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HomeMy WebLinkAboutDRB140021 Title Policy Date: December 27, 2013 1740 SIERRA TRAIL, LLC, A COLORADO LIMITED LIABILITY COMPANY PO BOX 3222 AVON, CO 81620 Subject: Attached Title Policy V50037417 for 2180 ALPINE DRIVE AKA LOT 22 VAIL VILLAGE WEST FLG 1 VAIL CO 81657 Enclosed please fmd the Owner's Title Insurance Policy for your purchase of thz 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 970-477-4522. 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 opporlunity 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 refmance the property described in the enclosed policy. Thank you for giving us the opportuniry 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 Insu�ance ISSUED BY First American Title Insurance Company ANY NOTICE OF CLAIM AN�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 AD�RESS SHOWN IN SECTION 18 OF THE CONDITIONS. COVERED RISKS SUBJECT TO THE EXCLUSIONS FRDM COVERAGE,THE EXCEPTIONS FROM C�VERAGE CONTAINED IN SCHEDULE B AN�THE CONDITIONS,FIRST AMERICAN TITLE INSURANCE COMPANY,a California corporation(the"Company")insures,as of Date of Policy and,tn the extent stated in Covered Risks 9 and 10,after�ate of Policy,against loss or damage, not exceeding the Amount of Insurance,sustained or incurred 6y the Insured by reason of: 1. Title 6eing vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the title;This covered Risk includes hut is not limited to insurance against loss from (a)A defect in the Title caused 6y (i)forgery,fraud,undue influence,duress,incompetency,incapacity,or impersonation; lii?failure of any person or Entity to have authorized a transfer or�onveyance; (iii�a document affecting Title not properly ereated,ezecuted,witnessed,sealed,acknowledged,notarized,or delivered; (iv)failure to perform those acts necessary to create a document by electronic means authorized 6y law; �v)a document ezecuted under a falsified,expired,or otherwise invalid power of attorney; Ivi)a document not properly filed,recorded,nr indexed in the Public Records including failure to perform those acts hy electrnnic means authorized 6y law;or (vii)a defective judiciai or administrative proceeding. (bl The lien of real estate taxes or assessments imposed on the Title hy a governmental authority due or payahle,6ut unpaid. (c1 Any encroachment,encumbrance,violation,variation,or adverse circumstance affecting the Title that would he disclosed hy an accurate and complete land survey of the Land.The term"encroachment"includes eneroachments of existing improvements located on the Land unto adjoining land,and encroachments onto the Land of ezisting improvements located on adjoining land. 3.Unmarketa6le Title. 4.No right of aceess to and from the Land. 5.The violation nr enforcement of any law,ardinance,permit,or governmental regulation(including those relating to huilding 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; fe)the su6division of land;or (d)environmental protectian if a notice,descrihing any part of the Land,is recorded in the Public Records setting forth the violation or intention to enforce,6ut only to the eztent of the violation or enforcement referred to in that notice. 5.An enforcement action based on the exercise of a governmental poliee power not covered 6y Covered Risk 5 if a notice of the enforcement action,descri6ing any part af the Lantl,is recorded in the Pu61ic Records,6ut only to the extent of the enforcement referred to in that notice. 7.The ezercise of the rights of eminent domain if a notice of the exercise,descrihing any part of the Land,is recorded in the Pu61ic Records. 8.Any taking by a governmental 6ody that has occurred and is 6inding 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 avnidance in whole or in part,or from a court order providing an alternative remedy,of a transfer af 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 insoivency,or similar creditors'rights laws;or fb)hecause the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federai bankruptcy,state insolvency,or similar creditors'rights laws hy reason of the failure of its recording in the Public Records (i)to 6e timely,or �ii)to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 1�.Any defect in or lien or encumbrance on the Titie or other matter included in Covered Risks t through 9 that has been created or attached or has 6een filed or recorded in the Pu61ic Records subsequent to�ate af 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 Pnlicy,6ut oniy to the extent provided in the Conditions. FIRST AMERICAN TITLE INSURANCE COMPANY issued through the Office af: Land Titie Guarantee Company ^�P'_;��;`�''� 610 WEST LI�NSHEAD CIRCLE#200 1 ����` � � VAIL,CO 81657 �.�� �°-� ;�._ 970-477-�522 ��_ � '� � ' Dennis J.Gilmore % . President . � f� � _ t,t�t- � � LAND TITLE � � , , ✓ ?% ASSOCIATION A horized Sign ture yr ' _ � ^r,�t *�_ � �-,_� �'���`` ' � Timothy Kemp Secretary ,� Copyright 2006-2012 American land Title Associarion.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 Tifle Associarion. AO.FA.06(ALTA 06-17-�6)Gover Paqe 1 of 5 j / EXCLUSIONS FROM COVERAGE The following matters are expressiy exciuded from the coverage of this policy,and the Campany will not pay loss or damage,costs,attorneys'fees,or expenses that arise by reason of: 1.