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HomeMy WebLinkAboutL_Title_Report_220718_v1.PDF This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 1 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington Commitment ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-1101689-WA1 COMMITMENT FOR TITLE INSURANCE Issued By FIRST AMERICAN TITLE INSURANCE 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, First American Title Insurance Company, a Nebraska 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 six months after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. If this jacket was created electronically, it constitutes an original document. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 2 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington 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; and (f) Schedule B, Part II—Exceptions. 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 3 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 4 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington Schedule A ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-1101689-WA1 Transaction Identification Data for reference only: Issuing Agent: First American Title Insurance Company National Commercial Services Issuing Office: 920 Fifth Avenue, Suite 1200, Seattle, WA 98104 Issuing Office's ALTA® Registry ID: Reference No.: Solera Commitment No.: NCS-1101689-WA1 Issuing Office File No.: NCS-1101689-WA1 Property Address: Vacant Land/multiple APN's, Renton, WA Escrow Officer Name: Revision No.: 3 Escrow Officer Number: Escrow Officer Email: Escrow Assistant Name: Escrow Assistant Number: Escrow Assistant Email: Title Officer Name: Lavonne Bowman Title Officer Number: (206)615-3269 Title Officer Email: lavbowman@firstam.com SCHEDULE A 1. Commitment Date: May 12, 2022 at 7:30 AM 2. Policy to be Issued: Amount Premium Tax (a) ☐ ALTA® Policy $ $ $ Proposed Insured: (b) ☒ 2006 ALTA® Extended Loan Policy $TBD $TBD $TBD Proposed Insured: TBD (c) ☐ ALTA® Policy $ Proposed Insured: 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: Solera Manager, LLC, a Washington limited liability company 5. The Land is described as follows: See Exhibit "A" attached hereto and made a part hereof This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 5 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington Schedule BI & BII ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-1101689-WA1 SCHEDULE B, PART I Requirements All of the following Requirements must be met: 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. In connection with that certain lease agreement dated (the "Lease"), as evidenced by that certain Instrument No. in the Public Records, the Company requires: (x) a duly authorized estoppel executed by the landlord stating (i) that the Lease is in full force and effect, (ii) that there are no defaults or violations under the terms of the Lease, (iii) that all lease payments due and owing the landlord have been paid current, (iv) that neither party to the Lease has any known claims against the other under the terms of the Lease, and (v) that there are no amendments or modifications to the Lease other than as set forth in the estoppel, and (y) a duly authorized consent by the landlord, which may be included in the estoppel described above, to the transaction creating the estate, interest or Mortgage to be insured by the policy, if such consent is required under the terms of the Lease. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 6 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington Schedule BI & BII (Cont.) ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-1101689-WA1 SCHEDULE B, PART II Exceptions 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: 1. 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. 2. 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. 3. Any facts, rights, interests, or claims which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 4. Easements, claims of easement or encumbrances which are not shown by the Public Records. 5. 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 the Public Records. 6. (A) Unpatented mining claims; (B) Reservations or exceptions in patents or in Acts authorizing the issuance thereof; (C) Water rights, claims or title to water; whether or not the matters excepted under (A), (B) or (C) are shown by the Public Records; (D) Indian Tribal Codes or Regulations, Indian Treaty or Aboriginal Rights, including easements or equitable servitudes. 7. Any lien or right to a lien for services, labor, material or equipment, unless such lien is shown by the Public Records at Date of Policy and not otherwise excepted from coverage herein. 