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HomeMy WebLinkAboutL_Plat_Certificate_170522_v1.pdf27WAG14 Subdivision Guarantee Page 1 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE LIMITS OF LIABILITY AND THE CONDITIONS AND STIPULATIONS OF THIS GUARANTEE. Policy No.: WA-FBCM-IMP-27WAG14-1-17-20374806 Fidelity National Title Insurance Company a California corporation, herein called the Company GUARANTEES The Assured named in Schedule A against actual monetary loss or damage not exceeding the liability stated in Schedule A, which the Assured shall sustain by reason of any incorrectness in the assurances set forth in Schedule A. Fidelity National Title Insurance Company Countersigned by: Authorized Signature Order No. 20374806-416-416-MAW Guarantee No. WA-FBCM-IMP-27WAG14-1-17-20374806 27WAG14 Subdivision Guarantee Page 2 SCHEDULE OF EXCLUSIONS FROM COVERAGE OF THIS GUARANTEE 1.Except to the extent that specific assurances are provided In Schedule A of this Guarantee, the Company assumes no liability for loss or damage by reason of the following: (a)Defects, liens, encumbrances, adverse claims or other matters against the title, whether or not shown by the public records. (b)(1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2) Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not the matters excluded under (1) or (2) are shown by the records of the taxing authority or by the public records. (c)(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 excluded under (1), (2) or (3) are shown by the public records. 2.Notwithstanding any specific assurances which are provided in Schedule A of this Guarantee, the Company assumes no liability for loss or damage by reason of the following: (a)Defects, liens, encumbrances, adverse claims or other matters affecting the title to any property beyond the lines of the land expressly described in the description set forth in Schedule (A), (C) or in Part 2 of this Guarantee, or title to streets, roads, avenues, lanes, ways or waterways to which such land abuts, or the right to maintain therein vaults, tunnels, ramps or any structure or improvements, or any rights or easements therein, unless such property, rights or easements are expressly and specifically set forth in said description. (b)Defects, liens, encumbrances, adverse claims or other matters, whether or not shown by the public records; (1) which are created, suffered, assumed or agreed to by one or more of the Assureds; (2) which result in no loss to the Assured; or (3) which do not result in the invalidity or potential invalidity of any Judicial or non-judicial proceeding which is within the scope and purpose of the assurances provided. (c)The identity of any party shown or referred to in Schedule A. (d)The validity, legal effect or priority of any matter shown or referred to in this Guarantee. GUARANTEE CONDITIONS AND STIPULATIONS 1.Definition of Terms. The following terms when used in the Guarantee mean: (a)The "Assured": the party or parties named as the Assured in this Guarantee, or on a supplemental writing executed by the Company. (b)"land": the land described or referred to in Schedule A or in Part 2, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A or in Part 2, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways. (c)"mortgage": mortgage, deed of trust, trust deed, or other security instrument. (d)"public records": records established under state statutes at Date of Guarantee for the purpose of imparting constructive notice of matter relating to real property to purchasers for value and without knowledge. (e)"date": the effective date. 2.Notice of Claim to be Given by Assured Claimant. An Assured shall notify the Company promptly in writing in case knowledge shall come to an Assured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as stated herein, and which might cause loss or damage for which the Company may be liable by virtue of this Guarantee. If prompt notice shall not be given to the Company, then all liability of the Company shall terminate with regard to the manner or matters for which property notice is required; provide, however, that failure to notify the Company shall in no case prejudice the rights of any Assured under this Guarantee unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 3.No Duty to Defend or Prosecute. The Company shall have no duty to defend or prosecute any action or proceeding to which the Assured is a party, notwithstanding the nature of any allegation in such action or proceeding. 