(ai Any faw,ordinance,permit,or govemmental regulation(including those relating tn 6uilding and zoning)restricting,regulating,prohibiting or relating to (i)the occupan�y,use,or enjoyment of the Land; (ii�the character,dimensions,or location of any improvement erected on the Land; liii}the subdivision of land;or (iv)environmental protection; or the effect of any violation of these laws,nrdinances,or governmental regulations.This Exclusion 1 fa)does not modify or limit the coverage provided under Covered Risk 5. (bl Any governmentai police power.This Exclusion l(h)does not modify ar limit the coverage provided under Covered Risk 6. 2.Rights of eminent domain.This Exciusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3.Oefects,liens,encumhrances,adverse claims,or other matters (a)created,suffered,assumed,or agreed to by the Insured Ciaimant; (hl not Known to the Company,not recorded in the Puhlic Records at Date of Policy,6ut Known tn the Insured Claimant and nut disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Ciaimant became an Insured under this policy; (c)resulting in no loss or damage to the Insured Claimant; (d1 attaching or created su6sequent to�ate nf Policy(however,this does not modify or limit the coverage provided under Covered Risk 9 and 101;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 uf federal bankruptcy,state insolvency,or similar creditars'rights laws,that the transaction vesting the Titie 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 rea!estate taxes or assessments imposed 6y governmentai authority and created or attaching hetween 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. CONDITIONS 1.DEflNITION OF TERMS The following terms when used in this policy mean: (a)"Amount of Insurance":The amount stated in Schedule A,as may he increased or decreased by endorsement to this policy,increased by Section 816)or decreased hy Sections 10 and 11 of these Conditions. 16)"Date of Palicy":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. (i1 The term"insured"also inciudes (A)successors to the Title of the Insured by nperation of law as distinguished from purchase,inciuding heirs,devisees,survivors,persnnal representatives,or nezt of kin; (B)successors to an Insured hy dissolution,merger,consolidation,distrihution,or reorganization; (C)successars to an Insured by its conversion to another kind of Entity; (D1 a grantee of an Insured under a deed delivered without payment of actual valuable consideration canveying the Title (1)if the stack,shares,memberships,or other equity interests of the grantee are whoily-nwned by the named Insured. 121 if the grantee wholly owns the named Insured, (3)if the grantee is wholly-owned 6y an affiliated Entity of the named Insured,provided the affiliated Entity and the named Insured are 6oth wholly-owned by the same person or Entity,or 141 if the grantee is a trustee or 6eneficiary of a trust created 6y a written instrument established 6y the Insured named in Schedule A for estate planning purposes. (ii)With regard to(A),(BL(CI,and(�I reserving,however,all rights and defensed as to any successor that the Company would have had against any predecessorinsured. (e)"insured Ciaimant":An Insured claiming loss or damage. (f)"Knowledge"or"Known":Actual knowledge,not constructive knowledge or notiee that may he imputed to an Insured hy reason of the Public Records or any other records that impart contructive notice nf matters affecting the Title. fgl"Land":The land descri6ed in Schedule A,and affixed improvements that by law constitute real property.The term"Land"does not inciude any property 6eyond the lines of the area descri6ed in Schedule A,nor any right,title,interest,estate,or easement in abutting streets,roads,avenue,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 6y electronic means authorized hy law. (i)"Pu61ic Records":Records estahlished under state statutes at Date uf 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),"Pu61ic 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 Incated. (j1"Title":The estate or interest descrihed in Schedule A. "Unmarketahle 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 conditinn requiring the delivery of marketa6le title. 2.CONTINUATION OF INSURANCE The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured,6ut 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 anly so long as the Insured shall have liability 6y 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 ar interest in the Land,or(iil an o6ligation secured 6y a purchase money Mortgage given to the Insured. AO.FA.�6.2 Cuver Page 2 af 5 3.NOTlCE OF CLAlM TO BE GlVEN BY lNSURED C1AlMANT The(nsured shall notify the Company promptly in writing(i1 in case of any litigation as set forth in Section 5(a1 of these Conditions,(iii in case Knowledge shall eome to ar�Insured hereunder of any claim of title or interest that is adverse to the Title,as insured,and thai might cause lass or damage for which the Cnmpany may be liable 6y 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 6e reduced to the extent of the prejudice. 