent insures adverse matters pursuant to Section 627,7841, F.S, (1987). as amended,
a. ESCROW: Any escrow agent ("Aqent") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject
to clearance, disburse them in accordance with terms and conditions of Contract. Failure of clearance of funds shall not excuse Buyer's performance, If in doubt as to Agent's duties
or liabilities under the provisions of Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties mutually agree to its disbursement,
or until a judgment of a court of competent jurisdiction shall determinethe rights of the parties or Agent may deposit with the clerk of the circuit court having jurisdiction of the
dispute, Upon notifying all parties concerned of such action,allliabiHty on the part 01 Agent shall fully terminate, except to the extent of accounting for any items previously delivered
out of escrow, If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S, (1987), as amended, Any suit between Buyer and Seller where Agent is made
a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs
incurred with the fees and cos1s ,to be charged and assessed as court costs in favor of .the prevailing party, Parties agree that Agent shall nor be liable to- any party or person
for misdelivery to Buyer or Seller of items subject to this escrow, unless such misdelivery' is due to willful breach of Contract or gross negligence of Agent.
R. ATTORNEY FEES; COSTS: In any litigation arising out of this Contract, the prevailing party shall be entitled to recover reasonable attorney's fees and costs,
S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified (including payment of all deposit(s)), the deposit(s) paid by Buyer may be retained
by or for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller
shall be relieved of all obligations under Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. If, for any reason other than failure
of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or reluses to perform this . Contract, the Buyer may seek specific performance or elect to receive
the return of Buyer's deposit(s) without thereby waiving any action for damages resulting from Seller's breach,
T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract nor any notice of it shall be recorded in any public records, This Contract shall bind and
inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include all. Notice given by or
to the attorney for any party shall be as effective as, if given by or to that party.
U. CONVEYANCE: Seller shall convey title to Real Property by statutory warranty, trustee's, personal representative'S or guardian's deed, as appropriate to the status of Seller, subject
only to matters contained in Paragraph VII and those otherwise accepted by Buyer, Personalty shall, at request of Buyer. be transferred by an absolute bill of sale with warranty
of title, subject only to such matters as may be otherwise provided for herein,
V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract No modification or change in
this Contract shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it.
W. WARRANTIES: Seller warrants that there are no facts known to Seller materially affecting the value of the Real Property which are not readily observable by Buyer or which
have not ~een disclosed to Buyer.
-
I
Cop>'fight 1988 by The Florida Bar and The Florida Association of REALTORS, Inc.
1
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LIEN AFFIDA.VIT
I
!-
STATE O"Elorida
<n.JN1'Y OF Pinellas
FILE N~0090427SEM
~TE:JUNE 25,1990
BEFORE ME, the undersigned authority, personally appeared
DENNIS M. PEINSIPP AND LINDA W. PEINSIPP , HIS WIFE
("Affiant"), who first being duly sworn, deposes and says:
1. '!hat Affiant is the amer of that certain real property known
aS1344 CLEVELAND STREET, CLEARWATER, FL 34615
and being legally described as:
LOTS 5,6,7,8,9,10,11 AND 12, BLOCK 2,
OVERBROOK SUBDIVISION
2. '!hat Affiant has possession of the Property, and there is no other
person or entity in possession who has any right in the Property.
3. '!hat no "Notice of ~ncement", as contemplated by Section 713.13
Florida Statutes, has been recorded or posted affecting the Property, nor
has it received a "Notice to CMner", as contemplated by Section 713.06(2),
Florida Statutes, and there are no unrecorded labor, mechanics I, or materialmen's
liens against the Property, and no material has been furnished to or labor
performed upon the Property except such that have been paid for in full.
4. '!here are no unrecorded easements, unpaid bills, liens or assessments
for sewers, paving or other public utili ties or improvements made by any
governmental authority, and that no notice has been received for any public
hearing regarding future or pending assessments for improvements by any
governmental instrumentality which are not unpaid against the Property.
5. That affiant is the owner of, and there are no claims or liens
whatsoever of any kind or description against. the equipnent or fixtures
located in the improvements on the Property which is being conveyed.
