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HomeMy WebLinkAboutDRB130380 Title Report� If you want information about coverage or need assistance to resolve complainls, please call our toll free number: 1-800-72&1902. If you make e claim under your policy, you must Nmish wri�ten notice in accordance with Sedlon 3 Mthe Condi�bns. Vlslt our World-Wide Web site at htin:/lwww stewatl com. � ALTA Owner's Policy (6117/O6) OWNER'S POLICY OF TITLE INSURANCE ISSUED BY STEWART TITLE GUARANTY COMPANY Any notice of claim and any other notice or statement in writing required to be given the Company under this Policy must be given to the Company at the address shown In Section 1 B of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE 6 AND THE CONDITIONS, STEWART TITLE GUARANTY COMPANY, a Texas corporetion, (the "Company") Insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, agalnst 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 slated in Schedule A. 2. Any defecl in or lien or encumbrance on the Title. This Covered Risk inGudes 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 impersonatlon; (ii) failure of any person or Entity to have authonzed a transfer or conveyance; (ili) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, nolarized, or delivered; (Iv) failure to pertorm 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 nol propedy fled, recorded, or indexed In lhe Public Records induding failure to pertorm 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 govemmental authority due or payable, but unpaid, (c) Any encroachment, encumbrance, violation, varlation, 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 onlo adjoining land, and encroachmenls onto the Land of existing Improvements located on adJoining land. 3. UnmarketahleTifle. 4. No right of access to and from ihe Land. 5. The violation or enforcement of any law, ordinance, permit, or govemmental 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 charader, dimensions, or location of any improvemenl erected on lhe Land; (c) the subdivision of land; or (d) environmental proteclion if a notice, descri6ing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the ex(ent of the violatian or enforcement reterred to in that nolice. 6. An enforcement action based on the exerclse of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement aclion, describing any part of the Land, is recorded in the Public Records, but only to the extent of lhe enforcement referred [o in �hat 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 govemmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. Countersigned by: .'��1/1/ir�� •""' _,�'•�....�_.._�°, , � ��� �����,�� ��,�� � nri�d Cbgatorsignature MstF Marri� '"„„� Prs�3dent and C'�Q Stewart Title - Edwards �iz4E�!!q9°��"�, I� . 97 Maln Street, Ste W-201 �, ��.,Q�` o�PeA.r,����3= Edwards, CO 81632 �.��, �-*M� ��..��+=s (970) 926-0230 . � � � H -f� �� s . AgentID: 060058 TEZAS;�� � � � . . Denlse C raux Sn�rakary Copyright 2006-2009 American Land Title Associatlon. All righ[s reserved. �� � ThauseofihiaFOrtnisresitictad �oALTAIIcensaesandAlTAmembersingootlstandingasofihedaleofuse. pA1k#161dN Allo[herusesareprohlbi�atl. Reprin�eduntlerlicense (romFheAmencanLandTtlleASSOCiatlon. tn:vnnitF i.r��zianqx File No. 01330-28512 Page 1 of Policy Serlal No.: 0-9301-002857832 �'°-' . COVERED RISKS (COntinued) 9, TiHe being vesled otherthan as slated in Schedule A or being defeqive (i) lo be timely; or (a) as a result of ihe avoidance in whole or in part, or from a court (il) to Impart notice of Its existence to a purchaser for value or to order provlding an aiternalive remedy, of a transfer of all or any aJudgmenl or Ilen creditor. part of the title [o or any interest in the Land occurring prior to lhe 10. Any detec� In or lien or encumbrance on the Tiqe or other ma@er transaction vesting Title as shown in Schedule A because tha� included in Covered Risks 1 through e thal has been created or � pdor hansfer constituted a fraudulent or preferential Uansfer attached or has been fled or recorded in the Public