8. Any service, installation, connection, maintenance, construction, tap or reimbursement charges/costs for sewer, water, garbage or electricity. File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 7 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington SCHEDULE B - SECTION 2 (continued) SPECIAL EXCEPTIONS 9. This item has been intentionally deleted. 10. General Taxes for the year 2022. Tax Account No.: 722780-1205-06 Amount Billed: $ 101,344.11 Amount Paid: $ 50,672.06 Amount Due: $ 50,672.05 Assessed Land Value: $ 8,311,600.00 Assessed Improvement Value: $ 0.00 (Affects a portion of Parcel A) 11. General Taxes for the year 2022. Tax Account No.: 722780-1206-05 Amount Billed: $ 14,132.90 Amount Paid: $ 7,066.45 Amount Due: $ 7,066.45 Assessed Land Value: $ 1,244,000.00 Assessed Improvement Value: $ 0.00 (Affects a portion of Parcel A) 12. General Taxes for the year 2022. Tax Account No.: 722780-1405-04 Amount Billed: $ 39,456.02 Amount Paid: $ 19,728.01 Amount Due: $ 19,728.01 Assessed Land Value: $ 3,704,000.00 Assessed Improvement Value: $ 0.00 (Affects the remainder of Parcel A) 13. General Taxes for the year 2022. Tax Account No.: 722780-1406-03 Amount Billed: $ 12,767.86 Amount Paid: $ 6,383.93 Amount Due: $ 6,383.93 Assessed Land Value: $ 1,108,000.00 Assessed Improvement Value: $ 0.00 File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 8 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington (Affects Parcel B) 14. This item has been intentionally deleted. 15. This item has been intentionally deleted. 16. 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. 17. Restrictions, conditions, dedications, notes, easements and provisions, if any, as contained and/or delineated on the face of the Correct Plat of Renton Highlands No. 2 recorded as Volume 57 of Plats at Pages 92 through 98, in King County, Washington, described as follows: Know all men by these presents that we the United States of America, owners in fee simple of the land hereby platted, hereby declares this plat and dedicates to the use of the public forever off streets, avenues and alleys shown hereon and the use thereof for all public purposes not inconsistent with the use thereof for public highway purposes, also all parks, playgrounds, easements or whatever public property or places there are shown on the map for the purpose thereon indicated, also the right to make off necessary slopes for cuts and fills upon the lots, blocks or tracts or parcels of land shown on this plat in the original reasonable grading of all these streets, avenues, alleys and places shown hereon. 20 foot planting area easement delineated in Block 39. 18. Easement, including terms and provisions contained therein: Recording Information: February 26, 1958 under Recording No. 4877235 For: Ingress and egress Affects: Southerly portion of Parcel A 19. Easement, including terms and provisions contained therein: Recording Date: May 17, 1960 Recording Information: 5323954 In Favor of: City of Renton For: Utilities Affects: As described therein 20. This item has been intentionally deleted. 21. This item has been intentionally deleted. File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 9 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington 22. Easement, including terms and provisions contained therein: Recording Date: June 09, 1983 Recording Information: 8306090713 In Favor of: City of Renton For: Public utilities Affects: As described therein 23. This item has been intentionally deleted. 24. The terms and provisions contained in the document entitled "Easement Agreement" recorded September 16, 1998 as Recording No. 9809161476 of Official Records. 25. This item has been intentionally deleted. 26. Easement, including terms and provisions contained therein: Recording Date: September 01, 2006 Recording Information: 20060901000949 In Favor of: Puget Sound Energy, Inc. For: Transmission, distribution and sale of gas and electricity Affects: As described therein 27. The terms and provisions contained in the document entitled "Ordinance No. 5462" recorded August 4, 2009 as Recording No. 20090804000500 of Official Records. 28. The terms and provisions contained in the document entitled "City of Renton, Washington Resolution No. 4289" recorded June 28, 2016 as Recording No. 20160628000622 of Official Records. The above document was re-recorded January 09, 2018 as Recording No. 20180109000391. 29. This item has been intentionally deleted. 30. This item has been intentionally deleted. 