HomeMy WebLinkAboutL_TitleEndorsement_CamelliaCourt_230719_v2Owner’s Policy of Title Insurance
American Land Title Association Owner’s Policy 06-17-06
Policy Number A46014-OX-223604
Issued by Old Republic National Title Insurance Company
Any notice of claim and any other notice or statement in writing required to be given to the Company
under this Policy must be given to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B,AND THE CONDITIONS,
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY,a Florida corporation (the “Company”) insures, as of Date of Policy and, to the extent stated
in Covered Risks 9 and 10, after Date of Policy,against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured
by reason of:
1.Title being vested other than as stated in Schedule A.
2.Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from:
(a)A defect in the Title caused by
(i)forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii)failure of any person or Entity to have authorized a transfer or conveyance;
(iii)a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv)failure to perform those acts necessary to create a document by electronic means authorized by law;
(v)a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi)a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law; or
(vii)a defective judicial or administrative proceeding.
(b)The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(c)Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate
and complete land survey of the Land. The term “encroachment” includes encroachments of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3.Unmarketable Title.
4.No right of access to and from the Land.
5.The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning)
restricting, regulating, prohibiting, or relating to
(a)the occupancy, use, or enjoyment of the Land;
(b)the character, dimensions, or location of any improvement erected on the Land;
(c)the subdivision of land; or
(d)environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the
extent of the violation or enforcement referred to in that notice.
6.An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement
action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7.The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8.Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9.Title being vested other than as stated in Schedule A or being defective
(a)as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the
title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer
constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or
(b)because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency, or similar creditors’ rights laws by reason of the failure of its recording in the Public Records
(i)to be timely, or
(ii)to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10.Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has
been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in
the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys’ fees,and expenses incurred in defense of any matter insured against by this Policy, but only to the
extent provided in the Conditions.
Issued through the Office of:
Old Republic National Title Insurance Company
400 Second Avenue South
Minneapolis, Minnesota 55401
Old Republic Title, Ltd.
19020 33rd Avenue W., Suite 360
Lynnwood, WA 98036
Authorized Signatory
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 that arise by reason of:
1. (a)Any law, ordinance, permit,or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting,or
relating to
(i)the occupancy, use, or enjoyment of the Land;
(ii)the character, dimensions,or location of any improvement erected on the Land;
(iii)the subdivision of land; or
(iv)environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage
provided under Covered Risk 5.
(b)Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2.Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
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 (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10);
or
(e)resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4.Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction vesting the Title as
shown in Schedule A, is
(a)a fraudulent conveyance or fraudulent transfer; or
(b)a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5.Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and
the date of recording of the deed or other instrument of transfer in Public Records that vests Title as shown in Schedule A.
ALTA Owner’s Policy (6-17-06)
Page_1_of_3 Pages
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
1. Name of Insured:
LEON COHEN, an unmarried individual
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple
3. Title is vested in:
LEON COHEN, an unmarried individual
4. The Land referred to in this policy is described as follows:
Beginning at the Northeast corner of Block 24 in the TOWN OF RENTON, as recorded in Volume 1 of Plats, on
page 135, records of King County, Washington;
THENCE West along the North line of said Block 115 feet;
THENCE North and parallel to the center line of Williams St. 50 feet;
THENCE East and parallel to the North line of said Block, 115 feet;
THENCE South along the East line of Williams St. 50 feet to the Point of Beginning.
SITUATE in the County of King, State of Washington
Old Republic National Title Insurance Company
400 Second Avenue South Minneapolis, Minnesota 55401
SCHEDULE A
Policy No: A46014-OX-223604 Amount of Insurance: $365,000.00
Order No: 5226012246-CB Premium: $1,435.00
Date of Policy: December 20th, 2021 at 9:31:00 AM Address Reference:99 Williams Avenue South
Renton, WA 98057
Policy No A46014-OX-223604
ALTA Owner’s Policy (6-17-06)
Page_2_of_3 Page
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by
reason of:
1.Encroachments, or questions of location, boundary and/or area which an accurate survey may
disclose.
2.Easements or claims of easements not disclosed by the public records.
3.Rights or claims of parties in possession not disclosed by the public records.
4.Any lien or right to lien for services, material, labor, and/or contributions to an employee benefit fund
or State Workers’ Compensation that is not disclosed by the public records.
5.Exceptions and reservations in United States patents, Indian tribal codes or regulations, Indian treaty
or aboriginal rights, including easements and equitable servitudes. Water rights, claims or title to
water.
6.Any service, installation or general connection charges for sewer, water, electricity, telephone, gas
and/or garbage removal.
7.General taxes not now payable; special assessments and/or special levies, if any, that are not
disclosed by the public records.
8.Agreement for :Latecomer's Agreement
Executed By :City of Renton, a municipal corporation
and Between :Friedman Development, LLC
On the terms, covenants and conditions contained therein,
Dated :July 29, 2013
Recorded :September 10, 2013 in Official Records under Recording Number
20130910001606
9.Any unrecorded and subsisting leases.
Policy No A46014-OX-223604
ALTA Owner’s Policy (6-17-06)
Page_3_of_3 Page
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
10.Deed of Trust to secure an indebtedness of the amount stated below and any other amounts
payable under the terms thereof,
Amount :$273,750.00
Trustor/Borrower :Leon Cohen, an unmarried individual
Trustee :Old Republic Title, Ltd.
Beneficiary/Lender :Mortgage Electronic Registration Systems, Inc., solely as nominee
for the benefit of Banner Bank
Dated :December 10, 2021
Recorded :December 20, 2021 in Official Records under Recording Number
20211220000166
Loan No.:18089829
ENDORSEMENT Attached to:
Policy No: A46014-OX-223604
Order No:5226012246-CB
ALTA 39-06 (CLTA 142-06)
POLICY AUTHENTICATION
When the policy is issued by the Company with a policy number and Date of Policy, the Company will not deny liability under the
policy or any endorsements issued with the policy solely on the grounds that the policy or endorsements were issued
electronically or lack signatures in accordance with the Conditions.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and
provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of
Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this
endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the
policy and of any prior endorsements.
Dated: December 20th, 2021 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
400 Second Avenue South, Minneapolis, Minnesota 55401
(612) 371-1111
Countersigned:
By
Validating Officer
ORT Form 5338
Adopted 04/02/13
Page 1 of 1 Pages
CONDITIONS
1.DEFINITION OF TERMS
The following terms when used in this policy mean:
(a)“Amount of Insurance”: The amount stated in Schedule A, as
may be increased or decreased by endorsement to this policy,
increased by Section 8(b), or decreased by Sections 10 and 11
of these Conditions.
(b)“Date of Policy”: The date designated as “Date of Policy” in
Schedule A.
(c)“Entity”: A corporation, partnership, trust, limited liability
company,or other similar legal entity.
(d)“Insured”: The Insured named in Schedule A.
