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HomeMy WebLinkAboutPre LegislationCity of Miami Master Report Enactment Number: 13152 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 08-006801u Version: 2 File Type: Ordinance Status: Passed Reference: Controlling Body: Office of the City Clerk Introduced: 6/3/2008 Requester: Cost: Final Action: 4/8/2010 File Name: Land Use Change - 1421 NW 61 St Title: AN ORDINANCE OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING ORDINANCE NO. 10544, AS AMENDED, THE FUTURE LAND USE MAP OF THE MIAMI COMPREHENSIVE NEIGHBORHOOD PLAN, PURSUANT TO SMALL SCALE AMENDMENT PROCEDURES, SUBJECT TO § 163.3187, FLORIDA STATUTES, BY CHANGING THE LAND USE DESIGNATION OF REAL PROPERTY LOCATED AT APPROXIMATELY 1421 NORTHWEST 61 ST STREET, MIAMI, FLORIDA, FROM PARKS AND RECREATION TO MEDIUM DENSITY MULTIFAMILY RESIDENTIAL; MAKING FINDINGS; DIRECTING TRANSMITTALS TO AFFECTED AGENCIES; CONTAINING A SEVERABILITY CLAUSE; AND PROVIDING FOR AN EFFECTIVE DATE. Sponsors: Notes: Indexes: Attachments: Item #5- 08-006801u- PAB_06.18.08.pdf,Item#4- 08-006801u-1421 NW 61st St-PAB_9.16.09.pdf,08-006801u Analysis.pdf,08-006801u Land Use Map.pdf,08-006801u & 08-00680zc Aerial Map.pdf,08-006801u School Board Concurrency.pdf,08-006801u PAB Reso.pdf,08-006801u CC Legislation (Version 2).pdf,08-006801u & 08-00680zc Exhibit A.pdf,08-006801u CC FR 11-19-09 Fact Sheet.pdf,08-006801u CC FR 12-17-09 Fact Sheet.pdf,08-006801u CC SR 01-28-10 Fact Sheet.pdf,08-006801u CC SR 02-25-10 Fact Sheet.pdf,08-006801u CC SR 03-25-10 Fact Sheet.pdf,08-006801u CC SR 04-08-10 Fact Sheet.pdf,08-006801u-Submittal-Tangela Smith.pdf,08-006801u-Submittal-Steve Hagen.pdf, History of Legislative File Version: Acting Body: Date: Action: Sent To: Due Date: Return Date: Result: Planning Advisory Board 6/18/2008 DEFERRED 1 Planning Advisory Board 9/2/2009 1 Planning Advisory Board 9/16/2009 2 Office of the City 10/13/2009 Attorney 2 City Commission 12/10/2009 2 City Commission 2 City Commission NO ACTION TAKEN Recommended Denial Reviewed and Approved CONTINUED 12/17/2009 PASSED ON FIRST READING 1/28/2010 CONTINUED Pass Pass Pass Pass Pass City of Miami Page 1 Printed on 1I/24/2010 City of Miami Master Report Enactment Number: 13152 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com 2 City Commission 2/25/2010 CONTINUED Pass 2 City Commission 3/25/2010 DEFERRED Pass 2 City Commission 4/8/2010 ADOPTED Pass 2 Office of the Mayor 4/15/2010 Signed by the Mayor Office of the City Clerk 2 Office of the City Clerk 4/15/2010 Signed and Attested by City Clerk City of Miami Page 2 Printed on 11/24/2010 City of Miami Legislation Ordinance: 13152 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 08-006801u Final Action Date:4/8/2010 AN ORDINANCE OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING ORDINANCE NO. 10544, AS AMENDED, THE FUTURE LAND USE MAP OF THE MIAMI COMPREHENSIVE NEIGHBORHOOD PLAN, PURSUANT TO SMALL SCALE AMENDMENT PROCEDURES, SUBJECT TO § 163.3187, FLORIDA STATUTES, BY CHANGING THE LAND USE DESIGNATION OF REAL PROPERTY LOCATED AT APPROXIMATELY 1421 NORTHWEST 61 ST STREET, MIAMI, FLORIDA, FROM PARKS AND RECREATION TO MEDIUM DENSITY MULTIFAMILY RESIDENTIAL; MAKING FINDINGS; DIRECTING TRANSMITTALS TO AFFECTED AGENCIES; CONTAINING A SEVERABILITY CLAUSE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Miami Planning Advisory Board, at its meeting on September 16, 2009, Item No. P.4, following an advertised public hearing, adopted Resolution No. 09-028 by a vote of seven to zero (7-0), recommending DENIAL of an amendment to Ordinance No. 10544, as amended; and WHEREAS, the Planning Department recommends approval and finds this land use change to be in line with the Miami Comprehensive Neighborhood Plan; and WHEREAS, the City Commission feels this land use change is in the best interest of the community; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Ordinance are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The Future Land Use Map of Ordinance No. 10544, as amended, the Miami Comprehensive Neighborhood Plan, pursuant to small scale amendment procedures subject to § 163.3187, Florida Statutes, is hereby amended by changing the land use designation