Records � under federal bankruptcy, stale insoNency, or similar creditors' subsequenl to Date of Policy and prbr to ihe recording of the deed or righ[s laws; or other Instrument of transfer in the Public Rewrds thal vests Title as (b) because the inslrument of transfer vesting Title as shown In shown In Schedule A. Schedule A constilules a preferential transfer under federal The Company will also pay the costs, attorneys' fees, and expenses bankruptcy, state insolvency, or slmilar creditors' tlghts laws by Incurred in defense of any malter insured againsl by lhis Policy, but only reason oFihe failure of its recording in ihe Public Records to the extent provided in the Conditions. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this (b) not Known to lhe Company, not recorded in ihe Public Records policy, and the Company will not pay loss or damage, costs, atlorneys' a[ Date of Policy, 6ut Known to ihe Insured Claimant and not fees, or expenses ihat arise by reason of: disclosed in writing �o the Company by the Insured Claimant L (a) Any law, ordinance, permit, or governmenlal regulation (including prior to the date the Insured Claimant became an Insured under those relaling to building and zoning) restricling, regulating, thls policy; prohibiting, or relating to (c) resullin8 �n no loss or damage to the Insured Claimant; i the occu anc use or e ' , no menloFtheLand' ( ) P Y� 1 Y (d) attaching or created subsequent to Date o� Policy (however, ihis (ii) the character, dimensions, or location of any improvemen� does not modify or limit the coverage provided under Covered erected on the La � I nd Risk 9 and 10); or (iii) the su6division of land; or (e) resulting in loss or damage that would not have been sustained if pv) environmental protectlon; the Insured Claimant had paid value for the Title, or [he effect of any violation of these laws, ordinances, or governmental 4. Any claim, by reason of �he operation of federal bankruplcy, state regulations. This ExGusion 1 (a) does not modify or limit �he coverage insolvency, or similar creditors' rights laws, that the transactlon provlded under Cove�ed Risk 5. vesting �he Title as shown in Schedule A, is (b) Any governmental police power. Thls Exdusion 1 (b) doas not (a) afraudulenlconveyanceorFraudulenttrensfer; or modiTy or limit the coverage provided under Covered Risk 6. (b) a preferential lranster for any reason not stated in Covered Risk 2. Rights of eminent domaln. This Exclusion does not modiry or Ilmit B of this policy. the coverage provided under Covered Risk 7 or B. 5. Any lien on the Tilie for real eslate taxes or assessments imposed by 3. Defects, liens, encum6rences, adverse claims, or other malters governmental aulhority and created or atlaching belween Date oF � (a) crea[ed, suffered, assumed, or agreed to by ihe Insured Policy and the date of recording of the deed or other instrument of Claimant; transfer in ihe Public Records that vests Title as shown in Schedule A. CONDITIONS 7. OEFINITION OF TERMS Insured named in Schedule A for estate planning The following terms when used in this pollcy mean: purposes. (a) "Amount of Insurance": The amounl sta[ed in Schedule A, as (ii) wilh regard to (A), (B), (C), and (D) reserving, however, all may be increased or decreased by endorsement �o lhis policy, rights and defenses as to any successor lhat the Company increased by Section e(b), or deaeasetl by Sections 10 and 11 would have had agalnsl any predecessor Insured. o( these Conditions. (e) "Insured Claimanf': An Insured claiming loss or damage, (b) "Date of Policy': The date designated as "Dale of Policy" in (� "Knowledge" or "Known": Actual knowledge, not constmctive ScheduleA. knowledge or notice ihat may be imputed to an Insured by (c) "Entity": A corporation, partnership, trust, limited lia6iliry reason of the Public Records or any other records that impart company, or other similar legal entity. constructive notice of matters affecting ihe Title. (d) "Insured": The Insured named In Schedule A. (g) "Land": The land described in Schedule A, and aHixed (i) the lerm '9nsured" also indudes improvemenis thal by law constitute real propedy, The term (A) successors to the Ti�e of the Insured by operetion of "Land" does not include any properly beyond the lines of the law as dis[inguished from purchase, including heirs, area desctlbed in Schedule A, nor any right, title, interesl, estate, devisees, survivors, personal representatives, or next of or easement in abutling streets, roads, avenues, alleys, lanes, kin; ways, or walermays, 6ut ihis does not modify or limit the extent (B) successors to an Insured by dissolution, merger, thal a right of access to and trom �he Land Is insured by this consolidation, disiribulion, or reorganization; policy. (C) successors to an Insured by its conversion to anolher (h) "Mortgage": Mortgage, deed of trust, trust deed, or other kind of Entity; securily ins[rument, including one evidenced by electronic (D) a grantee of an Insured under a deed delivered wilhout means authorized by law. payment of acWal valuable consideralion conveying the (i) "Public Records": Records eslablishetl under s[ale statu[es at Tille Da[e ot Policy for the purpose of impading wnstmctive no�ice of (1) if �he stock, shares, memberships, or other equity matters relatlng to real property to pumhasers tor value and in[erests oF the grantee are wholly-owned by the without Knowledge. With respect [o Covered Risk 5(d), "Public named Insured. Rewrds" shall also InGude environmental prolection liens filed In (2) iTlhe grantee wholly owns the named Insured. the records of lhe clerk o! the United States Disinct Court for the (3) If the granlee is wholly-owned by an affilialed Entity district where the Land Is located. of [he named Insured, provided the affliated Entity Q) "Title": The estate or interest described in Schedule A. and the named Insured are both wholly-owned by (k) "Unmarketable TiUe°: Title affecled by an alleged or apparent ihe same person or Entity, or matter that would permit a prospec�lve pmchaser or lessee of ihe (4) if the grantee is a Irustee or 6eneficiary of a trust Ti�le or lentler on Ihe Ti�le to be released from Ihe obligation to created by a written instrument established by the purchase, lease, or lend if Ihere Is a wntrectual condition � requiring ihe delivery of marketable title. . Copyright Y006-2009 American Lantl T{tie Assoclation. All righis reserved. �� Tha use oi ihla Fonn is resitic�etl to ALTA licensees and AITA membere in good slantling as of ihe dafe of use. �AiGRiCAN Allothe� usesarepmhlbltetl. Reptlntetlantle� IlcensefromtheAmancanLantlTilleAssoclation, leN6TiTL4 File Na. 01330-28512 +siix.�.iiioei � Page 2 of Pollcy Serlal No.: 0-9301-0028a7832 �?-� CONDITIONS (Continued) 2. CONTINUATION OF MSURANCE Company all reasonable aid (i) In securing evidence, obtaining The coverage of this policy shall conlinue in force as of Dale o( witnesses, prosecuting or defending the action or proceeding, or Policy in favor of an Insured, bu� only so long as the Insured retains effecting settlement, and (ii) in any other lawtul act thal in lhe an estate orinterestin the Land or holds an obliga4on secured 6y a opinion of the Company may be necessary or deslrable to purchase money Mortgage given by a purchaser from the Insured, or eslablish the Title or any olher matter as insured. If the only so long as the Insured shall have Ilabilily by reason of warranties Company Is prejudiced by the failure of the Insured to furnish the in any lransfer or canveyance of the Title. This pollcy shall not required cooperation, the Company's obligations to lhe Insured continue in force In Favor of any purchaser from the Insured of eliher under the policy shall terminate, including any liabilily or (I) an estate or interest in ihe Land, or (ii) an obligation sewred by a obligation [o defend, prosewte, or wntinue any liligatlon, with purchase money Modgage given to the Insured. regard to the matter or matters requiring such cooperation. ' (b) The Company may reasonably require ihe Insured Claimant to 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT submil to examination under