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HomeMy WebLinkAboutPEC130017 Title Report MRI.pdf Date: August 09, 2012 HARP ACQUISITIONS, LLC 9501 TECHNOLOGY DRIVE SUITE 401 ROSEMONT, IL 60018 ATTN: PETER DUMON Subject: Attached Title Policy VC50033340 for 1783 N FRONTAGE RD. AKA LOTS 9-12 BUFFER CREEK RESUB VAIL CO 81657 Enclosed please find the Owner's Title Insurance Policy for your purchase of the property listed above. This title policy is the final step in your real estate transaction, and we want to take a moment to remind you of its importance. Please review all information in this document carefully and be sure to safeguard this policy along with your other legal documents. Your owner's policy insures you as long as you own the property and requires no additional premium payments. Please feel free to contact any member of our staff if you have questions or concerns regarding your policy, or you may contact the Final Policy Department directly at 970-476-2251. As a Colorado-owned and operated title company for over 45 years, with offices throughout the state, we take pride in serving our customers one transaction at a time. We sincerely appreciate your business and welcome the opportunity to assist you with any future real estate needs. Not only will Land Title be able to provide you with the title services quickly and professionally, but you may also be entitled to a discount on title premiums if you sell or refinance the property described in the enclosed policy. Thank you for giving us the opportunity to work with you on this transaction. We look forward to serving you again in the future. Sincerely, Land Title Guarantee Company Owner' s Policy of Title Insurance ISS.®BY First American Title Insurance Company ANYNJTICECFCLAIMA!DAM'OrHRNJlCECRSTATB/ENTINv\HTNGFEIIREDTOBE(3\AN TOT-EOOVT:VNUALERTHSFQJ CYMl.5TBEG\ENTOTFEOJVT:p ' ATTI-EACMEB-9-M INS CTICN18CFTFE0D0TCNa MATED R SKS S.J31B:fT0TFEDCCIJJSCNSRa?vl TI-EIXCEFnCNSFFCM 03APAGEOMANED IN9O-B)JFBAI`DTFE0aEl11CIJS RRSTAVERGn flTLEINBPNgCE 09vPAW,a Celifcrria corporation(the"Cbnpay')irsues,a d Dated RJicy aid,totheedet stated in Cbro-ed Rsks 9 axi 10,after feted Riicy,against less or damage, not ecoeedng theArrnunt of Instraxe,sustairned or inaaxred by the Insured by reason d: 1. Tiitlebeing vested other then as stated inSdiedleA 2. Ay defect inor lien or eurrbaiceon the titIg This eauedRskindLdesW is rd lirritedtoirsia-ceagainst loss from (a)Adefect intheTitlecaasedby (i)forgery,fra id,uxl eirfluaxas;dxess,inoarpetexy,incapacity,or inpersordion; (ii)feilue d any person or Ert ity to have att-oimd a transfer or coweya cq (iii)adocurant affecting Tiitleriot properly creeted,oceafed,Wtressed,seded,aclToMedged,rdarized,or delivered; v)failuetoperfomthose acts recessayto create adoarrient bydectrcicmee satlxrizsdbylaN; (v)a dxLrre t amted under a falsified,epred,or otherwise invalid poNEr d attorney; (vi)a doarret riot propely filed,reocrcled,or inducted in the R.ldic Records irdudng failueto pefiomthose acts by dectrcric means athaized by lam;or (vii)a defectivejuddal or ahiristrative procesdrg. (b)The lien of reel estatetaxes or a sessrrets inposed on the Title by a ga mTetal aathcrity the or payable;but upend (c)A(y eicircad7Tent,eurrtrarica,violation,variation,or adverse draiTistaroe affecting theTtlethat warld be dsdcsed by an accErateard ccnlJEte land arvEy of the Land The temn"ancrea=Yrret"indudes enaeadhrrets of edstirg irrpram ets located on the Land otoa cirirg land,and En raachrrets otothe Land of edsting inprovanats located on adjoining land 3.Lh eicEtadeTiitle 4.kbrigt of access to and frontheLand 5.Thevidation or etorceret of arty lav,ordraanoe permit,or go,Affnrretal regJation(including those relating to btildng and erring)restriding,regulating,prohibiting,a rotating to (a)the ooaparxy,use or erlaff et of the Land (b)thedxarater,drrErsiors,or location d any inpro✓eret erected on the Land (c)thes-td\Asicnd lax#or (d)environrretal protection if a rxtioM desaibing any pat d the Lax1,is recorded in the R dic Fbcxcl3 setting forth the violation or irtertion to eforce,bet any to the edet of the vidation or enforearet rEferedtointhat notice 6.An eforceret ation based ontheocercised agoverni etal pdioe paver not caiffed by 0.wed Rsk 5 if a noticed theerforoenat action,describing any pat d the Laxi,isreocrdsdintheRldicl9eocrds,but oiytotheodet of theeforearet referedtointhat rdioe 7.The ece-dsed the ri fts d enine t dorrein if a noticed the e(e-dss;describing any pat d the Lail,is reocrdsd in the RlJic Reoa-d;. 