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HomeMy WebLinkAboutQuendall Terminals Title Report 2009-01-07 Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Face Page First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE Issued by FIRST AMERICAN TITLE INSURANCE COMPANY First American Title Insurance Company, herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagor of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of the Commitment or by subsequent endorsement. This Commitment if preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent. IN WITNESS WHEREOF, the Company has caused this commitment to be signed and sealed, to become valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By-Laws. This Commitment is effective as of the date shown in Schedule A as Effective Date. First American Title Insurance Company By: President Attest: Secretary By: Countersigned = Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 1 First American Title Insurance Company = First American Title Insurance Company National Commercial Services 818 Stewart Street, Suite 800, Seattle, WA 98101 (206)728-0400 - (800)526-7544 FAX (206)448-6348 Donna F. Koerber Ce Nedra Van Why (206)615-3021 (206)615-3131 dkoerber@firstam.com cvanwhy@firstam.com To: CenturyPacific LP File No.: NCS-380710-WA1 1201 Third Avenue, Suite 1680 Your Ref No.: Quendall Terminals Seattle, WA 98101-3029 Attn: Campbell Mathewson SECOND REPORT SCHEDULE A 1. Commitment Date: May 28, 2009 at 7:30 A.M. 2. Policy or Policies to be issued: AMOUNT PREMIUM TAX Standard Owner’s Coverage $ To Follow $ To Follow $ To Follow Proposed Insured: To Follow 3. The estate or interest in the land described on Page 2 herein is Fee Simple, and title thereto is at the effective date hereof vested in: Quendall Terminals, a Washington joint venture comprised of Puget Timber, Inc., a Washington corporation and Altino Properties, Inc., a Washington corporation 4. The land referred to in this Commitment is described as follows: The land referred to in this report is described in Exhibit "A" attached hereto. Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 2 First American Title Insurance Company EXHIBIT ’A’ LEGAL DESCRIPTION: THAT PORTION OF GOVERNMENT LOT 5 IN SECTION 29, TOWNSHIP 24 NORTH, RANGE 5 EAST, W.M., AND SHORELAND ADJOINING LYING WESTERLY OF THE NORTHERN PACIFIC RAILROAD RIGHT OF WAY AND SOUTHERLY OF A LINE, IN KING COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS: BEGINNING AT THE QUARTER CORNER ON THE SOUTH LINE OF SAID SECTION 29; THENCE NORTH 8958’36" WEST ALONG THE SOUTH LINE OF SAID LOT 5, 1,113.01 FEET TO THE WESTERLY LINE OF SAID NORTHERN PACIFIC RAILROAD RIGHT OF WAY; THENCE NORTH 2944’54" EAST 849.62 FEET ALONG SAID RIGHT OF WAY LINE TO A POINT HEREINAFTER REFERRED TO AS POINT A; THENCE CONTINUING NORTH 2944’54" EAST 200.01 FEET TO THE TRUE POINT OF BEGINNING OF THE LINE HEREIN DESCRIBED; THENCE SOUTH 5628’50" WEST 222.32 FEET TO A POINT WHICH BEARS NORTH 5924’56" WEST 100.01 FEET FROM SAID POINT A; THENCE NORTH 5924’56" WEST TO THE INNER HARBOR LINE AND THE END OF SAID LINE DESCRIPTION; ALSO THAT PORTION OF SAID GOVERNMENT LOT 5 LYING SOUTHEASTERLY OF LAKE WASHINGTON BOULEVARD, WESTERLY OF SECONDARY STATE HIGHWAY NUMBER 2A AND NORTHWESTERLY OF THE RIGHT OF WAY OF PUBLIC STATE HIGHWAY NUMBER 1 AS ESTABLISHED BY DEED RECORDED JANUARY 15, 1964 UNDER RECORDING NO. 5687408; AND EXCEPT THAT PORTION THEREOF CONVEYED TO CITY OF RENTON, A MUNICIPAL CORPORATION BY DEED RECORDED JUNE 19, 2008 UNDER RECORDING NO. 20080619001179. Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 3 First American Title Insurance Company SCHEDULE B - SECTION 1 REQUIREMENTS The following are the Requirements to be complied with: Item (A) Payment to or for the account of the Grantors or Mortgagors of the full consideration for the estate or interest to be insured. Item (B) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record. Item (C) Pay us the premiums, fees and charges for the policy. Item (D) You must tell us in writing the name of anyone not referred to in this Commitment who will get an interest in the land or who will make a loan on the land. We may then make additional requirements or exceptions SCHEDULE B - SECTION 2 GENERAL EXCEPTIONS The Policy or Policies to be issued will contain Exceptions to the following unless the same are disposed of to the satisfaction of the Company. A. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. B. Any facts, rights, interest, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of person in possession thereof. C. Easements, claims of easement or encumbrances which are not shown by the public records. D. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by public records. E. (1) Unpatented mining claims; (2) reservations or exceptions in patents or in acts authorizing the issuance thereof; (3) Water rights, claims or title to water; whether or not the matters excepted under (1), (2) or (3) are shown by the public records; (4) Indian Tribal Codes or Regulations, Indian Treaty or Aboriginal Rights, including easements or equitable servitudes. F. Any lien, or right to a lien, for services, labor, materials or medical assistance theretofore or hereafter furnished, imposed by law and not shown by the public records. G. Any service, installation, connection, maintenance, construction, tap or reimbursement charges/costs for sewer, water, garbage or electricity. H. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgages thereon covered by this Commitment. = Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 4 First American Title Insurance Company = SCHEDULE B - SECTION 2 (continued) SPECIAL EXCEPTIONS 1. Lien of the Real Estate Excise Sales Tax and Surcharge upon any sale of said premises, if unpaid. As of the date herein, the excise tax rate for unincorporated area of King County is at 1.78%. Levy/Area Code: 2151 For all transactions recorded on or after July 1, 2005: • A fee of $10.00 will be charged on all exempt transactions; • A fee of $5.00 will be charged on all taxable transactions in addition to the excise tax due. 2. Facility Charges, if any, including but not limited to hook-up, or connection charges and latecomer charges for water or sewer facilities of King County Water District No. 107 as disclosed by instrument recorded April 1, 1981 under Recording No. 8104010618. 3. 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: October 16, 1951 Recording No.: 4178247 4. Easement, including terms and provisions contained therein: Recording Information: March 20, 1963 under Recording No. 5562896 In Favor of: Puget Sound Power and Light Company, a corporation, its successors and assigns For: Power line Affects: The Northwesterly portion of the property herein described Westerly of Railroad right of way 5. Easement, including terms and provisions contained therein: Recording Information: November 20, 1964 under Recording No. 5814320 In Favor of: Municipality of Metropolitan Seattle, its successors and assigns For: Utility easement Affects: The Northeasterly portion of the property herein described Westerly of Railroad right of way 6. A lease dated July 1, 1974, executed by Quendall Terminals, a Joint Venture of Puget Timber Company and Altino Properties, Inc., as lessor and Turbo Energy Leasing, Inc., a corporation as lessee, for a term of a month-to-month tenancy commencing with the date of this lease recorded November 8, 1974 as Recording No. 7411080549 of Official Records. 7. Covenants, conditions, restrictions and/or easements: Recorded: July 16, 1975 Recording No.: 7507160536 Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 5 First American Title Insurance Company 8. Easement, including terms and provisions contained therein: Recording Information: July 7, 1980 under Recording No. 8007070459 In Favor of: City of Renton, a municipal corporation For: Public utilities (including water and sewer) Affects: Portion of the property herein described Westerly and adjacent to Railroad right of way 9. Subject to the terms of the Joint Venture Agreement between Puget Timber Company and Altino Properties Inc., dated June 15, 1971, amendment thereto dated September 12, 1980, both appearing under Recording No. 8102190531, recorded February 19, 1981. According to rectical on easement under Recording No. 9602150689, recorded February 15, 1996; J.H. Baxter & Co., a California limited partnership appears to have succeeded Puget Timber Company, a joint venturer. All amendments to said Joint Venture Agreement must be submitted prior to closing to determine the current signatories. 10. Easement, including terms and provisions contained therein: Recording Information: February 15, 1996 under Recording No. 9602150689 In Favor of: Barbee Mill Co., Inc., a Washington corporation, and J.H. Baxter & Co., a California limited partnership For: Roadway and utilities Affects: The East 60 feet adjacent to West margin of Railroad right of way 11. The terms and provisions contained in the document entitled "Land Corner Record" recorded May 29, 1997 as Recording No. 9705290636 of Official Records. 12. Conditions, notes, easements, provisions contained and/or delineated on the face of the Survey recorded February 9, 2000 under Recording No. 20000209900005, recorded in Volume 135 of surveys, at Page(s) 176, in King County, Washington. 13. Easement, including terms and provisions contained therein: Recording Information: September 2, 2008 under Recording No. 20080902001178 In Favor of: City of Renton, a municipal corporation, its successors and assigns For: Sanitary sewer utilities and utility pipelines Affects: as described therein 14. Private access to said premises is across a railroad right of way. This company will require that the "Private Roadway and Crossing Agreement", and any assignments or modifications thereof which were issued by the Railroad Company, be submitted for examination. The coverage then afforded under any policy(ies) issued, relative to access to said premises, will be limited by the restrictions, conditions and provisions as contained therein. If no "agreement" exists, the forthcoming policy(ies) will contain the following exception: The lack of right of access to and from the land across a railroad right of way. 15. Any question as to the true location of the lateral boundaries of the said 2nd Class Shorelands. 