HomeMy WebLinkAboutL_Title_Report_220423_v1ALTA OWNER'S POLICY OF TITLE INSURANCE
Policy Number:
Issued By:
T0101946-SC [ROWs
RTN001, RTN002,
RTN003, RTN004]
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 1 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Any notice of claim and any other notice or statement in writing required to be given to the Company under this
Policy must be given to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN
SCHEDULE B, AND THE CONDITIONS,CHICAGO TITLE INSURANCE COMPANY, a Florida corporation (the
"Company") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against
loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against
loss from
(a) A defect in the Title caused by
(i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or
delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law;
(v) a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those
acts by electronic means authorized by law; or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but
unpaid.
(c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be
disclosed by an accurate and complete land survey of the Land. The term "encroachment" includes
encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the
Land of existing improvements located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to
building and zoning) restricting, regulating, prohibiting, or relating to
(a) the occupancy, use, or enjoyment of the Land;
(b) the character, dimensions, or location of any improvement erected on the Land;
(c) the subdivision of land; or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to
enforce, but only to the extent of the violation or enforcement referred to in that notice.
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 2 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a
notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the
extent of the enforcement referred to in that notice.
7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in
the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without
Knowledge.
9. Title being vested other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer
of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in
Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy,
state insolvency, or similar creditors' rights laws; or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under
federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the
Public Records
(i) to be timely, or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been
created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the
recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by
this Policy, but only to the extent provided in the Conditions.
IN WITNESS WHEREOF,CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed by
its duly authorized officers.
Chicago Title Company of Washington
701 5th Avenue, Suite 2700
Seattle, WA 98104
Chicago Title Insurance Company
By:
Countersigned By:
Authorized Officer or Agent
President
Attest:
Secretary
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 3 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or
damage, costs, attorneys' fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting,
regulating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land;
(iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not
modify or limit the coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under
Covered Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters
(a) created, suffered, assumed, or agreed to by the Insured Claimant;
(b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured
Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured
Claimant became an Insured under this policy;
(c) resulting in no loss or damage to the Insured Claimant;
(d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided
under Covered Risk 9 and 10); or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the
transaction vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5.Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching
between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that
vests Title as shown in Schedule A.
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 4 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE A
Name and Address of Title Insurance Company:Chicago Title Company of Washington
701 5th Avenue, Suite 2700
Seattle, WA 98104
Address Reference:750 Rainier Ave S. / 200 S Grady Way,Renton, WA 98055
Date of Policy Amount of Insurance Premium
April 23, 2020 at 01:51 PM $23,615,349.00 $16,732.00
1. Name of Insured:
Central Puget Sound Regional Transit Authority, a regional transit authority dba Sound Transit
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple
3. Title is vested in:
Central Puget Sound Regional Transit Authority, a regional transit authority dba Sound Transit
4. The Land referred to in this policy is described as follows:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED
END OF SCHEDULE A
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
EXHIBIT "A"
Legal Description
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 5 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Parcel A:
Lot 2 in City of Renton Lot line Adjustment number LUA-02-025-LLA, recorded under recording number 20020515900009;
Except that portion conveyed to the City of Renton by Warranty Deed recorded under recording no. 20110812001717.
Parcel B:
That portion of the Northwest Quarter of the Northeast Quarter of Section 19, Township 23 North, Range 5 East
Willamette Meridian, in King County, Washington, described as follows:
Beginning at the Northeast corner of said Section 19;
Thence North 89°50'24" West, along the North line of said Northeast Quarter of said Section 19, a distance of 2,179.38
feet;
Thence South 00°09'36" West, at right angles to said North line, 510.35 feet to the true point of beginning;
Thence continuing South 00°09'36" West 260.00 feet to the Northerly margin of the Northern Pacific Railroad right of way;
Thence North 77°20'05" East, along said margin, 414.00 feet to the original centerline of the Bonneville Power
transmission line right of way;
Thence North 00°29'24" West, along said centerline, 168.13 feet to a point from which the true point of beginning bears
North 89°50'24" West;
Thence North 89°50'24" West to the true point of beginning;
Except the West 0.98 feet thereof.