8.Any taking by a gorernrrutal body that has ooarred and is bi rdrg on t he dg-ts d a pud>rser for value without KnoMedga 9.Title berg vested other than as stated in SdnecUeAor berg defective (a)as a resat of the riddance in whole or in fit,or from a oart order providnog an a terrdive reredy,of a transfer d all or any pert of the title to or any irte est in the Lail ooarrirg prior to the transaction vesting Title as shave in SdnecUeA becaeethat prior tracer ocrstituted afra.Wert or preferential transfer uxler federal berivtptcy,state irsdver y,or sirrila credters'rghs lance or (b)berg se the instrument of transfer vesting Title as shcNm in SdnecUe A constitutes a preferetiai transfer under federal baivt{otcy,state insdvex y,or sirrila oredtc s rghs lays by reasan d thefalrred its recording in the Rbic Reoords (i)to betin-dy,or (ii)to irrpart noticed its edste-rceto a pudraser for value or to ajudgrat or lien crecitor. 10.Any defect in or lien or exx rrcra ice on the Tiitleor other natter inducted in 0wered Rsks 1 th-o4 9 that has bean created a attakned or has been filed or rearcled in the Rblic ReoorcIs abaeq is t to D ted Rolicy axl prior tothe recording d thedeed or other instrument of transfer in the Rhic l9aCorls that vests Title as sham in SdneJJeA The Cjrpery W II dso pery theocsts,attoneys fees,and epeses inarred in clefense d a ty natter irstred against by this Fdioy,but o ly tothe edet prWded in the Oxxitio s, RFSTAVERGWnTLElN3JRqSrE0JVFANY Issued thrag1a the Cffice d: Land Title C3aaatee Cbrrper y 610 VnST UCN9-FAD OR;IE#200 7IN UA1L 0081657 -1L - *\\I V E /IVS 970476-2251 �' ' '1P Dennis J.C31rrore Reeide t SEPTEMBER 24, AMERICAN LAND TITLE ASSOCIATION horia3d S ue rL .,,-�".. I-' �&, 1 TSea �P M ay Copyright 2006-2012 American land Title Association. All rights reserved. The use of this form 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. AOFA06(ALTA 06-17-06)03H Pagel of 5 DCCLUSI CNS FFCM CDAFAM 7iefdlomngmitErsa-eWesslyedudedfranthecae-agedtlispciicy,ardtheOwpanywill not pay loss or c costs,attenny5 fees,ore sesthd arise by reason d: 1.(a)Anylav,aofmace penit,or gam meta reg.iatim(rdurirg those relating tobuldrxgaidming)restricting,regLiating prdilitirgcr relating to ()theeompency,us,-or e-jome#d the Lan; (i)the character,drrensiar>,or location d any hrrpomrat erected on the Land (ii)the sbdMsicn d land o- (v)envirarrentapro iaX or t he effect of arty Mdaticn of these IaAvs,orcf names,or ga amutal reglaticm Tnis ExdLdc n 1(a)does nct rrodfy or lirrit the oo✓a-age prodded u der Owered Rsk 5. (b)Ary gwe n re tai police paver.This B d uelcn 1(b)does not rrodfy or limit the average prodded under Overed Rsk 6. 2.Rgts of erinert don-an This Exdudrn does not modify or lirrit t he msargr prodded under Cbvsed Rsk 7 or 8. 3.Dafects,liens,a currbarxs,aJmsedarrs,or other rratters (a)created,suffered,assrrE4 or agreed to by the Insured Clarru t; (b)nct Knvvn tothhe OoTpEr y,rot reccrded in thhe Rldic FBocrds at Dated Fdicy,but Who✓tm tothe lnsured C7arrart and act dsdosed in w iting tothe CaYperry by the bared C]arre t pia tothedatethe Ira.red(]arrant becarean Insured under this policy; (c)resulting in no loss or ciarrege to the Insured(]arrant; (d)attadirg o-created sbseq w nt to Cued Ftlicy(hvuever,this does act nudfy or limit thecaysage provided under Covered Rsk 9 and 10);or (e)resulting in less or darrageth t weed not have bean sstaned if the Insred 0airrat had paid value for the Title. 4.Any darn by reason d theoperatien d federal baiaiptcy,stateinscivaxy,a srrila credtas rig#s lays,that thetramction vesting the Title as shown in SdhedleA is (a)afra..WEr-t cm&yanoecrfra filet transfer;or (b)a preferential transfer for any reason not stated in Cased Rsk 9 of this policy. 