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Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Face Page
First American Title Insurance Company
COMMITMENT FOR TITLE INSURANCE
Issued by
FIRST AMERICAN TITLE INSURANCE COMPANY
First American Title Insurance Company, herein called the Company, for valuable consideration, hereby
commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the
proposed Insured named in Schedule A, as owner or mortgagor of the estate or interest covered
hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges
therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations
hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the amount
of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either
at the time of the issuance of the Commitment or by subsequent endorsement.
This Commitment if preliminary to the issuance of such policy or policies of title insurance and all
liability and obligations hereunder shall cease and terminate six (6) months after the effective date
hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that
the failure to issue such policy or policies is not the fault of the Company. This Commitment shall not
be valid or binding until countersigned by an authorized officer or agent.
IN WITNESS WHEREOF, the Company has caused this commitment to be signed, to become valid
when countersigned by an authorized officer or agent of the Company, all in accordance with its By-
Laws. This Commitment is effective as of the date shown in Schedule A as “Effective Date.”
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Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 1
First American Title Insurance Company
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First American Title Insurance Company
National Commercial Services
818 Stewart Street, Suite 800, Seattle, WA 98101
(206)728-0400 - (800)526-7544 FAX (206)448-6348
Jean Couch Jackie Engholm
(206)615-3118 (206)615-3048
jcouch@firstam.com jengholm@firstam.com
Jen Modjeska
(206)615-3270
jmodjeska@firstam.com
To: Seco Development, Inc. File No.: NCS-881512-WA1
1083 Lake Washington Boulevard, North Suite 50 Your Ref No.:
Renton, WA 98056
Attn: Lisa Collins
SCHEDULE A
1. Commitment Date: November 22, 2017 at 7:30 A.M.
2. Policy or Policies to be issued:
AMOUNT PREMIUM TAX
ALTA Extended Loan Policy $ 80,000,000.00 $ To follow $
Proposed Insured:
Starwood Property Trust, Inc.
3. The estate or interest in the land described on Page 2 herein is Fee Simple, and title thereto is
at the effective date hereof vested in:
Hotel at Southport LLC, a Delaware limited liability company, which acquired title as Hotel at
Southport LLC, a Washington limited liability company
4. The land referred to in this Commitment is described as follows:
The land referred to in this report is described in Exhibit "A" attached hereto.
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 2
First American Title Insurance Company
EXHIBIT 'A'
LEGAL DESCRIPTION:
PARCEL A:
NEW LOT A OF CITY OF RENTON LOT LINE ADJUSTMENT NO. LUA 14-001514, AS RECORDED DECEMBER 23,
2014 AS RECORDING NO. 20141223900010, IN KING COUNTY, WASHINGTON.
PARCEL B:
A NON-EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS ESTABLISHED BY DECLARATION OF COVENANTS,
CONDITIONS AND RESTRICTIONS AND GRANT OF EASEMENTS FOR SOUTHPORT RECORDED UNDER
RECORDING NO. 20001117000535, IN KING COUNTY, WASHINGTON, AS AMENDED BY INSTRUMENTS
RECORDED AS 20160808000679, 20170118001806 AND 20170517000204, IN KING COUNTY, WASHINGTON.
PARCEL C:
THE RIGHT TO USE, IN COMMON WITH OTHER MEMBERS OF THE PUBLIC, A NON-EXCLUSIVE EASEMENT
GRANTED TO THE CITY OF RENTON FOR PUBLIC STREET PURPOSES, AS ESTABLISHED IN INSTRUMENT
RECORDED UNDER RECORDING NOS. 6201855, IN KING COUNTY, WASHINGTON.
PARCEL D:
A NON-EXCLUSIVE EASEMENT FOR ACCESS, LANDSCAPE, CONSTRUCTION, SIGNAGE, UTILITIES AND RELATED
PURPOSES AS CREATED BY THAT ACCESS, LANDSCAPE AND UTILITIES EASEMENT AGREEMENT RECORDED
UNDER RECORDING NO. 20130207001327, IN KING COUNTY, WASHINGTON.