4.PR�OF OF LOSS In the event the Company is unable to determine the amnunt of loss or damage,the Cnmpany may,at its option,require as a condition of payment ihat the Insured Claimant furnish a signed proof of loss.The proof of loss must descri6e the defect,lien,encumbrance,or other matter insured against hy this policy that consitutes the basis of loss or damage and shall state,to the extent possi6le,the 6asis of ealculating the amount of the loss or damage. 5.DEFENSE AND PROSECUTION OF ACTIONS (a1 Upon written request by the insured,and su6ject to the options eontained in Section 7 of these Conditions,the Cnmpany,at its ovan cost and without unreasonahle delay,shaii provide for the defense of an Insured in litigation in which any third party asserts a claim eovered 6y this policy adverse to the Insured.This ohligation 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(su6ject 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 6e liahle for and wiii not pay the fees of 2ny other counsel.The Company will not pay any fees,costs,or expenses incurred 6y the insured in the defense of those causes of action that allege matters not insured against by this policy. Ih)The Company shall have the right,in addition to the options contained in Sectinn 7 of these Conditians,at its own cost,to institute and prosecute any action or proceeding or to do any other act ihat in its opinion may 6e necessary or desireable to esta6lish the Title,as insured,or to prevent or reduce loss or damage to the Insured.The Company may take any appropriate a�tion under the terms of this policy,whether or not it shall he liable ta the Insured.The ezercise of these rights shall not 6e an admission of liability or waiver of any pruvision of this policy.If the Company exercises its rights under this su6section, it must to so diligently. (c)Whenever the Company 6rings an action or asserts a defense as required or permitted by this policy,the Company may pursue the litigatinn to a final determinatinn by a court of competent jurisdiction,and it ezpressly reserves the right,in its sole discretion,to appeal any adverse judgment or order. 6.QUTY 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 reasona6le aid(iJ in securing evidenee,a6taining witnesses,prosecuting or defending the action or proceeding,or effecting settlement,and(ii1 in any other lawful act that in the opinion of the Company may 6e necessary or desirahle to esta6lish the Title or any other matter as insured.If the Company is prejudiced hy the failure of the Insured to furnish the required cooperation,the Company's o6ligation to the Insured under the poliey shall terminate,including any liability or obligation to defend,prosecute,or enntinue any litigation,with regard to the matter or matters requiring such cooperation. (6)The Company may reasonahly require the Insured Claimant to submit to examination ur.der oath by any authorized representative of the Company and to produee for examination,inspection,and copying,at such reasona6le times and piaces as may be designated by the authorized representative of the Campany, all records,in whatever medium maintained,including hooks,ledgers,checks,memoranda,correspondence,reports,e-maiis,disks,tapes,and videos whether 6earing a date 6efore or after Date of Poliey,that reasona6ly 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 af the Company to examine,inspect,and copy all nf these records in the custody or control of a third party that reasonably pertain to the loss or tlamage.All information designated as confidential 6y the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless,in the reasonahle judgment of the Company,it is necessary in the administration of the claim.Failure of the Insured Claimant to suhmit for examination under oath produce any reasona6ly requested information,or grant permission to secure reasonahly neeessary information from third parties as required in this subsectinn,unless prohihited by law or governmental regulation, shall terminate any lia6ility of the Company under this pnlicy as ta that claim. 7.OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATIDN 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 casts,attarneys'fees,and ezpenses incurred by the Insured Claimant that were authorized hy the Company up to the time of payment or tender of payment and that the Company is ohligated 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 the subsection,shall terminate,including any lia6ility or obligation to defend,prosecute,or cnntinue any litigation. (h]To Pay or Otherwise Settle With Parties�ther Than the Insured ar 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 pnlicy.In addition,the Company wiil pay any costs,attorneys'fees,and expenses ineurred 6y the Insured Claimant that were authorized 6y the Gompany 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,tngether with any costs,attorneys'fees,and ezpensed incurred 6y the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obiigated to pay. Upon the ezercise by the Company af either of the options provided for in su6sections(h)(i1 or(ii),the Company's o6ligations to the