5.Arty lien cn the Titlefor real estatetaxes or assessihhats in]ocsed by govennata authority an:d created or attaching between Dated Ftlicy and the dated reardng of thhedsed or other instruret of transfer in the R dic Pecordsthat vests Titleas shorn in Sdhed.leA OCNDI 11 CNS 1.DBI NI ll CN CF TEFWS ThefdloMng terns when used in this policy mean (a)"Am-ft of Ins rand':Theanout stated in SJmcUeA as Tray be increased or decreased by a ndasaYet tothis pdicy,increased by Sedicn 8(b)or dscreased by Sections 10 and 11 of these Caxitias. (b)"Dated Fdicy':The datedesigrdedas"Dated FtiicV'inSdnecUeA (c)"Entity':AecrperatioR partnership trust,lirrited Iiakility arnpany,or other sirrida legal Entity. (d)"Insred':The Insured ngeed in SdhedueA ()Thetem"Ins red'aisoindudes (A)successors to the Tiitled the Insured by option of Ianv ea fisting isfad fror npud>as-,irdudrg heirs,devisees,survivors,personal representatives,or next of kin; (B)successors to an Insured 41 dissolution,wager,mnsdidtio n,distribution,or recrcga zatian; (C)successors toanInsredbyitsocrtvasmtoankhaldrdcfBtity; (D)a grantee of an Insured under a dead delivered without pa mat of actual valuable eansideration ocrw*ng the Tiitle (1)if the stock,shores,rrn rrberships,or other egaty interests of thegrateeaewholly-owned by the narred Insured (2)if thhegarteewhdly avrsthe rarred Insured, (3)if thegrartee is whclly-om-ed by an aff iliated Ertity of the narred Insured,provided theaffiliated E-tity end the,an Inured are both whdly-awied by the sure pecan or Entity,or (4)if the gates,is a trustee or beneficiary of a to d created by a written irstru rent estad ished by the bared named in Schedule A for estate plani ng purposes. (i)Wth regard to(A),(B),(C),ant P reemArg,havevs,al ri gts and defensed m to any saooessa that thhe O rr� world have had against any Predecessor Insured (e)"Inured Gamut":An Insured darninng less or darrege (f)"KmMedgd'or"Khavi':Ad Let krmledge;noteanstn,divek Medgeorrckioethlatnaybeinp-tedtoanIraredbyreason oftheRlolicFbocrcbcrany other reocrclsthat inpart ocrt ruct ive nct ioe of matters effect ingtheTiitle (g)"Land':The lan ddescri bed inSdhed_leA end affixed iapua etsthat byla✓vcordituterealprpaty.Thetem"Land'does ratindWe any prpertybeyand the Iinas of thhearea described in SdheduleA rcr any right,title,irteest,est ate,or easerret in abUti rig st rest s,rte,avenue,alleys,lanes,ways,or wateways,but this does not rrodfy or lint the evdet that a right of axes to and frcmthhe Land is insured by thi s policy. (h)"Mortgagd':Mortgage,deed of trust,trust dead,or other security irstnn,at,irrdudrg one eAder cad by d act roic means a.tho ized by IaNV. ()"RblicFbocrcls�':Fboor&.establishedunJer state statutes at Date of Ftdicy for the pupceeof inpertingeanstnactiverdieeof rrattes relating toreel prcpertyto pudn sers fcr Aueand without WhoMedge Wth respect to Covered Rsk 5(d),"Rblic Fboorcls'shell also indudeenvira n atat protection Here.filed in the reocrcs of the de k of the United States L]striot Oxd for thedstriot wherethe Land is located ()"Titld':The estate or irterest described in SdhedJeA "L h Te ketaldeTitlei':Title effected by ah alleged or apparent natter that world pent a prospective purchaser or lessee of thheTitleor lender on theTitleto be reieasedfrcmthhe old igticntopurchase,lease,or lend if there isacontractual condition rer}irirg the del ivayof narketadetitle 2.00NTI NUAIICN CF I WSJ:NC The coverage d the policy shall continue in force as of Dated Ftolicy in favor of an Insured,but any so lag as the Insured retains an estate or interest in the Land,or hot an oIJigtian seared by a pud>ase nuW Ivtcrtgage gvah by a pudTser franthhe bared or criy so lag es the Insred shall ha,e liability by reason d waraties in any transfer or conveyance of the Title This policy shall eat continue in face infavnr of any p rchaser franthe Insured of either()an estate or interest in the Lail,or(i)an oIJigatian seared by a purchase mahey Nixtgage given to the Insured AOFA06.2 03as F2ge2 d 5 3.NC111 CE CF CLAI M TO BE GVEN BY I NSIFED CLAI MANT The Insured shall notify the O3TpEryprcnTtly in writing(i)in cased aylitigaticrimset forth in Sedicn5(a)d these Oxclitions-,(i)in case KroMedg r shall ooreto an Insured here r dar of ay daimof title or interest that is adverse to the Title,as insured,and that nri Jt cause lass cr damage for which the Ooipe y rray be liable by virtue oft his policy,or(iii)if the Title,as insured,is rejected a;l hrrai<etableTitle If the Oxrparry