from Parks and Recreation to Medium Density Multifamily Residential for 0.12± acres of real property, located at approximately 1421 Northwest 61 st Street, Miami, Florida, more particularly described in Exhibit "A," attached hereto and made a part thereof. Section 3. It is found that this Comprehensive Plan designation change: (a) is necessary due to changed or changing conditions; (b) is one which involves property that has not been the specific subject of a Comprehensive Plan change within the prior twelve months; City of Miami Page 1 of 2 File Id: 08-006801u (Version: 2) Printed On: 11/24/2010 File Number: 08-006801u Enactment Number: 13152 (c) is one which does not involve the same owner's property within 200 feet of property that has been granted a Comprehensive Plan change within the prior twelve months; (d) the proposed amendment does not involve a text change to goals, policies, and objectives of the local government's comprehensive plan; but proposes a land use change to the future land use map for a site -specific development; (e) is one which is not located within an area of critical state concern designated by § 380.0552, Florida Statutes or by the Administration Commission, pursuant to § 380.05(1), Florida Statutes; (f) density will be Medium Density Multifamily Residential, 65 dwelling units per acre, as per the Miami Neighborhood Comprehensive Plan, as amended, and intensity will be as established in Article 4, Section 401, R-3 Medium Density Multifamily Residential of the City of Miami Zoning Ordinance 11000, as amended. (g) the proposed amendment complies with the applicable acreage and density limitations set forth in the Local Government Comprehensive Planning and Land Development Regulation Act including, without limitation, § 163.3187, Florida Statutes. Section 4. The City Manager is directed to instruct the Director of the Planning Department to promptly transmit a certified copy of this Ordinance after its adoption on second reading to: the Secretary, Florida Department of Community Affairs; the Executive Director, South Florida Regional Planning Council, Hollywood, Florida; and any other person or entity requesting a copy. Section 5. If any section, part of a section, paragraph, clause, phrase, or word of this Ordinance is declared invalid, the remaining provisions of this Ordinance shall not be affected. Section 6. This Ordinance shall become effective thirty-one (31) days after second reading and adoption thereof, pursuant and subject to § 163.3187(3)(c), Florida Statutes. {1} Footnotes: {1} This Ordinance shall become effective as specified herein unless vetoed by the Mayor within ten days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective date stated herein, whichever is later. City of Miami Page 2 of 2 File Id: 08-006801u (Version: 2) Printed On: 11/24/2010 This Document Prepared By and Return to: Shutts & Bowen LLP 1500 Miami Center 201 S. Biscayne Blvd. Miami, FL 33131 Parcel ID Number: 01-3114-035-1690 111111111111111101111111111111111111111111111 CFN 2010R0294078 OR Bk 27270 Pss 1989 - 1990; (2Dss) RECORDED 05/03/2010 15:20:17 DEED DOC TAX 900.00 SURTAX 675.00 HARt+i.Y RUVIN. CLERK OF COURT MIAMI-DADE COUNTY' FLORIDA Special Warranty Deed This Indenture, Made this 30th day of April, 2010 A.D., Between. GREENLANDS REALTORS, INC., a Florida corporation ,of the County of MIAMI-DADE, State of Florida, grantor, and CARRFOUR SUPPORTIVE HOUSING, INC. , a Florida not -for -profit corporation, whose address is: 1398 S.W. 1st Street, 12th FL, Miami, FL 33135, of the County of Miami -Dade, State of Florida, grantee. Witn esseth • that the GRANTOR, for and in consideration of the sum of TEN DOLLARS ($10) DOLLARS, and other good and valuable consideration to GRANTOR in hand paid by GRANTEE, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the said GRANTEE and GRANTEE'S heirs, successors and assigns forever, the following described land, situate, lying and being in the County of MIAMI-DADE State of Florida to wit: Lots 1 and 2, Block 10, ORANGE HEIGHTS, according to the Plat thereof as recorded in Plat Book 14 at Page 62 of the Public Records of Miami -Dade County, Florida, LESS that portion of the above -property taken for