(i)The term “Insured” also includes
(A) successors to the Title of the Insured by operation of
law as distinguished from purchase, including heirs,
devisees, survivors, personal representatives,or next
of kin;
(B)successors to an Insured by dissolution, merger,
consolidation, distribution,or reorganization;
(C)successors to an Insured by its conversion to another
kind of Entity;
(D)a grantee of an Insured under a deed delivered
without payment of actual valuable consideration
conveying the Title
(1) if the stock, shares, memberships, or other
equity interests of the grantee are wholly-owned
by the named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated
Entity of the named Insured, provided the
affiliated Entity and the named Insured are both
wholly-owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a
trust created by a written instrument established
by the Insured named in Schedule A for estate
planning purposes.
(ii)With regard to (A), (B), (C),and (D) reserving, however,
all rights and defenses as to any successor that the
Company would have had against any predecessor
Insured.
(e)“Insured Claimant”:An Insured claiming loss or damage.
(f)“Knowledge” or “Known”: Actual knowledge, not constructive
knowledge or notice that may be imputed to an Insured by
reason of the Public Records or any other records that impart
constructive notice of matters affecting the Title.
(g)“Land”: The land described in Schedule A, and affixed
improvements that by law constitute real property. The term
“Land” does not include any property beyond the lines of the
area described in Schedule A, nor any right, title, interest,
estate,or easement in abutting streets, roads, avenues, alleys,
lanes, ways,or waterways, but this does not modify or limit the
extent that a right of access to and from the Land is insured by
this policy.
(h)“Mortgage’’: Mortgage, deed of trust, trust deed, or other
security instrument, including one evidenced by electronic
means authorized by law.
(i)“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 Covered Risk 5(d), “Public
Records” shall also include environmental protection liens filed
in the records of the clerk of the United States District Court for
the district where the Land is located.
(j)“Title”: The estate or interest described in Schedule A.
(k)“Unmarketable Title”: Title affected by an alleged or apparent
matter that would permit a prospective purchaser or lessee of
the Title or lender on the Title to be released from the obligation
to purchase, lease, or lend if there is a contractual condition
requiring the delivery of marketable title.
2.CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy
in favor of an Insured, but only so long as the Insured retains an
estate or interest in the Land, or holds an obligation 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 warranties
in any transfer or conveyance of the Title. 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 obligation 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 5(a) of these Conditions,(ii) in case
Knowledge shall come to an Insured hereunder of any claim of title or
interest that is adverse to the Title, as insured, and that might cause
loss or damage for which the Company may be liable by virtue of this
policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title.
If the Company is prejudiced by the failure of the Insured Claimant to
provide prompt notice, the Company’s liability to the Insured Claimant
under the policy shall be reduced to the extent of the prejudice.
4.PROOF OF LOSS
In the event the Company is unable to determine the amount of loss
or damage, the Company may, at its option, require as a condition of
payment that the Insured Claimant furnish a signed proof of loss. The
proof of loss must describe the defect, lien, encumbrance,or other
matter insured against by this policy that 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.
5.DEFENSE AND PROSECUTION OF ACTIONS
(a)Upon written request by the Insured, and subject to the options
contained in Section 7 of these Conditions, 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 covered by this policy adverse to the Insured. This
obligation is limited to only those stated causes of action alleging
matters 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. It shall not be liable for and
will not pay the fees of any other counsel. The Company will not
pay any fees, costs,or expenses incurred by the Insured in the
defense of those causes of action that allege matters not insured
against by this policy.
(b)The Company shall have the right, in addition to the options
contained in Section 7 of these conditions, at its own cost, to
institute and prosecute any action or proceeding or to do any
other act that in its opinion may be necessary or desirable to
establish the Title, as insured, or to prevent or reduce loss or
damage to the Insured. The Company may take any appropriate
action under the terms of this policy, whether or not it shall be
liable to the Insured. The exercise of these rights shall not be an
admission of liability or waiver of any provision of this policy. If
the Company exercises its rights under this subsection, it must do
so diligently.
(c)Whenever the Company brings an action or asserts a defense as
required or permitted by this policy, the Company may pursue the
litigation to a final determination by a court of competent
jurisdiction,and it expressly reserves the right, in its sole
discretion, to appeal any adverse judgment or order.
6.DUTY OF INSURED CLAIMANT TO COOPERATE
(a)In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding
and any appeals, the Insured shall secure to the Company the
right to so prosecute or provide defense in the action or
proceeding, including the right 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 securing evidence, obtaining
witnesses, prosecuting or defending the action or proceeding, or
effecting settlement, and (ii) in any other lawful act that in the
opinion of the Company may be necessary or desirable to
establish the Title or any other matter as insured. If the
Company is prejudiced by the failure of the Insured to furnish
the required cooperation, the Company’s obligations to the
Insured under the policy shall terminate, including any liability
or obligation to defend, prosecute, or continue any litigation,
with regard to the matter or matters requiring such
cooperation.
(b) The Company may reasonably require the Insured Claimant to
submit to examination under oath by any authorized
representative of the Company and to produce for examination,
inspection,and copying, at such reasonable times and places as
may be designated by the authorized representative of the
Company, all records, in whatever medium maintained,
including books, ledgers, checks, memoranda, correspondence,
reports, e-mails, disks, tapes, and videos whether bearing a
date before or after Date of Policy, that reasonably pertain to
the loss or damage. Further, if requested by any authorized
representative of the Company, the Insured Claimant shall grant
its permission, in writing, for any authorized representative of
the Company to examine, inspect and copy all of these records
in the custody or control of a third party that 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 any reasonably
requested information,or grant permission to secure reasonably
necessary information from third parties as required in this
subsection, unless prohibited by law or governmental regulation,
shall terminate any liability of the Company under this policy as
to that claim.
7.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 that were authorized
by the Company up to the time of payment or tender of
payment and that the Company is obligated to pay.
Upon the exercise by the Company of this option, all liability and
obligations of the Company to the Insured under this policy,
other than to make the payment required in this subsection,
shall terminate, including any liability or obligation to defend,
prosecute, or continue any litigation.
(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. In addition, the Company will pay any
costs, attorneys’ fees,and expenses incurred by the
Insured Claimant that were authorized by the Company up
to the time of payment and that 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 that were authorized by the Company
up to the time of payment and that the Company is
obligated to pay.
Upon the exercise by the Company of either of the options provided
for in subsections (b)(i) or (ii), the Company’s obligations to the
Insured under this policy for the claimed loss or damage, other than
the payments required to be made, shall terminate, including any
liability or obligation to defend, prosecute,or continue any litigation.
8.DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or
damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by this
policy.
(a) The extent of liability of the Company for loss or damage under
this policy shall not exceed the lesser of
(i)the Amount of Insurance; or
(ii)the difference between the value of the Title as insured and
the value of the Title subject to the risk insured against by
this policy.
(b) If the Company pursues its rights under Section 5 of these
Conditions and is unsuccessful in establishing the Title, as
insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss or
damage determined either as of the date the claim was made
by the Insured Claimant or as of the date it is settled and
paid.
(c) In addition to the extent of liability under (a) and (b), the
Company will also pay those costs, attorneys’ fees,and expenses
incurred in accordance with Sections 5 and 7 of these Conditions.