PARCEL E:
A NON-EXCLUSIVE EASEMENT FOR CONSTRUCTION CRANE AIRSPACE USE AS CREATED BY THAT TEMPORARY
AIRSPACE EASEMENT AGREEMENT RECORDED UNDER RECORDING NO. 20150219000534, IN KING COUNTY,
WASHINGTON.
PARCEL F:
A NON-EXCLUSIVE EASEMENT FOR PARKING AND ACCESS USE AS CREATED BY THAT PARKING AND ACCESS
EASEMENT RECORDED UNDER RECORDING NO. 20170118001805, IN KING COUNTY, WASHINGTON.
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 3
First American Title Insurance Company
SCHEDULE B - SECTION 1
REQUIREMENTS
The following are the Requirements to be complied with:
Item (A) Payment to or for the account of the Grantors or Mortgagors of the full consideration for the
estate or interest to be insured.
Item (B) Proper instrument(s) creating the estate or interest to be insured must be executed and duly
filed for record.
Item (C) Pay us the premiums, fees and charges for the policy.
Item (D) You must tell us in writing the name of anyone not referred to in this Commitment who will
get an interest in the land or who will make a loan on the land. We may then make
additional requirements or exceptions
SCHEDULE B - SECTION 2
GENERAL EXCEPTIONS
The Policy or Policies to be issued will contain Exceptions to the following unless the same are disposed
of to the satisfaction of the Company.
A. Taxes or assessments which are not shown as existing liens by the records of any taxing
authority that levies taxes or assessments on real property or by the public records.
B. Any facts, rights, interest, or claims which are not shown by the public records but which could
be ascertained by an inspection of said land or by making inquiry of person in possession thereof.
C. Easements, claims of easement or encumbrances which are not shown by the public records.
D. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts
which a correct survey would disclose, and which are not shown by public records.
E. (1) Unpatented mining claims; (2) reservations or exceptions in patents or in acts authorizing the
issuance thereof; (3) Water rights, claims or title to water; whether or not the matters excepted
under (1), (2) or (3) are shown by the public records; (4) Indian Tribal Codes or Regulations,
Indian Treaty or Aboriginal Rights, including easements or equitable servitudes.
F. Any lien, or right to a lien, for services, labor, materials or medical assistance heretofore or
hereafter furnished, imposed by law and not shown by the public records.
G. Any service, installation, connection, maintenance, construction, tap or reimbursement
charges/costs for sewer, water, garbage or electricity.
H. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in
the public records or attaching subsequent to the effective date hereof but prior to the date the
proposed insured acquires of record for value the estate or interest or mortgages thereon
covered by this Commitment.
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Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 4
First American Title Insurance Company
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SCHEDULE B - SECTION 2
(continued)
SPECIAL EXCEPTIONS
1. Potential charges, for the King County Sewage Treatment Capacity Charge, as authorized under
RCW 35.58 and King County Code 28.84.050. Said charges could apply for any property that
connected to the King County Sewer Service area on or after February 1, 1990.
Note: Properties located in Snohomish County and Pierce County may be subject to the King
County Sewage Treatment Capacity Charges. To verify charges contact: (206) 296-1450 or
CapChargeEscrow@kingcounty.gov.
2. Easement, including terms and provisions contained therein:
Recording Date: July 11, 1967
Recording Information: 6201855
In Favor of: City of Renton
For: public street purposes
Affects: Parcel C
3. Easement, including terms and provisions contained therein:
Recording Information: March 14, 1968, Recording No. 6317510
In Favor of: City of Renton, a municipal corporation
For: Right of way for roadway and related utility purposes
Affects: Refer to said instrument for exact location
4. Easement, including terms and provisions contained therein:
Recording Information: July 26, 1984, Recording No. 8407260401
In Favor of: City of Renton, a municipal corporation
For: Maintenance, testing and inspection of a fire main with the
necessary appurtenances
Affects: Parcel B
5. Easement, including terms and provisions contained therein:
Recording Information: February 1, 1999, Recording No. 9902019014
For: Ingress, egress and utilities
Affects: Parcel B
6. Covenants, conditions, restrictions and/or easements:
Recorded: February 26, 1999
Recording No.: 9902264177
7. Easement, including terms and provisions contained therein:
Recording Information: February 26, 1999, Recording No. 9902264178
In Favor of: Puget Sound Energy, Inc.