is prejudiced by thefailue of the Insured Oerrat to provide prompt notice the OxrpaVslialilitytothelrsuedTainant udarthepdicyshall be red-redtotheedet oftheprejucioe 4.PF43CF CF LCISS In the emit the Oxrparyisurrabletodeterrinethearrcuntof loss ordamagetheO ynay,atitsoption,regireasaoaxitionofpayna tthat theInsured Clarrat furnsha signed pod of lass.Theprcof of lossmst desaibethedefect,HER enanbrance cr other nttterirsuredagairst bythispdicythat cansitutesthe basis of loss ordarrageaclshall state,totheedetpossible,the basisofcalc atintgtheaioutofthelossorcfantx3e 5.DB=BVSEANDPFCSBQJIICNCFACfICNS (a)Loan written req eat by the Insured,and a4ect to the gDticrs oortained in Section 7 of these Ctndticrs,the 0oi-pery,at its om oust aid without ureasonabledelay,shall praidefcrthedefeseofanInsuredin litigation inwhichaythirdpartyassetsadaimoae-edbythispolicyaJ setothe Insured This djigation is lirrited to ply those stated cases ct action allegrg mattes i rsued worst by this pd icy.The Oanpay shall h iethe ri f t to select counsel of itsdnjoe(subject tothedgt of the-Insured toobject for reasonable case)torgoresent the Insured asto those stated causes of action It stall not be diadefcraidwill not paythefeesof ayotherccunsd.TheOoTpoinywill riot payayfees,costs,ore�inaxre lbytheInsuredinthe defelseof thosecasesof actionth at allegerrcttesnot irscrsdagairst bythispolicy. (b)TheO3TpanyshEII haetheright,inadditiontotheoptiolsocrtainedinSection7afthese0 oicitions,at itsohmcost,toirstituteaidprcaeoiteayactionor prcoeedng cr to do ay other at that in its gjnion nray be necessary or de;ireabieto establish the Title,as insured,cr to pravert or reide loss or dannagetothe Insured The Owpar y nay take ay apprcpyiete action under thete ns of this policy,whether or not it stall be Iiabletothe Insured The ecerdseof these rifts shall not be ai adrdssion of liability or waiver of ay proieorn of this policy.If the Owparry e�udses its d9fts uclar this subsedicn, it must to so diligently. (c)Warner the Oanpay brings ai action or assets a defe>,seas req fired cr perritted by this policy,the Ompay Tray pursuethe litigation to a final d terrinatirn by a cart of anpetet jurisdiction,and it Wessly reserves the right,in its sole dscrctian,to appeal ay ad nersejudlgrat or order. 6.DUTY CF I NSLF;ED CLAI MANT TO COCPBPATE (a)In all caseswherethis policy pewits or recores the Oxrpany to proaeateor prWdefor thedefeiseof ay action air prooeecirg aid ay appaels,the Insured shall ssc retotheQrrperytheri�nt to so prosecute or providedefensein the action or proeeedng,inducingtherigt to use,at itsgdion,therareot the Insured for this p uipose Wieie✓er recpested by the Ompay,the Insured,at the OprrpeMs epa iso shall gvethe Oanpany all reasanableaid(i)in ssarirg eoidenop,dotainingwitnesses,proseatirg or defexirg the action or proceeding,or effedirg settleTent,aid(ii)in ay other Iavful ad that in the gjrion of the Oxipary rray be necessary or desrableto establish the Title or ay other matter as insured If the Oorrpany is prlucioed by thefelue of the InsuedtofurishtherequiredoogceraticRtheO rp ap/sdjigationtotheInsueduri ia-thiepdicyshallterrirtte,indurfrigayliabilitycrdjigationto defend,proseate,cr octirieay litigation,Wth regTd tothenatter or nattes rodrgsuch eooperation (b)TheO Tpery Tray reasanahjy rorethe Insured Tainat tosuimit t000Tiretion udder oath by ay athdrimd represertativeof theOrrpe y aidto prod.rcefcr axarin atian,inspection,aid ocl*rg,at such reason bletirres aid pfaoes as nay be clesigreted by thea.thonzod reloresetati ed the Ocnpany, all records,inwhatever nedumnaintained,indudng bucks,lecgas,dnad<s,nernoraile oorespondanc,,reports,emsils,dsks,tapes,aidvidsmwhether bearing a date before or after Died Rdicy,that reasonably plain tothe loss ordaraga Hither,if regiEstedbyaya.khorimdrepresatativeaf the Oo rpany,the hnsued 0ainart shall gat its perrission,in writing,for ay ath prized represetative cf the Ompeny to e minA inspect,aid copy all of these reaxcls in theaatody cr oatrd of a third paty that reasanatdy pertain tothe loss or darage All ir(aTration dEEigtoted a;oafidatie by the Insured Tarrant praidedto the Oxrperrypursuatto this Sect icn shall not bedsdesedtoothersuless,in the reasan dejuckjret of theCanpany,it isnecessaryin