Insured under this poliey for the claimed loss or damage,other than ihe 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 mnnetary Inss or damage sustained or incurred by the Insured Ciaimant who has suffered loss or damage by reason of matters insured against hy this palicy. (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 (ii1 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. AO.FA.06.3 Cover Page 3 of 5 (b1 If the Cumpany pursues its rights under Section 5 nf these Conditions and is unsuccessful in establishing the Title,as insured, (i)the Amount of Insurance shall 6e increased by 1D%,and (ii1 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. Ic)In addition ta the ex#ent nf liability under(a)and 1h1,the Company wiil also pay those c�sts,attorneys'fees,and ezpenses incurred in accordance with Sections 5 and 7 of these Conditions. 9.tiMtTATION OF LIAB(!ITY la)If the Company establishes the Title,or removes the alleged defect,lien,nr encumbrance,or cures the lack of a right of access to or from the Land,or cures the ciaim of Unmarketa6le Titie,atl as insured,in a reasonably diligent manner 6y any method,including litigation and the completian of any appeals,it shall have fully performed its o6ligations with respeet to that matter and shall not 6e 1ia61e for any loss or damage caused to the Insured. Ih1 In the event of any litigation,including litigation by the Company or with the Company's consent,the Company shali have no liability for loss or damage until there has been a final determination 6y 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 Insuretl for lia6ility voluntarily assumed by the Insured in settling any ciaim or suit without the prior written consent of the Company. 90.REDUCTION OF INSURANCE;REDUCTION OR TERMINATION OF LIABILITY All payments under this poliey,ezcept payments made for costs,attorneys'fees,and expe�ses,shall reduce the Amount uf Insurance 6y the amount of the payment. 11.LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced 6y any amount the Company pays under any policy insuring a Mortgage to which ezception is taken in Schedule B or tn which the Insured has agreed,assumed,or taken subject,or which is executed hy an Insured after�ate uf Policy and which is a charge or lien on the Title,and the amount so paid shail be deemed a payment to the insured under this policy. 12.PAYMENT OF LOSS When lia6ility and the extent of loss or damage have heen definitely fized in accordance with these Conditions,the payment shall 6e made within 30 days. 13.RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (al Whenever the Company shall have settled and paid a claim under this policy,it shail 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 Ciaimant 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 Cnmpany,the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies.The Insured Claimant shali 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 nai fuliy 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. (6)The Company's right of su6rogation includes the rights of the Insured tn intlemnities,guaranties,other policys of insurance,or bonds,notwithstanding any terms or eanditions contained in ihose instruments that address subrogation rights. 14.ARBITRATION Either the Company or the Insured may demand that the claim or cantroversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association("Rules"1.Except as provided in the Rules,there ahall be no joinder ar consolidation with claims or controversies af other persons, Arbitrable matters may include,but are not limited to,any controversy or claim between the Company and the Insured arising out af or relating to this policy,any service in connection with its issuance or the breach of a policy provision,or to any other controversy or claim arising out of the transaetion giving rise to this policy.All arbitrahle matters when the Amount of Insurance is 52,000,000 or less shall be arbitrated at the option of either the Company of the Insured.All arbitrable matters when the Amount of insurance is in excess of 52,000,000 shall he arbitrated only when agreed to hy both the Company and the insured.Arbitration pursuant to this policy and under the Rules shall be binding upon the parties.Judgment upon the award rendered 6y the Arbitratorls)may be entered in any court af competent jurisdiction. 15.LIABIlITY LIMITED TO THIS POLICY;POLICY ENTfRE CONTRACT (a)This policy tagether with all endorsements,if any,attaehed tn it hy the Company is the entire policy and cnntract between the Insured and the Company.In interpreting any provision of this policy,this policy shall 6e construed as a whole. (b)Any ciaim or loss or damage that arises out af the status of the Title or hy any action asserting such ciaim shall be restricted to this pnlicy. (c)Any amendment of or endorsement to this policy must be in writing antl authenticated by an authorized person,or expressly incorporated by Schedule A of this policy. (d1 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(i1 modify any of the terms and provisions of the policy,f7 mndify any prior endorsement,(iii)extend the�ate of Policy, or 1iv)increase the Amnunt of Insurance. 