street or road right-of-way, as described in that certain Final Judgment entered in the Miami -Dade County Circuit Court on May 31, 1977 in Case No. 76-15867, as recorded June 2, 1977 in Official Records Book 9698, page 1398, of the Public Records of Miami -Dade County, Florida: Together with all tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. To Have and to Hold, the same in fee simple forever. And the grantor hereby covenant with said grantee that grantor is lawfully seized of said land in fee simple; that grantor has good right and lawful authority to sell and convey said land; that grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all person claiming by, through or under grantor. [SIGNATURE ON FOLLOWING PAGE] 20050-0008 Book27270/Page1989 CFN#201.00294078 Page 1 of 2 OR BK 27270 PG 1970 LAST PAGE In Witness Whereof, the grantor has hereunto set its hand and seal the day and year first above written. Signed, sealed and delivered in our presence: GREENI,ANDS REALTORS INC., a Florida corporation BY Pri tdd Name: r, %) Arrhil Wi eal) STATE OF Florida COUNTY OF Miami —Dade The foregoing instrument was acknowledged before me this 3Q day of April, 2010 by George Mobassaleh, President of GREENLANDS REALTORS, INC., a Florida corporation on behalf of the corporation , he is personally known to me or he has produced his.Flor is driver' s 1icnse as identification. 20050-0008 �I�Ca� Print d Name: uvx Errs -- Notary Public My Commission Expires: / / NOTARY PUBIJC•STATE OF FLORIDA Maria D. Lamas i Commission # DD605432 Expires: NOV 28, 2010 BONDED THRUATLANTIC BONDING CO., INC. Book27270/Page1990 CFN#20100294078 Page 2 of 2 Miami -Dade My Home My Home miamidade • ov Show Me: Property Information Search By: Select Item 0 Text Only Property Appraiser Tax Estimator tJ Property Appraiser Tax Comparison Summary Details: Folio No.: 01-3114-035-1690 Property: 1492 NW 62 ST Mailing CARRFOUR SUPPORTIVE Address: HOUSING INC 1398 SW 1 ST 12 FLOOR MIAMI FL 33135- Properly Information: Primary Zone: 6201 COMMERCIAL, BISCAYNE BLVD-WEST CLUC: VACANT LAND Beds/Baths: 40,081 rJ/0 Floors: 0 Living Units: 0 Adj Sq Footage: 0 Lot Size: 4,950 SO FT Year Built: 0 ORANGE HGTS PB 14- 62 PORT LOTS 1 & 2 BLK 10 DESC BEG SE Legal COR LOT 2 N98.71FT Description: W17.2OFT SWLY ALG AD 34.27FT SLY79.07Fr TO POB LOT SIZE 50 X 99 Assessment Information: Year: 2010 - 2009 Land Value: $64.350 $79,200 Building Value: $0 $0 Market Value: $64,350 $79,200 Assessed Value: $64,350 $79,200 Taxable Value Information: Year: - 2010 2009 Applied Appbed Taxing Authority: Exemption/ Taxable Exemptlon/ Taxable Value: Value: Regional: $0/$64,350 $0/$79,200 County: $0/$64,350 $0/$79,200 City: 80/$64,350 $0/$79,200 School Board: $01$64,350, $0/$79,200 Sale Information: Sale Date: /2010 Sale Amount: 150,000 Sale 0/R: 7 70-1989 Sales ales qualified as a result Qualification f examination of the Description: eed iew Additional Sales Additional Information: (Click here to see more information for this I mnena Aerial Photography - 2009 0 My Home I Property Information l property Taxes I My Neighborhood I Property. Appraiser Home 1 Using Our Site I Phone Directory 1 Privacy I Disclaimer n 110ft It you experience technical difficulties with the Property Information application, or wish to send us your comments, questions or suggestions please email us at Webmaster. Web Site ®2002 Miami -Dade County. Alt rights reserved. Page 1 of 2 Legend Property N Boundary Selected Property re" Street ,/ Highway t�7fff;,��I1 Mlaml-Dade EY�I County Water E http://gisims2.miamidade.gov/myhome/propmap.asp 10/22/2010 a• rocrmon MMIMMUMM n IS MIMI,. moo .maareomesamr 46100.1 Somer erldly Mile! OM MalR LIMY Mr • a.w..t. •aiallia Mr MAMMON MEAN 1 ENCINO /VW WE 4F&A G... 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D6 LEANN •DEAL°® ro WVei:Tba6 CEINE w/E a&Iff.PPnti ma yerapt` Prmp.....e.�a��m•s�b6t4prm►twPtlwa.m . mi•.4 WPI•.nnrs cm.P tlr hairrr.