31. The terms and provisions contained in the document entitled "City of Renton, Washington Ordinance No. 5961" recorded March 27, 2020 as Recording No. 20200327001740 of Official Records. (Affects Parcel A ) 32. Terms and provisions of an unrecorded lease dated August 31, 2021, by and between Solera Manager, LLC, a Washington limited liability company as lessor and Solera Affordable, LLC, a Washington limited liability company as lessee, as disclosed by a Memorandum of Ground Lease recorded September 1, 2021 as Recording No. 20210901000474 of Official Records. (Affects Parcels A, B and other property) File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 10 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington 33. Terms and provisions of an unrecorded lease dated August 31, 2021, by and between Solera Manager, LLC, a Washington limited liability company as lessor and Solera Market, LLC, a Washington limited liability company as lessee, as disclosed by a Memorandum of Ground Lease recorded September 1, 2021 as Recording No. 20210901000475 of Official Records. (Affects a portion of Parcel A) 34. The terms and provisions contained in the document entitled "Reciprocal Easement Agreement" recorded September 1, 2021 as Recording No. 20210901000476 of Official Records. (Affects Parcels A and B) 35. The terms and provisions contained in the document entitled "Regulatory Agreement (Extended Use Agreement)" recorded September 1, 2021 as Recording No. 20210901000477 of Official Records. (Affects Parcels A and B) 36. The terms and provisions contained in the document entitled "Regulatory Agreement (Solera Apartments)" recorded September 1, 2021 as Recording No. 20210901000478 of Official Records. (Affects Parcels A and B) 37. A Deed of Trust to secure an original indebtedness of $70,000,000.00 recorded September 1, 2021 as Recording No. 20210901000479 of Official Records. Dated: August 1, 2021 Trustor: Solera Affordable, LLC, a Washington limited liability company Trustee: First American Title Insurance Company Beneficiary: Citibank, N.A. According to the public records, the beneficial interest under the deed of trust was assigned to Washington State Housing Finance Commission by assignment recorded September 1, 2021 as Recording No. 20210901001787 of Official Records. According to the public records, the beneficial interest under the deed of trust was assigned to Citibank, N.A. by assignment recorded September 1, 2021 as Recording No. 20210901001788 of Official Records. (Affects Parcels A, B and other property) 38. A Deed of Trust to secure an original indebtedness of $75,300,000.00 recorded September 1, 2021 as Recording No. 20210901000480 of Official Records. Dated: August 1, 2021 Trustor: Solera Market, LLC, a Washington limited liability company Trustee: First American Title Insurance Company Beneficiary: Citibank, N.A. File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 11 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington (Affects Parcels A, B and other property) 39. A Deed of Trust to secure an original indebtedness of $15,000,000.00 recorded September 1, 2021 as Recording No. 20210901001789 of Official Records. Dated: August 1, 2021 Trustor: Solera Affordable, LLC, a Washington limited liability company Trustee: First American Title Insurance Company Beneficiary: Citibank, N.A. (Affects Parcels A, B and other property) 40. A Deed of Trust to secure an original indebtedness of $10,500,000.00 recorded September 1, 2021 as Recording No. 20210901001790 of Official Records. Dated: August 1, 2021 Trustor: Solera Affordable, LLC, a Washington limited liability company Trustee: First American Title Insurance Company Beneficiary: Evergreen Impact Housing Fund I, LLC, a Washington limited liability company (Affects a portion of Parcel A) 41. The terms and provisions contained in the document entitled "Subordination and Intercreditor Agreement" recorded September 2, 2021 as Recording No. 20210902000255 of Official Records. (Affects Parcels A and B) 42. A financing statement recorded September 8, 2021 as Recording No. 20210908001005 of Official Records. Debtor: Solera Market, LLC Secured party: Citibank, N.A. (Affects Parcels A, B and other property) 43. A financing statement recorded September 8, 2021 as Recording No. 20210908001006 of Official Records. Debtor: Solera Affordable, LLC Secured party: Citibank, N.A. (Affects a portion of Parcel A) 44. A financing statement recorded September 8, 2021 as Recording No. 20210908001007 of Official Records. Debtor: Solera Affordable, LLC Secured party: Citibank, N.A. File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 12 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington (Affects Parcels A, B and other property) 45. This item has been intentionally deleted. 