Parcel C:
All that portion of the abandoned Burlington Northern Railroad right of way "formerly Northern Pacific", lying Westerly of the
following described line:
Beginning at the intersection of the original centerline of the Bonneville Power transmission line right of way with the North
line of the Northeast Quarter of Section 19, Township 23 North, Range 5 East, Willamette Meridian, in King County,
Washington, said point being 1,783.40 feet West of the Northeast corner of said Section 19;
Thence South 00°29'24" East, along said original centerline, to the Southerly line of said Burlington Northern Railroad right
of way;
Except that portion lying Westerly of the Easterly line of Rainier Avenue South (State Road No. 167) in the City of Renton;
and
Except that portion thereof condemned by the State of Washington in King County Superior Court Cause Number 861445;
and
Except that portion conveyed to the City of Renton by Warranty Deed recorded under recording no. 20110812001717.
Parcel D:
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
EXHIBIT "A"
Legal Description
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 6 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
All that portion of the abandoned Puget Sound Power & Light Company right of way in the Northeast Quarter of Section 19,
Township 23 North, Range 5 East Willamette Meridian, in King County, Washington, lying North of the Northerly margin of
South Grady Way in the City of Renton and Westerly of the following described line:
Beginning at the intersection of the original centerline of the Bonneville Power transmission line right of way with the North
line of the Northeast Quarter of said Section 19, said point being 1,783.40 feet West of the Northeast corner of said
Section 19;
Thence South 00°29'24" East, along said centerline, to the Northerly line of said South Grady Way;
Except that portion lying Westerly of the Easterly line of Rainier Avenue South (State Road No. 167); and
Except that portion thereof condemned by the State of Washington in King County Superior Court Cause Number 861445;
and
Except that portion conveyed to the City of Renton by Warranty Deed recorded under recording no. 20110812001717.
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE B
EXCEPTIONS FROM COVERAGE
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 7 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees or expenses that
arise by reason of:
GENERAL EXCEPTIONS
E. Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public
Records.
F. Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for
sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the
Public Records.
G. Unpatented mining claims, and all rights relating thereto.
H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof.
I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes.
J. Water rights, claims or title to water.
SPECIAL EXCEPTIONS
1.This item intentionally deleted
2.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: United States of America
Purpose: Electric power transmission lines
Recording Date: July 25, 1941
Recording No.: 3180315
Affects: Easterly portion of Parcels B, C and D
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE B
EXCEPTIONS FROM COVERAGE
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 8 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
3.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Defense Plant Corporation
Purpose: Electric power transmission lines
Recording Date: February 5, 1944
Recording No.: 3364759
Affects: Easterly portion of Parcels B, C and D
4.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Renton, a municipal corporation
Purpose: Water line
Recording Date: August 26, 1974
Recording No.: 7408260266
Affects: Along portion of northerly boundary of Parcel A
5.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Renton, a municipal corporation
Purpose: Water line
Recording Date: August 26, 1974
Recording No.: 7408260268
Affects: Over a 10 foot wide and 5 foot wide strips of land across Parcels B, C and D
6.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Renton, a municipal corporation
Purpose: Public utilities (including water and sewer) with necessary appurtenances
Recording Date: June 6, 1985
Recording No.: 8506060564
Affects: Northwesterly corner of Parcel B
7.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Renton, a municipal corporation
Purpose: Public utilities (including water and sewer) with necessary appurtenances
Recording Date: February 25, 1987
Recording No.: 8702250475
Affects: Portion of Parcel D
8.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE B
EXCEPTIONS FROM COVERAGE
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 9 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Granted to: City of Renton, a municipal corporation
Purpose: Public utilities (including water and sewer) with necessary appurtenances
Recording Date: March 11, 1991
Recording No.: 9103110843
Affects: Portions of Parcels C and D
9.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Renton, a municipal corporation
Purpose: Public utilities (including water and sewer) with necessary appurtenances
Recording Date: March 11, 1991
Recording No.: 9103110844
Affects: Portions of Parcels A, B and C
10.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Purpose: Utilities
Recording Date: October 17, 1995
Recording No.: 9510170929
Affects: As constructed
11.Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Renton, a Washington municipal corporation
Purpose: Nonexclusive, perpetual easement for slopes and utilities
Recording Date: August 12, 2011
Recording No.: 20110812001718
Affects: Westerly portion of Parcels A. C and D
12.Reservations and recitals contained in the Deed as set forth below:
Grantor: Puget Sound Power & Light Company, a Washington corporation
Recording Date: July 30, 1974
Recording No.: 7407300476
Affects: Parcels C and D