� ►4 Owner's Policy of Title Insurance Fidelity National Title Insurance Company A Stock Company Policy Number FL2342-10-20050-0008-2010.2710609-80778988 OWNER'S POLICY OF TITLE INSURANCE SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, FIDELITY NATIONAL TITLE INSURANCE COMPANY, a California corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketbility of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. This policy shall not be valid or binding until Schedule A has been countersigned by either a duly authorized agent or representative of the Company and Schedule B has been attached hereto. IN WITNESS WHEREOF, FIDELITY NATIONAL TITLE INSURANCE COMPANY has caused this policy to be signed and sealed by its duly authorized officers as of Date of Policy shown in Schedule A. FL2342 20050-0008 Shutts & Bowen LLP 201 South Biscayne Blvd., Ste. 1500 Miami , FL 33131 Tel:(305) 358-6300 Fax:(305) 381-9982 Countersigned: Authorized Si Robert Cheng, Esq. FORM 1332 (7l05) (2710609) Fidelity National Title Insurance Company aY ATTYST ALTA Owner's Policy (10-17-92) with Florida Modifications EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or govemmental regulation (including but not limited to building and zoning laws, ordinances or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land had been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to.the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained in the insured claimant had paid value for the estate or interest insured by this policy 4. Any claim which arises out of the transaction vesting in the Insured the estate or interest by this policy, by reason of the. operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer, or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: . (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. CONDITIONS AND STIPULATIONS 1. DEFINITIONS 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 would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributes, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured claimant": and insured claiming loss or damage. (c) "krnowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which 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": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records" shall also include environmental FORM 1332 (7l05) (2710609) protection hens in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A or the insured rnoitgage to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of rnarketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the company may be liable by virtue of this policy, or (ii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt ALTA Owner's Policy (10-17-92) with Florida Modifications Fidelity National Titl INSURANCE COMPANY FNTIC No.: 3042521. Agent ID: FL - 2342 Policy Jacket No.: 2710609-80778988 SCHEDULE A Date of Policy 05/03/10 15 : 20 .17 p.m. Related Mortgagee Jacket No.: Premium $ Agent File No.: 20050-0008 Amount oflnsurance: $150, 000.00 1. Name of Insured: CARRFOUR SUPPORTIVE HOUSING, INC., a Florida not -for -profit corporation 2. The estate or interest in the land which is covered by this policy is: Fee Simple 3. Title to the estate or interest in the land is vested in: CARRFOUR SUPPORTIVE HOUSING, INC., a Florida not -for -profit corporation 4. The land referred to in this policy is described as follows: Lots 1 and 2, Block 10, ORANGE HEIGHTS, according to the Plat thereof as recorded in Plat Book 14 at Page 62 of the Public Records of Miami -Dade County, Florida, LESS that portion of the above -property taken for street or road right-of-way, as described in that certain Final Judgment entered in the Miami -Dade County Circuit Court on May 31, 1977 in Case No. 76-15867, as recorded June 2, 1977 in Official Records Book 9698, page 1398, of the Public Records of Miami -Dade County, Florida. Countersign By Authorized Signatory SHUTTS & BOWEN LLP PRINT NAME HERE FNT FORM 5332A (6/97) ALTA OWNER'S POLICY 10-17-92 - SCHEDULE A WITH FLORIDA MODIFICATIONS (07/08 DicplaySof 29-WIN-1-rW WNAI) Fidelity National Title FNTIC No.: 3042521 Agent ID: FL - 2 342 Policy Jacket No.: 2710609-80778988 INSURANCE COMPANY Related Mortgagee Jacket No.: SCHEDULE B EXCEPTIONS FROM COVERAGE Agent File No.: 20050-0008 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1. The lien of all special assessments and taxes for the year 2010 , and subsequent years, which are not yet due and payable. 2. 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. 