46. Evidence of the authority of the individual(s) to execute the forthcoming document for Solera Manager, LLC, a Washington limited liability company, copies of the current operating agreement should be submitted prior to closing. 47. Evidence of the authority of the individual(s) to execute the forthcoming document for Solera Affordable, LLC, a Washington limited liability company, copies of the current operating agreement should be submitted prior to closing. 48. Evidence of the authority of the individual(s) to execute the forthcoming document for Solera Market, LLC, a Washington limited liability company, copies of the current operating agreement should be submitted prior to closing. 49. This item has been intentionally deleted. 50. 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. 51. 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. File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 13 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington INFORMATION 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 Land 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 standard requirements. The full text of the description must appear in the document (s) to be insured. Ptn Blocks 39 and 43, Corrected Plat of Renton Highlands 2, V. 57, P. 92 Lots 1 & 2, Renton LLA No. LLA 003-82, Rec. 8204219003 APN: 722780-1205-06 and 722780-1206-05 and 722780-1405-04 and 722780-1406-03 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. File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 14 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington Exhibit A ISSUED BY First American Title Insurance Company File No: NCS-1101689-WA1 The Land referred to herein below is situated in the County of King, State of Washington, and is described as follows: PARCEL A: BLOCKS 39 AND 43, CORRECTED PLAT OF RENTON HIGHLANDS NO. 2, ACCORDING TO PLAT RECORDED IN VOLUME 57 OF PLATS AT PAGE(S) 92 THROUGH 98, INCLUSIVE, IN KING COUNTY, WASHINGTON; TOGETHER WITH VACATED 11TH PLACE NORTH (SUNSET LANE NORTHEAST) AS VACATED BY CITY OF RENTON ORDINANCE NO. 1830, RECORDED UNDER KING COUNTY RECORDING NO. 5323954; EXCEPT THAT PORTION OF SAID BLOCK 39 DESCRIBED AS FOLLOWS: COMMENCING AT THE MOST SOUTHERLY CORNER OF SAID BLOCK; THENCE NORTH 35°42'00" EAST, ALONG THE SOUTHEASTERLY LINE THEREOF, 125.00 FEET; THENCE NORTH 54°35'42" WEST, PARALLEL TO THE SOUTHWESTERLY LINE OF SAID BLOCK, 90.00 FEET; THENCE SOUTH 35°42'00" WEST, PARALLEL TO THE SOUTHEASTERLY LINE OF SAID BLOCK, 125.00 FEET TO THE SOUTHWESTERLY LINE OF SAID BLOCK; THENCE SOUTH 54°35'42" EAST, ALONG SAID SOUTHWESTERLY LINE, 90.00 FEET TO THE POINT OF BEGINNING; ALSO EXCEPT THAT PORTION OF SAID BLOCK 43 DESCRIBED AS FOLLOWS: COMMENCING AT THE POINT OF INTERSECTION OF THE WESTERLY MARGIN OF "K" STREET (KIRKLAND AVENUE NORTHEAST) AND THE SOUTHERLY MARGIN OF 12TH AVENUE NORTHEAST (NORTHEAST 12TH STREET); THENCE NORTH 88°57'15" WEST, ALONG SAID SOUTHERLY MARGIN 151.17 FEET; THENCE SOUTH 01°02'45" WEST 214.05 FEET TO THE NORTHWESTERLY MARGIN OF VACATED 11TH PLACE NORTH; THENCE NORTH 65°55'13" EAST, ALONG SAID NORTHWESTERLY MARGIN, 190.65 FEET TO THE WESTERLY MARGIN OF "K" STREET; THENCE NORTHERLY, ALONG SAID WESTERLY MARGIN, ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 361.72 FEET, AN ARC DISTANCE OF 125.41 FEET; THENCE, CONTINUING ALONG SAID WESTERLY MARGIN, NORTH 01°08'15" EAST 9.92 FEET TO THE POINT OF BEGINNING. PARCEL B: THAT PORTION OF BLOCK 43 OF RENTON HIGHLANDS ADDITION NO. 2, ACCORDING TO PLAT RECORDED IN VOLUME 57 OF PLATS AT PAGE(S) 92 THROUGH 98, INCLUSIVE, IN KING COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS: COMMENCING AT THE POINT OF INTERSECTION OF THE WESTERLY MARGIN OF K STREET AND THE SOUTHERLY MARGIN OF 12TH AVENUE NORTH; THENCE NORTH 88°57'15" WEST ALONG SAID SOUTHERLY MARGIN 151.17 FEET; File No.: NCS-1101689-WA1 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American 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 B, Part II-Exceptions. 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. Form 50003700 (8-23-18) Page 15 of 15 ALTA Commitment for Title Insurance (8-1-16) Washington THENCE AT RIGHT ANGLES TO SAID SOUTHERLY MARGIN SOUTH 1°02'45" WEST 214.05 FEET TO THE POINT OF INTERSECTION WITH THE NORTHERLY MARGIN OF 11TH PLACE; THENCE NORTH 65°55'13" EAST ALONG SAID NORTHERLY MARGIN 190.65 FEET TO THE INTERSECTION OF THE WESTERLY MARGIN OF K STREET; THENCE NORTH ALONG SAID WESTERLY MARGIN ON A CURVE TO THE RIGHT WITH A RADIUS OF 361.12 FEET A DISTANCE OF 125.41 FEET; THENCE NORTH 1°08'15" EAST 9.92 FEET TO THE POINT OF BEGINNING; EXCEPT THAT CERTAIN STRIP OF LAND 25 FEET IN WIDTH, FORMERLY KNOWN AS 11TH PLACE NORTH, HERETOFORE VACATED BY THE CITY OF RENTON, AS PER ORDINANCE NO. 1830, DATED MAY 17, 1960, ABUTTING UPON THE SOUTH BOUNDARY OF SAID PROPERTY.