Loading...
HomeMy WebLinkAboutL_Title_Report_190122_v2.pdfALTA COMMITMENT FOR TITLE INSURANCE Issued By agent: *W CHICAGO TITLE COMPANY OF WASHINGTON NOTICE Commitment Number: 0139509-16 Update Second Commitment 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, Chicago Title Insurance Company, a Florida 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. If all of the Schedule B, Part I -Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Countersigned By: Authorized Officer or Agent Chicago Title Insurance Company By: Attest: President Secretary This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. LANRICANLE 9 LAN TITLE Asso�aroN 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 1 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0139509-16 UPDATE Second Commitment ISSUING OFFICE: FOR SETTLEMENT INQUIRIES, CONTACT: Title Officer: Seattle Builder/ Unit 16 Chicago Title Company of Washington 701 5th Avenue, Suite 2700 Seattle, WA 98104 Phone: (206)628-5623 Main Phone: (206)628-5623 Email: CTISeattleBuilderUnit@ctt.com SCHEDULE A 1. Commitment Date: January 15, 2019 at 08:00 AM 2. Policy to be issued: (a) ALTA Loan Policy 2006 Proposed Insured: Proposed Policy Amount Premium: Tax: Rate: Discount(s): Total: Columbia State Bank, its successors and/or assigns $707,500.00 Extended Construction Loan $ 718.00 $ 72.52 $ 790.52 3. The estate or interest in the Land described or referred to in this Commitment is: FEE SIMPLE 4. The Title is, at the Commitment Date, vested in: Renton 4, LLC, a Washington limited liability company 5. The Land is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AM American Land Title Association. All rights reserved. LAND RICAN Copyright 9 LAND Asso�aroN The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as e of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 2 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 EXHIBIT "A" Legal Description For APN/Parcel ID(s): 142305-9064-06 and 142305-9070-08 PARCEL A: (142305-9064-06) THE EAST 866.01 FEET, AS MEASURED ALONG THE NORTH LINE, OF THE NORTH HALF OF THE NORTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 23 NORTH, RANGE 5 EAST, W.M., IN KING COUNTY, WASHINGTON; EXCEPT THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 14; AND EXCEPT THE EAST 32.43 FEET OF THE NORTH 406.01 FEET THEREOF; AND EXCEPT THE NORTH 42 FEET THEREOF CONVEYED TO KING COUNTY FOR ROAD PURPOSES BY DEED RECORDED UNDER RECORDING NO. 5758686; AND EXCEPT PUGET SOUND POWER AND LIGHT COMPANY RIGHT OF WAY. PARCEL B:(142305-9070-08) THE WEST 150.00 FEET OF EAST 1016.01 FEET AS MEASURED ALONG THE NORTH LINE OF THE NORTH HALF OF THE NORTHEAST QUARTER OF NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 23 NORTH, RANGE 5 EAST, W.M., IN KING COUNTY WASHINGTON; EXCEPT PUGET SOUND POWER AND LIGHT COMPANY RIGHT OF WAY; AND EXCEPT THE NORTH 42 FEET THEREOF CONVEYED TO KING COUNTY FOR ROAD AND PURPOSES BY DEED RECORDED UNDER AUDITOR'S FILE NO. 5758686. SITUATE IN THE CITY OF RENTON, COUNTY OF KING, STATE OF WASHINGTON. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; a counter -signature by the Company or its issuing agent that may be in electronic form. AM Copyright American Land Title Association. All rights reserved. LANDRICANLE 9 LAND TITLE ,SSUCIATION 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 3 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I REQUIREMENTS All of the following Requirements must be met: COMMITMENT NO. 0139509-16 UPDATE Second Commitment 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. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 6. Terms and conditions of the limited liability company agreement for Renton 4, LLC, a Washington limited liability company. According to the LLC agreement, dated October 20, 2016, the LLC is to be managed by it's members. The members of Renton 4 LLC are: Alpy, LLC, a Washington Limited Liability Company and Mundy Jo Holdings, LLC, a Washington Limited Liability Company According to the LLC agreement for Alpy LLC, dated March 16, 2016, the LLC is to be managed by it's members, being Peter DelMissier and Kevin Murray. According to the LLC agreement for Mundy Jo Holdings LLC, dated April 25, 2007, the members of the LLC are Michael D. Crowson and Melanie J. Crowson. Either may sign as a manager on behalf of the LLC This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. American Land Title Association. All rights reserved. LAND AMERICAN Copyright 9 LAND Asso�aroN The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as e of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 4 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I REQUIREMENTS (continued) COMMITMENT NO. 0139509-16 UPDATE Second Commitment TO PROVIDE THE EXTENDED COVERAGE LOAN POLICY IDENTIFIED IN SCHEDULE A, GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. If