6. '!hat there are no existing leases or contracts for sale or contracts
for deed or other contractual rights or lIOrtgage camni tments affecting the
Property.
7. '!hat there are' no judgments, liens, lIOrtgages or other claims
recorded or unrecorded, against the Property, other than those shown in
the search made by Stewart Fidelity Ti tie Canpany.
8. That all due and payable ad valorem (real esta1:.e}-t~s and tangible
personal property taxes have been paid and that I have({~) applied
for homestead exemption for. 19_ taxes CIl said property.
9. THIS AFFImVIT is made for the ~se of inducing Fidelity Title
Company, a Florida Corporation, and Stewart Title Guaranty Company, a Texas
Corporation, to issue a ti tie insurance policy on the above described property,
and to disOOrse funds held by Fidelity Ti tie Company, as EscrOtl Agent.
Signed, sealed and delivered
, e presence of:
SWorn to and subscribed before me this
,-
~, American Land Title Association Commitment - 1966
.~,~ ,,=''''',.''c'''''=''''''''='''==='=='===f=-=''==~'
COMMITMENT FOR TITLE INSURANCE
ISSUED BY
'.
90090427SEM
STEWART TITLE
GUARANTY COMPANY
STEWART TITLE GUARANTY COMPANY, A Texas Corporation, herein called the Company,
for a valuable consideration, hereby commits to issue its policy or policies of title insurance, as
identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee
of the estate or interest covered hereby in the land described or referred to in Schedule A, upon pay-
ment ..of. the prem iu m. sand chargesth.e. r, efbr,;all subject tq, t,heprovisions of Schedu les A and B and to
the Conditions anc!Siipulations.hereof,
This Commitment shall be effective only when the identity of the proposed Insured and the
amount of the policy or policies committed for have been inserted in Schedule A hereof by the
Company, either at the time of the issuance of this Commitment or by subsequent endorsement,
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all
liability and obligations hereunder shall cease and terminate six months after the effective date hereof
or when the policy or policies committed for shall issue, whichever first occurs, provided that the
failure to issue such policy or policies is not the fault of the Company.
Signed under seal for the Company, but this Commitment shall not be valid or binding until it
bears an authorized Countersignature,
IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused its corporate name and
seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A.
CITY OF CLEARWATER
STEWART TITLE
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GUARANTY r,OMI'ANY
President
STEW~RT FIDELITY TIn,1=' rnMPANY
Company
ST PETERSBP~G FLORIDA
City, State .
Serial No. C. 9 912 ~ 6 37 616
005N Rev. 3/78
~
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SCHEDULE A
Commitment No.
C-9912-637616
Effective Date of Commitment:
May 24, 1990
Your No.:
90090427SEM
Prepared For: CITY OF CLEARVJATER
Inquiries Should be Directed to: TERESA K. CORPE-SEM
STEWART FIDELITY TITLE COMPA~Y
11500 SEMINOLE BLVD.
LARGO, FL 34648
(813) 393-5481
1. Policy or Policies to be issued:
Amount
(a) GAL TA Owners Policy
$
180,00O-.--9-G
Proposed Insured: CITY OF CLEARWATER
(bl D AL TA Loan Policy $
Proposed Insured:
2. The estate or interest in the land described or referred to in this Commitment and covered herein is a Fee Simple.
3. Title to said estate or interest in said land is at the effective date hereof vested in:
DENNIS M. PEINSIPP AND LINDA W. PEIKSIPP, HIS WIFE
4
. . C . . d' h C f pinellas
The land referr~1J(htI~~ ommltment IS locate In t e ounty 0
State of - and described as follows:
Lots 5, 6, 7, 8, 9, 10, 11, and 12, Block 2, OVERBROOK
SUBDIVISION, according to the Plat thereof, as recorded in Plat
Book 8, Page 23, of the Public Records of Pinellas County,
Florida.
2552
STEWART TITLE
GUARANTY COMPANY
~
SCHEDULE B
ORDl1 NO:
90090427 SE]Vj
l.