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 access
to or from the Land, or cures the claim of Unmarketable Title, all
as insured, in a reasonably diligent manner by any method,
including litigation and the completion of any appeals, it shall
have fully performed its obligations with respect to that matter
and shall not be liable for any loss or damage caused to the
Insured.
(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, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the 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 Insurance
by the amount of the payment.
11.LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the
Company pays 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 executed by an Insured after
Date of Policy and which is a charge or lien on the Title, and the
amount so paid shall be deemed a payment to the Insured under this
policy.
12.PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely
fixed in accordance with these Conditions, the payment shall be made
within 30 days.
13.RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under
this policy, it shall be subrogated and entitled to the rights of the
Insured Claimant in the Title and all other rights and remedies in
respect to the claim that the Insured Claimant has against any
person or property, to the extent of the amount of any loss, costs,
attorneys’ fees,and expenses paid by the Company. If requested
by the Company, the Insured Claimant shall execute documents
to evidence the transfer to the Company of these rights and
remedies. 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 and remedies.
If a payment on account of a claim does not fully cover the loss of
the Insured Claimant, the Company shall defer the exercise of its
right to recover until after the Insured Claimant shall have recovered
its loss.
(b)The Company’s right of subrogation includes the rights of the
Insured to indemnities, guaranties, other policies of insurance,
or bonds, notwithstanding any terms or conditions contained in
those instruments that address subrogation rights.
14.ARBITRATION
Either the Company or the Insured may demand that the claim or
controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Association
(“Rules”). Except as provided in the Rules, there shall be no joinder
or consolidation with claims or controversies of other persons.
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 in connection with its
issuance or the breach of a policy provision, or to any other
controversy or claim arising out of the transaction giving rise to this
policy. All arbitrable matters when the Amount of Insurance is
$2,000,000 or less shall be arbitrated at the option of either the
Company or the Insured. All arbitrable matters when the Amount of
Insurance is in excess of $2,000,000 shall be arbitrated only when
agreed to by both the Company and the Insured. Arbitration
pursuant to this policy and under the Rules shall be binding upon the
parties. Judgment upon the award rendered by the Arbitrator(s) may
be entered in any court of competent jurisdiction.
15.LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a)This policy together with all endorsements, if any, attached to it
by the Company is the entire policy and contract between the
Insured and the Company. In interpreting any provision of this
policy, this policy shall be construed as a whole.
(b)Any claim of loss or damage that arises out of the status of the
Title or by any action asserting such claim shall be restricted to
this policy.
(c)Any amendment of or endorsement to this policy must be in
writing and authenticated by an authorized person, or expressly
incorporated by Schedule A of this policy.
(d)Each endorsement to this policy issued at any time is made a
part of this policy and is subject to all of its terms and
provisions. Except as the endorsement expressly states, it does
not (i) modify any of the terms and provisions of the policy, (ii)
modify any prior endorsement, (iii) extend the Date of Policy,or
(iv) increase the Amount of Insurance.
16.SEVERABILITY
In the event any provision of this policy, in whole or in part, is held
invalid or unenforceable under applicable law, the policy shall be
deemed not to include that provision or such part held to be invalid,
but all other provisions shall remain in full force and effect.
17.CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has
underwritten the risks covered by this policy and determined the
premium charged therefor in reliance upon the law affecting
interests in real property and applicable to the interpretation,
rights, remedies,or enforcement of policies of title insurance of
the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the
jurisdiction where the Land is located to determine the validity
of claims against the Title that are adverse to the Insured and
to interpret and enforce the terms of this policy. In neither case
shall the court or arbitrator apply its conflicts of laws principles
to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by
the Insured against the Company must be filed only in a state or
federal court within the United States of America or its
territories having appropriate jurisdiction.
18.NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing
required to be given to the Company under this policy must be given to
the Company at 400 Second Avenue South, Minneapolis, Minnesota
55401-2499.
ENDORSEMENT
ORT 68-06
DATE DOWN
Issued By: OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
ORT Form 68
Revised 10/14/19
Page 1 of 1 Pages
Attached to Policy Number: A46014-OX-223604
Order Number: 5226012246-CB
Fee: $ 100.00
The Company insures against loss or damage sustained by the Insured by reason of:
1.Title to the Land being vested as of the date of issuance of this endorsement other than as shown in
Schedule A according to the Public Records, except:
NONE;
and
2.Any defect in or lien or encumbrance affecting the Title and recorded in the Public Records subsequent
to Date of Policy, to the date of this endorsement, except:
NONE;
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv)
increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated : July 19th, 2023 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
1408 North Westshore Blvd., Suite 900, Tampa, Florida 33607
(612) 371-1111 www.oldrepublictitle.com
Countersigned:
By
Validating Officer
Owner’s Policy of Title Insurance
American Land Title Association Owner’s Policy 06-17-06
Policy Number A46014-OX-223577
Issued by Old Republic National Title Insurance Company
Any notice of claim and any other notice or statement in writing required to be given to the Company
under this Policy must be given to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B,AND THE CONDITIONS,
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY,a Florida corporation (the “Company”) insures, as of Date of Policy and, to the extent stated
in Covered Risks 9 and 10, after Date of Policy,against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured
by reason of:
1.Title being vested other than as stated in Schedule A.
2.Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from:
(a)A defect in the Title caused by
(i)forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii)failure of any person or Entity to have authorized a transfer or conveyance;
(iii)a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv)failure to perform those acts necessary to create a document by electronic means authorized by law;
(v)a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi)a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law; or
(vii)a defective judicial or administrative proceeding.
(b)The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(c)Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate
and complete land survey of the Land. The term “encroachment” includes encroachments of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3.Unmarketable Title.
4.No right of access to and from the Land.
5.The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning)
restricting, regulating, prohibiting, or relating to
(a)the occupancy, use, or enjoyment of the Land;
(b)the character, dimensions, or location of any improvement erected on the Land;
(c)the subdivision of land; or
(d)environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the
extent of the violation or enforcement referred to in that notice.
6.An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement
action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7.The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8.Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9.Title being vested other than as stated in Schedule A or being defective
(a)as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the
title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer
constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or
(b)because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency, or similar creditors’ rights laws by reason of the failure of its recording in the Public Records
(i)to be timely, or
(ii)to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10.Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has
been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in
the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys’ fees,and expenses incurred in defense of any matter insured against by this Policy, but only to the
extent provided in the Conditions.
Issued through the Office of:
Old Republic National Title Insurance Company
400 Second Avenue South
Minneapolis, Minnesota 55401
Old Republic Title, Ltd.
19020 33rd Avenue W., Suite 360
Lynnwood, WA 98036
Authorized Signatory
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 that arise by reason of:
1. (a)Any law, ordinance, permit,or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting,or
relating to
(i)the occupancy, use, or enjoyment of the Land;
(ii)the character, dimensions,or location of any improvement erected on the Land;
(iii)the subdivision of land; or
(iv)environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage
provided under Covered Risk 5.