13.Any rights, interests, or claims which may exist or arise by reason of the following matters disclosed by survey,
Job No.: R302737.43
Dated: January 19, 2018
Prepared by: Erik R. Halvorson of Huitt-Zollars
Recorded: February 8, 2018
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE B
EXCEPTIONS FROM COVERAGE
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 10 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Recording No.: 20180208900004
Matters shown:
A. Impairment of easement shown at paragraph 8 by Walker's Renton Mazda building on Parcel C by up to 8.8';
B. Impairment of easement shown at paragraph 9 by used car sales office building on Parcel C by up to 1.9' and
by Walker's Renton Mazda building on Parcel C by up to 0.9';
C. Impairment of easement shown at paragraph 5 by Sound Collision Center building on Parcel B by up to 0.34'';
D. Variations between location of concrete curbs and westerly line;
E. Variations between locations of fences in relation to the north, east, and south lines;
F. Curbed dirt enclosure of unspecified use, with guard posts therein, extends 0.6' north of northerly line;
G. Parking areas and curbed enclosures with landscaping and lighting structures therein extend across south and
west property lines into the rights-of-way of S. Grady Way and Rainier Avenue South;
H. Mazda sign extends 2.9' south of south line;
I. Power vaults and related appurtenances lie within westerly portion of Parcel D and extend into right of way
adjoining; easement rights related thereto undeterminable based on items found of record.
14.The property herein described is carried on the tax rolls as exempt. However, it will become taxable on the date of
the execution of a conveyance to a taxable entity and subject to the lien of real property taxes for the balance of
the year from that date:
Tax Account No.: 192305-9035-07
Levy Code: 2100
Special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if
unpaid on November 1 of the tax year (amounts do not include interest and penalties):
Year: 2020
General and Special Taxes:
Billed: $10,727.77
Paid: $0.00
Unpaid: $10,727.77
Affects: Parcel A
15.15.The property herein described is carried on the tax rolls as exempt. However, it will become taxable on the date of
the execution of a conveyance to a taxable entity and subject to the lien of real property taxes for the balance of
the year from that date:
Tax Account No.: 192305-9063-02
Levy Code: 2100
Special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if
unpaid on November 1 of the tax year (amounts do not include interest and penalties):
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE B
EXCEPTIONS FROM COVERAGE
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 11 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Year: 2020
General and Special Taxes:
Billed: $2,213.99
Paid: $0.00
Unpaid: $2,213.99
Affects: Parcel B
16.The property herein described is carried on the tax rolls as exempt. However, it will become taxable on the date of
the execution of a conveyance to a taxable entity and subject to the lien of real property taxes for the balance of
the year from that date:
Tax Account No.: 192305-9068-07
Levy Code: 2100
Special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if
unpaid on November 1 of the tax year (amounts do not include interest and penalties):
Year: 2020
General and Special Taxes:
Billed: $2,165.73
Paid: $0.00
Unpaid: $2,165.73
Affects: Parcel C
17.The property herein described is carried on the tax rolls as exempt. However, it will become taxable on the date of
the execution of a conveyance to a taxable entity and subject to the lien of real property taxes for the balance of
the year from that date:
Tax Account No.: 192305-9074-09
Levy Code: 2100
Special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if
unpaid on November 1 of the tax year (amounts do not include interest and penalties):
Year: 2020
General and Special Taxes:
Billed: $41.73
Paid: $0.00
Unpaid: $41.73
Affects: Parcel D
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
SCHEDULE B
EXCEPTIONS FROM COVERAGE
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 12 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
END OF SCHEDULE B
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 13 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
CONDITIONS
1.DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by
Section 8(b), or decreased by Sections 10 and 11 of these Conditions.
(b) "Date of Policy": The date designated as "Date of Policy" in Schedule A.
(c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity.
(d) "Insured": The Insured named in Schedule A.
(i) The term "Insured" also includes
(A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors,
personal representatives, or next of kin;
(B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization;
(C) successors to an Insured by its conversion to another kind of Entity;
(D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title
(1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured,
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured
are both wholly-owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in
Schedule A for estate planning purposes.
(ii) With regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had
against any predecessor Insured.
(e) "Insured Claimant": An Insured claiming loss or damage.
(f) "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public
Records or any other records that impart constructive notice of matters affecting the Title.
(g) "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 insured
by this policy.
(h) "Mortgage": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law.
(i) "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters
relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d), "Public Records" shall also
include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is
located.