Commitment Number:
C-9912-637616
I. The following are the requirements to be complied with:
1. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for
record.
a. Satisfaction of that certain mortgage from ORVILLE W. CASSADY
to ROBERT C. AND ERNESTINE STEELE in O.R. Book 5882, Page 217,
Public Records of Pinellas County, Florida.
b. Deed from DENNIS M. PEINSIPP AND LI~DA W. PEINSIPP, HIS WIFE
to CITY OF CLEARWATER.
II. Schedule 8 of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed
of to the satisfaction of the Company:
1. Defects, liens, encumbrances, adverse claims or other matters, if any, created. first appearing in the public records or
attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the
estate or interest or mortgage thereon covered by this Commitment.
2. Standard Exceptions:
(a) Rights or claims of parties in possession not shown by the public records.
(b) Easements, or claims of easements, not shown by the public records.
(c) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey
and inspection of the premises.
(d) Any lien, or right to a lien, for services. labor, or material hereto or hereafter furnished, imposed by law and not shown by
the public records.
(e) Rights of dower, homestead or other marital rights of the spouse, if any, of any individual insured.
(f) Any titles or rights asserted by anyone including but not limited to persons, corporations, governments or other entities,
to tide lands, or lands comprising the shores or bottoms of navigable rivers, lakes, bays, ocean or gulf, or lands beyond
the line of the harbor or bulkhead lines as established or changed by the United States Government or water rights, if any.
3. Special Exceptions:
(a) Taxes.
Taxes for the year 1990 and subsequent years, which are not yet
due and payable. Tax Parcel No. 15/29/15/64890/002/0050 Gross
Amount for 1989 $2,788.04.
2153 (Rev, 3/80)
Page 3
STE"\\-YAU.T TITLE
GUARANTY COMPANY
~
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CONDITIONS AND STIPULATIONS
1, The term mortgage, when used herein, shall include deed of trust, trust deed, or
other security instrument.
2, If the proposed I nsured has or acquires actual knowledge of any defect, lien,
encumbrance, adverse claim or other matter affecting the estate or interest or
mortgage thereon covered by this Commitment other than those shown in
Schedule B hereof, and shall fail to disclose such knowledge to the Company in
writing, the Company shall be relieved from liability for any loss or damage
resulting from any act of reliance hereon to the extent the Company is prejudiced
lJyfailuret9 so disclose such knowl edg!;l , If the proposed I nsuredshall disclose such
knowledge to the Company, or if the Company otherwise acquires actual
knowledge of any such defect, lien, encumbrance, adverse claim or other matter,
the Company at its option may amend Schedule B of this Commitment
accordingly, but such amendment shall not relieve the Company from liability
previously incurred pursuant to paragraph 3 of these Conditions and Stipulations.
3, Liability of the Company under this Commitment shall be only to the named
proposed I nsured and such parties included under the definition ofl nsured in the
form of policy or policies committed for and only for actual loss incurred in
reliance hereon in undertaking in good faith (a) to comply with the requirements
hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or
create the estate or interes( or mortgage thereon covered by this Commitment. In
no event shall such liability exceed the amount stated in Schedule A for the policy
or policies committed for and such liability is subject to the insuring provisions and
the Conditions and Stipulations and the exclusions from coverage of the form of
policy or policies committed for in favor of the proposed Insured which are hereby
incorporated by reference and are made a part of this Commitment except as
expressly modified herein,
4, Any action or actions or rights of action that the proposed I nsured may have or
may bring against the Company arising out of the status of the title to the estate or
interest or the status of the mortgage thereon covered by this Commitment must
be based on and are subject to the provisions of this Commitment.
STE"W"ART TITLE
GUARANTY COMPANY
All notices required to be given the Company and any statement in writing required to
be furnished the Company shall be addressed to it at P,O. Box 2029, Houston, Texas
77252, and identify this commitment by its printed COMMITMENT SERIAL NUM-
BER which appears on the bottom of the front of the first page of this commitment.