(b)Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2.Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
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 (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10);
or
(e)resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4.Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction vesting the Title as
shown in Schedule A, is
(a)a fraudulent conveyance or fraudulent transfer; or
(b)a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5.Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and
the date of recording of the deed or other instrument of transfer in Public Records that vests Title as shown in Schedule A.
ALTA Owner’s Policy (6-17-06)
Page_1_of_3 Pages
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
1. Name of Insured:
LEON COHEN, an unmarried person
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple
3. Title is vested in:
LEON COHEN, an unmarried person
4. The Land referred to in this policy is described as follows:
Lot 20, Block 24, TOWN OF RENTON, according to the plat thereof recorded in Volume 1 of Plats, page 135, in
King County, Washington;
EXCEPT the West 5 feet thereof heretofore conveyed to the City of Renton for alley, by deed recorded under
Auditor's File No. 2117471.
SITUATE in the County of King, State of Washington
Old Republic National Title Insurance Company
400 Second Avenue South Minneapolis, Minnesota 55401
SCHEDULE A
Policy No: A46014-OX-223577 Amount of Insurance: $450,000.00
Order No: 5226012894-CB Premium: $1,627.00
Date of Policy: December 17th, 2021 at 4:28:00 PM Address Reference:101 Williams Avenue South
Renton, WA 98057
Policy No A46014-OX-223577
ALTA Owner’s Policy (6-17-06)
Page_2_of_3 Page
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by
reason of:
1.Encroachments, or questions of location, boundary and/or area which an accurate survey may
disclose.
2.Easements or claims of easements not disclosed by the public records.
3.Rights or claims of parties in possession not disclosed by the public records.
4.Any lien or right to lien for services, material, labor, and/or contributions to an employee benefit fund
or State Workers’ Compensation that is not disclosed by the public records.
5.Exceptions and reservations in United States patents, Indian tribal codes or regulations, Indian treaty
or aboriginal rights, including easements and equitable servitudes. Water rights, claims or title to
water.
6.Any service, installation or general connection charges for sewer, water, electricity, telephone, gas
and/or garbage removal.
7.General taxes not now payable; special assessments and/or special levies, if any, that are not
disclosed by the public records.
8.Agreement for :Latecomer's Agreement
Executed By :City of Renton, a municipal corporation
and Between :Friedman Development, LLC
On the terms, covenants and conditions contained therein,
Dated :July 29, 2013
Recorded :September 10, 2013 in Official Records under Recording Number
20130910001606
9.Any unrecorded and subsisting leases.
Policy No A46014-OX-223577
ALTA Owner’s Policy (6-17-06)
Page_3_of_3 Page
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
10.Deed of Trust to secure an indebtedness of the amount stated below and any other amounts
payable under the terms thereof,
Amount :$337,500.00
Trustor/Borrower :Leon Cohen, an unmarried person
Trustee :Old Republic Title, Ltd.
Beneficiary/Lender :Mortgage Electronic Registration Systems, Inc., solely as nominee
for the benefit of Banner Bank
Dated :December 10, 2021
Recorded :December 17, 2021 in Official Records under Recording Number
20211217001631
Loan No.:18090151
“MIN”:1001679-0001023935-6
ENDORSEMENT Attached to:
Policy No: A46014-OX-223577
Order No:5226012894-CB
ALTA 39-06 (CLTA 142-06)
POLICY AUTHENTICATION
When the policy is issued by the Company with a policy number and Date of Policy, the Company will not deny liability under the
policy or any endorsements issued with the policy solely on the grounds that the policy or endorsements were issued
electronically or lack signatures in accordance with the Conditions.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and
provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of
Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this
endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the
policy and of any prior endorsements.
Dated: December 17th, 2021 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
400 Second Avenue South, Minneapolis, Minnesota 55401
(612) 371-1111
Countersigned:
By
Validating Officer
ORT Form 5338
Adopted 04/02/13
Page 1 of 1 Pages
CONDITIONS
1.DEFINITION OF TERMS
The following terms when used in this policy mean:
(a)“Amount of Insurance”: The amount stated in Schedule A, as
may be increased or decreased by endorsement to this policy,
increased by Section 8(b), or decreased by Sections 10 and 11
of these Conditions.
(b)“Date of Policy”: The date designated as “Date of Policy” in
Schedule A.
(c)“Entity”: A corporation, partnership, trust, limited liability
company,or other similar legal entity.
(d)“Insured”: The Insured named in Schedule A.
(i)The term “Insured” also includes
(A) successors to the Title of the Insured by operation of
law as distinguished from purchase, including heirs,
devisees, survivors, personal representatives,or next
of kin;
(B)successors to an Insured by dissolution, merger,
consolidation, distribution,or reorganization;
(C)successors to an Insured by its conversion to another
kind of Entity;
(D)a grantee of an Insured under a deed delivered
without payment of actual valuable consideration
conveying the Title
(1) if the stock, shares, memberships, or other
equity interests of the grantee are wholly-owned
by the named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated
Entity of the named Insured, provided the
affiliated Entity and the named Insured are both
wholly-owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a
trust created by a written instrument established
by the Insured named in Schedule A for estate
planning purposes.
(ii)With regard to (A), (B), (C),and (D) reserving, however,
all rights and defenses as to any successor that the
Company would have had against any predecessor
Insured.
(e)“Insured Claimant”: An Insured claiming loss or damage.
(f)“Knowledge” or “Known”: Actual knowledge, not constructive
knowledge or notice that may be imputed to an Insured by
reason of the Public Records or any other records that impart
constructive notice of matters affecting the Title.
(g)“Land”: The land described in Schedule A, and affixed
improvements that by law constitute real property. The term
“Land” does not include any property beyond the lines of the
area described in Schedule A, nor any right, title, interest,
estate,or easement in abutting streets, roads, avenues, alleys,
lanes, ways,or waterways, but this does not modify or limit the
extent that a right of access to and from the Land is insured by
this policy.
(h)“Mortgage’’: Mortgage, deed of trust, trust deed, or other
security instrument, including one evidenced by electronic
means authorized by law.
(i)“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 Covered Risk 5(d), “Public
Records” shall also include environmental protection liens filed
in the records of the clerk of the United States District Court for
the district where the Land is located.
(j)“Title”: The estate or interest described in Schedule A.
(k)“Unmarketable Title”: Title affected by an alleged or apparent
matter that would permit a prospective purchaser or lessee of
the Title or lender on the Title to be released from the obligation
to purchase, lease, or lend if there is a contractual condition
requiring the delivery of marketable title.
2.CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy
in favor of an Insured, but only so long as the Insured retains an
estate or interest in the Land, or holds an obligation 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 warranties
in any transfer or conveyance of the Title. 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 obligation 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 5(a) of these Conditions,(ii) in case
Knowledge shall come to an Insured hereunder of any claim of title or
interest that is adverse to the Title, as insured, and that might cause
loss or damage for which the Company may be liable by virtue of this
policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title.
If the Company is prejudiced by the failure of the Insured Claimant to
provide prompt notice, the Company’s liability to the Insured Claimant
under the policy shall be reduced to the extent of the prejudice.