16.SEVERABILITY in the event any provision of this poicy,in whale ar in part,is held invalid or unenforceabe under applica6le 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. AO.FA.06.4 Cover Page 4 of 5 37.CNOICE OF LA�'1;FORUM (a)Choice of Law;?he lnsured acknowledges the Company has undenvritten the risks covered 6y this policy and determined the premium charged therefor in reliance upon the law affecting interests in real praperty and applica6le to the interpretation,rights,remedies,or enforcement of policies of title insurance of the jurisdicton where the Land is located. Therefore,the court or an arbitrator shaii apply the law of the jurisdicfion where the Land is located to determine the validity of ciaims 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 nr arbitratnr apply its conflicts of law principles to determine the applicahle law. (6)Choice of Forum;Any litigation or uther proceeding brought hy the Insured against the Company must be filed oniy in a state or federal court within the United States of America or its territuries having appropriate jurisdiction. 18.NOTICES,WHERE SENT Any notice of claim and any other notice or statement in writing required to 6e given to the Company under this policy must 6e given to the Company at: 1 First American Way,Santa Ana,CA 92707,Attn:Claims Department 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 misieading 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 af insurance within the department of regulatory agencies. This anti-fraud statement is affixed and made a part of tlus policy. This jacket was created electronically and consritutes on original document AO.FA.06.5 Cover Page 5 of 5 LTG Policy No. TAAH50037417 Form A41FA Land Title Guarantee Company Representing First American Titie Insurance Company Our Order No. V50037417 Schednle A Amount $175,000.00 Property Address: 2180 ALPINE DRIVE AKA LOT 22 VAIL VILLAGE WEST FLG 1 VAIL CO 81657 1. Policy Date: December 09, 2013 at 5:00 P.M. 2. Name of Insured: 1740 SIERRA TRAIL, LLC, A COLORADO 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 Fee Simple 4. Title to the estate or interest covered by this policy at the date hereof is vested in: 1740 SIERRA TRAIL, LLC, A COLORADO LIMITED LIABILITY COMPANY 5. The land referred to in t3�is policy is described as follows: LOT 22, VAIL VILLAGE WEST FILING NO. 1, ACCORDING TO THE PLAT RECORDED OCTOBER 25, 1963 UNDER RECEPTION NO. 98135, COUNTY OF EAGLE, STATE OF COLORADO. This Policy valid only if Schedule B is attached. Copyright 2006-2013 American Land Title Association.All rights reserved. � AME RICAN The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. u.ND nrtF ASSOCIATION All other uses are prohibited.Reprinted under license from the American Land Title Association. � LTG Policy No. TAAH50037417 �'orm AO/FA Our Order No. V50037417 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 ar damage by reason of the following: l. 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. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Titie 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 fumished, 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, clauns or title to water, whether or not the matters excepted under(a), (b), or(c) are shown by the Public Records. 6. ITEMS 5(A)AND 5(B) OF THE GENERAL EXCEPTIONS ARE HEREBY DELETED. 2013 TAXES AND ASSESSMENTS NOT YET DUE OR PAYABLE. 7. 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 04, 1918, IN BOOK 93 AT PAGE 301. 8. 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. 9. RESERVATIONS OF A TEN PERCENT NON-PARTICIPATING ROYALTY INTEREST CONTAINED IN WARRANTY DEED RECORDED OCTOBER 30, 1962 IN BOOK 166 AT PAGE 407. 10. EASEMENTS, COVENANTS, CONDITIONS AND RESTRICTIONS, RESERVATIONS AND NOTES ON THE PLAT OF VAIL VILLAGE WEST, FILING NO. 1 RECORDED OCTOBER 25, 1963 UNDER RECEPTION NO. 98135. 11. RESTRICTIVE COVENANTS WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, LTG�olicy No. TAAH50037417 Form AO/FA Our Order No. V50037417 Schedule B 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 25, 1963, IN BOOK 178 AT PAGE 149 AND AS AMENDED IN INSTRUMENT RECORDED DECEMBER 6, 1963, IN BOOK 178 AT PAGE 345. 12. MATTERS DISCLOSED ON TOPOGRAPHIC SURVEY ISSUED BY EAGLE VALLEY SURVEYING, INC. CERTIFIED OCTOBER 13, 2006, JOB NO. 152 INCLUDING, BUT NOT LIMITED TO, THE EFFECTS OF OVERHEAD POWERLINE AND BOULDER WALL WITHIN SUBJECT PROPERTY. 13. DEED OF TRUST DATED DECEMBER 03, 2013, FROM 1740 SIERRA TRAIL, LLC, A COLORADO LIMITED LIABILITY COMPANY TO THE PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF MONTEGRA CAPITAL RESOURCES, LTD. TO SECURE THE SUM OF $146,250.00 RECORDED DECEMBER 09, 2013, UNDER RECEPTION NO. 201324291_ ITEM NOS. 1 THROUGH 3 OF THE GENERAL EXCEPTIONS ARE HEREBY DELETED. ITEM NO. 4 OF THE GENERAL EXCEPTIONS IS DELETED AS TO ANY LIENS OR FUTURE LIENS RESULTING FROM WORK OR MATERIAL CONTRACTED FOR OR FURNISHED AT THE REQUEST OF LUIS FERNANDO SOLIS. FIRST AMERICAN TITLE INSURANCE COMPANY SHALL HAVE NO LIABILITY FOR ANY LIENS ARISING FROM WORK OR MATERIAL FURNISHED AT THE REQUEST OF 1740 SIERRA TRAIL, LLC, A COLORADO LIMITED LIABILITY COMPANY.