I
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AL T-A Owner's Policy - Form B - Amended 10-17-70
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1
POLICY OF TITLE INSURANCE ISSUED BY
90090427SEM
STEWART TITLE
GUARANTY COMPANY
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE BAND
THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, STEWART TITLE GUARANTY
COMPANY, a corporation of Galveston, Texas, 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
4. Unmarketabil ity of such title
IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused this policy to be signed and sealed by its
duly authorized officers as of Date of Policy shown in Schedule A,
CITY OF CLEARWATER
STEWART TITLE
GUARANTY COMPANY
eJAawI/17~
President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy:
1, Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting or regulating or
proh ibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or
hereafter erected on the land. or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect
of any violation of any such law, ordinance or governmental regulation.
2. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public
records at Date of Policy.
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 and not shown by the public records but known to the insured claimant either at Date of Policy or at the date
such claimant acquired an estate or interest insured by this policy and not disclosed in writing by the insured claimant to the Company
prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured claimant; (d)
attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured
claimant had paid value for the estate or interest insured by this policy.
~ ~ ~ ~H:~r:~. 0.9902. 547039
0018
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CONDITIONS AND STIPULATIONS
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
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, dis-
tributees, devisees, survivors, personal representatives, next
of kin, or corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or
damage hereunder.
(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 Schedu Ie A, and improvements affixed thereto
which by law constitute real property; provided, however,
the term "land" does not include any property beyond the
I ines 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 shall 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 CON-
VEYANCE OF TITLE
The coverage of this policy shall continue in force as of
Date of Policy in favor of an insu red so long as such insu red
retains an estate or interest in the land, or holds an
indebtedness secured by a purchase money mortgage given
by a purchaser from such insured, or so long as such insured
shall 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 shall 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 its
estate or interest in said land, to the extent that such
litigation is founded upon an alleged defect, lien,
encumbrance, or other matter insured against by this
policy.
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 Company, then as to such insured all
liability of the Company shall cease and terminate in regard
to the matter or matters for which such prompt notice is
required; provided, however, that failure to notify shall in
no case prejudice the rights of any such insufed under this
pol icy unless the Company shall be prejudiced by such
failure and then only to the extent of such prejudice.
(c) The Company shall have the right at its own cost tc
institute and without undue delay prosecute any action 01
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 shall be liable thereunder, and shall not thereby
concede liability or waive any provision of this policy.
(d) Whenever the Company shall have brought any
action or interposed a defense as requ ired or perm itted by
the provisions of this policy, the Company may pursue any
such 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.
(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 shall 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 tor such purpose. Whenever requested
by the Company, such insured shall give the Company all
reasonable aid in any such action or proceeding, in effecting
settlement, securing evidence, obtaining witnesses, or pros-
ecuting or defending such action or proceeding, and the
Company shall reimburse such insured for any expense so
incu rred.
4.
NOTICE OF LOSS - LIMITATION 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 damage 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 shall
have been determined and no right of action shall accrue to
an insured claimant until 30 days after such statement shall
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
CLAIMS
OTHERWISE
SETTLE
TO
PAY
OR
The Company shall have the option to payor otherwise
settle for or in the name of an insu red claimant any claim
insured against or to terminate all liability and obligations
(b) The insured shall notify the Company promptly in of the Company hereunder by paying or tendering payment
writing (i) in case any action or proceeding is begun or of the amount of insurance under this policy together with
defense is interposed as set forth in (a) above, (ii) in case any costs, attorneys' fees and expenses incurred up to the
I knowledge shall come to an insured trreLfder of any claim time of such payment ,r tei~er of payment, by the insured
'of title or interest which is adverse tttheritle to the estate claimant and authorize by"e Company,
/"ontinued and concluded on last page of this policy)
.
,ALTA OWNER'S POLICY-Amended 10/17/701 .1
I t
975.00
'.