theadninistration of thedam Failureof the Insured Tarrant to submit for examination under oath prod.ioeay reasonably requested infaTraticn,or gat pernisson to secure reasonably necessary infaTration fro ithird panes as required in this subsedian,uless prohibited by IaN or g vernn antal regulation, shall terrinateay liability of the Omparty urider this policy as to that dam 7.CPTi CNS TO PAY CROTFEIM SE SETTLE CLAI MS;TEWI NAiL CN CF UABI UTY In case of a dame der this pd icy,the Oxnpary shall have thefdlo,Mng addticrd opticrs: (a)To Pay or Tender Paynet of the A Tort of Insuaroe. To pay or tender la nentoftheAnnutofIrsuraioe ander thispolic ytogether withaycosts,attaneys'fees,aid eperses incurred by the Insured Tanrart that were athoimdby the O yuptothetirreofpaflrentortender ofpaynatai dthat theO ryisdjigatedtopay. Lj on the wHdse by the OoTpeny of this option,all liability aid obligations;of the Ompany to the Insured under this policy,other than to nrakethe payii at required in the subsection,shall terrinate;ind uif rg ay liability cr obligation to defend,lomeate,or octirue any I it igatim (b)To Pay or Qhawise SdtleMh Parties Qher Then the Insured or Wth the Insured TainTrt. (i)To pay cr otherwise settle with other parties for or in the mare of an Insured Tarrant ay claim insured against under this policy.In addition,the Oxrperry will pay ay ousts,ettorso fees,aid open s%incurred by the Insured Clamant that wereathdrizJ by the Tonpary uptothetirre of payrrat aid that the OoTpe yisdjigatedtopay,or (ii)To puny or otherwise settle with the Insured Tainat the loss or Barrage pxaidadfor uxdar this policy,tcgot her with ay costs,attar>eys fees,and apersed incurred by the Insured Oainsrtt hat were a.thoizEdby the O party up tothetirreoflaflrent aid that the Q�is old igatedtopay. Lean the exercise by the OjypErTy of ether of the options prodded for in subsections;(bX)or(iii the OoTpaVs djigatio s to the Insured under this policy for the dairred less cr darage,other than the payrets required to be nac,,shall terrinate indudirg ay liability or djigation to defend,presso tai,or cortinaeay litigation 8.DETBRVll WnCN AND B(FEW CF UABI UTY This policy is a contract of indernity agairst aztLd niorietay loss or danB ga sustained or incurred by the Insured Gairrant who hes suffered loss or darra ge by reason of nattes insured against by this policy. (a)Theadet of liability of the OarpaTy for lass or daregas under this policy shall not aceeed the lesser of (i)theArreunt of Insurance;or (i)the difference between thewiLeof the Tiitlem insured end the value of the Title subject tothe risk insured agirst by this policy. AOFA06.3 03erPage3af5 (b)Ifthe0orperypxsryes its rightsun der-SEdion5of thEse0orclitionsard is umuooEssfd inestalishingtheTitlE;esirsred, (i)theATart of Inaranoeshsll beincreesedby 100/q a-d (ii)the Irsired O]arrart shall hedethe ri ft to h a ethe loss or daragedeterrined Either a;of thedatethe damwas Trade by the Insred C]arra l creed the date it issEttledandpaid (c)In aditimtotheedatdliabilityuxirr(a)axl(b),the Ca7perrywill also pay thosecosts,attorneys fees,atagoasasincuredinacoadancewithSedias 5 and 7 of theseGindtiors. 9.UMITATICNCFUABIUTY (a)If the QrrparryestablishestheTitle,or rerrorestheallEgeddefed,lien,or Enoulbram,-croresthelad<d aright of accesstoafronthel-a-d or ofres thedamd UnrarketaleTitlE;all asinaxed,in areesaneiyciligat nuyxrbyaryrrethod,indudrglitigationaxi the coVetionof a ry ls,it shall h a efdly pefonred its cldigdicrs with respect to that rrdter axi shall not be liatleforay loss or darayecased to the Irsu•Ed (b)In the&e t of ary litigation,inductrg litigation by theO]rrpary cr with the OtrrpaVs oorsert,the OjTperry shall have ro liability for loss or dared util there has been afinal deterrination by a cart of arrpatert juiscidicn,axi cispcetion of ail appEas,admseto the Tiitle,as irared (c)Tie 0orpar y shall riot be liablefa Toes cr daTagetothe Irscred fcr Iiahality vdutaily asarrsd by the Ina.red in settling any damor scit withod the prior written cawt of the Oanper y. 10.RDLcf1CNCFINSUPANCF Fu3-cf1CNCRTBRM1NAl1CNCFUABIUTY All payrretsunderthis policy,oc apt payrratsrradefcreods,attoneo fees,axlope ses,shall redacetheArrart of Irsrranoebythearant d thepayrml. 