For: Ingress, egress, gas and electric lines, utilities and maintenance
Affects: Parcel B
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 5
First American Title Insurance Company
8. Restrictions, conditions, dedications, notes, easements and provisions, if any, as contained
and/or delineated on the face of the Short Plat No. LUA - 99 -134 - SHPL recorded January 31,
2000 under Recording No. 20000131900006, in King County, Washington.
9. The terms and provisions contained in the document entitled "Declaration of Covenants,
Conditions and Restrictions and Grant of Easements for Southport" recorded November 17, 2000
as Recording No. 20001117000535 of Official Records.
Document(s) declaring modifications thereof recorded August 8, 2016 as Recording No.
20160808000679 of Official Records.
Document(s) declaring modifications thereof recorded January 18, 2017 as Recording No.
20170118001806 of Official Records.
Document(s) declaring modifications thereof recorded May 17, 2017 as Recording No.
20170517000204 of Official Records.
10. Easement, including terms and provisions contained therein:
Recording Information: November 17, 2000 under Recording No. 20001117001232
In Favor of: City of Renton
For: Public sidewalk
Affects: Parcel A
11. Easement, including terms and provisions contained therein:
Recording Information: December 5, 2002, Recording No. 20021205000523
In Favor of: Puget Sound Energy, Inc., a Washington corporation
For: Right to construct, operate, maintain, repair, replace, improve,
remove, enlarge, and use the easement area for one or more
utility systems for purposes of transmission, distribution and sale
of gas and electricity
Affects: Parcel A
12. Easement, including terms and provisions contained therein:
Recording Information: October 21, 2005 under Recording No. 20051021000894
In Favor of: City of Renton
For: Walkway
Affects: Parcel A
13. A document entitled "Pedestrian Walkway Easement Agreement", executed by and between
Southport, LLC, a Washington limited liability company and City of Renton, a Washington
municipal corporation recorded October 21, 2005, as Instrument No. 20051021000896 of Official
Records.
(Affects Parcel A)
14. Easement, including terms and provisions contained therein:
Recording Information: June 30, 2008 under Recording No. 20080630002054
In Favor of: City of Renton
For: Drainage
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 6
First American Title Insurance Company
Affects: Parcel A
15. Easement, including terms and provisions contained therein:
Recording Information: June 30, 2008 under Recording No. 20080630002055
In Favor of: City of Renton
For: Sanitary sewer
Affects: Parcel A
16. Easement, including terms and provisions contained therein:
Recording Information: June 30, 2008 under Recording No. 20080630002056
In Favor of: City of Renton
For: Water utility
Affects: Parcel A
17. Easement, including terms and provisions contained therein:
Recording Information: February 7, 2013 under Recording No. 20130207001325
In Favor of: Puget Sound Energy, Inc.
For: Storm Drainage
Affects: as described therein.
18. Easement, including terms and provisions contained therein:
Recording Information: February 7, 2013 under Recording No. 20130207001327
In Favor of: Southport One, LLC, et al
For: Access, Landscape and Utilities
Affects: as described therein.
19. Restrictions, conditions, dedications, notes, easements and provisions, if any, as contained
and/or delineated on the face of the City of Renton Southport Lot Line Adjustment No. LUA14-
001514 recorded December 23, 2014 as 20141223900010, in King County, Washington.
20. Easement, including terms and provisions contained therein:
Recording Date: December 31, 2014
Recording Information: 20141231000755
In Favor of: Puget Sound Energy, Inc.
For: Transmission, distribution and sale of gas and electricity
Affects: As described therein
21. Easement, including terms and provisions contained therein:
Recording Date: December 31, 2014
Recording Information: 20141231000756
In Favor of: Puget Sound Energy, Inc.
For: Transmission, distribution and sale of gas and electricity
Affects: As described therein
22. Easement, including terms and provisions contained therein:
Recording Date: February 13, 2015
Recording Information: 20150213000089
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 7
First American Title Insurance Company
In Favor of: Puget Sound Energy, Inc.