(j) "Title": The estate or interest described in Schedule A.
(k) "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or
lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of
marketable title.
2.CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or
interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the
Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any
purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the
Insured.
3.NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case
Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or
damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the
Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the
policy shall be reduced to the extent of the prejudice.
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 14 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
4.PROOF OF LOSS
In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment
that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured
against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the
loss or damage.
5.DEFENSE AND PROSECUTION OF ACTIONS
(a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and
without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this
policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy.
The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to
represent the Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. TheCompany will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not
insured against by this policy.
(b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and
prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as insured,
or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether
or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this
policy. If the Company exercises its rights under this subsection, it must do so diligently.
(c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation
to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal from any
adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any
appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right
to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense,
shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or
effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or
any other matter as insured. If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's
obligations to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation,
with regard to the matter or matters requiring such cooperation.
(b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the
Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the
authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda,
correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to
the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission,
in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a
third party that reasonably pertain to the loss or damage. All information designated as confidential by the Insured Claimant provided to the
Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the
administration of the claim. Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested
information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless
prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim.
7.OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY
In case of a claim under this policy, the Company shall have the following additional options:
(a) To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the
Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated
to pay.
Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to
make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue any
litigation.
(b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant.
(i) To pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In
addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the
Company up to the time of payment and that the Company is obligated to pay; or
(ii) to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys'
fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the
Company is obligated to pay.
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 15 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured
under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or
obligation to defend, prosecute, or continue any litigation.
8.DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss
or damage by reason of matters insured against by this policy.
(a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of
(i) the Amount of Insurance; or
(ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy.
(b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured,
(i) the Amount of Insurance shall be increased by Ten percent (10%), and
(ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the
Insured Claimant or as of the date it is settled and paid.
(c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in
accordance with Sections 5 and 7 of these Conditions.
9.LIMITATION OF LIABILITY
(a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the
Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the
completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or
damage caused to the Insured.
(b) In the event of any litigation, including 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, adverse to the Title,
as insured.
(c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit
without the prior written consent of the Company.
10.REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY
All payments under this policy, except payments made for costs, attorneys' fees, and expenses, shall reduce the Amount of Insurance by the
amount of the payment.
11. LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in
Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a
charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within
thirty (30) days.
13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured
Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to
the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured
Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit
the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any
transaction or litigation involving these rights and remedies.
If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to
recover until after the Insured Claimant shall have recovered its loss.
(b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds,
notwithstanding any terms or conditions contained in those instruments that address subrogation rights.
14. ARBITRATION INTENTIONALLY DELETED
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT
(a) This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the
Company. In interpreting any provision of this policy, this policy shall be construed as a whole.
(b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy.
(c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by
Schedule A of this policy.
CHICAGO TITLE INSURANCE COMPANY
OWNER'S POLICY NO.T0101946-SC [ROWs
RTN001, RTN002, RTN003, RTN004]
(continued)
Copyright 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.
ALTA Owner's Policy (06/17/2006)Printed: 05.18.20 @ 12:17 PM
Page 16 WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
(d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as
the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement,
(iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.
16. SEVERABILITY
In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to
include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium
charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or
enforcement of policies of title insurance of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against
the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply
its conflicts of law principles to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court
within the United States of America or its territories having appropriate jurisdiction.
18. NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the
Company at:
Chicago Title Insurance Company
P.O. Box 45023
Jacksonville, FL 32232-5023
Attn: Claims Department
END OF CONDITIONS
ENDORSEMENT - ALTA 39-06 POLICY AUTHENTICATION
Attached to Policy Number:
Issued By:
T0101946-SC [ROWs
RTN001, RTN002, RTN003,
RTN004]
Copyright 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.
ALTA 39-06 - Policy Authentication (04/02/2013)Printed: 05.18.20 @ 12:18 PM
WA-CT-FBCM-02150.622476-SPS-72306-1-20-T0101946-SC
Charge: $0.00
When the policy is issued by the Company with a policy number and Date of Policy, the Company will not deny liability
under the policy or any endorsements issued with the policy solely on the grounds that the policy or endorsements were
issued electronically or lack signatures in accordance with the Conditions.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and
provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of
Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of
this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of
the policy and of any prior endorsements.
Chicago Title Insurance Company
Dated: April 23, 2020
Countersigned By:
Authorized Officer or Agent