SCHEDULE A
Order No.: 90090427SEM
Date of Policy: June 25, 1990
Policy NO.XXlXXlllIHXX
o 9902 547039
Amount of Insurance: $ 180, 000 . 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:
CITY OF CLEARWATER
4. The land referred to in this policy is described as follows:
Lots 5, 6, 7, 8, 9, 10, 11, and 12, Block 2, OVERBROOK
SUBDIVISION, according to the Plat thereof, as recorded in Plat
Book 8, Page 23, of the Public Records of Pinellas County,
Florida.
Page 2
STEWART TITL~~
GUARANTY COMPANY
0012 - 70
'ALTA OWNER'S POLICY
Order No. 90090427SEM
II
I t
'.
SCHEDULE B
Policy No.: 0-9902-547039
This policy does not insure against loss or damage by reason of the following:
1. Rights or claims of parties in possession not shown by the public records.
2. Easements, or claims of easements, not shown by the public records.
3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by
an accurate survey and inspection of the premises.
4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished,
imposed by law and not shown by the public records.
5. Community property, dower, curtesy, survivorship, or homestead rights, if any, of any spouse of
the insured.
6. Any titles or rights asserted by anyone including but not limited to persons, corporations,
governments or other entities, to tide lands, or lands comprising the shores or bottoms of
navigable rivers, lakes, bays, ocean or gulf, or lands beyond the line of the harbor or bulkhead
lines as established or changed by the United States Government or water rights, if any.
7. Taxes for the year 19 90 and thereafter.
ITEM NO. 1 IS HEREBY DELETED IN ITS ENTIRETY.
ITEM NO. 3 IS HEREBY DELETED IN ITS ENTIRETY.
ITEM NO. 4 IS HEREBY DELETED IN ITS ENTIRETY.
8. Survey done by Harry W. Marlow Inc. dated June 21, 1990 reveals
that: As to Lot 9 drainage easement is encroaching into the East
lot line per survey.
2113
Page 3
STEWART TITLE
GUARANTY COMPANY
~~'-
"
tNAITIONS AND STIPULATIONS Continued I t
(continued and concluded from reverse side of Policy Face)
'C
6. DETERMINATION AND PAYMENT OF lOSS
(a) The liability of the Company under this policy
shall 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 will 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 accord-
ance with the conditions of this policy, the loss or damage
shall 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 alleged defect, I ien or encumbrance insu red 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 therefrom, 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 Com-
pany.
8. REDUCTION OF LIABILITY
All payments under this policy, except payments made
for costs, attorneys' fees and expenses, shall 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 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 shall be deemed a
payment under this policy. The Company shall have the
option to apply to the payment of any such mortgages any
amount that otherwise would be payable 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
I f the land described in Schedu Ie 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
Valid Only If Schedules A and B are Attached.
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 SETTLE-
MENT
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 Company, 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. I f the payment does not
cover the loss of such insu red 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 Company, in that
event, shilll 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 THIS POLICY
This instrument together with all endorsements and
other instruments, if any, attached hereto by the Company
is the entire policy and contract between the insu red 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 of or endorsement to 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 val idating officer or
authorized signatory of the Company.
13. NOTICES, WHERE SENT
All notices requ ired to be given the Company and any
statement in writing required to be furnished the Company
shall be addressed to it at its main office, P. O. Box 2029,
Houston, Texas 77252.
14. The premium specified in Schedule A is the entire.
charge for acceptance of risk. It includes charges for
title search and exam ination if same is customary or
required to be shown in the state in which the policy is
issued.
S'TEWAR"r "rITLE
GUARANTY COMPANY
I
1-
STEWART TITLE
GUARANTY COMPANY
ESTABLISHED 1896
INCORPORATED 1908
A NAME
RECOGNIZED NATIONALLY
FOR MORE THAN 75 YEARS
AS BEING
SYNONYMOUS WITH
SAFETY
..'~~ - - - ~ - - - --
!'I
- - - - - ~ - - - ~~
"-
STEWART TITLE
GUARANTY COMPANY
P. O. Box 2029
Houston, Texas 77252
POLICY
OF
TITLE
INSURANCE
Section 15-29-15 Dennis & Linda Peinsipp- Overbrook Subdivision Block 2, Lots 5-
12 Original too large to display * *See File* *