For: Transmission, distribution and sale of gas and electricity
Affects: As described therein
23. The terms and provisions contained in the document entitled "Temporary Airspace Easement
Agreement" recorded February 19, 2015 as 20150219000534 of Official Records.
24. Easement, including terms and provisions contained therein:
Recording Date: February 4, 2016
Recording Information: 20160204001008
In Favor of: Puget Sound Energy, Inc.
For: Electric distribution system
Affects: Parcel A
25. The terms and provisions contained in the document entitled "Supplemental Pedestrian Walkway
Easement Agreement" recorded February 8, 2016 as 20160208000458 of Official Records.
26. The terms and provisions contained in the document entitled "Temporary Airspace Easement
Agreement " recorded November 21, 2016 as 20161121000143 of Official Records.
27. The terms and provisions contained in the document entitled "Parking and Access Easement"
recorded January 18, 2017 as 20170118001805 of Official Records.
28. Deed of Trust and the terms and conditions thereof.
Grantor/Trustor: Hotel at Southport LLC, a Delaware limited liability company
Grantee/Beneficiary: Starwood Property Mortgage, L.L.C., as Administrative Agent
Trustee: First American Title Insurance Company
Amount: $1,100,000.00
Recorded: January 27, 2017
Recording Information: 20170127000543
A document recorded June 16, 2017 as Recording No. 20170616001525 of Official
Records provides that the above document was subordinated to the Declaration of
Easements recorded April 5, 2017 as Recording No. 2170405000702 of Official Records.
29. Assignment of leases and/or rents and the terms and conditions thereof:
Assignor: Hotel at Southport LLC, a Delaware limited liability company
Assignee: Starwood Property Mortgage, L.L.C., as Administrative Agent
Recorded: January 27, 2017
Recording Information: 20170127000544
30. A financing statement recorded January 27, 2017 as Recording No. 20170127000545 of Official
Records.
Debtor: Hotel at Southport LLC, a Delaware limited liability company
Secured party: Starwood Property Mortgage, L.L.C., as Administrative Agent
31. The terms and provisions contained in the document entitled "Declaration of Easements"
recorded April 5, 2017 as Recording No. 2170405000702 of Official Records.
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 8
First American Title Insurance Company
32. The terms and provisions contained in the document entitled "Declaration of Covenant and
Easement for Inspection and Maintenance of Drainage Facilities and On-Site BMPS"
recorded October 2, 2017 as 20171002000911 of Official Records.
33. Easement, including terms and provisions contained therein:
Recording Information: 20171005000929
In Favor of: City of Renton
For: Utilities
34. Right of the State of Washington in and to that portion, if any, of the property herein described
which lies below the line of ordinary high water of Lake Washington.
35. Rights of the general public to the unrestricted use of all the waters of a navigable body of water
not only for the primary purpose of navigation, but also for corollary purposes; including (but not
limited to) fishing, boating, bathing, swimming, water skiing and other related recreational
purposes, as those waters may affect the tidelands, shorelands or adjoining uplands and whether
the level of the water has been raised naturally or artificially to a maintained or fluctuating level,
all as further defined by the decisional law of this state. (Affects all of the premises subject to
such submergence)
36. Evidence of the authority of the individual(s) to execute the forthcoming document for Hotel at
Southport LLC, a Delaware limited liability company, copies of the current operating agreement
should be submitted prior to closing.
37. Unrecorded leaseholds, if any, rights of vendors and security agreement on personal property
and rights of tenants, and secured parties to remove trade fixtures at the expiration of the term.
38. Prior to issuance of an extended coverage policy, the Company will require an Owner's Affidavit
be completed and submitted to the Company for approval prior to closing. The Company
reserves the right to make any additional requirement as warranted.
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 9
First American Title Insurance Company
INFORMATIONAL NOTES
A. Effective January 1, 1997, and pursuant to amendment of Washington State Statutes relating to
standardization of recorded documents, the following format and content requirements must be
met. Failure to comply may result in rejection of the document by the recorder.
