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HomeMy WebLinkAboutL_Title Report.pdfJet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 1 of 10 File Number: WA18-103284 Commitment Version: No.2 Property Address: 711 Monroe Avenue NE, Renton, WA 98056 Parcel ID: 780920-0075-04 Lender: TBD Buyer/Borrower: TBD Company Contact Information: Title Officer: (866) 538-1000 title@jetclosing.com Closing Coordinator: Ally Guier (866) 538-1000 ally@jetclosing.com https://www.jetclosing.com/ Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 2 of 10 SCHEDULE A 1.Effective Date: September 20, 2018 9:00AM 2.Policy or Policies to be issued: a.Owner's Policy: Proposed Insured: Policy Amount: Premium:$0.00 Tax: Rate: Total:$0.00 b.Loan Policy : Proposed Insured: TBD Policy Amount: Premium:$0.00 Tax: Rate: / Simultaneous Total:$0.00 3.The estate or interest in the land described or referred to in this Commitment and covered herein is: FEE SIMPLE 4.Title to the estate or interest in said land is at the effective date hereof vested in: I-Kuan Tao FYCD Cultural and Educational Association Washington 5.The land referred to in this Commitment is described as follows: See Exhibit "A” attached hereto and made a part hereof Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 3 of 10 EXHIBIT “A” Lot 15 of Skyland Heights No. 2, as per Plat recorded in Volume 60 of Plats, Page 2, records of King County Auditor, Situate in the City of Renton, County of King, State of Washington. Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 4 of 10 SCHEDULE B Part I The following requirements are to be complied with: Requirements: 1.The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2.Pay the agreed amount for the estate or interest to be insured. 3.Pay the premiums, fees, and charges for the Policy to the Company. 4.Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 5.A standard form Seller’s Affidavit of Title is to be executed prior to closing and is to be provided to this Company. 6.Subject to a continuation search (rundown) of the title ordered no less than 24 hours prior to the closing of this transaction. 7.Payment of any and all Homeowner’s assessments and expenses which may be assessed to the property. 8.The Company requires the payment of all taxes and assessments and any penalties and interest for the year 2018 and prior years. Tax Year: 2018 Tax Type: County Tax ID #: 780920-0075-04 Taxing Entity: King County Tax Collector Total Annual Tax: $4,247.56 First Installment Estimated: No First Installment Amount: $2,123.78 First Installment Status: Paid First Installment Due/Paid Date: April 30, 2018 Second Installment Estimated: No Second Installment Amount: $2,123.78 Second Installment Status: Due Second Installment Due/Paid Date: October 31, 2018 Notes: View Taxes Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 5 of 10 9.Payment of the real estate excise tax, if required. The Land is situated within the boundaries of local taxing authority of City of Renton. Present rate of real estate excise tax as of the date herein is 1.78 percent. Any conveyance document must be accompanied by the official Washington State Excise Tax Affidavit. The applicable excise tax must be paid and the affidavit approved at the time of the recording of the conveyance documents. (NOTE: Real Estate Excise Tax Affidavits must be printed as legal size forms). An additional $5.00 Electronic Technology Fee must be included in all excise tax payments. If the transaction is exempt, an additional $5.00 Affidavit Processing Fee is required. 10.Please be advised that our search did not disclose any open Deeds of Trust of record. If you should have knowledge of any outstanding obligation, please contact the Title Department immediately for further review prior to closing. 11.The Company requires for its review a copy of the articles of incorporation and bylaws for I-Kuan Tao FYCD Cultural and Education Association, a Washington Nonprofit Corporation, along with a satisfactory resolution of the Board of Directors authorizing the proposed transaction. At the time the Company is furnished these items, the Company may make additional requirement or exceptions. Notes: a.NOTE: Based on our records, we believe that the legal description in this report covers the parcel(s) of Land that were requested by reference of property address and/or tax parcel number listed below. If the legal description is believed to be incorrect, the seller/borrower must notify the Company and/or the settlement company in order to prevent errors and to be certain that the correct parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. Property Address:711 Monroe Avenue NE, Renton, WA 98056 Tax Parcel No.(s):780920-0075-04 Abbreviated Legal:Lt 15, of Skyland Heights No. 2, V. 60, Pg 2 b.NOTE: This map/plat is being furnished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent of a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. c.NOTE: The only conveyance(s) affecting said Land, which recorded within 36 months of the date of this report, are as follows: Conveying Instrument(s): None Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 6 of 10 SCHEDULE B Part II Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: General Exceptions: A.Rights or claims of parties in possession not shown by the Public Records. B.Easements, or claims of easements, not shown by the Public Records. C.Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the Land. D.Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. E.Taxes or special assessments which are not shown as existing liens by the Public Records. F.Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. G.Unpatented mining claims, and all rights relating thereto; reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof; Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. H.Water rights, claims or title to water. I.Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. Special Exceptions: 1.Covenants, conditions, restrictions, easements, or other servitudes set forth on the Plat of Skyland Heights No. 2, recorded in Volume 60 of Plats, Page 2, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons. Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 7 of 10 2.Easement and rights incident thereto, as set forth in instrument: Document No.: 3320255 Purpose: Power Transmission Line 3.Easement and rights incident thereto, as set forth in instrument: Document No.: 2562329, 2562330 and 2563442 Purpose: Electric Transmission Lines - Puget Sound Power and Light 4.Easement for Power Line Right of Way, Constructive Notice of which is given by the Declaration of taking under which the United States of America acquired title to State premises, filed June 16, 1942 in Docket No. 530 of the United States District Court for Western District of Washington, Northern Division, and the Judgment on the Declaration of taking entered and filed in said condemnation suit on June 24, 1942. 5.Terms, provisions, covenants, conditions, restrictions, easements, charges, assessments and liens provided in the Covenants, Conditions and Restrictions, but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons contained in instrument recorded under recording no. 4891429, and as shown on the recorded plat of said subdivision. Amendment(s) thereof recorded under recording no. 4963940. Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 8 of 10 ALTA COMMITMENT FOR TITLE INSURANCE ISSUED BY STEWART TITLE GUARANTY COMPANY NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I - Requirements; Schedule B, Part II - Exceptions; and the Commitment Conditions, STEWART TITLE GUARANTY COMPANY, a Texas corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. If all of the Schedule B, Part I - Requirements have not been met within six months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. Jet Closing, Inc. Seattle, WA STEWART TITLE GUARANTY COMPANY For purposes of this form the “Stewart Title” logo featured above is the represented logo for the underwriter, Stewart Title Guaranty Company. Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 9 of 10 COMMITMENT CONDITIONS 1.DEFINITIONS (a)“Knowledge” or “Known”: Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b)“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 to be insured by the Policy. (c)“Mortgage”: A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d)“Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e)“Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f)“Proposed Policy Amount”: Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g)“Public Records”: Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h)“Title”: The estate or interest described in Schedule A. 2.If all of the Schedule B, Part I - Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company’s liability and obligation end. 3.The Company’s liability and obligation is limited by and this Commitment is not valid without: (a)the Notice; (b)the Commitment to Issue Policy; (c)the Commitment Conditions; (d)Schedule A; (e)Schedule B, Part I - Requirements; (f)Schedule B, Part II - Exceptions; and (g)a countersignature by the Company or its issuing agent that may be in electronic form. 4.COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. 5.LIMITATIONS OF LIABILITY (a)The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (i)comply with the Schedule B, Part I - Requirements; (ii)eliminate, with the Company’s written consent, any Schedule B, Part II - Exceptions; or (iii)acquire the Title or create the Mortgage covered by this Commitment. Jet Closing, Inc.ALTA Commitment Form WA18-103284 Adopted 08-01-2016 This page is only a part of a 2016 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II - Exceptions; and a countersignature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No.: WA18-103284 ALTA Commitment For Title Insurance 8-1-16 Page 10 of 10 (b)The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c)The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d)The Company’s liability shall not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e)The Company shall not be liable for the content of the Transaction Identification Data, if any. (f)In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I - Requirements have been met to the satisfaction of the Company. (g)In any event, the Company’s liability is limited by the terms and provisions of the Policy. 6.LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a)Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b)Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c)Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d)The deletion or modification of any Schedule B, Part II - Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e)Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. (f)When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy. 7.IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8.PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9.ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at <http://www.alta.org/arbitration>. STEWART TITLE GUARANTY COMPANY All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at P.O. Box 2029, Houston, Texas 77252-2029.