4.Company's Option to Defend or Prosecute Actions; Duty of Assured Claimant to Cooperate. Even though the Company has no duty to defend or prosecute as set forth in Paragraph 4 above: (a)The Company shall have the right, at its sole option and cost, to institute and prosecute any action or proceeding, interpose a defense, as limited in (b), or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest as stated herein, or to establish the lien rights of the Assured, or to prevent or reduce loss or damage to the Assured. The Company may take any appropriate action under the terms of this Guarantee, where or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this Guarantee. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (b)If the Company elects to exercise its options as stated in Paragraph 5(a) the Company shall have the right to select counsel of its choice (subject to the right of such Assured to object for reasonable cause) to represent the Assured and shall be liable for and will not pay the fees of any other counsel, nor will the Company pay any fees, costs or expenses incurred by an Assured in the defense of those causes of action which allege matters not covered by this Guarantee. (c)Whenever the Company shall have brought an action or interposed a defense as permitted by the provisions of this Guarantee, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from and adverse judgment or order. (d)In all cases where the Guarantee permits the Company to prosecute or provide for the defense of any action or proceeding, an Assured shall secure to the Company the right to so prosecute or provide for the defense of any action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of such Assured for this purpose. Whenever requested by the Company, an Assured, at the Company's expense, shall give the Company all reasonable aid in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as stated herein, or to establish the lien rights of the Assured. If the Company's prejudiced by the failure of the Assured to furnish the required cooperation, the Company's obligations to the Assured under the Guarantee shall terminate. 5.Proof of Loss Damage. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided to the company, a proof of loss or damage signed and sworn to by the Assured shall be furnished to the Company within ninety (90) days after the Assured shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the matters covered by this Guarantee which constitute the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the company is prejudiced by the failure of the Assured to provide the required proof of loss or damage, the company's obligation to such Assured under the Guarantee shall terminate. In addition, the Assured may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Guarantee, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Assured shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss damage. All information designated as confidential by the Assured provided to the Company, pursuant to this Section shall not be disclosed to other unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Assured to submit for examination under oath, produce other reasonably requested information of grant permission to secure reasonably necessary information from third parties as required in the above paragraph, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this Guarantee to the Assured for that claim. 6.Options to Pay or Otherwise Settle Claims: Termination of Liability. In case of a claim under this Guarantee, the Order No. 20374806-416-416-MAW Guarantee No. WA-FBCM-IMP-27WAG14-1-17-20374806 27WAG14 Subdivision Guarantee Page 3 Company shall have the following additional options: (a)To Pay or Tender Payment of the Amount of Liability or to Purchase the Indebtedness. The Company shall have the option to pay or settle or compromise for or in the name of the Assured any claim which could result in loss to the Assured within the coverage of this Guarantee, or to pay the full amount of this Guarantee or, if this Guarantee is issued for the benefit