B. Any sketch attached hereto is done so as a courtesy only and is not part of any title commitment
or policy. It is furnished solely for the purpose of assisting in locating the premises and First
American expressly disclaims any liability which may result from reliance made upon it.
C. The description can be abbreviated as suggested below if necessary to meet standardization
requirements. The full text of the description must appear in the document(s) to be insured.
New Lot A, LLA 14-001514, rec. 20141223900010
APN: 052305-9075-04
D. General taxes for the year 2017 which have been paid.
Tax Account No. 052305-9075-04
Amount: $372,492.23
Assessed Land Value: $5,313,500.00
Assessed Improvement Value: $20,774,000.00
Property Address: 1053 Lake Washington Boulevard, Renton, WA 98056
E. A fee will be charged upon the cancellation of this Commitment pursuant to the Washington
State Insurance Code and the filed Rate Schedule of the Company.
END OF SCHEDULE B
cc: TBD
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 10
First American Title Insurance Company
First American Title Insurance Company
National Commercial Services
COMMITMENT
Conditions and Stipulations
1. The term "mortgage" when used herein shall include deed of trust, trust deed, or other security
instrument.
2. If the proposed Insured has or acquires actual knowledge of a defect, lien, encumbrance,
adverse claim or other matter affecting the estate or interest or mortgage thereon covered by
this Commitment, other than those shown in Schedule B hereof, and shall fail to disclose such
knowledge to the Company in writing, the Company shall be relieved from liability for any loss or
damage resulting from any act or reliance hereon to the extent the Company is prejudiced by
failure to so disclose such knowledge. If the proposed Insured shall disclosure such knowledge
to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien,
encumbrance, adverse claim or other matter, the Company at its option, may amend Schedule B
of this Commitment accordingly, but such amendment shall not relieve the Company from liability
previously incurred pursuant to paragraph 3 of these Conditions and Stipulations.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured
and such parties included under the definition of Insured in the form of Policy or Policies
committed for, and only for actual loss incurred in reliance hereon in undertaking in good faith
(a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B,
or (c) to acquire or create the estate or interest or mortgage thereon covered by this
Commitment. In no event shall such liability exceed the amount stated in Schedule A for the
Policy or Policies committed for and such liability is subject to the Insuring provisions, exclusion
from coverage, and the Conditions and Stipulations of the form of Policy or Policies committed for
in favor of the proposed Insured which are hereby incorporated by references, and are made a
part of this Commitment except as expressly modified herein.
4. Any claim of loss or damage, whether or not based on negligence, and which arises out of the
status of the title to the estate or interest or the lien of the Insured mortgage covered hereby or
any action asserting such claim, shall be restricted to the provisions and Conditions and
Stipulations of this Commitment.
Form WA-5 (6/76) File No.: NCS-881512-WA1
Commitment Page No. 11
First American Title Insurance Company
The First American Corporation
First American Title Insurance Company
National Commercial Services
PRIVACY POLICY
We Are Committed to Safeguarding Customer Information
In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be
concerned about what we will do with such information particularly any personal or financial information. We agree that you have a right to know how
we will utilize the personal information you provide to us. Therefore, together with our parent company, The First American Corporation, we have
adopted this Privacy Policy to govern the use and handling of your personal information.
Applicability
This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we
have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also
adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fair
Information Values, a copy of which can be found on our website at www.firstam.com.
Types of Information
Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include:
• Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by
telephone or any other means;
• Information about your transactions with us, our affiliated companies, or others; and·
• Information we receive from a consumer reporting agency.
Use of Information
We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not
release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as
permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such
information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of
nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers,
such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such
as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as
described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions
with whom we or our affiliated companies have joint marketing agreements.
Former Customers
Even if you are no longer our customer, our Privacy Policy will continue to apply to you.
Confidentiality and Security
We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal
information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best
efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy
Policy and First American's Fair Information Values. We currently maintain physical, electronic, and procedural safeguards that comply with federal
regulations to guard your nonpublic personal information.
c 2001 The First American Corporation - All Rights Reserved