11.UABIUTYNCN MLJLAl1VE The Arrant of Irsu Brice shall be redaoed by ay arrant the QxrpErny pays uber ahy policy irs Arg a Mortgage to whidn EKoEoion is taken in SJisdle B cr to which the Irsr.red has agreed,mired or taken a4ect,or which is EXeated by an Irsu-ed after Date of Wlicy axi which is a dherge or lien on the TitIE;at the a rad so paid shall be deerred a paynet to the Irsu ad unck7 this policy. 12.PAYMENT CF L0SS Wm liability erd thea e t of loss or da rage hanie been definitely fixed in accordaimewith these Cioncitione,the payiret shall be rradewithin 30 days. 13.RGiTS CF Y UPCN PAYMENT CRSETTLBVIBNT (a)Wnersuer the(may shall h give settled erd paid a dam under this policy,it shall be sUorcgated and entitled to the rights of the Irscred Od nest in theTitle andallotherrigtsahclre eciesinrespect tothedamthaattheIrsrredaarrathasagrirstarypersonorprgcerty,totheedEnt dthearatday Ices,costs,attorneys fees,a-depersespEidbytheOmpery.If rEg.estedbytheOmpary,thelnared0]arret shall eacdedocuretstoEVidancethe transfer to the Omperry of these rights and recedes.Tie Irwed(larrart shall permit the Cary to sue,oorprorrisq,or settle in the ne red the Irsu-ed O]ainBI and to usethe rere d the Irsued(airrert in any trasaction or litigation invd*ig these rights and recedes. If a payrret on aomrt of a damdces not fUly over the Toes of the IrsrrEd O]arrat,the 0onper y shall deter the ecerdsed its right to recover util after the Irsued Gernert shall have racmered its Ions. ())Tie QmTey s right of s bajetion includes the rigts of the Irsued to inderrities,g.erarties,other pdicys d irwerm,or baxis,noWthstaicirg any tears or eondtiors oataned in those irstnrrats that address sctrogrtion rights. 14.AFBITPATICN Ether the Qrrpe y or the Irsrred rray derrand that thedamor ocrtromW shall be s±nitted toabitration p xs.iat totheTitle InurahoeArtdtration Fdtes of the Arreican Lend TiitleAssociation("Rtes").Bcoeft es provided in the Fdtes,there shall berojoinde-ormscliclation with darrsor controversies d other priors, Arbitrable rrettes nay include,but are riot t Iirrited to ay oc tromW or dam between the Om pay and the Irsrred arising out of or relating tothis policy,any servioe in connection with its issuance or the breads of a policy pro neon,or to any other octro✓ersy or dam ailing out of thetrasaction gving rise to this policy.Al abtracle rretters when the Arrant of Irsrranoe is$2,000,000 or less shall be abtrated at the option of Either the Clonpay d the Irsued.Al atcltrabe rrdtErs when theArrart of braranoe is in ocoess of$2,000,000 shall be abtrated any when agreed to by both the(krrpeny end the Ins red.Arbitration pys-at tothis policy and under the Ries shall be binding upon the parties.Judgret upon theaAVad reclered by theArbitrator(s)may beetered in any mart of earicetet ju;sddim 15.UABIUTYUMITBOTOTHSPQJGY;FoQJCYBVTIF;EOCNTRACT (a)This policy together with all exbrsere%if any,attached to it by the O mpar y is theertire policy and extract between the Ins-red and the O xrpwy.In interpreting ary proOsion of this policy,this policy shall be ocrstn ied as a wide (b)Arty damn loss or dar ageth at aises cut of the statm of theTitleor by any action asserting such damsh all be restricted tothis policy. (c)Any arenchret of or exia-seret tothis policy mast be in writing and ache ticated by an athorized person,or Wessly incorporated by SJmcUeAof this policy. (d)Each a clu se r a nt tothis policy isaed at any ti rre is trade a pat of this policy ahcl is a4ed to all d its terrs and provisions.Except as the e1d7r8ernerk Wessly states,it does riot(i)nucify any of thatErn-is arid proAsiors of the policy,(ii)rrodify any prior encloiwTent,(iii)edendtheCatedRdicy, or(iv)irncreaiethneArrart of Ins maim 16.SB/BDABIUTY In the eml any provision of this pdcy,in whole or in part,is held irrrdid or unenforosebe under applicade lam,the policy shall be deerred not to irdude th at provision or suds part held to be irudid but all other provisiors shell reran in f Ul foroe axl effect. AOFA06.4 03ff Rage4 d 5 17.CHO CE CF LAW,FCRJ\A (a)Chaoe d Lav;The Insured aclT o,Meckges the CaYpery has urdawiitter the risks me-ed by the pcl icy axi deterrined the preriu ndiarged thadcr in rdiaioe tpoi the I aN affecting i rtaests in real property aid apldicadeto the