16. Right of the State of Washington in and to that portion, if any, of the property herein described which lies below the line of ordinary high water of Lake Washington. Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 6 First American Title Insurance Company 17. Rights of the general public to the unrestricted use of all the waters of a navigable body of water not only for the primary purpose of navigation, but also for corollary purposes; including (but not limited to) fishing, boating, bathing, swimming, water skiing and other related recreational purposes, as those waters may affect the tidelands, shorelands or adjoining uplands and whether the level of the water has been raised naturally or artificially to a maintained or fluctuating level, all as further defined by the decisional law of this state. (Affects all of the premises subject to such submergence) 18. Terms, conditions, provisions and stipulations of the Joint Venture Agreement of Quendall Terminals, a Washington joint venture. A copy of the current agreement and any amendments must be submitted prior to closing. Any conveyance or encumbrance of the Joint Venture property must be executed by all of the Joint Venturer. 19. 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. 20. 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. Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 7 First American Title Insurance Company INFORMATIONAL NOTES A. General taxes for the year 2009 which have been paid. Tax Account No. 292405-9002-03 Amount: $25.20 Assessed Land Value: $1,000.00 Assessed Improvement Value: $0.00 B. 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. C. Any sketch attached hereto is done so as a courtesy only and is not part of any title commitment or policy. It is furnished solely for the purpose of assisting in locating the premises and First American expressly disclaims any liability which may result from reliance made upon it. D. If this preliminary report/commitment was prepared based upon an application for a policy of title insurance that identified land by street address or assessor’s parcel number only, it is the responsibility of the applicant to determine whether the land referred to herein is in fact the land that is to be described in the policy or policies to be issued. E. The description can be abbreviated as suggested below if necessary to meet standardization requirements. The full text of the description must appear in the document(s) to be insured. Ptn Govt. Lot 5, Sec 29 Twp 24N Rge 5E APN: 292405-9002-03 F. A fee will be charged upon the cancellation of this Commitment pursuant to the Washington State Insurance Code and the filed Rate Schedule of the Company. END OF SCHEDULE B Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 8 First American Title Insurance Company First American Title Insurance Company National Commercial Services COMMITMENT Conditions and Stipulations 1. The term "mortgage" when used herein shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquires actual knowledge of a defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment, other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act or reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclosure such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option, may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of Policy or Policies committed for, and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the Policy or Policies committed for and such liability is subject to the Insuring provisions, exclusion from coverage, and the Conditions and Stipulations of the form of Policy or Policies committed for in favor of the proposed Insured which are hereby incorporated by references, and are made a part of this Commitment except as expressly modified herein. 4. Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest or the lien of the Insured mortgage covered hereby or any action asserting such claim, shall be restricted to the provisions and Conditions and Stipulations of this Commitment. Form WA-5 (6/76) File No.: NCS-380710-WA1 Commitment Page No. 9 First American Title Insurance Company The First American Corporation First American Title Insurance Company National Commercial Services PRIVACY POLICY We Are Committed to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, together with our parent company, The First American Corporation, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fair Information Values, a copy of which can be found on our website at www.firstam.com. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: • Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means; • Information about your transactions with us, our affiliated companies, or others; and• • Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidentiality and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy and First American’s Fair Information Values. We currently maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. c 2001 The First American Corporation - All Rights Reserved