oath by any authorized � The Insured shall notity the Company promptly in writing (i) In case of represenla[ive of the Company and to produce for examina�ion, � any litigation as set forth in Section 5(a) of these Conditions, (ii) in inspecllon, and.copying, at such reasonable tlmes and places as case Knowledge shall wme lo an Insured hereunder of any claim of iney be designaled by the euthorized representative of the title or Interest that is adverse to the Title, as insured, and �hat mlght Company, all records, In whatever medium maintained, including � cause loss or damage for which the Company may be Ilable by virtue books, ledgers, checks, memorantla, correspondence, reporls, oF this policy, or (iii) if lhe Title, as insured, is rejecled as e-mails, disks, tapes, and videos whether bearing a date befoie � Unmarketable Title. If the Company is prejudiced by the failure of the or after Date of Policy, that reasonably pertain to the loss or Insured Claimant to provide prompt notice, lhe Company's liability to damage. Further, if requesled by any authorized representalive the Insured Claimant under the policy shall be reduced to the extent of the Company, the Insured Clalmant shall graM Its permission, ofihe prejudice. In writing, for any authonzed representative oi Ihe Company to eKamine, inspect, and copy all of these records In the custody or 4. PROOF OF LO55 wMrol of a thlyd party ihat reasonably pertain to the loss or In the event the Company Is unable to determine lhe amounl of loss tlamage. All information designated as confdential by the or damage, the Company may, at Its option, require as a condition of Insured Claimanl provided to the Company pursuanl to Ihis a met p y n that fhe Insured Claimant furnish a si ned roo g p f of Section shall no[ be dlsclosed to o[hers unless, in the reasonable ioss. The proof of loss must describe the defect, lien, encumbrance, judgment of the Company, it is necessary in the administration of or other matler Insured againsl by this policy thal consiitutes the the clalm. Failure of the Insured Claimant to submit for hasis of loss or damage and shall sla[e, �o Ihe extent posslble, the examination under oath, produce any reasona6ly requested basis of calculating the amount of the loss or damage. information, or grant permission to secure reasonably necessary informallon from third parties as required in this subsection, . 5. DEFENSE AND PROSECUTION OF ACTIONS unless pmhibited by law or govemmental regulation, shall .. (a) Upon written request by the Insured, and subJect to the options terminate any Iiability oF the Company under this policy as to that contained in Seclion 7 of ihese Conditions, ihe Company, at its claim. own cost and without unreasonable delay, shall provide for the defense of an Insured In litigation in which any third parly asserts �, OPTIONS TO PAV OR OTHERWISE SETTLE CLAIMS; a claim covered by Ihis policy adverse to the Insured. This TERMINATION OF LIABILITY obligatlon is limi�ed to onty [hose stated causes of action alleging In case of a claim under thls policy, the Company shail have ihe matters insured against by this policy. The Company shall have following additional options: . Ihe rlght to selecl counsel of its choice (subjecl [o the right of the . Insured to object for reasona6le cause) to represent the Insured �a) To Pay or Tentler PaymeM of the Amoun� oF Insurance. To pay as to ihose staled causes of action. It shall not be liable For and or tender payment of �he Amount of Insurance under this policy will not pay the fees of any other counsel. The Company will not together wilh any cos[s, attomeys' Fees, and eapenses incurred pay any fees, costs, or expenses incurred by the Insured In the by ihe Insured Claimant lhal were aulhorized by the Company defense of those causes of action that allege matters not insured up to the time of payment or tender of paymenl and that the againstbylhispolicy. Company is o6ligaled to pay. Upon the exercise by the (b) The Company shall have the right, in addilion to lhe options Company o( this op�lon, all liability