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FirstAmerican title
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Addressee: Wells Fargo Bank, N.A.
Its successors and/or assigns
2701 Wells Fargo Way
Minneapolis, MN 55408
Date: 3/2/2016
Name of Issuing Agent or Approved Attorney (the "Issuing Agent' or"Approved Attorney,' as the case may require):
Mortgage Connect. LP
260 Airside Drive
Moon Township. PA 15108
Transaction (the "Real Estate Transaction"):
Angela A. Korch, Bradley W. Korch Closing Date:
2484 COLUMBINE DRIVE Loan #: 0426332284
VAI L. CO 81657
File #: 765039
Re: Closing Protection Letter
Dear Sir or Madame:
In consideration of Your acceptance of this letter, First American Title Insurance Company (the "Company''), agrees to
indemnify You for actual loss of Funds incurred by You in connection with the closing of the Real Estate Transaction
conducted by the Issuing Agent or Approved Attorney on or after the date of this letter, subject to the Conditions and
Exclusions set forth below and provided:
(A) the Company issues or is contractually obligated to issue a Policy for Your protection in connection with the closing
of the Real Estate Transaction;
(B) You are to be the (i) lender secured by the Insured Mortgage or(ii) purchaser or lessee of the Title;
(C) the aggregate of all Funds You transmit to the Issuing Agent or Approved Attorney for the Real Estate Transaction
does not exceed $5,000,000.00; and
(D) Your loss is solely caused by:
1. failure of the Issuing Agent or Approved Attorney to comply with Your written closing instructions that relate to:
(a) the disbursement of Funds necessary to establish the status of the Title or the validity, enforceability, or
priority of the lien of the Insured Mortgage: or
(b) the obtaining of any document, specifically required by You, but only to the extent that the failure to obtain
the document affects the status of the Title or the validity. enforceability. or priority of the lien of the Insured
Mortgage;
or
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2. fraud, theft, dishonesty, or misappropriation of the Issuing Agent or Approved Attorney in handling Your Funds
or documents in connection with the closing, but only to the extent that the fraud, theft, dishonesty, or
misappropriation relates to the status of the Title or to the validity. enforceability, or priority of the lien of the
Insured Mortgage.
Conditions and Exclusions
1. Your transmittal of Funds or documents to the Issuing Agent or Approved Attorney constitutes Your acceptance of
this letter.
2. For purposes of this letter:
a. "Commitment" means the Company's written contractual agreement to issue the Policy.
b. "Funds" means the money received by the Issuing Agent or Approved Attorney for the Real Estate Transaction.
c. "Policy' or Policies" means the contract or contracts of title insurance, each in a form adopted by the American
Land Title Association, issued or to be issued by the Company in connection with the closing of the Real Estate
Transaction.
d. "You" or "Your" means the Addressee of this letter. the borrower if the Land is solely improved by a one-to-four
family residence, and subject to all rights and defenses relating to a claim under this letter that the Company
would have against the Addressee,
(i) the assignee of the Insured Mortgage: and
(ii) the warehouse lender in connection with the Insured Mortgage.
e. "Indebtedness,' "Insured Mortgage,' "Land," and "Title" have the same meaning given them in the American
Land Title Association Loan Policy (06-17-06).
3. The Company shall have no liability under this closing protection letter for loss arising out of:
a. failure of the Issuing Agent or Approved Attorney to comply with Your closing instructions that require title
insurance protection inconsistent with that set forth in the Commitment. Your written closing instructions
received and accepted by the Issuing Agent or Approved Attorney after issuing the Commitment that require the
removal, where allowed by state law, rule. or regulation, of specific Schedule B Exceptions from Coverage or
compliance with the requirements contained in the Commitment shall not be deemed to require inconsistent title
insurance protection;
b. loss or impairment of Your Funds in the course of collection or while on deposit with a bank due to bank failure.
