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HomeMy WebLinkAboutL_Title_Report_Logan Six_220330_v1.pdfAmerican Land Title Association Commitment for Title Insurance Adopted 08-01-2016 Technical Corrections 04-02- 2018 Equity Title of Washington, LLC 1010 S 336th Street, Suite 100 Federal Way, WA 98003 (253) 883-4144 Transaction Information: File Number: 20-104118 Property Address: 302 Logan Ave N Renton, WA 98057 Assessors Parcel Number: 1823059264 Buyer/Borrowers: Ajit Sukesan Seller: Thompson Investments Logan, LLC, a Washington Limited Liability Company Contact Information for your Title Team: Title Officer: Title Unit 1 - Megan Mettler (253) 883-4139 x1101 mmettler@equitywa.com Equity Title of Washington, LLC 1010 S 336th Street, Suite 100 Federal Way, WA 98003 License Number: 1004489 Providing Service throughout the State of Washington Providing Service throughout the State of Washington Providing Service throughout the State of Washington Transaction Identification Data for reference only: Issuing Agent: Equity Title of Washington, LLC Issuing Office: 1010 S 336th Street, Suite 100, Federal Way, WA 98003 Issuing Office File Number: 20-104118 Property Address: 302 Logan Ave N, Renton, WA 98057 Revision Number: SCHEDULE A 1. Commitment Date: July 7, 2021 5:37PM 2. Policy or Policies to be issued: a. ALTA Standard Owners Policy: Proposed Insured: Ajit Sukesan, presumptively subject to the community interest of his/her spouse, if married Purchase Price: $1,850,000.00 Premium: $3,319.00 Sales Tax: $331.90 b. ALTA Extended Loan Policy: Proposed Insured: Loan Amount: Premium: $0.00 Sales Tax: $0.00 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: Thomson Investments Logan, LLC, a Washington limited liability company 5. The Land is described as follows: See Attached Exhibit A Issued By: Equity Title of Washington, LLC, as Issuing Agent for: Old Republic National Title Insurance Company- EQUITY By: ________________________________ Authorized Signatory EXHIBIT A THAT PORTION OF THE BURLINGTON NORTHERN RAILROAD RIGHT OF WAY IN THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION 18, TOWNSHIP 23 NORTH, RANGE 5 EAST, WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON, AS ESTABLISHED 100 FEET IN WIDTH PURSUANT TO DEED RECORDED UNDER RECORDING NO. 76764, LYING NORTH OF THE NORTHERLY MARGIN OF THE COMMERCIAL WATERWAY DISTRICT RIGHT OF WAY; EXCEPT THAT PORTION THEREOF CONDEMNED BY THE CITY OF RENTON PURSUANT TO KING COUNTY SUPERIOR COURT CASE NO. 851892; AND EXCEPT THAT PORTION THEREOF GRANTED TO THE CITY OF RENTON FOR EASEMENT BY INSTRUMENT RECORDED UNDER RECORDING NO. 6494229; AND EXCEPT THAT PORTION THEREOF GRANTED TO THE CITY OF RENTON BY DEED RECORDED UNDER RECORDING NO. 20141022000764; SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. 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. SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTIONS, 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. Any rights, interests or claims, which are not shown by the public records but which could be ascertained by an inspection of Land or which may be asserted by persons in possession thereof. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other matters which a correct survey would disclose and which are not shown by the public records. (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 in the public records. 4. 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. 5. Easements, claims of easement or encumbrances which are not shown by the Public Records. 6. Any lien, or right to a lien, for services, labor or materials or medical assistance heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 7. Any service, installation, connection, maintenance, construction, tap or reimbursement charges/costs for sewer, water, garbage or electricity. 8. Reservations and/or exceptions contained in the patent from the United States of America or the State of Washington. 9. An easement for street, and the terms and conditions thereof, granted to City of Renton, a municipal corporation, recorded under Recording Number 4952098. Said easement was amended by release of easement recorded under recording no. 8102230352. 10. An easement for the terms and conditions thereof, recorded under Recording Number 6494229. 11. An easement for water line(s) and appurtnances thereto, and the terms and conditions thereof, granted to The Boeing Company, a Delaware corporation, recorded under Recording Number 7904100899. 12. An easement for outdoor advertising facilities, and the terms and conditions thereof, granted to Outdoor Systems, Inc., a Delaware corpoation, recorded under Recording Number 9802261743. Said Instrument was modified: Recorded: September 4, 2001 Recording No: 20010904000326 13. Terms, provisions, covenants, conditions, restrictions, easements, charges, assessments and liens provided in the Covenants, Conditions and Restrictions or Instrument recorded July 25, 2014, under 20140725000496 but omitting any covenant, condition or restriction, if any, based on race, color, religion, sex, handicap, familial status, or national origin unless and only to the extent that the covenant, condition or restriction (a) is exempt under Title 42 of the United States Code, or (b) relates to handicap, but does not discriminate against handicapped persons. 14. An easement for perpetual, non-exclusive easement for ingress and egress, etc, and the terms and conditions thereof, granted to Ronald and Vicki Rapacz, husband and wife, and Thomson Investments, LLC, recorded under Recording Number 20170131002646. 