there have been recent improvements on the property within 90 days prior to closing we will require a signed indemnity agreement and a recent financial statement from each indemnitor. If construction financing is to be insured, please contact the title officer for requirements. The Company reserves the right to add additional exceptions or make further requirements after review of the property inspection and requested documentation. END OF REQUIREMENTS NOTES The following matters will not be listed as Special Exceptions in Schedule B of the policy. There will be no coverage for loss arising by reason of the matters listed below because these matters are either excepted or excluded from coverage or are not matters covered under the insuring provisions of the policy. Note A: Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. Note B: Your application for title insurance was placed by reference to only a street address or tax identification number. Based on our records, we believe that the legal description in this report covers the parcel(s) of Land you requested. If the legal description is 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. Note C: Note: FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per Amended RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: portion of NE 1/4 NW 1/4, of section 14-23-5 Tax Account Nos.: 142305-9064-06 and 142305-9070-08 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AM American Land Title Association. All rights reserved. LAND RICAN Copyright 9 LAND 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 5 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I REQUIREMENTS (continued) COMMITMENT NO. 0139509-16 UPDATE Second Commitment Note D: The Public Records indicate that the address of the improvement located on said Land is as follows: 6201 Northeast 4th Street Renton, WA 98059 Note E: The only conveyance(s) affecting said Land, which recorded within 36 months of the date of this report, are as follows: Recorded: October 20, 2017 Recording No: 20171020002112 Recorded: October 20, 2017 Recording No: 20171020002113 Note F: 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. END OF NOTES END OF SCHEDULE B, PART I This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AM American Land Title Association. All rights reserved. LAND RICAN Copyright 9 LAND 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 6 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II EXCEPTIONS COMMITMENT NO. 0139509-16 UPDATE Second Commitment THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: GENERAL EXCEPTIONS: A. Rights or claims of parties in possession, or claiming possession, not shown in Public Records. B. 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. C. Easements, prescriptive rights, rights-of-way, liens or encumbrances, or claims thereof, not shown by the Public Records. D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed law, and not shown by the Public Records. E. Taxes or special assessments which are not yet payable or 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AM American Land Title Association. All rights reserved. LAND RICAN Copyright 9 LAND Asso�aroN The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as e of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 7 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II EXCEPTIONS (continued) G. Unpatented mining claims, and all rights relating thereto. COMMITMENT NO. 0139509-16 UPDATE Second Commitment H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof. I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. J. Water rights, claims or title to water. K. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records, or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I - Requirements are met. SPECIAL EXCEPTIONS: Road Maintenance Agreement Agreement Recording Date: November 25, 1991 Recording No.: 9111250571 Affects: Parcels A & B Right to make necessary slopes for cuts or fills upon property herein described as granted in deed: Grantee: King County Recorded: July 8, 1964 Recording Number 5758686 Affects: Parcel A This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. American Land Title Association. All rights reserved. LAND AMERICAN Copyright 9 LAND Asso�aroN 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 8 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II EXCEPTIONS (continued) COMMITMENT NO. 0139509-16 UPDATE Second Commitment Terms and conditions of City of Renton Ordinance Number 4612, recorded under King County Recording No. 9606210966. Said ordinance, in part, provides for connection charges for sanitary sewer service. 