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HomeMy WebLinkAbout11a - Title Report Form WA-5 (6/76) File No.: NCS-795710-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.” = Form WA-5 (6/76) File No.: NCS-795710-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 Laura Lau Soupy Klea (206)615-3017 (206)615-3054 llau@firstam.com sklea@firstam.com Lavonne Bowman (206)615-3269 lavbowman@firstam.com To: M&T Bank File No.: NCS-795710-WA1 10510 NE Northup Way, Suite 350 Your Ref No.: RPI Renton Skippers Kirkland, WA 89033 Attn: Lea Hanada SCHEDULE A 1. Commitment Date: May 25, 2016 at 7:30 A.M. 2. Policy or Policies to be issued: AMOUNT PREMIUM TAX Reorganization Rate Standard Mortgagee's Coverage $ 520,000.00 $To Be Determined $ To Be Determined Proposed Insured: To Be Determined 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: RPI Skippers 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-795710-WA1 Commitment Page No. 2 First American Title Insurance Company EXHIBIT 'A' LEGAL DESCRIPTION: THE SOUTH 132 FEET OF THE NORTH SIX-TENTHS OF THAT PORTION OF THE WEST HALF OF THE WEST HALF OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 32, TOWNSHIP 23 NORTH, RANGE 5 EAST, W.M., IN KING COUNTY, WASHINGTON, LYING SOUTH OF THE NORTH 30 FEET THEREOF; EXCEPT THAT PORTION LYING WESTERLY OF A LINE BEGINNING OPPOSITE HIGHWAY ENGINEER'S STATION 315 + 81 AND 40 FEET EASTERLY OF THE CENTERLINE OF HIGHWAY SR 515, RENTON VICINITY; (SOUTHEAST 196TH STREET TO CARR ROAD); THENCE NORTHERLY IN A STRAIGHT LINE TO A POINT OPPOSITE HIGHWAY ENGINEER'S STATION 318 + 41 AND 45 FEET EASTERLY OF SAID CENTERLINE, AND END OF SAID LINE AS CONVEYED TO THE STATE OF WASHINGTON BY DEEDS RECORDED AUGUST 02, 1972 AND JULY 11, 1972, UNDER RECORDING NOS. 7208020358 AND 7207110553, IN KING COUNTY, WASHINGTON. Form WA-5 (6/76) File No.: NCS-795710-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. = Form WA-5 (6/76) File No.: NCS-795710-WA1 Commitment Page No. 4 First American Title Insurance Company = SCHEDULE B - SECTION 2 (continued) SPECIAL EXCEPTIONS 1. General Taxes for the year 2016. Tax Account No.: 322305-9104-06 Amount Billed: $ 9,225.59 Amount Paid: $ 4,612.80 Amount Due: $ 4,612.79 Assessed Land Value: $ 673,100.00 Assessed Improvement Value: $ 1,000.00 2. 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. 3. Easement, including terms and provisions contained therein: Recording Information: February 15, 1972 under Recording No. 7202150287 In Favor of: Cascade Sewer District For: Sewer mains Affects: as described therein. 4. Easement, including terms and provisions contained therein: Recording Information: June 20, 1975 under Recording No. 7506200772 In Favor of: King County Water District No. 58, a municipal corporation For: Water mains Affects: as described therein. 5. The terms and provisions contained in the document entitled "Agreement" recorded October 21, 1959 as Recording No. 5094081 of Official Records. 6. Reservations and exceptions, including the terms and conditions thereof: Reserving: Minerals Reserved By: John Winston and Lulu Benson Recorded: April 07, 1914 Recording Information: 924587 7. Conditions, notes, easements, provisions and/or encroachments contained and/or delineated on the face of the Survey recorded April 08, 1982 under Recording No. 8204089004 of surveys, in King County, Washington. 8. Evidence of the authority of the individual(s) to execute the forthcoming document for RPI Skippers LLC, a Washington limited liability company, copies of the current operating agreement should be submitted prior to closing. Form WA-5 (6/76) File No.: NCS-795710-WA1 Commitment Page No. 5 First American Title Insurance Company 9. Any claim that the Title is subject to a trust or lien created under The Perishable Agricultural Commodities Act, 1930 (7 U.S.C. §§499a, et seq.) or the Packers and Stockyards Act (7 U.S.C. §§181 et seq.) or under similar state laws. 10. 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. 11. 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-795710-WA1 Commitment Page No. 6 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. Ptn Sec 32 Twp 23N Rge 5E, NW Qtr NE Qtr APN: 322305-9104-06 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-795710-WA1 Commitment Page No. 7 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-795710-WA1 Commitment Page No. 8 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