4.PROOF OF LOSS
In the event the Company is unable to determine the amount of loss
or damage, the Company may, at its option, require as a condition of
payment that the Insured Claimant furnish a signed proof of loss. The
proof of loss must describe the defect, lien, encumbrance,or other
matter insured against by this policy that 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.
5.DEFENSE AND PROSECUTION OF ACTIONS
(a)Upon written request by the Insured, and subject to the options
contained in Section 7 of these Conditions, 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 covered by this policy adverse to the Insured. This
obligation is limited to only those stated causes of action alleging
matters 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. It shall not be liable for and
will not pay the fees of any other counsel. The Company will not
pay any fees, costs,or expenses incurred by the Insured in the
defense of those causes of action that allege matters not insured
against by this policy.
(b)The Company shall have the right, in addition to the options
contained in Section 7 of these conditions, at its own cost, to
institute and prosecute any action or proceeding or to do any
other act that in its opinion may be necessary or desirable to
establish the Title, as insured, or to prevent or reduce loss or
damage to the Insured. The Company may take any appropriate
action under the terms of this policy, whether or not it shall be
liable to the Insured. The exercise of these rights shall not be an
admission of liability or waiver of any provision of this policy. If
the Company exercises its rights under this subsection, it must do
so diligently.
(c)Whenever the Company brings an action or asserts a defense as
required or permitted by this policy, the Company may pursue the
litigation to a final determination by a court of competent
jurisdiction,and it expressly reserves the right, in its sole
discretion, to appeal any adverse judgment or order.
6.DUTY OF INSURED CLAIMANT TO COOPERATE
(a)In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding
and any appeals, the Insured shall secure to the Company the
right to so prosecute or provide defense in the action or
proceeding, including the right 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 securing evidence, obtaining
witnesses, prosecuting or defending the action or proceeding, or
effecting settlement, and (ii) in any other lawful act that in the
opinion of the Company may be necessary or desirable to
establish the Title or any other matter as insured. If the
Company is prejudiced by the failure of the Insured to furnish
the required cooperation, the Company’s obligations to the
Insured under the policy shall terminate, including any liability
or obligation to defend, prosecute, or continue any litigation,
with regard to the matter or matters requiring such
cooperation.
(b) The Company may reasonably require the Insured Claimant to
submit to examination under oath by any authorized
representative of the Company and to produce for examination,
inspection,and copying, at such reasonable times and places as
may be designated by the authorized representative of the
Company, all records, in whatever medium maintained,
including books, ledgers, checks, memoranda, correspondence,
reports, e-mails, disks, tapes, and videos whether bearing a
date before or after Date of Policy, that reasonably pertain to
the loss or damage. Further, if requested by any authorized
representative of the Company, the Insured Claimant shall grant
its permission, in writing, for any authorized representative of
the Company to examine, inspect and copy all of these records
in the custody or control of a third party that 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 any reasonably
requested information,or grant permission to secure reasonably
necessary information from third parties as required in this
subsection, unless prohibited by law or governmental regulation,
shall terminate any liability of the Company under this policy as
to that claim.
7.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 that were authorized
by the Company up to the time of payment or tender of
payment and that the Company is obligated to pay.
Upon the exercise by the Company of this option, all liability and
obligations of the Company to the Insured under this policy,
other than to make the payment required in this subsection,
shall terminate, including any liability or obligation to defend,
prosecute, or continue any litigation.
(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. In addition, the Company will pay any
costs, attorneys’ fees,and expenses incurred by the
Insured Claimant that were authorized by the Company up
to the time of payment and that 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 that were authorized by the Company
up to the time of payment and that the Company is
obligated to pay.
Upon the exercise by the Company of either of the options provided
for in subsections (b)(i) or (ii), the Company’s obligations to the
Insured under this policy for the claimed loss or damage, other than
the payments required to be made, shall terminate, including any
liability or obligation to defend, prosecute,or continue any litigation.
8.DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or
damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by this
policy.
(a) The extent of liability of the Company for loss or damage under
this policy shall not exceed the lesser of
(i)the Amount of Insurance; or
(ii)the difference between the value of the Title as insured and
the value of the Title subject to the risk insured against by
this policy.
(b) If the Company pursues its rights under Section 5 of these
Conditions and is unsuccessful in establishing the Title, as
insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss or
damage determined either as of the date the claim was made
by the Insured Claimant or as of the date it is settled and
paid.
(c) In addition to the extent of liability under (a) and (b), the
Company will also pay those costs, attorneys’ fees,and expenses
incurred in accordance with Sections 5 and 7 of these Conditions.
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 access
to or from the Land, or cures the claim of Unmarketable Title, all
as insured, in a reasonably diligent manner by any method,
including litigation and the completion of any appeals, it shall
have fully performed its obligations with respect to that matter
and shall not be liable for any loss or damage caused to the
Insured.
(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, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the 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 Insurance
by the amount of the payment.
11.LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the
Company pays 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 executed by an Insured after
Date of Policy and which is a charge or lien on the Title, and the
amount so paid shall be deemed a payment to the Insured under this
policy.
12.PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely
fixed in accordance with these Conditions, the payment shall be made
within 30 days.
13.RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under
this policy, it shall be subrogated and entitled to the rights of the
Insured Claimant in the Title and all other rights and remedies in
respect to the claim that the Insured Claimant has against any
person or property, to the extent of the amount of any loss, costs,
attorneys’ fees,and expenses paid by the Company. If requested
by the Company, the Insured Claimant shall execute documents
to evidence the transfer to the Company of these rights and
remedies. 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 and remedies.
If a payment on account of a claim does not fully cover the loss of
the Insured Claimant, the Company shall defer the exercise of its
right to recover until after the Insured Claimant shall have recovered
its loss.
(b)The Company’s right of subrogation includes the rights of the
Insured to indemnities, guaranties, other policies of insurance,
or bonds, notwithstanding any terms or conditions contained in
those instruments that address subrogation rights.
14.ARBITRATION
Either the Company or the Insured may demand that the claim or
controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Association
(“Rules”). Except as provided in the Rules, there shall be no joinder
or consolidation with claims or controversies of other persons.
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 in connection with its
issuance or the breach of a policy provision, or to any other
controversy or claim arising out of the transaction giving rise to this
policy. All arbitrable matters when the Amount of Insurance is
$2,000,000 or less shall be arbitrated at the option of either the
Company or the Insured. All arbitrable matters when the Amount of
Insurance is in excess of $2,000,000 shall be arbitrated only when
agreed to by both the Company and the Insured. Arbitration
pursuant to this policy and under the Rules shall be binding upon the
parties. Judgment upon the award rendered by the Arbitrator(s) may
be entered in any court of competent jurisdiction.
15.LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a)This policy together with all endorsements, if any, attached to it
by the Company is the entire policy and contract between the
Insured and the Company. In interpreting any provision of this
policy, this policy shall be construed as a whole.
(b)Any claim of loss or damage that arises out of the status of the
Title or by any action asserting such claim shall be restricted to
this policy.