insolvency, or suspension, except loss or impairment resulting from failure of the Issuing Agent or Approved
Attorney to comply with Your written closing instructions to deposit the Funds in a bank that You designated by
name:
c. any constitutional or statutory lien or claim of lien that arises from services. labor, materials. or equipment, if any
Funds are to be used for the purpose of construction, alteration, or renovation. This subsection does not affect
the coverage, if any, as to any lien for services, labor, materials. or equipment afforded in the Policy;
d. fraud, theft, misappropriation, dishonesty. or negligence of Your employee, agent, attorney, or broker;
e. Your settlement or release of any claim without the Company's written consent:
f. any matters created, suffered, assumed, or agreed to or actually known by You;
g. Federal consumer financial law, as defined in 12 U.S.G. § 5481(14), or other federal or state laws relating to
truth-in-lending, a borrower's ability to repay a loan, qualified mortgages: consumer protection: or predatory
lending;
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h. federal or state laws establishing the standards or requirements for asset-backed securitization including, but
not limited to, exemption from credit risk retention:
i. the periodic disbursement of Funds to pay for construction. alteration, or renovation on the Land relating to the
Real Estate Transaction; or
j. the Issuing Agent or Approved Attorney acting in the capacity of a qualified intermediary or facilitator for tax
deferred exchange transactions as provided in Section 1031 of the Internal Revenue Code.
4. If the closing is to be conducted by an Approved Attorney, a Commitment must have been received by You
prior to the transmittal of Your final closing instructions to the Approved Attorney.
5. When the Company shall have indemnified You pursuant to this letter. it shall be subrogated to all rights and
remedies You have against any person or property had You not been indemnified. The Company's liability for
indemnification shall be reduced to the extent that You have impaired the value of this right of subrogation.
6. The Company's liability for loss under this letter shall not exceed the least of:
a. the amount of Your Funds:
b. the Company's liability under the Policy at the time written notice of a claim is made under this letter;
c. the value of the lien of the Insured Mortgage; or
d. the value of the Title insured or to be insured under the Policy at the time written notice of a claim is made under
this letter.
7. If You are not a purchaser, borrower. or lessee, You must hold the Indebtedness both at the time that the Company
is notified of a claim pursuant to this letter and at the time that payment is made to make a claim for indemnification
under this letter.
8. Payment to You or to the owner of the Indebtedness under the Policy or Policies or from any other source shall
reduce liability under this letter by the same amount. Payment in accordance with the terms of this letter shall
constitute a payment pursuant to the Conditions of the Policy.
9. The Issuing Agent is the Company's agent only for the limited purpose of issuing Policies. Neither the Issuing Agent
nor the Approved Attorney is the Company's agent for the purpose of providing closing or settlement services. The
Company's liability for Your loss arising from closing or settlement services is strictly limited to the contractual
protection expressly provided in this letter. Other than as expressly provided in this letter, the Company shall have
no liability for loss resulting from the fraud, theft, dishonesty, misappropriation. or negligence of any party to the
Real Estate Transaction, the lack of creditworthiness of any borrower connected with the Real Estate Transaction,
or the failure of any collateral to adequately secure a loan connected with the Real Estate Transaction.
10. In no event shall the Company be liable for a loss if the written notice of a claim is not received by the Company
within one year from the date of the closing.from the date of the transmittal of Funds. The condition that the
Company must be provided with written notice under this provision shall not be excused by lack of prejudice to the
Company.
11. You must promptly send written notice of a claim under this letter to the Company at its principal office at First
American Title Insurance Company, Attn: Claims National Intake Center. 1 First American Way. Santa Ana. CA
92707. If the Company is prejudiced by Your failure to provide prompt notice, the Company's liability to You under
this letter shall be reduced to the extent of the prejudice.
12. The Company shall have no liability under this letter if:
a. the Real Estate Transaction has not closed within one year from the date of this letter; or
b. at any time after the date of this letter. but before the Real Estate Transaction closes. the Company provides
written notice of termination of this letter to the Addressee at the address set forth above.
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13. The protection of this letter extends only to real estate in Colorado, and any court or arbitrator shall apply the law of
the jurisdiction where the Land is located to interpret and enforce the terms of this letter. In neither case shall the
court or arbitrator apply its conflicts of law principles to determine the applicable law. Any litigation or other
proceeding under this letter must be filed only in a state or federal court within the United States of America or its
territories having appropriate jurisdiction.
14. Either the Company or You may demand that any claim arising under this letter be submitted to arbitration pursuant
to the Title Insurance Arbitration Rules of the American Land Title Association, unless You have a Policy for the Real
Estate Transaction with an Amount of Insurance greater than $2,000,000. There shall be no right for any claim under
this letter to be arbitrated or litigated on a class action basis. If You have a Policy for the Real Estate Transaction
with an Amount of Insurance greater than $2,000,000, a claim arising under this letter may be submitted to
arbitration only when agreed to by both the Company and You. If the Real Estate Transaction solely involves a one-
to-four family residence and You are the purchaser or borrower, the Company will pay the costs of arbitration.
This closing protection letter supersedes and cancels any previous letter or similar agreement for closing protection that
applies to the Real Estate Transaction.