irte-pretaticn,ri Jfs,rerecies,or eforcaret of policies d title irsu arce d the juiscidcn where the Land is located Therefore;theca rt or an atitratcr shall apply the I aN d thejuiscidicn wherethe Land is located to deterrinethewaiicity d darrs agrirst theTitlethat are adverse to the lrsu-ed ar d to interpret and efcrcethe terrs d this pd icy.In neither case shall the cart cr alitretcr apply its oo flids d IaN prindoes to deterrine the 0icable lam (b)Ch Toed Frnrp Arty litigaticn or dher prooeecirg brat by the Irsi red against the Crnrperry mist be filed any in a state or felled cart within the Ll ited States of Arreicaor itsteritoies havirgapprcptiatejuisddio. 18.NM(IS,VWhEFESENT Anyndioed dam aid atydhernoticeorstateretinwritirgra}iredtobegvento the Ca uxlathspdicym.stbegiventotheOcrparyat: 1 First ArrencanV\13y,SertaArra,CA 92707,Attrx darrs DP31rret ANTI-FRAUD STATEMENT: Pursuant to CRS 10-1-128(6)(a), it is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or daimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory agencies. This anti-fraud statement is affixed and made apart of this policy. This jacket was created electronically and constitutes on original document AOFA06.5 03faPage5d5 Form AO/FA LTG Policy No. TAAH50033340 Our Order No. VC50033340 Schedule Amount $780,000.00 Property Address: 1783 N FRONTAGE RD. AKA LOTS 9-12 BUFFER CREEK RESUB VAIL CO 81657 1. Policy Date: June 19, 2012 at 5:00 P.M. 2. Name of Insured: PH VAIL LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND PORTFOLIO VAIL TENANT LLC, AN ILLINOIS LIMITED LIABILITY COMPANY 3. The estate or interest in the Land described or referred to in this Schedule and which is covered by this policy is: A leasehold as created by Memorandum of Lease and Purchase Agreement recorded June 19, 2012 under Reception No. 201212559 4. Title to the estate or interest covered by this policy at the date hereof is vested in: PH VAIL LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND PORTFOLIO VAIL TENANT LLC, AN ILLINOIS LIMITED LIABILITY COMPANY 5. The land referred to in this policy is described as follows: LOTS 9, 10, 11 AND 12, RESUBDIVISION OF BUFFER CREEK, ACCORDING TO THE RECORDED PLAT RECORDED OCTOBER 8, 1963 AT RECEPTION NO. 98077, COUNTY OF EAGLE, STATE OF COLORADO. EXCEPT THOSE PORTIONS INCLUDED IN THE RIGHT OF WAY OF THE DEPARTMENT OF HIGHWAYS, STATE OF COLORADO, FOR INTERSTATE 70. AND EXCEPT THAT PORTION CONVEYED TO BOARD OF COMMISSIONERS OF EAGLE COUNTY AND THE DEPARTMENT OF HIGHWAYS, STATE OF COLORADO, BY INSTRUMENT RECORDED AUGUST 26, 1969 IN BOOK 215 AT PAGE 858. This Policy valid only if Schedule B is attached. Land Title Guarantee Company Representing First American Title Insurance Company Form AO/FA LTG Policy No. TAAH50033340 Our Order No. VC50033340 Schedule B This policy does not insure against loss or damage(and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of- General Exceptions: This policy does not insure against loss or damage by reason of the following: 1. Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land of that may asserted by persons in possession of the Land. 2. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the Land would disclose, and which are not shown by the Public Records. 4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5 (a)Unpatented mining claims; (b)reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records. 6. TAXES AND ASSESSMENTS FOR THE YEAR 2012 AND SUBSEQUENT YEARS. 7. EXISTING LEASES AND TENANCIES, IF ANY. 8. RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED OCTOBER 14, 1918, IN BOOK 93 AT PAGE 301. 9. RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED OCTOBER 04, 1918, IN BOOK 93 AT PAGE 301. 10. RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW AS CONTAINED IN INSTRUMENT RECORDED OCTOBER 08, 1963, IN BOOK 178 AT PAGE 75 AND AS AMENDED IN INSTRUMENT RECORDED APRIL 1, 1966 IN BOOK 192 AT PAGE 343 AND AS AMENDED IN INSTRUMENT RECORDED MAY 25, 1966 IN BOOK 197 AT PAGE 1. Form AO/FA LTG Policy No. TAAH50033340 Our Order No. VC50033340 Schedule B 11. UTILITY EASEMENT AS GRANTED TO HOLY CROSS ELECTRIC ASSOCIATION, INC. IN INSTRUMENT RECORDED JUNE 14, 1977 IN BOOK 256 AT PAGE 353. 