(c)Any amendment of or endorsement to this policy must be in
writing and authenticated by an authorized person, or expressly
incorporated by Schedule A of this policy.
(d)Each endorsement to this policy issued at any time is made a
part of this policy and is subject to all of its terms and
provisions. Except as the endorsement expressly states, it does
not (i) modify any of the terms and provisions of the policy, (ii)
modify any prior endorsement, (iii) extend the Date of Policy,or
(iv) increase the Amount of Insurance.
16.SEVERABILITY
In the event any provision of this policy, in whole or in part, is held
invalid or unenforceable under applicable law, the policy shall be
deemed not to include that provision or such part held to be invalid,
but all other provisions shall remain in full force and effect.
17.CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has
underwritten the risks covered by this policy and determined the
premium charged therefor in reliance upon the law affecting
interests in real property and applicable to the interpretation,
rights, remedies,or enforcement of policies of title insurance of
the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the
jurisdiction where the Land is located to determine the validity
of claims against the Title that are adverse to the Insured and
to interpret and enforce the terms of this policy. In neither case
shall the court or arbitrator apply its conflicts of laws principles
to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by
the Insured against the Company must be filed only in a state or
federal court within the United States of America or its
territories having appropriate jurisdiction.
18.NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing
required to be given to the Company under this policy must be given to
the Company at 400 Second Avenue South, Minneapolis, Minnesota
55401-2499.
ENDORSEMENT
ORT 68-06
DATE DOWN
Issued By: OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
ORT Form 68
Revised 10/14/19
Page 1 of 1 Pages
Attached to Policy Number: A46014-OX-223577
Order Number: 5226012894-CB
Fee: $ 100.00
The Company insures against loss or damage sustained by the Insured by reason of:
1.Title to the Land being vested as of the date of issuance of this endorsement other than as shown in
Schedule A according to the Public Records, except:
N/A;
and
2.Any defect in or lien or encumbrance affecting the Title and recorded in the Public Records subsequent
to Date of Policy, to the date of this endorsement, except:
N/A;
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv)
increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated : July 20th, 2023 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
1408 North Westshore Blvd., Suite 900, Tampa, Florida 33607
(612) 371-1111 www.oldrepublictitle.com
Countersigned:
By
Validating Officer
Owner’s Policy of Title Insurance
American Land Title Association Owner’s Policy 06-17-06
Policy Number A46014-OX-224043
Issued by Old Republic National Title Insurance Company
Any notice of claim and any other notice or statement in writing required to be given to the Company
under this Policy must be given to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B,AND THE CONDITIONS,
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY,a Florida corporation (the “Company”) insures, as of Date of Policy and, to the extent stated
in Covered Risks 9 and 10, after Date of Policy,against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured
by reason of:
1.Title being vested other than as stated in Schedule A.
2.Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from:
(a)A defect in the Title caused by
(i)forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii)failure of any person or Entity to have authorized a transfer or conveyance;
(iii)a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv)failure to perform those acts necessary to create a document by electronic means authorized by law;
(v)a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi)a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law; or
(vii)a defective judicial or administrative proceeding.
(b)The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(c)Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate
and complete land survey of the Land. The term “encroachment” includes encroachments of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3.Unmarketable Title.
4.No right of access to and from the Land.
5.The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning)
restricting, regulating, prohibiting, or relating to
(a)the occupancy, use, or enjoyment of the Land;
(b)the character, dimensions, or location of any improvement erected on the Land;
(c)the subdivision of land; or
(d)environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the
extent of the violation or enforcement referred to in that notice.
6.An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement
action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7.The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8.Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9.Title being vested other than as stated in Schedule A or being defective
(a)as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the
title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer
constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or
(b)because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency, or similar creditors’ rights laws by reason of the failure of its recording in the Public Records
(i)to be timely, or
(ii)to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10.Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has
been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in
the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys’ fees,and expenses incurred in defense of any matter insured against by this Policy, but only to the
extent provided in the Conditions.
Issued through the Office of:
Old Republic National Title Insurance Company
400 Second Avenue South
Minneapolis, Minnesota 55401
Old Republic Title, Ltd.
19020 33rd Avenue W., Suite 360
Lynnwood, WA 98036
Authorized Signatory
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 that arise by reason of:
1. (a)Any law, ordinance, permit,or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting,or
relating to
(i)the occupancy, use, or enjoyment of the Land;
(ii)the character, dimensions,or location of any improvement erected on the Land;
(iii)the subdivision of land; or
(iv)environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage
provided under Covered Risk 5.
(b)Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2.Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
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 (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10);
or
(e)resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4.Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction vesting the Title as
shown in Schedule A, is
(a)a fraudulent conveyance or fraudulent transfer; or
(b)a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5.Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and
the date of recording of the deed or other instrument of transfer in Public Records that vests Title as shown in Schedule A.
ALTA Owner’s Policy (6-17-06)
Page_1_of_3 Pages
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
1. Name of Insured:
WILLIAMS AVENUE VENTURES LLC, a Washington limited liability company
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple
3. Title is vested in:
WILLIAMS AVENUE VENTURES LLC, a Washington limited liability company
4. The Land referred to in this policy is described as follows:
Lot 19, Block 24, TOWN OF RENTON, according to the plat thereof recorded in Volume 1 of Plats, page 135, in
King County, Washington;
EXCEPT the West 5 feet thereof, conveyed to the City of Renton for alley purposes, by deed recorded under
Auditor's File No. 2117484.
SITUATE in the County of King, State of Washington
Old Republic National Title Insurance Company
400 Second Avenue South Minneapolis, Minnesota 55401
SCHEDULE A
Policy No: A46014-OX-224043 Amount of Insurance: $655,000.00
Order No: 5226012895-CB Premium: $2,107.00
Date of Policy: December 21st, 2021 at 9:55:00 AM Address Reference:107 Williams Avenue South
Renton, WA 98057
Policy No A46014-OX-224043
ALTA Owner’s Policy (6-17-06)
Page_2_of_3 Page
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by
reason of:
1.Encroachments, or questions of location, boundary and/or area which an accurate survey may
disclose.
2.Easements or claims of easements not disclosed by the public records.
3.Rights or claims of parties in possession not disclosed by the public records.
4.Any lien or right to lien for services, material, labor, and/or contributions to an employee benefit fund
or State Workers’ Compensation that is not disclosed by the public records.
5.Exceptions and reservations in United States patents, Indian tribal codes or regulations, Indian treaty
or aboriginal rights, including easements and equitable servitudes. Water rights, claims or title to
water.
6.Any service, installation or general connection charges for sewer, water, electricity, telephone, gas
and/or garbage removal.
7.General taxes not now payable; special assessments and/or special levies, if any, that are not
disclosed by the public records.
8.Agreement for :Latecomer's Agreement
Executed By :City of Renton, a municipal corporation
and Between :Friedman Development, LLC
On the terms, covenants and conditions contained therein,
Dated :July 29, 2013
Recorded :September 10, 2013 in Official Records under Recording Number
20130910001606
9.Any unrecorded and subsisting leases.