FIRST AMERICAN TITLE INSURANCE COMPANY
BY:
/74;
Phillip Sholar, SVP, Director of Underwriting
Copyright 2006-2014 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 Tdle Association.
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MORTGAGE
Commitment For Title Insurance
CONNECT
Gose With Confidence Issued By
Mortgage Connect
To: Wells Fargo Bank NA Its successors and/or From: Mortgage Connect
assigns 260 Airside Drive
Moon Township,PA 15108
Loan#: 0426332284 Order No: 765039-1
Attention: Phone: 855-561-7032 x.598
Phone: Fax: 855-298-4589
Fax:
Re: Angela A Korch
Bradley W Korch
4284 Columbine Drive
VAIL.CO 81657
EAGLE
Estimated Fees
Title Search: $0.00
Closing Fee: $495.00
Loan Policy -$590.000(Refinance+Reissue Rate): $1.291.00
ALTA 8.1-Environmental Protection Lien Endorsement: $50.00
ALTA 9-Restrictions,Encroachments&Minerals Endorsement: $168.20
ALTA 5.1 -Planned Unit Development Endorsement: $168.20
TOTAL 2,172.40
Loan Proceeds to be wired to: Beneficiary Bank: Citibank_N.A.
White Plains,NY
ABANumber: 021000089
Account Number: 4979143859
Account Name: Mortgage Connect Main Escrow(Citi)
Mortgage Connect
Mortgage Connect
260 Airside Drive
Moon Township,PA 15108
An agent for First American Title Insurance Company
Print Date:3/3/2016 5:47:58PM Order Number: 765039-1 Page 1 of 6
Angela A Korch Order Number:765039-1
4284 Columbine Drive,VAIL,CO 81657(This address is being shown for informational purposes only and not insured under this policy.)
Schedule A
Search Date: 03/02/2016 Effective Date: 02/25/2016
Policy to be issued: ALTA 2006 Loan Policy Amount: $590,000.00
Proposed Insured: Wells Fargo Bank NA Its successors andior assigns
The estate or interest in the land described or referred to in this commitment covered herein is : Fee Simple
Title is vested in: Bradley Korch and Angela Korch,not in tenancy in common,but in joint tenancy
By Deed From: Timothy A.Gagner and Nancy L.Gagner
Dated: 04/29/2010 Volume/Instr#: 201010160
Recorded: 06/02/2010 Page:
Consideration: $882,500.00
Additional Information:
Our search of the public records do not reveal conveyance(s)affecting said land recorded within 24
months of the date of this report unless shoe_t
The land referred to in this Commitment is further described in the attached Legal Description.
AGREEMENT TO ISSUE POLICY
We agree to issue a Policy to you according to the terms of the Commitment.When we show the Policy amount and your name as the
proposed insured in Schedule A,this Commitment becomes effective as of the Commitment Date shown in Schedule A.
If the Requirements shown in this Commitment have not been met within six months after the Commitment Date,our obligation under this
Commitment will end.Also,our obligation under this Commitment will end when the Policy is issued and then our obligation to you will be
under the Policy.
Our obligation under this Commitment is limited by the following:
• The Provisions in Schedule A.
• The Requ=remen:s in Sc=hedule B-I.
• The Except.ans in Schedule B-II.
This Commitment is not valid without SCHEDULE A and Sections I and II of SCHEDULE B.
This Commitment is subject to and hereby incorporates the Conditions and Stipulations and all other terms expressed in the standard
Commitment for Title Insurance issued by:
First American Title Insurance Company
„dadine...
Lisa Sanor,a licensed agent for First American Title Insurance
Company
Print Date: 313/2016 5:47:58PM Order Number: 765039-1 Page 2 of 6
Angela A Korch Order Number:765039-1
Schedule B - Section I
REQUIREMENTS
1. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and
forwarded to Mortgage Connect to be duly filed for record:
A. Properly drafted and executed owner's affidavit from Bradley Korch and Angela Korch,and
spouse(s),if any.
B. The company must be notified of all parties being added to title,prior to the loan closing. A
judgment search must be completed for any parties being added to title. The company reserves the
right to add additional requirements and/or exceptions as may be deemed necessary,upon review of
the judgment search.
C. Payment to, or for the account of,the grantors and/or the mortgagors of the full consideration for the
estate or interest to be insured.
