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HomeMy WebLinkAboutL_ALTA_Title Report_220712v1 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 14 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-1127469-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 14 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 14 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 14 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-1127469-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.: Southport West Commitment No.: NCS-1127469-WA1 Issuing Office File No.: NCS-1127469-WA1 Property Address: 900 Lake Washington Boulevard, Renton, WA 98056 Escrow Officer Name: Revision No.: Escrow Officer Number: Escrow Officer Email: Escrow Assistant Name: Escrow Assistant Number: Escrow Assistant Email: Title Officer Name: Jen Modjeska Title Officer Number: (206)615-3270 Title Officer Email: jmodjeska@firstam.com SCHEDULE A 1. Commitment Date: April 27, 2022 at 7:30 AM 2. Policy to be Issued: Amount Premium Tax (a) ☒ 2006 ALTA® Standard Owner's Policy $To follow $ $ Proposed Insured: To follow (b) ☐ ALTA® Policy $ $ $ Proposed Insured: (c) ☐ ALTA® Policy $ Proposed Insured: 3. The estate or interest in the Land described or referred to in this Commitment is Fee Simple as to Parcel A and Easement as to Parcels B, C, D and E 4. The Title is, at the Commitment Date, vested in: Southport West 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 14 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-1127469-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. If a proposed mortgage or deed of trust will secure, in whole or in part, construction advances, in order to consider providing coverage against statutory liens for services, labor, or materials arising from construction of improvements or work related to the Land, the Company will require: For all construction projects, copies of the following: 1. Project budget, including hard costs, soft costs, equity contributions, and sources and uses. 2. An indemnity agreement on a form to be provided, and executed by indemnitor(s) approved, by the Company. 3. Direct contract(s) with any general contractor(s), including projected schedule for completion of construction. 4. Draft loan agreement detailing construction advance disbursement controls (or separate disbursement agreement, if applicable) and guaranty/ees. 5. An appraisal if lender has required one. If work or delivery of materials has commenced or will commence prior to closing, the Company will also require the following: 1. A list of all contractors and subcontractors who have commenced or will commence work or delivery of materials, including, for each, the total contract amount and any amounts paid to date. 2. Pay applications for the latest three (3) months, including invoices and conditional and unconditional lien waivers, from all contractors and subcontractors who have commenced work or delivery of materials. 3. Priority Agreement, on a form to be provided by the Company, signed by the general contractor(s) and all subcontractor(s) who have commenced or will commence work or delivery of materials prior to closing. 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 14 ALTA Commitment for Title Insurance (8-1-16) Washington Upon receipt and review of the foregoing, the Company reserves the right to require additional documentation. 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 14 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-1127469-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-1127469-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 14 ALTA Commitment for Title Insurance (8-1-16) Washington SCHEDULE B - SECTION 2 (continued) SPECIAL EXCEPTIONS 9. Lien of Real Estate Excise Tax upon sale of said premises, or transfer of a controlling interest, if unpaid. As of the date herein, the excise tax rates are as follows: Levy/Area Code:2100 State Excise Tax for real property classified as Timberland (RCW 84.34 or RCW 84.33) or Agricultural land (RCW 84.34.020): 1.28% of the selling price All other State Excise Tax: 1.10% of the selling price less than or equal to $500,000.00 1.28% of the selling price from $500,000.01 to $1,500,000.00 2.75% of the selling price from $1,500,000.01 to $ 3,000,000.00 3.00% of the selling price over $3,000,000.00 Local Excise Tax for the City of Renton .50% of the selling price In additional to Excise Tax due, a fee of $5.00 will be charged on all taxable transactions ($10.00 on all exempt transactions) 10. Delinquent General Taxes for the year 2022, plus penalty and interest. Tax Account No.: 082305-9191-00 Amount Billed: $ 93,552.32 Amount Paid: $ 0.00 Amount Due: $ 93,552.32 Assessed Land Value: $ 8,761,700.00 Assessed Improvement Value: $ 5,000.00 11. 