COMMITMENT FOR TITLE INSURANCE JUNIOR LOAN POLICY SCHEDULE A

Transcription

1 COMMITMENT FOR TITLE INSURANCE JUNIOR LOAN POLICY SCHEDULE A File No Loan No. County: Weld 1. Effective Date: 01/18/ Policy or Policies to be Issued: ALTA Owners Policy Standard Form 6/17/06 Proposed Insured: ALTA Loan Policy Standard Form 6/17/06 $1.00 Proposed Insured: FIRST PRESTON, ISAOA/ATIMA 3. FEE SIMPLE interest in the land described in this Commitment is owned, at the Commitment Date, by FIRSTIER BANK by WARRANTY DEED from DAVID G. CLARKSON, dated August 31, 2010, recorded October 15, 2010, Document Number The Land referred to in this Commitment is described as follows: See attached Exhibit A Property Address: 5307 W 5th St Greeley, CO

2 The following requirements must be met: COMMITMENT FOR TITLE INSURANCE JUNIOR LOAN POLICY 1. Pay us the premiums, fees and charges for the policy. SCHEDULE B-I REQUIREMENTS 2. Pay all taxes, water, sewer and other municipal assessments and charges affecting the land that are due and payable. 3. Documents satisfactory to us creating the interest in the land and/or the security instrument to be insured must be signed, delivered and recorded, specifically as follows: a. Security instrument from FIRSTIER BANK to secure the principal sum of $ Duly executed Title/Owners Affidavit which shows no exceptions. Note if judgments, bankruptcies, or state or federal tax liens are showing below: Upon receipt of an affidavit of title signed by the borrower(s) specifically stating which of these judgments, bankruptcies, or state or federal tax liens are not against them, or the affidavit with an attached copy of all judgments, bankruptcies, or state or federal tax lien records with each page initialed by the borrower(s), the Company will review and, upon approval, remove these items from the final title policy. 5. Documents for recordation pertinent to this transaction are required to be presented for recording in a format required by the appropriate county recording jurisdiction. 6. If the insured premises include a mobile home or manufactured home that has not been permanently affixed to the premises, a final title policy will not be issued and all obligations under this commitment will be void. 7. You must tell us in writing the name of anyone not referred to in this commitment who will get an interest in the land or who will make a loan on the land. We may then make additional requirements or exceptions. 8. Evidence of satisfaction, release or subordination of the following: a. There appear to be no deed of trust/mortgage(s) found filed of record in Weld County, Colorado. Company requires a properly executed Affidavit as to Debts and Liens prior to closing. b. The Company requires for its review a copy of the articles of incorporation and bylaws, a satisfactory resolution of the Board of Directors authorizing the proposed transaction, Shareholders Resolution where applicable, and a Good Standing Certificate evidencing that the corporation is in good standing in the state of its incorporation. At the time the Company is furnished these items, the Company may make additional requirement or exceptions. Other requirements if applicable: RELEASE/SATISFACTION OF HOME EQUITY LINES OF CREDIT: If any lien that must be satisfied and released as required by this commitment is a revolving credit/equity line loan (open end or future advance loan), the Company must be provided with an executed revolving credit/line account termination request signed and dated by all borrowers. The termination request must state that the line of credit has been closed or frozen and that the lender will deliver a full satisfaction/release upon payment of the outstanding balance. LOANS FROM PRIVATE INDIVIDUALS & NON-FINANCIAL INSTITUTIONS: If any lien that must be satisfied and released as required by this commitment is to either a private individual or a non-financial institution, the Company will require a fully executed satisfaction/release to remove the lien from the final title policy. The Company will not accept a HUD or copy of payoff check to clear this exception. POWER OF ATTORNEY:

3 If any of the closing instruments are to be executed pursuant to a Power of Attorney, a copy of such Power should be submitted to the Company prior to closing. The identity of the principal executing the Power and the continued effectiveness of the Power must be established to the satisfaction of the Company. The Power must be in recordable form. Note: Final junior loan title policy to be written on OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY.