and obligations of the �. contained In Seclion 7 of ihese Conditions, a[ ils own cost, to Company to lhe Insured under ihis policy, other than to make the � institute and prosecute any actlon or proceeding or to do any payment required In this subsectlon, shall terminale, Including other act thal in ils opinion may be necessary or desirable lo any liability or obilgation �o defend, prosecute, or continue any esta6lish the Title, as Insured, or to prevent or reduce loss or litigatlon. damage fo the Insured. The Company may take any appropriate (b) To Pay or Othervvise Setlle With Parties Other Than the Insured action under the terms of this policy, whether or not Il shall be or Wth ihe Insured Claimant. liable to the Insured. The exercise of these rights shall not be an �i) to pay or otherHise settle wlth other parties for or in the �. admission of liability or walver of any provlsion of this policy. If name of an Insured Claimant any claim insured against . the Company exercises its rights under ihis subseclion, it must under this policy. In addition, the Company will pay any . do so diligently. costs, atlomeys' fees, and expenses inwrred by the Insured (c) Whenever the Company brings an aclion or asserts a tlefense as Claimant that were authotlzed by the Company up to lhe required or permilted by this policy, the Company may pursue Ume of paymenl and thal ihe Company Is obllgated to pay; � the litigation to a final determination by a court oF competeM or . jurisdiction, and it expressly reserves the righl, in its sole ��9 to pay or othenvise settle with the Insured Claimant the loss discretion, to appeal any adverse Judgment or order. or damage provided for under this policy, togelher with any wsts, attorneys' fees, and expenses incurred 6y the Insured 6. OUTV OF INSURED CLAIMANT TO COOPERATE Claimant that were authorized by the Company up to the (a) In aIl cases where lhis policy permits or requires �he Company lo time of payment and that �he Company is obligated to pay. pmsecute or provide for ihe defense of any action or proceeding Upon the ezerclse by the Company o! either of the options - and any appeals, the Insured shall secure to the Company the provided for in subsections (b)(i) or (ii), the Company's righl to so pmsecute or provide defense In the action or obliga[ions to the Insured underlhis policyfor �he claimed loss or proceeding, induding ihe righl to use, at Ils option, �he name of damage, other than ihe payments reqWred to be made, shall the Insured for this purpose. Whenever reques[ed by the terminate, including any Iiability or obligation to defend, � Company, the Insured, at ihe Company's expense, shall give the pmsecute, or continue any litigation. Capyright 20U6•2009 American Land Tltle Association. All riyhts reserved. �� The usa of Ihis Foim is �eaUrcletl lo ALTq Iicensees and ALTA members In gootl slantling as of�he dale of vse. nn9FttfC nN Nlotherusesarapmhlbl�ed. Repnnleduntlerlicenaetrom �heAmerlcenLantlTltleASSOCIa�ion. Lnr+U� It'iLt File No. 01330-28512 +iieic�sneiiii+ Page 3 of Policy Serlal No.: 0-9301-002837832 ���. CONDITIONS (Continued) e. DETERMINATION AND EXTENT OF LIAeILITY If a payment on account of a claim does not tully cover the This policy is a contrect of indemnity agalnst aclual monetary loss or loss of lhe Insured Clalmant, the Company shall deFer the . damage suslalned or incurred by the Insured Claimant who has exercise of its rlght to rewver until after ihe Insured Claiman[ . suffered loss or damage by reason ot matlers insured against by ihis shall have recoveretl Its loss. policy. (h) The Company's right oF subrogation includes lhe rights of the (a) The extent of Ila6ility of the Company for loss or damage under Insured to Indemnities, guaranties, other policies of insurance, or ihis pollcy shall not exceed the lesserof bonds, nohvithstanding any terms or conditions contained in (I) the Amount of Insurance; or those instruments that address subrogation rigMs. (ii) the difference belween the value of the Title as Insured and � ihe value of the Title subject to the risk