Policy No A46014-OX-224043
ALTA Owner’s Policy (6-17-06)
Page_3_of_3 Page
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
10.Deed of Trust to secure an indebtedness of the amount stated below and any other amounts
payable under the terms thereof,
Amount :$491,250.00
Trustor/Borrower :Williams Avenue Ventures L.L.C., a Washington limited liability
company
Trustee :UPF Washington, Incorporated
Beneficiary/Lender :Banner Bank
Dated :December 3, 2021
Recorded :December 21, 2021 in Official Records under Recording Number
20211221000543
11.Assignment of Rents by Williams Avenue Ventures L.L.C., a Washington limited liability
company
To :Banner Bank
Recorded :December 21, 2021 in Official Records under Recording Number
20211221000544
ENDORSEMENT Attached to:
Policy No: A46014-OX-224043
Order No:5226012895-CB
ALTA 39-06 (CLTA 142-06)
POLICY AUTHENTICATION
When the policy is issued by the Company with a policy number and Date of Policy, the Company will not deny liability under the
policy or any endorsements issued with the policy solely on the grounds that the policy or endorsements were issued
electronically or lack signatures in accordance with the Conditions.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and
provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of
Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this
endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the
policy and of any prior endorsements.
Dated: December 21st, 2021 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
400 Second Avenue South, Minneapolis, Minnesota 55401
(612) 371-1111
Countersigned:
By
Validating Officer
ORT Form 5338
Adopted 04/02/13
Page 1 of 1 Pages
CONDITIONS
1.DEFINITION OF TERMS
The following terms when used in this policy mean:
(a)“Amount of Insurance”: The amount stated in Schedule A, as
may be increased or decreased by endorsement to this policy,
increased by Section 8(b), or decreased by Sections 10 and 11
of these Conditions.
(b)“Date of Policy”: The date designated as “Date of Policy” in
Schedule A.
(c)“Entity”: A corporation, partnership, trust, limited liability
company,or other similar legal entity.
(d)“Insured”: The Insured named in Schedule A.
(i)The term “Insured” also includes
(A) successors to the Title of the Insured by operation of
law as distinguished from purchase, including heirs,
devisees, survivors, personal representatives,or next
of kin;
(B)successors to an Insured by dissolution, merger,
consolidation, distribution,or reorganization;
(C)successors to an Insured by its conversion to another
kind of Entity;
(D)a grantee of an Insured under a deed delivered
without payment of actual valuable consideration
conveying the Title
(1) if the stock, shares, memberships, or other
equity interests of the grantee are wholly-owned
by the named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated
Entity of the named Insured, provided the
affiliated Entity and the named Insured are both
wholly-owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a
trust created by a written instrument established
by the Insured named in Schedule A for estate
planning purposes.
(ii)With regard to (A), (B), (C),and (D) reserving, however,
all rights and defenses as to any successor that the
Company would have had against any predecessor
Insured.
(e)“Insured Claimant”: An Insured claiming loss or damage.
(f)“Knowledge” or “Known”: Actual knowledge, not constructive
knowledge or notice that may be imputed to an Insured by
reason of the Public Records or any other records that impart
constructive notice of matters affecting the Title.
(g)“Land”: The land described in Schedule A, and affixed
improvements that by law constitute real property. The term
“Land” does not include any property beyond the lines of the
area described in Schedule A, nor any right, title, interest,
estate,or easement in abutting streets, roads, avenues, alleys,
lanes, ways,or waterways, but this does not modify or limit the
extent that a right of access to and from the Land is insured by
this policy.
(h)“Mortgage’’: Mortgage, deed of trust, trust deed, or other
security instrument, including one evidenced by electronic
means authorized by law.
(i)“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 Covered Risk 5(d), “Public
Records” shall also include environmental protection liens filed
in the records of the clerk of the United States District Court for
the district where the Land is located.
(j)“Title”: The estate or interest described in Schedule A.
(k)“Unmarketable Title”: Title affected by an alleged or apparent
matter that would permit a prospective purchaser or lessee of
the Title or lender on the Title to be released from the obligation
to purchase, lease, or lend if there is a contractual condition
requiring the delivery of marketable title.
2.CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy
in favor of an Insured, but only so long as the Insured retains an
estate or interest in the Land, or holds an obligation 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 warranties
in any transfer or conveyance of the Title. 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 obligation 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 5(a) of these Conditions,(ii) in case
Knowledge shall come to an Insured hereunder of any claim of title or
interest that is adverse to the Title, as insured, and that might cause
loss or damage for which the Company may be liable by virtue of this
policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title.
If the Company is prejudiced by the failure of the Insured Claimant to
provide prompt notice, the Company’s liability to the Insured Claimant
under the policy shall be reduced to the extent of the prejudice.
4.PROOF OF LOSS
In the event the Company is unable to determine the amount of loss
or damage, the Company may, at its option, require as a condition of
payment that the Insured Claimant furnish a signed proof of loss. The
proof of loss must describe the defect, lien, encumbrance,or other
matter insured against by this policy that 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.
5.DEFENSE AND PROSECUTION OF ACTIONS
(a)Upon written request by the Insured, and subject to the options
contained in Section 7 of these Conditions, 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 covered by this policy adverse to the Insured. This
obligation is limited to only those stated causes of action alleging
matters 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. It shall not be liable for and
will not pay the fees of any other counsel. The Company will not
pay any fees, costs,or expenses incurred by the Insured in the
defense of those causes of action that allege matters not insured
against by this policy.
(b)The Company shall have the right, in addition to the options
contained in Section 7 of these conditions, at its own cost,to
institute and prosecute any action or proceeding or to do any
other act that in its opinion may be necessary or desirable to
establish the Title, as insured, or to prevent or reduce loss or
damage to the Insured. The Company may take any appropriate
action under the terms of this policy, whether or not it shall be
liable to the Insured. The exercise of these rights shall not be an
admission of liability or waiver of any provision of this policy. If
the Company exercises its rights under this subsection, it must do
so diligently.
(c)Whenever the Company brings an action or asserts a defense as
required or permitted by this policy, the Company may pursue the
litigation to a final determination by a court of competent
jurisdiction,and it expressly reserves the right, in its sole
discretion, to appeal any adverse judgment or order.
6.DUTY OF INSURED CLAIMANT TO COOPERATE
(a)In all cases where this policy permits or requires the Company to
prosecute or provide for the defense of any action or proceeding
and any appeals, the Insured shall secure to the Company the
right to so prosecute or provide defense in the action or
proceeding, including the right 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 securing evidence, obtaining
witnesses, prosecuting or defending the action or proceeding, or
effecting settlement, and (ii) in any other lawful act that in the
opinion of the Company may be necessary or desirable to
establish the Title or any other matter as insured. If the
Company is prejudiced by the failure of the Insured to furnish
the required cooperation, the Company’s obligations to the
Insured under the policy shall terminate, including any liability
or obligation to defend, prosecute, or continue any litigation,
with regard to the matter or matters requiring such
cooperation.