3. Any encroachments, easements, measurements, variations in area or content, party walls or other facts which a correct survey of the premises would show. 4. Rights or claims of parties in possession. 5. Roads, ways, streams or easements, if any, not shown of record, riparian rights and the title to any filled -in lands. NOTE: Exceptions Numbered 2 , 4 and 5 Above are Hereby Deleted. FORM 5332B Reprinted (7/99) (0708 DisplaySoft 29.WIN-I-FL-OWNBIB) ALTA Owner's Policy (10-17-92) - Schedule B With Florida Modifications notice shall not be given to the company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failureand then only to. the extent.of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS: DUTY OF INSURED CLAIMANT TO COOPERATE (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, liar or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, cost or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to. the insured. The Company may take any appropriate action under the term of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. . (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Cornpany the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding , or effecting settlement, and (ii) in any other lawful act which I the opinion of the Company may be necessary or desirable to establish the title to the estate or interest, as insured. If the Company is prejudiced by the failure of the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the company, a proof of loss or damage signed and sworn to by the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, other matter insured againstby this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured FORM 1332 (7/05) (2710609) claimant to provide the required proof of loss or damage, the Company's obligations to the insure under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insure claimant may reasonably be required to submit to examination under oath by an authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a dart. before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by an authorized representative of the Company the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time . of payment or tender of payment and which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys; fees and expenses incurred by the insure claimant which were authorized by the Company up to the time of payment and which the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs b(i) or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including ALTA Owners Policy (10-17-92) with Florida Modifications any liability or obligation to defend, prosecute or continue any litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated I Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. 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 the 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 parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of areass to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title, as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. 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 a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. FORM 1332 (7/05) (2710609) 12. PAYMENT OF LOSS (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary to order to perfect this right of subrogation. The insured claimant shall permit the company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non -Insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION Unless prohibited by applicable law. arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association may be demanded if agreed to by both the Company and the insured. Arbitrable matters may include, but are not limited to. any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company jn correction with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or at the option of the insured. the Rules in effect at Date of Policy shall be binding upon theparties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailingnartv. Judgment upon she award rendered by the Arbitratorfs) may be entered in any court having iurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. ALTA Owner's Policy (10-17-92) with Florida Modifications