4 COMMITMENT FOR TITLE INSURANCE JUNIOR LOAN POLICY SCHEDULE B-II EXCEPTIONS The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorney s fees or expenses which arise by reason of: A. Standard Policy Exceptions: 1. Any invalidity, unenforceability or ineffectiveness of the insured s mortgage. 2. Defects, liens, encumbrances, adverse claims or other matters: a. Created, suffered, assumed or agreed to by the insured claimant; b. Known to the insured claimant whether or not disclosed in the public records; c. Resulting in no loss or damage to the insured claimant; or d. Recorded or filed in the public records subsequent to Date of Policy. 3. Any matters listed as requirements on Schedule B - Section I that are not resolved to the satisfaction of the Company will be shown as an exception on the final policy. 4. Reservations made by Union Pacific Railroad Company, in deed recoded April 11, 1906, in Book 233 at Page 26, providing substantially as follows: reserving unto said company and its assigns all coal that may be found underneath the surface of land herein described and the exclusive right of prospect and mine for same, also such right of way and other gounds as may appear necessary for proper working of any coal mine that may be developed upon said premises and for transportation of coal from same. 5. Easement granted to Colorado Interstate Gas Company, for right of way for pipeline and incidental purposes, and incidental purposes, by instrument recorded August 13, 1955, in Book 1426 at Page 465, said right of way not being specifically defined. 6. Easement granted to Edward A. Thompson, for right of way for ditch or canal and incidental purposes, and incidental purpose, by instrument recorded December 31, 1906, in Book 248 at Page 502, said right of way not being specifically defined. 7. Reservation of all coal that may be under the surface of the land herein above described; alos such right of way and other grounds as may be necessary for the proper working of any coal mines that may be developed upon said premises and for the transportation of the coal from the same as contained in instrument from Edward A. Thompson recorded December 31, 1906 in Book 248 at Page 502, and any interests therein, assignments, or conveyances thereof. 8. Easement granted to James W. Beggs, for easement for ditch or canal and incidental purposes, and incidental purposes, by instrument recorded January 13, 1908, in Book 271 at Page 294, said easement not being specifically defined. 9. Easement granted to united states of America, for right of way easement and agreement for 115 KV. Transmission line and incidental purposes, and incidental purposes, by instrument recorded September 15, 1938, in Book 1030 at Page 582, said right of way easement being described s follows: providing that the center line of the transmission line stays within 8 ½ feet of the existing fence along the north edge of the north half of the southwest quarter of section 3, township 5 north, range 66 west of the sixth principal meridian. 10. An easement for concrete lined lateral and incidental purposes by and between George Mosier and Susi Mae Mosier, Addie M. Hosier, Grace Howard Wunsch and the West Grapevine Lateral Company, a Mutual Irrigation Company by the instrument recorded March 3, 1969 in Book 606 at Reception No , the exact location of said easement not being specifically defined.

5 11. Terms, conditions and provisions of development agreement for temporary detention ponds by and between the city of Greeley and west point development company, inc., a Colorado Corporation recorded June 01, 1994 at Reception No Terms, conditions and provisions of memorandum of option to lease and site lease agreement by and between Clarkson Investment, LLC, a Colorado Limited Liability Company and Greeley Cellular Telephone Company, D/B/A AT&T wireless services recorded January 13, 1997 at reception No Terms, conditions and provisions of city of Greeley ordinance, which discloses assessment amounts for improvement district 459, evidence by such document recorded October 25, 1999 at Reception No Easements, conditions, covenants, restrictions, reservations and notes on the recorded plat of west point subdivision sixth filing recorded September 6, 2000 at reception no Restrictive Covenants, which do not contain a forfeiture or Reverter, Clause, but omitting any covenant or restriction based on race, color, religion, sex, handicap, familial status or nation origin unless and only to the extent that said covenant (s) is exempt under Chapter 42, section 3607 of the united states code or (B) relates to handicap but does not discriminate against handicapped persons, as contained in instrument recorded June 19, 1992, under Reception no in Book 1340 and as amended in Instrument recorded June 05, 1995, under Reception No in Book 1494, and corrected by instrument recorded May 15, 1997 in Book 1606 at Reception No ; second supplement declaration recorded February 23, 2001 at Reception No Terms, conditions and provisions of development agreement for west point subdivision, sixth filing by and between the city of Greeley, Colorado and West Point Development Company, Inc., a Colorado Corporation, and Clarkson Land, LLC, a Colorado limited liability company recorded September 06, 2000 at Reception No Provisions of bankruptcy code and of the terms, conditions and provisions of any order which may be entered in bankruptcy Case No. 09b Note: No exception will be taken for a recorded covenant, condition or restriction based on race, color, religion, sex, handicap, familial status or national origin. To the extent that the restriction is not in violation of state or federal law, or relates to a handicap, but does not discriminate against handicapped people, an exception may be taken. This Commitment is invalid unless the Insuring Provisions and Schedules A and B are attached. This Commitment is valid for 90 days from effective date.

6 Exhibit A LOT 13, BLOCK 2, WEST POINT SIXTH FILING, TO THE CITY OF GREELEY, COUNTY OF WELD, STATE OF COLORADO. SOURCE OF TITLE: INSTRUMENT NO (RECORDED 10/15/2010) Property Identifier: R

7 CHAIN OF TITLE 1. Conveyance from DAVID G. CLARKSON to FIRSTIER BANK, dated 08/31/2010, recorded 10/15/2010, as document number Conveyance from LIFESTYLE HOMES, LLC to DAVID G. CLARKSON, dated 07/31/2007, recorded 08/01/2007, as document number