(b) The Company may reasonably require the Insured Claimant to
submit to examination under oath by any authorized
representative of the Company and to produce for examination,
inspection,and copying, at such reasonable times and places as
may be designated by the authorized representative of the
Company, all records, in whatever medium maintained,
including books, ledgers, checks, memoranda, correspondence,
reports, e-mails, disks, tapes, and videos whether bearing a
date before or after Date of Policy, that reasonably pertain to
the loss or damage. Further, if requested by any authorized
representative of the Company, the Insured Claimant shall grant
its permission, in writing, for any authorized representative of
the Company to examine, inspect and copy all of these records
in the custody or control of a third party that 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 any reasonably
requested information,or grant permission to secure reasonably
necessary information from third parties as required in this
subsection, unless prohibited by law or governmental regulation,
shall terminate any liability of the Company under this policy as
to that claim.
7.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 that were authorized
by the Company up to the time of payment or tender of
payment and that the Company is obligated to pay.
Upon the exercise by the Company of this option, all liability and
obligations of the Company to the Insured under this policy,
other than to make the payment required in this subsection,
shall terminate, including any liability or obligation to defend,
prosecute, or continue any litigation.
(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. In addition, the Company will pay any
costs, attorneys’ fees,and expenses incurred by the
Insured Claimant that were authorized by the Company up
to the time of payment and that 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 that were authorized by the Company
up to the time of payment and that the Company is
obligated to pay.
Upon the exercise by the Company of either of the options provided
for in subsections (b)(i) or (ii), the Company’s obligations to the
Insured under this policy for the claimed loss or damage, other than
the payments required to be made, shall terminate, including any
liability or obligation to defend, prosecute,or continue any litigation.
8.DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or
damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by this
policy.
(a) The extent of liability of the Company for loss or damage under
this policy shall not exceed the lesser of
(i)the Amount of Insurance; or
(ii)the difference between the value of the Title as insured and
the value of the Title subject to the risk insured against by
this policy.
(b) If the Company pursues its rights under Section 5 of these
Conditions and is unsuccessful in establishing the Title, as
insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss or
damage determined either as of the date the claim was made
by the Insured Claimant or as of the date it is settled and
paid.
(c) In addition to the extent of liability under (a) and (b), the
Company will also pay those costs, attorneys’ fees,and expenses
incurred in accordance with Sections 5 and 7 of these Conditions.
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 access
to or from the Land, or cures the claim of Unmarketable Title, all
as insured, in a reasonably diligent manner by any method,
including litigation and the completion of any appeals, it shall
have fully performed its obligations with respect to that matter
and shall not be liable for any loss or damage caused to the
Insured.
(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, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the 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 Insurance
by the amount of the payment.
11.LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the
Company pays 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 executed by an Insured after
Date of Policy and which is a charge or lien on the Title, and the
amount so paid shall be deemed a payment to the Insured under this
policy.
12.PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely
fixed in accordance with these Conditions, the payment shall be made
within 30 days.
13.RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under
this policy, it shall be subrogated and entitled to the rights of the
Insured Claimant in the Title and all other rights and remedies in
respect to the claim that the Insured Claimant has against any
person or property, to the extent of the amount of any loss, costs,
attorneys’ fees,and expenses paid by the Company. If requested
by the Company, the Insured Claimant shall execute documents
to evidence the transfer to the Company of these rights and
remedies. 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 and remedies.
If a payment on account of a claim does not fully cover the loss of
the Insured Claimant, the Company shall defer the exercise of its
right to recover until after the Insured Claimant shall have recovered
its loss.
(b)The Company’s right of subrogation includes the rights of the
Insured to indemnities, guaranties, other policies of insurance,
or bonds, notwithstanding any terms or conditions contained in
those instruments that address subrogation rights.
14.ARBITRATION
Either the Company or the Insured may demand that the claim or
controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Association
(“Rules”). Except as provided in the Rules, there shall be no joinder
or consolidation with claims or controversies of other persons.
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 in connection with its
issuance or the breach of a policy provision, or to any other
controversy or claim arising out of the transaction giving rise to this
policy. All arbitrable matters when the Amount of Insurance is
$2,000,000 or less shall be arbitrated at the option of either the
Company or the Insured. All arbitrable matters when the Amount of
Insurance is in excess of $2,000,000 shall be arbitrated only when
agreed to by both the Company and the Insured. Arbitration
pursuant to this policy and under the Rules shall be binding upon the
parties. Judgment upon the award rendered by the Arbitrator(s) may
be entered in any court of competent jurisdiction.
15.LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a)This policy together with all endorsements, if any, attached to it
by the Company is the entire policy and contract between the
Insured and the Company. In interpreting any provision of this
policy, this policy shall be construed as a whole.
(b)Any claim of loss or damage that arises out of the status of the
Title or by any action asserting such claim shall be restricted to
this policy.
(c)Any amendment of or endorsement to this policy must be in
writing and authenticated by an authorized person, or expressly
incorporated by Schedule A of this policy.
(d)Each endorsement to this policy issued at any time is made a
part of this policy and is subject to all of its terms and
provisions. Except as the endorsement expressly states, it does
not (i) modify any of the terms and provisions of the policy, (ii)
modify any prior endorsement, (iii) extend the Date of Policy,or
(iv) increase the Amount of Insurance.
16.SEVERABILITY
In the event any provision of this policy, in whole or in part, is held
invalid or unenforceable under applicable law, the policy shall be
deemed not to include that provision or such part held to be invalid,
but all other provisions shall remain in full force and effect.
17.CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has
underwritten the risks covered by this policy and determined the
premium charged therefor in reliance upon the law affecting
interests in real property and applicable to the interpretation,
rights, remedies,or enforcement of policies of title insurance of
the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the
jurisdiction where the Land is located to determine the validity
of claims against the Title that are adverse to the Insured and
to interpret and enforce the terms of this policy. In neither case
shall the court or arbitrator apply its conflicts of laws principles
to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by
the Insured against the Company must be filed only in a state or
federal court within the United States of America or its
territories having appropriate jurisdiction.
18.NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing
required to be given to the Company under this policy must be given to
the Company at 400 Second Avenue South, Minneapolis, Minnesota
55401-2499.
ENDORSEMENT
ORT 68-06
DATE DOWN
Issued By: OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
ORT Form 68
Revised 10/14/19
Page 1 of 1 Pages
Attached to Policy Number: A46014-OX-224043
Order Number: 5226012895-CB
Fee: $ 100.00
The Company insures against loss or damage sustained by the Insured by reason of:
1.Title to the Land being vested as of the date of issuance of this endorsement other than as shown in
Schedule A according to the Public Records, except:
NONE;
and
2.Any defect in or lien or encumbrance affecting the Title and recorded in the Public Records subsequent
to Date of Policy, to the date of this endorsement, except:
NONE;
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy or (iv)
increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated : July 20th, 2023 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
1408 North Westshore Blvd., Suite 900, Tampa, Florida 33607
(612) 371-1111 www.oldrepublictitle.com
Countersigned:
By
Validating Officer