12. EASEMENTS, CONDITIONS, COVENANTS, RESTRICTIONS, RESERVATIONS AND NOTES ON THE PLAT OF A RESUBDIVISION OF BUFFER CREEK RECORDED OCTOBER 8, 1963 UNDER RECEPTION NO. 98077. 13. TERMS, CONDITIONS AND PROVISIONS OF SERVICE AGREEMENT AND GRANT OF EASEMENT RECORDED APRIL 24, 2003 AT RECEPTION NO. 831111. 14. TERMS, CONDITIONS AND PROVISIONS OF GRANT OF EASEMENT RECORDED APRIL 05, 2007 AT RECEPTION NO. 200708889. 15. TERMS, CONDITIONS, PROVISIONS, BURDENS AND OBLIGATIONS AS SET FORTH IN INSTRUMENT RECORDED JULY 21, 2011 UNDER RECEPTION NO. 201113648. 16. DEED OF TRUST DATED JULY 25, 2005, FROM TIMBERLINE ROOST LODGE, LLC, A COLORADO LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF COUNTY FOR THE USE OF ALPINE BANK TO SECURE THE SUM OF $3,600,000.00 RECORDED JULY 28, 2055, UNDER RECEPTION NO. 924091. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED JULY 11, 2006, UNDER RECEPTION NO. 200618567. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED MAY 15, 2007, UNDER RECEPTION NO. 200712560. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED JULY 10, 2008, UNDER RECEPTION NO. 200814494. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED AUGUST 06, 2009, UNDER RECEPTION NO. 200917133. 17. DEED OF TRUST DATED MAY 07, 2007, FROM TIMBERLINE ROOST LODGE, LLC, A COLORADO LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF COUNTY FOR THE USE OF ALPINE BANK TO SECURE THE SUM OF $250,000.00 RECORDED MAY 29, 2007, Form AO/FA LTG Policy No. TAAH50033340 Our Order No. VC50033340 Schedule B UNDER RECEPTION NO. 200713761. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED JULY 10, 2008, UNDER RECEPTION NO. 200814493. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED AUGUST 06, 2009, UNDER RECEPTION NO. 200917166. 18. DEED OF TRUST DATED OCTOBER 29, 2007, FROM TIMBERLINE ROOST LODGE, LLC, A COLORADO LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF COUNTY FOR THE USE OF ALPINE BANK TO SECURE THE SUM OF $150,000.00 RECORDED NOVEMBER 13, 2007, UNDER RECEPTION NO. 200730058. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED JULY 10, 2008, UNDER RECEPTION NO. 200814495. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED AUGUST 07, 2009, UNDER RECEPTION NO. 200917170. 19. DEED OF TRUST DATED MAY 09, 2008, FROM TIMBERLINE ROOST LODGE, LLC, A COLORADO LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF COUNTY FOR THE USE OF ALPINE BANK TO SECURE THE SUM OF $100,000.00 RECORDED JUNE 02, 2008, UNDER RECEPTION NO. 200811489. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED AUGUST 07, 2009, UNDER RECEPTION NO. 200917171. MODIFICATION AGREEMENT IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED JULY 29, 2010, UNDER RECEPTION NO. 201014910. 20. TERMS, CONDITIONS AND PROVISIONS OF SUBORDINATION, CONSENT, NONDISTURBANCE AND ATTORNMENT AGREEMENT RECORDED JUNE 19, 2012 AT RECEPTION NO. 201212560. 21. TERMS, CONDITIONS AND PROVISIONS OF COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT COVEING CONTRACTS RECORDED JUNE 19, 2012 AT RECEPTION NO. 201212561. Form AO/FA LTG Policy No. TAAH50033340 Our Order No. VC50033340 Schedule B 22. TERMS, CONDITIONS AND PROVISIONS OF MEMORANDUM OF PURCHASE AND SALE AGREEMENT AND LEASE RECORDED JUNE 19, 2012 UNDER RECEPTION NO. 201212559. 23. THE EFFECT OF ANY FAILURE TO COMPLY WITH THE TERMS, COVENANTS, CONDITIONS AND PROVISIONS OF THE LEASE(S)DESCRIBED OR REFERRED TO IN SCHEDULE A. 24. MATTERS DISCLOSED ON ALTA/AGSM LAND TITLE SURVEY ISSUED BY PEAK LAND CONSULTANTS, INC. CERTIFIED APRIL 27, 2012, JOB NO. 1377ALTA INCLUDING, BUT NOT LIMITED TO: 2-STORY WOOD FRAMED BUILDING BUILT ONTO ADJOINING LOT 10. STONE POOL BUILDING BUILT ONTO HOLY CROSS EASEMENT 4 PARKING SPACES AND FENCE BUILT OUTSIDE OF SUBJECT PROPERTY. PLANTER BUILT ONTO UTILITY EASEMENT. ITEM NOS. 1 THROUGH 3 AND 5 OF THE GENERAL EXCEPTIONS ARE HEREBY DELETED. ITEM NO. 4 OF THE GENERAL EXCEPTIONS IS DELETED AS TO ANY LIENS RESULTING FROM WORK OR MATERIAL CONTRACTED FOR OR FURNISHED AT THE REQUEST OF TIMBERLINE ROOSE LODGE, LLC, A COLORADO LIMITED LIABILITY COMPANY. FIRST AMERICAN TITLE INSURANCE COMPANY SHALL HAVE NO LIABILITY FOR ANY LIENS ARISING FROM WORK OR MATERIAL FURNISHED AT THE REQUEST OF PH VAIL LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND PORTFOLIO VAIL TENANT LLC, AN ILLINOIS LIMITED LIABILITY COMPANY.