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. 12. Covenants, conditions, restrictions and/or easements: Recorded: December 31, 1926 Recording No.: 2509355 File No.: NCS-1127469-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 14 ALTA Commitment for Title Insurance (8-1-16) Washington 13. Relinquishment of all existing and future rights to light, view and air, together with the rights of access to and from the State Highway constructed on lands conveyed by document in favor of the State of Washington: Recorded: June 14, 1967 Recording No.: 6189556 14. Easement, including terms and provisions contained therein: Recording Information: July 11, 1967 as 6201855 In Favor of: City of Renton For: City streets 15. Easement, including terms and provisions contained therein: Recording Information: March 14, 1968 as 6317510 In Favor of: City of Renton For: Roadway 16. Easement, including terms and provisions contained therein: Recording Information: 8407260401 In Favor of: City of Renton For: Maintenance, Testing and Inspection of Fire Main 17. Restrictions, conditions, dedications, notes, easements and provisions, if any, as contained and/or delineated on the face of the City of Renton Lot Line Adjustment No LUA 98-176 recorded February 1, 1999 as 9902019014, in King County, Washington. 18. Easement, including terms and provisions contained therein: Recording Information: 9902264178 For: Gas and Electric Lines, Access and Maintenance Road Affects: As described therein 19. Easement, including terms and provisions contained therein: Recording Information: 20010629002927 In Favor of: City of Benton, a Municipal corporation For: Underground utilities 20. The terms and provisions contained in the document entitled "Access, Landscape and Utilities Easement Agreement" recorded February 7, 2013 as 20130207001327 of Official Records. 21. Terms, covenants, conditions, restrictions and easements as contained in recorded Lot Line Adjustment (Boundary Line Revision) LUA 19-000137 : Recorded: August 29, 2019 Recording Information: 20190828900001 File No.: NCS-1127469-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 14 ALTA Commitment for Title Insurance (8-1-16) Washington 22. Easement, including terms and provisions contained therein: Recording Information: 20191220001976 In Favor of: Puget Sound Energy, Inc. For: Surface and Subsurface improvements 23. The terms and provisions contained in the document entitled "Sanitary Sewer and Communications Easement" recorded December 20, 2019 as 20191220001977 of Official Records. 24. Easement, including terms and provisions contained therein: Recording Information: 20191220001978 In Favor of: Puget Sound Energy, Inc. For: Sanitary sewer and communication 25. The terms and provisions contained in the document entitled "Water Easement" recorded December 20, 2019 as 20191220001979 of Official Records. 26. Easement, including terms and provisions contained therein: Recording Information: 201912200011980 In Favor of: Puget Sound Energy, Inc. For: Water line 27. Easement, including terms and provisions contained therein: Recording Information: 20191220001981 In Favor of: Puget Sound Energy, Inc. For: Ingress and egress 28. Easement, including terms and provisions contained therein: Recording Information: 20191220001982 In Favor of: Puget Sound Energy, Inc. For: Road 29. Easement, including terms and provisions contained therein: Recording Information: 20191220001983 In Favor of: Puget Sound Energy, Inc. For: Transmission line 30. The terms and provisions contained in the document entitled "Fence Easement" recorded November 10, 2020 as 20201110000936 of Official Records. 