insured againsl by 14. ARBITRATION thls policy, � Either the Company or lhe Insured may demand that the claim or (b) If the Company pursues its rights under Section 5 of �hese controversy shall be submilted to arbilretion pursuanl to the Title Conditions and is unsuccessful in establlshing the Title, as Insurance Arbilration Rules of ihe Amedcan Land Title Association insured, ("RUles"). Except as provided In the Rules, there shali be no joinder . I theA or consolidation with claims O mounl of Insurance shall 6e increased by 10%, and or con[roversies of other persons. � (ii) the Insured Claimant shall have the righf to have the loss or Arbitrable matlers may include, but are not limited to, any � damage determined eilher as of ihe dale the claim was controversy or claim between ihe Company end the Insured arising - made by the Insured Glaimant or as of the date it is seWed out of or relatlng to lhis policy, any service in conneclion with ils and paid. issuance or lhe breach of a policy provision, or to any other (c) In addition to the extent of liabilily under (a) and (b), the �ntroversy or claim arising out of the transaction giving rise [o �his � Company will also pay ihose cosls, attomeys' fees, and Policy. All arbitreble matters when the Amounl oF Insurance is � expenses incurred In accordance with Sections 5 and 7 0! these $2�000,000 or less shall be arblhated at the option oF either ihe � Conditions, Company or the Insured. All arbihable matters when the Amount of Insurance is in excess o( $2,000,000 shall be arbitrated only when . 9. LIMITATION OF LIABILIN agreed lo by bolh the Company and the Insured. Arbitretion �� (a) If the Company establishes the Title, or removes lhe alleged pursuant to this policy and under the Rules shall be binding upon the defect, Ilen, or encumbrance, or cures the lack of a right of parties. Judgmenl upon the award rendered by the Arbitrator(s) may access to or from the Land, or cures the claim of Unmarketable be entered in any court oi competen[jurisdiction. Title, all as insured, in a reasonably diligent manner by any . method, including litigation and the completion of any appeals, il 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE � shall have fully performed its obligations with respect to that CONTRACT mat�er and shall not be liable for any loss or damage caused to (aJ This policy together with all endorsements, if any, attached to it �. the Insured. by the Company is the entlre policy and contract behveen the � (b) In lhe event ot any litigation, including litigation by the Company Insured and the Company. In interpreting any provision of lhis or with lhe Company's consent, the Company shall have no policy, lhis policy shall be construed as a whole. liability for Ioss or damage until �here has been a fnal (b) Any claim of loss or damage lhat arises out of the status of the . determination by a court of competent jurisdicUon, and Title or by any action asserting such claim shall 6e restricted to disposition of all appeals, adverse lo the Title, as insured. this pollcy. , (c) The Company shall not be liable for loss or damage to the (c) Any amendment of or endorsement to thls policy must be in � Insured for liability volun�arily assumed 6y the Insured in seltling writing and authenlicated by an aulhorized person, or expressly any claim or suil wilhout the prior wnllen consent of the incorporeted by Schedule A of thls policy. Company. (d) Each endorsement to thls policy issued a[ any time Is made a paA oF this policy and is subject to all of ils terms and 10. REDUCTION OF INSURANCE; RE�UCTION OR TERMINATION provisions. Except as the endorsement expressly states, it does OF LIABILITY not (I) modify any of lhe terms and provisions of the policy, (ii) All payments under lhis policy, except payments made for cosis, modity any prior endorsement, (iii) extend the Date of Policy, or altorneys' fees, and expenses, shall reduce lhe Amounl of Insurence (IV) increase the Amount of Insurance. h the amo y untofthe a menl. P y 16. SEVERABILITV 1L LIABILITY NONCUMULATIVE In lhe evenl an