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HomeMy WebLinkAboutL_Title_Report_N0717_Bristol_II_180810_v1.pdf Form WA-5 (6/76) File No.: NCS-668405-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 and sealed, 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.” First American Title Insurance Company By: President Attest: Secretary By: Countersigned = Form WA-5 (6/76) File No.: NCS-668405-WA1 Commitment Page No. 1 First American Title Insurance Company = 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 To: Seco Development, Inc. File No.: NCS-668405-WA1 1083 Lake Washington Boulevard, North Suite 50 Your Ref No.: Building C at Southport LLC Renton, WA 98056 Attn: Lisa Collins FOURTH REPORT SCHEDULE A 1. Commitment Date: October 27, 2017 at 7:30 A.M. 2. Policy or Policies to be issued: AMOUNT PREMIUM TAX ALTA Standard Owner Policy $ To follow $ $ Proposed Insured: To follow 3. The estate or interest in the land described on Page 2 herein is Fee Simple as to Parcel A and Easement as to Parcels B and C, and title thereto is at the effective date hereof vested in: Building C at Southport, LLC, a Washington limited liability company as to an undivided 65% interest and JSLAND LLC, a Washington limited liability company as to an undivided 35% interest 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-668405-WA1 Commitment Page No. 2 First American Title Insurance Company EXHIBIT 'A' LEGAL DESCRIPTION: PARCEL A: LOT 3 OF CITY OF RENTON SHORT PLAT NO. LUA-99-134-SHPL, ACCORDING TO SHORT PLAT RECORDED JANUARY 31, 2000 UNDER RECORDING NO. 20000131900006, IN KING COUNTY, WASHINGTON. PARCEL B: 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 NO. 6201855, IN KING COUNTY, WASHINGTON. PARCEL C: AN EASEMENT FOR A 10 INCH DIAMETER SANITARY SEWER LINE AS DESCRIBED IN AND DISCLOSED BY RECORDING NO. 20010629002927. Form WA-5 (6/76) File No.: NCS-668405-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 theretofore 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. = Form WA-5 (6/76) File No.: NCS-668405-WA1 Commitment Page No. 4 First American Title Insurance Company = SCHEDULE B - SECTION 2 (continued) SPECIAL EXCEPTIONS 1. Lien of the Real Estate Excise Sales Tax and Surcharge upon any sale of said premises, if unpaid. As of the date herein, the excise tax rate for the City of Renton is at 1.78%. Levy/Area Code: 2100 For all transactions recorded on or after July 1, 2005: • A fee of $10.00 will be charged on all exempt transactions; • A fee of $5.00 will be charged on all taxable transactions in addition to the excise tax due. 2. Delinquent second half General Taxes for the year 2017, plus penalty and interest. Tax Account No.: 082305-9055-05 Amount Billed: $ 155,149.29 Amount Paid: $ 77,574.65 Amount Due: $ 77,574.64 Assessed Land Value: $ 3,691,300.00 Assessed Improvement Value: $ 3,559,300.00 (Affects non-exempt portion) 3. Liability, if any, for pro-rata portion of Real Property taxes which are carried on the King County Tax Rolls, as tax account no. 082305-9055-96, are exempt. (Affects exempt portion) 4. The terms and provisions contained in the document entitled Railroad Tracks Agreement, executed by and between Puget Sound Power & Light Company, a Massachusetts corporation, Northern Pacific Railway Company, a Wisconsin corporation and The Pacific Coast R.R. Co., a Washington corporation, recorded December 2, 1943 as Instrument No. 3352228 of Official Records. 5. The terms and provisions contained in the document entitled Trackage Agreement, executed by and between Puget Sound Power & Light Company, a Massachusetts corporation and Northern Pacific Railway Company, a corporation, recorded December 2, 1943 as Instrument No. 3352229 of Official Records. 6. Easement, including terms and provisions contained therein: Recording Information: March 14, 1968 under Recording No. 6317510 In Favor of: City of Renton, a municipal corporation For: Right of way for roadway and related utility purposes Affects: as described therein 7. Easement, including terms and provisions contained therein: Recording Information: July 26, 1984 under Recording No. 8407260401 In Favor of: City of Renton, a municipal corporation Form WA-5 (6/76) File No.: NCS-668405-WA1 Commitment Page No. 5 First American Title Insurance Company For: Maintenance, testing and inspection of a fire main with the necessary appurtenances Affects: as described therein 8. Terms, covenants, conditions and restrictions as contained in recorded Lot Line Adjustment (Boundary Line Revision) LUA 98-176 : Recorded: February 1, 1999 Recording Information: 9902019014 Amendment to Easement recorded under Recording No. 20130207001326. 9. Covenants, conditions, restrictions and/or easements: Recorded: February 26, 1999 Recording No.: 9902264177 10. Easement, including terms and provisions contained therein: Recording Information: February 26, 1999 under Recording No. 9902264178 In Favor of: Puget Sound Energy, Inc., a Washington corporation For: Gas and electric lines, ingress and egress Affects: as described therein 11. 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. 