of a holder of a mortgage or a lienholder, the Company shall have the option to purchase the indebtedness secured by said mortgage or said lien for the amount owing thereon, together with any costs, reasonable attorneys' fees and expenses incurred by the Assured claimant which were authorized by the Company up to the time of purchase. Such purchase, payment or tender of payment of the full amount of the Guarantee shall terminate all liability of the company hereunder. In the event after notice of claim has been given to the Company by the Assured the company offers to purchase said indebtedness, the owner of such indebtedness shall transfer and assign said indebtedness, together with any collateral security, to the Company upon payment of the purchase price. Upon the exercise by the Company of the option provided for in Paragraph (a) the Company's obligation to the Assured under this Guarantee for the claimed loss or damage, other than to make the payment required in that paragraph, shall terminate, including any obligation to continue the defense or prosecution of any litigation for which the Company has exercised its options under Paragraph 5, and the Guarantee shall be surrendered to the Company for cancellation. (b)To Pay Otherwise Settle With Parties Other Than the Assured or With the Assured Claimant. To pay or otherwise settle with other parties for or in the name of the Assured claimant any claim Assured against under this Guarantee, together with any costs, attorneys' fees and expenses incurred by the Assured claimant which were authorized by the Company up to the time of payment and which the Company is obligation to pay. Upon the exercise by the Company of the option provided for in Paragraph (b) the Company's obligation to the Assured under this Guarantee for the claimed loss or damage, other than to make the payment required in that paragraph, shall terminate, including any obligation to continue the defense or prosecution of any litigation for which the Company has exercised its options under Paragraph 5. 7.Determination and Extent of Liability. This Guarantee is a contract of Indemnity against actual monetary loss or damage sustained or incurred by the Assured claimant who has suffered loss or damage by reason of reliance upon the assurances set forth in this Guarantee and only to the extent herein described, and subject to the Exclusions From Coverage of This Guarantee. The Liability of the Company under this Guarantee to the Assured shall not exceed the least of: (a)The amount of liability states in Schedule A; (b)The amount of the unpaid principal indebtedness secured by the mortgage of an Assured mortgagee, as limited or provided under Section 7 of these Conditions and Stipulations or as reduced under Section 10 of these Conditions and Stipulations, at the time the loss or damage Assured against by this Guarantee occurs, together with interest thereon; or (c)The difference between the value of the estate or interest covered hereby as stated herein and the value of the estate or interest subject to any defect, lien or encumbrance Assured against by this Guarantee. 8.Limitation of Liability. (a)If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures any other matter Assured against by this Guarantee in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligation with respect to that matter and shall not be liable for any loss or damage caused there. (b)In the event of any litigation by the company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title, as stated herein. (c)The Company shall not be liable for loss or damage to any Assured for Liability voluntarily assumed by the Assured in settling any claim or suit without the prior written consent of the Company. 9.Reduction of Liability or Termination of Liability. All payments under this Guarantee, except payments made for costs, attorneys' fees and expenses pursuant to Paragraph 4 shall reduce the amount of liability pro tanto. 10.Payment of Loss. (a)No payment shall be made without producing this Guarantee for endorsement of the payment unless the Guarantee has bee lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b)When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within thirty (30) days thereafter. 11.Subrogation Upon Payment or Settlement. Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shall vest in the Company unaffected by any act of the Assured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have had against any person or property in respect to the claim had this Guarantee not been issued. If requested by the Company, the Assured shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The Assured shall permit the Company to sue, compromise or settle in the name of the Assured and to use the name of the Assured in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the Assured the Company shall be subrogated to all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and costs of collection. 12.Arbitration. Unless prohibited by applicable law, either the Company or the Assured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Assured arising out of or relating to this Guarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision or other obligation. All arbitrable matters when the Mount of liability is $1,000,000 or less shall be arbitrated only when agreed to by both the Company and the Assured. The Rules in effect at Date of Guarantee shall be binding upon the parties. The award may include attorneys' fees only if the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 13.Liability Limited to This Guarantee; Guarantee Entire Contract. (a)This Guarantee together with all endorsements, if any, attached hereto by the Company is the entire Guarantee and contract between the Assured and the Company. In interpreting any provision of this Guarantee, this Guarantee shall be construed as a whole. (b)Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim, shall be restricted to this Guarantee. (c)No amendment of or endorsement to this Guarantee can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, and Assistant Secretary, or validating officer or authorized signatory of the Company. 14.Notices, Where Sent. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this Guarantee and shall be addressed to the Company at Fidelity National Title Insurance Company Attn: Claims Department P.O. Box 45023 Jacksonville, FL 32232-5023 Order No. 20374806-416-416-MAW Guarantee No. WA-FBCM-IMP-27WAG14-1-17-20374806 27WAG14 Subdivision Guarantee Page 2 AMENDED SUBDIVISION GUARANTEE SCHEDULE A Order No.: 20374806-416-416-MAW Liability: $1,000.00 Guarantee No.: WA-FBCM-IMP-27WAG14-1-17-20374806 Premium: $550.00 Customer No.: Tax: $52.80 Total: $602.80 1.Name of Assured: Merlino Properties 2.Date of Guarantee: March 20, 2017 at 8:00 A.M. The assurances referred to on the face page hereof are: That according to those public records which, under the recording laws, impart constructive notice of matters affecting title to the following described land: See Exhibit A attached hereto and made a part hereof. The estate or interest in the land which is covered by this guarantee is: FEE Title to the estate or interest in the land is vested in: Strada da Valle LLC, a Washington limited liability company subject to the Exceptions shown below, which are not necessarily shown in order of their priority. Exceptions: 1.Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on land or by the public records. 2.(a) Unpatented mining claims; (b) reservations or exceptions in Patents or in Acts authorizing the issuance thereof; (c) Indian treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes; or, (d) water rights, claims or title to water, whether or not the matters excepted under (a), (b), (c) or (d) are shown by the public records. 3.Title to any property beyond the lines of the land expressly described herein, or title to streets, roads, avenues, lanes, ways or waterways on which said land abuts, or the right to maintain vaults, tunnels, ramps or any other structure or improvement; or any rights or easements therein unless such property rights or easements are expressly and specifically set forth in the land described herein. Order No. 20374806-416-416-MAW Guarantee No. WA-FBCM-IMP-27WAG14-1-17-20374806 SCHEDULE A (Continued) 27WAG14 Subdivision Guarantee Page 3 4.GENERAL PROPERTY TAXES AND SERVICE CHARGES, AS FOLLOWS, TOGETHER WITH INTEREST, PENALTY AND STATUTORY FORECLOSURE COSTS, IF ANY, AFTER DELINQUENCY: (1ST HALF DELINQUENT ON MAY 1; 2ND HALF DELINQUENT ON NOVEMBER 1) TAX ACCOUNT NO.:302305 9103 YEAR BILLED