rovision y p of this policy, in whole or in ad, is held The Amount oF I p nsurance shall be reduced 6 an y y amounl the invalid or unenforceable under applicable law, lhe policy shall be Company pays under any policy insuring a Modgage to which deemed not lo include that proNslon or such part held to be invalid, exception is taken in Schedule B or to which the Insured has agreed, but all other provisions shall remain in fuli force and effect. assumed, or taken suhject, or which is executed by an Insured after 17, CHOICE OF LAW; FORUM Date of Policy and which is a charge or lien on the Title, and the (a) Choice ot Law: The Insured acknowledges the Company has amount so paid shall be deemed a payment to the Insured under ihis underwritten the risks covered by this policy and determined the policy. premium charged therefor in reliance upon the law aifecting � 12. PAYMENT OF LOSS interests in real property and applicable to ihe interpretation, When liabllity and the exlent of loss or damage have been deFinitely righls, remedies, or enforcement of policies of litle Insurance of fixed in accordance with these Condilions, the payment shall be thejudsdiction where the Land is located. � madewilhin 3o days. Therefore, the court or an ar6itrator shall apply the law of the 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT �urisdiction where the Land is located to determine the validity of . (a) Whenever ihe Company shall have settled and paid a claim under claims agalnst the Tltle that are adverse lo the Insured and to ihis policy, it shall be subrogated and enlitled lo ihe ngMs of the interpret and enforce [he terms of this policy. In neilher case � Insured Claimant in the Title and all other rights and remedies in shall lhe courl or arbitrator apply i[s conflicts oi law principles to respecl to Ihe claim lhat �he Insured Claimanl has against any person delemtine the applicable laW. � or property, to �he exten� of ihe amount of any loss, wsis, atiorneys' � fees, and expenses paid by lhe Company. If requested by the �b) Cholce o( Forum: Any litigalion or other proceeding broUgM by , Company, the Insured Claimant shall execute documenls to evidence �he Insured against the Company must be fled only In e state or ihe transfer lo ihe Company of these rights and remedies. The federal court within ihe United States oF America or ils tertltories � Insured Claimant shall permil ihe Company to sue, compromise, or havin9 appropfialejurisdictlon. seHle In ihe name otthe Insured Claimant and lo use the name oT Ihe 1B. NOTICES, WHERE SENT � Insured Claimant in any transaclion or litigation involving these Any no[ice of claim and any other notice or stalement in wnting rights and remedies. required lo be given to �he Company under this policy must be given to the Company at Claims Departmen� at P.O. Box 2o28, Housbn, TX 77252-2029. Capyright 2006-2009 American Land Title Assaciation. All riyhts reserved, � The use o(�his Fortn Is resMCtetl �o ALTA licenaees and ALTA members In gaotl standing es o(Ihe rlate of usa. ���&IV.AN Allolhe� usesarepmhibited. RepnntedanderlicenseGom �heAmeticanLandTtlleASSOdation. 4eNP� YtFL( File Na, 01330-28512 hv�br(i,s.;w Page 4 of Policy Serial No.: 0-9301-002837832 �`��»� ALTA OWNER'S POLICY (6/17I06) � SCHEDULE A Name and Address of Stewart Title Guaranty Company Title Insurance Company: P.O. Box 2029, Houston, TX 77252 Prepared by: Colorado Regional Production Center Title Officer: Linda Williams File No.: 01330-28512 Policy No.: 0-9301 -002837832 Address Reference: 1027 Ptarmigan Road, Vail, CO 81657 (For Company Reference Purposes Only) Amount of Insurance: $5,800,000.00 Premium : $9,430.00 Date of Policy: July 18, 2013 at 4:30 P.M. 1 . Name of Insured: Forever Trust Da , ted March 22, 2004 2. The estate or interest in the Land that is insured by this policy is: Fee Simple 3. Title is vested in: Forever Trust, Dated March 22, 2004 4. The Land referred to in this policy is described as follows: Lot 2 Block 5 VAIL VILLAGE SEVENTH FILING, According to the final plat of REPLAT OF LOTS 1 -6, BLOCK 5 OF VAIL