31. Easement, including terms and provisions contained therein: KC Cause No.: 19-2-26052-1 In Favor of: State of Washington For: Drainage facility and temporary ingress and egress File No.: NCS-1127469-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 14 ALTA Commitment for Title Insurance (8-1-16) Washington 32. The terms and provisions contained in the document entitled "Access Road Easement Agreement" recorded March 29, 21021 as 20210329002035 of Official Records. 33. Matters of extended owner/purchaser coverage which are dependent upon an inspection and an ALTA survey of the property for determination of insurability. Please submit a copy of the ALTA Survey at your earliest convenience for review. Our inspection will be held pending our review of the ALTA Survey and the result of said inspection will be furnished by supplemental report. 34. Evidence of the authority of the individual(s) to execute the forthcoming document for Southport West LLC, copies of the current operating agreement should be submitted prior to closing. 35. Title to vest in an incoming owner whose name is not disclosed. Such name must be furnished to us so that a name search may be made. 36. 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. 37. 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-1127469-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 14 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. New Lot 1, LLA #LUA 19-000137, rec. 20190828900001 APN: 082305-9191-00 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-1127469-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 14 ALTA Commitment for Title Insurance (8-1-16) Washington Exhibit A ISSUED BY First American Title Insurance Company File No: NCS-1127469-WA1 The Land referred to herein below is situated in the County of King, State of Washington, and is described as follows: PARCEL A: NEW LOT 1, CITY OF RENTON LOT LINE ADJUSTMENT NO. LUA 19-000137 AS RECORDED AUGUST 28, 2019 AS RECORDING NO. 20190828900001, RECORDS OF KING COUNTY, WASHINGTON; EXCEPT THAT PORTION CONDEMNED BY THE STATE OF WASHINGTON PURSUANT TO THE DECREE OF APPROPRIATION FILED JANUARY 27, 2021 UNDER KING COUNTY CAUSE NO. 19-2-26052-1. PARCEL B: A NON-EXCLUSIVE EASEMENT FOR UTILITIES AND ACCESS AS CREATED BY EASEMENT RECORDED FEBRUARY 26, 1999 AS RECORDING NO. 9902264178, RECORDS OF KING COUNTY, WASHINGTON. PARCEL C: A NON-EXCLUSIVE EASEMENT FOR INGRESS, EGRESS, AND UTILITIES ALONG, ACROSS AND THROUGH THE FOLLOWING DESCRIBED PROPERTY AS CREATED BY CITY OF RENTON LOT LINE ADJUSTMENT NUMBER LUA 98-176, RECORDED UNDER RECORDING NO. 9902019014, RECORDS OF KING COUNTY, WASHINGTON: THAT PORTION OF GOVERNMENT LOTS 1 AND 2 IN SECTION 8, TOWNSHIP 23 NORTH, RANGE 5 EAST, W.M., KING COUNTY, WASHINGTON, AND ALL THOSE PORTIONS OF LAKE WASHINGTON SHORE LANDS FRONTING THEREON, ALL MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF GOVERNMENT LOT 1, SECTION 8, TOWNSHIP 23 NORTH, RANGE 5 EAST, W.M., SAID POINT BEING THE NORTHWEST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 8; THENCE WESTERLY ALONG THE NORTH LINE OF SAID GOVERNMENT LOT 1 AND SUCH LINE PRODUCED WESTERLY 959.35 FEET, TO THE WESTERLY MARGIN OF BURLINGTON NORTHERN RAILROAD COMPANY’S RIGHT OF WAY (FORMERLY NORTHERN PACIFIC RAILWAY COMPANY’S LAKE WASHINGTON LINE); THENCE CONTINUING NORTH 88°48'46" WEST 85.74 FEET; THENCE SOUTH 46°51'03" WEST 232.84 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING SOUTH 46°51'03" EAST 282.66 FEET; THENCE NORTH 82°49'09" WEST 85.74 FEET; THENCE SOUTH 43°47'07" EAST 31.76 FEET; THENCE SOUTH 82°49'09" EAST 70.47 FEET; THENCE NORTH 46°51'03" EAST 328.29 FEET; THENCE SOUTH 75°44'38" WEST 41.39 FEET TO THE TRUE POINT OF BEGINNING. PARCEL D: File No.: NCS-1127469-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 14 ALTA Commitment for Title Insurance (8-1-16) Washington THE RIGHT TO USE, IN COMMON WITH OTHER MEMBERS OF THE PUBLIC, A NON-EXCLUSIVE EASEMENT GRANTED TO THE CITY OF RENTON FOR PUBLIC STREET PURPOSES, AS ESTABLISHED IN INSTRUMENT RECORDED UNDER RECORDING NOS. 6201855, IN KING COUNTY, WASHINGTON. PARCEL E: THE RIGHT TO USE, IN COMMON WITH OTHER MEMBERS OF THE PUBLIC, A NON-EXCLUSIVE EASEMENT GRANTED TO THE CITY OF RENTON FOR PUBLIC STREET PURPOSES, AS ESTABLISHED IN INSTRUMENT RECORDED UNDER RECORDING NOS. 6317510, IN KING COUNTY, WASHINGTON.