15. Property Taxes and charges: Tax Year: 2021 Tax Type: County Tax ID No.: 1823059264 Taxing Entity: King County Treasurer Total Annual Tax: $13,085.41 First Installment: $6,542.71 First Installment Status: Paid First Installment Due/Paid Date: April 30, 2021 First Installment Delinquent Date: May 1, 2021 Second Installment: $6,542.70 Second Installment Status: Due Second Installment Due/Paid Date: October 31, 2021 Second Installment Delinquent Date: November 1, 2021 Assessed Value: $1,177,000.00 Levy Code: 2100 - RENTON Notes:View Taxes 16. Liability for supplemental taxes for improvements which may have recently been constructed on the land. Land improvements are not presently assessed, but may appear on future tax rolls. 17. Please be advised that our search did not disclose any open deeds of trust of record. If you should have knowledge of any outstanding obligation, please contact your title officer immediately for further review. 18. We are informed that Thomson Investments Logan, LLC, a Washington limited liability company is a limited liability company (LLC). A copy of the filed LLC Certificate of Formation, the LLC Agreement, and all subsequent modifications or amendments must be submitted to the company for review. 19. Matters relating to the questions of survey, rights of parties in possession, and unrecorded lien rights for labor and material, if any, the disposition of which will be furnished by supplemental report. 20. Intentionally Deleted Note: The Company has been asked to issue a lender's policy without disclosure of the liability amount. This commitment shall be effective only when the amount of the policy committed for has been inserted in Schedule A hereof. The Company may have further requirements if the undisclosed amount to be insured exceeds the current assesed valuation. Note: The following may be used as an abbreviated legal description on the documents to be recorded, per amended RCW 65.04. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: PTN: R.O.W., E. 1/2, NE. 1/4, SEC. 18, TWP. 23 N. RGE. 5 E. WILLAMETTE MERIDIAN, KING CO., WA Note: The following instrument(s), affecting said property, is (are) the last instrument(s) conveying the subject property filed for record within 36 months of the effective date of this commitment: Bargain and Sale Deed Grantees: Thomson Investments Logan, LLC, a Washington limited liability company Grantors: Dan F. Connor, Trustee of the Pac Pal Trust dated July 17, 2014 Dated: December 5, 2017 Recorded Date: December 13, 2017, (instrument) Comments: 20171213000403 Note: We find no pertinent matters against the borrowers/purchasers. Note: Based on information provided to the company, on the date of this commitment it appears that there is located on the land: Commercial/Industrial (Vacant Land) Known As: 302 Logan Ave N, Renton, WA 98057 Note: Lien of Real Estate Excise Tax, upon the sale of said premises, or transfer of a controlling interest, if unpaid. As of the date herein, the excise tax rates are as follows: State Excise Tax for real property classified as Timber (RCW 84.34 or RCW 84.33) or Agricultural land (RCW 83.34.20): 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 $500,000.00.01 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 Rate: 0.50% of the selling price In addition to the Excise due, a fee of $5.00 will be charged on all taxable transactions ($10.00 on all exempt transactions). Note: When sending documents for recording, via U.S. mail or special courier service, please send to the following address, unless specific arrangements have been made with your title unit: Equity Title of Washington 1010 S. 336th Street, Suite 100 Federal Way, WA 98003 Attn: Recording Dept. IMPORTANT NOTICE: We electronically record our files with the county. Please make your excise check payable to Equity Title of Washington for purposes of e-recording. 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; 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(i) through 5(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I – Requirements have been met to the satisfaction of the Company. (g) In any event, the Company’s liability is limited by the terms and provisions of the Policy. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B, Part II – Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. (f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. ARBITRATION The policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at <http://www.alta.org/arbitration>. COMMITMENT FOR TITLE INSURANCE Issued by OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY- EQUITY 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, Old Republic National Title Insurance Company- EQUITY, a CA company (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 90 days* after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification. If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. •NEVER RELY on emails purporting to change wire Instructions. Parties to a transaction rarely change wire Instructions In the course of a transaction. •ALWAYS VERIFY wire Instructions, specifically the ABA routing number and account number, by calling the party who sent the Instructions to you. DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be Incorrect or the email may be intercepted by the fraudster. •USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. •USE MULTl-FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature. For more information on wire-fraud scams or to report an incident, please refer to the following links: Internet Crime Complain Center: http://www.ic3.gov Federal Bureau of Investigation: http://www.fbi.gov