D. Proof of identity,legal age, competency and marital status for all parties to the transaction.
E. Record instruments conveying or encumbering the estate or interest to be insured, briefly described:
Properly drafted and executed deed of trust from Bradley Korch and Angela Korch, and spouse(s), if
any,to Wells Fargo Bank NA Its successors and/or assigns,securing a lien in the amount of
$590,000.00.
*Any deed prepared in connection with this transaction must include the relationship of grantor and
grantee in order to determine the applicability of transfer taxes, if any.
F. Payoff, release and/or subordination of all liens shown under Schedule B, Section II of this
commitment.
G. Payoff letter from existing lender(s)verifying balance and an executed notice from the borrowers to
the lender stating that they are terminating their rights to accept any further advances,if any,to be
submitted to lender being paid off.
H. Payment in full of real estate taxes and any water and sewer charges, if any,now due,past due,
delinquent and unpaid AND positive proof of payment of the last three (3)years of real estate taxes.
I. Positive proof of payment of any Condominium/PUD association dues, common element charges,
special assessment charges, and/or maintenance fees which may be due and payable.
J. Positive proof of payment of any Condominium/PUD association dues, common element charges,
special assessment charges, and/or maintenance fees which may be due and payable.
Print Date: 3/3/2016 5:47:58PM Order Number: 765039-1 Page 3 of 6
Angela A Korch Order Number:765039-1
Schedule B - Section II
EXCEPTIONS
1. Rights or claims of parties in possession not shown by the public records.
2. Rights of dower,homestead or other marital right of the spouse, if any, of any individual insured.
3. Encroachments, overlaps, boundary line disputes or other matters which would be disclosed by an
accurate survey and inspection of the premises.
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. Defects, liens,encumbrances, adverse claims or other matters, if any created,first appearing in the
public records or attaching subsequent to the effective date hereof but prior to the date proposed
Insured acquires for value of record the estate or interest or mortgage thereon covered by this
Commitment. (This exception shall be deleted from the final policy thereby insuring the gap period
between the date hereof and the date of the policy.)
6. Easements or claims of easement not shown of public record.
7. Taxes, assessments or municipal claims which are not shown as existing liens by the public record or
for any improvements which are erected upon the property in the current year,which may be hereafter
assessed or levied by virtue of new construction completed or partially completed during the current
year.Proceedings by a public agency which may result in taxes or assessments,or notice of such
proceedings,whether or not shown by the records of such agency.
8. Covenants,conditions, restrictions,rights of ways, easements,reservations,riparian rights of water
rights affecting said premises as contained in prior chain of title or as shown on the recorded plan.
9. Subject to all current year real estate taxes which are not yet due and payable.
10. A search of the bankruptcy records reveals the following for Angela A Korch AND Bradley W Korch:
No open cases found unless noted herein.
11. Taxes To Follow.
12. Mortgage(s) as follows:
A. To: NIERS Inc. as Nominee for First Option Lending
From: Bradley Korch and Angela Korch
Trustee: The Public Trustee of F
Dated: 08121/2012 Volumellnstr#: 201217066
Recorded: 08127/2012 Page:
Amount: $377,000.00 Closed Ended
13. Judgments and other liens as follows: NONE OF RECORD
Print Date: 313/2016 5:47:58PM Order Number, 765039-1 Page 4 of 6
Angela A Korch Order Number:765039-1
14. Subject to all matters,terms and conditions in all Planned Unit Development documents affecting the
Streamside Duplexes.Declaration of the Planned Unit Development recorded in Eagles County
records,and all recorded amendments thereof.
15. Subject to any Homeowners Association dues, common element charges, special assessment charges
and/or maintenance fees that may be delinquent or presently due and payable.
16. (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.
17. Patriot Search Completed:
Angela A Korch -NONE
Bradley W Korch-NONE
If an instrument affecting title or creating a lien is recorded during the "gap",and not
reported to the insured lender before recordation of the insured mortgage or deed of trust,
then it will be covered by or insured against under the terms of the title insurance policy.
Print Date: 313/2016 5:47:58PM Order Number: 765039-1 Page 5 of 6
Angela A Korch Order Number:765039-1
EXHIBIT A
All the real property, together with any improvements thereon, located in the
County of Eagle and State of Colorado described as follows:
Parcel D and A One-Half(1/2) Undivided Interest in and to Common Parcel B, a
Resubdivision of Parcel B, Streamside Duplexes, according to the plat recorded
April 12, 1985 in Book 411 at Page 56 as Reception No. 307334.
Tax ID: 2101-122-29-002
Print Date: 313/2016 5:47:58PM order Number:765039-1 Page 6 of 6