PAID BALANCE 2017 $58,312.79 $0.00 $58,312.79 TOTAL AMOUNT DUE, NOT INCLUDING INTEREST AND PENALTY: $58,312.79. LEVY CODE:2100 ASSESSED VALUE LAND:$1,776,400.00 ASSESSED VALUE IMPROVEMENTS:$2,561,300.00 5.RELINQUISHMENT OF ALL EASEMENTS EXISTING, FUTURE OR POTENTIAL, FOR ACCESS, LIGHT, VIEW AND AIR, AND ALL RIGHTS OF INGRESS, EGRESS AND REGRESS TO, FROM AND BETWEEN THE LAND AND THE HIGHWAY OR HIGHWAYS TO BE CONSTRUCTED ON LAND CONVEYED BY DEED: TO:STATE OF WASHINGTON RECORDED:JANUARY 18, 1962 RECORDING NO.:5376810 6.DUAL SIDE SEWER AND THE TERMS AND CONDITIONS THEREOF: RECORDED:SEPTEMBER 19, 1990 RECORDING NO.:9009190703 SAID AGREEMENT RELEASES THE CITY OF RENTON FROM ALL FUTURE CLAIMS FOR DAMAGES RESULTING FROM DUAL SIDE SEWER CONNECTION. 7.SEWER GRADE RELEASE AND THE TERMS AND CONDITIONS THEREOF: RECORDED:SEPTEMBER 19, 1990 RECORDING NO.:9009190704 SAID AGREEMENT RELEASES THE CITY OF RENTON FROM ALL FUTURE CLAIMS FOR DAMAGES RESULTING FROM CONNECTION TO SEWER MAIN. 8.EASEMENT FOR UNDERGROUND ELECTRIC SYSTEM AND THE TERMS AND CONDITIONS THEREOF: GRANTEE:PUGET SOUND POWER & LIGHT COMPANY PURPOSE:UNDERGROUND ELECTRIC TRANSMISSION AND/OR DISTRIBUTION SYSTEM AREA AFFECTED:A PORTION OF SAID PREMISES RECORDED:NOVEMBER 19, 1990 RECORDING NO.:9011190430 9.SANITARY SEWER EASEMENTS AND THE TERMS AND CONDITIONS THEREOF: AREA AFFECTED:A PORTION OF SAID PREMISES RECORDED:JULY 8, 1991 RECORDING NO.:9107080926 Order No. 20374806-416-416-MAW Guarantee No. WA-FBCM-IMP-27WAG14-1-17-20374806 SCHEDULE A (Continued) 27WAG14 Subdivision Guarantee Page 4 10.UTILITIES EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE:CITY OF RENTON AREA AFFECTED:A PORTION OF SAID PREMISES RECORDED:JULY 8, 1991 RECORDING NO.:9107080928 11.ALL COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS OR OTHER SERVITUDES, IF ANY, DISCLOSED BY DECLARATION OF EASEMENTS, COVENANTS, AND AGREEMENT RUNNING WITH THE LAND RECORDED UNDER RECORDING NUMBER 20110112000536. THIS POLICY DOES NOT INSURE THAT THE LAND DESCRIBED IN SCHEDULE A IS BENEFITED BY EASEMENTS, COVENANTS OR OTHER APPURTENANCES SHOWN ON THE PLAT OR SURVEY TO BENEFIT OR BURDEN REAL PROPERTY OUTSIDE THE BOUNDARIES OF SAID LAND. 12.ALL COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS OR OTHER SERVITUDES, IF ANY, DISCLOSED BY THE SHORT PLAT NO. LUA-09-042-SHPL, RECORDED UNDER RECORDING NO. 20110112900004. THIS POLICY DOES NOT INSURE THAT THE LAND DESCRIBED IN SCHEDULE A IS BENEFITED BY EASEMENTS, COVENANTS OR OTHER APPURTENANCES SHOWN ON THE PLAT OR SURVEY TO BENEFIT OR BURDEN REAL PROPERTY OUTSIDE THE BOUNDARIES OF SAID LAND. 13.ALL COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS OR OTHER SERVITUDES, IF ANY, DISCLOSED BY THE SURVEY RECORDED UNDER RECORDING NO. 20110112900005. THIS POLICY DOES NOT INSURE THAT THE LAND DESCRIBED IN SCHEDULE A IS BENEFITED BY EASEMENTS, COVENANTS OR OTHER APPURTENANCES SHOWN ON THE PLAT OR SURVEY TO BENEFIT OR BURDEN REAL PROPERTY OUTSIDE THE BOUNDARIES OF SAID LAND. 14.DEED OF TRUST, ASSIGNMENT OF RENT AND LEASES AND SECURITY AGREEMENT AND FIXTURE FILING AND THE TERMS AND CONDITIONS THEREOF: GRANTOR:STRADA DA VALLE LLC, A WASHINGTON LIMITED LIABILITY COMPANY, SUCCESSOR BY MERGER TO STRADA DA VALLE, A WASHINGTON GENERAL PARTNERSHIP TRUSTEE:NORTHPOINT ESCROW AND TITLE, LLC BENEFICIARY:U.S. BANK NATIONAL ASSOCIATION, A NATIONAL BANKING ASSOCIATION ORIGINAL AMOUNT:$3,500,000.00 DATED:APRIL 23, 2008 RECORDED:MAY 1, 2008 RECORDING NO.:20080501000406 THE DEED OF TRUST WAS AMENDED BY INSTRUMENT. RECORDED:FEBRUARY 7, 2014 AND MARCH 31, 2014 RECORDING NO.:20140207000529 AND 20140331000436 Order No. 20374806-416-416-MAW Guarantee No. WA-FBCM-IMP-27WAG14-1-17-20374806 SCHEDULE A (Continued) 27WAG14 Subdivision Guarantee Page 5 AFFECTS:SAID PREMISES AND OTHER PROPERTY 15.UNRECORDED LEASEHOLDS, IF ANY; RIGHTS OF VENDORS AND HOLDERS OF SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON THE LAND; AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE EXPIRATION OF THE TERM. EXHIBIT A LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF KING, STATE OF WASHINGTON, AND IS DESCRIBED AS FOLLOWS: LOT 3 SHORT PLAT NO. LUA-09-042-SHPL RECORDED UNDER RECORDING NUMBER 20110112900004, RECORDS OF KING COUNTY, WASHINGTON; SITUATE IN THE CITY OF RENTON, COUNTY OF KING, STATE OF WASHINGTON. PARCEL MAP