VILLAGE SEVENTH FILING, REPLAT OF LOT 4 VAIL VILLAGE TENTH FILING, AND GOVERNMENT LOT 3, recorded May 12, 2000 as Reception No. 729628 COUNTY OF EAGLE STATE OF COLORADO ' Copyright2006-2009AmericanLandTitleAssociation. Allrigh[sreserved. - The uae of ihis Foim is resitlqetl to ALTA Iicensees end ALTA members In Bood s�anding ea of Ihe dale of use. tk,� �� Allo[heruaesarep�ohlbtletl. Reprinletlunde�IlcensefromtheAmerlcenLantlTitleASSoGetlon o ai5xprigr �,. ... .. File No. 01 33 0-2 8 51 2 Page 1 of 1 STEWART TITLE """""`"` CO STG AITA Owner's Policy Sch A STCO GUARANTY COMPANY �' ALTA OWNER'S POLICY (6l17/O6) SCHEDULE B File No.: 01330-28512 Policy No.: 0-9301-002837832 EXCEPTIONS FROM COVERAGE 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: 1 . Rights or claims of parties in possession, not shown by the public records. , 2. Easements, or claims of easements, not shown by the public records. 3. 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 and 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) Minerals of whatsoever kind, subsurface and surFace substances, in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records or listed in Schedule B. 6. Water rights, claims or title to water. 7. All taxes for 2013 and subsequent years, which are a lien not yet payable. 8. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 9. Reservations or exceptions contained in U.S. Patents, or in Acts authorizing the issuance thereof, recorded May 27, 1926 in Book 93 at Page 146 , reserving 1 ) Rights of the proprietor of a vein or lode to extract and remove his ore therefrom and 2) rights of way for ditches and canals constructed under the authority of the United States. 10. Reservations or exceptions in Patents, or in Acts authorizing the issuance thereof, including the reservation of a right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded December 19, 1997 in Book 745 at Page 892. 11 . Covenants for Vail Village Seventh Filing recorded December 17, 1965 in Book 187 at Page 515 as Reception No. 102778 12. All matters as shown on the plat of Vail Village Seventh Filing, recorded December 17, 1965 as Receotion No 102780 . 13. All matters shown on the plat of Replat of Lots 1 -6 Block 5 Of Vail Village Seventh Filing, Repalt of Lot 4 of Vail Village Tenth Filing, and Government Lot 3 recorded May 12, 20D0 as Recention No 729628. 14. Conservation Easement recorded September 27, 2000 as Recention No 740273. 15. All matters shown on the plat of Replat of Lots 1 -6 Block 5 Of Vail Village Seventh Filing, Replat of Lot 4 of Vail Village Tenth Filing, and Government Lot 3, recorded January 17, 2002 as Receqtion No 783155. Copyright 2006-2009 American Land Title Association. All rights reservetl. The use of ihis Foim is restdcled lo ALTA Ilmnsees and AITA members in good standing as o(tha tlate of use. xu� ���.� Allolheruseearepmhlblted. Repnntedunderlicense (romNeAmencanLandTIlleASSOCIatlon. {qv�r,?ia�:� File No. 01 3 3 0-2 851 2 Page 1 of 2 STEWART TITLE " �`1bY""' CO STG ALTA Owner's Policy Sch B SE GUARANTY COMPANY �' ALTA OWNER'S POLICY (6/17/O6) SCHEDULE B 16. Any rights , easements, interests or claims which may exist by reason of or reflected by the following facts shown on the Improvement Survey Plat Dated 2/6/06 by Eagle Valley Surveying Inc. : wood tie ret. wall, wood tie. conc. stairs & walk encroaching onto maintenance easement, encroachment of retaining wall onto adjoining Lot 1 , fence sitting off of the lat line i � Copyrlght 2008-2009 American Land Tltle Assodation. All rights reserved. � The use o(ihis Fortn is �eslricted to ALTA licenseea antl ALTA mambers In good slanding es ot Ihe de�e of ase. �y�ex����� � Allothe� usesareprohlbiletl. Repnntetluntle�IlcensefmmlheAmerlcenLantlrtleAasociallon. ty'ui�rrriN �� File No. 01 3 3 0-2 8 51 2 Page 2 of 2 STEWARTTITLE �"""`""" . CO STG ALTA Owner's Policy Sch B SE GUARANTY COMPANY � Anti -Fraud Statement CRS 10 -1 -128 File No.: 01330-28512 "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 claimant 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."