12. Covenants, conditions, restrictions and/or easements: Recorded: November 17, 2000 Recording No.: 20001117000535 13. Easement, including terms and provisions contained therein: Recording Information: December 5, 2002 under Recording No. 20021205000523 In Favor of: Puget Sound Energy, Inc., a Washington corporation For: Transmission, distribution and sale of gas and electricity Affects: as described therein 14. Easement, including terms and provisions contained therein: Recording Information: June 12, 2006 under Recording No. 20060612000001 In Favor of: Puget Sound Energy, Inc., a Washington corporation, its successors and assigns For: Transmission, distribution and sale of gas and electricity Affects: as described therein 15. Easement, including terms and provisions contained therein: Recording Information: October 31, 2006 under Recording No. 20061031000480 In Favor of: Comcast of Washington, IV., Inc., its successors and assigns For: Broadband communications system Affects: as described therein Form WA-5 (6/76) File No.: NCS-668405-WA1 Commitment Page No. 6 First American Title Insurance Company 16. The terms and provisions contained in the document entitled Memorandum of Lease and Purchase and Sale Agreement, executed by and between JSLAND LLC and Building C at Southport LLC, recorded April 23, 2007 as Instrument No. 20070423001830 of Official Records. A document recorded July 7, 2008 as 20080707001036 of Official Records provides that the above document was subordinated to the document recorded July 7, 2008 as 20080707001033 of Official Records. 17. The terms and provisions contained in the document entitled Multi-Family Housing Property Tax Exemption Agreement for Bristol II at Southport, executed by and between Building C at Southport, LLC, a Washington limited liability company and JSLAND LLC, a Washington limited liability company and the City of Renton, a municipal corporation, recorded September 12, 2007 as Instrument No. 20070912001058 of Official Records. 18. Easement, including terms and provisions contained therein: Recording Information: Recording No. 20080630002054 In Favor of: City of Renton For: storm drains Affects: as described therein 19. Easement, including terms and provisions contained therein: Recording Information: Recording No. 20080630002055 In Favor of: City of Renton For: sanitary sewer Affects: as described therein 20. Easement, including terms and provisions contained therein: Recording Information: Recording No. 20080630002056 In Favor of: City of Renton For: water lines Affects: as described therein 21. Deed of Trust and the terms and conditions thereof. Grantor/Trustor: Building C at Southport, LLC, a Washington limited liability company as to an undivided 65% interest and JSLAND LLC, a Washington limited liability company as to an undivided 35% interest Grantee/Beneficiary: Monumental Life Insurance Company Trustee: First American Title Insurance Company Amount: $41,500,000.00 Recorded: July 7, 2008 Recording Information: 20080707001033 22. Absolute Assignment of leases and rents and the terms and conditions thereof: Assignor: Building C at Southport, LLC and Jsland LLC Assignee: Monumental Life Insurance Company Recorded: July 7, 2008 Recording Information: 20080707001034 Form WA-5 (6/76) File No.: NCS-668405-WA1 Commitment Page No. 7 First American Title Insurance Company 23. The terms and provisions contained in the document entitled "Consent to Transfer and Loan Assumption and Modification Agreement" recorded July 7, 2008 as 20080707001035 of Official Records. 24. A document entitled "Shared Use Agreement", executed by and between The Bristol at Southport, LLC and Building C at Southport LLC and JSLAND LLC recorded July 7, 2008, as Instrument No. 20080707001037 of Official Records. 25. Easement, including terms and provisions contained therein: Recording Information: 20090828001338 In Favor of: Qwest Broadband Services, Inc. For: Broadband communication services 26. Easement, including terms and provisions contained therein: Recording Information: 20130207001325 In Favor of: Puget Sound Energy, Inc. For: Storm drainage 27. Easement, including terms and provisions contained therein: Recording Information: 20130207001327 In Favor of: Puget Sound Energy, Inc. For: Access, landscape and utilities 28. Easement, including terms and provisions contained therein: Recording Information: 20130312000756 In Favor of: City of Renton For: Public street 29. Evidence of the authority of the individual(s) to execute the forthcoming document for Building C at Southport, LLC, a Washington limited liability company, copies of the current operating agreement should be submitted prior to closing. 30. Evidence of the authority of the individual(s) to execute the forthcoming document for JSLAND LLC, a Washington limited liability company, copies of the current operating agreement should be submitted prior to closing. 31. Title to vest in an incoming owner whose name is not disclosed. Such name must be furnished to us so that a name search may be made. 32. 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. 33. 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. 34. 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 20171002000912 of Official Records. Form WA-5 (6/76) File No.: NCS-668405-WA1 Commitment Page No. 8 First American Title Insurance Company 35. Easement, including terms and provisions contained therein: Recording Information: 20171005000929 In Favor of: City of Renton For: Utilities Form WA-5 (6/76) File No.: NCS-668405-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. Lot 3, Renton SP No. LUA-99-134, Rec. 20000131900006 APN: 082305-9055-05 APN: 082305-9055-96 Property Address: 1133 Lake Washington Blvd North, Renton, WA 98056 D. 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 Form WA-5 (6/76) File No.: NCS-668405-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-668405-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