4. Matters disclosed by a Survey of said premises by Terrane, dated March 9, 2017 and last revised September 5, 2017 under Job No. 150197, as follows: A. Location of a board fence lying up 0.5 feet east of the west property line, and any adverse rights stemming therefrom. B. Encroachment of a rockery, appurtenant to the southwesterly adjoiner, up to 0.9 feet east of a south portion of the west property line, and any adverse rights stemming therefrom. C. Location of a rail wood fence, lying up to 6.4 feet west of a northerly portion of the east property line, and any adverse rights stemming therefrom. D. Location of a barb wire fence, lying up to 1.1 feet west of a southerly portion of the east property line, and any adverse rights stemming therefrom. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document: Granted to: Puget Sound Energy, Inc. Purpose: utility systems for electricity Recording Date: June 7, 2018 Recording No.: 20180607000343 Affects: a strip of land 10 feet in width lying within the west 45 feet of the north 105 feet of Parcel A Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document: Granted to: Puget Sound Energy, Inc. Purpose: utility systems for gas and electricity Recording Date: June 14, 2018 Recording No.: 20180614000639 Affects: portion of Parcels A and B, as described in said instrument This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. American Land Title Association. All rights reserved. LAND AMERICAN Copyright 9 LAND Asso�aroN The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as e of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 9 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II EXCEPTIONS (continued) COMMITMENT NO. 0139509-16 UPDATE Second Commitment General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: 2019 Tax Account Number: 142305-9064-06 Levy Code: 2171 Assessed Value -Land: $539,000.00 Assessed Value -Improvements: $0.00 General and Special Taxes: Billed: $ Not yet available Paid: $ 0.00 Unpaid: $ Not yet available Taxes for 2018 in the amount of $6,841.86, have been paid in full. Affects: Parcel A General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: Tax Account Number: Levy Code: Assessed Value -Land: Assessed Value -Improvements General and Special Taxes 2019 142305-9070-08 2171 $415,000.00 $356,000.00 Billed: $ Not yet available Paid: $ 0.00 Unpaid: $ Not yet available Taxes for 2018 in the amount of $7,727.56, have been paid in full. Affects: Parcel B This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AM American Land Title Association. All rights reserved. LAND RICAN Copyright 9 LAND Asso�aroN The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as e of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 10 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II EXCEPTIONS (continued) A Deed of Trust to secure an indebtedness in the amount shown below, COMMITMENT NO. 0139509-16 UPDATE Second Commitment Amount: $3,265,000.00 Dated: April 4, 2018 Trustor/Grantor: Renton 4, LLC, a Washington Limited Liability Company Trustee: First American Title Insurance Company Beneficiary: Columbia State Bank Loan No: 1824017 Recording Date: April 11, 2018 Recording No.: 20180411001496 Affects: Parcels A & B 10. Any unrecorded leaseholds, right of vendors and holders of security interests on personal property installed upon the Land and rights of tenants to remove trade fixtures at the expiration of the terms. END OF SCHEDULE B, PART II This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. American Land Title Association. All rights reserved. LAND AMERICAN Copyright 9 LAND Asso�aroN The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as e of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 11 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT CONDITIONS COMMITMENT NO. 0139509-16 UPDATE Second Commitment 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 counter -signature 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. (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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy, the Commitment Conditions; Schedule A; Schedule B, Part I -Requirements; Schedule 8, Part 11 -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. AMERICAN LAND TITLE ASSOCIATION 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 12 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16 CHICAGO TITLE COMPANY OF WASHINGTON (continued) COMMITMENT NO. 0139509-16 UPDATE Second 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. END OF CONDITIONS This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I -Requirements; Schedule 8, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. American Land Title Association. All rights reserved. LAND AMERICAN Copyright 9 LAND A11-1 11N 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. ALTA Commitment for Title Insurance w -WA Mod (08/01/2016) Printed: 01.22.19 @ 03:12 PM Page 13 WA-CT-FNSE-02150.622481-SPS-1-19-0139509-16